# EDGAR Filing Document

**Accession Number:** 0002028464
**File Stem:** 0002028464-26-000018
**Filing Date:** 2026-5
**Character Count:** 2503846
**Document Hash:** f0883c9cde56c64e781c6d9632af6ae8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002028464-26-000018.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002028464-26-000018

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENTRATA, INC.
- **CENTRAL INDEX KEY:** 0002028464
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08823
- **FILM NUMBER:** 26989187

**BUSINESS ADDRESS:**
- **STREET 1:** 4205 CHAPEL RIDGE ROAD
- **CITY:** LEHI
- **STATE:** UT
- **ZIP:** 84043
- **BUSINESS PHONE:** 8013755522

**MAIL ADDRESS:**
- **STREET 1:** 4205 CHAPEL RIDGE ROAD
- **CITY:** LEHI
- **STATE:** UT
- **ZIP:** 84043

**As confidentially submitted to the Securities and Exchange Commission on May 15, 2026 as Amendment No 5 to the draft registration statement confidentially submitted on December 17, 2025.** 

**Amendment No. 5 to this draft registration statement has not been publicly filed with the** 

**Securities and Exchange Commission and all information herein remains strictly confidential.** 

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

**Entrata, Inc.** 

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

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| | | |
|:---|:---|:---|
| **Delaware** | **7372** | **86-1072180** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Primary Standard Industrial**<br>**Classification Code Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

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**4205 Chapel Ridge Road**

**Lehi, Utah 84048**

**(801) 375-5522**

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

**Adam Edmunds**

**Chief Executive Officer**

**Entrata, Inc.**

**4205 Chapel Ridge Road**

**Lehi, Utah 84048**

**(801) 375-5522**

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

***Copies to:***

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| | | | |
|:---|:---|:---|:---|
| **Rezwan D. Pavri**<br>**Richard C. Blake**<br>**Colin G. Conklin**<br>**Wilson Sonsini Goodrich & Rosati, P.C.**<br>**650 Page Mill Road**<br>**Palo Alto, California 94304**<br>**(650) 493-9300** | **Benjamin J. Cohen**<br>**Kaj P. Nielsen**<br>**Latham & Watkins LLP**<br>**1271 Avenue of the Americas**<br>**New York, New York 10020**<br>**(212) 906-1200** | **Mark Hansen**<br>**Erin Goodsell** <br>**Entrata, Inc.**<br>**4205 Chapel Ridge Road**<br>**Lehi, Utah 84048**<br>**(801) 375-5522** | **Rachel D. Phillips**<br>**Tristan VanDeventer**<br>**Ropes & Gray LLP**<br>**1211 Avenue of the Americas**<br>**New York, New York 10036**<br>**(212) 596-9000** |

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

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

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 Exchange Act.

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

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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 of 1933, as amended, or until this registration statement will become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject To Completion. Dated &nbsp;&nbsp;&nbsp;&nbsp; 2026.

**PRELIMINARY PROSPECTUS**

&nbsp;&nbsp;&nbsp;&nbsp; Shares

![entratalogo_500.jpg](entratalogo_500.jpg)

**Entrata, Inc.** 

Class A Common Stock

This is the initial public offering of shares of Class A common stock of Entrata, Inc.

Prior to this offering, there has been no public market for our Class A common stock. It is currently estimated that the initial public offering price per share will be between $&nbsp;&nbsp;&nbsp;&nbsp; and $&nbsp;&nbsp;&nbsp;&nbsp; . We have applied to list our Class A common stock on the New York Stock Exchange under the symbol "ENT".

We have three classes 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. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to &nbsp;&nbsp;&nbsp;&nbsp; votes per share and is convertible at any time into one share of Class A common stock. Shares of Class C common stock have no voting rights, except as otherwise required by law, and each share of Class C common stock is convertible at any time into one share of Class A common stock, subject to the beneficial ownership limitations described herein. See "Description of Capital Stock" for additional information.

Upon the completion of this offering, entities affiliated with Silver Lake Group, L.L.C. ("Silver Lake") will hold approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full). Furthermore, the other parties to the Stockholders Agreement (as defined herein), who, together with Silver Lake, will collectively hold approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) will agree with Silver Lake to cast all votes such parties are entitled to vote so as to cause to be elected to the board of directors those individuals designated by Silver Lake in accordance with the Stockholders Agreement and will agree with us to cast all votes such parties are entitled to vote with respect to proposals submitted to our stockholders (whether at any annual or special meeting, by written consent or otherwise), including with respect to the election of directors, in accordance with the recommendations of our board of directors. As a result, we expect to be a "controlled company" as defined in the corporate governance rules of the New York Stock Exchange and will be exempt from certain corporate governance requirements of such rules. As a result, Silver Lake will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets. See "Management—Controlled Company Status" and "Risk Factors—We expect to be a "controlled company" within the meaning of the listing standards of the New York Stock Exchange and the rules of the SEC and, as a result, would qualify for exemptions from certain corporate governance standards of the New York Stock Exchange."

We are an "emerging growth company" as defined under the Jumpstart Our Business Startups Act of 2012 and have elected to comply with certain reduced public company reporting requirements in this prospectus and may elect to do so in future filings. See "Risk Factors" and "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our Class A common stock involves risks. See "<u>[Risk Factors](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u>" beginning on page <u>[32](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</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 state securities commission 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.** 

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| | | |
|:---|:---|:---|
| | **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 discount<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;  |

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______________

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

To the extent that the underwriters sell more than &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock, we have granted the underwriters an option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock at the initial public offering price less the underwriting discount within 30 days of the date of this prospectus.

The underwriters expect to deliver the shares against payment in New York, New York, on or about &nbsp;&nbsp;&nbsp;&nbsp; , 2026.

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| | | |
|:---|:---|:---|
| **Goldman Sachs & Co. LLC\*** | **J.P. Morgan\*** | **Barclays** |

---

______________

\* In alphabetical order

**Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp; , 2026**

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![grid_500-v3.jpg](grid_500-v3.jpg)

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![coverart8b.jpg](coverart8b.jpg)

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| <u>[GLOSSARY OF TERMS](#i6a196a47246c4bd9bad3dc0eaee81fbd_1443)</u> | <u>[ii](#i6a196a47246c4bd9bad3dc0eaee81fbd_1443)</u> |
| <u>[PROSPECTUS SUMMARY](#i6a196a47246c4bd9bad3dc0eaee81fbd_665)</u> | <u>[1](#i6a196a47246c4bd9bad3dc0eaee81fbd_665)</u> |
| <u>[RISK FACTORS](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u> | <u>[32](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i6a196a47246c4bd9bad3dc0eaee81fbd_617)</u> | <u>[86](#i6a196a47246c4bd9bad3dc0eaee81fbd_617)</u> |
| <u>[INDUSTRY, MARKET](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)[,](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)[AND OTHER DATA](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)</u> | <u>[88](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)</u> |
| <u>[USE OF PROCEEDS](#i6a196a47246c4bd9bad3dc0eaee81fbd_752)</u> | <u>[90](#i6a196a47246c4bd9bad3dc0eaee81fbd_752)</u> |
| <u>[DIVIDEND POLICY](#i6a196a47246c4bd9bad3dc0eaee81fbd_739)</u> | <u>[92](#i6a196a47246c4bd9bad3dc0eaee81fbd_739)</u> |
| <u>[CAPITALIZATION](#i6a196a47246c4bd9bad3dc0eaee81fbd_726)</u> | <u>[93](#i6a196a47246c4bd9bad3dc0eaee81fbd_726)</u> |
| <u>[DILUTION](#i6a196a47246c4bd9bad3dc0eaee81fbd_713)</u> | <u>[96](#i6a196a47246c4bd9bad3dc0eaee81fbd_713)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i6a196a47246c4bd9bad3dc0eaee81fbd_375)</u> | <u>[99](#i6a196a47246c4bd9bad3dc0eaee81fbd_375)</u> |
| <u>[BUSINESS](#i6a196a47246c4bd9bad3dc0eaee81fbd_484)</u> | <u>[140](#i6a196a47246c4bd9bad3dc0eaee81fbd_484)</u> |
| <u>[MANAGEMENT](#i6a196a47246c4bd9bad3dc0eaee81fbd_908)</u> | <u>[179](#i6a196a47246c4bd9bad3dc0eaee81fbd_908)</u> |
| <u>[EXECUTIVE COMPENSATION](#i6a196a47246c4bd9bad3dc0eaee81fbd_1368)</u> | <u>[185](#i6a196a47246c4bd9bad3dc0eaee81fbd_1368)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i6a196a47246c4bd9bad3dc0eaee81fbd_882)</u> | <u>[199](#i6a196a47246c4bd9bad3dc0eaee81fbd_882)</u> |
| <u>[PRINCIPAL STOCKHOLDERS](#i6a196a47246c4bd9bad3dc0eaee81fbd_869)</u> | <u>[206](#i6a196a47246c4bd9bad3dc0eaee81fbd_869)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i6a196a47246c4bd9bad3dc0eaee81fbd_856)</u> | <u>[208](#i6a196a47246c4bd9bad3dc0eaee81fbd_856)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i6a196a47246c4bd9bad3dc0eaee81fbd_843)</u> | <u>[216](#i6a196a47246c4bd9bad3dc0eaee81fbd_843)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR](#i6a196a47246c4bd9bad3dc0eaee81fbd_830)[CLASS A](#i6a196a47246c4bd9bad3dc0eaee81fbd_830)[COMMON STOCK](#i6a196a47246c4bd9bad3dc0eaee81fbd_830)</u> | <u>[219](#i6a196a47246c4bd9bad3dc0eaee81fbd_830)</u> |
| <u>[UNDERWRITING](#i6a196a47246c4bd9bad3dc0eaee81fbd_817)</u> | <u>[224](#i6a196a47246c4bd9bad3dc0eaee81fbd_817)</u> |
| <u>[LEGAL MATTERS](#i6a196a47246c4bd9bad3dc0eaee81fbd_804)</u> | <u>[230](#i6a196a47246c4bd9bad3dc0eaee81fbd_804)</u> |
| <u>[EXPERTS](#i6a196a47246c4bd9bad3dc0eaee81fbd_791)</u> | <u>[230](#i6a196a47246c4bd9bad3dc0eaee81fbd_791)</u> |
| <u>[WHERE YOU CAN FIND ADDITIONAL INFORMATION](#i6a196a47246c4bd9bad3dc0eaee81fbd_778)</u> | <u>[230](#i6a196a47246c4bd9bad3dc0eaee81fbd_778)</u> |
| <u>[INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#i6a196a47246c4bd9bad3dc0eaee81fbd_1728)</u> | <u>[F-1](#i6a196a47246c4bd9bad3dc0eaee81fbd_1728)</u> |

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

Neither we nor any of 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 prepared by or on behalf of us or to which we have referred you. Neither we nor any of the underwriters take 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 of Class A common stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our Class A common stock. Our business, financial condition, results of operations, and prospects may have changed since such date.

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

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**GLOSSARY OF TERMS**

The following is a glossary of certain terms we use to discuss our business in this prospectus. Our definitions, including for our key operating metrics, may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of our key operating metrics as comparative measures.

"amortization of purchased intangible assets" refers to amortization expense that we recognize related to intangible assets acquired in connection with certain business combinations. Amortization of acquired intangible assets is a non-cash expense that is significantly affected by the timing and size of acquisitions and the inherent subjective nature of purchase price allocations. The use of intangible assets has contributed to our revenue during the periods presented, and we expect such use will contribute to revenue in future periods.

"annualized recurring revenue," or "ARR" is defined at the end of a period as the annualized dollar value of our total invoiced billings from customers as of such period end date. ARR includes certain usage-based fees when such fees arise from ongoing customer contracts and reflect services that are routinely and by necessity used in the ordinary course of our customers' operations. While not contractually recurring, these usage-based transactions fundamentally reoccur by nature (e.g., the payment processing revenue from processing monthly rental payment obligations) and align with the monthly payment cadence of residents at residential communities managed using our Operating System. All subscribers of our Operating System are required to use our payment solution for all payments processed through the Operating System. In addition, operators are charged a monthly subscription fee to access our payment solution. ARR also includes Embedded Technology Solutions revenue, such as insurance and prospective resident screening, and Subscription-related revenue, such as monthly subscription fees for our Operating System, rent credit reporting, utility services, and payment processing fees. We believe that these usage-based fees are indicative of ARR based on consistent historical usage patterns, customer retention, and the recurring and fundamental nature of the underlying activities to customers' businesses, rather than discrete or one-time events. Our ARR excludes usage-based fees that have been identified as episodic, highly variable, or not expected to recur, such as setup billings and billings related to contingent insurance commissions.

"ARPU" refers to average revenue per unit. ARPU is a key operating metric, and in that context, ARPU is calculated by dividing (a) trailing twelve month revenue by (b) total units as of the end of the applicable period. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics and Non-GAAP Financial Measures." In addition, when we discuss our determination of our highest-ARPU customers, ARPU is calculated on a per-customer basis by dividing (x) the ARR generated by a particular customer by (y) the number of units that same customer has on our Operating System, in each case as of the end of the applicable period. We then sort our customers from highest to lowest ARPU and then only select customers that have 1,000 units or more on our Operating System. We focus on customers with 1,000 units or more on our Operating System because we believe smaller customers often have less representative ARPU than our target customer. Our highest-ARPU customers generated, in aggregate, approximately 3% of our total revenue during each of the twelve-month periods ended December 31, 2024 and 2025.

"ARR Churn" is calculated by first identifying the Prior Period ARR, then measuring the value of ARR from that same cohort of customers that churned or had reduced ARR during the selected period.

"Autonomous Property Management," or "APM" refers to our proprietary approach designed to automate the entire lifecycle of property management. APM includes OXP and RXP, supported by our embedded payments infrastructure and our Unified Data Layer.

"contingent consideration change in fair value" refers to changes in the fair value of contingent consideration that we exclude because these adjustments are non-cash, vary based on factors outside of

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our core operations, and are unrelated to our current period operating performance. Such changes typically result from remeasurement of future earn-out obligations associated with past acquisitions, which can fluctuate due to changes in financial projections, discount rates, or other valuation assumptions. Excluding these fair value adjustments provides a clearer view of our underlying operating results, consistent with how management evaluates performance.

"Current Period ARR" is calculated by first identifying the Prior Period ARR, then calculating the value of ARR from that same cohort of customers at the end of the selected period, giving effect to expansions, reductions, and churn over the 12 months preceding the end of the period selected.

"customers" is defined as each unique customer account associated with an operator that has a contractual and billing relationship with Entrata. In certain cases, a single operator may have portfolios that operate independently requiring them to maintain multiple customer accounts. This may include instances where different property environments are operated by different internal customer teams, which is determined by the customer, as well as legacy constraints, such as data capacity and legal practices arising from customer acquisitions, whereby property managers continue to maintain separate accounts for newly acquired properties, which are each determined by us.

"designated cash" represents funds from payments we process on behalf of our customers.

"ELI+" refers to our suite of premium AI products, including functional agentic AI. ELI+ offerings include Leasing AI, Payments AI, Renewals AI, and Maintenance AI.

"ELI Essentials" is our free embedded set of AI functionality across the entire Operating System.

"enterprise operators" is defined as operators managing properties with units ranging from a thousand to hundreds of thousands.

"Entrata Layered Intelligence," or "ELI" refers to our embedded agentic AI and automation engine that powers agentic AI across operational domains by converting a customer's data into action through predictive insights and orchestrated workflows. ELI consists of ELI Essentials and ELI+.

"gross retention" is calculated by dividing (a) our Prior Period ARR less ARR Churn by (b) our Prior Period ARR. Our gross retention rate does not reflect property churn as we believe this is outside of our control and not a reflection on the operations of our business.

"net retention" is calculated by dividing (a) the total Current Period ARR by (b) the total Prior Period ARR.

"Operating System," or "OS" refers to our unified, end-to-end system that connects owners, operators, residents, and vendors within a single platform. Our Operating System serves as the digital infrastructure of Autonomous Property Management.

"Operations Experience Platform," or "OXP" refers to our guided workflows for operators that connect CRM, ERP, and Property Operations.

"operators" or "property managers" refer to the organizations responsible for the day-to-day operations of the property, whether a third-party management company or owner-operators.

"owners" refer to organizations and investment firms that own the property.

"owner-operator" refers to the in-house operations function of an ownership group.

"payments infrastructure" refers to the financial layer that unifies our payment rails, settlement logic, and accounting data into a single system.

"Prior Period ARR" is defined as ARR from the cohort of customers who were active 12 months prior to the end of the selected period.

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"property churn" refers to the termination of a specific property without penalty by a customer from a list of properties that will utilize our Operating System identified in such customer's contract if that underlying property experiences a change in owner or operator.

"rental property ecosystem" or "residential ecosystem" refers to all housing verticals in which residents live, including student, affordable, conventional, military, active adult, and single-family build to rent ("BTR") communities.

"Resident Experience Platform," or "RXP" refers to our consumer-grade application, known by residents as Homebody, that offers a mobile-first interface for resident services, financial wellness, and loyalty.

"residential unit" refers to individual, self-contained living space within a larger residential building or complex.

"residents" refer to families and individuals that lease space and pay rent.

"stakeholders" refer to owners, operators, residents, and vendors.

"stock-based compensation" refers to the various forms of equity that we have granted to our employees including stock options and RSUs. We exclude stock-based compensation expense and related charges, including employer payroll taxes on employee stock transactions, to allow investors to make more meaningful comparisons of our performance between periods and relative to our peers. These expenses can vary significantly from period to period due to factors not directly related to our core business performance, including changes in valuation assumptions, the timing and magnitude of equity awards, and other non-operational variables.

"transaction-related expenses" is defined as expenses associated with transactions that are not recurring in nature, including acquisitions. We exclude transaction-related expenses because they are specific to individual acquisitions, investments, or other strategic transactions and are not reflective of our core, recurring operating performance. These costs, such as legal, accounting, valuation, and integration expenses, can vary significantly in timing and amount depending on the size and number of transactions in a given period. Excluding them provides greater visibility into our underlying operating results and trends, consistent with how management evaluates performance.

"Unified Data Layer" refers to our proprietary database architecture, including each customer's system of record, complex industry-specific business logic, and resident profiles. Our Unified Data Layer captures and consolidates real-time profile attributes, property data, behavioral signals, transactions, and workflow activity.

"Units" are defined as the number of residential units currently being billed for use on our Operating System, and excludes units using ancillary Entrata products but not the Operating System. Units is a key metric. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics and Non-GAAP Financial Measures."

"vendors" refers to third-party organizations that supply materials, equipment, or services to the property.

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**PROSPECTUS SUMMARY**

*This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our Class A common stock. You should read this entire prospectus carefully, including the sections titled "Risk Factors," "Special Note Regarding Forward-Looking Statements," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus, before making an investment decision. Unless the context otherwise requires, the terms "Entrata," "the company," "we," "us," and "our" in this prospectus refer to Entrata, Inc. and its consolidated subsidiaries and references to our "common stock" include our Class A common stock, Class B common stock, and Class C common stock.* 

**Overview**

***Our mission is to create a better living experience in every residential community.***

Home is tied to life's most important moments, whether forming a household, welcoming a child, starting a new job, navigating major life changes, or seeking a fresh start. Entrata's technology empowers property owners and operators to run tens of thousands of thriving residential communities, delivering better experiences for millions of residents while strengthening the entire residential ecosystem.

Multifamily real estate is one of the largest and most complex industries in the world comprising housing types such as conventional, student, and affordable, yet for decades it has relied on fragmented tools and legacy systems that are not built for such an essential part of everyday life. Entrata provides a modern and autonomous Operating System ("Operating System" or "OS") that connects the broader residential ecosystem within a single platform, including owners, operators, residents, and vendors. The Entrata Operating System replaces legacy systems and disconnected point solutions across Customer Relationship Management ("CRM"), Enterprise Resource Planning ("ERP"), Property Operations, and Resident Engagement with one unified, end-to-end system customizable by customers that streamlines property operations, strengthens the resident experience from move-in to move-out, addresses regulatory requirements, and delivers portfolio-level intelligence. The industry's largest and most complex operators run their communities on Entrata—Entrata's customers include 4 of the top 10 operators on the National Multifamily Housing Council's list of Top 50 Managers, including the 2 largest.<sup>1</sup>

The Entrata Operating System works as a single, cloud-native system of record for each customer that also serves as a system of context and a system of action. Entrata is built on a Unified Data Layer, enabling every stakeholder to operate on the same data and creating the foundation for fully automated property operations. We refer to our proprietary approach designed to automate the entire lifecycle as Autonomous Property Management® ("APM"). Across Entrata-powered communities, the Unified Data Layer processes over 4.5 billion daily system transactions, enabling each customer's dedicated system of record. Our Unified Data Layer underpins Entrata Layered Intelligence ("ELI"), our embedded artificial intelligence ("AI") and automation engine, which powers agentic AI across operational domains such as leasing, payments, renewals, and maintenance, enabling both visible tasks and background system workflows. Our agentic layer enables autonomous operational workflows, allowing property managers to supervise AI-led operations. Through the use of our Operating System, our customers improve their operating efficiency, grow their business, and provide better living experiences for their residents.

APM requires a depth of domain data, workflow context, and operational connectivity that general-purpose AI tools and vertical point solutions generally lack access to or receive in fragmented, delayed, and incomplete forms. We believe our purpose-built Operating System, which captures a customer's real-time operational transactions, is uniquely positioned to deliver agentic automation at scale. This automation requires an end-to-end Operating System that captures system transactions across CRM,

<sup>1</sup> Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers.

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ERP, Property Operations, and Resident Engagement to enable a continuous stream of repeatable and highly interdependent workflows. Entrata is the control point that powers daily operations, maintains the real-time dataset, and orchestrates the workflows that drive the multifamily industry.

While the Operating System supports a wide range of complex and interconnected capabilities with a single login user experience, usability is a core focus and is delivered through tailored experience layers for operators and residents. The Operations Experience Platform ("OXP") provides guided workflows for operators that connect CRM, ERP, and Property Operations. The Resident Experience Platform ("RXP"), known by residents as Homebody, offers a mobile-first interface for resident services, financial wellness, and loyalty.

Each additional unit, workflow, and stakeholder (consisting of owners, operators, residents, and vendors) strengthens our Operating System and expands the benefits and utility for each customer. As connected units increase, our data and AI models grow more complete, which accelerates automation, reduces costs, and improves net operating income for the operator. Residents benefit from a more seamless and personalized living experience, and vendors gain efficiency from operating within a single connected ecosystem. As operators and residents benefit together, satisfaction and retention improve, driving portfolio consolidation onto Entrata and further expanding the overall network. These dynamics reinforce Entrata as the system of record at the center of modern multifamily operations.

Entrata pairs decades of multifamily experience with a technology-first approach built on innovation, agility, and rapid iteration. This combination of strengths allows us to deliver sophisticated functionality through a simple and intuitive product. This enterprise-grade, cloud-native foundation enables us to meet the full complexity of property operations while still prioritizing fast, intuitive implementation in ways that legacy systems and point solutions are not architected to replicate.

We participate in what we believe is one of the largest, most durable, and least digitized markets of the U.S. economy—the rental property market, which accounts for approximately $1 trillion of annual rental spend.<sup>2</sup> Within this broader landscape, our core focus is on the U.S. multifamily housing sector, which includes approximately 23.4 million units as of 2023.<sup>3</sup> As of March 31, 2026, we powered 2.5 million units, or roughly 10% of the U.S. multifamily market, with particular strength among the largest and most complex enterprise operators, which we define as operators managing properties with units ranging from thousands to hundreds of thousands. Our ability to scale with enterprise customers is evidenced by our 233 customers with annualized recurring revenue ("ARR") exceeding $500,000 as of December 31, 2025, compared to 183 such customers as of December 31, 2024, representing an increase of 27% in the customer count. These customers with ARR exceeding $500,000 represented 84% of total ARR as of December 31, 2025, compared to 81% of total ARR as of December 31, 2024. The combination of a large and mission-critical market that is heavily regulated, accelerating demand for automation, and our unified Operating System positions us to lead the industry's next phase of transformation. Our architecture,

<sup>2</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>3</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

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scale, and customer momentum create a durable foundation for long-term growth, evidenced by our five-year CAGR of 24% illustrated in the chart below:

![business1ba.jpg](business1ba.jpg)

Since our founding in 2003 and the launch of our Operating System in 2015, we have rapidly scaled while delivering strong growth and improving profitability. Revenue grew from $412.0 million in 2024 to $509.3 million in 2025, an increase of 24%. We retain customers by building brand loyalty among our operators and creating positive experiences for our residents. This is evidenced by our gross retention of 99% and 97% as of December 31, 2024 and 2025, respectively. We intend to continue to prioritize efficient growth. We have historically invested in our product and go-to-market strategy and will continue to improve upon each. Our operating income grew from $52.5 million in 2024 to $82.6 million in 2025 and our non-GAAP operating income grew from $58.4 million in 2024 to $117.8 million in 2025. We have reached 13% and 16% operating margin in 2024 and 2025, respectively. In addition, we have reached 14% and 23% in non-GAAP operating margin in 2024 and 2025, respectively, reflecting the operating leverage inherent in our model.

Revenue grew from $116.6 million in the three months ended March 31, 2025 to $143.5 million in the three months ended March 31, 2026. Our operating income grew from $21.3 million in the three months ended March 31, 2025 to $37.0 million in the three months ended March 31, 2026. Our non-GAAP operating income grew from $24.8 million in the three months ended March 31, 2025 to $40.8 million in the three months ended March 31, 2026. We have reached 18% and 26% operating margin in the three months ended March 31, 2025 and 2026, respectively. In addition, we have reached 21% and 28% in non-GAAP operating margin in the three months ended March 31, 2025 and 2026, respectively.

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**Industry Background**

Real estate is the world's largest asset class.<sup>4</sup> For most consumers in the United States, housing is not only the largest single expense of disposable income—comprising roughly 33%<sup>5</sup> of total expenditures—but also fulfills essential human needs, including shelter, safety, comfort, and a sense of community. Specifically, rental properties are seeing strong structural demand and have become a critical component of the U.S. economy, representing over 46 million renter households<sup>6</sup> and approximately $1 trillion in annual rental spend.<sup>7</sup>

In addition to its sheer scale, the rental property ecosystem consists of a wide range of interconnected stakeholders. Each of these stakeholders interact regularly and have unique needs that are essential to the ongoing success of any property. These stakeholders include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Owners:** Organizations and investment firms that own the property, typically for ongoing income generation and capital appreciation. Some of these firms also act as operators, or owner-operators, as referenced below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operators:** Organizations responsible for the day-to-day operations of the property, whether a third-party management company or the in-house operations, or owner-operators, function of an ownership group. They are also referred to as property managers. Operators typically lead activities such as marketing, leasing, maintenance, lease renewals, accounting, budgeting, and facilitating an exceptional resident experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Residents:** Families and individuals that lease space and pay rent. Residents are the lifeblood of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Vendors:** Third-party organizations that supply materials, equipment, or services to the property. For example, this may include a painter that is hired to renovate an apartment, a plumber dispatched to repair a unit's kitchen faucet, or local suppliers and big box retailers.

Despite their distinct roles, these stakeholders stand to benefit from a centralized Operating System that unifies them and streamlines complex workflows within a single platform that manages everything needed to run a thriving property.

<sup>4</sup> Savills, World's real estate worth $393.3 trillion and is the world's largest store of wealth.

<sup>5</sup> U.S. Bureau of Labor Statistics, Consumer Expenditures—2023.

<sup>6</sup> Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>7</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

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**Managing Rental Communities is Highly Complex**

![prospectus_summary1b.jpg](prospectus_summary1b.jpg)

Operators run highly complex businesses. In order to be successful, operators must maximize occupancy, deliver an excellent resident experience, and continually identify ways to improve efficiency and net operating income.

The rental property ecosystem in the United States is undergoing a period of significant transformation underscored by macroeconomic, demographic, industry-specific, regulatory, and technological changes. We believe the following themes are at the center of this transformation:

***Demand for rental properties is outpacing demand for home ownership***

Renter growth is expected to outpace homeowner growth by approximately 2x through 2040.<sup>8</sup> The traditional view centered on homeownership is evolving. This shift is driven by a desire for greater flexibility, both in terms of mobility and personal finances, as consumers increasingly prioritize freedom from long-term mortgages and the burdens of property maintenance. Renting is no longer seen as a default or temporary option but as a deliberate and attractive path that aligns with modern consumer preferences and life goals across all ages.<sup>9</sup> This allows operators to provide different types of housing to residents through their various stages of life from student housing near a university to first city apartment to active adult living.

Furthermore, the urban population has increased in recent years, with 84% of the U.S. population now living in urban areas compared to 70% in 1960<sup>10</sup>, leading to a need for higher density development. In urban areas, over half (51%) of the housing inventory is rented, significantly more than in suburban (30%) and nonmetropolitan areas (28%).<sup>11</sup> Millennials and Gen-Z are driving urban demand and are prioritizing convenience, connectivity, and sustainability.

<sup>8</sup> Urban Institute, The Future of Headship and Homeownership.

<sup>9</sup> The American Dream Survey. See the section titled "Industry, Market, and Other Data."

<sup>10</sup> World Bank Group, Urban population (% of total population)—United States.

<sup>11</sup> Joint Center for Housing Studies of Harvard University, America's Rental Housing.

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Rising costs of homeownership driven by elevated home prices and substantial down payment requirements have made buying a home significantly less affordable than renting. The proportion of U.S. renter households able to afford a median-priced home dropped to just 13% in the second quarter of 2025, down from 17% in the same period in 2019, representing 1.8 million households priced out of the market.<sup>12</sup> This lack of affordability has led younger generations to delay home purchases, pushing the average age of first-time buyers to a record 38 years old in 2024, up from the late 20s in the 1980s.<sup>13</sup>

***Rising demand for rental properties has fueled increased investment in multifamily units, which are predominantly managed by enterprise operators***

As the rental property market has evolved, enterprise operators have grown significantly. These sophisticated organizations require enterprise-grade solutions that prioritize reliability, configurability, security, and real-time data to streamline workflows and enhance overall business efficiency and profitability. From 2023 to 2024, new construction contributed an average annual increase in multifamily units of approximately 2% to 3%.<sup>14</sup> Within the enterprise segment, operators continue to expand their portfolios significantly. According to the National Multifamily Housing Council, the top 50 operators as of 2025 have grown their managed units by 48% from 2020, representing an 8% CAGR.<sup>15</sup> This expansion is driving demand for sophisticated, scalable technology platforms that can support complex, multi-property operations, deliver superior resident experiences, and ultimately contribute to higher net operating income per property.

***The resident experience has become a vital component of competitive differentiation for operators***

Delivering seamless support and service drives resident satisfaction, referrals, and ultimately retention, directly boosting net operating income per property. Recent studies have shown satisfied residents are nearly 3.5x more likely to renew their lease than dissatisfied residents.<sup>16</sup>

To improve the resident experience and increase retention, operators are focused on reducing friction for their residents. Residents can benefit from support across the entire resident lifecycle, including renters insurance, moving assistance, utility setup, streamlined maintenance requests, and access to automatic rent credit reporting. By capitalizing on these opportunities, operators can generate ancillary revenue while simultaneously enhancing resident satisfaction through personalized experiences, ultimately supporting higher retention. As a result, we believe there is growing demand for modern platforms that streamline operations, deliver consumer-grade experiences for residents, and create incremental value for all stakeholders involved.

Beyond the goal of increased retention, operators must also focus on the resident experience in response to recent regulatory and legislative developments, such as fee transparency laws, which have significantly expanded renter protections. As regulatory standards continue to evolve, operators are increasingly expected to prioritize transparency, fairness, and service quality, further reinforcing the critical role they play in supporting residents.

<sup>12</sup> To determine how many renter households can afford a median-priced home, CBRE estimated an all-in monthly cost (including mortgage, insurance, taxes, and general maintenance) and compared that against renter incomes in each market. A threshold of 40% of gross monthly income was used to determine if the average payment for a median-priced home is affordable for a renter household. Based on this analysis, the proportion of U.S. renter households that can afford a median-priced home as of the second quarter of 2025 dropped to just 12.7% from 17.0% in 2019. CBRE, Fewer Renter Households Can Afford Homeownership.

<sup>13</sup> National Association of Realtors, Profile of Home Buyers and Sellers.

<sup>14</sup> Only takes into account new construction of privately-owned units in buildings with five or more total units. Federal Reserve Bank of St. Louis, New Privately-Owned Housing Units Completed: Units in Buildings with 5 Units or More.

<sup>15</sup> Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers.

<sup>16</sup> Grace Hill, Measure What Matters, Ways you can leverage actionable survey insights to increase asset value.

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***The rental property market is facing increasing pressure on operating margins and is actively embracing technology to drive efficiency***

Operators face ongoing pressure to improve operating margins against a backdrop of rising costs, either by introducing new ancillary revenue streams or reducing costs. Owners generate revenue from rental income; their largest expenses are property taxes and property management expenses (including personnel expenses, utilities, repairs, maintenance, advertising, and property insurance). The difference between rental income and expenses is net operating income, which is a critical factor for determining real estate valuations. Operators, on the other hand, typically receive a fixed percentage of rent collected defined in a contractual arrangement with the owner. We believe significant cost pressures across labor, insurance, and other property-related costs have outpaced growth in rental income in recent years. Cost pressures have risen, and the leveling of pandemic-era rent increases has forced a shift in how owners are operating.<sup>17</sup> Creating new efficiencies will become the differentiator, allowing operators to deliver value by controlling expenses, increasing margins, and delivering a better customer experience. Meanwhile, as of October 2025, rent prices nationally are down 1.1% compared to one year prior, and national median rent has fallen from its 2022 peak by 5.2%.<sup>18</sup> In response to these challenges, operators are diversifying and strengthening their business models by introducing new ancillary revenue streams and adopting centralized technology platforms to drive automation and efficiency across all facets of their portfolios.

As a result, software adoption is accelerating, with a particular focus on AI. Operators are increasingly seeing the need to utilize AI in their operations. According to industry research, the use of AI-generated marketing increased by 26% from 2024 to 2025, and operators are expected to adopt AI tools at scale in 2026 for lead nurturing, leasing assistance, fraud screening, virtual tours, reputation management, and improved resident retention.<sup>19</sup>

***The fundamental architecture of current property management solutions fails to meet the comprehensive needs of the rental property market***

Historically, operators have relied on legacy property management systems, other property management solutions, disconnected point solutions, and the status quo of spreadsheets, email, paper checks, and bespoke in-house systems. However, these existing alternatives fail to address the needs of the rental property market for multiple reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Legacy property management systems:** Legacy systems typically rely on on-premise architectures or have developed a cloud alternative of their original on-premise architecture over time. These systems lack the scalability, flexibility, and on-demand updates offered by modern, cloud-native architectures. In addition, many legacy systems have patched together their product from a long history of acquisitions, resulting in significant technical debt, including siloed data and limited interoperability. We estimate that some legacy systems have completed over 50 acquisitions, many of which remain unintegrated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Property management solutions:** Property management solutions focus on small and midsized businesses. These solutions typically lack the sophistication to serve enterprise customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Point solutions:** Point solutions often lead to fragmented technology stacks, increased cost pressures, overburdened employees, and structural inefficiencies by only addressing part of the property lifecycle. Point solutions further proliferate data gaps when stitched together, which results in a disjointed workflow across the property lifecycle, hindering operational efficiency.

<sup>17</sup> Matthews Real Estate Investment Services, Multifamily Operating Expenses Continue to Climb: The Current Cost Landscape.

<sup>18</sup> Apartment List, National Rent Report.

<sup>19</sup> Apartments.com, What's Ahead for Multifamily: 11 Trends to Watch in 2026.

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As a result, many existing alternatives are unable to achieve true end-to-end automation. These alternatives often lack access to real-time, end-to-end data and do not offer a Unified Data Layer for each customer structured for effective AI training. Additionally, fragmented data sources, outdated architectures, and limited integration capabilities further hinder their ability to leverage AI-driven insights and automation. This creates significant barriers to innovation, preventing operators from unlocking the full potential of modern technologies to enhance operational efficiency and resident experience.

**Market Opportunity** 

We participate in what we believe is one of the largest, most durable, and least digitized markets of the U.S. economy—the rental property market, which accounts for approximately $1 trillion of annual rental spend.<sup>20</sup>

Rental properties have historically lagged other industries in technology sophistication, relying on legacy systems, fragmented point solutions, and manual workflows. Technology spend in the global market was approximately $47.1 billion in 2025, and is expected to grow at a 16.4% CAGR through 2034<sup>21</sup> as the market continues to modernize and professionalize operations. As operators increasingly adopt cloud-based, AI-enabled solutions, we are well positioned to capture a larger share of this underpenetrated market.

Within this broader landscape, our current serviceable addressable market ("SAM") reflects our core focus on the U.S. multifamily housing sector, which includes approximately 23.4 million units as of 2023.<sup>22</sup> As of March 31, 2026, we served 2.5 million units, which represents approximately 10% of the addressable multifamily sector, underscoring the significant runway for expansion. Importantly, our strongest opportunity lies in the enterprise segment, where institutional ownership continues to accelerate as operators scale. Our highest average revenue per unit ("ARPU") customers today generate approximately $580 in ARPU per year<sup>23</sup>, reflecting deep adoption of our unified Operating System, which includes more than 70 product offerings spanning payments, utilities management, insurance, resident engagement, accounting, and AI-powered operations. This level of spend is significantly higher than the average across our customer base, highlighting the substantial white space and opportunity to increase ARPU as more customers expand their use of our platform. We estimate our core SAM as the product of (a) the approximately 23.4 million multifamily units in the United States as of 2023<sup>24</sup> and (b) an ARPU of $580 based on the current highest levels of technology adoption. This equates to a core SAM of $13.6 billion.

Each incremental product offering on the Operating System expands our potential ARPU and SAM opportunity, improving our ability to increase customer wallet-share. Because these incremental offerings leverage our Unified Data Layer and single login, they reinforce the benefits and utility for each customer and drive durable, high-margin growth. For example, Homebody, our growing suite of resident-facing financial and lifestyle offerings, such as rent reporting, creates an ancillary revenue opportunity for

<sup>20</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>21</sup> Precedence Research, PropTech Market Size and Forecast 2025 to 2034.

<sup>22</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

<sup>23</sup> To identify our highest-ARPU customers, we first calculate ARPU on a per-customer basis by dividing (x) the ARR generated by a particular customer by (y) the number of units that same customer has on the Operating System, in each case as of the end of the applicable period. We then sort our customers from highest to lowest ARPU and then only select customers that have 1,000 units or more on our Operating System. We focus on customers with 1,000 units or more on our Operating System because we believe smaller customers often have less representative ARPU than our target customer. Our highest-ARPU customers generated, in aggregate, approximately 3% of our total revenue during each of the twelve-month periods ended December 31, 2024 and 2025.

<sup>24</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

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operators that further drives ARPU uplift. In addition, as operators look to add more automation and AI, we believe there will be continued reallocation of property management expenses toward technology.

While we remain focused on the multifamily sector, we estimate significant white space across adjacent residential and commercial property types. These adjacencies form the next concentric layer of our total addressable market ("TAM"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Homeowners Associations and mixed-use commercial segments, which we estimate represent tens of millions of additional addressable units and properties globally. We currently have some nascent offerings that serve this segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mixed-use commercial real estate, where property owners and managers require robust solutions for managing office, retail, and industrial properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International markets, where we believe large rental ecosystems in Europe, Canada, and the Asia-Pacific region remain under-served by modern cloud solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional functionality for supporting ecosystem stakeholders, such as owners and vendors, which includes trades and suppliers.

Our total market opportunity is defined by a large, underpenetrated core market and powerful secular and technology tailwinds, and we believe we are uniquely positioned to capture value across the rental property ecosystem.

![prospectussummary3ca.jpg](prospectussummary3ca.jpg)

**Our Differentiated Approach**

We are a technology company with deep domain expertise and a strong passion for our communities. We understand the challenges that have plagued the rental property ecosystem and are uniquely positioned to lead this ecosystem into the next era. We believe we have created the only purpose-built Operating System for the rental property market, engineered from the ground up on a Unified Data Layer.

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In an industry where stakeholders have been slow to adopt technology, we provide a modern and autonomous Operating System. APM represents a fundamental shift from reactive to self-directing operations. In this model, our agentic layer enables autonomous operational workflows, allowing property managers to supervise AI-led operations. AI learns from data and executes routine workflows automatically. The entire property lifecycle is automated—leases draft themselves, payments reconcile in real time, maintenance requests automatically route to the right technician, and insights surface before issues escalate. Operator teams are able to focus on managing outcomes rather than tasks, creating faster leasing cycles, higher accuracy, and better experiences for owners, operators, residents, and vendors. This is why our AI products have become some of the fastest-adopted solutions we have ever launched.

In this era of AI, the billions of transactions we collect every month continually strengthen our proprietary Unified Data Layer for each customer, providing an undeniable benefit to us. This Unified Data Layer better enables our native agentic AI solutions in ELI+, our suite of premium AI products, something AI point solutions have limited or no access to, positioning Entrata as the clear leader to achieve APM.

**Our Operating System**

We believe we have created the only system for Autonomous Property Management—the Entrata Operating System. The Entrata Operating System is built to power the future of APM by replacing disparate systems with one connected system of record for each customer, driving an average platform-related savings of 15%.<sup>25</sup> Our Operating System acts as a system of context and system of action, transforming property operations from a labor-intensive, fixed-cost model into a scalable, technology-driven system that compounds efficiency as our customers grow their portfolios.

<sup>25</sup> Forrester Consulting, The Total Economic Impact™ Of Entrata, a commissioned study.

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best in class agentic AI technology and automation, reducing manual work for property managers and operators across leasing, accounting, maintenance, and operations.

![aiadvantage2aa.jpg](aiadvantage2aa.jpg)

Within the Operating System, we have tailored experience layers for operators and residents. Entrata OXP is an agentic property management system that provides operators with more than 100 intelligent agents to streamline property operations through digitized standard operating procedures, task routing, and workflow automation, with the goal of reducing onsite workload while improving satisfaction. Entrata RXP offers residents a consumer-grade application, known as Homebody, for resident services, financial wellness, and loyalty. We believe this is a key advantage to building a closer relationship with the resident that leads to future monetization and retention opportunities.

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Through our extensible integration framework, our Operating System integrates with our growing partner network of over 500 active third-party technology and service providers, positioning our Operating System as the digital infrastructure of APM.

![business3c.jpg](business3c.jpg)

**Key Benefits to Our Ecosystem** 

We believe the Entrata Operating System delivers measurable, compounding value to every stakeholder in our ecosystem: owners, operators, residents, and vendors. Today, 2.5 million residential units run on Entrata across diverse housing verticals, including student, affordable, conventional, military, active adult, and single-family build to rent ("BTR") communities.

Each new property added to our Operating System strengthens the platform for each customer. As connected units grow, so does the volume and quality of data flowing through the system of record, the system of action, and the system of context, compounding the intelligence of our Operating System. As

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operators and residents benefit together, retention and satisfaction increase, driving portfolio consolidation onto our Operating System and expanding the overall network.

![prospectus_summary4b.jpg](prospectus_summary4b.jpg)

Our Operating System drives multiple benefits across our ecosystem:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Delivers a unified experience across every stakeholder.*** With one login, one data layer, and one system, the Entrata Operating System reduces silos and friction across the entire resident lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Efficiency and automation that redefine property management.*** Native agentic AI and automation are utilized to free up operators from repetitive and manual tasks. We believe this results in faster execution, lower costs, and more time for what matters most—improving the resident experience, increasing occupancy, and improving operational efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Unified data that translates insight into action.*** With all operational, financial, and resident data in one Operating System, Entrata turns insight into orchestration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***A better, more modern resident experience.*** Residents enjoy a modern, seamless living experience from the ease of our self-service applications to our wide breadth of embedded product offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Scalable growth for every stakeholder.*** Our Operating System scales effortlessly for each operator, whether adding properties, integrating partner apps, or expanding services.

Our Operating System is designed to help operators drive stronger net operating income by filling units faster and keeping them full. Residents benefit from a seamless digital experience with a single login for applications, payments, maintenance, and renewals. Each new participant enhances the network effect, expanding use cases and deepening value for owners, operators, residents, and vendors alike—anchoring our Operating System at the center of the modern rental property ecosystem.

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**Why We Win**

We have distinct competitive advantages that drive our continued success:

***Our products serve the full ecosystem and are tailored to the needs of our stakeholders***

Entrata is built on a modern, cloud-native architecture, and not assembled through legacy acquisitions, so we have minimal technical debt and can innovate with speed and scale.

Our Operating System unifies property management, resident-facing tools, and embedded payments at enterprise scale. Every customer is on the same version of Entrata. There is no custom code. Through the OXP and RXP layers, we align key workflows from marketing to move-out, creating efficiency and insight end-to-end. Payments are natively connected to core workflows and enhanced by ELI+ and resident tools, enabling faster reconciliation for operators and a frictionless experience for residents.

***Our culture of innovation and our investment in AI keep our Operating System at the forefront of our customers' needs***

Entrata is a technology company first. Our approach blends the discipline of enterprise software with deep domain expertise in the rental property market and over the past several years we have embedded AI across the company, redesigning every function with an AI focus. We have built a modern, unified, cloud-based platform, designed around collaboration with customers and industry experts maintaining a continuous feedback loop that informs our roadmap.

***Our unmatched data-enabled AI powers the Entrata flywheel***

Our multi-tenant, single code base centralizes data and workflows across the multifamily lifecycle, creating a dataset that powers customizable customer-level automation and insight. As the single platform serves as the system of record, the system of action, and the system of context for every customer, our proprietary Unified Data Layer captures real-time profile attributes, property data, behavioral signals, transactions, and workflow activity, generating high-fidelity operational telemetry across the entire multifamily lifecycle. In addition to this AI-ready data, the Unified Data Layer continuously considers complex industry-specific business logic for more accuracy and effectiveness. APM is only possible on a platform that generates complete, real-time operational telemetry across the entire end-to-end lifecycle of

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a customer's property portfolio. Entrata is the only system with this depth of data and business logic, which we believe will make us the AI winner in multifamily real estate.

![business5e.jpg](business5e.jpg)

***Our differentiated go-to-market strategy enables discipline and scalability***

A scaled inside-sales motion reaches broad mid-market operators, while dedicated enterprise teams serve complex large operators. This segmented approach is designed to maintain disciplined customer acquisition costs and drive high engagement. Our embedded monetization model enables natural expansion within existing relationships and lowers acquisition costs.

***Our customers' success is paramount to our success***

Our commitment to customer success over the decades is central to our differentiation. Our professional services teams ensure rapid onboarding and best-practice adoption with the largest multifamily operators, while our Operating System is designed to drive high retention and expansion. By embedding within existing relationship loops, we can create value and capture market share at near-zero incremental acquisition cost.

***Our broad partner network is an extension of our Operating System***

Our partner network extends the reach of our Operating System across the industry. We integrate with more than 500 third-party technology and service providers, all connected through a single Unified Data Layer to ensure performance and consistency.

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***The integration of regulatory compliance tools in our Operating System is designed to assist our customers in meeting their oversight and compliance requirements***

Our focus on regulatory compliance helps operators prioritize transparency, fairness, and service quality to ensure support for their residents and maintain compliance with increased regulation at the local, state, and federal level.

During the years ended December 31, 2024 and 2025, Entrata won approximately 70% of formal competitive evaluations against other platforms. We believe this success reflects our competitive advantages and the strength of our Unified Data Layer, leading automation capabilities, and ability to serve enterprise-scale customers.

**Our Growth Strategies**

Our growth strategies are rooted in our commitment to technology innovation and our position as a trusted brand within the industry. The following key initiatives underpin our approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Win new customers.** We have a proven track record of acquiring new customers, and currently 4 of the top 10 NMHC operators and 9 of the top 50 are on our Operating System. We have built a sales and marketing strategy around brand awareness, platform credibility, and lead generation and will continue to invest in these efforts to acquire new customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand with existing customers.** We actively focus on expanding our footprint with existing customers through two primary means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Unit growth.* We have a significant opportunity to increase units from our existing customers on our Operating System. We benefit from the growth of our customers as they expand their units and bring them onto our Operating System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Drive full Operating System adoption.* We capture a greater wallet-share by selling additional products and developing new products that address their needs. We currently offer a broad set of products, which we can cross-sell to our customers. We have a history of building and launching new solutions where we see an opportunity to address gaps for our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Deepen our relationships across all owners, operators, residents, and vendors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Residents.* Entrata is focused on deepening our relationships with residents by continually expanding our offerings to better support their needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Owners and Vendors.* We see opportunities to address the needs of other stakeholders in the ecosystem, including owners and vendors, by developing solutions tailored to their unique requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Serve new property types.** We believe our Operating System is easily extensible beyond the rental property markets we currently serve. Expanding to additional property types provides a new avenue to capture and grow with these new customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Grow internationally.** Over time, we plan to continue to invest in our research and development and sales and marketing capabilities to grow internationally.

**Risk Factors Summary** 

Our business is subject to numerous risks and uncertainties that you should consider before making an investment decision. These risks are described more fully in the section titled "Risk Factors" immediately following this prospectus summary. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to attract new customers, the growth of our revenue will be adversely affected and our business may be harmed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends substantially on our customers renewing their subscriptions and expanding their use of our Operating System. If our customers do not renew their subscriptions, if they renew on less favorable terms, or if they fail to add more units or utilize additional products or functionality in our Operating System, our business, financial condition, and results of operations will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face intense competitive pressures and our failure to compete successfully could harm our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face a number of risks in our payment processing business that could result in a reduction in our revenue and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success depends on our ability to further enhance our Operating System and develop products to address the needs of our customers, and we may not be able to successfully make such enhancements or develop new products, which may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third parties and their systems for a variety of services, and we face risks associated with any failure by these third parties to adequately perform these services, which may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Operating System and products may not function as intended due to errors in our software, systems, or processes, or human error in administering these systems or processes, which may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• System failures and interruptions in the availability of our Operating System may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We provide service level commitments to some of our customers, and our failure to meet the stated service levels could significantly harm our revenue and our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face risks in our resident screening and rent credit reporting services that could adversely affect our business, financial condition, and results of operations. We have in the past and we may in the future be subject to regulatory inquiries or enforcement actions, as well as putative class action lawsuits and indemnity demands alleging violations of the laws, as well as the related federal and state regulations, to which these services are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our results of operations may fluctuate from period to period, which makes our future results difficult to predict and could cause the market price of our Class A common stock to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our customers and their residents share, and we process, a high volume of sensitive and personal information through our Operating System. Our reputation, and therefore our success, depends upon the security of our Operating System and the security of the companies with which we share that information. We and our third-party service providers are exposed to cybersecurity risks and incidents, and any actual or perceived breach of our system, or of our service providers' systems, or any other type of security breach or incident, could materially impact our reputation, brand, business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which may adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We identified a material weakness in our internal control over financial reporting. If our remediation of such material weakness is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal controls over financial reporting, our ability to produce timely and accurate financial reporting or comply with applicable laws and regulations could be impaired.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The multi-class structure of our common stock will have the effect of concentrating voting power with Silver Lake and the other holders of shares of our Class B common stock, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval, including the election of our directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, sale of substantially all of our assets, or other major corporate transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have been subject to litigation and regulatory investigations, actions, and settlements and we expect to continue to be subject to such proceedings in the future, which could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business.

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

**Channels for Disclosure of Information** 

Investors, the media, and others should note that, following the completion of this offering, we intend to announce material information to the public through filings with the Securities and Exchange Commission (the "SEC"), the investor relations page on our website, press releases, public conference calls, webcasts, and our corporate press page at entrata.com/press. Information contained on, or accessible through, our website is not a part of this prospectus, and the inclusion of our website and account addresses in this prospectus is only as inactive textual references.

The information disclosed by 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.

**Our Sponsor**

Silver Lake Group, L.L.C. ("Silver Lake", and affiliated entities that hold our common stock, the "Silver Lake Stockholders") is a global technology investment firm, with more than $116 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe, and Asia. Silver Lake's portfolio companies collectively generate approximately $282 billion of revenue annually and employ approximately 437,000 people globally.

Upon the completion of this offering, Silver Lake will beneficially own approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) and will therefore have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets. Additionally, the Stockholders Agreement (as defined herein) will give the Silver Lake Stockholders the right to designate directors for nomination to our board of directors. The Silver Lake Stockholders will have the right to designate a number of directors, rounded up to the next whole number, determined by multiplying: (i) the total authorized number of directors on our board of directors at such time by (ii) the percentage of the total shares of our common stock then issued and outstanding that is beneficially owned by Silver Lake and its affiliates and permitted transferees under the Stockholders Agreement. The Silver Lake Stockholders will have the right to designate at least one director for nomination for so long as Silver Lake (together with its affiliates and permitted transferees under the Stockholders Agreement) beneficially owns at least 5% of the shares of our common stock

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issued and outstanding. Additionally, the Stockholders Agreement will provide that at least one Silver Lake designee will be entitled to serve on each committee of our board of directors for so long as Silver Lake has the right to designate at least one director for nomination to our board of directors, subject to applicable independence requirements. The Stockholders Agreement will also specify that we will not take certain significant actions specified therein, without the prior written consent of the Silver Lake Stockholders for as long as the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) beneficially own at least &nbsp;&nbsp;&nbsp;&nbsp; % of the outstanding shares of our common stock. As a result, even when Silver Lake ceases to own shares of our common stock representing a majority of the total voting power, for so long as Silver Lake continues to own a significant percentage of our common stock, it will still be able to significantly influence or effectively control the composition of our board of directors and the approval of certain corporate actions.

Silver Lake engages in a broad spectrum of activities, including investments in our industry generally. In the ordinary course of its business activities, Silver Lake may engage in activities where its interests conflict with our interests or those of our other stockholders, such as investing in or advising businesses that directly or indirectly compete with certain portions of our business or are suppliers or customers of ours. See "—Silver Lake will continue to have significant influence over the election of our board of directors and approval of any significant corporate actions, including any sale of the company" and "—Our amended and restated certificate of incorporation will provide that the doctrine of 'corporate opportunity' will not apply with respect to certain parties to our stockholders agreements and any director or stockholder who is not employed by us or our subsidiaries" under "Risk Factors—Risks Related to Ownership of Our Class A Common Stock."

**Controlled Company Status**

Upon the completion of this offering, the Silver Lake Stockholders will continue to beneficially own shares representing more than 50% of the voting power of our shares eligible to vote in the election of directors. Furthermore, the other parties to the Stockholders Agreement, who, together with Silver Lake, will collectively hold approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) will agree with Silver Lake to cast all votes such parties are entitled to vote so as to cause to be elected to the board of directors those individuals designated by Silver Lake in accordance with the Stockholders Agreement and will agree with us to cast all votes such parties are entitled to vote with respect to proposals submitted to our stockholders (whether at any annual or special meeting, by written consent or otherwise), including with respect to the election of directors, in accordance with the recommendations of our board of directors. As a result, we expect to qualify as a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. Under these corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our board of directors consist of independent directors, (2) that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and (3) that our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. As a "controlled company", we will remain subject to the rules of the Sarbanes-Oxley Act and the New York Stock Exchange, which require us to have an audit committee composed entirely of independent directors.

See "Management—Controlled Company Status" for additional discussion of the "controlled company" exemptions on which we expect to rely. In the event that we cease to be a "controlled company" and our shares of Class A common stock continue to be listed on the New York Stock Exchange, we will be required to comply with these provisions within the applicable transition periods.

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**Corporate Information** 

We were incorporated in 2003 as Property Solutions International, Inc., a Delaware corporation. In 2015, we changed our name to Entrata, Inc. The Silver Lake Stockholders acquired a majority of the outstanding shares of our common stock in March 2022 after Silver Lake made its initial investment in us in July 2021. Our principal executive offices are located at 4205 Chapel Ridge Road, Lehi, UT 84048, and our telephone number is (801) 375-5522. Our website address is www.entrata.com. Information contained on, or that can be accessed through, our website does not constitute part of this prospectus and inclusions of our website address in this prospectus are inactive textual references only. You should not consider information contained on our website to be part of this prospectus or in deciding whether to purchase shares of our Class A common stock.

"Entrata," our logo and our other registered or common law trademarks, service marks, or trade names appearing in this prospectus are the property of Entrata, Inc. Other trademarks and trade names referred to in this prospectus are the property of their respective owners. We do not intend our use or display of the trademarks, service marks, or trade names of other parties to imply a relationship with, or endorsement or sponsorship of or by, these other parties. Solely for convenience, trademarks, service marks, and trade names referred to in this prospectus may appear without the®, <sup>℠</sup> or™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks, and trade names.

**Implications of Being an Emerging Growth Company** 

We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). As such, we have taken and expect to continue to take advantage of certain reduced disclosure and other requirements otherwise generally applicable to public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presentation of only two years of audited financial statements and related financial disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the requirement to have our registered independent public accounting firm perform an attestation of internal control over financial reporting under the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") Section 404(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from compliance with the requirement of the Public Company Accounting Oversight Board regarding the communication of critical audit matters in the auditor's report on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the requirement to hold non-binding advisory votes on executive compensation or golden parachute arrangements.

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

As a result of this status, we have taken advantage of reduced reporting requirements in this prospectus and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. In particular, in this prospectus, we have provided only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of

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operations, and we have not included all of the executive compensation-related information that would be required if we were not an emerging growth company. In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies unless it otherwise irrevocably elects not to avail itself of this exemption. We have elected to use this extended transition period for complying with new or revised accounting standards until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

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**THE OFFERING** 

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| | |
|:---|:---|
| Class A common stock offered by us | &nbsp;&nbsp;&nbsp;&nbsp; shares  |
| Option to purchase additional shares of Class A common stock from us | &nbsp;&nbsp;&nbsp;&nbsp; shares |
| Class A common stock to be outstanding after this offering  | &nbsp;&nbsp;&nbsp;&nbsp; shares (or &nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full). |
| Class B common stock to be outstanding after this offering  | &nbsp;&nbsp;&nbsp;&nbsp; shares |
| Class C common stock to be outstanding after this offering  | &nbsp;&nbsp;&nbsp;&nbsp; shares |
| Class A, Class B, and Class C common stock to be outstanding after this offering  | &nbsp;&nbsp;&nbsp;&nbsp; shares |
| Use of proceeds | We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp; (or approximately $&nbsp;&nbsp;&nbsp;&nbsp; if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full), based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. <br>The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, and enable access to the public equity markets for us and our stockholders. We intend to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. Additionally, we may use a portion of the net proceeds to acquire or invest in businesses, products, services, or technologies. However, we do not have agreements or commitments for any material acquisitions or investments at this time. We also intend to use a portion of the net proceeds to satisfy our anticipated tax withholding and remittance obligations related to the settlement of certain of our outstanding restricted stock units ("RSUs"). We may also use a portion of the net proceeds to repay $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement (as defined herein). See the section titled "Use of Proceeds" for additional information. |

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|:---|:---|
| Controlled company | Upon the completion of this offering, the Silver Lake Stockholders will hold approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full). Furthermore, the other parties to the Stockholders Agreement, who, together with Silver Lake, will collectively hold approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) will agree with Silver Lake to cast all votes such parties are entitled to vote so as to cause to be elected to the board of directors those individuals designated by Silver Lake in accordance with the Stockholders Agreement and will agree with us to cast all votes such parties are entitled to vote with respect to proposals submitted to our stockholders (whether at any annual or special meeting, by written consent or otherwise), including with respect to the election of directors, in accordance with the recommendations of our board of directors. As a result, we expect to be a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. See "Management—Controlled Company Status." |
| Voting rights | Shares of our Class A common stock are entitled to one vote per share. <br>Shares of our Class B common stock are entitled to&nbsp;&nbsp;&nbsp;&nbsp; votes per share. Following the completion of this offering, each share of our Class B common stock will be convertible into one share of our Class A common stock at any time at the option of the holder thereof and upon certain transfers of such shares other than to permitted transferees thereof under our amended and restated certificate of incorporation. All of the shares of our Class B common stock will convert into shares of our Class A common stock automatically upon the first date on which no person beneficially owns Class B common stock representing&nbsp;&nbsp;&nbsp;&nbsp; % or more of the aggregate number of shares of our common stock issued and outstanding. |

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|:---|:---|
| | Shares of our Class C common stock have no voting rights, except as otherwise required by law. Following the completion of this offering, each share of our Class C common stock will be convertible into one share of our Class A common stock at any time at the option of the holder thereof and upon certain transfers of such shares other than to permitted transferees thereof under our amended and restated certificate of incorporation; provided that as a result of such conversion, such holder, together with its affiliates and any members of a Schedule 13(d) group with such holder, would not beneficially own in excess of 9.99% of the shares of our Class A common stock issued and outstanding following such conversion.<br>Holders of our Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law or our amended and restated certificate of incorporation. Upon the completion of this offering, Silver Lake will hold approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the voting power of our outstanding common stock (or approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full). As a result, Silver Lake will be able to significantly influence or determine any action requiring the approval of our stockholders, including the election of our directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, sale of substantially all of our assets, or other major corporate transaction. See "Description of Capital Stock" for additional information. |
| Risk factors | You should carefully read the "<u>[Risk Factors](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u>" section of this prospectus beginning on page <u>[32](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u> for a discussion of factors that you should consider before deciding to invest in our Class A common stock. |
| Proposed New York Stock Exchange trading symbol | "ENT"  |

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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; shares of our common stock outstanding as of March 31, 2026, which reflects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reclassification of all shares of our common stock outstanding as of March 31, 2026 into shares of our Class A common stock (the "Reclassification") after effectiveness of this registration statement and prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock, which number of shares reflects shares of our common stock outstanding as of March 31, 2026 that will be reclassified into Class A common stock in the Reclassification, after which such shares of Class A common stock will be exchanged by each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the "Class B Stockholders") for an equal number of shares of our Class B common stock after effectiveness of this registration statement and prior to the completion of this offering (the "Class B Stock Exchange");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock, which number of shares reflects shares of our common stock outstanding as of March 31, 2026 that will be reclassified into Class A common stock in the Reclassification, after which such shares of Class A common stock will be exchanged by each of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the "Class C Stockholders") for an equal number of shares of our Class C common stock

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after effectiveness of this registration statement and prior to the completion of this offering (the "Class C Stock Exchange"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the net issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to RSUs, for which the service-based vesting condition was satisfied as of March 31, 2026 and the performance-based vesting condition will be satisfied in connection with this offering, after giving effect to the withholding of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to such RSUs to satisfy the associated estimated tax withholding and remittance obligations (based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and an assumed&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate) (the "RSU Settlement").

The shares of our common stock outstanding as of March 31, 2026 exclude the following, in each case after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the exercise of options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs outstanding as of March 31, 2026, but for which the service-based vesting condition was not satisfied as of March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs granted after March 31, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our 2026 Equity Incentive Plan (the "2026 Plan"), which will become effective prior to the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our 2026 Employee Stock Purchase Plan (the "ESPP"), which will become effective prior to the completion of this offering.

Our 2026 Plan and ESPP each provides for an annual automatic increase in the number of shares of our Class A common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on any shares of our Class A common stock granted pursuant to awards under our 2021 Equity Incentive Plan (the "2021 Plan") and 2012 Equity Incentive Plan (the "2012 Plan") that expire, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

Except as otherwise indicated, all information in this prospectus assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and effectiveness of our amended and restated certificate of incorporation (which includes the authorization of our Class A common stock, Class B common stock, and Class C common stock and the Reclassification) in Delaware and the effectiveness of our amended and restated bylaws, will each occur after effectiveness of this registration statement and prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence, following the Reclassification, of the Class B Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence, following the Reclassification, of the Class C Stock Exchange;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of outstanding stock options or settlement of outstanding RSUs subsequent to March 31, 2026, other than the RSU Settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise by the underwriters of their option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock from us in this offering.

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**SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA** 

The following tables summarize our consolidated financial and other data. We have derived the summary consolidated statements of operations data for the years ended December 31, 2024 and 2025 from our audited consolidated financial statements and the summary consolidated statements of operations data for the quarters ended March 31, 2025 and 2026 and the balance sheet data as of March 31, 2026 from our unaudited condensed consolidated financial statements, each 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 related notes and our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated financial and other data should be read in conjunction with the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

**Consolidated Statements of Operations Data**

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | **(unaudited)** | **(unaudited)** |
| **(in thousands, except per share data)** | **2024** | **2025** | **2026** |
| Revenue | $412000 | $116601 | $143483 |
| Cost of revenue | 183272 | 47655 | 53459 |
| Gross profit | 228728 | 68946 | 90024 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 74043 | 18136 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 60132 | 16383 | 18221 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 42005 | 13141 | 15619 |
| Total operating expenses | 176180 | 47660 | 52984 |
| Operating income | 52548 | 21286 | 37040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (17984) | (4347) | (6553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (31) | 557 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  |
| Income before tax | 34533 | 17496 | 30500 |
| Income tax expense | 12774 | 3557 | 7154 |
| Net income | 21759 | 13939 | 23346 |
| Net income per common share, basic | $0.13 | $0.08 | $0.13 |
| Net income per common share, diluted | $0.12 | $0.08 | $0.13 |
| Weighted average common shares outstanding, basic | 172282 | 171540 | 179062 |
| Weighted average common shares outstanding, diluted | 176601 | 175847 | 181730 |
| Pro forma net income per common share, basic<sup>(1)(2)(4)</sup> |  | $ | $ |
| Pro forma net income per common share, diluted<sup>(1)(2)</sup> |  | $ | $ |
| Pro forma weighted average common shares outstanding, basic<sup>(1)(3)</sup> |  |  |  |
| Pro forma weighted average common shares outstanding, diluted<sup>(1)(3)</sup> |  |  |  |

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_______________

(1)Pro forma net income per common share, basic and diluted, for the year ended December 31, 2025 and three months ended March 31, 2026 has been adjusted to reflect the deemed issuance of &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A

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common stock at an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, reflecting the number of shares the proceeds of which would have been necessary to fund the amount by which our $356.3 million dividend that was paid in November 2025 exceeded net income for the year ended December 31, 2025 and three months ended March 31, 2026, respectively (the "Dividend"). Pro forma net income per common share also gives effect to interest expense savings, net of tax of $&nbsp;&nbsp;&nbsp;&nbsp; at an assumed rate of&nbsp;&nbsp;&nbsp;&nbsp; %, as if we repaid $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement with the net proceeds from this offering, as if such payment and interest expense savings had been incurred on January 1, 2025 and 2026, respectively.

(2)Pro forma net income per common share, basic and diluted, for the year ended December 31, 2025 and three months ended March 31, 2026 has been adjusted to reflect stock-based compensation expense related to the RSU Settlement. If the performance-based vesting condition had been satisfied on January 1, 2025, we would have recognized stock-based compensation of approximately $&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025. If the performance-based vesting condition had been satisfied on January 1, 2026, we would have recognized stock-based compensation of approximately $&nbsp;&nbsp;&nbsp;&nbsp; million for the three months ended March 31, 2026. Both of the calculations are based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and an assumed&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate.

(3)Pro forma weighted average common shares outstanding, basic and diluted for the year ended December 31, 2025 and three months ended March 31, 2026, has been adjusted to reflect the RSU Settlement as if the RSU Settlement had occurred on January 1, 2025 and 2026, respectively.

(4)Pro forma net income per share, basic and diluted, for the year ended December 31, 2025 and three months ended March 31, 2026 has been adjusted to reflect stock-based compensation expense related to certain stock options that are subject to performance-based, market-based, and service-based vesting conditions at an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus. Upon the completion of this offering, the performance-based vesting condition will be satisfied and we will recognize cumulative stock-based compensation expense for the portion of the derived service period rendered through the date of this offering (the "Performance Option SBC Expense"). If the performance-based vesting condition had been satisfied on January 1, 2025, we would have recognized stock-based compensation of approximately $&nbsp;&nbsp;&nbsp;&nbsp; million for the year ended December 31, 2025. If the performance-based vesting condition had been satisfied on January 1, 2026, we would have recognized stock-based compensation of approximately $&nbsp;&nbsp;&nbsp;&nbsp; million for the three months ended March 31, 2026. Both of the calculations are based on an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus.

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The following table sets forth the calculation of basic and diluted unaudited pro forma net income per common share for the year ended December 31, 2025 and three months ended March 31, 2026:

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| | | |
|:---|:---|:---|
| **(in thousands, except per share data)** | **Year Ended<br>December 31, 2025** | **Three Months Ended March 31, 2026** |
| | | **(unaudited)** |
| Numerator: |  |  |
| Net income | $ | $ |
| Elimination of interest expense, net of tax, on the remainder of the term loan under the Credit Agreement partially used to fund the Dividend |  |  |
| Stock-based compensation expense related to the RSU Settlement |  |  |
| Stock-based compensation expense related to stock options subject to performance-based, market-based, and service-based vesting conditions, for which the performance-based vesting condition will be satisfied in connection with this offering |  |  |
| Pro forma net income | $ | $ |
| Denominator: |  |  |
| Weighted average common shares used to compute net income per common share, basic |  |  |
| Pro forma adjustment to reflect the assumed number of shares sold in this offering sufficient to pay the Dividend in excess of net income for the year ended December 31, 2025 and the three months ended March 31, 2026, and the portion funded by the term loan under the Credit Agreement that will remain unpaid after this offering |  |  |
| Pro forma adjustment to reflect the net shares issued in the RSU Settlement |  |  |
| Weighted average shares used to compute pro forma net income per common share, basic |  |  |
| Dilution due to employee equity awards |  |  |
| Weighted average common shares used to compute pro forma net income per common share, diluted |  |  |
| Pro forma net income per common share, basic | $ | $ |
| Pro forma net income per common share, diluted | $ | $ |

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**Consolidated Balance Sheet Data**

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| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **(in thousands)** | **Actual** | **Pro forma**<sup>(1)</sup> | **Pro forma as adjusted**<sup>(2)(3)</sup> |
| Cash and cash equivalents | $119940 |  |  |
| Total current assets | 514554 |  |  |
| Total assets | 839509 |  |  |
| Total long-term debt, current and noncurrent | 389638 |  |  |
| Total liabilities | 782940 |  |  |
| Total stockholders' equity | $56569 |  |  |

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______________

(1)The pro forma column above reflects (i) the RSU Settlement, as if it had occurred on March 31, 2026, (ii) stock-based compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp; million associated with the RSU Settlement, (iii) the Performance Option SBC Expense, (iv) $&nbsp;&nbsp;&nbsp;&nbsp; to satisfy our tax withholding and remittance obligations related to the RSU Settlement, which amount is based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, (v) the filing and effectiveness

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of our amended and restated certificate of incorporation in Delaware that will become effective prior to the completion of this offering and will effect the Reclassification, as if the Reclassification had occurred on March 31, 2026, and (vi) the Class B Stock Exchange and the Class C Stock Exchange, as if such exchanges had occurred on March 31, 2026.

(2)The pro forma as adjusted column above reflects (i) the pro forma adjustments set forth in footnote (1) above, (ii) the sale and issuance by us of&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering, based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the application of the net proceeds from this offering to repay $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement.

(3)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 estimated offering price range set forth on the cover page of this prospectus, would increase (decrease), as applicable, the amount of our pro forma as adjusted cash and cash equivalents, total assets, and total stockholders' equity by $&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, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease), as applicable, of 1.0 million in the number of shares offered by us would increase (decrease) the amount of our pro forma as adjusted cash and cash equivalents, total assets, and total stockholders' equity by $&nbsp;&nbsp;&nbsp;&nbsp; million, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each $1.00 increase (decrease), as applicable, 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 amount of estimated tax withholding and remittance obligations related to the RSU Settlement by $&nbsp;&nbsp;&nbsp;&nbsp; million. 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 Settlement by $&nbsp;&nbsp;&nbsp;&nbsp; million.

**Key Operating Metrics and Non-GAAP Financial Measures** 

We monitor our business using operating and financial metrics, including the following key operating metrics and non-GAAP financial measures, to assess both near-term and long-term performance of our business. This assessment allows us to identify trends, formulate financial projections, inform strategic decisions, and further evaluate operational efficiencies across our business. The non-GAAP financial

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measures set forth below should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| **(in thousands, except percentages, Units, and ARPU)** | **2024** | **2025** | **2025** | **2026** |
| GAAP gross profit | 228728 | 306152 | 68946 | 90024 |
| GAAP gross margin | 56% | 60% | 59% | 63% |
| GAAP sales and marketing expense | 74043 | 85725 | 18136 | 19144 |
| GAAP research and product development expense | 60132 | 73200 | 16383 | 18221 |
| GAAP general and administrative expense | 42005 | 64618 | 13141 | 15619 |
| GAAP operating income | 52548 | 82609 | 21286 | 37040 |
| GAAP operating margin | 13% | 16% | 18% | 26% |
| Net cash provided by (used in) operating activities | 161928 | 100063 | (34769) | 56587 |
| Operating cash flow margin | 39% | 20% | (30)% | 39% |
| Non-GAAP gross profit | 232231 | 311125 | 70012 | 91170 |
| Non-GAAP gross margin | 56% | 61% | 60% | 64% |
| Non-GAAP sales and marketing expense | 67793 | 71625 | 16508 | 17457 |
| Non-GAAP research and product development expense | 59470 | 65124 | 15947 | 17732 |
| Non-GAAP general and administrative expense | 46571 | 56531 | 12748 | 15149 |
| Non-GAAP operating income | 58397 | 117845 | 24809 | 40832 |
| Non-GAAP operating margin | 14% | 23% | 21% | 28% |
| Non-GAAP operating cash flow | 17239 | 95472 | 19666 | 29546 |
| Non-GAAP operating cash flow margin | 4% | 19% | 17% | 21% |
| Free cash flow | 152354 | 87089 | (37877) | 53832 |
| Free cash flow margin | 37% | 17% | (32)% | 38% |
| Adjusted free cash flow | 7665 | 82498 | 16558 | 26791 |
| Adjusted free cash flow margin | 2% | 16% | 14% | 19% |
| Units | 2126338 | 2440976 | 2211659 | 2487004 |
| ARPU | 194 | 209 | 197 | 216 |

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See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics and Non-GAAP Financial Measures" for a description of units, ARPU, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and product development expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP operating cash flow, non-GAAP operating cash flow margin, free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin, as well as a comparison of each non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP, as applicable.

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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, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes, before making a decision to invest in our Class A common stock. Our business, financial condition, results of operations, or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material. If any of the risks actually occur, our business, financial condition, results of operations, and prospects could be 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**

***If we are unable to attract new customers, the growth of our revenue will be adversely affected and our business may be harmed.***

Our ability to maintain significant growth in revenue in the future will depend, in large part, on our ability to attract new customers. This can be particularly challenging in the rental property ecosystem where legacy property management systems and point solutions are often deeply embedded in the businesses of owners and operators. Given the perceived complexity and disruption of switching to a more modern technological solution, owners and operators may be reluctant or unwilling to invest in new technology solutions like the Entrata Operating System. Furthermore, as the rental property ecosystem faces increasing pressure on operating margins and the need to drive efficiency, if competitors introduce lower cost and/or differentiated technologies or solutions that compete, or are perceived to compete, with our Operating System, our ability to sell to new customers could be impaired. As a result, we may be unable to attract new customers at rates or on terms that would be favorable or comparable to prior periods, and our business, financial condition, and results of operations could be adversely affected.

***Our business depends substantially on our customers renewing their subscriptions and expanding their use of our Operating System. If our customers do not renew their subscriptions, if they renew on less favorable terms, or if they fail to add more units or utilize additional products or functionality in our Operating System, our business, financial condition, and results of operations will be adversely affected.***

In order for us to maintain or improve our results of operations, it is important that our customers renew their subscriptions when the initial contract term expires, add additional units, and utilize additional products or functionality on our Operating System. In addition to monthly subscription fees, we derive significant revenue from payment processing fees, given we require subscribers of our Operating System to use our payment solution for payments. The integration of our payment processing operations with our subscription offerings compounds the impact that subscription renewal and expansion have on our results of operations. Our customers generally enter into agreements with three- to five-year subscription terms and have no obligation to renew their subscriptions after the expiration of their initial subscription period. Additionally, as is customary in our industry, our customer contracts identify a list of properties that will utilize our Operating System, and our customers are entitled to terminate a specific property without penalty if that underlying property experiences a change in owner or operator. We do not control whether properties on our Operating System experience changes in ownership or operators and therefore we may experience contract turnover for reasons unrelated to the utility or performance of our Operating System. If our customers do not renew their subscriptions, if they renew on less favorable terms, or if they fail to add more units or pay for additional products or functionality, our business, financial condition, and results of operations could be adversely affected.

Many of our existing and potential customers are price sensitive. Uncertain global economic conditions, as well as decreased leasing velocity, have contributed to increased price sensitivity in the multifamily housing market and the other markets that we serve. As a result, our customers may decide not to renew

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their subscriptions with a similar contract period, at the same prices or on the same terms, or they may decline to purchase additional products or functionality on our Operating System. Additionally, as market dynamics change, or as new and existing competitors introduce more competitive pricing or pricing models, we may be unable to renew our agreements with existing customers or customers of the businesses we may acquire. We also may not be able to attract new customers at the same price or based on the same pricing model as previously used. As a result, we may be required to change our pricing model, offer price incentives, or reduce our prices, which could adversely affect our business, financial condition, and results of operations.

In addition, part of our growth strategy is a land-and-expand strategy that depends on our customers expanding the use of our Operating System through the addition of more units via new constructions or acquisitions, and the purchase of additional products or functionality. To succeed with our land-and-expand strategy, we will need to introduce new features and functionality to more comprehensively address the needs of customers deploying our Operating System in a heavily regulated industry that is undergoing rapid technological advancement. If our customers do not realize, or do not believe they will realize, benefits through their adoption of our Operating System, our ability to expand our relationships with our customers and increase our revenue will be adversely affected. Achieving incremental sales to our current customer base requires increasingly sophisticated and costly sales efforts targeted at cost-conscious, repeat industry players focused on the current macroeconomic environment and on driving efficiency. If we are not able to attract the attention of key decision makers at our customers that are repeat industry players or convince them of our value proposition, our sales efforts may not be effective and our ability to increase our revenue will be adversely affected.

***We face intense competitive pressures and our failure to compete successfully could harm our business, financial condition, and results of operations.***

We operate in a large, fragmented, and rapidly evolving market within the rental property ecosystem. We compete in a number of markets, including property management systems and other point solutions, which include products such as accounting, property operations, leasing, customer relationship management, marketing, maintenance, resident screening, utilities, reporting, vendor payment, rent payment, renters insurance, deposit alternatives, resident rewards, revenue management, rent reporting, and amenity booking. The markets for property management systems and point solutions, including our Operating System and products, are intensely competitive and rapidly changing. With the introduction of new technologies and market entrants, we expect competition to intensify in the future. Increased competition could result in pricing pressures, reduced sales, reduced margins, and customer turnover. We often compete to sell our Operating System against existing legacy property management solutions or other point solutions that our potential customers have already made significant expenditures to install.

Our competitors have historically fallen into four primary categories (i) legacy incumbent property management solutions, including Yardi, Inc., RealPage, Inc., MRI Software LLC, AMSI Software, Inc., and other competitors, (ii) property management solutions focused on small and midsized businesses including AppFolio, Inc., Buildium and Propertyware (both owned by RealPage, Inc.), and Yardi Breeze (owned by Yardi, Inc.), (iii) point solutions that address discrete workflows that compete with us in a single offering or category of offerings, and (iv) the status quo of spreadsheets, email, paper checks, and bespoke in-house systems that do not leverage technology-enabled workflows. We compete in various markets, with different competitive considerations in these various markets.

We compete based on a number of factors, including: total cost; time to value; ability to connect and serve the whole ecosystem, including owners, operators, residents, and vendors; ability to serve enterprise customers; industry expertise and resulting tailored products and functionality; ease of integration and implementation; scale and reach of customer base and level of Operating System adoption; product breadth and depth; ability to improve and expand products and functionality; ability to offer customizations and configurations; ability to automate complex processes; security and reliability; scalability and reliability of service; brand awareness and reputation; sales and marketing capabilities; customer experience and success; and financial resources. Some of our existing competitors and new

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market entrants may enjoy substantial competitive advantages, such as greater name recognition, longer operating histories, larger customer bases, and larger sales and marketing budgets, as well as greater financial, technical, and other resources. In addition, any number of our existing competitors or new market entrants could combine or consolidate, or obtain new financing through public or private sources, to become a more formidable competitor with greater resources. As a result of such competitive advantages, our existing and future competitors may be able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop superior offerings, gain greater market acceptance, and expand their offerings more efficiently or more rapidly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adapt to new or emerging technologies and changes in customer requirements more quickly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• take advantage of acquisition and other opportunities more readily;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt more aggressive pricing policies, such as offering discounted pricing for purchasing multiple bundled offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• devote greater resources to the promotion of their brand and marketing and sales of their offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• devote greater resources to the research and development of their offerings.

As a result, increased competition could result in fewer new customers, price reductions, reduced operating margins, and loss of market share. Additionally, from time to time, we have faced and may in the future face pricing pressure as competitors seek to attract or retain customers. Our competitors also may be able to provide customers with functionality or benefits different from or greater than those we can currently provide in areas such as technical qualifications or geographic presence, or provide customers a broader range of offerings and prices. Some of our larger potential competitors have the financial or other resources to develop substantially broader offerings and could leverage their relationships based on other offerings or incorporate functionality into existing offerings to gain business in a manner that discourages customers from purchasing our Operating System, including through selling at zero or negative margins, product bundling, or closed technology operating systems. These potential competitors may also have more extensive relationships within existing and potential customers that provide them with an advantage in competing for business with those customers. Our ability to compete will depend, in large part, on our ability to provide better offerings than our competitors at a competitive price. Additionally, advances in AI could enable existing or emerging competitors to rapidly develop products or services that eliminate the technological advantages we currently possess. If competitors leverage AI to accelerate product development or enhance their products faster than us, our business, financial condition, and results of operations could be adversely affected.

To remain competitive, we are likely to be required to make additional investments in research and development as well as sales and marketing, together with potential enforcement of our intellectual property and proprietary rights in order to respond to competition, and there can be no assurance that these investments will be made, or if made, will achieve any returns or that we will be able to compete successfully in the future. We cannot assure you that we will be able to maintain our current position in the markets in which we compete or continue to compete successfully against current and future sources of competition.

***We face a number of risks in our payment processing business that could result in a reduction in our revenue and profitability.***

In connection with our payment processing business, we process payments and subsequently submit these payments to our customers after varying clearing times established by our sponsor banks and us. These payments are settled through payment providers or card payment processors, and, in the case of electronic funds transfers ("EFTs"), through our Originating Depository Financial Institutions ("ODFIs") pursuant to agreements with one or more national banking institutions that we may contract with from

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time to time. Our payment processing business subjects us to a number of risks, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liability for customer costs related to disputed or fraudulent transactions if those costs exceed the amount of the customer reserves we have during the clearing period or after resident payments have been settled to our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• electronic processing limits on the amount of custodial balances that any single ODFI, or collectively all of our ODFIs, will underwrite;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on our ODFIs, payment providers, our card payment processor, and other payment service provider partners to process electronic transactions in accordance with the terms of their agreements with us and their continued willingness to renew these agreements on commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by us, our ODFIs, payment providers, or our card payment processor to adhere to applicable laws and regulatory requirements or the standards of the electronic payments rules and regulations and other rules and regulations that may impact the provision of our payment processing business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with continually evolving laws and regulations governing payment processing and money transmission, the application or interpretation of which is not clear in some jurisdictions, and the possibility that changes in such laws and regulations could impact our ability to charge for certain of our offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• system outages or service interruptions that impact the availability of our Operating System for processing payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incidences of fraud or money laundering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security breaches or other security compromises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to comply with required external audit standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on regional banks and the stability of regional banks overall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to increase or modify our fees at times when our payment providers, card payment processor, third-party payment processors, or associations increase their transaction processing fees or impose restrictions on the type, structure, or amount of fees we can charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repricing actions taken by, or changes in rules and practices by, card associations or payment networks or imposed as a result of governmental regulation or due to competitive pressures, which could negatively impact the prices we can charge customers for our offerings or, if inconsistent with the way we or our payment service provider partners operate, could require us to make changes to our business that could be costly or difficult to implement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inconsistent and conflicting laws, regulations, and card association or payment network rules that may result in fee structures that cause consumer confusion, complaints, or litigation.

If any of these risks related to our payment processing business were to materialize, our business, financial condition, and results of operations could be adversely affected. Although we attempt to structure and adapt our payment processing business to comply with complex and evolving laws, regulations, and standards, including by maintaining money transmitter (or equivalent) licenses in several jurisdictions, our efforts do not guarantee compliance. If we are found to be in violation of our legal or contractual requirements, we may be subject to monetary fines or penalties, cease and desist orders, mandatory product changes, or other liabilities that could have an adverse effect on our business, financial condition, and results of operations.

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Additionally, with respect to the processing of EFTs and card transactions, we are exposed to financial risk. EFTs or card payments between an operator or owner and its residents may be returned for various reasons such as insufficient funds or stop payment orders. These returns are charged back to the customer by us. However, if we or our payment providers are unable to collect such amounts from the account or if the customer refuses or is unable to reimburse us for the return, we bear the risk of loss for the amount of the transfer. While we have not experienced material losses resulting from returns in the past, there can be no assurance that we will not experience significant losses from returns in the future.

***Our success depends on our ability to further enhance our Operating System and develop products to address the needs of our customers, and we may not be able to successfully make such enhancements or develop new products, which may adversely affect our business, financial condition, and results of operations.***

We compete in an industry in which legacy incumbent property management solutions, including Yardi, Inc., RealPage, Inc., MRI Software LLC, AMSI Software, Inc., and other competitors, and property management solutions focused on small and midsized businesses, including AppFolio, Inc., Buildium and Propertyware (both owned by RealPage, Inc.), and Yardi Breeze (owned by Yardi, Inc.), are deeply entrenched, with various new entrants seeking to innovate and enhance traditional property management systems. Accordingly, it is particularly important for us to keep pace with, and lead in, the rapid technological change, frequent introductions of new products, and evolving industry standards and regulatory requirements that characterize our industry, including developments in mobile, ecommerce, payment processing, and affordable housing compliance. In order to maintain our competitive positioning, we will need to continue to broaden the scope and functionality of our Operating System and invest in and innovate our technology stack. The introduction of new functionality and products involves a number of risks. For example, new products may not perform as intended or designed or may have a different revenue and margin profile than existing products and could entail additional expenses, such as headcount or compliance costs, and could expose us to different and new risks and liabilities or additional regulatory scrutiny. Additionally, certain customers may have unique needs, and we need to maintain flexibility in our Operating System to serve these varying needs. These ongoing development efforts to enhance our Operating System and our adoption of them may require substantial expenditures and take considerable time, and we may not be successful in realizing a return on these efforts in a timely manner or at all. We must maintain adequate research and development resources, such as the appropriate personnel and development technology. If we are unable to adequately forecast and invest in the necessary research and development resources, we may be unable to enhance our Operating System to meet customer demand or develop new products or functionality in a timely manner or at all. There can be no assurance that any new products or functionality, or enhancements to our Operating System, we develop and offer to our customers will achieve significant commercial acceptance or generate revenue sufficient to offset our investments.

Our continued success will depend in part on our ability to keep pace with rapid technological changes and innovations, including with respect to developments in AI and machine learning. It will also depend in part on our ability to develop new products or functionality in a timely manner that leverage these technologies, implement successful enhancements to our Operating System, and improve our technological infrastructure. We have incorporated and may in the future incorporate traditional AI, machine learning, and GenAI solutions into our Operating System and products, including those based on large language models ("LLMs"), and these applications may become more important to our operations or to our future growth over time. We expect to rely on AI and automation capabilities to help drive future growth in our business, but there can be no assurance that we will realize the desired or anticipated benefits from AI or at all. We may also fail to properly implement or market our AI solutions or our AI solutions may not function as intended, which could expose us or our customers to liability. Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations.

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Further, our ability to enhance our Operating System, develop new products or functionality, and improve our technological infrastructure may be inhibited by industry-wide standards, laws, and regulations, litigation developments, resistance to change from legacy systems, or third parties' intellectual property rights. Because our Operating System and products are designed to operate with a variety of systems, infrastructures, and devices, including, for example, mobile operating systems such as Android and iOS operating systems and their respective application stores, such as the Google Play Store and Apple App Store, we need to continuously modify and enhance our products and functionality to keep pace with changes in mobile, software, communication, and database technologies. We may not be successful in either developing these modifications and enhancements, or in bringing them to market in a timely and cost-effective manner.

Any failure to accurately anticipate or respond effectively to trends and developments in our industry, or to keep pace with rapid technological change, innovation, and industry or regulatory standards may harm our ability to develop new products or functionality or enhancements to existing products, which may adversely affect our business, financial condition, and results of operations.

***We rely on third parties and their systems for a variety of services, and we face risks associated with any failure by these third parties to adequately perform these services, which may adversely affect our business, financial condition, and results of operations.***

We rely on third parties to power and continuously make available our Operating System and other solutions. These third parties include, but are not limited to: data center facilities, payment providers, card payment processors, sponsor banks, background check providers, insurance carriers, communications providers, credit bureaus, and security vendors. We rely on these third parties for a variety of services, including to transmit transaction data and settle funds to our customers, and to support our ability to maintain the confidentiality, integrity, compliance, and availability of our Operating System and infrastructure, including websites, information, and related systems. For example, payments are processed by multiple third-party payment processors, including a "buy now, pay later" process, and our bill pay offering is sponsored by one regional bank. We currently host our Operating System and support our operations using Amazon Web Services, a third-party provider of cloud infrastructure services.

In addition, we utilize Worldpay, a third-party card payment processor, to process card transactions. We have partnered with Worldpay since 2012, primarily under payment facilitator or bank card merchant agreements. The term of the current bank card merchant agreement (the "Worldpay Agreement") expires in December 2026. The agreement will continue to automatically renew for successive three-year periods unless either party provides written notice of non-renewal, which must be provided at least 90 days prior to the end of any such term, or unless earlier terminated for an event of default. We expect the Worldpay Agreement to automatically renew in December 2026.

In the event that Worldpay increases or adds fees or charges pursuant to the Worldpay Agreement, we can terminate the agreement without penalty or additional fees within 90 days of the date the applicable fee change becomes effective. Upon occurrence of an event of default, Worldpay or the applicable member bank may terminate the Worldpay Agreement by giving us written notice thereof.

Worldpay is currently our only third-party provider that processes card transactions through our Operating System in the United States and Canada. If Worldpay were to cease operations, terminate its relationship with us, or fail to effectively provide services to us, until we could find an alternative provider our Operating System would be adversely affected and this would impair our ability to generate revenue and would negatively impact our brand, business, financial condition, and results of operations. Other companies provide comparable offerings to Worldpay and while we expect we could find a new card payment processor if our agreement with Worldpay was terminated, any transition to a new processor could be time-consuming, distracting, and costly.

The data center facilities, payment providers, card payment processors, sponsor banks, and other third parties we work with may fail to process transactions, breach their agreements with us, or refuse to renew

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or renegotiate our agreements with them on terms that are favorable, commercially reasonable, or at all. They may also take actions that impact the functionality of our Operating System and other products, impose additional costs or requirements on us, or give preferential treatment to competitive services, including their own services or those of their affiliates. For example, we are required to comply with card network operating rules, which are set solely by the card networks and interpreted or changed at their discretion. While changes in the network rules often relate to pricing, other types of changes may require us to take steps to comply or adapt, which may be costly or otherwise harm our business. If we fail to comply with such changes or otherwise resolve issues with the card networks, the card networks may fine us or prohibit us from processing payment cards on their network. All of these outcomes may adversely affect our business, financial condition, and results of operations.

We do not have control over the operations of the facilities of our third-party service providers and their facilities are vulnerable to product or technological defects, damage, or interruption from infrastructure changes or failures, failure to comply with relevant regulations, introductions of new functionality, human or software errors, capacity constraints, loss of assets, natural disasters, data breaches, malware and other security or hacking incidents, terrorist attacks, power outages, and similar events or acts of misconduct. In addition, any changes in their service levels may adversely affect our ability to meet certain regulatory requirements or provide contractual services to our customers in a timely manner. Since our Operating System's continuing and uninterrupted performance is critical to our success, sustained or repeated system failures stemming from our third-party service providers would harm our brand and reduce the attractiveness of our Operating System. Additionally, if a third-party service provider is a sole source provider for us, such as Worldpay, or one of a limited number of sources of its services, and is unable to provide all or any portion of services, we may incur significant costs to either internalize such services or to find a suitable alternative and may not be able to do so in a timely manner.

Our reliance on third parties also creates additional risks that include legal, regulatory, information security, reputational, operational, or any other risks inherent in engaging and relying upon a third party. If we are unable to effectively manage our third-party relationships, these third parties are unable to meet their obligations to us, or we experience substantial disruptions in these relationships, or we change providers as a result of any of these, our business, financial condition, and results of operations may be adversely affected. In addition, while we have policies and procedures for managing these relationships, we inherently have a lesser degree of control over third parties' internal business operations, governance, and compliance, thereby potentially increasing our financial, legal, reputational, and operational risk as a result of our reliance on third parties.

***Our Operating System and products may not function as intended due to errors in our software, systems, or processes, or human error in administering these systems or processes, which may adversely affect our business, financial condition, and results of operations.***

Our Operating System and products, and those of the third parties on which we rely, may contain errors or vulnerabilities that may adversely affect our business, financial condition, and results of operations, particularly to the extent such errors and vulnerabilities are not detected or remedied quickly or cause harm or losses to our customers. Our Operating System and products, and the infrastructure on which they depend, are highly technical and complex and are often used (directly or indirectly) to store information critical to our customers. Our Operating System and products, and those of other third parties on which we rely, may not function as intended due to undetected errors, defects, security vulnerabilities, or human errors that may result in data unavailability, loss, or permanent or temporary corruption, lack of Operating System access by customers, or other harm to our customers, as well as unexpected credits or refunds to our customers. Some errors in our Operating System and products, and those of third parties on which we rely, may only be discovered after they have been installed and/or used by customers. Any errors, defects, compliance failures, or security vulnerabilities discovered in our Operating System or products after commercial release, or those of third parties on which we rely, or any perception of the same in the marketplace, may harm our brand and cause a loss of customers or increased service costs, any of which may adversely affect our business, financial condition, and results of operations. In addition, we may face negative publicity, disclosure obligations, litigation, regulatory scrutiny, government

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investigations, and/or other actions and monetary payments or fines in connection with such errors, defects, or security vulnerabilities. Our insurance coverage may also prove inadequate or may be subject to coverage exclusions or deductibles with respect to claims resulting from such errors, defects, or security vulnerabilities, and future coverage may be unavailable to us on economically reasonable terms, or at all. We, and the third party service providers on which we rely, have experienced these types of errors, defects, and vulnerabilities in the past and expect that as we continue to grow and scale our Operating System and product offerings we will continue to experience these types of events from time to time, any of which may harm our brand, impair our ability to retain or expand relationships with customers, and adversely affect our business, financial condition, and results of operations.

***System failures and interruptions in the availability of our Operating System may adversely affect our business, financial condition, and results of operations.***

Our customers depend on the integrity and availability of our Operating System. Accordingly, our continued growth and success depends, in large part, on our ability to maintain the confidentiality, integrity, compliance, and availability of our systems and infrastructure, and particularly our Operating System. Our business involves processing large numbers of transactions and the management of large amounts of sensitive data, including personally identifiable information, and as a result any performance problem, system outage, service interruption, data loss, data breach, malware, or other security or hacking incident may adversely affect our business, financial condition, and results of operations.

We have in the past experienced, and may continue to experience, performance problems, system outages, and service interruptions, and we may in the future experience data loss, data breaches, malware, or other security or hacking incidents. These events may be caused by a variety of factors, including from infrastructure changes or failures, introductions of new functionality, human or software errors, service failures, operational and technological outages, capacity constraints, loss or theft of assets, the seasonality of our business, natural disasters, terrorist attacks, power outages, data breaches, malware and other security or hacking incidents, and similar events or acts of misconduct. In some instances, we may not be able to identify the cause or causes of these performance problems immediately or in short order, and we may face difficulties detecting, mitigating, remediating, and otherwise responding to any such issues.

We may not be able to maintain the level of service uptime and performance needed by our customers, especially as the number of units on our Operating System increases, customer engagement with our Operating System continues to increase, and we continue to expand the products and functionality we offer to our customers. If we are unable to maintain sufficient processing capacity or other fundamental technological infrastructure, customers may face downtime. Furthermore, any efforts to further scale our Operating System or increase its complexity to handle a larger number or more complicated products and functionality may result in performance issues, including downtime. Customers have in the past experienced, and may in the future experience, interruptions or delays in the use of our Operating System due to a failure by our third-party service providers, such as our data center, payment processor, and card payment processor. If our Operating System is unavailable or if customers are unable to access the Operating System within a reasonable amount of time, or at all, our business would be adversely affected. Our customers rely on the full-time availability of our Operating System, and a system outage, service interruption, data loss, data breach, malware or other security or hacking incident, or performance problem on our Operating System may impair the ability of our customers to use our Operating System. Therefore, any such performance problem on our Operating System may harm our brand, decrease customer satisfaction, and subject us to financial penalties and liabilities.

We may be forced to expend significant financial and operational resources in response to any of the above circumstances or events. While we maintain insurance, our insurance may be insufficient in scope or amount to cover all liabilities incurred and we may not be able to maintain insurance coverage cost-effectively or at all. The foregoing circumstances or events may also harm our brand, cause customers to stop using our Operating System, impair our ability to grow our customer base, subject us to financial

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penalties and liabilities, and otherwise adversely affect our business, financial condition, and results of operations.

***We provide service level commitments to some of our customers, and our failure to meet the stated service levels could significantly harm our revenue and our reputation.***

Some of our customer agreements provide that we maintain certain service level commitments to such customers relating primarily to product functionality, network uptime, and critical infrastructure availability. If we are unable to meet the stated service level commitments, we may be contractually obligated to provide some of our customers with refunds or credits. We have previously experienced instances in which we have had to issue refunds and credits to certain of our customers as a result of outages, although these have, to date, been insignificant to our business, financial condition, and results of operations. Additionally, if we fail to meet our service level commitments a specified number of times within a given time frame or for a specified duration, some of our customers may terminate their agreements with us or extend the term of their agreements at no additional fee. As a result, a failure to deliver our offerings for a relatively short duration could cause us to issue credits or refunds to a large number of affected customers or result in the loss of customers. In addition, we cannot ensure that our customers will accept these credits, refunds, termination, or extension rights in lieu of other legal remedies that may be available to them.

Additionally, our customers depend on our customer success and customer support teams to provide implementation, training, and support services. If we do not provide effective onboarding services or ongoing support, customers may not receive the full benefits of our Operating System, may delay or forgo future expansion of their use of our Operating System, or may seek to terminate their agreements with us. Our reputation with prospective or current customers or the rental property ecosystem could also be damaged. The number of our customers and units on our Operating System has grown significantly and due to the complexity of our Operating System, they often rely heavily on our customer success and customer support teams, even for routine matters, which has put additional pressure on our teams. If we experience increased customer demand for support, we may face increased costs that may harm our results of operations. As a result, if we are unable to provide efficient, high-quality customer support services, if we need to hire additional support resources, or if there is a market perception that we do not maintain high-quality customer support, our business, financial condition, and results of operations could be adversely affected.

***We face risks in our resident screening and rent credit reporting services that could adversely affect our business, financial condition, and results of operations. We have in the past and we may in the future be subject to regulatory inquiries or enforcement actions, as well as putative class action lawsuits and indemnity demands alleging violations of the laws, as well as the related federal and state regulations, to which these services are subject.***

Our resident screening and rent credit reporting services are subject to a number of complex laws that are subject to varying interpretations, including the Fair Credit Reporting Act (the "FCRA"), the Fair Housing Act, the federal Credit Repair Organizations Act, and related federal and state regulations. The FCRA continues to be the subject of multiple class-based litigation proceedings, as well as numerous regulatory inquiries and enforcement actions. In addition, entities such as the U.S. Department of Justice ("DOJ"), Federal Trade Commission (the "FTC"), and the Consumer Financial Protection Bureau (the "CFPB") have the authority to investigate and enforce compliance with laws that may impact our customers and our business and have made various public statements that resident screening is an area of focus for such agencies. Although we attempt to structure our resident screening and rent credit reporting services to comply with relevant laws and regulations, including with respect to relevant licensing requirements, we have in the past and may in the future be subject to regulatory inquiries or enforcement actions, and we may also be accused or found to be in violation of certain laws and regulations. In addition, we have been and may in the future be subject to putative class action lawsuits and indemnity demands alleging violations of these laws and other similar state laws.

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Our potential liability in any enforcement action, class action lawsuit, or significant single plaintiff action could have a material impact on our business, especially given that certain applicable laws and regulations provide for fines or penalties on a per occurrence basis and we participate in a large number of resident screening and rent credit reporting transactions. We may not always have adequate insurance to defend all claims. Even if a claim is not successful, any claim brought against us would be time-consuming and costly to defend. If we are found liable in any such actions or proceedings, we may be required to pay substantial damages and change the way we conduct our business, any of which might have a material adverse effect on our business, financial condition, and results of operations. In addition, the existence of any such proceeding, whether meritorious or not, may also adversely affect our ability to attract customers, result in the loss of existing customers, or harm our reputation.

***Our results of operations may fluctuate from period to period, which makes our future results difficult to predict and could cause the market price of our Class A common stock to decline.***

Our results of operations may vary significantly from period to period, which could adversely affect our business and financial condition and cause the market price of our Class A common stock to decline. As a result, you should not rely upon our historical results of operations as indicators of future performance. We expect that our results of operations may vary as a result of a number of factors, many of which are outside of our control and may be difficult to predict, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of units customers have on our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to increase the number of new customers and expand our existing customers' use of our Operating System and additional products or functionality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of vacant units in our customers' properties and fluctuations in leasing activity by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of operating expenses related to maintaining and expanding our business, operations, and infrastructure, including acquiring new and maintaining existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and success of new products or features introduced by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological advances and changes in practices and processes across the rental property ecosystem;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the competitive landscape of our market, including consolidation among competitors or real estate organization and investment firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our pricing policies or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, particularly those affecting the rental property ecosystem, including interest rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in spending on property management systems, including increased owner and operator focus on operating efficiency and the willingness to change from legacy systems and point solutions to our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract, develop, motivate, and retain management and other skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully expand our business geographically and across other property types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant cybersecurity breaches or other incidents impacting, technical difficulties with, or interruptions to, the use of our Operating System;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or other disputes, investigations, or inquiries, and the cost of such events, including settlement payments, regulatory fines, or penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to integrate acquisitions in a cost-effective, secure, and timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with relevant laws and regulations in the United States and abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future accounting pronouncements or changes in our accounting policies or practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental or other regulations, including local, state, and federal laws that affect our business and operations and those of our customers, including those related to the rental property ecosystem or the markets in which we operate, including without limitation changes related to fair credit reporting, payment processing, data protection and privacy, utility billing, insurance, e-commerce, licensing, telemarketing, electronic communications, consumer protection, and state and local laws related to rent control or regulation, and our ability to quickly and cost-effectively update our Operating System to account for such changes.

Our financial results and cash needs may vary greatly from quarter to quarter and year to year depending on, among other things, the business performance of our customers, the seasonality inherent in some of our customers' businesses and general economic conditions. For example, we often see seasonally higher leasing activities in the third quarter largely due to leasing season, as residents move in prior to the start of the school year. Specifically, higher resident applications in the third quarter typically result in increased use of our resident screening services. The increase in the number of move-ins also typically results in sequentially higher revenue from our payments and resident insurance services. Additionally, we see increased activity on our Operating System during the first week of each month when rent is due. As a result, revenue growth rates and other metrics may fluctuate from period to period and these fluctuations could cause the price of our Class A common stock to decline.

The variability and unpredictability of our results of operations from quarter to quarter and year to year could result in our failure to meet our expectations or those of analysts that cover us or investors with respect to revenue or other results of operations for a particular period. If we fail to meet or exceed such expectations, the market price of our Class A common stock could fall substantially, and we could face costly lawsuits, including securities class action suits.

***Our customers and their residents share, and we process, a high volume of sensitive and personal information through our Operating System. Our reputation, and therefore our success, depends upon the security of our Operating System and the security of the companies with which we share that information. We and our third-party service providers are exposed to cybersecurity risks and incidents, and any actual or perceived breach of our system, or of our service providers' systems, or any other type of security breach or incident, could materially impact our reputation, brand, business, financial condition, and results of operations.***

We rely on our Operating System, computer systems, hardware, software, underlying technology infrastructure and online sites and networks (such systems generally, "IT Systems"), and the IT Systems of service providers and other third parties on which we rely, for both internal and external operations that are critical to our business. Because we make use of third-party suppliers and service providers, unauthorized access to, other security breaches or intrusions of, or security incidents affecting, systems, networks, and data used in our business, including those of our vendors and contractors, even if not resulting in an actual or perceived breach of networks, systems, or data, could adversely affect our business. Any of these or other systems-related problems could, in turn, adversely affect our reputation and brand, business, financial condition, and results of operations.

We may rely on third parties when deploying, servicing, or otherwise operating our IT Systems, and in doing so, expose them and therefore us to security risks outside of our direct control. Specifically, certain third parties who create applications that integrate with our Operating System may collect, use, disclose, store, retain, transmit, transfer, and otherwise process our and our customers' and their residents' data

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and information, including confidential, sensitive, personal information and other data or information about individuals, such as our customers, employees, contractors, and business partners, including email addresses, physical addresses, phone numbers, Social Security numbers, and personally identifiable information, as well as trade secrets and other proprietary business information (collectively, "Sensitive Information"). Our third-party service providers may fail to adequately secure their or our IT Systems or Sensitive Information. Our third-party service providers' IT Systems have been, and may in the future be, breached or negatively affected by vulnerabilities present in integrated systems and technologies, contain exploitable defects or "bugs" that could result in a breach of, incident impacting, or disruption to our or our third-party service providers' IT Systems and other security risks discussed below. Our ability to monitor our service providers' security is limited, and, in any event, third parties may be able to circumvent those security measures. Moreover, techniques used in attacks and intrusions on systems and networks, as discussed in more detail below, change frequently and may not be known until or well after they are launched against us or our third-party service providers. These risks also are heightened when service providers work remotely.

The use of our Operating System involves the collection, use, disclosure, storage, retention, transmission, transfer, and other processing of Sensitive Information. The secure collection, use, disclosure, storage, retention, transmission, transfer, and other processing of Sensitive Information is critical to us, and we devote various resources to protecting this information. Additionally, remote working arrangements at our company, and at our third-party service providers, increase security risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. The scale of remote work may require additional personnel and resources, which nevertheless cannot be guaranteed to materialize or to fully safeguard all IT Systems and information, including Sensitive Information, upon which we rely. Moreover, any integration of AI in our or any third-party service providers' operations, products, or services may pose new or unknown cybersecurity risks and challenges.

We face numerous and evolving security risks that threaten the confidentiality, integrity, and availability of our IT Systems and Sensitive Information. We face threats from a variety of sources, including sophisticated nation-state and nation-state supported actors, organized cybercrime groups and individuals, ransomware operators, malicious and negligent insiders, supply-chain compromise actors, automated bots and botnets, fraud rings, and politically motivated groups or individuals. From these threat sources, we are exposed to a variety of diverse attack techniques such as malware (including ransomware) and technical exploitation, social engineering, identity, and account compromise, network availability, and data oriented attacks (denial-of service, exfiltration, automated bots, and scraping), malfeasance by insiders, unauthorized parties, rogue human or technological error, or other techniques used to obtain unauthorized access, disable or degrade services or sabotage systems, and as a result of malicious code embedded in open-source software, or misconfigurations, "bugs" or other vulnerabilities in commercial software that is integrated into our (or our service providers') IT Systems, products, or services. Cyberattacks are expected to accelerate on a global basis in frequency, complexity, and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls, evade detection, and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate, or recover from future attacks or security breaches or incidents, or to avoid a material adverse impact upon our IT Systems and information.

Notwithstanding the evolving threat landscape, we have implemented measures designed to identify, evaluate, and manage cyber risks, including a review of our third-party service providers' measures. We cannot, however, guarantee that such measures or our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with, or operate effectively to protect our and our third-party service providers' infrastructure, systems, networks, and physical facilities from unauthorized access due to the actions of outside parties or human error, malfeasance, insider threats, system errors or vulnerabilities, insufficient security controls, a combination of the foregoing, or otherwise. Moreover, if we pursue acquisitions, the businesses and assets we acquire may have less mature information technology systems and/or less sophisticated measures in place to

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detect and prevent cybersecurity breaches or incidents, which could expose us to increased cybersecurity risk until we integrate them onto our information technology standards. As a result, unauthorized parties may obtain access to our, our third-party service providers', or our customers' systems, networks, or data. Further, in these or other circumstances, we or our third-party service providers may suffer security breaches and incidents or other unauthorized or illegal access to or collection, use, disclosure, storage, transmission, transfer, or other processing of, or loss or unavailability of Sensitive Information.

Third parties may attempt to compromise our employees and their access into internal IT Systems to gain unauthorized access to accounts, IT Systems, and Sensitive Information. Employee error, malfeasance, or other errors could result in an actual or perceived security breach or incident. This risk may be heightened as we transition to an increasingly distributed workforce or integrate new systems in connection with acquisitions. In addition, our employees, customers, or our customers' residents may also be subject to cyberattacks (including social engineering/phishing) or otherwise disclose or lose control of their credentials or use the same or similar credentials on third parties' systems, which could lead to unauthorized access to their accounts on our Operating System.

Our security controls and processes are subject to technical, operational, and organizational limitations, and may not prevent all security incidents or vulnerabilities. Any unauthorized or inadvertent access to, or an actual or perceived security breach or incident impacting, our IT Systems or those of our service providers could result in an actual or perceived loss or unavailability of, unauthorized access to, or unauthorized use, disclosure, modification, or other processing of Sensitive Information, regulatory investigations and other proceedings, orders and other obligations, claims, demands and litigation (including putative class action lawsuits), indemnity obligations, damages, penalties, fines and other costs in connection with actual and alleged contractual breaches, violations of applicable laws and regulations, and other liabilities. As a result our Operating System may be perceived as insecure and we may lose existing customers or fail to attract and retain new customers. We also could be required to divert substantial resources to prevent further security breaches or incidents. While no incidents to date have had a material impact on our operations or results of operations, we cannot guarantee that material incidents will not occur in the future. Any such security breach or incident affecting us, our third-party service providers, customers, or our customers' residents, or the perception that one has occurred, could also materially damage our reputation and adversely affect our business, financial condition, and results of operations, including reducing our revenue, causing us to issue credits to customers, negatively impacting our ability to accept and process Sensitive Information, eroding our customers' trust in our Operating System and other products, subjecting us to costly notifications to customers and individuals, and costly restoration or remediation measures, resulting in loss of, and harming our ability to retain customers, harming our brand or increasing our cost of acquiring new customers, or subject us to claims by third parties that we have breached our privacy-, data protection-, security-, or confidentiality-related obligations that could materially increase our costs, adversely impact how we operate our IT Systems and collect, retain, use, disclose, store, transfer, transmit, and otherwise process customer information, and competitively disadvantage our business.

In addition, many governments, including all fifty states in the United States, have enacted laws requiring companies to notify individuals and regulators of certain security breaches or incidents involving various types and volumes of information, including Sensitive Information. These mandatory disclosures are costly to implement and often lead to widespread negative publicity, which may cause our customers to lose confidence in the effectiveness of our security measures. The release of Sensitive Information may also lead to identity theft and related fraud, litigation, enforcement actions, investigations, claims, or other proceedings against us by affected individuals, customers, and/or by regulators, or public statements against us by advocacy groups or others, and the outcome of such proceedings, which could include penalties, fines, and other liabilities or obligations, and could have an adverse effect on our business, financial condition, and results of operations. In addition, we may incur large expenditures to investigate or remediate, to recover Sensitive Information, to repair or replace networks or IT Systems, to protect against similar future events, or to comply with existing and future security, data protection, and privacy laws and regulations. In addition, the costs of maintaining protection and insurance coverage against

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such threats, as they develop in the future (or as legal requirements related to security increase), could be material, and such coverage may not cover any or all of the resulting financial loss.

We currently maintain technology errors, omissions, and cyber liability insurance policies covering certain damages typical for companies in our industry. However, we cannot be certain that our coverage will be adequate for liabilities actually incurred relating to any breach or incident relating to privacy, data protection, or security, or that insurance will continue to be available to us on economically reasonable terms, or at all, such that it is possible we would not continue to have coverage. Further, if another company within our industry experiences a high-profile breach or incident this might lead to a loss of trust in our industry generally, which could adversely impact our reputation and brand, and adversely affect our business, financial condition, results of operations, and prospects.

***Our business depends on our strong and trusted brand, and we may fail to maintain and protect our brand, which may adversely affect our business, financial condition, and results of operations.***

We have developed a strong and trusted brand that has contributed significantly to the success of our business. We believe that maintaining and protecting our brand identity and reputation is critical to our ability to attract and retain customers. Our ability to maintain and promote our brand will depend largely on our continued investment in marketing and our ability to continue to provide an Operating System and products that address our customers' most critical needs, as well as our ability to maintain trust and be a technology leader.

Harm to our brand can arise from many sources, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by us or third parties to satisfy customer expectations of service and quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inadequate protection, misuse, or disclosure of confidential, proprietary, personal, or sensitive data by us or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee misconduct and misconduct by others affiliated or perceived to be affiliated with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fraud committed by third parties using our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance failures by us or third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation, investigations, regulatory activity, and other claims relating to us or others in our industry.

We may also introduce or make changes to products, privacy and data protection practices, or terms of service that customers do not like. Customers could become dissatisfied with the decisions we make with respect to our Operating System, which may harm our brand. We have spent, and expect to continue to spend, resources on branding and other marketing initiatives, which may not be successful or cost effective. These activities may not generate customer awareness, attract new customers, or increase revenue, and even if they do, any increase in revenue may not offset the expenses we incur in maintaining and promoting our brand. If we fail to successfully maintain and promote our brand, or if we incur excessive expenses in this effort, our business, financial condition, and results of operations may be adversely affected.

Further, negative or unfavorable publicity, media coverage, and social media postings about us or our industry, including with respect to the quality and reliability of our Operating System, customer experience, our ability to effectively manage and resolve complaints, as well as privacy, data protection and data security matters, litigation, governmental investigations, and regulatory activity relating to us or our industry, may harm our brand, even if inaccurate. In addition, negative or unfavorable publicity, media coverage, and social media postings about our current or former employees, directors or other service providers, or the actions of or statements by our current or former employees, directors or other service providers in their personal or non-Entrata capacity, may harm our brand, reputation, and our business, even if inaccurate. We have in the past received, and may continue to receive, a high degree of media

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coverage and social media conversation, including coverage that is not directly attributable to statements made by our officers and employees, that incompletely or inaccurately reports on us or our industry, or that is misleading as a result of omitting information. Any negative or unfavorable publicity, media coverage, or social media postings may adversely affect our ability to attract new customers and retain our existing customers and maintain and increase use and adoption of our Operating System, which may adversely affect our business, financial condition, and results of operations.

***We have historically experienced rapid growth, and such growth may not be indicative of our future growth.***

We have historically experienced rapid growth. However, our recent revenue growth rate and financial performance may not be indicative of our future performance. Our revenue was $412.0 million and $509.3 million in the years ended December 31, 2024 and 2025, respectively, representing a year-over-year increase of 24%. Our revenue was $116.6 million and $143.5 million in the three months ended March 31, 2025 and 2026, respectively, representing a year-over-year increase of 23%. Our overall revenue growth depends on a number of factors, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract new customers or retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our footprint with our existing customers by selling additional products and developing new products that address our existing customers' needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand the number of units our customers have on our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide our customers with the onboarding experience and ongoing level of support that they require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest financial and operational resources to support future growth in our payment-processing and other third-party relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our operations domestically and internationally and to different property types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retain and motivate existing personnel, and attract, integrate, and retain new personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully identify, acquire, and integrate businesses, products, or technologies that we believe could complement or expand our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively plan for and model future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhance our financial and accounting systems and controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compete with providers of legacy property management systems and point solutions.

You should not rely on our revenue, revenue growth, key business metrics, or key business metrics growth for any previous quarterly or annual period as any indication of our revenue, revenue growth, key business metrics, or key business metrics growth in future periods.

Our revenue growth rate may decline in future periods as the size of our business continues to grow and we achieve higher market adoption rates. Our opportunity for future growth also depends on other factors generally outside of our control, including changes in our customers' budgetary constraints, changes in property owners or operators giving rise to contractual termination rights, regulatory and macroeconomic conditions, business practices within the rental property ecosystem, and increased competition and consolidation of businesses within the rental property ecosystem. We also expect to continue to make investments in the development and expansion of our business, which may not result in increased revenue. If we do not effectively address these risks and maintain revenue growth, the value of our Class A common stock could be adversely affected.

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***If we fail to manage our growth effectively, our brand and reputation, business, financial condition, and results of operations could be adversely affected.***

Our rapid growth and organizational change have placed, and may continue to place, significant demands on our management and our operational and financial resources and could challenge our ability to develop and improve our operational, financial, and management controls, enhance our reporting systems and procedures, recruit, train, and retain highly skilled personnel, and maintain customer satisfaction. In addition, we have and may continue to pursue acquisitions to expand our business and operations.

Our ability to manage our growth effectively and to integrate new employees, technologies, and acquisitions into our existing business will require us to continue to expand our operational and financial infrastructure and to continue to effectively integrate, develop, and motivate a large number of new employees, while maintaining the beneficial aspects of our culture. As we serve a growing number of customers and facilitate a growing number of units on our Operating System, we must continue to improve and expand our IT and financial infrastructure, operating and administrative systems, and relationships with various partners and other third parties.

We currently maintain offices in multiple locations in the United States, as well as offices in Pune, India, Amsterdam, Netherlands, and Tel Aviv, Israel, and we may open additional offices in the future both in the United States and abroad. Because we employ personnel internationally, we are subject to additional risks customarily associated with foreign operations, such as labor- and employment-related risks, export compliance risks, and risks related to political or regional instability.

In addition, our organizational structure and business is becoming more complex as we grow. We will require significant capital expenditures and valuable management resources to further enhance our operational, financial, and management controls, as well as our reporting systems and procedures. We need to manage this growth so that it does not undermine the corporate culture of rapid innovation, teamwork, and attention to customer success that has been central to our growth so far. If we fail to manage our anticipated growth and change, the quality of our Operating System and services may suffer, which could negatively affect our brand and reputation. As a result, our ability to retain and attract customers could be negatively impacted, which could adversely affect our business, financial condition, and results of operations.

***Our sales cycle is long and unpredictable, and our sales efforts require considerable time and expense.***

Our ability to increase revenue and enhance profitability depends, in large part, on widespread acceptance of our Operating System by large, sophisticated real estate owners and operators. As we target our sales efforts at these customers, we face high costs, long sales cycles, and unpredictability in completing some of our sales. As a result of the variability and length of the sales cycle for our Operating System, we may not be able to forecast the precise timing of certain sales and it may be difficult to identify a regular cadence to our sales. The length of our sales cycle can vary substantially from customer to customer based on deal complexity, customer size, and customer needs. For example, our average sales cycle for enterprise customers is between six and twelve months, and our average sales cycle for mid-market customers is between three and six months. We are often required to spend significant time and resources to better educate and familiarize potential customers with the value proposition of our Operating System and how it can replace their existing solutions, which may be deeply embedded in their organizations. Customers often view the purchase of our Operating System and products as a strategic decision with multiple decision makers and a significant investment that can come with switching costs and, as a result, frequently require considerable time to evaluate, test, and qualify our Operating System and products, as well as those of our competitors, prior to purchasing our Operating System. Enterprise operators that manage a significant number of units all over the country often undertake a significant evaluation process that further lengthens the sales cycle. During the sales cycle, we expend significant

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time and money on sales and marketing and contract negotiation activities, which ultimately may not result in a sale. Additional factors that may influence the length and variability of our sales cycle include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complexity and heavily regulated nature of the rental property ecosystem;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lengthy purchasing approval processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the evaluation of competing property management systems during the purchasing process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the time, complexity, and expense involved in replacing existing solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements or planned introductions of new products, features, or functionality by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personnel turnover at our customers or at our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evolving functionality demands.

Our sales force develops relationships directly 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. An operator's decision to change systems is frequently subject to budget constraints, multiple approvals, and unanticipated administrative, processing, and other delays. In addition, the impact of macroeconomic conditions on both us and our prospective customers could materially and adversely affect our business, financial condition, and results of operations by reducing sales, lengthening sales cycles, and lowering prices for our Operating System and products. As a result, it is difficult to predict whether and when a sale will be completed.

If our efforts in pursuing sales and customers are unsuccessful, or if our sales cycles lengthen, our revenue could be lower than expected, which would have an adverse effect on our business, financial condition, and results of operations.

***We have incorporated and are incorporating traditional AI, machine learning, and generative AI into our Operating System. This technology is new and developing and may present operational and reputational risks or result in liability or harm our reputation, business, results of operations, or customers.***

We have incorporated a number of AI features into our Operating System and believe that providing AI tools, features, functionality, and insights will become increasingly important to the value that our Operating System and products deliver to our customers. The AI functionality incorporated into our products is commercially available or open source and not proprietary, and we use a combination of public data and private data for individual customers in our LLMs and other AI solutions. We have built and continue to build our AI architecture with guardrails above our AI layer to increase security and mitigate potential risks of inaccuracy and algorithmic hallucinations resulting from our use of AI. These guardrails include, for example, evaluating models against benchmark and real customer data prior to deployment, monitoring model predictions, and incorporating red teaming security evaluations to identify potential vulnerabilities. As with many developing technologies, LLMs are a new and emerging technology that is in the early stages of commercial use and presents a number of inherent risks and challenges that could affect further development, adoption, and use, and therefore our business. Due to the evolving nature of the algorithms and technology underpinning LLMs, there is a risk that our AI solutions could produce inaccurate or misleading content or other discriminatory or unexpected results or behaviors (e.g., LLM hallucinatory behavior that can generate irrelevant, nonsensical, or factually incorrect results).

Further, the content, analyses, or recommendations generated by our LLMs could produce information or other content that infringes, misappropriates, or violates the intellectual property rights of others. In addition, increasing use of AI creates opportunities for the potential loss or unlawful or unauthorized collection, use, disclosure, storage, transmission, transfer, or other processing or misuse of data or

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information, including personal information and proprietary data that was used, disclosed, stored, transmitted, transferred, or otherwise processed to build our AI solutions. If our access to such data or information was blocked or materially impaired, we may also be unable to further build, train, and offer our AI solutions. The occurrence of any of the foregoing could harm our reputation, business, customers, or our customers' residents and could result in litigation, regulatory investigations, enforcement and other actions, and reputational harm.

Moreover, our employees, customers, residents, third-party service providers, strategic partners, and other contractors or consultants may input inappropriate, illegal, confidential, or other sensitive data or information into an AI system (in particular, a system that is managed, owned, or controlled by a third party), thereby compromising our business operations, which may cause business operation disruptions, could divert the attention of management and key information technology resources, and possibly lead to security breaches or incidents or other unauthorized or illegal access to or collection, use, disclosure, storage, transmission, transfer, or other processing or loss or unavailability of our or our customers' confidential or proprietary data or information.

In addition, the use of AI involves significant technical complexity and requires specialized expertise. This specialized expertise can be difficult and costly to obtain given the increasing industry focus on AI development and competition for talent. As a result, it could be expensive for us to maintain and advance our AI developments and we may not be able to do so. Further, our AI solutions rely on third-party proprietary algorithms and LLMs provided by third parties. If we are unable to continue to use such third-party assets, we may be unable to continue to provide our AI solutions which could adversely affect our business, financial condition, results of operations, and prospects.

Additionally, the use of AI applications introduces novel risks associated with the various methods of model delivery, integration, and functions leveraged for business purposes. These risks may result in security breaches or incidents, including the unauthorized disclosure or other processing of business and customer information. Any such security incidents related to our use of AI applications could lead to litigation or other proceedings and liability and may adversely affect our reputation, business, financial condition, and results of operations.

Our employees are currently using AI solutions and we believe that our partners, service providers, and contractors may also be using AI solutions. If any of our partners, service providers, employees, or contractors use any AI solutions in connection with our business or the services they provide to us, it may lead to the inadvertent disclosure of our confidential information, or that of our customers or their residents, into third-party training data sets, which may include publicly-available training data sets, which may impact our ability to adequately maintain, protect and enforce our intellectual property or confidential information, harming our customers and our competitive position and business. Our ability to mitigate risks associated with disclosure of confidential information, including in connection with AI solutions, will depend on our implementation, maintenance, monitoring, and enforcement of appropriate technical and administrative safeguards, policies, and procedures governing the use of AI in our business and we may not adequately mitigate such risks.

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experience security breaches or incidents in connection with our use of AI, this could adversely affect our reputation and expose us to legal liability or regulatory risk, including with respect to third-party intellectual property, privacy, publicity, contractual, or other rights.

Further, social and ethical issues relating to the use of new and evolving technologies such as AI in our offerings may result in reputational harm and liability and may cause us to incur additional research and development costs to resolve such issues. AI presents emerging ethical issues and if we enable or offer solutions that draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm, or legal liability. Failure to address AI ethics issues by us or others in our industry could undermine public confidence in AI and slow adoption of AI in our products.

Moreover, as the regulatory framework for AI (and machine learning technology) evolves, certain jurisdictions, such as the European Union (the "EU") with its AI Act, and certain U.S. states, have adopted laws and regulations addressing aspects of the development, use, and deployment of AI. While the Trump Administration issued an executive order on December 11, 2025, designed to preempt state regulation of AI, the regulatory landscape at the state and federal levels is still evolving and the ultimate regulatory framework that will develop is difficult to predict or anticipate at this time. It is possible that new laws and regulations will be adopted in the United States and in non-U.S. jurisdictions, or that existing laws and regulations may be interpreted, addressing these matters in ways that would affect the operation of our business, including the way in which we use AI and machine learning technology. Our ability to provide AI-driven insights and products may also be constrained by current or future regulatory requirements that could restrict or impose burdensome and costly requirements on our ability to leverage data in innovative ways. Further, the cost to comply with such laws or regulations could be significant and could increase our operating expenses, which could adversely affect our business, financial condition, and results of operations.

***We anticipate incurring increased expenses in the future, and we may not be able to meet profitability expectations.***

We may not be able to maintain or continue to grow profitability in the future. Generally, we expect our costs will increase over time as we continue to invest additional funds in the growth of our business and adjust to operating as a public company.

In addition, we plan to continue to manage our business towards the achievement of long-term growth that we believe will positively impact long-term stockholder value. We have expended, and expect to continue to expend, financial and other resources on our research and product development organization, including for the development of new and innovative products for our Operating System and functionality to address our customers' evolving business needs, and improved customer experience; our technology infrastructure, including systems architecture, management tools, scalability, availability, performance, and security, as well as disaster recovery measures; our sales, marketing, and customer success organizations; our onboarding and support organizations; acquisitions or strategic investments; expansion efforts, including geographic, market, and new industry expansion; and general administration, including legal and accounting expenses as well as the increased operating expenses due to being a public company. These efforts may be more costly than we expect, may not result in increased revenue, growth in our business, or enhanced profitability, and may cause significant fluctuations in our results of operations from period to period. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could negatively impact our gross margin and prevent us from maintaining or growing profitability or positive cash flows on a consistent basis. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition, and results of operations could be adversely affected. Moreover, although we believe our investments in our business are consistent with our strategic objective to achieve long-term growth, these decisions may not be consistent with the short-term expectations of some investors, and if we are ultimately unable to maintain or grow profitability at the level anticipated by industry or financial analysts and our stockholders, the market price of our Class A common stock could decline.

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***The nature of our Operating System is complex and highly integrated, and if we fail to successfully manage releases or integrate new products or functionality, it could harm our business, financial condition, and results of operations.***

We manage a complex Operating System that includes a large number of product centers that are highly integrated and require interoperability with products and services of third-party service providers. Additionally, we typically deploy new releases of the software underlying our Operating System on a quarterly schedule. Due to this complexity and the condensed development cycles under which we operate, we have in the past, and may in the future, experience errors in our software, corruption, or loss or compromise of our data, or unexpected performance issues from time to time. For example, our services may face interoperability difficulties with software operating systems or programs being used by our customers, or new releases, upgrades, fixes, or the integration of acquired technologies may have unanticipated consequences on the operation and performance of our other products. If we encounter integration challenges or discover errors in our products late in our development cycle, it may cause us to delay our launch dates. Any major integration or interoperability issues or launch delays could have an adverse effect on our business, financial condition, and results of operations.

***We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire qualified personnel, or maintain our corporate culture, we may not be able to grow effectively.***

Our performance and ability to grow our business largely depend on the talents and efforts of highly skilled individuals, and our future success depends on our continuing ability to identify, hire, develop, motivate, and retain highly skilled personnel for all areas of our organization. Competition in our industry relating to hiring and retaining employees with appropriate qualifications and at an appropriate cost structure is intense, including in Utah, where our headquarters is located and where we have a substantial presence and need for highly skilled personnel, such as software engineers, computer scientists, and other technical personnel. Any changes to U.S. immigration policies that restrain the flow of technical and professional talent may inhibit our ability to recruit and retain highly qualified employees. Many of the companies we compete with for experienced personnel have greater resources than we have. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached legal obligations, resulting in a diversion of time and resources, and potential liability for us or our employees.

We may need to invest significant amounts of cash and equity to attract new and retain employees, and we may not do so, or, if we do, we may never realize returns on these investments. Some of our current employees hold RSUs that vest upon the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The performance-based vesting condition of such RSUs will generally be satisfied in connection with our IPO, and as a result, such employees will vest with respect to a significant portion of these RSUs at such time. Many current employees also hold stock options that may begin to vest following our IPO. It may be difficult for us to continue to retain and motivate these employees and the value of their holdings could affect their decisions about whether they continue to work for us. In addition, our compensation arrangements, such as our equity award programs, may not always be successful in attracting new employees and retaining and motivating our existing employees. If the actual or perceived value of our equity compensation declines, it may adversely affect our ability to hire or retain highly skilled employees, or we may need to incur additional stock-based compensation expense to do so. Further, our recent hires and planned hires may not achieve desired productivity within our expected timeframe, and we may not be able to hire or retain qualified personnel in a timely manner. We generally do not have employment agreements with our officers or employees and, therefore, they could terminate their employment with us at any time and obtain employment with a competitor. If we are unable to hire, train, and retain a sufficient number of qualified and successful personnel, our business, financial condition, and results of operations may be adversely affected.

In addition, we believe in the importance of our corporate culture, which fosters high performance by prioritizing our core values. As our organization grows and expands, and as employees' workplace expectations evolve, we may find it increasingly difficult to maintain the beneficial aspects of our corporate

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culture. Our inability to maintain our corporate culture may negatively affect our ability to attract and retain employees, harm our brand, or adversely affect our future growth.

***We depend on the experience and expertise of our senior management team and key technical employees, and the loss of any key employee could adversely affect our business, financial condition, and results of operations.***

Our success depends in part on the continued service of our senior management team and other key employees. From time to time, there may be changes in our executive management team resulting from the hiring or departure of executives, potentially disrupting our business. Any employment agreements we have with our executive officers or other key personnel do not require them to continue to work for us for any specified period and, therefore, they may terminate their employment with us at any time. In addition, we do not maintain any key person life insurance policies. The loss of any member of our senior management team or key personnel may delay or prevent the achievement of our business objectives, and because of the nature of our business, the loss of any significant number of our existing engineering and project management personnel may also adversely affect our business, financial condition, and results of operations.

***The requirements of being a public company may strain our resources, divert management's attention, and affect our ability to attract and retain executive management and qualified board members.***

As a public company we will incur significant legal, accounting, and other expenses that we did not incur as a private company. We will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules and regulations of the SEC, and the New York Stock Exchange listing standards. For example, the Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and results of operations. We anticipate that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, and increase demand on our systems, making some activities more time-consuming and costly. We also expect these rules and regulations to continue to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage, or incur substantially higher costs to maintain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our board of directors or as our executive officers.

As a public company, 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. In addition, as a public company, we may be subject to shareholder activism, which can lead to substantial costs, distract management, and impact the manner in which we operate our business in ways we cannot currently anticipate.

Public company reporting and disclosure obligations and a broader stockholder base as a result of our status as a public company may expose us to a greater risk of claims by stockholders, and we may experience threatened or actual litigation from time to time, including by competitors and other third parties. If such claims are successful, our business, financial condition, and results of operations may be adversely affected, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, may divert the resources of our management and our board of directors, and adversely affect our business, financial condition, and results of operations.

Further, many members of our management team have limited or no experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws and regulations pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts

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and investors. These new obligations and constituents will continue to require significant attention from our management and may divert their attention away from the day-to-day management of our business, which may adversely affect our business, financial condition, and results of operations.

***We may experience operational and financial risks in connection with acquisitions. In addition, acquisitions, strategic investments, partnerships, or ventures 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, financial condition, and results of operations.***

As part of our business strategy, we will continue to consider a wide array of potential strategic transactions, including acquisitions of businesses, new technologies, services, and other assets as well as strategic investments that complement our business. We have previously acquired and continue to evaluate targets to enhance our Operating System and products, and there is no assurance that such acquired businesses will be successfully integrated into our business or generate substantial revenue. We may be unable to identify or complete prospective strategic transactions for many reasons, including competition from other potential acquirers, the effects of consolidation in our industry, and potentially high valuations of acquisition candidates. Even if we do identify strategic transactions or enter into agreements with respect to such transactions, applicable antitrust laws and other regulations may limit our ability to acquire targets or force us to divest all or a portion of our business or an acquired business. If we are unable to identify suitable targets or complete acquisitions, our growth prospects may suffer, and we may not be able to realize sufficient scale and technological advantages to compete effectively in all markets.

Acquisitions involve numerous risks, any of which may harm our business and adversely affect our financial condition and results of operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intense competition for suitable acquisition targets, which may increase prices and adversely affect our ability to consummate deals on favorable or acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen expenses, delays, or conditions imposed upon the acquisition or transaction, including due to required regulatory approvals or consents, or fees that may be triggered upon a failure to consummate an acquisition or transaction for certain reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to retain and obtain required regulatory approvals, licenses, and permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transaction-related lawsuits or claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating the technologies, operations, existing contracts, and personnel of an acquired company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in retaining key employees or business partners of an acquired company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of financial and management resources from existing operations or alternative acquisition opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to realize the anticipated benefits or synergies of a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incurrence of debt or dilution related to equity issuances in connection with a transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to identify the problems, liabilities, or other shortcomings or challenges of an acquired company or technology, including issues related to intellectual property, regulatory compliance practices, litigation, revenue recognition, or other accounting practices, security vulnerabilities, or employee issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks that regulatory bodies may enact new laws or promulgate new regulations that are adverse to an acquired company or business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• theft of our trade secrets or confidential information that we share with potential acquisition candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk that an acquired company or investment in new offerings cannibalizes a portion of our existing business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse market reaction to an acquisition.

If we fail to address the foregoing risks or other problems encountered in connection with past or future acquisitions of businesses, new technologies, services, and other assets, strategic investments, and other strategic transactions, or if we fail to successfully integrate such acquisitions or investments, our business, financial condition, and results of operations may be adversely affected.

**Financial and Tax Risks**

***We have incurred, and may continue to incur, substantial indebtedness and any failure to meet our debt obligations could adversely affect our business.***

We have entered into, and may continue to enter into, arrangements pursuant to which we may incur significant indebtedness, including our credit agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"), which provides for term loans in the aggregate principal amount of $400.0 million, revolving loans in an aggregate principal amount of $75.0 million, and letters of credit in an aggregate face amount at any time outstanding not in excess of $15.0 million. Under the Credit Agreement, our ability to make payments on such debt, to repay such indebtedness when due, and to fund our business, operations, and capital expenditures will depend on our ability to generate or raise cash in the future. If we cannot service our indebtedness, we may have to take actions such as utilizing available capital, selling assets, selling equity, or reducing or delaying capital expenditures, strategic transactions, investments, and partnerships, any of which may impede the implementation of our business strategy, prevent us from entering into transactions that would otherwise benefit our business, and may adversely affect our business, financial condition, and results of operations.

Our obligations under the Credit Agreement are required to be guaranteed by certain of our subsidiaries. Such obligations, including the guaranties, are secured by substantially all of our assets and those of the subsidiary guarantors. If we are unable to repay or otherwise refinance our indebtedness under the Credit Agreement when due, or if any event of default occurs under the Credit Agreement, the lender under our Credit Agreement could accelerate our outstanding obligations. In the event that the lender under our Credit Agreement accelerates the repayment of our borrowings, we and our subsidiaries may not have sufficient assets to repay that indebtedness and the lender may seek to enforce their security interests in our assets as well as those of the subsidiary guarantors. Our ability to restructure or refinance any debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and could require us to comply with more onerous covenants, which could further restrict our business operations. We also may not be able to refinance indebtedness on commercially reasonable terms, or at all.

***Our Credit Agreement contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations.***

The terms of our Credit Agreement include a number of covenants that limit our ability and our subsidiaries' ability to, among other things, incur additional indebtedness, grant liens, merge or consolidate with other companies or sell substantially all of our assets, pay dividends, make investments, loans, and acquisitions, or engage in transactions with affiliates. The terms of the Credit Agreement also include financial covenants. The terms of the Credit Agreement may restrict our current and future operations and could adversely affect our ability to finance our future operations or capital needs. In addition, complying with these covenants may make it more difficult for us to successfully execute our business strategy, including potential acquisitions, and compete against companies which are not subject to such restrictions.

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***We may require additional capital to support business growth, and this capital may not be available on favorable terms, or at all, to meet our future capital needs.***

We intend to continue to make investments to support our business and may require additional funds to develop new products, enhance our Operating System and existing products, expand our operations, improve our infrastructure, or acquire complementary businesses, technologies, services, products, and other assets. In addition, we may use a portion of our cash to satisfy tax withholding and remittance obligations related to outstanding RSUs and outstanding options. Accordingly, we may need to engage in equity, equity-linked, or debt financings to secure additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our stockholders may suffer significant dilution, and any new equity securities we issue may have rights, preferences, and privileges superior to those of holders of our Class A common stock. Any debt financing that we may secure in the future may involve restrictive covenants relating to our capital raising activities and other financial and operational matters, potentially making it more difficult for us to obtain additional capital and to pursue business opportunities. We may not be able to obtain additional financing on terms favorable to us, if at all. 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, scale our infrastructure, develop new products, enhance our Operating System and existing products, and respond to business challenges may be impaired, and our business, financial condition, and results of operations may be adversely affected.

***We identified a material weakness in our internal control over financial reporting. If our remediation of such material weakness is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal controls over financial reporting, our ability to produce timely and accurate financial reporting or comply with applicable laws and regulations could be impaired.***

In connection with the audit of our consolidated financial statements as of and for the year ended December 31, 2024, we and our independent registered public accounting firm identified a material weakness in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness had not been fully remediated as of March 31, 2026.

The material weakness identified relates to information technology general controls, specifically the restriction of privileged access and periodic user access reviews. We have concluded that this material weakness arose because, as a private company, we did not have the necessary business processes related to information technology general controls to satisfy the accounting and financial reporting requirements of a public company.

We have taken and will continue to take action to improve our internal controls over financial reporting and we intend to remediate this material weakness, including by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing a risk assessment over the organization and information technology general controls used as part of financial reporting, and identifying control activities to be implemented in response to the identified risks, which will include improving information technology general controls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging a third-party provider to support the implementation and ongoing maintenance of IT general control activities that respond to the identified risks, as determined through a risk assessment.

While we are undertaking efforts to remediate this material weakness, we cannot predict the success of such efforts or the outcome of our assessment of the remediation efforts at this time. We can give no assurance that our efforts will remediate this deficiency in internal control over financial reporting or that additional material weaknesses in our internal control over financial reporting will not be identified in the future. Our failure to implement and maintain effective internal control over financial reporting could result

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in errors in our consolidated financial statements that could result in a restatement of our financial statements, and could cause us to fail to meet our reporting obligations, any of which could diminish investor confidence in us and cause a decline in the price of our Class A common stock.

***If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, 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 Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable New York Stock Exchange listing standards.

The Sarbanes-Oxley Act and related Exchange Act rules require, 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 and other procedures that are designed to assure that information required to be disclosed by us in the reports that we file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to management, including our principal executive and financial officers, to allow timely decisions regarding disclosure. We are also continuing to improve our internal control over financial reporting. We have expended, and anticipate that we will continue to expend, significant resources to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting. If any of these new or improved controls and systems does not perform as expected, we may experience material weaknesses in our controls.

Our current controls, and any new controls that we may develop, may become inadequate because of changes in the conditions in our business. Further, we have discovered at least one material weakness in our internal controls in the past and weaknesses in our disclosure controls or our internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls, to remedy deficiencies in those controls, or any difficulties encountered in their implementation or improvement, may harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting may also 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 eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting may also cause investors to lose confidence in our reported financial and other information, which would likely adversely affect the market price of our Class A common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the New York Stock Exchange. We are not currently required to comply with the SEC rules that implement Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. As a public company, we will be required to provide an annual management report on the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K.

Our independent registered public accounting firm is not required to formally attest to the effectiveness of our internal control over financial reporting until after we are no longer an emerging growth company as defined in the JOBS Act, which may increase the risk that weaknesses or deficiencies in our internal control over financial reporting go undetected. When our independent registered public accounting firm does issue a report on the effectiveness of our internal control over financial reporting, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, or operating. Any failure to maintain effective disclosure controls and internal control over financial reporting may adversely affect our business, financial condition, and results of operations and may cause a decline in the market price of our Class A common stock.

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***Real or perceived inaccuracies in our operating metrics may harm our reputation and negatively affect our business.***

We track certain operational metrics, including the number of units on our Operating System and ARPU, which may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose. We may also discover unexpected errors in the data that we are using that resulted from technical or other errors. If the internal systems and tools we use to track these metrics undercount or overcount performance or contain algorithmic or other technical errors, the data we report may not be accurate. If we determine that any of our metrics or figures are not accurate, we may be required to revise or cease reporting such metrics or figures. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable period of measurement, there are inherent challenges in measuring these metrics. Limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. In addition, our methodology for calculating these metrics may differ from the methodology used by other companies to calculate similar metrics and figures. If our operating metrics are not accurate representations of our business, if investors do not perceive our operating metrics to be accurate or if we discover material inaccuracies with respect to these figures, we expect that our business, financial condition, and results of operations could be adversely affected.

***If our estimates or judgments relating to our accounting policies prove to be incorrect, our results of operations could be adversely affected.***

The preparation of financial statements in conformance with GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes appearing elsewhere in this prospectus. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as described 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 recognition and measurement of certain assets and liabilities and the amount of revenue and expenses. Our accounting policies that involve judgment and use of estimates and are particularly sensitive to significant change in the near term relate to revenue recognition, cost of revenue, deferred contract costs, leases, debt issuance costs, business combinations, and stock-based compensation expense. If our assumptions change or if actual circumstances differ from those in our assumptions, our results of operations could be adversely affected, which could cause our results of operations to fall below the expectations of securities analysts and investors, resulting in a decline in the market price of our Class A common stock.

***Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.***

The accounting rules and regulations with which we must comply are complex and subject to interpretation by the Financial Accounting Standards Board, the SEC, and various other bodies formed to promulgate and interpret appropriate accounting principles. Changes in accounting principles applicable to us, or varying interpretations of current accounting principles, could have a significant effect on our reported results of operations. Further, any difficulties in the implementation of changes in accounting principles, including the ability to modify our accounting systems, could cause us to fail to meet our financial reporting obligations, which could result in regulatory discipline, harm investors' confidence in us, and result in a decline in the market price of our Class A common stock.

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***We are faced with increasingly complex tax issues in many jurisdictions, and we could be obligated to pay additional taxes in various jurisdictions.***

New income, sales, use, or other tax laws, statutes, rules, regulations, or ordinances could be enacted at any time. Those enactments could harm our domestic and international business operations and our business, financial condition, and results of operations. Further, existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified, or applied adversely to us. These events could require us or our customers to pay additional tax amounts on a prospective or retroactive basis, as well as require us or our customers to pay fines and/or penalties and interest for past amounts deemed to be due. For example, U.S. H.R. 1 (119th Congress) signed into law in July 2025, commonly known as the One Big Beautiful Bill Act, made significant changes to U.S. federal tax law. Changes to tax laws (which in some cases may have retroactive applications), including with respect to net operating losses, expensing of research and development costs, certain other capital expenditures, and certain business interest expense, as well as rules relating to the taxation of "global intangible low-taxed income" and certain cross border payments, could adversely affect us, holders of our Class A common stock, or our customers. If we raise our prices to offset the costs of these changes, existing and prospective customers may elect not to purchase our offerings in the future. The Trump administration has also put into effect and has indicated that it may further increase retaliatory measures or tariffs with respect to jurisdictions that have, or are likely to, put in place tax rules that are extraterritorial or disproportionately affect U.S. companies. Such tariffs have, in some instances, been struck down by U.S. federal courts, including the U.S. Supreme Court. The likelihood of any such further retaliatory measures remains unclear. In addition, in 2021, the Organization for Economic Co-operation and Development (the "OECD") announced an accord to set, among other things, a global minimum corporate tax, which is being or may be implemented in many jurisdictions, including the United States. On January 5, 2026, the OECD released a "side-by-side" package that generally establishes an exemption for U.S. multinationals from the global 15% minimum tax. However, implementation of the package depends on domestic legislation and regulation in OECD member countries and is subject to subsequent review. The OECD is issuing guidelines that are different in some respects from current international tax principles. Governmental action by countries to amend their tax laws to adopt all or part of the OECD guidelines may increase tax uncertainty and increase taxes applicable to us or our stockholders. We cannot predict whether the U.S. Congress, U.S. administration, or any other governmental body, whether in the United States or other jurisdictions, will adopt further tax legislation, regulations, or other rules, or whether the OECD or other intergovernmental organizations will publish additional guidelines or whether any jurisdiction will implement any such guidelines, nor can we predict what effect any such legislation, regulations, rules or guidelines might have. Additionally, new, changed, modified, or newly interpreted or applied tax laws could increase our customers' and our own compliance, operating, and other costs, as well as the costs of our offerings. Further, these events could decrease the capital we have available to operate our business. Any or all of these events may harm our business, financial condition, and results of operations.

As we expand the scale of our international business activities, any changes in the taxation of such activities may increase our worldwide effective tax rate and harm our business, financial condition, and results of operations. We may be subject to taxation in several jurisdictions around the world with increasingly complex tax laws, the application of which can be uncertain. The amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws, or revised interpretations of existing tax laws and precedents. An increase in our tax liabilities could harm our liquidity and results of operations. In addition, the authorities in these jurisdictions could review our tax returns and impose additional tax, interest, and penalties, and the authorities could claim that various withholding requirements apply to us or assert that benefits of tax treaties are not available to us, any of which may harm us and our results of operations.

***If we are required to collect sales and use taxes on the offerings we sell in additional taxing jurisdictions, we may be subject to liability for past sales and our future sales may decrease.***

States and some local taxing jurisdictions have differing rules and regulations governing sales and use and other taxes, such as gross receipts taxes, excise taxes, and telecom taxes, and these rules and

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regulations are subject to varying interpretations that may change over time. The application of federal, state, local, and international tax laws to services provided electronically is evolving. In particular, the applicability of sales taxes and other taxes to our Operating System in various jurisdictions is unclear. We collect and remit sales tax and other taxes in the United States and value-added tax in a number of international jurisdictions. However, we could face tax audits in which tax authorities in the United States and other jurisdictions could successfully assert that we are obligated to collect additional tax amounts from our paying customers and remit those amounts to those authorities. As a result, our liability for these taxes could exceed our estimates. We could also be subject to audits in states and international jurisdictions for which we have not accrued tax liabilities. A successful assertion that we should be collecting additional sales or other taxes on our Operating System in jurisdictions where we have not historically done so and do not accrue for such taxes could result in substantial tax liabilities for past sales, discourage organizations from using our Operating System, or otherwise harm our business, financial condition, and results of operations.

***If we redeem or repurchase shares of our stock in the future, we could be subject to an excise tax.***

The Inflation Reduction Act of 2022 imposed a 1% excise tax on the fair market value of stock on certain repurchases (including redemptions) of stock by publicly traded corporations on or after January 1, 2023, subject to certain exceptions (including an exception that allows netting the amount of stock redemptions or repurchases against certain new issuances of stock). Subsequently, the U.S. Department of the Treasury issued final regulations providing additional rules about this excise tax. If we redeem or repurchase shares of our stock in the future, we could be subject to this excise tax, unless we qualify for any of the exceptions that are provided in the Inflation Reduction Act, in the final regulations, or in other future laws, regulations, or rules. Any such excise tax would be our liability and could increase the amount of tax that we are required to pay.

***The stock-based compensation expense related to our stock options and RSUs, as well as any other equity awards that may be granted in the future, will result in increases in our expenses in future periods and we may also expend substantial funds to satisfy a portion of our tax withholding and remittance obligations that will arise upon the vesting and/or settlement of certain of our stock options and RSUs, including in connection with this offering, which may have an adverse effect on our financial condition, and results of operations.***

We have granted traditional stock options, which generally vest upon the satisfaction of a service-based vesting condition, and performance stock options, which generally vest upon the satisfaction of performance-based, market-based, and service-based vesting conditions occurring before the award's expiration date, to our service providers. For performance options, the performance-based vesting condition is established by the administrator and set forth in the applicable award agreement and generally the options become eligible to vest upon the earlier of a sale event for us or the completion of this offering, provided that in certain sale events, the percentage of options that become eligible to vest is based on the level of participation by our majority owner in connection with such sale event. The percentage of options that vest from each grant is based on the market-based vesting condition, which requires specific results as measured on key measurement dates based on the rate of return to our majority owner, provided that no options will vest if the minimum rate of return is not achieved. In the event of a sale event for us, the key measurement date is the date of such sale event. In the event of the completion of this offering, the key measurement dates are determined based on one of the following sets of criteria: (i) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the six-month anniversary of the offering and, so long as a change of control does not occur prior to such date, each of the next three six-month anniversaries thereafter, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the date that is 31 consecutive trading days following the offering and, so long as a change of control does not occur prior to such date, each of the first two six month anniversaries of the offering; or (ii) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the first anniversary of the offering and, so long as a change of control does not occur prior to such date, the

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second anniversary of the offering, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the closing date of the offering and, so long as a change of control does not occur prior to such date, the first anniversary of the offering. The service-based vesting condition requires the option holder to be a service provider to us in order for their options to be eligible to vest. As of &nbsp;&nbsp;&nbsp;&nbsp; , $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million of stock-based compensation expense had not been recognized for such performance options because a qualifying event as described above was not probable. During the quarter in which this offering is completed, we will begin recording cumulative stock-based compensation expense for those performance options for which the service-based vesting condition was satisfied as of the completion of this offering. If the performance-based vesting condition had occurred on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, we would have recorded $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of cumulative stock-based compensation expense related to the performance options for which the service-based vesting condition was satisfied on that date, and would have an additional $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million of unrecognized stock-based compensation expense related to the performance options that would be recognized over a weighted-average period of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;years. At the time of the offering, we expect to recognize stock-based compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million for which the service-based vesting condition was satisfied as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and for which we expect the performance-based vesting condition to be satisfied in connection with this offering.

We have also granted RSUs, which generally vest upon the satisfaction of both service-based and performance-based vesting conditions occurring before the award's expiration date, to our service providers. The performance-based vesting condition is generally satisfied on the earlier of: (i) a sale event for us or (ii) the completion of this offering. As of &nbsp;&nbsp;&nbsp;&nbsp; , $&nbsp;&nbsp;&nbsp;&nbsp; million of stock-based compensation expense had not been recognized for such RSUs because a qualifying event as described above was not probable. During the quarter in which this offering is completed, we will begin recording cumulative stock-based compensation expense for those RSUs for which the service-based vesting condition was satisfied prior to this offering. If the performance-based vesting condition had occurred on &nbsp;&nbsp;&nbsp;&nbsp; , we would have recorded $&nbsp;&nbsp;&nbsp;&nbsp; million of cumulative stock-based compensation expense related to the RSUs for which the service-based vesting condition was satisfied on that date, and would have an additional $&nbsp;&nbsp;&nbsp;&nbsp; million of unrecognized stock-based compensation expense related to the RSUs that would be recognized over a weighted-average period of &nbsp;&nbsp;&nbsp;&nbsp; years. At the time of the offering, we expect to recognize stock-based compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million for which the service-based vesting condition was satisfied or partially satisfied as of &nbsp;&nbsp;&nbsp;&nbsp; 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 stock options and RSUs, as well as any other equity awards we may grant in the future, which may have an adverse impact on our financial condition and results of operations, and our ability to maintain or show growth in profitability.

Additionally, we expect to expend substantial funds in connection with the tax withholding and remittance obligations that arise upon the settlement of our RSUs in connection with this offering. The service-based vesting condition for &nbsp;&nbsp;&nbsp;&nbsp; RSUs is expected to be satisfied prior to the completion of this offering and the liquidity-based vesting condition will be satisfied in connection with the completion of this offering. To fund the tax withholding and remittance obligations arising in connection with the vesting and settlement of the RSUs, we will elect to withhold shares of our Class A common stock that would otherwise be issued with respect to such RSUs and pay the relevant tax authorities in cash to satisfy such tax obligations. Assuming that all such RSUs remain outstanding as of the applicable vesting date, at an assumed tax rate of &nbsp;&nbsp;&nbsp;&nbsp; %, we expect to withhold up to an aggregate of &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to the settlement of the RSUs and to pay $&nbsp;&nbsp;&nbsp;&nbsp; to the relevant tax authorities in cash to satisfy our tax withholding and remittance obligations related to the settlement of the RSUs.

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**General and Macroeconomic Risks**

***Global and regional economic conditions could harm the rental property ecosystem and our business.***

The rental property ecosystem is impacted by economic slowdowns, tightening of economic policies, tariffs on imported goods, fluctuations in interest rates (which can increase borrowing costs), fluctuations in utility rates, homeownership trends, and other actions that affect material pricing and availability, such as higher inflation. Unfavorable or deteriorating market conditions, reductions in the availability of business financing, or similar circumstances could have an adverse impact on our business. If the rental property ecosystem declines, or if our customers experience rising vacancies, declining rental income, or reduced property values, there will be a decrease in units on our Operating System and a corresponding decrease in payments revenue due to fewer residents making rent payments through our platform, and customers may decide not to renew their subscriptions. Our revenue may decrease because fewer rental payments are processed through our Operating System and/or customers may generally choose to delay or decide against purchases of software or information systems in times of unfavorable economic conditions, because workforce challenges or governmental policies prevent sufficient labor to meet demand or because fewer units are on our Operating System, resulting in reduced fees to us. Furthermore, we could lose customers as a result of acquisitions or consolidations, bankruptcies, or other financial difficulties facing our customers, new or enhanced legal or regulatory regimes that negatively impact the rental property ecosystem, and conditions or trends specific to the rental property ecosystem such as the economic factors that impact the rental market. To the extent we do not effectively address these risks and challenges, our business, financial condition, and results of operations could be adversely affected.

In addition, in the event of a general economic downturn or sudden disruption in business conditions, consumer confidence, spending levels, access to credit and interest rates could be adversely affected, which could result in customers delaying or forgoing adding units or renewing subscriptions. These effects could adversely affect our business, financial condition, and results of operations.

***We may face exposure to foreign currency exchange rate fluctuations, and such fluctuations could adversely affect our business, financial condition, and results of operations.***

The vast majority of our cash generated from revenue is denominated in U.S. Dollars. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are primarily in the United States, India, Israel, the Netherlands, and Canada. Our results of current and future operations and cash flows are, therefore, subject to the risk of fluctuations in foreign currency exchange rates. This exposure is the result of payment of personnel-related expenses and other operating expenses in countries where the functional currency is the local currency. Changes in foreign currency exchange rates could have an adverse impact on our financial results and cash flow. These exposures may change over time as business practices evolve and economic conditions change. As the impact of foreign currency exchange rates has not been material to our historical results of operations, we have not entered into derivative or hedging transactions, but we may do so in the future if our exposure to foreign currency becomes more significant.

***Catastrophic events could adversely affect our business, financial condition, and results of operations.***

A significant natural disaster, such as an earthquake, fire, hurricane, tornado, flood, or significant power outage, may disrupt our operations, mobile networks, the internet, or the operations of our third-party service providers, and the impact of climate change may increase these risks. Any public health crises, political crises, terrorist attacks, war and other political or social instability and other geopolitical developments, or other catastrophic events, whether in the United States or abroad, may adversely affect our operations or macroeconomic conditions. The impact of any natural disaster, act of terrorism, or other disruption to us or other third parties may result in Operating System interruptions, our inability to process

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payments via our Operating System, reputational harm, delays in our technology development, lengthy interruptions in our products, data breaches, malware, and other security or hacking incidents, all of which may adversely affect our business, financial condition, and results of operations. All of the aforementioned risks may be further increased if our disaster recovery plans prove to be inadequate. Further, the insurance we maintain may be insufficient to cover our losses resulting from such business interruptions, and any incidents may result in loss of, or increased costs of, such insurance.

***Our corporate structure and intercompany arrangements are subject to the tax laws of multiple jurisdictions, and we could be required to pay additional taxes, which would adversely affect our business, financial condition, results of operations, and future prospects.***

As we continue to expand our international operations, we are, and may increasingly be, required to report taxable income in various jurisdictions around the world based on our business activities in those jurisdictions. Our corporate structure and associated transfer pricing policies reflect the functions, risks, and assets of the entities involved in our intercompany transactions. However, our tax position is subject to various risks, including increases in tax rates, new or revised tax laws (which may apply retroactively), and new interpretations of existing tax laws and policies by taxing authorities or courts, any of which could increase our overall tax obligations.

Our intercompany transactions are subject to complex transfer pricing rules administered by tax authorities in the jurisdictions in which we operate, many of which apply divergent, and sometimes conflicting, legal standards. Tax authorities may take inconsistent positions regarding the application of the arm's-length principle, the characterization or valuation of our intellectual property, or the pricing of intercompany services and other transactions. If a tax authority successfully challenges our transfer pricing or the allocation of income and expenses among jurisdictions, we could be required to reallocate income or pay additional taxes, interest, and penalties. If the jurisdiction from which income is reallocated does not agree with the adjustment, we could also be subject to double taxation.

Although we believe our tax positions are reasonable, our tax reserves are adequate, and our transfer pricing practices reflect arm's-length terms, tax authorities may disagree with our assumptions, judgments, and estimates. If a tax authority were to prevail in asserting that our intercompany arrangements do not satisfy applicable transfer pricing requirements, we could be required to pay additional taxes, interest, and penalties that exceed our reserves. Such an outcome could increase our effective tax rate, reduce our cash flows, and adversely affect our profitability.

**Intellectual Property Risks**

***If we fail to adequately protect our intellectual property rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights.***

Our success depends in part on protecting our intellectual property rights. We rely on a combination of patents, trademarks, service marks, trade secrets, confidentiality procedures, and contractual restrictions to establish and protect our intellectual property and proprietary rights in our products. However, the steps we take to protect our intellectual property rights may be inadequate. We will not be able to protect our intellectual property rights if we are unable to obtain, maintain, or enforce our intellectual property rights or if we do not detect infringement, misappropriation, or other unauthorized use of our intellectual property rights. Despite our precautions, it may be possible for unauthorized third parties to copy our technology and products and use information that we regard as proprietary to create products that compete with ours. Some license or other contractual provisions protecting against unauthorized use, copying, transfer, and disclosure of our technology, products, and proprietary information may be unenforceable under the laws of certain jurisdictions and foreign countries. Further, the laws of some countries do not protect intellectual property and other proprietary rights to the same extent as the laws of the United States, and changes to existing intellectual property laws may impact our ability to obtain protection for our technology and enforce our intellectual property rights. Further, the standards applied by agencies in the United

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States (e.g., the USPTO) and foreign jurisdictions are not always applied uniformly or predictably within an organization, or between organizations. As such, we do not know the degree of future protection that we will have on our technologies, products, and services. To the extent we expand our international activities, our exposure to unauthorized use, copying, transfer, and disclosure of our technology, products, and proprietary information may increase. In addition, the growing use of generative AI by us, our partners, and our third-party developers presents an increased risk of unintentional and/or unauthorized use, copying, transfer, and disclosure of our intellectual property rights. In light of the current state of the law on the availability of copyright protection for AI-generated works, our use of generative AI also presents a risk that we may create assets that are not protectable and could be used by competitors. Additionally, proprietary rights in AI and machine learning models, datasets, weights, and biases are not fully understood, and intellectual property right protections and other protections may continue to change. To the extent that the foregoing are valuable to us, we may not be able to protect our rights in such technologies.

Any patents issued in the future may not provide us with any competitive advantages, and our patent applications may never be granted. For example, third parties, including our competitors, may assert patents relating to technologies that overlap or compete with our technology and seek to charge us a licensing fee or otherwise preclude the use of our technology. Additionally, the process of obtaining patent protection is expensive, time-consuming, and sometimes unpredictable, and we may not be able to file and prosecute all necessary or desirable patent applications, or we may not be able to do so at a reasonable cost or in a timely manner. Even if issued, these patents may not adequately protect our intellectual property rights, as the legal standards relating to the infringement, validity, enforceability, and scope of protection of patent and other intellectual property rights are complex and often uncertain.

Despite our efforts, unauthorized parties, including our competitors, may duplicate, mimic, reverse engineer, access, obtain, or use aspects of our technology, products, and proprietary information without our permission. Moreover, there can be no guarantee that our efforts will prevent unauthorized parties, including our competitors, from designing around our intellectual property rights or independently developing technologies that are substantially equivalent or superior to our technology or products.

We rely on both registrations and common law protections for trademarks and service marks. However, we may be unable to prevent competitors or other third parties from acquiring or using trademarks or service marks that are similar to, infringe upon, misappropriate, or otherwise violate or diminish the value of our trademarks and service marks. The value of our trademarks and service marks may diminish if others assert rights in or ownership of our trademarks or service marks that are similar to ours, which may harm our corporate or brand identity and lead to customer confusion. There is a risk that our trademarks and service marks may not be adequate to protect our brand or may conflict with the registered trademarks or other intellectual property rights of other companies, which may require us to rebrand our products (which may result in loss of goodwill and brand recognition and require additional advertising and marketing expenditures) or defend against third-party claims.

While our software and other proprietary works of authorship may be protected under copyright laws, we have not registered any copyrights in all of these works. While registration is not necessary to benefit from copyright protection, registration provides additional benefits in certain jurisdictions, and is required to bring a copyright infringement lawsuit in the United States. Further, our use of AI in the development of our software or other work would most likely preclude such registration. Accordingly, the remedies and damages available to us for unauthorized use of our software or other work may be limited in the United States.

We rely on technical measures and contractual measures to protect our proprietary software and proprietary or competitively sensitive information, technology or materials (such as trade secrets) and to maintain our competitive position. Our policy is to enter into confidentiality and invention assignment agreements with our employees and consultants who are involved in the development of intellectual property for us and may enter into confidentiality agreements with the parties with whom we engage in business discussions and in conjunction with definitive agreements. Such agreements may be breached

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or may otherwise fail to prevent disclosure, third-party infringement, or misappropriation of our proprietary information, may be limited as to their term, or may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. We also rely on physical and electronic security measures to protect our proprietary information, but we may not always be effective in controlling access to, use of, and distribution of our intellectual property rights, products, or proprietary information, including our trade secrets. In addition, our proprietary information may otherwise become known (whether lawfully or otherwise) or be independently developed by our competitors or other third parties. To the extent that our employees, consultants, contractors, and other third parties use intellectual property rights or other technology or materials owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Use of generative AI tools by our employees, partners or service providers may unintentionally upload or reveal our confidential information to third-party AI providers, which could disclose trade secrets and weaken our competitive position.

Further, in order to protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Litigation brought to protect and enforce our intellectual property rights may be costly, time consuming, and distracting to management and may result in the impairment or loss of portions of our intellectual property rights. Our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity, enforceability, and scope of our intellectual property rights, which could lead to the invalidation of, or render unenforceable, our intellectual property rights, or may otherwise have negative consequences for us. Due to the significant amount of discovery required in connection with intellectual property litigation, our confidential information, including trade secrets, may be compromised by disclosure during litigation. Our inability to protect our technology, products, or proprietary information against unauthorized use, copying, transfer, or disclosure, as well as any costly litigation or diversion of our management's attention and resources, may delay further the implementation of our products, impair the functionality of our products, delay introductions of new products, result in our substituting inferior or more costly technologies into our products, or harm our brand, all of which may adversely affect our business, financial condition, and results of operations.

Although it is our policy to require our employees and consultants who may be involved in the conception or development of intellectual property to execute agreements assigning the intellectual property and related rights to us, we may be unsuccessful in executing such an agreement with each party who conceives or develops intellectual property and related rights that we regard as our own or such party may breach the assignment agreement. We may be subject to lawsuits filed by employees or contractors claiming ownership of such intellectual property and related rights. Litigation may be necessary to obtain ownership or to defend against claims challenging inventorship. If we fail in any such litigation, in addition to paying monetary damages, we may lose valuable intellectual property rights. Such an outcome could substantially harm our business, financial condition, and results of operations. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to our management and other employees, and such claims could substantially harm our business, financial condition, and results of operations.

We are the registrants for domain names for websites that we use in our business. We may not be able to, or it may not be cost effective to, acquire or maintain all domain names that utilize the name "Entrata" or other business brands in all of the countries in which we currently conduct or intend to conduct business. Further, we may be unable to prevent competitors or other third parties from acquiring or using domain names that are similar to or diminishes the value of our domain names. If such third-party domain name incorporates any of the trademarks that we have registered in the relevant jurisdiction, then we may be able to bring a claim of trademark infringement. If we lose the ability to use a domain name or have to contend with the existence of confusingly similar domain names held by third parties, we could incur additional expenses to market our brand within that country. This could substantially harm our business, financial condition, and results of operations.

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***We have been, and may in the future be, subject to intellectual property rights claims by third parties, which are extremely costly and time-consuming to defend, could require us to pay significant damages and could limit our ability to use certain technologies.***

Companies in the software and technology industries, including some of our current and potential competitors, own large numbers of patents, copyrights, trademarks, and trade secrets and frequently enter into litigation based on allegations of misappropriation, misuse, 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 property rights and to defend claims that may be brought against them than we do. The litigation may involve patent holding companies, non-practicing entities, or other adverse patent owners that have no relevant product and service revenues and against which our patents may therefore provide little or no deterrence. It has become common in recent years for third parties in the United States to purchase patents or other intellectual property rights for the sole purpose of making claims of misappropriation, misuse, infringement, or other violations in an attempt to extract settlements from companies such as ours. Patent holding companies may also have advantages in a lawsuit by limited costs, at least partially because of the lack of products and services. From time to time, third parties may assert patent, copyright, trademark, or other intellectual property rights against us, our partners, our customers, or other parties with which we have a relationship, including parties indemnified by us. We have in the past and may, in the future receive, notices that claim we have misappropriated, misused, infringed, or otherwise violated other parties' intellectual property rights. To the extent we gain greater market visibility, including as a public company, and/or as new technologies, such as generative AI, impact the rental property ecosystem, we face a higher risk of being the subject of such claims.

Claims of misappropriation, misuse, infringement, or other violations of intellectual property rights may be extremely broad, and it may not be possible for us to conduct our business in such a way as to avoid all such claims. We also may be unaware of third-party intellectual property rights that cover or otherwise relate to some or all of our products. We cannot guarantee that we are not infringing or violating or have not infringed or violated, any third-party intellectual property rights or that we will not be held to have done so or be accused of doing so in the future.

Pending and future intellectual property claims, with or without merit, and even if we ultimately prevail, may be very time consuming, may be expensive to settle or litigate, and may divert our management's attention and other resources. These claims may also subject us to significant liability for damages, potentially including treble damages if we are found to have willfully infringed patents or copyrights. These claims may also result in our having to stop using technology or other intellectual property found to be in violation of a third party's rights. We may be required to seek a license for the technology or other intellectual property, which may not be available on commercially reasonable terms, or at all, or on terms that resolve, in whole or in part, the potential risks of intellectual property rights infringement. Even if a license were available, we may be required to pay significant royalties, which would increase our operating expenses. As a result, we may be required to develop alternative non-infringing technology or other intellectual property, which may require significant effort, time, and expense and may not be successful. If we cannot license or develop technology or other intellectual property for any aspect of our business found to be in violation of a third party's rights, we may be forced to limit or stop offering our products and may be unable to compete effectively. In addition, parties may claim that the names and branding of our products infringe their trademark rights in certain countries or territories. Although we intend to vigorously defend our intellectual property rights, if such a claim were to prevail, we may have to change the names and branding of our products in the affected territories and we could incur other costs. In addition, there can be no guarantee that a third party who may have agreed to indemnify us for costs associated with intellectual property-related litigation, if any at all, will not refuse or be unable to uphold its contractual obligations. Any of these results may adversely affect our business, financial condition, and results of operations.

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***We license technology from third parties and our inability to maintain those licenses could adversely affect our business, financial condition, results of operations, and prospects.***

We currently incorporate, and will in the future incorporate, technology that we license from third parties into our products, services, and Operating System. 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 where we may sell subscriptions to use our products, services, or Operating System. Some of our agreements with our licensors may be terminated by them for convenience or otherwise provide for a limited term. Termination of our current or future agreements could cause us to have to negotiate new or amended agreements with potentially less favorable terms or cause us to lose our rights under the original agreements. If we are unable to continue our license agreements or enter into new licenses on commercially reasonable terms, our ability to develop and sell subscriptions to use products or services containing that technology would be limited, and our business could be harmed. For example, if we are unable to license technology from third parties, such as technology that helps enable our products, services, or Operating System, we may be forced to acquire or develop alternative technology, which we may be unable to do in a commercially feasible manner or at all, which may require us to use alternative technology of lower quality or performance standards. This could limit or delay our ability to offer certain existing, new, or competitive products or services and may increase our costs. As a result, our business, financial condition, and results of operations could be adversely affected.

***We use open source materials in our products, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to sell our products or our use of those components could give rise to disclosure obligations of proprietary software, which may subject us to litigation or other actions, which may adversely affect our business, financial condition, and results of operations.***

We use open source software and other materials in our products, including certain elements within our AI systems, and may use more open source materials in the future. From time to time, there have been claims challenging the manner of use or ownership of open source materials against companies that incorporate open source materials into their products and technologies. As a result, we may be subject to lawsuits by parties claiming misappropriation, misuse, infringement, ownership, misattribution, or other violations of what we believe to be open source materials, and in extreme situations our access to such open source materials could be limited or eliminated, which could materially affect our operations. Litigation may be costly for us to pursue or defend, adversely affect our business, financial condition, and results of operations, or require us to devote additional research and development resources to change our products. In addition, if we were to combine our products with open source materials in certain ways, we may, under certain open source licenses such as copyleft-style licenses, be required to release or license the source code of our products that incorporates the open source software at no cost, make available source code for modifications or derivative works we create based upon the open source software, incorporate or use the open source software, and/or license such modifications or derivative works under the terms of the particular open source license or otherwise unfavorable terms. Such release may allow our competitors or other third parties to create similar products with lower development effort, time, and costs. Further, the terms of various open source licenses have not been interpreted by U.S. courts and as such there is a risk that such licenses may be construed in a manner that imposes unanticipated conditions or restrictions on our business. Due to the nascency of AI and uncertainty and evolving legal and regulatory regimes, these risks may be heightened with respect to the use of open source materials within, or in connection with, our AI systems, and such use may pose additional risks relating to intellectual property ownership and license rights. For the same reasons, such use may also pose additional risk that open source licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to monetize our software or enforce our intellectual property rights. We have adopted an open source usage policy designed to mitigate risks associated with the use of open source software, including components integrated into or used in the development of our AI products, and we utilize specialized tools to assist in detecting vulnerabilities and enforcing security measures, but we

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cannot ensure that we have not incorporated open source materials in our software in a manner that is inconsistent with the terms of the applicable license or our current policies. If we inappropriately use open source materials, we may be required to re-engineer our products, discontinue all or a portion of our products, face injunctions or customer indemnity obligation, or take other remedial actions, any of which may adversely affect our business, financial condition, and results of operations.

In addition to risks related to license requirements, use of certain open source materials can lead to greater risks than use of third-party commercial software because open source licensors generally do not provide warranties or other contractual protections regarding misappropriation, misuse, infringement, ownership, misattribution, or other violations, the quality of the code or the origin of the open source materials. Many of the risks associated with the use of open source materials cannot be eliminated and may adversely affect our business, financial condition, results of operations, and future prospects. For instance, open source software is developed by programmers beyond our control and often may have security vulnerabilities, defects, or errors of which we may not be aware. There is typically no support available for open source software, and we cannot ensure that the authors of such open source software will implement or push updates to address security vulnerabilities or will not abandon further development and maintenance. Even if we become aware of any such vulnerabilities, defects, or errors, it may take a significant amount of time for either us or the relevant programmers to address such vulnerabilities, defects, or errors. Such a delay may negatively impact our products, including by adversely affecting the market's perception of our products, impairing the functionality of our products, or delaying the launch of new products, any of which may adversely affect our business, financial condition, and results of operations.

**Risks Related to Regulatory or Legal Matters**

***We are subject to significant governmental regulation, and failure to comply could subject us to enforcement actions, or other penalties, which could have a material adverse effect on our business, financial condition, and results of operations.***

We are subject to a number of laws and regulations at the federal, state, county, and local levels. These laws and regulations, which continue to evolve, cover, among other things, taxation, money transmission, data protection, cybersecurity, pricing, antitrust and competition, content, intellectual property, distribution, mobile and telecommunications, advertising practices, electronic contracts, sales procedures, automatic subscription renewals, credit card processing procedures, credit reporting, consumer and business financial products, insurance products, consumer protection, fair housing, the provision of online payment services, payroll compliance, and the design and operation of websites. These and other laws also apply to our customers and so our customers look to us to provide functionality that allows them to be compliant. We cannot guarantee that we have been or will in the future be fully compliant with such laws and regulations in every jurisdiction, as it is not entirely clear in every jurisdiction how existing and developing laws and regulations governing such areas apply or will be enforced. Moreover, as the legal and regulatory landscape continues to evolve, increasing regulation and enforcement efforts by federal, state, county, local, and foreign authorities, and the prospects for private litigation claims, become more likely. In addition, court rulings, the adoption of new laws or regulations or the imposition of other legal requirements that adversely affect our ability to market, sell, or develop our Operating System or other products could harm our ability to offer, or negatively affect customer demand for, our Operating System and other products, which could impact our revenue, impair our ability to expand our Operating System and service offerings, and make us more vulnerable to competition. Future regulations, or changes in laws and regulations or to their interpretations or applications, could also require us to change our business practices, update our Operating System, and raise compliance costs or other costs of doing business. Any updates to our Operating System or other products may be difficult or take time, and if we are not able to update our Operating System or other products in a timely manner or at all, our customers will not be in compliance with such updated laws or regulations and would be at risk of regulatory action and private litigation claims.

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Additionally, various federal, state, local, and foreign labor laws govern our relationships with our employees and affect operating costs. These laws include employee classifications as exempt or non-exempt, minimum wage requirements, unemployment tax rates, workers' compensation rates, overtime, family leave, workplace health and safety standards, payroll taxes, citizenship requirements, and other laws and regulations. The number and type of laws applicable to us and our workforce will grow as our remote workforce increases.

In addition, changes in laws or regulations could negatively impact the business environment for the rental property ecosystem. Laws and regulations are rapidly evolving and may change significantly in the future. In particular, our customers are subject to a wide range of laws and regulations related to fair housing, data protection, privacy, competition, and marketing, and our business could be adversely affected should our Operating System not be able to keep pace with such regulatory changes. Also, we could be subject to liability if our Operating System is relied upon by customers and our customers are subject to claims that they have violated applicable laws, regulations, or resident rights. If we fail to quickly update our Operating System or products in response to evolving laws and regulations, our customers may not be in compliance while using our platform. Any resulting customer non-compliance could expose us to contractual or indemnification claims, and we may be subject to enforcement action by regulatory agencies or private litigation claims.

***Expansion of our payment processing business may subject us to additional regulatory requirements and other risks, including with respect to enforcement actions or litigation that could adversely affect our business, financial condition, and results of operations.***

We derive significant revenue from our payment processing operations, and as we continue to expand our payment processing business, we may become subject to additional risks and regulatory requirements, including laws governing money transmission, payment processing services, transaction monitoring, customer identification and verification, and sanctions screening. These requirements vary throughout the markets in which we operate and have increased over time as the geographic scope and complexity of our Operating System has expanded. While we maintain a compliance program focused on applicable laws and regulations throughout the payment processing industry, there is no guarantee that we will not be subject to fines, penalties, criminal and civil lawsuits, or other regulatory enforcement actions in one or more jurisdictions, or be required to adjust business practices to accommodate future regulatory requirements imposed by federal, state, or local regulators, including state Attorneys General. Evaluation of our compliance efforts, as well as the questions of whether and to what extent our products and services are considered money transmission, are matters of regulatory interpretation and could change over time. For example, we are subject to a consent order with the state of Oregon ordering the payment of civil penalties for noncompliance with the Oregon Money Transmitters Law. In addition, we are party to a putative class action litigation in the Circuit Court for Prince George's County, Maryland alleging that we are not properly licensed under the Maryland Collection Agency Licensing Act.

Pending and future enforcement actions or litigation relating to our payment processing activities, with or without merit, and even if we ultimately prevail, may be time-consuming, may be expensive to settle or litigate, and may divert our management's attention and other resources. Such enforcement actions and litigation may also subject us to significant liability, including for damages, and an adverse outcome could spur copycat litigation in other jurisdictions. These outcomes could adversely affect our business, financial condition, and results of operations.

In order to maintain flexibility in the growth and expansion of our payment processing operations, we maintain and may continue to obtain money transmitter licenses (or their equivalents) in certain jurisdictions. As a licensed money transmitter in several U.S. states, we are subject to obligations and restrictions with respect to the investment of customer funds, reporting requirements, minimum net worth requirements, bonding requirements, requirements for regulatory approval of controlling stockholders, and examination by state regulatory agencies. Our efforts to obtain and maintain these licenses may not be successful, and could result in significant management time, effort, and cost, and may still not guarantee compliance given the constant state of change in these regulatory frameworks. Further, in order to

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maintain flexibility in the growth and expansion of our payment processing operations, we maintain a money services business ("MSB") registration with the Treasury Department's Financial Crimes Enforcement Network ("FinCEN"). Accordingly, costs associated with changes in compliance requirements, regulatory audits, enforcement actions, reputational harm, or other regulatory limitations may impact our ability to grow our payment processing business and could adversely affect our business, financial condition, and results of operations.

***The rental property ecosystem and many of our offerings are subject to extensive and evolving governmental regulation. Changes in regulations or our failure to comply with regulations could harm our results of operations.***

The rental property ecosystem is subject to extensive and complex federal, state, local, and international laws and regulations. Our Operating System must work within the extensive and evolving legal and regulatory requirements applicable to us, our customers, or our third-party service providers, including, but not limited to, those under the FCRA; federal anti-money laundering and anti-terrorist financing laws, including the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001; state licensing requirements; card network and National Automated Clearing House Association rules; state insurance laws; the Telephone Consumer Protection Act; the Fair Housing Act; the Deceptive Trade Practices Act; the Drivers Privacy Protection Act; the Gramm-Leach-Bliley Act; the Fair and Accurate Credit Transactions Act; the Internal Revenue Code of 1986, as amended (the "Code"); the Privacy Rules, Safeguards Rule and Consumer Report Information Disposal Rule promulgated by the FTC; the FTC's Telemarketing Sales Rule; the CAN-SPAM Act; the Electronic Communications Privacy Act; the regulations of the United States Department of Housing and Urban Development; rules and regulations of the CFPB; the Americans with Disabilities Act; and complex and divergent federal state, local, and international laws and regulations related to privacy, data protection, data security, credit and consumer reporting, deceptive trade practices, antitrust and competition, fair housing, telemarketing, electronic communications, call recording, utility billing, fee transparency, rent control or regulation, and energy and gas consumption. These laws and regulations are complex, change frequently, and may become more stringent over time. For example, the FTC indicated in December 2025 through warning letters to 13 property management software providers, including Entrata, that they intend to focus on companies' fee transparency compliance. In addition, the Trump Administration issued an executive order on January 20, 2026, directing federal agencies to take actions intended to limit the ability of large institutional investors to buy single-family homes, with the exception of certain build to rent ("BTR") single-family homes, which are excluded from the scope of such executive order. While we do not have any single-family homes on our Operating System that are subject to this executive order and fewer than 20,000 BTR single-family homes on our Operating System as of March 31, 2026, this executive order could have an adverse effect on the business of some enterprise owners and operators, which comprise a significant part of our customer base. We periodically undergo examinations, audits, and investigations by regulatory authorities related to our services, including those related to the affairs of insurance companies and agencies and electronic payment services providers. Such examining, auditing, and investigating regulatory authorities are generally vested with relatively broad discretion to grant, renew, and revoke licenses and approvals, to implement and interpret rules and regulations, levy fines and penalties, and bring enforcement actions. While we have implemented various programs, processes, and controls focused on compliance with applicable laws and regulations throughout our business, there is no guarantee that we will not be subject to fines, penalties, or other regulatory actions in one or more jurisdictions, or be required to adjust our business practices or obtain additional licenses to accommodate future regulatory requirements or innovative interpretations of existing regulations. In the event we are found to be in violation of our legal or regulatory requirements, we may incur unanticipated legal expenses, be subject to monetary fines or penalties, cease-and-desist orders, mandatory product changes, or other liabilities that could have an adverse effect on our business (including damage to our reputation), financial condition, and results of operations.

We provide software tools that use advanced models, proprietary algorithms, and aggregated public market data to recommend rent pricing and lease terms to property owners and managers. However,

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these tools could be scrutinized and challenged under current or new antitrust and competition laws or targeted by legislation restricting the offering or use of such tools. We believe increased regulation is likely in states and local jurisdictions related to antitrust and competition, rent control, rent stabilization, and rent regulation. For example, Washington, California, New York, and Oregon have each adopted state legislation that regulates rent pricing, and other states and municipalities are increasingly considering or being urged by advocacy groups to consider similar legislation. Such legislation impacts our customers' businesses as they determine rental rates and could impact the supply of rental units over time in markets impacted by such regulation. The impact of restrictions on rental rates could also depress demand and pricing for certain of our offerings designed to enable our customers to evaluate market conditions in determining rental rates. Further, if these risks materialize, our ability to retain and grow our customer base, to monetize our revenue-management products, and to sustain our competitive advantage in the market could be materially harmed.

***We could face antitrust challenges and private litigation related to our product offerings, which could harm our business, financial condition, and results of operations.***

There is an increasingly active litigation and regulatory environment regarding antitrust and competition matters in the United States and other jurisdictions in which we operate, including scrutiny of the business practices and pricing methods used by our peer companies and competitors in the rental property ecosystem. Allegations, even without merit, may be brought by federal or state regulatory authorities, including the DOJ and state attorneys general, by municipalities, or by private civil plaintiffs, and may take the form of criminal or civil investigations, regulatory enforcement actions, or private direct and class actions. These matters could allege, even without merit, violations of competition laws, including alleged market allocation or market sharing conduct, anticompetitive exclusionary conduct, exchange of competitively sensitive information, price-fixing, restraint of trade, unlawful use of pricing algorithms or practices, or unlawful conduct in connection with acquisitions or other transactions, among other things.

In particular, algorithmic revenue management tools used in our industry have been the subject of heightened antitrust scrutiny, including in the form of investigations, regulatory enforcement actions, and private class actions. For example, we are aware of several governmental investigations and lawsuits regarding antitrust matters in the multifamily rental market, including an antitrust lawsuit brought by the DOJ, along with the attorneys general of ten states, against multifamily rental providers to which we are not a party. Although we believe our Operating System and other products are compliant with applicable competition laws and the DOJ's proposed consent decree in the referenced DOJ antitrust matter, we could nonetheless face challenges concerning the design, use, effect, or interpretation of our Operating System and other products. Regardless of whether we become the focus of any governmental investigation or lawsuit, we may incur substantial costs related to these lawsuits or investigations, whether as a target, defendant, third-party witness, or as a market participant whose products are impacted by any such investigation or litigation claims or resolutions. In addition, any settlements by the defendants in such cases could impact the rental property ecosystem in ways that have an adverse effect on us and our Operating System and practices. In addition, certain jurisdictions have recently enacted or considered laws and municipal measures, such as New York's S.7882 and ordinances in San Francisco, Berkeley, Philadelphia, and Minneapolis, addressing certain pricing tools and practices, and additional laws, regulations, or local measures may be adopted in the future.

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***We are subject to stringent and changing laws, regulations, industry standards, and other legal and contractual obligations related to data privacy, data protection, security, AI, and the processing of personal information. Our actual or perceived failure to comply with such laws, regulations, standards, and obligations could lead to governmental investigations, enforcement actions, or other proceedings, a disruption of our Operating System and other products, private claims, and litigation, including class action lawsuits, changes to our business practices, increased costs of operations, adverse publicity, limitations on the use or adoption of our services, and other negative effects on our business, financial condition, and results of operations.***

We and certain of our service providers are subject to numerous laws, regulations, industry standards, and other legal and contractual obligations relating to the collection, use, storage, disclosure, retention, transfer, transmission, and other processing of a wide variety of information, including personal information of our customers and their residents. We and certain of our service providers are also subject to laws, regulations, industry standards, and other legal and contractual obligations relating more generally to privacy, data protection, security, AI, and the processing of personal information, including requirements from our partners to safeguard personal information. The legal and regulatory environment, and our contractual and legal obligations relating to privacy, data protection, security, AI, and the processing of personal information are rapidly developing, expanding, and evolving and may develop, expand, and evolve in ways we cannot predict. Further, these requirements may apply generally to the handling of personal information or may be specific to industries, sectors, contexts, or locations. The continued proliferation of laws, regulations, industry standards, and other legal or contractual obligations relating to privacy, data protection, security, and AI in the jurisdictions in which we operate is likely to result in a disparate array of laws, regulations, industry standards, and requirements with misaligned or conflicting provisions, accountability requirements, individual rights, and national or local enforcement powers, which may subject us to increased regulatory scrutiny and business costs and may lead to unintended consumer confusion. In addition, we may become subject to additional laws, regulations, industry standards, and other legal or contractual obligations relating to privacy, data protection, security, or AI in jurisdictions in which we may operate in the future (including any non-U.S. jurisdictions), which may require us to change our business practices and result in increased compliance costs, which could ultimately hinder our ability to grow our business by extracting value from our data assets.

Many jurisdictions in which we operate have enacted, or are in the process of enacting, laws and regulations addressing privacy, data protection, security, and AI. In the United States, such laws and regulations are complex and changing rapidly. At the federal level, we may be subject to various industry-specific privacy laws in connection with our collection, use, storage, disclosure, retention, transfer, transmission, and other processing of personal information in the provision of our Operating System and other products. As one example, our resident screening and rent credit reporting services are subject to the FCRA, which applies to consumer reporting agencies as well as data furnishers and users of consumer reports, including in connection with background checks. The FCRA, among other things, limits what information may be reported by consumer reporting agencies, limits the distribution and use of consumer reports, establishes consumer rights to access and dispute their own credit files, includes provisions designed to prevent identity theft and assist fraud victims, and imposes many other requirements on consumer reporting agencies, data furnishers, and users of consumer report information. Violations of the FCRA can result in civil and criminal penalties, and the law provides for statutory damages of between $100 and $1000 per violation.

Additionally, numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal information. As applicable, such rights may include the right to access, correct, or delete certain personal information and to opt-out of certain data processing activities, such as targeted advertising, profiling and automated decision-making, and the sale or certain sharing of personal information, among other rights. The exercise of these rights may impact our business and ability to provide our Operating System and other products and grow our business. Certain states also impose stricter requirements for high-risk personal information processing

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activities or for processing certain personal information, including sensitive information, such as conducting data privacy impact assessments. These state laws generally allow for statutory fines for noncompliance on a per-violation basis.

For example, we are subject to the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (collectively, the "CCPA"), which gives California residents the right to access, delete, and opt-out of selling and certain sharing of their personal information, and to receive detailed information about how it is used and shared, among other rights. The CCPA provides for civil penalties and statutory damages for violations, and creates a private right of action for certain security breaches that result in the loss of personal information. The California Privacy Protection Agency continues to adopt new regulations implementing the CCPA, expanding into new areas such as certain applications of AI, among others. Additionally, the enactment of the CCPA has spurred a wave of similar legislative developments in other states, resulting in a complex patchwork of overlapping but sometimes differing privacy laws. Numerous laws and regulations relating to privacy, data protection, security, and AI have been enacted or are being considered in several states and at the federal level, reflecting a trend toward a more stringent privacy regulatory framework in the United States. Other state and federal laws and regulations govern the collection, use, disclosure, storage, retention, transmission, transfer, and other processing of personal information related to students. These laws restrict the circumstances in which certain entities can use and disclose student records, which may include information associated with some of our residents. Regulators have become increasingly focused on the protection and privacy of student data.

Moreover, our business relies significantly on our ability to accept credit and debit card payments. Payment card networks have adopted standards that apply to all entities that store, process, or transmit cardholder data, including merchants, processors, acquirers, issuers, and service providers. The Payment Card Industry Data Security Standard ("PCI DSS"), issued by the Payment Card Industry Security Standards Council, contains compliance guidelines for our security features and functions for the physical and electronic storage, processing, and transmission of cardholder data. We rely on third parties to provide payment processing services, including the processing of credit cards and debit cards, and it could disrupt or harm our business if these companies become unwilling or unable to provide these services to us, experience a security breach or incident, or fail to comply with applicable laws, regulations, rules, or industry standards, including the PCI DSS. We assess our compliance with the PCI DSS on a periodic basis and, as necessary, make improvements to our internal controls. Despite our compliance efforts, we may become subject to claims that we (or our third-party processors) have violated the PCI DSS, based on past, present, or future business practices. In addition, payment card networks may adopt changes to the PCI-DSS or change their interpretations of such rules in a way that we or our processors might find it difficult or even impossible to follow, or costly to implement. If we (or our third-party processors) violate the PCI-DSS or other applicable rules, we may incur fines, restrictions on our ability to accept payment cards, or suffer reputational harm, all of which could have an adverse impact on our business. Noncompliance with PCI-DSS can result in penalties ranging from $5,000 to $100,000 per month by credit card companies, litigation, enforcement actions, damage to our reputation, and revenue losses.

Furthermore, while we strive to publish and prominently display privacy policies and notices that are accurate, comprehensive, and materially compliant with applicable laws and regulations, we cannot ensure that our policies, notices, and other statements or representations regarding our practices will at all times be accurate, comprehensive, and materially compliant, or sufficient to protect us from claims, proceedings, liability, or adverse publicity relating to privacy, data protection, AI, or cybersecurity. Although we endeavor to comply with our applicable policies, notices, and statements, relating to these matters, we may at times fail to do so or be alleged to have failed to do so. Additionally, our customers may at times fail to display or comply with privacy policies and notices which may result in scrutiny of our products or services.

Enforcement actions and investigations by regulatory authorities (such as the Federal Trade Commission or U.S. states' attorneys general) related to security breaches and incidents, alleged unfair or deceptive

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acts concerning privacy practices, and other matters relating to privacy, data protection, security, AI, and the processing of personal information continue to increase. If our public statements about our privacy, data protection, security, and AI practices or our use, collection, disclosure, retention, transfer, or other processing of personal information, whether made through our privacy notices, information provided on our website, press statements, or otherwise, are alleged to be deceptive, unfair or misrepresentative of our actual practices, or if our practices are not consistent or viewed as not consistent with legal and regulatory requirements, or requirements of certain rules, standards, or other actual or asserted obligations to which we may be or may become subject, including changes in laws, regulations, rules, standards, and obligations or new interpretations or applications of laws, regulations, rules, standards, and obligations, we may become subject to audits, inquiries, whistleblower complaints, adverse media coverage, investigations, enforcement actions, claims for damages by affected individuals, other claims, demands, and proceedings, loss of export privileges, and fines, penalties, obligations to cease processing certain data or take other actions, other liabilities, or severe criminal or civil sanctions, any of which could have a material adverse effect on our business, financial condition, and results of operations.

All of these evolving compliance and operational requirements impose significant costs that are likely to increase over time, may require us to modify our privacy, data protection, security, AI, or data processing practices and policies, and divert resources from other initiatives and projects, all of which may adversely affect our results of operations. Our compliance efforts relating to these laws, regulations, industry standards, and other legal or contractual obligations may be more costly or take longer than we anticipate. We are also subject to the risk of non-compliance by the third parties that store, host, or otherwise process data on our behalf. Although we may enter into data processing agreements with such service providers, we may nonetheless fail to identify a third-party provider's noncompliance with these obligations, and we cannot guarantee that our data processing agreements alone will be sufficient to protect us from complaints, claims, investigations, proceedings, adverse publicity, or other risks or liabilities relating to privacy, data protection, or security.

If we are not able to comply with these laws, regulations, industry standards, and other legal or contractual obligations, or if we are accused of or become liable for actual or perceived violations thereof, our business, financial condition, and reputation could be harmed, and we may be forced to implement new measures to reduce our exposure to this liability. This may require us to expend substantial resources or to discontinue certain products or services, which would negatively affect our business, financial condition, and results of operations. In addition, the increased attention focused upon liability issues as a result of lawsuits, regulatory investigations, and other actions, and legislative proposals could harm our reputation or otherwise adversely affect the growth of our business. Furthermore, any costs incurred as a result of this potential liability could adversely affect our business, financial condition, results of operations, and prospects.

***We are subject to anti-corruption and anti-bribery laws and anti-money laundering laws 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 the Foreign Corrupt Practices Act (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, and other anti-corruption and anti-bribery laws, U.S. anti-money laundering laws, and similar laws in foreign countries in which we conduct business activities. Anti-corruption and anti-bribery laws have been enforced aggressively in recent years and are interpreted broadly and prohibit companies, their employees, agents, representatives, business partners, and third-party intermediaries from promising, authorizing, making, offering, or providing, directly or indirectly, improper payments or benefits to recipients in the public or private sector, including anything of value to a "foreign official" for the purposes of influencing official decisions or obtaining or retaining business, or otherwise obtaining favorable treatment. Anti-money laundering laws generally prohibit persons from engaging in transactions where the proceeds at issue derive from, or are intended to facilitate or conceal, illegal activity, or where a party to the transaction is "willfully blind" to the illegal sources of the proceeds. If and when we increase our international sales and operations, our risks under these laws may increase.

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We, our employees, agents, representatives, and business partners may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities, and we can be held liable for the corrupt or other illegal activities of these employees, agents, representatives, or business partners, even if we do not explicitly authorize such activities. We cannot assure you that all of our employees, agents, representatives, or business partners will not take actions in violation of applicable law for which we may be ultimately held responsible.

These laws also require that we keep accurate books and records and maintain internal controls and compliance procedures designed to prevent any such actions. We cannot assure you that none of our employees, agents, representatives, business partners, or third-party intermediaries will take actions in violation of our policies and applicable law, for which we may be ultimately held responsible. Further, U.S. federal anti-money laundering and anti-terrorist financing laws, including the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and its implementing regulations require certain institutions, including money transmitters, to register with FinCEN as MSBs. MSBs are required to develop and implement risk-based anti-money laundering programs, report large cash transactions and suspicious activity, and maintain transaction records, among other things. In order to maintain flexibility in the growth and expansion of our payment processing operations, we maintain an MSB registration with FinCEN. While we are not currently an MSB, we may choose to become an MSB in the future.

Any allegations or violations of the FCPA or other applicable anti-corruption laws, anti-money laundering laws, or other laws could result in whistleblower complaints, sanctions, settlements, prosecution, enforcement actions, fines, damages, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions, and suspension or debarment from government contracts. Responding to any investigation or action will likely result in a materially significant diversion of management attention and resources and significant defense costs and other professional fees. Any of the foregoing may harm our reputation, growth prospects, business, financial condition, and results of operations.

***We are subject to governmental export and import controls that could impair our ability to compete in international markets and subject us to liability if we are not in compliance with applicable laws.***

Our Operating System and other products are subject to various restrictions under U.S. and foreign export control and economic sanctions laws and regulations, including the U.S. Export Administration Regulations and economic and trade sanctions regulations administered by the Office of Foreign Assets Control. The export of our software or provision of our hosted Operating System must be made in compliance with these laws and regulations. Although we take precautions to prevent our Operating System and other products from being provided in violation of such laws, our Operating System and other products could nonetheless be provided inadvertently in violation of such laws despite these precautions.

If we fail to comply with these laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export privileges or fines, which may be imposed on us and responsible employees or managers, and, in extreme cases, the incarceration of responsible employees or managers. Obtaining the necessary authorizations, including any required license, for a particular deployment may be time consuming, is not guaranteed, and may result in the delay or loss of sales opportunities. In addition, changes in our software or services, or changes in applicable export or economic sanctions regulations may create delays in the introduction and deployment of our Operating System in international markets, or, in some cases, prevent the export or provision of our Operating System to certain countries or end customers. A change in export or economic sanctions regulations, shift in the enforcement or scope of existing regulations, or a change in the countries, governments, persons, or technologies targeted by such regulations could also result in decreased use of our hosted Operating System, or in our reduced ability to export our software or services to existing or prospective customers with international operations. Any decreased use of our Operating System or restrictions on our ability to export our software or services may harm our business, financial condition, and results of operations.

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In addition, various countries regulate the import of certain encryption technology, including through permit and license requirements, and have enacted laws that may restrict our ability to distribute our Operating System and other products or may restrict our end customers' ability to implement our Operating System and other products in those countries.

Compliance with applicable regulatory requirements governing the export of our software and services, and the provision of our hosted Operating System, may delay the introduction of our software and services in international markets, prevent our customers with international operations from using our software and services throughout their globally distributed systems, or, in some cases, prohibit the export of our software or provision of services to some countries altogether.

***We have been subject to litigation and regulatory investigations, actions, and settlements and we expect to continue to be subject to such proceedings in the future, which could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business.***

From time to time, we have, and may in the future become, involved in various investigations or legal proceedings relating to matters incidental to the ordinary course of our business, including intellectual property, commercial, product liability, employment, class action, whistleblower, fair housing, money transmission, and other litigation and claims and governmental and other regulatory investigations and proceedings. The number and significance of these potential claims and disputes may increase as our business expands. Such matters can be time-consuming, divert management's attention and resources, cause us to incur significant expenses or liability, or require us to change our business practices. In addition, the expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change, and may harm our business, financial condition, and results of operations. 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. Any of the foregoing may harm our business, financial condition, and results of operations.

***The expansion of our operations outside the United States, which subjects us to additional costs and risks, could adversely affect our business, financial condition, and results of operations.***

Our Operating System is currently available in the United States, Canada, certain western European countries, and certain Central and South American countries, and we have operations in the United States, Canada, India, Israel, and the Netherlands. Expanding into new markets and operating outside of the United States may require significant management attention to oversee operations over a broad geographic area with varying cultural norms and customs, in addition to imposing additional burdens on our research, systems development, finance, analytics, compliance, legal, engineering, and operations teams. We may incur significant operating expenses and may not be successful in our international expansion for a variety of reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recruiting and retaining talented and capable employees in foreign countries and maintaining our company culture across all of our offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inability to attract and retain customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complying with varying laws and regulatory standards, including with respect to real estate, labor and employment, data privacy, data protection, information security, tax, and local regulatory restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining any required government approvals, licenses, or other authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• varying levels of Internet and mobile technology adoption and infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange restrictions or costs and exchange rate fluctuations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating in jurisdictions that do not protect intellectual property rights in the same manner or to the same extent as the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public health concerns or emergencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the repatriation and investment of funds, as well as foreign currency exchange restrictions.

During the periods presented in this prospectus, we have not generated material amounts of revenue from any single country outside of the United States and our lack of experience in operating our business internationally increases the risk that any potential future expansion efforts that we may undertake may not be successful. If we invest substantial time and resources to expand our operations internationally and are unable to manage these risks effectively, our business, financial condition, and results of operations could be adversely affected.

In addition, international expansion may increase our risks in complying with various laws and standards, including with respect to anti-corruption, anti-bribery, export controls, and trade and economic sanctions. If we experience difficulties as a result of political, social, economic, or environmental instability, change in applicable law, limitations of local infrastructure, or problems with our workforce or facilities at our or third parties' international operations, our business, financial condition, and results of operations could be adversely affected.

**Risks Related to Ownership of Our Class A Common Stock**

***Silver Lake will continue to have significant influence over the election of our board of directors and approval of any significant corporate actions, including any sale of the company.***

Upon completion of this offering, Silver Lake will beneficially own approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding capital stock, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, no exercise of the underwriters' option to purchase additional shares of our Class A common stock and no exercise of outstanding options. Accordingly, the Silver Lake Stockholders will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets. The interests of Silver Lake may not always coincide with your interests or the interests of other stockholders. For example, our concentration of ownership could have the effect of delaying or preventing a change in control or otherwise discouraging a potential acquirer from attempting to obtain control of us, which in turn could cause the market price of our Class A common stock to decline or prevent our stockholders from realizing a premium over the market price for their shares of our Class A common stock.

In addition, the Stockholders Agreement will give the Silver Lake Stockholders the right to designate directors for nomination to our board of directors. The Silver Lake Stockholders will have the right to designate a number of directors, rounded up to the next whole number, determined by multiplying: (i) the total authorized number of directors on our board of directors at such time by (ii) the percentage of the total shares of our common stock then issued and outstanding that is beneficially owned by Silver Lake and its affiliates and permitted transferees under the Stockholders Agreement. The Silver Lake Stockholders will have the right to designate at least one director for nomination for so long as Silver Lake (together with its affiliates and permitted transferees under the Stockholders Agreement) beneficially owns at least 5% of the shares of our common stock issued and outstanding. The Stockholders Agreement will also specify that we will not take certain significant actions specified therein, without the prior written consent of the Silver Lake Stockholders for as long as the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) beneficially own at least &nbsp;&nbsp;&nbsp;&nbsp; % of the outstanding shares of our common stock. For more information, see the section titled "Certain Relationships and Related Party Transactions—Related Party Agreements Entered into in Connection with the Initial Public Offering—New Stockholders Agreement." Silver Lake and its affiliates

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may therefore have influence over management and control over matters requiring stockholder approval, including the annual election of directors and significant corporate transactions following the completion of this offering.

***We expect to be a "controlled company" within the meaning of the listing standards of the New York Stock Exchange and the rules of the SEC and, as a result, would qualify for exemptions from certain corporate governance standards of the New York Stock Exchange.***

After completion of this offering, assuming an offering size as set forth in "Prospectus Summary—The Offering" and an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; (the midpoint of the estimated price range set forth on the cover page of this prospectus), we expect that Silver Lake will continue to control a majority of the voting power of our outstanding common stock. Furthermore, the other parties to the Stockholders Agreement, who, together with Silver Lake, will collectively hold approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full), will agree with Silver Lake to cast all votes such parties are entitled to vote so as to cause to be elected to the board of directors those individuals designated by Silver Lake in accordance with the Stockholders Agreement and will agree with us to cast all votes such parties are entitled to vote with respect to proposals submitted to our stockholders (whether at any annual or special meeting, by written consent, or otherwise), including with respect to the election of directors, in accordance with the recommendations of our board of directors. As a result, we would qualify as a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. Under these rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors consist of "independent directors" as defined under the listing standards of the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our director nominees be selected, or recommended for our board of directors' selection, by a nominating and corporate governance committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation of our executive officers be determined, or recommended to our board of directors for determination, by a compensation committee comprised solely of independent directors.

These exemptions do not modify the requirement for a fully independent audit committee. Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, following the completion of this offering, we do not intend to have a nominating and corporate governance committee. To the extent we utilize the "controlled company" exemptions, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance standards of the New York Stock Exchange.

***The multi-class structure of our common stock will have the effect of concentrating voting power with Silver Lake and the other holders of shares of our Class B common stock, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval, including the election of our directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, sale of substantially all of our assets, or other major corporate transaction.***

Our Class A common stock, which is the stock we are offering by means of this prospectus, has one vote per share, our Class B common stock has&nbsp;&nbsp;&nbsp;&nbsp; votes per share, and our Class C common stock has no voting rights, except as otherwise required by law. Upon the completion of this offering, the Class B Stockholders will beneficially own approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full). In particular, Silver

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Lake will beneficially own approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full).

As a result, the Class B Stockholders, and in particular Silver Lake, will be able to determine or significantly influence any action requiring the approval of our stockholders, including the election of our directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger, sale of substantially all of our assets, or other major corporate transaction. The Class B Stockholders, including Silver Lake, 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 voting control may have the effect of delaying, preventing, or deterring a 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.

Additionally, future transfers by holders of our Class B common stock and Class C common stock will generally result in those shares converting into our Class A common stock, subject to limited exceptions. The conversion of our Class B common stock and Class C common stock to our Class A common stock will have the effect, over time, of increasing the relative voting power of those holders of our Class B common stock who retain their shares of Class B common stock 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 gain significant influence as other holders of our Class B common stock sell or otherwise convert their shares into our Class A common stock. In addition, the conversion of our Class B common stock and Class C common stock into our Class A common stock would dilute holders of our Class A common stock, including holders of shares purchased in this offering, in terms of voting power within our Class A common stock. Each share of Class B common stock will convert automatically into one share of Class A common stock upon certain events specified in our amended and restated certificate of incorporation. Furthermore, because our Class C common stock carries no voting rights (except as otherwise required by law), if we issue Class C common stock in the future, the holders of 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 Class A common stock rather than Class C common stock in such transactions. In addition, if we issue shares of Class C common stock in the future, such issuances would have a dilutive effect on the economic interests of our Class A common stock and Class B common stock.

***The multi-class structure of our common stock may adversely affect the trading market for our Class A common stock.***

Certain stock index providers have in the past excluded companies with multiple classes of shares of common stock from being added to certain stock indices. The multi-class structure of our common stock would make us ineligible for inclusion in indices with such restrictions and, as a result, mutual funds, exchange-traded funds, and other investment vehicles that attempt to passively track those indices may not invest in our Class A common stock. In addition, several stockholder advisory firms and large institutional investors have been critical of the use of multi-class structures. Such stockholder advisory firms may publish negative commentary about our corporate governance practices or our capital structure, which may dissuade large institutional investors from purchasing shares of our Class A common stock. These actions could make our Class A common stock less attractive to other investors and may result in a less active trading market for our Class A common stock.

***The market price of our Class A common stock may be volatile, and you may lose all or part of your investment.***

The market price of our Class A common stock following this offering may fluctuate substantially, depending on a number of factors, many of which are beyond our control and may not be related to our operating performance. These fluctuations may cause you to lose all or part of your investment in our

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common stock. Factors that may cause fluctuations in the market price of our Class A common stock include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market from time to time, including fluctuations due to general economic uncertainty or negative market sentiment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the market and trading volumes of technology stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the operating performance and stock market valuations of other technology companies generally, or those in our industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of shares of our Class A common stock by us or our stockholders, as well as the anticipation of lock-up releases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumors and market speculation involving us or other companies in our industry;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or perceived significant data breaches involving our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial or non-financial projections we may provide to the public, any changes in those projections or our failure to meet those projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third-party data published about us or other companies in our industry, whether or not such data is accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, other public announcements, and filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in stock market valuations and operating performance of other technology companies generally, or those in our industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the trading volume of shares of our Class A common stock or the size of our public float;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• short selling of our Class A common stock or related derivative securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes or fluctuations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated developments in our business, our competitors' businesses, or the competitive landscape generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our issuance of shares of our common stock or expectations that such issuances could occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or regulatory action involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments or disputes concerning our intellectual property or other proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announced or completed acquisitions of businesses or technologies, or similar strategic transactions, by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated or actual changes in laws, regulations, or government policies or new interpretations of existing laws or regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards, policies, guidelines, interpretations, or principles;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major catastrophic events such as war, incidents of terrorism, pandemics, or responses to such events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any significant change in our management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and slow or negative growth of our markets.

In addition, if the market for technology stocks or the stock market in general experiences a loss of investor confidence, the market price of our Class A common stock may decline for reasons unrelated to our business, financial condition, and results of operations. The market price of our Class A common stock may also decline in reaction to events that affect other companies in our industry even if these events do not directly affect us. Accordingly, we cannot assure you of the liquidity of any trading market, your ability to sell your shares of our Class A common stock when desired, or the prices that you may obtain for your shares of our Class A common stock.

In the past, stockholders have initiated securities class action lawsuits against companies following periods of stock price volatility. If the market price of our Class A common stock is volatile, we may become the target of securities litigation. Such litigation may subject us to substantial costs, divert resources and management's attention, and adversely affect our business, financial condition, and results of operations.

***There has been no prior public trading market for our Class A common stock, and an active trading market may not develop or be sustained following this offering.***

We have applied to list our Class A common stock on the New York Stock Exchange under the symbol "ENT". However, prior to this offering, there has been no public trading market for our Class A common stock. We cannot assure you that an active trading market for our Class A common stock will develop on such exchange or elsewhere or, if developed, that any market will be sustained. The initial public offering price of our Class A common stock will be determined through negotiation between us and the underwriters. This price will not necessarily reflect the price at which investors in the market will be willing to buy and sell shares of our Class A common stock following this offering. We cannot assure you that an active trading market for our Class A common stock will develop or that the market price of our Class A common stock will not decline below the initial public offering price. If an active trading market for our Class A common stock does not develop after this offering, the market price and liquidity of our Class A common stock will be adversely affected.

***Our management team will have broad discretion to use the net proceeds from this offering and its investment of these proceeds may not yield a favorable return. They may invest the proceeds of this offering in ways with which investors disagree.***

Although we currently intend to use the net proceeds from this offering in the manner described in the section titled "Use of Proceeds" in this prospectus, our management team will have broad discretion in the application of the net proceeds from this offering and could spend or invest the proceeds in ways with which our stockholders disagree or that do not yield a favorable return. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. Accordingly, investors will need to rely on our management team's judgment with respect to the use of these proceeds. The failure by management to apply these funds effectively could negatively affect our ability to operate and grow our business.

We cannot specify with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering. In addition, the amount, allocation, and timing of our actual expenditures will depend upon numerous factors. Accordingly, we will have broad discretion in using these proceeds. Until the net proceeds are used, we may invest the net proceeds from this offering in a manner that does not produce significant income or that may lose value.

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***Delaware law and certain provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby adversely affecting the market price of our Class A common stock.***

We intend to elect in our certificate of incorporation not to be subject to Section 203 of the General Corporation Law of the State of Delaware (the "Delaware General Corporation Law"); however, our amended and restated certificate of incorporation will contain provisions that have generally the same effect as Section 203, which may discourage, delay, or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, even if a change of control would be beneficial to our existing stockholders. In addition, our amended and restated certificate of incorporation and amended and restated bylaws will contain provisions that may, following the Trigger Date (as defined herein), make the acquisition of our company more difficult, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to the terms of the Stockholders Agreement, vacancies on our board of directors will be able to be filled only by our board of directors and not by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our board of directors will be classified into three classes of directors with staggered three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our stockholders will only be able to take action at a meeting of stockholders and will not be able to take action by written consent for any matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a special meeting of our stockholders will only be able to be called by a majority of our board of directors, the chairperson of our board of directors, or our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to certain exceptions, advance notice procedures will apply for stockholders to nominate candidates for election as directors or to bring matters before an annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our amended and restated certificate of incorporation will not provide for cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our amended and restated certificate of incorporation will allow stockholders to remove directors only for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain amendments to our amended and restated certificate of incorporation will require the approval of the holders of at least two-thirds of the voting power of our then-outstanding common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our amended and restated certificate of incorporation will authorize undesignated preferred stock, the terms of which may be established and shares of which may be issued by our board of directors, without further action by our stockholders.

In addition, our Stockholders Agreement will provide that for so long as Silver Lake beneficially owns at least&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock, the Silver Lake Stockholders' consent will be required for us to take certain significant actions specified therein. See "Certain Relationships and Related Party Transactions—Related Party Agreements Entered into in Connection with the Initial Public Offering—New Stockholders Agreement."

These provisions, alone or together, may discourage, delay, or prevent a transaction involving a change in control of our company. These provisions may also discourage proxy contests and make it more difficult for stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire, any of which may limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and may also affect the market price that some investors are willing to pay for our Class A common stock.

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***Our amended and restated bylaws contain exclusive forum provisions for certain claims, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.***

Our amended and restated bylaws, which will become effective prior to the completion of this offering, will provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action or proceeding asserting a claim for or based on a breach of a fiduciary duty owed by any of our current or former directors, stockholders, or officers or other employees to us or our stockholders, including a claim alleging the aiding and abetting of such a breach of fiduciary duty, (iii) any action or proceeding asserting a claim against us or any current or former director, stockholder, or officer or other employee of us arising pursuant to, or seeking to enforce any right, obligation, or remedy under, any provision of the Delaware General Corporation Law, our certificate of incorporation, or our amended and restated bylaws, (iv) any action or proceeding related to or involving us or any current or former director, stockholder, or officer or other employee of us that is governed by the internal affairs doctrine, (v) any action or proceeding asserting an "internal corporate claim" as that term is defined in Section 115 of the Delaware General Corporation Law, or (vi) any action or proceeding as to which the Delaware General Corporation Law (as amended from time to time) confers jurisdiction on the Court of Chancery of the State of Delaware will be the Court of Chancery of the State of Delaware; provided that, if and only if the Court of Chancery of the State of Delaware lacks subject matter jurisdiction, such action or proceeding may be brought in another state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware). Nothing in our amended and restated bylaws will preclude stockholders that assert claims under the Exchange Act from bringing such claims in federal court, subject to applicable law.

Section 22 of the Securities Act establishes concurrent jurisdiction for federal and state courts over Securities Act claims. Accordingly, both state and federal courts have jurisdiction to hear such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for resolving any complaint asserting a cause or causes of action arising under the Securities Act, including all causes of action asserted against any defendant to such complaint.

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 the foregoing bylaw provisions. Although we believe these exclusive forum provisions benefit us by providing increased consistency in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or our current or former directors, officers, stockholders, or other employees, which may discourage lawsuits with respect to such claims against us and our current and former directors, officers, stockholders, or other employees. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder as a result of our exclusive forum provisions.

Further, the enforceability of similar exclusive forum provisions in other companies' organizational documents has been challenged in legal proceedings, and it is possible that a court of law may rule that these types of provisions are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find either exclusive forum provision contained in our amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur significant additional costs associated with resolving such dispute, as well as resolving such action in other jurisdictions, all of which may adversely affect our business, financial condition, and results of operations.

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***Our amended and restated certificate of incorporation will provide that the doctrine of "corporate opportunity" will not apply with respect to certain parties to our Stockholders Agreement and any director or stockholder who is not employed by us or our subsidiaries.***

The doctrine of corporate opportunity generally provides that a corporate fiduciary may not develop an opportunity using corporate resources, acquire an interest adverse to that of the corporation or acquire property that is reasonably incident to the present or prospective business of the corporation or in which the corporation has a present or expectancy interest, unless that opportunity is first presented to the corporation and the corporation chooses not to pursue that opportunity. The doctrine of corporate opportunity is intended to preclude officers or directors or other fiduciaries from personally benefiting from opportunities that belong to the corporation. Pursuant to our amended and restated certificate of incorporation, which will be in effect prior to the closing of this offering, we will renounce, to the fullest extent permitted by law and in accordance with Section 122(17) of the Delaware General Corporation Law, all interest and expectancy that we otherwise would be entitled to have in, and all rights to be offered an opportunity to participate in, any opportunity that may be presented to Silver Lake (other than us and our subsidiaries), and any of their respective principals, members, directors, partners, stockholders, officers, employees, or other representatives (other than any such person who is also our employee or an employee of our subsidiaries), or any director or stockholder who is not employed by us or our subsidiaries. Silver Lake and any director or stockholder who is not employed by us or our subsidiaries will, therefore, have no duty to communicate or present corporate opportunities to us, and will have the right to either hold any corporate opportunity for their (and their affiliates') own account and benefit or to recommend, assign or otherwise transfer such corporate opportunity to persons other than us, including to any director or stockholder who is not employed by us or our subsidiaries. As a result, certain of our stockholders or directors, and their respective affiliates, will not be prohibited from operating or investing in competing businesses. We, therefore, may find ourselves in competition with certain of our stockholders or directors or their respective affiliates, and we may not have knowledge of, or be able to pursue, transactions that could potentially be beneficial to us. Accordingly, we may lose a corporate opportunity or suffer competitive harm, which could adversely affect our business, financial condition, and results of operations.

***Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.***

We do not anticipate paying cash dividends in the foreseeable future. We currently intend to retain future earnings, if any, to fund the development and growth of our business. In addition, our Credit Agreement contains, and any future credit agreement or financing we obtain may contain, terms limiting the amount of cash dividends that may be declared or paid on our capital stock. Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and applicable contractual restrictions. As a result, stockholders should rely on sales of their Class A common stock after price appreciation, if any, as the only way to realize any future gains on their investment.

***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our business, the market price of our Class A common stock and trading volume could be adversely affected.***

The trading market for our Class A common stock will depend, in part, on the research and reports that securities or industry analysts publish about us, our business, our market, or our competitors. The analysts' estimates are based upon their own opinions and are often different from our estimates or expectations. If any of the analysts who cover us change their recommendation regarding our Class A common stock adversely, provide more favorable relative recommendations about our competitors, or publish inaccurate or unfavorable research about our business, the market price of our Class A common stock would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the

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financial markets and demand for our securities could decrease, which could cause the market price and volume of our Class A common stock to decline.

***Sales of substantial amounts of our common stock in the public markets, such as when our lock-up restrictions are released, or the perception that such sales might occur, could cause the market price of our Class A common stock to decline.***

The market price of our Class A common stock could decline as a result of sales of a large number of shares of our Class A common stock in the market after this offering, and the perception that these sales could occur may also depress the market price of our Class A common stock. Based on &nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock outstanding as of &nbsp;&nbsp;&nbsp;&nbsp; (after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement, we will have a total of &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock,&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock, and&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock (with shares of Class B common stock and Class C common stock convertible at any time into shares of Class A common stock at the option of the holder)) outstanding following the completion of this offering. The shares of Class A common stock that we are selling in this offering may be resold immediately. The remaining shares of our capital stock will become available for sale under the terms of market standoff provisions in agreements with us, and lock-up agreements entered into between the holders of those shares and the underwriters of this offering.

Our executive officers, directors, and the holders of substantially all of our capital stock and securities convertible into or exchangeable for our capital stock will enter into lock-up agreements with the underwriters of this offering under which they have agreed, subject to specific exceptions, not to dispose of or hedge any of our capital stock for 180 days following the date of this prospectus. We refer to this period as the restricted period. When the restricted period expires with respect to all or a portion of our shares, our security holders will be able to sell their shares in the public market. See the section titled "Shares Eligible for Future Sale" for additional information.

As a result of these agreements and subject to the provisions of Rule 144 or Rule 701, shares of our Class A common stock will become available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this prospectus, all shares of our Class A common stock sold in this offering will be immediately available for sale in the public market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning 181 days after the date of this prospectus, the remainder of the shares of our Class A common stock (including shares of Class A common stock issuable upon conversion of Class B common stock and Class C common stock) will become immediately available for sale in the public market, subject in some cases to the volume and other restrictions of Rule 144.

Upon the completion of this offering, stockholders owning an aggregate of up to &nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock will be entitled, pursuant to the registration rights under our Existing Stockholders Agreement (as defined below), to require us to register shares owned by them for public sale. The terms of the Existing Stockholders Agreement relating to registration rights will survive the termination of the Existing Stockholders Agreement, which we expect to occur in connection with this offering. In addition, we intend to file a registration statement to register shares reserved for future issuance under our equity compensation plans. Upon effectiveness of that registration statement, subject to the satisfaction of applicable exercise periods and the expiration or waiver of the lock-up agreements referred to above, the shares issued upon exercise of outstanding stock options will be available for immediate resale in the United States in the open market.

Sales of our Class A common stock as restrictions end or pursuant to registration rights may make it more difficult for us to sell equity securities in the future at a time and price that we deem appropriate. These sales also could cause the market price of our Class A common stock to fall and make it more difficult for you to sell shares of our Class A common stock.

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***Our issuance of additional capital stock in connection with financings, acquisitions, investments, our stock incentive plans, or otherwise will dilute all other stockholders and could negatively affect our results of operations or the market price of our Class A common stock.***

Our amended and restated certificate of incorporation that will become effective prior to the completion of this offering authorizes us to issue up to an aggregate of &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock, &nbsp;&nbsp;&nbsp;&nbsp; shares of Class C common stock, and up to&nbsp;&nbsp;&nbsp;&nbsp; shares of preferred stock with such rights, powers, and preferences as may be determined by our board of directors. Subject to compliance with applicable rules and regulations, we may issue shares of common stock or securities convertible into shares of our common stock from time to time in connection with a financing, acquisition, investment, our equity incentive plans, or otherwise. Any such issuances may result in substantial dilution to our existing stockholders and cause the market price of our Class A common stock to decline.

***We are an "emerging growth company" and the reduced disclosure requirements applicable to emerging growth companies may make our Class A common stock less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies," including an exemption from compliance with the auditor attestation requirement on the effectiveness of our internal control over financial reporting, reduced disclosure obligations about our executive compensation arrangements, and exemptions from the requirements to obtain a nonbinding advisory vote on executive compensation or stockholder approval of any golden parachute arrangements. As an "emerging growth company," we are also allowed to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. As a result, our financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates. Any difficulties in implementing these pronouncements could cause us to fail to meet our financial reporting obligations, which could result in regulatory discipline and harm investors' confidence in us. We may take advantage of these exemptions for so long as we are an "emerging growth company," which could be for as long as five full reporting years following the completion of this offering. We cannot predict if investors will find our Class A common stock less attractive to the extent we rely on these exemptions. If some investors find our Class A common stock less attractive as a result, there may be a less active trading market for our Class A common stock and the market price of our Class A common stock may be more volatile.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties about us and our industry. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future financial condition or results of operations, business strategy and plans, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this prospectus include statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future financial performance, including our expectations regarding our revenue, cost of revenue, and operating expenses, and our ability to maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully execute our business and growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sufficiency of our cash and cash equivalents, designated cash, and restricted cash to meet our liquidity needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand for our Operating System and offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop new offerings, products, and functionality, and bring them to market in a timely manner and make enhancements to our current offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete with existing and new competitors in existing and new markets and offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding the effects of existing and developing laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage risk associated with our business, including with respect to litigation and regulatory investigations, actions, and settlements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop and protect our brand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain the security and availability of our Operating System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations and management of future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations concerning relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain, protect, and enhance our intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increased expenses associated with being a public company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated uses of net proceeds from this offering.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, business strategy, prospects, and financial needs. The outcomes of the events described in these forward-looking statements are subject to risks, uncertainties, and other factors,

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including those described in the section titled "Risk Factors" and elsewhere in this prospectus. These risks are not exhaustive. Other sections of this prospectus include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in, or implied by, the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements in making your investment decision. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

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

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**INDUSTRY, MARKET, AND OTHER DATA** 

Unless otherwise indicated, estimates and information contained in this prospectus concerning our industry and the market in which we operate, including our general expectations, market position, market opportunity, and market size, are based on industry publications and reports generated by third-party providers, other publicly available studies, and our management's knowledge of the industry, internal sources, and estimates. All of the market data and industry information used in this prospectus involves a number of assumptions and limitations, and the industry in which we operate is 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." These and other factors could cause our future performance to differ materially from our assumptions and estimates, 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 information from the industry publications and other third-party sources included in this prospectus is reliable, we have not independently verified the accuracy or completeness of the data contained in such sources. The content of, or accessibility through, the below sources, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein and any websites are an inactive textual reference only.

The sources of the statistical data, estimates, and market and industry data contained in this prospectus are identified by superscript notations and are provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Apartments.com, What's Ahead for Multifamily: 11 Trends to Watch in 2026, October 2025.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Apartment List, National Rent Report, December 2025, https://www.apartmentlist.com/research/category/data-rent-estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CBRE, Fewer Renter Households Can Afford Homeownership, September 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States, July 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal Reserve Bank of St. Louis, New Privately-Owned Housing Units Completed: Units in Buildings with 5 Units or More, April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forrester Consulting, The Total Economic Impact™ Of Entrata, a commissioned study, August 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grace Hill, Measure What Matters, Ways you can leverage actionable survey insights to increase asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joint Center for Housing Studies of Harvard University, America's Rental Housing, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matthews Real Estate Investment Services, Multifamily Operating Expenses Continue to Climb: The Current Cost Landscape, February 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National Association of Realtors, Profile of Home Buyers and Sellers, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National Center for Education Statistics, Total fall enrollment in degree-granting postsecondary institutions, by attendance status, sex of student, and control of institution: Selected years, 1947 through 2023, December 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure, October 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National Multifamily Housing Council, NMHC Top 50 Managers, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Precedence Research, PropTech Market Size and Forecast 2025 to 2034, May 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Savills, World's real estate worth $393.3 trillion and is the world's largest store of wealth, September 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Urban Institute, The Future of Headship and Homeownership, January 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Bureau of Labor Statistics, Consumer Expenditures—2023, September 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Bank Group, Urban population (% of total population)—United States, 2024.

We also refer to data from, and the results of, surveys that we conduct or commission third parties to conduct from time to time in the ordinary course of business. The American Dream Survey is an Entrata commissioned survey conducted along with Method Research and PureSpectrum in January 2024, targeting Americans living in apartment communities consisting of 50 or more units.

The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "Risk Factors" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the survey results and estimates made by the aforementioned third parties and by us.

\**The Apartments.Com Report, described herein is publicly available and represents data, research opinion, or viewpoints published, by Apartments.Com. The Apartments.Com Report speaks as of its original publication date (and not as of the date of this prospectus) and the opinions expressed in the Apartments.Com Report are subject to change without notice.*

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**USE OF PROCEEDS** 

We estimate that the net proceeds to us from the sale of shares of our Class A common stock in this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp; , based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters' option to purchase additional shares of our Class A common stock from us is exercised in full, we estimate that the net proceeds to us would be approximately $&nbsp;&nbsp;&nbsp;&nbsp; , after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds that we receive from this offering by $&nbsp;&nbsp;&nbsp;&nbsp; , 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 payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease the net proceeds that we receive from this offering by $&nbsp;&nbsp;&nbsp;&nbsp; , assuming the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and commissions payable by us.

The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Class A common stock, and enable access to the public equity markets for us and our stockholders.

We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. Additionally, we may use a portion of the net proceeds we receive from this offering to acquire or invest in businesses, products, services, or technologies. However, we do not have agreements or commitments for any material acquisitions or investments at this time.

We also intend to use a portion of the net proceeds we receive from this offering to satisfy our anticipated tax withholding and remittance obligations of $&nbsp;&nbsp;&nbsp;&nbsp; related to the RSU Settlement. This amount is based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and an assumed &nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate. Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the amount we would be required to pay to satisfy our tax withholding and remittance obligations related to the RSU Settlement by $&nbsp;&nbsp;&nbsp;&nbsp; .

We may also use a portion of the net proceeds we receive from this offering to repay $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement. As of March 31, 2026, we had borrowed $400.0 million on the term loan with a revolving loan commitment of up to $75.0 million. The term loan under our Credit Agreement has a maturity date of September 30, 2032. Quarterly payments of $1.0 million began in March 2026, with the remainder due on the maturity date. As of March 31, 2026, the interest rate was 6.4%. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Credit Facility" for more information. Certain of the underwriters or their affiliates act as lenders under our Credit Agreement and may therefore receive a portion of the net proceeds from this offering.

We cannot further specify with certainty the particular uses of the net proceeds that we will receive from this offering. Accordingly, we will have broad discretion in using these proceeds. Pending the use of proceeds from this offering as described above, we may invest the net proceeds that we receive in this offering in short-term, investment grade, interest-bearing instruments such as money market funds, certificates of deposit, corporate bonds and commercial paper, and obligations of the U.S. government,

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including guaranteed obligations of the U.S. government, including treasuries and government-sponsored enterprises.

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**DIVIDEND POLICY** 

In November 2025, we paid a special, one-time cash dividend to holders of our common stock on a pro rata basis in the amount of $1.99 per share, or $356.3 million in the aggregate. The dividend was financed with cash on hand and a portion of the net proceeds from our $400.0 million term loan.

Although we have paid a cash dividend on our capital stock in the past, we currently intend to retain any future earnings and do not expect to pay any dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our board of directors may deem relevant. In addition, the terms of our Credit Agreement place certain limitations on the amount of cash dividends we can pay. Additionally, our ability to pay dividends may be further restricted by agreements we may enter into in the future.

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**CAPITALIZATION** 

The following table sets forth our cash and cash equivalents, as well as our capitalization, as of March 31, 2026 as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, after giving effect to (i) the RSU Settlement, as if it had occurred on March 31, 2026, (ii) stock-based compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp; million associated with the RSU Settlement, (iii) the Performance Option SBC Expense, (iv) the Reclassification, (v) the Class B Stock Exchange and the Class C Stock Exchange, as if they had occurred on March 31, 2026, and (vi) the filing and effectiveness of our amended and restated certificate of incorporation in Delaware that will become effective prior to the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis, after giving effect to (i) the pro forma adjustments set forth above, (ii) the sale and issuance by us of &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering, based upon the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (iii) the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to (A) satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement and (B) repay $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement.

The pro forma as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing, the actual tax withholding rates and the actual number of RSUs settled in connection with this offering. You should read this table together with our consolidated financial statements and related notes, and the

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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, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Actual**  | **Pro forma**<sup>(1)</sup> | **Pro forma as adjusted**<sup>(2)</sup>  |
| | **(in thousands, except for share and per share data)** | **(in thousands, except for share and per share data)** | **(in thousands, except for share and per share data)** |
| Cash and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Long-term debt |  |  |  |
| Stockholders' equity (deficit): |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.001 per share: &nbsp;&nbsp;&nbsp;&nbsp; shares authorized, &nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, actual; no shares authorized, issued, and outstanding, pro forma; and no shares authorized, issued, and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock, par value $0.001 per share: no shares authorized, issued, and outstanding, actual;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma; and&nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Class B common stock, par value $0.001 per share: no shares authorized, issued, and outstanding, actual;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma; and&nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;Class C common stock, par value $0.001 per share: no shares authorized, issued, and outstanding, actual;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding, pro forma; and &nbsp;&nbsp;&nbsp;&nbsp; shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  |  |  |
| Total stockholders' equity (deficit) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

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_______________

(1)Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the amount we would be required to pay to satisfy our tax withholding and remittance obligations related to the RSU Settlement by $&nbsp;&nbsp;&nbsp;&nbsp; .

(2)Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the amount of our pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders' equity (deficit), and total capitalization by $&nbsp;&nbsp;&nbsp;&nbsp; , assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions payable by us. An increase or decrease of 1.0 million shares in the number of shares offered by us would increase or decrease, as applicable, the amount of our pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders' equity, and total capitalization by $&nbsp;&nbsp;&nbsp;&nbsp; , assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions payable by us.

If the underwriters' option to purchase additional shares of our Class A common stock from us were exercised in full, pro forma as adjusted cash and cash equivalents, additional paid-in capital, total

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stockholders' equity (deficit), total capitalization, and shares outstanding as of March 31, 2026 would be $&nbsp;&nbsp;&nbsp;&nbsp; , $&nbsp;&nbsp;&nbsp;&nbsp; , $&nbsp;&nbsp;&nbsp;&nbsp; , $&nbsp;&nbsp;&nbsp;&nbsp; , and &nbsp;&nbsp;&nbsp;&nbsp; , respectively.

The pro forma and pro forma as adjusted columns in the table above are based on &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, Class B common stock, and Class C common stock (after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement) outstanding as of March 31, 2026, and exclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs outstanding as of March 31, 2026, but for which the service-based vesting condition was not satisfied as of March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs granted after March 31, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our 2026 Plan, which will become effective prior to the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our ESPP, which will become effective prior to the completion of this offering.

Our 2026 Plan and ESPP each provides for an annual automatic increase in the number of shares of our common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on any shares of our Class A common stock granted pursuant to awards under our 2021 Plan and 2012 Plan that expire, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

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**DILUTION** 

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

Net tangible book value per share is determined by dividing our total tangible assets less our total liabilities by the number of shares of our common stock outstanding. Our historical net tangible book value as of March 31, 2026 was $&nbsp;&nbsp;&nbsp;&nbsp; , or $&nbsp;&nbsp;&nbsp;&nbsp; per share. Our pro forma net tangible book value as of March 31, 2026 was $&nbsp;&nbsp;&nbsp;&nbsp; , or $&nbsp;&nbsp;&nbsp;&nbsp; per share, based on the total number of shares of our common stock outstanding as of March 31, 2026, after giving effect to the Reclassification and the RSU Settlement.

After giving effect to the sale by us of &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering at the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us and the use of net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to (i) satisfy the estimated tax withholding and remittance obligations related to the RSU Settlement and (ii) repay $&nbsp;&nbsp;&nbsp;&nbsp; of outstanding indebtedness under our Credit Agreement, our pro forma as adjusted net tangible book value as of March 31, 2026 would have been $&nbsp;&nbsp;&nbsp;&nbsp; , 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 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 of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus. The following table illustrates this dilution (without giving effect to any exercise by the underwriters of their option to purchase additional shares of our Class A common stock):

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| | |
|:---|:---|
| Assumed initial public offering price per 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;Historical net tangible book value per share as of March 31, 2026 | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase per share attributable to the pro forma adjustments described above |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of March 31, 2026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in pro forma net tangible book value per share attributable to new investors purchasing shares of Class A common stock in this offering |  |
| Pro forma as adjusted net tangible book value per share immediately after this offering |  |
| Dilution in pro forma net tangible book value per share to new investors in this offering | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

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Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our pro forma as adjusted net tangible book value per share to new investors by $&nbsp;&nbsp;&nbsp;&nbsp; , and would increase or decrease, as applicable, dilution per share to new investors purchasing shares of Class A common stock in this offering by $&nbsp;&nbsp;&nbsp;&nbsp; , assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million shares in the number of shares of our Class A common stock offered by us would increase or decrease, as applicable, our pro forma as adjusted net tangible book value by $&nbsp;&nbsp;&nbsp;&nbsp; per share and increase or decrease, as applicable, the dilution to new investors

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purchasing shares of Class A common stock in this offering by $&nbsp;&nbsp;&nbsp;&nbsp; per share, assuming the assumed initial public offering price remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional shares of our Class A common stock from us is exercised in full, the pro forma as adjusted net tangible book value per share of our Class A common stock, as adjusted to give effect to this offering, would be $&nbsp;&nbsp;&nbsp;&nbsp; per share, and the dilution in pro forma net tangible book value per share to new investors purchasing shares of Class A common stock in this offering would be $&nbsp;&nbsp;&nbsp;&nbsp; per share, assuming no change in the initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The following table presents, as of March 31, 2026, after giving effect to the Reclassification and the RSU Settlement, the differences between the existing stockholders and the 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 or to be paid to us, which includes net proceeds received from the issuance of our Class A common stock and the average price per share paid or to be paid to us at the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Shares Purchased**  | **Class A Shares Purchased**  | **Total Consideration**  | **Average Price Per Share**  |
| | **Number**  | **Percent**  | **Percentage**  | **Average Price Per Share**  |
| Existing 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; |
| New investors |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;Totals |  | 100% | $100% |  |

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Each $1.00 increase or decrease in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the total consideration paid by new investors and total consideration paid by all stockholders by $&nbsp;&nbsp;&nbsp;&nbsp; , 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 and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our Class A common stock offered by us would increase or decrease the total consideration paid by new investors and total consideration paid by all stockholders by $&nbsp;&nbsp;&nbsp;&nbsp; , assuming the assumed initial public offering price remains the same and after deducting the estimated underwriting discounts and commissions payable by us.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional shares of our Class A common stock from us. If the underwriters' option to purchase additional shares of our Class A common stock were exercised in full, our existing stockholders would own &nbsp;&nbsp;&nbsp;&nbsp; % and our new investors would own &nbsp;&nbsp;&nbsp;&nbsp; % of the total number of shares of our common stock outstanding upon completion of this offering.

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; shares of our Class A common stock, &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock, and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class C common stock (after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement) outstanding as of March 31, 2026, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the exercise of options to purchase shares of our Class A common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs outstanding as of March 31, 2026, but for which the service-based vesting condition was not satisfied as of March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock subject to RSUs granted after March 31, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our 2026 Plan, which will become effective prior to the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock to be reserved for future issuance under our ESPP, which will become effective prior to the completion of this offering.

Our 2026 Plan and ESPP each provides for an annual automatic increase in the number of shares of our common stock reserved thereunder, and our 2026 Plan provides for increases to the number of shares that may be granted thereunder based on any shares of our Class A common stock granted pursuant to awards under our 2021 Plan and 2012 Plan that expire, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited or otherwise repurchased by us, as more fully described in the section titled "Executive Compensation—Employee Benefit and Stock Plans."

To the extent that any outstanding options to purchase our Class A common stock are exercised, RSUs are settled, or new awards are granted under our equity compensation plans, or if we issue additional shares of common stock in the future, there will be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. To the extent additional capital is raised through the sale of equity or convertible securities, the issuance of these securities could result in further dilution to our stockholders.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled "Risk Factors" and other sections of this prospectus. Financial data as of and for the years ended December 31, 2024 and 2025 has been derived from our audited consolidated financial statements and financial data as of March 31, 2026 and for the quarters ended March 31, 2025 and 2026 has been derived from our unaudited condensed consolidated financial statements, each appearing at the end of this prospectus. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.* 

**Overview**

We launched our cloud-based Operating System in 2015 with a key focus on having a single login and a Unified Data Layer for each customer. Architecting from the ground up, we saw a unique opportunity to bring a cloud-native operating system to the largest and most complex operators in the United States that had historically been serviced by property management systems patched together as legacy providers acquired and attempted to combine various disparate assets through acquisitions that failed to deliver the operational efficiency that operators require. The Entrata Operating System works as a single, cloud-native system of record for each customer that also serves as a system of context and a system of action. Every stakeholder operates on the same data. Our Operating System has one login, one database, and one consistent foundation across CRM, ERP, property operations, and resident engagement. This unified architecture enables us to natively embed more than 100 intelligent agents directly into the mission-critical workflows that underpin property performance, reducing manual work for property managers and operators across leasing, accounting, maintenance and operations. This is agentic property management.

Over time, we have continued to innovate and broaden our reach to serve all stakeholders in the rental property ecosystem including owners, operators, residents, and vendors with our unified Operating System. As adoption grew, we scaled our Operating System to support a rapidly expanding customer base, especially among large enterprise operators. Our commitment to innovation has placed us at the forefront of property management technology, and we remain focused on expanding to new customers and products to support the future of the rental property ecosystem.

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**Our Track Record of Innovation and Growth**

![mda3b.jpg](mda3b.jpg)

**Our Business Model**

Entrata's business model is predicated on building the best technology for the rental property ecosystem. By expanding the capabilities of our purpose-built unified Operating System, we deliver transformative solutions that drive efficiency, automation, and value for our customers. Our growth is driven by long-term partnerships with some of the largest and most sophisticated operators in real estate who depend on our Operating System to support their growth and operational success.

We are dedicated to helping our customers grow and succeed as their own operations expand. A customer's journey with Entrata begins through an efficient sales and marketing motion, which focuses on conveying the value of our Operating System. Once a customer selects our platform, they participate in a seamless implementation process that allows the customer to customize and adapt the system to their unique business needs. All Operating System implementations are completed by our professional services team. Many customers choose Entrata after experiencing the challenges of managing several disparate systems across the rental property ecosystem, such as leasing, marketing and payments, and they are looking to unify in one centralized Operating System. Our platform consolidates all of these functionalities, and the extensive range of settings and options available can be tailored to meet each customer's unique operational requirements. Each new customer across our largest deals in 2025 to date replaced approximately seven systems on average by consolidating onto Entrata. As operators scale, many outgrow the limitations of other platforms meant for smaller operators and turn to us since our Operating System is uniquely equipped to support the complexity and scale of the largest operators in the industry. The average time to implement a new customer onto the Operating System is less than six months. Our hands-on, highly personalized approach to implementation represents a strategic investment in the customer relationship. For example, customers see an average of 50% faster onboarding times for

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new employees with Entrata compared to legacy systems.<sup>26</sup> We believe this investment ensures successful adoption and enables greater use of our Operating System, higher retention, and more expansion opportunities over time.

Our commitment to customer success extends well beyond the initial implementation. Our customer success teams maintain proactive, ongoing relationships with customers, regularly engaging to understand evolving needs and identify opportunities for further value creation. Through data-driven insights and a consultative approach, we help each customer optimize their use of our Operating System and recommend additional products that address emerging challenges and unlock new efficiencies.

This high-touch model not only drives strong customer satisfaction but also supports significant account expansion. As customers realize the benefits of our integrated Operating System, they frequently adopt additional products, deepening their partnership with us.

**Our Revenue Model**

We believe the rental property ecosystem is among the most durable and predictable segments of real estate and is defined by frequent recurring activities at scale. Operators are constantly identifying prospective residents, filling leases, screening and onboarding new residents, accepting payments, managing maintenance requests, paying utilities, and closing the books. Likewise, residents must pay for rent, insurance, and utilities on a monthly basis, which are typically the largest components of their disposable income. This degree of consistency and stability, regardless of broader macroeconomic conditions, is hard to find in other industries.

Our revenue model is designed to harness this inherent predictability and stability. By aligning our business with these recurring activities, we generate the majority of our revenue from recurring subscriptions, payment processing, insurance commissions, and other ongoing services. Our pricing is based on the number of units that a customer manages on our Operating System, rather than to the number of individual users or seats. Therefore as our customers realize operational efficiencies from our Operating System and grow their multifamily portfolios, both organically and through acquisitions, and add more units on our Operating System, we benefit from their increased usage and deeper adoption that drive additional recurring revenue. This strong foundation, together with our focus on customer retention and expansion, has resulted in a net retention rate of 117% as of each of December 31, 2024 and 2025, reflecting our structural ability to deliver ongoing value and grow alongside our customers. Net retention rate is often impacted by the size of new customer deals that are signed and, due to this variability, management does not focus quarter-to-quarter on net retention rate in operating its business.

We generate revenue in two primary categories: Subscription-related revenue and Embedded Technology Solutions revenue.

Subscription-related revenue is generated from monthly subscription fees from our Operating System, rent credit reporting, utility services, and from payment processing fees, given we require all subscribers of our Operating System to use our payment solution for all payments processed through our Operating System. Contract terms for our products are generally three to five years in length and billed on a per unit per month basis, while the contract terms for rent credit reporting are month-to-month and can be cancelled at any time. The majority of our contracts include annual contractual pricing escalators. Our utility services provide software-enabled tools that allow operators to manage and allocate resident utility charges and are provided on a subscription basis. Our agreements for rent credit reporting are generally month to month and can be cancelled at any time. With regard to payment processing, we accept a wide range of payment methods, including electronic checks, ACH, debit card, and credit card. The payment processing fee payable to us is calculated as a fixed per-transaction fee. The only exception to this is credit cards, which have a payment processing fee that is a percentage of the total payment processed. In addition, operators are charged a monthly subscription fee to access our payment solution. Our payment processing fees are recorded gross of any interchange and payment processing fees due to

<sup>26</sup> Forrester Consulting, The Total Economic Impact™ Of Entrata, a commissioned study.

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third parties. Given these multi-year, long-term contracts and the monthly recurring nature of payment processing, which is integrated with our subscription offerings, this portion of our business represents a highly visible and predictable recurring revenue stream. The portion of Subscription-related revenue attributable to subscriptions grows with unit growth and cross-sell and upsell of our subscription products, while the portion associated with payment processing grows with unit growth, changes in payment mix, and changes in payment amounts. For each of the years ended December 31, 2024 and 2025, Subscription-related revenue represented 86% of our total revenue. For the three months ended March 31, 2025 and 2026, Subscription-related revenue represented 86% and 85% of our total revenue, respectively.

Embedded Technology Solutions revenue consists primarily of fees for software-enabled services, including insurance, prospective resident screening, and contingent insurance commissions from our insurance underwriting partners. These solutions are contracted with operators, bundled with our property management software, and are generally coterminous with the related Operating System agreements. Contingent insurance commissions can vary depending on our volumes and the profitability of our insurance portfolios. We do not assume risk of loss in our insurance activities. All underwriting and risk of loss rests with our insurance partners; and we act as an agent. For each of the years ended December 31, 2024 and 2025, Embedded Technology Solutions revenue represented 14% of our total revenue. For the three months ended March 31, 2025 and 2026, Embedded Technology Solutions revenue represented 14% and 15% of our total revenue, respectively.

**Key Operating Metrics and Non-GAAP Financial Measures**

We monitor our business using operating and financial metrics, including the following key operating metrics and non-GAAP financial measures, to assess both near-term and long-term performance of our business. This assessment allows us to identify trends, formulate financial projections, inform strategic decisions, and further evaluate operational efficiencies across our business.

***Units***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| Units | 2126338 | 2440976 | 2211659 | 2487004 |
| *YOY Growth (%)* |  | 15% |  | 12% |

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Units represents the number of residential units currently being billed for use on our Operating System, and excludes units using solely ancillary Entrata products that are integrated with other property management systems. A residential unit is an individual, self-contained living space within a larger residential building or complex. Management uses Units to assess the scale and growth of our platform. Increases in Units reflect both the addition of new customers and the expansion of deployments within our existing customer base, as customers add additional properties or units to our platform. Growth in Units also expands our revenue opportunity by increasing the number of Units to which we can cross-sell additional products and services. As of December 31, 2025, we had 2.4 million units, representing an increase of 15% compared to December 31, 2024. Of the 15% year-over-year growth in Units, approximately 60% was attributable to the expansion of existing customer deployments within the Operating System and approximately 40% was attributable to the addition of new customers. As of March 31, 2026, we had 2.5 million units, representing an increase of 12% compared to March 31, 2025. Of the 12% growth in Units, approximately 60% was attributable to the expansion of existing customer

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deployments within the Operating System and approximately 40% was attributable to the addition of new customers.

![mda2b.jpg](mda2b.jpg)

***ARPU***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| ARPU | $194 | $209 | $197 | $216 |
| *YOY Growth (%)* |  | 8% |  | 9% |

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ARPU represents trailing twelve month revenue divided by total units as of the end of the applicable period. Management uses ARPU to evaluate monetization of our platform. Changes in ARPU reflect our ability to (i) land new customer contracts at higher average revenue levels and (ii) drive incremental revenue from our existing installed base through the adoption of additional products and services. Accordingly, increases in ARPU are an indication of the effectiveness of our sales and go-to-market strategies in securing larger initial customer engagements and in expanding product and service penetration within our existing customers. As of December 31, 2025, our ARPU was $209, representing an increase of 8% compared to December 31, 2024. As of March 31, 2026, our ARPU was $216, an increase of 3% compared to December 31, 2025. Substantially all of the growth in ARPU in each of the comparative periods was attributable to the adoption of additional products and services by our existing customers.

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***Non-GAAP Financial Measures***

To supplement our consolidated financial statements prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to facilitate analysis of our financial trends and for internal planning and forecasting purposes.

We use non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and product development expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP operating cash flow, non-GAAP operating cash flow margin, free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin in conjunction with GAAP measures to evaluate our operating performance, formulate business plans, prepare budgets and forecasts, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. We believe that our non-GAAP financial measures provide useful information to investors, analysts and others about our business and financial performance, enhance their overall understanding of our performance, and can assist in providing a more consistent and comparable overview of our financial performance across periods. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected on our consolidated statements of operations.

We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view our non-GAAP financial measures in conjunction with their respective most directly comparable financial measure calculated in accordance with GAAP.

***Non-GAAP Gross Profit and Non-GAAP Gross Margin***

We define non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation and amortization of purchased intangible assets. We define non-GAAP gross margin as non-GAAP gross profit divided by revenue. The following table presents a reconciliation of GAAP gross profit to non-GAAP gross profit for the periods presented (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP gross profit | $228728 | $306152 | $68946 | $90024 |
| Stock-based compensation | 129 | 918 | 52 | 132 |
| Amortization of purchased intangible assets | 3374 | 4055 | 1014 | 1014 |
| Non-GAAP gross profit | $232231 | $311125 | $70012 | $91170 |
| GAAP gross margin | 56% | 60% | 59% | 63% |
| Non-GAAP gross margin | 56% | 61% | 60% | 64% |

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***Non-GAAP Sales and Marketing Expense***

We define non-GAAP sales and marketing expense as GAAP sales and marketing expense, excluding stock-based compensation and amortization of purchased intangible assets. The following table presents

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a reconciliation of GAAP sales and marketing expense to non-GAAP sales and marketing expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP sales and marketing expense | $74043 | $85725 | $18136 | $19144 |
| Stock-based compensation | (59) | (7998) | (106) | (156) |
| Amortization of purchased intangible assets | (6191) | (6102) | (1522) | (1531) |
| Non-GAAP sales and marketing expense | $67793 | $71625 | $16508 | $17457 |
| GAAP sales and marketing expense (% of revenue) | 18% | 17% | 16% | 13% |
| Non-GAAP sales and marketing expense (% of revenue) | 16% | 14% | 14% | 12% |

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***Non-GAAP Research and Product Development Expense***

We define non-GAAP research and product development expense as GAAP research and product development expense, excluding stock-based compensation. The following table presents a reconciliation of GAAP research and product development expense to non-GAAP research and product development expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP research and product development expense | $60132 | $73200 | $16383 | $18221 |
| Stock-based compensation | (662) | (8076) | (436) | (489) |
| Non-GAAP research and product development expense | $59470 | $65124 | $15947 | $17732 |
| GAAP research and product development expense (% of revenue) | 15% | 14% | 14% | 13% |
| Non-GAAP research and product development expense (% of revenue) | 14% | 13% | 14% | 12% |

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***Non-GAAP General and Administrative Expense***

We define non-GAAP general and administrative expense as GAAP general and administrative expense, excluding stock-based compensation, transaction-related expenses, and contingent consideration

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changes in fair value. The following table presents a reconciliation of GAAP general and administrative expense to non-GAAP general and administrative expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP general and administrative expense | $42005 | $64618 | $13141 | $15619 |
| Stock-based compensation | (982) | (5199) | (341) | (282) |
| Transaction-related expenses | (3903) | (2888) | (52) | (188) |
| Contingent consideration changes in fair value | 9451 |  |  |  |
| Non-GAAP general and administrative expense | $46571 | $56531 | $12748 | $15149 |
| GAAP general and administrative expense (% of revenue) | 10% | 13% | 11% | 11% |
| Non-GAAP general and administrative expense (% of revenue) | 11% | 11% | 11% | 11% |

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***Non-GAAP Operating Income and Non-GAAP Operating Margin***

We define non-GAAP operating income as GAAP operating income, excluding stock-based compensation, amortization of purchased intangible assets, transaction-related expenses, and contingent consideration change in fair value. We define non-GAAP operating margin as non-GAAP operating income divided by revenue. The following table presents a reconciliation of GAAP operating income to non-GAAP operating income for the periods presented (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP operating income | $52548 | $82609 | $21286 | $37040 |
| Stock-based compensation | 1832 | 22191 | 935 | 1059 |
| Amortization of purchased intangible assets | 9565 | 10157 | 2536 | 2545 |
| Transaction-related expenses | 3903 | 2888 | 52 | 188 |
| Contingent consideration change in fair value | (9451) |  |  |  |
| Non-GAAP operating income | $58397 | $117845 | $24809 | $40832 |
| GAAP operating margin | 13% | 16% | 18% | 26% |
| Non-GAAP operating margin | 14% | 23% | 21% | 28% |

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***Non-GAAP Operating Cash Flow and Non-GAAP Operating Cash Flow Margin***

We define non-GAAP operating cash flow as GAAP net cash provided by operating activities, adjusted for the change in customer deposits. Customer deposits represents funds payable to our customers from payments we process on behalf of our customers. We define non-GAAP operating cash flow margin as non-GAAP operating cash flow divided by revenue. The following table presents a reconciliation of GAAP

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net cash provided by operating activities to non-GAAP operating cash flow (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Net cash used in investing activities | (52824) | (12963) | (3104) | (2751) |
| Net cash provided by (used in) financing activities | 18285 | (27702) | (418) | (750) |
| Effect of exchange rate on cash | (294) | 114 | 11 | (522) |
| Net increase (decrease) in cash and cash equivalents | $127095 | $59512 | $(38280) | $52564 |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Change in customer deposits | (144689) | (4591) | 54435 | (27041) |
| Non-GAAP operating cash flow | $17239 | $95472 | $19666 | $29546 |
| Operating cash flow margin | 39% | 20% | (30)% | 39% |
| Non-GAAP operating cash flow margin | 4% | 19% | 17% | 21% |

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***Free Cash Flow and Free Cash Flow Margin***

We define free cash flow as GAAP net cash provided by operating activities less purchase of property, equipment and software. We define free cash flow margin as free cash flow divided by revenue. The following table presents a reconciliation of GAAP net cash provided by operating activities to free cash flow and free cash flow margin (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Less: Purchase of property, equipment and software | (9574) | (12974) | (3108) | (2755) |
| Free cash flow | $152354 | $87089 | $(37877) | $53832 |
| Operating cash flow margin | 39% | 20% | (30)% | 39% |
| Free cash flow margin | 37% | 17% | (32)% | 38% |

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***Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin***

We define adjusted free cash flow as GAAP net cash provided by operating activities less purchase of property, equipment and software, adjusted for the change in customer deposits. Customer deposits represents funds payable to our customers from payments we process on behalf of our customers. We define adjusted free cash flow margin as adjusted free cash flow divided by revenue. The following table

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presents a reconciliation of GAAP net cash provided by operating activities to adjusted free cash flow and adjusted free cash flow margin (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Less: Purchase of property, equipment and software | (9574) | (12974) | (3108) | (2755) |
| Change in customer deposits | (144689) | (4591) | 54435 | (27041) |
| Adjusted free cash flow | $7665 | $82498 | $16558 | $26791 |
| Operating cash flow margin | 39% | 20% | (30)% | 39% |
| Adjusted free cash flow margin | 2% | 16% | 14% | 19% |

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**Prior Period Non-GAAP Reconciliations**

The following selected historical non-GAAP reconciliations for the years ended December 31, 2020 through December 31, 2023 are provided to supplement the non-GAAP financial measures and historical trends referenced elsewhere in this prospectus. Management believes these non-GAAP financial measures provide useful supplemental information to investors and others in evaluating our historical operating performance and trends because they exclude certain items that may not be indicative of our core operating performance or that may vary significantly from period to period.

***Non-GAAP Gross Profit and Non-GAAP Gross Margin***

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| | |
|:---|:---|
| | **Year Ended December 31, 2022** |
| GAAP gross profit | $136702 |
| Stock-based compensation | 706 |
| Non-GAAP gross profit | $137408 |
| GAAP gross margin | 51% |
| Non-GAAP gross margin | 52% |

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***Non-GAAP Research and Product Development Expense***

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| | |
|:---|:---|
| | **Year Ended December 31, 2022** |
| GAAP research and product development expense | $51291 |
| Stock-based compensation | (1392) |
| Non-GAAP research and product development expense | $49899 |
| GAAP research and product development expense (% of revenue) | 19% |
| Non-GAAP research and product development expense (% of revenue) | 19% |

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***Non-GAAP Operating Income and Non-GAAP Operating Margin***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2020** | **2021** | **2022** | **2023** |
| GAAP operating income | $20738 | $13206 | $(2510) | $(7886) |
| Stock-based compensation | 2545 | 19401 | 5065 | 1555 |
| Amortization of purchased intangible assets |  |  |  | 4263 |
| Transaction-related expenses | 3843 | 2988 | 150 | 6593 |
| Non-GAAP operating income | $27126 | $35595 | $2705 | $4525 |
| GAAP operating margin | 12% | 6% | (1)% | (2)% |
| Non-GAAP operating margin | 16% | 17% | 1% | 1% |

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**Key Factors Affecting Our Performance**

We believe that our technology-first approach and relentless pace of innovation empower us to consistently deliver for both new and existing customers. By anticipating market needs and rapidly improving our platform, our customers can benefit from solutions that are configurable, scalable, and efficient.

Our commitment to innovation has enabled us to build a track record demonstrating that our Operating System can adapt as customers' businesses grow. Whether onboarding a new property or optimizing operations across a large portfolio, our unified architecture and automation capabilities enable seamless transitions, faster decision-making, and measurable outcomes for each customer. This agility is why enterprise operators continue to choose Entrata as their long-term technology partner.

We believe that our technology-first approach and relentless pace of innovation are central to enabling us to grow our business through a number of key factors, including:

***Increase the number of units on our Operating System***

One factor that we expect to affect our long-term revenue growth is the number of units on our Operating System. As such, we are focused on prioritizing platform innovation in a manner that will allow us to grow new units. We add new units to our Operating System by acquiring new customers and by adding additional units from existing customers. As of December 31, 2025, we had 2.4 million units, representing an increase of 15% compared to December 31, 2024. As of March 31, 2026, we had 2.5 million units, representing an increase of 12% compared to March 31, 2025.

To add new customers to our platform, our sales and marketing strategy is designed to efficiently acquire new customers, deepen adoption of Entrata with existing customers, and expand our presence in the multifamily industry. We reach operators through a combination of relationship-driven selling, targeted demand generation, and a geographically segmented go-to-market model aligned to the needs of mid-market and enterprise operators. We generate demand through sales-driven outreach and marketing initiatives including digital programs, industry events, thought leadership, educational content, and our flagship customer event, Entrata Summit. These efforts are strengthened by our established reputation and long-standing presence in the industry. We have an inside-sales motion to reach mid-market operators, while dedicated enterprise teams support large, complex portfolios. In addition to our sales team focused on new customer acquisition, we have a sales team focused on expanding within our existing customer base through additional unit growth and full Operating System adoption. This segmented approach maintains a disciplined customer acquisition cost and high engagement throughout the customer lifecycle. Our direct-sales model is supported by digital tools and materials that clearly demonstrate the operational and financial impact of our Operating System, including improved efficiency, accelerated lead-to-lease conversion, and enhanced resident experience.

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We acquire new units from existing customers by deepening our relationships with them, increasing loyalty among existing operators on our platform to motivate them to consolidate their portfolios on the Entrata Operating System. Enterprise operators are often focused on expanding their portfolios and leveraging standardized technology to streamline operations and ensure consistent processes across their properties. We benefit from the growth of our customers as they expand their units and bring them onto the Entrata Operating System. Each incremental unit on our Operating System increases engagement across leasing, resident lifecycle, accounting, and maintenance workflows, thereby also increasing the data we collect from customers. As we learn more about owners, operators, residents, and vendors, we can leverage this data to produce deeper insights for them, further reinforcing the benefit they enjoy from our Operating System and encouraging additional expansion.

***Retain and expand our existing customer relationships and investing in customer experience***

Our customer retention, especially among owners and operators, is one of the most critical factors in our go-to-market strategy. We retain customers by building brand loyalty among our owners and operators and creating positive experiences for residents. This is evidenced by our gross retention of 99% and 97% as of December 31, 2024 and 2025, respectively. Our gross retention rate is calculated using ARR, which can be impacted period to period by churn related to customers that are not on the Operating System and are only using certain of our offerings as legacy point solutions. ARR from these legacy point solutions, which are point solutions we did not acquire from a third-party, represented less than 3% of total ARR as of December 31, 2025, but approximately half of total churn and product downsell as of that same date. We believe that providing our gross retention rate as of December 31, 2024 and 2025 provides a sense of the enterprise nature of our customers.

To calculate our gross retention for a given period, we begin by identifying the annualized recurring revenue ("ARR") from the cohort of customers who were active 12 months prior to the end of the selected period ("Prior Period ARR"). Next, we measure the value of ARR from that same cohort of customers that churned or were reduced during the selected period ("ARR Churn"). Gross retention is calculated by dividing (a) our Prior Period ARR less ARR Churn by (b) our Prior Period ARR. As is customary in our industry, our customer contracts identify a list of properties that will utilize our Operating System, and our customers are entitled to terminate a specific property without penalty if that underlying property experiences a change in owner or operator. We refer to this as property churn. Our gross retention rate does not reflect property churn as we believe this is outside of our control and not a reflection on the operations of our business.

We build loyalty among operators by driving value to their portfolios through our various offerings, continuous product innovation, and ease-of-use of our Operating System. Our Operating System is designed to increase efficiency and drive increased net operating income among operators through ELI, our AI-driven autonomous workflows, freeing owners and operators to focus on alternative workstreams that still require human touch and by providing ancillary revenue opportunities. Our platform efficiently scales for operators as they expand their portfolios, so we are able to smoothly grow with our customers.

Residents enjoy a modern, seamless living experience through our self-service applications and wide breadth of embedded product offerings. Everything from move-in to lease renewal is designed to feel intuitive and personalized for residents. By giving the resident control of their maintenance, leasing, payments, and other tools, we improve their engagement with our Operating System. This positive

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experience encourages them to renew their leases and stay within the Entrata ecosystem, reinforcing this mutually beneficial effect for owners, operators, residents, and vendors.

![mda4c.jpg](mda4c.jpg)

Our ability to continue to grow our business depends on our customers adding additional units, purchasing new products, and renewing and expanding their use of existing products. Historically, existing customers have grown by adding additional units and buying additional products, as displayed in the chart above. We define ARR at the end of a period as the annualized dollar value of our total invoiced billings from customers as of such period end date. ARR also includes Embedded Technology Solutions revenue, such as insurance and prospective resident screening, and Subscription-related revenue such as monthly subscription fees for our Operating System, rent credit reporting, utility services, and payment processing fees. ARR should be viewed independently of revenue and does not represent our GAAP revenue on an annualized basis. ARR is not intended to be a replacement or forecast of revenue.

As we scale, we can also increase cross-sell and upsell of adjacent products, such as ELI+ (our suite of premium AI products), to improve the experience for owners, operators, residents, and vendors. We measure our customers' growth and success on our platform based on our net retention rate which was 117% as of each of December 31, 2024 and 2025.

To calculate our net retention for a given period, we begin by identifying the Prior Period ARR. Next, we calculate the value of ARR from that same cohort of customers at the end of the selected period, giving effect to expansions, reductions, and churn over the 12 months preceding the end of the period selected ("Current Period ARR"). Net retention is calculated by dividing (a) the total Current Period ARR by (b) the total Prior Period ARR.

Our ability to cross-sell and upsell improves our customers' lifetime value. We actively review the adoption of each component of our Operating System with each of our existing customers and look for opportunities to cross-sell and upsell. As a testament to our ability to scale with our customers, we had 233 customers with ARR exceeding $500,000 as of December 31, 2025, compared to 183 such customers as of December 31, 2024, representing an increase of 27% in the customer count. These

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customers with ARR exceeding $500,000 represented 84% of total ARR as of December 31, 2025, compared to 81% of total ARR as of December 31, 2024. A single operator may maintain multiple customer accounts, which means that a single operator could be counted as multiple customers in this metric if multiple accounts independently exceed the $500,000 ARR threshold. In certain cases, a single operator may have portfolios that operate independently requiring them to maintain multiple customer accounts. The number of customers with over $500,000 in ARR can fluctuate period to period due to factors outside of our control, certain of which are unique to our industry. For example, when customers sell owned properties or shift management of properties to other management companies, it is customary in our industry for such an event to allow the operator of a property to terminate their contract with us. The occurrence of these events, which given our scale can occur in each period, could impact the number of customers with over $500,000 in ARR in a manner that we believe does not reflect the underlying strength of our business. As such, we believe that providing information on customers with ARR exceeding $500,000 as of the end of the last two completed fiscal years provides the right balance of helpful context regarding the depth of our customer relationships without introducing quarterly variability that may have little relation to the overall health of our business.

Our ability to expand customer relationships is all made possible through our persistent innovation that is driven by our desire to create new offerings that benefit our customers. Not only do we invest in a go-to-market strategy that puts the operators in the driver's seat, but we invest in the product to improve efficiencies at every stage of the customer lifecycle.

***Driving efficient growth and operating leverage***

We intend to continue prioritizing further efficient growth. We have historically invested in our product and go-to-market strategy and will continue to drive efficiencies in each. We have reached 13% and 16% operating margin in the years ended December 31, 2024 and 2025, respectively. We have reached 18% and 26% operating margin in the three months ended March 31, 2025 and 2026, respectively. In addition, we have reached 14% and 23% in non-GAAP operating margin in the years ended December 31, 2024 and 2025, respectively, and 21% and 28% in non-GAAP operating margin in the three months ended March 31, 2025 and 2026, respectively, reflecting the operating leverage inherent in our model.

In addition to leveraging machine learning and AI to support our customers and offer new SKUs, we deploy these technologies internally to drive efficiencies across our organization, including in research and development, professional services, utilities, internal operations, and recruiting. As a tech-native platform, we apply the same commitment to innovation to our internal processes and will continue to pursue opportunities to improve operational efficiency.

***Serve new property types***

Our Operating System is extensible beyond the verticals we currently serve, which include student, affordable, conventional, military, active adult, and single-family build to rent ("BTR") communities. Expanding to additional property types provides new avenues to gain customers and grow with them over time. Beyond the residential multifamily market, we see significant opportunity across commercial segments, including office, industrial, retail, and mixed-use properties. Our Operating System is well-positioned to address the unique needs of these segments. Consistent with this strategy, we have launched an early-stage commercial offering used in several mixed-use developments, demonstrating our ability to expand into new markets.

***Expand internationally***

We view international expansion as a significant, underpenetrated opportunity to extend our Operating System beyond the United States in the future. We expanded our operations into Canada in 2021 to deepen our North American presence. In addition, we expanded our operations into Ireland and the UK in 2022 to support the planned growth of some of the largest operators on our platform. We expect to selectively enter international markets as our large customers expand their operations to international

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markets. We view our international opportunity as a further means to grow with our customers and meet their broadening needs.

***Seasonality***

We have historically experienced seasonality in some types of revenue due to seasonally higher leasing activities in the third quarter as residents move in prior to the start of the school year. In the rental property ecosystem, this is referred to as leasing season. Specifically, higher resident applications in the third quarter typically result in increased use of our resident screening services. The increase in the number of move-ins also typically results in sequentially higher revenue from our payments and resident insurance services. Additionally, we see increased activity on our Operating System during the first week of each month when rent is due, resulting in higher revenue from our payments services. Moreover, if macroeconomic factors in a given fiscal year impact resident behavior, our product portfolio mix, or the adoption rate of our other less seasonally impacted products, the effect that seasonal factors have on our revenue may be exacerbated. Although these seasonal factors are common in the multifamily market, these historical patterns could change and are not necessarily indicative of results we may see, or expect to see, in the future.

**Components of Results of Operations**

***Revenue***

Our revenue consists of Subscription-related revenue and Embedded Technology Solutions revenue. Our revenue is primarily driven by the number of units on our Operating System and the price we charge for access to our Operating System, as well as our Embedded Technology Solutions revenue.

Subscription-related revenue consists of monthly subscription fees for our Operating System, rent credit reporting, utility services, and payment processing fees, given we require all subscribers of our Operating System to use our payment solution for all payments processed through the Operating System. We generally recognize revenue for subscription fees on a ratable basis from the implementation completion date or start date through the end of the subscription term. Our subscription agreements generally are non-cancellable, have an initial term of three to five years and are generally billed monthly. Occasionally some contracts are billed quarterly or annually in advance. Our utility services provide software-enabled tools that allow operators to manage and allocate resident utility charges and are provided on a subscription basis. Our agreements for rent credit reporting are generally month to month and can be cancelled at any time. With regard to payment processing, we accept a wide range of payment methods, including electronic checks, ACH, debit card, and credit card. The payment processing fee payable to us is calculated as a fixed per-transaction fee. The only exception to this is credit cards, which have a payment processing fee that is a percentage of the total payment processed. In addition, operators are charged a monthly subscription fee to access our payment solution. Our payment processing fees are recorded gross of any interchange and payment processing fees due to third parties.

Embedded Technology Solutions revenue consists primarily of fees for software-enabled services, including insurance, resident screening, and contingent insurance commissions from our insurance underwriting partners. These solutions are contracted with operators, bundled with our property management software, and are generally coterminous with the related Operating System agreements. We generally invoice our usage-based services on a monthly basis or collect the fee at the time of service. Contingent insurance commissions can vary depending on our volumes and the profitability of our insurance portfolios.

***Costs That May Impact Multiple Line Items***

*Employee Related Costs and Overhead Allocation*. Employee related costs include salaries, cash bonuses, 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

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allocated based on headcount. Costs that are allocated include office facilities and information technology infrastructure.

*Stock-Based Compensation*. We have granted various forms of equity to our employees including RSUs. The majority of RSUs generally vest upon the satisfaction of both service-based and performance-based vesting conditions. The performance-based vesting condition will generally be satisfied upon the completion of this offering. The stock-based compensation expense associated with RSUs that do not have a performance-based vesting condition is not material. As of March 31, 2026, no stock-based compensation expense had been recognized for RSUs still subject to a liquidity event, with the exception of $17.7 million in stock-compensation expense that was recognized during the year ended December 31, 2025 for 790,675 RSUs that were deemed to be fully vested in connection with an employee tender offer we completed in July 2025. During the quarter in which this offering is completed, we will begin recording cumulative stock-based compensation expense for those RSUs for which the service-based vesting condition was satisfied with this offering. At the time of the offering, we expect to recognize stock-based compensation expense of $&nbsp;&nbsp;&nbsp;&nbsp; million for which the service-based vesting condition was satisfied or partially satisfied as of and for which we expect the performance-based vesting condition to be satisfied in connection with this offering. In addition, we expect to incur additional stock-based compensation expense in periods following the completion of this offering as RSUs meet their service-based vesting condition, calculated using the accelerated attribution method for RSUs with a performance-based vesting condition and using the straight-line method for RSUs granted following the completion of this offering and without a performance-based vesting condition.

***Cost of Revenue***

Our cost of revenue consists primarily of payment processing fees, employee related costs for our employees focused on customer service and the support of our operations, Operating System infrastructure and hosting costs, allocated overhead costs, depreciation, and amortization of purchased intangible assets and internal-use software. We expect that our cost of revenue will increase in absolute dollars as our business grows and will fluctuate as a percentage of revenue depending on the timing of investments we are making in the business.

***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 certain investments we are making in the business.

***Operating Expenses***

*Sales and Marketing*. Our sales and marketing expenses consist primarily of employee related costs, allocated overhead costs, and amortization of purchased intangible assets. Commissions earned by our sales force are capitalized and amortized over a period of benefit of three years. Other sales and marketing costs include customer and user events and other industry events. We expect that our sales and marketing expenses will increase in absolute dollars and may fluctuate as a percentage of our revenue from period to period as we hire additional sales and marketing employees, increase our marketing activities, and grow our operations. However, we expect sales and marketing expenses to decrease as a percentage of revenue over the long term.

*Research and Product Development*. Our research and product development expenses consist principally of employee related costs, costs associated with Operating System development efforts, and allocated overhead costs. Research and product development costs are expensed as incurred, except for certain costs relating to the development of internal-use software that meet the criteria for capitalization. We expect research and product development expenses to continue to increase in absolute dollars for the foreseeable future as we continue to increase the functionality of and enhance our Operating System and develop new content and features. Research and product development expenses may fluctuate as a

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percentage of our revenue from period to period. However, we expect research and product development expenses to decrease as a percentage of revenue over the long term.

*General and Administrative*. Our general and administrative expenses consist of employee related costs for our executive, finance, legal, people operations, and administrative functions. In addition, general and administrative costs include professional fees for external legal and other consulting services, bad debt expense, and allocated overhead costs. Following the completion of this offering, we expect to incur additional general and administrative expenses as a result of operating as a public company, including expenses related to compliance with the rules and regulations of the SEC and listing standards of the New York Stock Exchange, additional insurance expenses, investor relations activities, and increased legal, audit, and consulting fees. We also expect to increase the size of our general and administrative function to support our increased compliance requirements and the growth of our business. As a result, we expect that our general and administrative expenses will increase in absolute dollars but may fluctuate as a percentage of our revenue from period to period. However, we expect general and administrative expenses to decrease as a percentage of revenue over the long term.

***Interest expense***

Interest expense consists primarily of interest expense on our borrowings, including amortization of debt discount and issuance costs related to our outstanding debt. This is offset by interest income earned on our cash and cash equivalents. We expect our interest expense to fluctuate based on the variable interest rate and the timing of principal payments.

***Other expense, net***

Other expense, net primarily consists of gains or losses on foreign currency transactions.

***Loss on debt extinguishment***

Loss on extinguishment of debt consists of losses incurred on the extinguishment of debt instruments.

***Income tax expense***

Income tax expense consists of income taxes in certain federal, state, and foreign jurisdictions in which we conduct business. We expect our income tax expense to fluctuate based on our profitability, the jurisdiction in which income is earned and the statutory tax rates in effect at the time.

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**Results of Operations**

The following tables set forth selected consolidated statements of operations data and such data as a percentage of revenue for each of 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,** |
| | | | **(unaudited)** | **(unaudited)** |
| **(in thousands)** | **2024** | **2025** | **2025** | **2026** |
| Revenue | $412000 | $509295 | $116601 | $143483 |
| Cost of revenue | 183272 | 203143 | 47655 | 53459 |
| Gross profit | 228728 | 306152 | 68946 | 90024 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 74043 | 85725 | 18136 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 60132 | 73200 | 16383 | 18221 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 42005 | 64618 | 13141 | 15619 |
| Total operating expenses | 176180 | 223543 | 47660 | 52984 |
| Operating income | 52548 | 82609 | 21286 | 37040 |
| Other expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (17984) | (15790) | (4347) | (6553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (31) | (2715) | 557 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (4188) |  |  |
| Income before tax | 34533 | 59916 | 17496 | 30500 |
| Income tax expense | 12774 | 9240 | 3557 | 7154 |
| Net income | 21759 | 50676 | 13939 | 23346 |

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Stock-based compensation is included in the following components of expenses within the consolidated statements of operations (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| Cost of revenue | $97 | $1506 | $48 | $28 |
| Sales and marketing | 67 | 7718 | 72 | 141 |
| Research and product development | 652 | 7929 | 403 | 462 |
| General and administrative | 975 | 4861 | 340 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation | 1791 | 22014 | 863 | 910 |

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The following table sets forth our consolidated statements of operations data expressed as a percentage of revenue 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,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| Revenue | 100% | 100% | 100% | 100% |
| Cost of revenue | 44 | 40 | 41 | 37 |
| Gross profit | 56 | 60 | 59 | 63 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 18 | 17 | 16 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 15 | 14 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10 | 13 | 11 | 11 |
| Total operating expenses | 43 | 44 | 41 | 37 |
| Operating income | 13 | 16 | 18 | 26 |
| Other expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (4) | (3) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (1) |  |  |
| Income before tax | 8 | 12 | 15 | 21 |
| Income tax expense | 3 | 2 | 3 | 5 |
| Net income | 5% | 10% | 12% | 16% |

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***Disaggregated Revenue for periods presented***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| **(in thousands)** | **2024** | **2025** | **2025** | **2026** |
| Subscription-related revenue | $354701 | $437742 | $100525 | $121937 |
| Embedded Technology Solutions revenue | 57299 | 71553 | 16076 | 21546 |
| Total | $412000 | $509295 | $116601 | $143483 |

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***Comparison of the Three Months Ended March 31, 2025 and 2026***

***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| | **(unaudited)** | **(unaudited)** | | |
| **(in thousands, except percentages)** | **2025** | **2026** | **Amount** | **%** |
| Subscription-related revenue | $100525 | $121937 | $21412 | 21% |
| Embedded Technology Solutions revenue | 16076 | 21546 | $5470 | 34% |
| Total Revenue | $116601 | $143483 |  |  |

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Revenue was $143.5 million for the three months ended March 31, 2026, compared to $116.6 million for the three months ended March 31, 2025, an increase of $26.9 million, or 23%. The increase in revenue was primarily driven by the 12% year-over-year growth in the number of Units on our Operating System,

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which was the primary contributor to the $21.4 million, or 21%, increase in Subscription-related revenue. Of the 12% year-over-year growth in Units, approximately 60% was attributable to the expansion of existing customer deployments within the Operating System, and the remaining approximately 40% was attributable to the addition of new customers. Embedded Technology Solutions revenue increased by $5.5 million, or 34%, primarily due to increased transaction volumes processed through the Operating System as the number of Units increased, including higher volumes of insurance and resident screening transactions associated with those Units.

***Cost of Revenue and Gross Profit***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| | **(unaudited)** | **(unaudited)** | | |
| **(in thousands, except percentages)** | **2025** | **2026** | **Amount** | **%** |
| Cost of revenue | $47655 | $53459 | $5804 | 12% |
| Gross profit | 68946 | 90024 | 21078 | 31% |
| Gross margin | 59% | 63% |  |  |

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Cost of revenue was $53.5 million for the three months ended March 31, 2026, compared to $47.7 million for the three months ended March 31, 2025, an increase of $5.8 million, or 12%. The increase in cost of revenue was primarily due to an increase of $4.6 million in payment processing fees due to additional volume of payments processed, an increase in infrastructure and hosting costs of $0.4 million due to customer growth and increased usage of our Operating System, and an increase of $0.2 million in amortization of capitalized software development costs primarily due to an increase in amounts capitalized for internal-use software related to features added to our Operating System.

Gross profit was $90.0 million for the three months ended March 31, 2026, compared to $68.9 million for the three months ended March 31, 2025, an increase of $21.1 million, or 31%. The increase in gross profit was the result of the product mix shifting in the three months ended March 31, 2026 such that our higher gross margin products represented a greater percentage of total revenue when compared to the three months ended March 31, 2025. The increase is also due to the increase in our revenue during the three months ended March 31, 2026 combined with improved margins on our subscription-related revenue. Gross margin improved from 59% to 63% when comparing the three months ended March 31, 2025 and 2026, respectively.

***Operating Expenses***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| | **(unaudited)** | **(unaudited)** | | |
| **(in thousands, except percentages)** | **2025** | **2026** | **Amount** | **%** |
| Sales and marketing | $18136 | $19144 | $1008 | 6% |
| Research and product development | 16383 | 18221 | 1838 | 11% |
| General and administrative | 13141 | 15619 | 2478 | 19% |
| Total operating expenses  | $47660 | $52984 |  |  |

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<u>Sales and Marketing</u>

Sales and marketing expenses were $19.1 million for the three months ended March 31, 2026, compared to $18.1 million for the three months ended March 31, 2025, an increase of $1.0 million, or 6%. The increase was primarily due to an increase of $0.7 million in employee related costs as we grew headcount to support our growth and an increase of $0.2 million related to trade shows and other marketing activities.

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<u>Research and Product Development</u>

Research and product development expenses were $18.2 million for the three months ended March 31, 2026, compared to $16.4 million for the three months ended March 31, 2025, an increase of $1.8 million, or 11%. The increase was primarily due to an increase of $0.9 million in employee related costs as we grew headcount to support our growth and AI-related platform updates, an increase of $0.6 million in software related costs as we continue to invest in our technology stack, including the use of AI, and an increase of $0.3 million in office rent related to new office leases in Tel Aviv, Israel and Pune, India.

<u>General and Administrative</u>

General and administrative expenses were $15.6 million for the three months ended March 31, 2026, compared to $13.1 million for the three months ended March 31, 2025, an increase of $2.5 million, or 19%. The increase was primarily due to an increase of $1.0 million in employee related costs as we grew headcount to support our growth, an increase of $0.6 million in bad debt expense, an increase of $0.5 million in legal fees, and an increase of $0.2 million in audit and compliance fees as we prepare to operate as a public company.

***Other Income (Expense)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Change** | **Change** |
| | **(unaudited)** | **(unaudited)** | | |
| **(in thousands, except percentages)** | **2025** | **2026** | **Amount** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | $(4347) | $(6553) | $(2206) | 51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 557 | 13 | (544) | (98)% |

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<u>Interest expense, net</u>

Interest expense, net was $6.6 million for the three months ended March 31, 2026, compared to $4.3 million for the three months ended March 31, 2025, an increase of $2.2 million, or 51%. Interest expense, net increased primarily as a result of a higher average principal balance following the refinancing of our long-term debt, partially offset by lower interest rates.

<u>Other income, net</u>

Other income, net was de minimis for the three months ended March 31, 2026, compared to $0.6 million for the three months ended March 31, 2025. The primary driver of the decrease in other income, net is a reduction in unrealized gains on foreign currency.

***Comparison of the Year Ended December 31, 2024 and 2025***

***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| **(in thousands, except percentages)** | **2024** | **2025** | **Amount** | **%** |
| Subscription-related revenue | $354701 | $437742 | $83041 | 23% |
| Embedded Technology Solutions revenue | 57299 | 71553 | $14254 | 25% |
| Total Revenue | $412000 | $509295 |  |  |

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Revenue was $509.3 million for the year ended December 31, 2025, compared to $412.0 million for the year ended December 31, 2024, an increase of $97.3 million, or 24%. The increase in revenue was primarily driven by the 15% year-over-year growth in the number of Units on our Operating System, which was the primary contributor to the $83.0 million, or 23%, increase in Subscription-related revenue. Of the 15% year-over-year growth in Units, approximately 60% was attributable to the expansion of existing

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customer deployments within the Operating System, and the remaining approximately 40% was attributable to the addition of new customers. Embedded Technology Solutions revenue increased by $14.3 million, or 25%, primarily due to increased transaction volumes processed through the Operating System as the number of Units increased, including higher volumes of insurance and resident screening transactions associated with those Units.

***Cost of Revenue and Gross Profit***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| **(in thousands, except percentages)** | **2024** | **2025** | **Amount** | **%** |
| Cost of revenue | $183272 | $203143 | $19871 | 11% |
| Gross profit | 228728 | 306152 | 77424 | 34% |
| Gross margin | 56% | 60% |  |  |

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Cost of revenue was $203.1 million for the year ended December 31, 2025, compared to $183.3 million for the year ended December 31, 2024, an increase of $19.9 million, or 11%. The increase in cost of revenue was primarily due to an increase of $13.6 million in payment processing fees due to additional volume of payments processed, an increase in amortization of purchased intangibles of $0.7 million from our acquisitions of Rent Dynamics and Colleen AI, an increase of $0.8 million in stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025 and an increase of $0.8 million in amortization of capitalized software development costs primarily due to an increase in amounts capitalized for internal-use software related to features added to our Operating System.

Gross profit was $306.2 million for the year ended December 31, 2025, compared to $228.7 million for the year ended December 31, 2024, an increase of $77.4 million, or 34%. The increase in gross profit was the result of the increase in our revenue during the year ended December 31, 2025 combined with improved margins on our payment processing products. Additionally, the product mix shifted in the year ended December 31, 2025 such that our higher gross margin products represented a greater percentage of total revenue when compared to the year ended December 31, 2024. Gross margin improved from 56% to 60% when comparing the years ended December 31, 2024 and 2025, respectively.

***Operating Expenses***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| **(in thousands, except percentages)** | **2024** | **2025** | **Amount** | **%** |
| Sales and marketing | $74043 | $85725 | $11682 | 16% |
| Research and product development | 60132 | 73200 | 13068 | 22% |
| General and administrative | 42005 | 64618 | 22613 | 54% |
| Total operating expenses  | $176180 | $223543 |  |  |

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<u>Sales and Marketing</u>

Sales and marketing expenses were $85.7 million for the year ended December 31, 2025, compared to $74.0 million for the year ended December 31, 2024, an increase of $11.7 million, or 16%. The increase was primarily due to an increase of $7.9 million in stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025, an increase of $1.8 million related to trade shows and other marketing activities, and an increase of $1.5 million in employee related costs as we grew headcount to support our growth.

<u>Research and Product Development</u>

Research and product development expenses were $73.2 million for the year ended December 31, 2025, compared to $60.1 million for the year ended December 31, 2024, an increase of $13.1 million, or 22%.

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The increase was primarily due to an increase of $7.7 million in stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025, an increase of $4.6 million in employee related costs as we grew headcount to support our growth, and an increase of $1.1 million in office rent related to a new office lease in Tel Aviv, Israel.

<u>General and Administrative</u>

General and administrative expenses were $64.6 million for the year ended December 31, 2025, compared to $42.0 million for the year ended December 31, 2024, an increase of $22.6 million, or 54%. The increase was primarily due to the year ended December 31, 2024 period having a $9.5 million reduction in expense related to the change in fair value of the Rent Dynamics earnout, a $4.3 million increase in stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025, and an increase of $3.6 million in employee related costs as we grew headcount to support our growth.

***Other Expense***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Change** | **Change** |
| **(in thousands, except percentages)** | **2024** | **2025** | **Amount** | **%** |
| **Other Expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | $(17984) | $(15790) | $2194 | (12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (31) | (2715) | (2684) | 8658% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (4188) | (4188) | NM |

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<u>Interest expense, net</u>

Interest expense, net was $15.8 million for the year ended December 31, 2025, compared to $18.0 million for the year ended December 31, 2024, a decrease of $2.2 million, or 12%. Interest expense, net decreased primarily as a result of lower interest rates, partially offset by a higher average principal balance following the refinancing of our long-term debt.

<u>Other expense, net</u>

Other expense, net was $2.7 million for the year ended December 31, 2025, compared to $0.0 million for the year ended December 31, 2024. The primary driver of the increased expense is unrealized losses on foreign currency.

<u>Loss on debt extinguishment</u>

We also incurred a loss on debt extinguishment resulting from the refinancing of our long-term debt in the year ended December 31, 2025. This loss is primarily the result of unamortized debt issuance costs and accrued interest on the date of extinguishment.

**Non-GAAP Financial Measures**

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, which include non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expense, non-GAAP research and product development expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP operating cash flow, non-GAAP operating cash flow margin, free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

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We include these non-GAAP financial measures in this prospectus because they are important measures upon which our management assesses our operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures provide useful information to investors, analysts and others about our business and financial performance, enhance their overall understanding of our performance, and can assist in providing a more consistent and comparable overview of our financial performance across periods.

Non-GAAP financial measures have limitations in their usefulness to investors and should not be considered in isolation or as substitutes for financial information presented under GAAP. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

For the reasons set forth below, we believe that excluding the following items provide information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stock-based compensation*. We exclude stock-based compensation expense and related charges, including employer payroll taxes on employee stock transactions, to allow investors to make more meaningful comparisons of our performance between periods and relative to our peers. These expenses can vary significantly from period to period due to factors not directly related to our core business performance, including changes in valuation assumptions, the timing and magnitude of equity awards, and other non-operational variables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Amortization of purchased intangible assets*. We recognize amortization expense related to intangible assets acquired in connection with certain business combinations. Amortization of acquired intangible assets is a non-cash expense that is significantly affected by the timing and size of acquisitions, and the inherent subjective nature of purchase price allocations. The use of intangible assets has contributed to our revenue during the periods presented, and we expect such use will contribute to revenue in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction-related expenses*. We incur expenses associated with transactions that are not recurring in nature, including acquisitions. We exclude transaction-related expenses because they are specific to individual acquisitions, investments, or other strategic transactions and are not reflective of our core, recurring operating performance. These costs, such as legal, accounting, valuation, and integration expenses, can vary significantly in timing and amount depending on the size and number of transactions in a given period. Excluding them provides greater visibility into our underlying operating results and trends, consistent with how management evaluates performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contingent consideration change in fair value*. We exclude changes in the fair value of contingent consideration because these adjustments are non-cash, vary based on factors outside of our core operations, and are unrelated to our current period operating performance. Such changes typically result from remeasurement of future earn-out obligations associated with past acquisitions, which can fluctuate due to changes in financial projections, discount rates, or other valuation assumptions. Excluding these fair value adjustments provides a clearer view of our underlying operating results, consistent with how management evaluates performance.

**Non-GAAP Gross Profit and Non-GAAP Gross Margin**

We define non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation and amortization of purchased intangible assets. We define non-GAAP gross margin as non-GAAP gross profit divided by revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with

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GAAP financial measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. The following table reflects the reconciliation of GAAP gross profit to non-GAAP gross profit and gross margin to non-GAAP gross margin for the periods presented (in thousands, except percentages):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP gross profit | $228728 | $306152 | $68946 | $90024 |
| Stock-based compensation | 129 | 918 | 52 | 132 |
| Amortization of purchased intangible assets | 3374 | 4055 | 1014 | 1014 |
| Non-GAAP gross profit | $232231 | $311125 | $70012 | $91170 |
| GAAP gross margin | 56% | 60% | 59% | 63% |
| Non-GAAP gross margin | 56% | 61% | 60% | 64% |

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**Non-GAAP Sales and Marketing Expense**

We define non-GAAP sales and marketing expense as GAAP sales and marketing expense, excluding stock-based compensation and amortization of purchased intangible assets. The following table presents a reconciliation of GAAP sales and marketing expense to non-GAAP sales and marketing expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP sales and marketing expense | $74043 | $85725 | $18136 | $19144 |
| Stock-based compensation | (59) | (7998) | (106) | (156) |
| Amortization of purchased intangible assets | (6191) | (6102) | (1522) | (1531) |
| Non-GAAP sales and marketing expense | $67793 | $71625 | $16508 | $17457 |
| GAAP sales and marketing expense (% of revenue) | 18% | 17% | 16% | 13% |
| Non-GAAP sales and marketing expense (% of revenue) | 16% | 14% | 14% | 12% |

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**Non-GAAP Research and Product Development Expense**

We define non-GAAP research and product development expense as GAAP research and product development expense, excluding stock-based compensation. The following table presents a reconciliation of GAAP research and product development expense to non-GAAP research and product development expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP research and product development expense | $60132 | $73200 | $16383 | $18221 |
| Stock-based compensation | (662) | (8076) | (436) | (489) |
| Non-GAAP research and product development expense | $59470 | $65124 | $15947 | $17732 |
| GAAP research and product development expense (% of revenue) | 15% | 14% | 14% | 13% |
| Non-GAAP research and product development expense (% of revenue) | 14% | 13% | 14% | 12% |

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**Non-GAAP General and Administrative Expense**

We define non-GAAP general and administrative expense as GAAP general and administrative expense, excluding stock-based compensation, transaction-related expenses, and contingent consideration changes in fair value. The following table presents a reconciliation of GAAP general and administrative expense to non-GAAP general and administrative expense for the periods presented (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP general and administrative expense | $42005 | $64618 | $13141 | $15619 |
| Stock-based compensation | (982) | (5199) | (341) | (282) |
| Transaction-related expenses | (3903) | (2888) | (52) | (188) |
| Contingent consideration changes in fair value | 9451 |  |  |  |
| Non-GAAP general and administrative expense | $46571 | $56531 | $12748 | $15149 |
| GAAP general and administrative expense (% of revenue) | 10% | 13% | 11% | 11% |
| Non-GAAP general and administrative expense (% of revenue) | 11% | 11% | 11% | 11% |

---

**Non-GAAP Operating Income and Non-GAAP Operating Margin**

We define non-GAAP operating income as GAAP operating income, excluding stock-based compensation, amortization of purchased intangible assets, transaction-related expenses, and contingent consideration change in fair value. We define non-GAAP operating margin as non-GAAP operating income divided by revenue. We use non-GAAP operating income and non-GAAP operating margin in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. The following table

------

presents a reconciliation of GAAP operating income to non-GAAP operating income for the periods presented (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| GAAP operating income | $52548 | $82609 | $21286 | $37040 |
| Stock-based compensation | 1832 | 22191 | 935 | 1059 |
| Amortization of purchased intangible assets | 9565 | 10157 | 2536 | 2545 |
| Transaction-related expenses | 3903 | 2888 | 52 | 188 |
| Contingent consideration change in fair value | (9451) |  |  |  |
| Non-GAAP operating income | 58397 | 117845 | 24809 | 40832 |
| GAAP operating margin | 13% | 16% | 18% | 26% |
| Non-GAAP operating margin | 14% | 23% | 21% | 28% |

---

**Non-GAAP Operating Cash Flow and Non-GAAP Operating Cash Flow Margin**

We define non-GAAP operating cash flow as GAAP net cash provided by operating activities, adjusted for the change in customer deposits. Customer deposits represents funds payable to our customers from payments we process on behalf of our customers. We define non-GAAP operating cash flow margin as non-GAAP operating cash flow divided by revenue. We believe non-GAAP operating cash flow and non-GAAP operating cash flow margin are useful indicators of liquidity that provide our management, board of directors, and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives. The following table presents a reconciliation of GAAP net cash provided by operating activities to non-GAAP operating cash flow for the periods presented (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Net cash used in investing activities | (52824) | (12963) | (3104) | (2751) |
| Net cash provided by (used in) financing activities | 18285 | (27702) | (418) | (750) |
| Effect of exchange rate on cash | (294) | 114 | 11 | (522) |
| Net increase (decrease) in cash and cash equivalents | $127095 | $59512 | $(38280) | $52564 |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Change in customer deposits | (144689) | (4591) | 54435 | (27041) |
| Non-GAAP operating cash flow | $17239 | $95472 | $19666 | $29546 |
| Operating cash flow margin | 39% | 20% | (30)% | 39% |
| Non-GAAP operating cash flow margin | 4% | 19% | 17% | 21% |

---

------

**Free Cash Flow and Free Cash Flow Margin**

We define free cash flow as GAAP net cash provided by operating activities less purchase of property, equipment and software. We define free cash flow margin as free cash flow divided by revenue. We believe free cash flow and free cash flow margin are useful indicators of liquidity that provide our management, board of directors, and investors with information about our ability to generate cash after necessary investments in our business. The following table presents a reconciliation of GAAP net cash provided by operating activities to free cash flow for the periods presented (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Less: Purchase of property, equipment and software | (9574) | (12974) | (3108) | (2755) |
| Free cash flow | $152354 | $87089 | $(37877) | $53832 |
| Free cash flow margin | 37% | 17% | (32)% | 38% |

---

**Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin**

We define adjusted free cash flow as GAAP net cash provided by operating activities less purchase of property, equipment and software, adjusted for the change in customer deposits. Customer deposits represents funds payable to our customers from payments we process on behalf of our customers. We define adjusted free cash flow margin as adjusted free cash flow divided by revenue. We believe adjusted free cash flow and adjusted free cash flow margin are useful indicators of liquidity that provide our management, board of directors, and investors with insight into our ability to generate cash excluding the impact of necessary investments in our business and cash movements related to customer deposits, which we do not consider reflective of our core operating performance. The following table presents a reconciliation of GAAP net cash provided by operating activities to adjusted free cash flow for the periods presented (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | | | **(unaudited)** | **(unaudited)** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| Less: Purchase of property, equipment and software | (9574) | (12974) | (3108) | (2755) |
| Change in customer deposits | (144689) | (4591) | 54435 | (27041) |
| Adjusted free cash flow | $7665 | $82498 | $16558 | $26791 |
| Adjusted free cash flow margin | 2% | 16% | 14% | 19% |

---

------

**Quarterly Non-GAAP Financial Information**

*Non-GAAP Gross Profit and Non-GAAP Gross Margin*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| GAAP gross profit | $49733 | $54567 | $59952 | $64476 | $68946 | $72541 | $79133 | $85532 | $90024 |
| Stock-based compensation | 28 | 37 | 8 | 56 | 52 | 561 | 156 | 149 | 132 |
| Amortization of purchased intangible assets | 675 | 708 | 977 | 1014 | 1014 | 1014 | 1014 | 1013 | 1014 |
| Non-GAAP gross profit | $50436 | $55312 | $60937 | $65546 | $70012 | $74116 | $80303 | $86694 | $91170 |
| GAAP gross margin | 54% | 55% | 55% | 57% | 59% | 59% | 60% | 62% | 63% |
| Non-GAAP gross margin | 55% | 56% | 56% | 58% | 60% | 61% | 61% | 63% | 64% |

---

*Non-GAAP Sales and Marketing Expense*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| GAAP sales and marketing expense | $17459 | $19473 | $19837 | $17274 | $18136 | $27457 | $21650 | $18482 | $19144 |
| Stock-based compensation | (27) | (23) | (6) | (3) | (106) | (7602) | (190) | (100) | (156) |
| Amortization of purchased intangible assets | (1565) | (1573) | (1531) | (1522) | (1522) | (1524) | (1527) | (1529) | (1531) |
| Non-GAAP sales and marketing expense | $15867 | $17877 | $18300 | $15749 | $16508 | $18331 | $19933 | $16853 | $17457 |
| GAAP sales and marketing expense (% of revenue) | 19% | 20% | 18% | 15% | 16% | 22% | 16% | 13% | 13% |
| Non-GAAP sales and marketing expense (% of revenue) | 17% | 18% | 17% | 14% | 14% | 15% | 15% | 12% | 12% |

---

*Non-GAAP Research and Product Development Expense*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| GAAP research and product development expense | $14485 | $14824 | $15395 | $15428 | $16383 | $22478 | $16773 | $17566 | $18221 |
| Stock-based compensation | (111) | (116) | (122) | (313) | (436) | (6488) | (795) | (357) | (489) |
| Non-GAAP research and product development expense | $14374 | $14708 | $15273 | $15115 | $15947 | $15990 | $15978 | $17209 | $17732 |
| GAAP research and product development expense (% of revenue) | 16% | 15% | 14% | 14% | 14% | 18% | 13% | 13% | 13% |
| Non-GAAP research and product development expense (% of revenue) | 16% | 15% | 14% | 13% | 14% | 13% | 12% | 12% | 12% |

---

------

*Non-GAAP General and Administrative Expense*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| GAAP general and administrative expense | $10108 | $9399 | $9896 | $12602 | $13141 | $19840 | $14304 | $17333 | $15619 |
| Stock-based compensation | (237) | (244) | (247) | (254) | (341) | (3839) | (688) | (331) | (282) |
| Transaction-related expenses | (35) | (3545) | (197) | (126) | (52) | (2527) | (73) | (236) | (188) |
| Contingent consideration changes in fair value | 1351 | 5650 | 2450 |  |  |  |  |  |  |
| Non-GAAP general and administrative expense | $11187 | $11260 | $11902 | $12222 | $12748 | $13474 | $13543 | $16766 | $15149 |
| GAAP general and administrative expense (% of revenue) | 11% | 10% | 9% | 11% | 11% | 16% | 11% | 13% | 11% |
| Non-GAAP general and administrative expense (% of revenue) | 12% | 11% | 11% | 11% | 11% | 11% | 10% | 12% | 11% |

---

*Non-GAAP Operating Income and Non-GAAP Operating Margin*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| GAAP operating income | $7681 | $10871 | $14824 | $19172 | $21286 | $2766 | $26406 | $32151 | $37040 |
| Stock-based compensation | 403 | 420 | 383 | 626 | 935 | 18490 | 1829 | 937 | 1059 |
| Amortization of purchased intangible assets | 2240 | 2281 | 2508 | 2536 | 2536 | 2538 | 2541 | 2542 | 2545 |
| Transaction-related expenses | 35 | 3545 | 197 | 126 | 52 | 2527 | 73 | 236 | 188 |
| Contingent consideration change in fair value | (1351) | (5650) | (2450) |  |  |  |  |  |  |
| Non-GAAP operating income | $9008 | $11467 | $15462 | $22460 | $24809 | $26321 | $30849 | $35866 | $40832 |
| GAAP operating margin | 8% | 11% | 14% | 17% | 18% | 2% | 20% | 23% | 26% |
| Non-GAAP operating margin | 10% | 12% | 14% | 20% | 21% | 22% | 23% | 26% | 28% |

---

------

*Non-GAAP Operating Cash Flow and Non-GAAP Operating Cash Flow Margin*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Net cash provided by operating activities | $(5230) | $(7054) | $89677 | $84535 | $(34769) | $(263) | $112828 | $22267 | $56587 |
| Net cash used in investing activities | (2314) | (46274) | (2416) | (1820) | (3104) | (2860) | (2437) | (4562) | (2751) |
| Net cash provided by (used in) financing activities | 31567 | (427) | (348) | (12506) | (418) | 143704 | 183557 | (354545) | (750) |
| Effect of exchange rate on cash | (81) | (31) | 27 | (210) | 11 | 424 | (522) | 201 | (522) |
| Net increase in cash and cash equivalents | $23942 | $(53786) | $86940 | $69999 | $(38280) | $141005 | $293426 | $(336639) | $52564 |
| Net cash provided by operating activities | $(5230) | $(7054) | $89677 | $84535 | $(34769) | $(263) | $112828 | $22267 | $56587 |
| Change in customer deposits | 5899 | 9962 | (77207) | (83343) | 54435 | 17219 | (80812) | 4567 | (27041) |
| Non-GAAP operating cash flow | $669 | $2908 | $12470 | $1192 | $19666 | $16956 | $32016 | $26834 | $29546 |
| Operating cash flow margin | (6)% | (7)% | 83% | 75% | (30)% | —% | 85% | 16% | 39% |
| Non-GAAP operating cash flow margin | 1% | 3% | 11% | 1% | 17% | 14% | 24% | 19% | 21% |

---

*Free Cash Flow and Free Cash Flow Margin*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Net cash provided by operating activities | $(5230) | $(7054) | $89677 | $84535 | $(34769) | $(263) | $112828 | $22267 | $56587 |
| Less: Purchase of property, equipment and software | (2337) | (2675) | (2445) | (2117) | (3108) | (2864) | (2439) | (4563) | (2755) |
| Free cash flow | $(7567) | $(9729) | $87232 | $82418 | $(37877) | $(3127) | $110389 | $17704 | $53832 |
| Free cash flow margin | (8)% | (10)% | 80% | 73% | (32)% | (3)% | 83% | 13% | 38% |

---

*Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| **(in thousands, except percentages)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Net cash provided by operating activities | $(5230) | $(7054) | $89677 | $84535 | $(34769) | $(263) | $112828 | $22267 | $56587 |
| Less: Purchase of property, equipment and software | (2337) | (2675) | (2445) | (2117) | (3108) | (2864) | (2439) | (4563) | (2755) |
| Change in customer deposits | 5899 | 9962 | (77207) | (83343) | 54435 | 17219 | (80812) | 4567 | (27041) |
| Adjusted free cash flow | $(1668) | $233 | $10025 | $(925) | $16558 | $14092 | $29577 | $22271 | $26791 |
| Adjusted free cash flow margin | (2)% | —% | 9% | (1)% | 14% | 12% | 22% | 16% | 19% |

---

**Quarterly Results of Operations**

The following tables set forth selected unaudited quarterly consolidated statements of operations data for each of quarters indicated, as well as the percentage of revenue that each line item represents. The information for each of these quarters has been prepared on the same basis as our audited annual consolidated financial statements included elsewhere in this prospectus and, in the opinion of management, includes all adjustments, which consist only of normal and recurring adjustments,

------

necessary for the fair statement of the results of operations for these periods in accordance with GAAP. 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 results of operations for a full year or any future period.

***Quarterly Consolidated Statements of Operations***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Revenue | $92065 | $98730 | $108496 | $112709 | $116601 | $122210 | $132443 | $138041 | $143483 |
| Cost of revenue | 42332 | 44163 | 48544 | 48233 | 47655 | 49669 | 53310 | 52509 | 53459 |
| Gross profit | 49733 | 54567 | 59952 | 64476 | 68946 | 72541 | 79133 | 85532 | 90024 |
| Operating expenses |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 17459 | 19473 | 19837 | 17274 | 18136 | 27457 | 21650 | 18482 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 14485 | 14824 | 15395 | 15428 | 16383 | 22478 | 16773 | 17566 | 18221 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10108 | 9399 | 9896 | 12602 | 13141 | 19840 | 14304 | 17333 | 15619 |
| Total operating expenses | 42052 | 43696 | 45128 | 45304 | 47660 | 69775 | 52727 | 53381 | 52984 |
| Operating income | 7681 | 10871 | 14824 | 19172 | 21286 | 2766 | 26406 | 32151 | 37040 |
| Other expense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (4332) | (4281) | (4800) | (4571) | (4347) | (3220) | (3033) | (5190) | (6553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (47) | (43) | 113 | (54) | 557 | (1951) | (531) | (790) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  |  |  |  | (4188) |  |  |
| Income before tax | 3302 | 6547 | 10137 | 14547 | 17496 | (2405) | 18654 | 26171 | 30500 |
| Income tax expense | 284 | 1186 | 1849 | 9455 | 3557 | (395) | (144) | 6222 | 7154 |
| Net income | $3018 | $5361 | $8288 | $5092 | $13939 | $(2010) | $18798 | $19949 | $23346 |

---

------

***Quarterly Consolidated Statements of Operations, as a Percentage of Revenue***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Revenue | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Cost of revenue | 46 | 45 | 45 | 43 | 41 | 41 | 40 | 38 | 37 |
| Gross profit | 54 | 55 | 55 | 57 | 59 | 59 | 60 | 62 | 63 |
| Operating expenses |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 19 | 20 | 18 | 15 | 16 | 22 | 16 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 16 | 15 | 14 | 14 | 14 | 18 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 11 | 10 | 9 | 11 | 11 | 16 | 11 | 13 | 11 |
| Total operating expenses | 46 | 44 | 42 | 40 | 41 | 57 | 40 | 39 | 37 |
| Operating income | 8 | 11 | 14 | 17 | 18 | 2 | 20 | 23 | 26 |
| Other expense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (5) | (4) | (4) | (4) | (4) | (3) | (2) | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net |  |  |  |  |  | (2) |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  |  |  |  | (3) |  |  |
| Income before tax | 4 | 7 | 9 | 13 | 15 | (2) | 14 | 19 | 21 |
| Income tax expense |  | 1 | 2 | 8 | 3 |  |  | 5 | 5 |
| Net income | 3% | 5% | 8% | 5% | 12% | (2)% | 14% | 14% | 16% |

---

***Quarterly Disaggregated Revenue***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Subscription-related revenue | $80047 | $84556 | $94472 | $95626 | $100525 | $104804 | $114157 | $118256 | $121937 |
| Embedded Technology Solutions revenue | 12018 | 14174 | 14024 | 17083 | 16076 | 17406 | 18286 | 19785 | 21546 |
| Total | $92065 | $98730 | $108496 | $112709 | $116601 | $122210 | $132443 | $138041 | $143483 |

---

***Units by Quarter***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Units | 1986537 | 2024800 | 2112131 | 2126338 | 2210991 | 2320955 | 2350888 | 2440976 | 2487004 |

---

***ARPU by Quarter***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| ARPU | $175 | $182 | $183 | $194 | $197 | $198 | $206 | $209 | $216 |

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**Quarterly Revenue Trends**

Between January 1, 2024 and March 31, 2026, Subscription-related revenue represented between 85% and 87% of our revenue, and Embedded Technology Solutions revenue represented between 13% and 15% of our revenue. Our quarterly revenue increased sequentially across all periods, primarily due to increased adoption of our product offerings from both new and existing customers.

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***Quarterly Costs and Expenses Trends***

Costs of revenue generally increased sequentially across the quarters presented due primarily to the continued increase in revenue for all periods and the associated direct costs to fulfill the revenue, including payment processing costs and employee related costs for customer service and the support of our operations.

Our sales and marketing expenses generally increased but had fluctuations primarily due to the timing of trade shows and field events to support the growth of our business. For the three months ended June 30, 2025, sales and marketing expenses increased compared to the preceding three-month periods due to stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025.

Our research and product development expenses generally increased sequentially across the quarters presented, primarily due to the addition of employees to support expanded operations and the development of our Operating System. For the three months ended June 30, 2025 research and product development expenses increased compared to the preceding three-month periods due to stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025.

Our general and administrative expenses generally increased sequentially across the quarters presented, primarily due to the addition of employees to support our growth. General and administrative expenses increased significantly in the three months ended June 30, 2025 due to stock-based compensation expense for an RSU release related to an employee tender offer completed in July of 2025.

***Interest Expense Trends***

Interest expense decreased across the periods presented, primarily reflecting a lower average interest rate driven by a decline in the Secured Overnight Financing Rate ("SOFR") and a reduction in principal balances as a result of scheduled debt repayments.

***Other expense, net and loss on debt extinguishment***

Other expense, net in the quarters presented are primarily driven by fluctuations in foreign currency translation rates. We also incurred a loss on debt extinguishment resulting from the refinancing of our long-term debt in September 2025. This loss is primarily the result of unamortized debt issuance costs and accrued interest on the date of extinguishment.

**Seasonality**

We have historically experienced seasonality in some types of revenue due to seasonally higher leasing activities in the third quarter as residents move in prior to the start of the school year. In the rental property ecosystem, this is referred to as leasing season. Specifically, higher resident applications in the third quarter typically result in increased use of our resident screening services. The increase in the number of move-ins also typically results in sequentially higher revenue from our payments and resident insurance services. Additionally, we see increased activity on our Operating System during the first week of each month when rent is due, resulting in higher revenue from our payments services. Moreover, if macroeconomic factors in a given fiscal year impact resident behavior, our product portfolio mix, or the adoption rate of our other less seasonally impacted products, the effect that seasonal factors have on our revenue may be exacerbated. Although these seasonal factors are common in the multifamily market, these historical patterns could change and are not necessarily indicative of results we may see, or expect to see, in the future.

**Key Business Metrics**

We monitor the following key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions:

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**Units**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| Units | 1986537 | 2024800 | 2112131 | 2126338 | 2210991 | 2320955 | 2350888 | 2440976 | 2487004 |

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Unit count represents the residential units currently being billed for use of our Operating System, and excludes units using ancillary Entrata products but not the Operating System. A residential unit is an individual, self-contained living space within a larger residential building or complex. Management uses Units to assess the scale and growth of our platform. Increases in Units reflect both the addition of new customers and the expansion of deployments within our existing customer base, as customers add additional properties or units to our platform. Growth in Units also expands our revenue opportunity by increasing the number of Units to which we can cross-sell additional products and services.

**ARPU**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2024** | **June 30, 2024** | **September 30, 2024** | **December 31, 2024** | **March 31, 2025** | **June 30, 2025** | **September 30, 2025** | **December 31, 2025** | **March 31, 2026** |
| ARPU | $175 | $182 | $183 | $194 | $197 | $198 | $206 | $209 | $216 |

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ARPU represents trailing twelve month revenue divided by total units as of the end of the applicable period. Management uses ARPU to evaluate monetization of our platform. Changes in ARPU reflect our ability to (i) land new customer contracts at higher average revenue levels and (ii) drive incremental revenue from our existing installed base through the adoption of additional products and services. Accordingly, increases in ARPU are an indication of the effectiveness of our sales and go-to-market strategies in securing larger initial customer engagements and in expanding product and service penetration within our existing customers.

**Liquidity and Capital Resources**

As of December 31, 2025 and March 31, 2026, our principal source of liquidity was cash of $95.1 million and $119.9 million, respectively. Designated cash represents funds from payments we process on behalf of our customers and restricted cash represents funds associated with underwriting deposits and premiums collected for insurance policies sold. Cash is comprised of bank deposits and money market funds. Cash is held primarily for working capital purposes. In addition, we have access to a revolving line of credit of $75.0 million. As of December 31, 2025 and March 31, 2026, we had no outstanding borrowings from the line of credit.

Since our inception, we have financed our operations primarily through net cash provided by operating activities and long-term debt facilities. We believe our existing cash will be sufficient to meet our projected operating requirements for at least the next 12 months. Our future capital requirements will depend on many factors, including our pace of growth, subscription renewal activity, the timing and extent of spend to support the expansion of sales and marketing activities, research and product development efforts, and the continuing market adoption of our Operating System. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us, or at all. If we are unable to raise additional capital when desired, our business, results of operations, and financial condition would be adversely affected.

***Credit Facility***

On September 30, 2025, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and issuing bank. We borrowed $400.0 million on a term loan with a revolving loan commitment of up to $75.0 million. We did not draw on the revolver during the year ended December 31, 2025 or the three months ended March 31, 2026. We also have up to $15.0 million in letters of credit under the Credit Agreement, none of which has been drawn during the periods presented. The borrowings are collateralized by the equity interests of certain of our wholly owned

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subsidiaries and by substantially all of our assets, including accounts receivable, cash accounts, equipment, and intellectual property.

The term loan has a maturity date of September 30, 2032. Quarterly payments of $1.0 million began in March 2026, with the remainder due on the maturity date. The term loan bears interest at 3.00% + SOFR if the first-lien leverage ratio is greater than 2.75 and 2.75% + SOFR if the first-lien leverage ratio is less than or equal to 2.75. As of December 31, 2025 and March 31, 2026, the interest rate was 6.7% and 6.4%, respectively. Fees on the unused portion of the revolver are 0.50% per annum. The debt has a 1.0% prepayment penalty, which expired on March 30, 2026.

The following table shows cash flows for the years ended December 31, 2024 and 2025 and three months ended March 31, 2025 and 2026 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2024** | **2025** | **2025** | **2026** |
| Net cash provided by (used in) operating activities | $161928 | $100063 | $(34769) | $56587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (52824) | (12963) | (3104) | (2751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 18285 | (27702) | (418) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (294) | 114 | 11 | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, designated cash and restricted cash | $127095 | $59512 | $(38280) | $52564 |

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***Operating Activities***

Cash provided by operating activities for the year ended December 31, 2025 of $100.1 million was primarily due to net income of $50.7 million and non-cash add backs totaling $92.2 million, primarily from depreciation, amortization, and stock-based compensation, partially offset by a change in operating assets and liabilities of $42.8 million, primarily from a $33.8 million change in deferred contract costs due to capitalized costs to obtain and fulfill customer contracts.

Cash provided by operating activities for the year ended December 31, 2024 of $161.9 million was primarily due to net income of $21.8 million, non-cash add backs of depreciation and amortization of $52.8 million in aggregate, and a $144.7 million change in the customer deposit liability, offset by a net decrease of $46.1 million from changes in other assets and liabilities and $9.5 million in non-cash add backs for the change in fair value of contingent consideration.

Cash provided by operating activities for the three months ended March 31, 2026 of $56.6 million was primarily due to net income of $23.3 million and changes in assets and liabilities that increased cash by $15.2 million, primarily from an increase in customer deposits of $27.0 million, partially offset by an increase in deferred contract costs and a decrease in accrued expenses and other liabilities of $7.7 million and $8.8 million, respectively, and non-cash add backs totaling $18.1 million, primarily from depreciation and amortization of $14.5 million in aggregate.

Cash used in operating activities for the three months ended March 31, 2025 of $34.8 million was primarily due to net income of $13.9 million and changes in assets and liabilities that reduced cash by $61.1 million, primarily from a decrease in customer deposits of $54.4 million, partially offset by non-cash add backs of $12.4 million, primarily from depreciation and amortization of $13.6 million.

***Investing Activities***

Cash used in investing activities for the year ended December 31, 2025 of $13.0 million was primarily related to purchases of property, equipment, and software of $13.0 million.

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Cash used in investing activities for the year ended December 31, 2024 of $52.8 million was primarily related to the business acquisition of Colleen AI of $43.3 million and purchases of property, equipment, and software of $9.6 million.

Cash used in investing activities for the three months ended March 31, 2026 of $2.8 million was related to purchases of property, equipment and software of $2.8 million.

Cash used in investing activities for the three months ended March 31, 2025 of $3.1 million was related to purchases of property and equipment of $3.1 million.

***Financing Activities***

Cash used in financing activities for the year ended December 31, 2025 of $27.7 million was due to $399.0 million in borrowings on long-term debt and $200.0 million from the issuance of common stock to an investor, partially offset by our November 2025 cash dividend of $356.3 million, repayments of long-term debt of $173.3 million, repurchases of common stock of $93.3 million, and payments of debt issuance costs of $8.9 million.

Cash provided by financing activities for the year ended December 31, 2024 of $18.3 million consisted primarily of proceeds from related party stock subscriptions of $31.9 million, partially offset by $12.1 million in repurchases of common stock and $1.8 million in principal payments on long-term debt.

Cash used in financing activities for the three months ended March 31, 2026 of $0.8 million was primarily due to $1.0 million in repayments of long-term debt, partially offset by $0.3 million from the issuance of common stock for cash.

Cash used in financing activities for the three months ended March 31, 2025 of $0.4 million was due to $0.4 million in repayments of long-term debt.

**Commitments and Contractual Obligations**

Our principal commitments and contractual obligations consist of obligations under leases for office facilities and repayments of long-term debt. The following table summarizes our non-cancelable contractual obligations as of March 31, 2026 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| Lease obligations | $44262 | $7849 | $10227 | $8202 | $17984 |
| Long-term debt | 399000 | 4000 | 8000 | 8000 | 379000 |
| Interest payments related to long-term debt | 163831 | 25673 | 51062 | 49950 | 37146 |
|  | $607093 | $37522 | $69289 | $66152 | $434130 |

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On September 30, 2025, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and issuing bank. We borrowed $400.0 million on a term loan with a revolving loan commitment of up to $75.0 million. We did not draw on the revolver during the three months ended March 31, 2026. We also have up to $15.0 million in letters of credit under the Credit Agreement, none of which has been drawn during the periods presented. The borrowings are collateralized by the equity interests of certain of our wholly owned subsidiaries and by substantially all Company assets, including accounts receivable, cash accounts, equipment, and intellectual property.

The term loan has a maturity date of September 30, 2032. Quarterly payments of $1.0 million began in March 2026, with the remainder due on the maturity date. The term loan bears interest at 3.00% + SOFR if the first-lien leverage ratio is greater than 2.75 and 2.75% + SOFR if the first-lien leverage ratio is less than or equal to 2.75. As of March 31, 2026, the interest rate was 6.4%. Interest payments are made

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monthly. Fees on the unused portion of the revolver are 0.50% per annum. The debt has a 1.0% prepayment penalty, which expired on March 30, 2026.

We incurred debt issuance costs of $9.9 million, inclusive of $1.0 million in original issuance discounts. These costs have been capitalized and are being amortized using the effective interest method over the life of the term loan.

During the year ended December 31, 2025, we terminated our existing lease agreement for its India office facility prior to the contractual expiration date and entered into a new lease for a different location with the same lessor. The termination of the previous lease resulted in the derecognition of the related right-of-use asset and lease liability and the recognition of a gain of $0.2 million. The gain is included in Other income, net in the accompanying consolidated statements of operations and comprehensive income. The new India office lease had a right-of-use asset and corresponding lease liability of $18.7 million and has a term of 10 years. The lease contains fixed monthly payments subject to annual escalations. We classified this lease as an operating lease.

Additionally, during the year ended December 31, 2025, we entered into a new office lease in Israel, which had a right-of-use asset and corresponding lease liability of $1.0 million. The lease contains fixed quarterly payments subject to annual escalations. We classified this lease as an operating lease.

During the three months ended March 31, 2026, we commenced the second phase of our lease for office space in India, which was originally entered into during the year ended December 31, 2025. We recognized an additional right-of-use asset and corresponding operating lease liability of approximately $7.4 million. The second phase of the office space lease in India is coterminous with the India phase one lease described above. The lease contains fixed monthly payments subject to annual escalations. We classified this lease as an operating lease.

Additionally, during the three months ended March 31, 2026, we entered into a new office lease in Logan, Utah, which had a right-of-use asset and corresponding lease liability of $0.6 million. The lease contains fixed monthly payments subject to annual escalations. We classified this lease as an operating lease.

**Off-Balance Sheet Arrangements**

Through March 31, 2026, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**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 and foreign currency exchange rates.

***Interest Rate Risk***

We had cash of $119.9 million as of March 31, 2026. The cash is 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 in money market funds, 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.

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***Foreign Currency Exchange Risk***

Our reporting currency is the U.S. dollar and the functional currency of our wholly owned foreign subsidiaries is the local currency. For subsidiaries whose functional currency is not the U.S. dollar, assets and liabilities are translated into U.S. dollars using foreign currency exchange rates in effect at the balance sheet date. Income and expense items are translated at average exchange rates prevailing during the period. Resulting translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) within stockholders' equity. Monetary assets and liabilities denominated in currencies other than a subsidiary's functional currency are remeasured at end-of-period exchange rates, and the resulting gains or losses are recognized in other expense, net in our consolidated statements of operations. Because our consolidated financial statements are reported in U.S. dollars, fluctuations in exchange rates between the U.S. dollar and these currencies can impact our reported results. The volatility of exchange rates depends on many factors outside our control, including macroeconomic conditions, changes in interest rates, governmental policies such as tariffs, and geopolitical events. We have experienced, and expect to continue to experience, fluctuations in foreign currency translation and remeasurement gains and losses as exchange rates change. We do not currently utilize derivative instruments or engage in hedging activities to mitigate potential foreign currency exposure, 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.

**Critical Accounting Estimates**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenue generated and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management's judgments and estimates.

***Revenue Recognition***

We include estimated variable consideration in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur. We estimate and accrue an allowance for customer credits for potential adjustments as a reduction to revenue based on several factors, including past history.

Embedded Technology Solutions revenue gives rise to variable consideration. The rate per transaction is stated and fixed within the contract; however, the quantity of transactions in any given month by our customers is unknown at the inception of the contract.

We allocate all variable revenue associated with our resident screening product to the underlying transactions pursuant to the variable consideration allocation exception and recognize such revenue in the month in which the transactions occur. We believe that allocating the variable amount entirely to the

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transactional services performance obligation is consistent with the allocation objective documented in ASC 606.

We allocate the total amount of variable revenue from our insurance products to two distinct performance obligations. For the first performance obligation, selling the policy, we recognize revenue at a point-in-time for the total estimated future collections associated with this performance obligation. The second performance obligation, administration of the policy, includes payment processing and carrying out the end-to-end operation of carrier policy programs, which are combined as a series and recognized over time. Variable consideration is constrained until the risk of significant revenue reversal is not probable. Any changes in these judgments and estimates could impact the amount of revenue recognized.

***Deferred Contract Costs***

Capitalized contract costs are deferred and amortized on a straight-line basis over an estimated period of benefit of three years, which is commensurate with the pattern of revenue recognition. We determined the period of benefit by taking into consideration our customer contract term, the useful life of the associated technology, average customer life, and other factors.

***Leases***

We determine if an arrangement contains a lease at its inception by assessing whether there is an identified asset and whether the arrangement conveys the right to control the use of the identified asset in exchange for consideration. As the implicit rate of our leases is not determinable, we calculate an incremental borrowing rate based on the information available at the lease commencement date or standard effective date in determining the present value of lease payments. We generally use the non-cancellable lease term when recognizing the right-of-use assets and lease liabilities unless it is reasonably certain that a renewal option or termination option will be exercised. We account for lease components and non-lease components as a single lease component.

***Business Combinations***

We allocate the fair value of the purchase consideration of our acquisitions to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Purchase consideration includes assets and equity transferred and liabilities assumed, all of which are measured at their fair value as of the date of acquisition. Certain business combination transactions are structured to include a combination of up-front and contingent payments to be made at specified dates subsequent to the date of acquisition. These cash payments will be settled within two years from the date of acquisition. Deferred and contingent payments determined to be purchase consideration are recorded at fair value as of the acquisition date. Our contingent consideration arrangements are obligations to make future payments to the seller contingent upon the achievement of future operational or financial targets and are remeasured to fair value at the end of each reporting period until the obligations are settled.

The valuation of the net assets acquired as well as certain elements of purchase consideration requires management to make significant estimates and assumptions, especially with respect to future expected cash flows, useful lives, and discount rates. We engaged third-party valuation specialists to assist in management's analysis of the fair value of the acquired intangibles. We reviewed all estimates, key assumptions, and forecasts. While we chose to utilize a third-party valuation specialist for assistance, the fair value analysis and related valuations reflect the conclusions of management and not those of any third party.

***Stock-Based Compensation***

We recognize stock-based compensation expense for stock-based awards granted to employees based on the estimated fair value of the awards on the date of grant. The fair value of traditional stock options is

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estimated on the grant date using the Black Scholes option-pricing model or, for awards with a performance-based vesting condition, a Monte Carlo valuation model. These valuation models require the use of subjective assumptions, including expected volatility, expected term, risk-free interest rate, and expected dividends.

The fair value of restricted stock units is based on the estimated fair value of our common stock on the grant date. Because our common stock is not publicly traded, management must estimate the fair value of our common stock at each grant date. In estimating the fair value of our common stock, we have utilized both the income approach and market approach. The income approach is based on the present value of projected future cash flows. The market approach estimates value by reference to comparable publicly traded companies and, when available, recent transactions involving our equity securities or those of comparable companies. In determining the fair value of our common stock, management considers multiple factors, including contemporaneous valuations prepared in accordance with Section 409A of the Code, our financial performance and projections, recent equity transactions, market conditions, and the probability and timing of a potential liquidity event, including an initial public offering.

The estimation of the fair market value of our common stock is complex and subjective due to the absence of a public trading market, the uncertainty inherent in forecasting future operating performance, and the judgment required to assess the likelihood and timing of future liquidity events. Changes in these assumptions could materially affect the estimated fair value of our common stock and, therefore, the amount of stock-based compensation expense recognized.

Once our common stock begins trading in a public market, the determination of the fair market value of our common stock for purposes of stock-based compensation will no longer require these estimates, as the fair market value used in determining the fair value of new awards will be based on the observable market price of our common stock on the grant date.

**Recently Accounting Pronouncements** 

See Note 1 to our consolidated financial statements included elsewhere in this prospectus for more information

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**BUSINESS**

**Overview**

***Our mission is to create a better living experience in every residential community.***

Home is tied to life's most important moments, whether forming a household, welcoming a child, starting a new job, navigating major life changes, or seeking a fresh start. Entrata's technology empowers property owners and operators to run tens of thousands of thriving residential communities, delivering better experiences for millions of residents while strengthening the entire residential ecosystem.

Multifamily real estate is one of the largest and most complex industries in the world comprising housing types such as conventional, student, and affordable, yet for decades it has relied on fragmented tools and legacy systems that are not built for such an essential part of everyday life. Entrata provides a modern and autonomous Operating System ("Operating System" or "OS") that connects the broader residential ecosystem within a single platform, including owners, operators, residents, and vendors. The Entrata Operating System replaces legacy systems and disconnected point solutions across Customer Relationship Management ("CRM"), Enterprise Resource Planning ("ERP"), Property Operations, and Resident Engagement with one unified, end-to-end system customizable by customers that streamlines property operations, strengthens the resident experience from move-in to move-out, addresses regulatory requirements, and delivers portfolio-level intelligence. The industry's largest and most complex operators run their communities on Entrata─Entrata's customers include 4 of the top 10 operators on the National Multifamily Housing Council's list of Top 50 Managers, including the 2 largest.<sup>27</sup> Every day, millions of people rely on Entrata to power their living experience and the operations that keep multifamily communities running.

The Entrata Operating System works as a single, cloud-native system of record for each customer that also serves as a system of context and a system of action. Entrata is built on a Unified Data Layer, enabling every stakeholder to operate on the same data and creating the foundation for fully automated property operations. We refer to our proprietary approach designed to automate the entire lifecycle as Autonomous Property Management® ("APM"). Across Entrata-powered communities, the Unified Data Layer processes over 4.5 billion daily system transactions, enabling each customer's dedicated system of record. Our Unified Data Layer underpins Entrata Layered Intelligence ("ELI"), our embedded agentic AI and automation engine, which powers agentic AI across operational domains such as leasing, payments, renewals, and maintenance, enabling both visible tasks and background system workflows. Our agentic layer enables autonomous operational workflows, allowing property managers to supervise AI-led operations. Through the use of our Operating System, our customers improve their operating efficiency, grow their business, and provide better living experiences for their residents.

APM requires a depth of domain data, workflow context, and operational connectivity that general-purpose AI tools and vertical point solutions generally lack access to or receive in fragmented, delayed, and incomplete forms. We believe our purpose-built Operating System, which captures a customer's real-time operational transactions, is uniquely positioned to deliver agentic automation at scale. This automation requires an end-to-end Operating System that captures system transactions across CRM, ERP, Property Operations, and Resident Engagement to enable a continuous stream of repeatable and highly interdependent workflows. Entrata is the control point that powers daily operations, maintains the real-time dataset, and orchestrates the workflows that drive the multifamily industry.

While the Operating System supports a wide range of complex and interconnected capabilities with a single login user experience, usability is a core focus and is delivered through tailored experience layers for operators and residents. The Operations Experience Platform ("OXP") provides guided workflows for operators that connect CRM, ERP, and Property Operations. The Resident Experience Platform ("RXP"), known by residents as Homebody, offers a mobile-first interface for resident services, financial wellness,

<sup>27</sup> Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers.

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and loyalty. These tailored experiences, supported by an embedded payments infrastructure and our Unified Data Layer, form the foundation for APM.

Each additional unit, workflow, and stakeholder (consisting of owners, operators, residents, and vendors) strengthens our Operating System and expands the benefits and utility for each customer. As connected units increase, our data and AI models grow more complete, which accelerates automation, reduces costs, and improves net operating income for the operator. Residents benefit from a more seamless and personalized living experience, and vendors gain efficiency from operating within a single connected ecosystem. As operators and residents benefit together, satisfaction and retention improve, driving portfolio consolidation onto Entrata and further expanding the overall network. These dynamics reinforce Entrata as the system of record at the center of modern multifamily operations.

Entrata pairs decades of multifamily experience with a technology-first approach built on innovation, agility, and rapid iteration. This combination of strengths allows us to deliver sophisticated functionality through a simple and intuitive product. With more than 3,000 configurable settings available, our Operating System supports diverse operating models and immense customizability while maintaining a unified architecture. This enterprise-grade, cloud-native foundation enables us to meet the full complexity of property operations while still prioritizing fast, intuitive implementation in ways that legacy systems and point solutions are not architected to replicate.

We participate in what we believe is one of the largest, most durable, and least digitized markets of the U.S. economy—the rental property market, which accounts for approximately $1 trillion of annual rental spend.<sup>28</sup> Within this broader landscape, our core focus is on the U.S. multifamily housing sector, which includes approximately 23.4 million units as of 2023.<sup>29</sup> As of March 31, 2026, we powered 2.5 million units, or roughly 10% of the U.S. multifamily market, with particular strength among the largest and most complex enterprise operators, which we define as operators managing properties with units ranging from thousands to hundreds of thousands. Our ability to scale with enterprise customers is evidenced by our 233 customers with annualized recurring revenue ("ARR") exceeding $500,000 as of December 31, 2025, compared to 183 such customers as of December 31, 2024, representing an increase of 27% in the customer count. These customers with ARR exceeding $500,000 represented 84% of total ARR as of December 31, 2025, compared to 81% of total ARR as of December 31, 2024. The combination of a large and mission-critical market that is heavily regulated, accelerating demand for automation, and our unified Operating System positions us to lead the industry's next phase of transformation. Our architecture,

<sup>28</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>29</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

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scale, and customer momentum create a durable foundation for long-term growth, evidenced by our five-year CAGR of 24% illustrated in the chart below:

![business1ba.jpg](business1ba.jpg)

Since our founding in 2003 and the launch of our Operating System in 2015, we have rapidly scaled while delivering strong growth and improving profitability. Revenue grew from $412.0 million in 2024 to $509.3 million in 2025, an increase of 24%. We retain customers by building brand loyalty among our operators and creating positive experiences for our residents. This is evidenced by our gross retention of 99% and 97% as of December 31, 2024 and 2025, respectively. We intend to continue to prioritize efficient growth. We have historically invested in our product and go-to-market strategy and will continue to improve upon each. Our operating income grew from $52.5 million in 2024 to $82.6 million in 2025 and our non-GAAP operating income grew from $58.4 million in 2024 to $117.8 million in 2025. We have reached 13% and 16% operating margin in 2024 and 2025, respectively. In addition, we have reached 14% and 23% in non-GAAP operating margin in 2024 and 2025, respectively, reflecting the operating leverage inherent in our model.

Revenue grew from $116.6 million in the three months ended March 31, 2025 to $143.5 million in the three months ended March 31, 2026. Our operating income grew from $21.3 million in the three months ended March 31, 2025 to $37.0 million in the three months ended March 31, 2026. Our non-GAAP operating income grew from $24.8 million in the three months ended March 31, 2025 to $40.8 million in the three months ended March 31, 2026. We have reached 18% and 26% operating margin in the three months ended March 31, 2025 and 2026, respectively. In addition, we have reached 21% and 28% in non-GAAP operating margin in the three months ended March 31, 2025 and 2026, respectively.

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**Industry Background**

Real estate is the world's largest asset class.<sup>30</sup> For most consumers in the United States, housing is not only the largest single expense of disposable income—comprising roughly 33%<sup>31</sup> of total expenditures—but also fulfills essential human needs, including shelter, safety, comfort, and a sense of community. Specifically, rental properties are seeing strong structural demand and have become a critical component of the U.S. economy, representing over 46 million renter households<sup>32</sup> and approximately $1 trillion in annual rental spend<sup>33</sup>.

In addition to its sheer scale, the rental property ecosystem consists of a wide range of interconnected stakeholders. Each of these stakeholders interact regularly and have unique needs that are essential to the ongoing success of any property. These stakeholders include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Owners:** Organizations and investment firms that own the property, typically for ongoing income generation and capital appreciation. Some of these firms also act as operators, or owner-operators, as referenced below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operators:** Organizations responsible for the day-to-day operations of the property, whether a third-party management company or the in-house operations, or owner-operators, function of an ownership group. They are also referred to as property managers. Operators typically lead activities such as marketing, leasing, maintenance, lease renewals, accounting, budgeting, and facilitating an exceptional resident experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Residents:** Families and individuals that lease space and pay rent. Residents are the lifeblood of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Vendors:** Third-party organizations that supply materials, equipment, or services to the property. For example, this may include a painter that is hired to renovate an apartment, a plumber dispatched to repair a unit's kitchen faucet, or local suppliers and big box retailers.

Despite their distinct roles, these stakeholders stand to benefit from a centralized Operating System that unifies them and streamlines complex workflows within a single platform that manages everything needed to run a thriving property. A centralized platform fosters better communication and alignment among stakeholders, making it easier to manage the many moving parts involved in property operations. In addition, a unified operating system purpose-built for the rental property ecosystem helps these stakeholders navigate complexity and multi-jurisdictional regulation across leasing, resident screening, payments, maintenance, accounting, compliance, data privacy, and consumer protection.

<sup>30</sup> Savills, World's real estate worth $393.3 trillion and is the world's largest store of wealth.

<sup>31</sup> U.S. Bureau of Labor Statistics, Consumer Expenditures—2023.

<sup>32</sup> Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>33</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

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**Managing Rental Communities is Highly Complex**

![prospectus_summary1b.jpg](prospectus_summary1b.jpg)

Operators run highly complex businesses. In order to be successful, operators must maximize occupancy, deliver an excellent resident experience, and continually identify ways to improve efficiency and net operating income.

The rental property ecosystem in the United States is undergoing a period of significant transformation underscored by macroeconomic, demographic, industry-specific, regulatory, and technological changes. We believe the following themes are at the center of this transformation:

***Demand for rental properties is outpacing demand for home ownership***

The U.S. rental market is undergoing robust, secular growth, driven by evolving consumer preferences, demographic shifts, and urbanization. As a result, renter growth is expected to outpace homeowner growth by approximately 2x through 2040.<sup>34</sup>

The traditional view centered on homeownership is evolving, with a growing number of consumers now choosing to rent, even when financially able to buy a home. This shift is driven by a desire for greater flexibility, both in terms of mobility and personal finances, as consumers increasingly prioritize freedom from long-term mortgages and the burdens of property maintenance. Many consumers value the ability to relocate for career or lifestyle reasons, avoid tying up wealth in illiquid assets, and enjoy a less stressful, more flexible lifestyle. Today's consumers also seek vibrant communities and social connections while leveraging their financial freedom to invest in experiences, career growth, and retirement savings. Renting is no longer seen as a default or temporary option but as a deliberate and attractive path that aligns with modern consumer preferences and life goals across all ages.<sup>35</sup> This allows operators to provide different types of housing to residents through their various stages of life from student housing near a university to first city apartment to active adult living.

<sup>34</sup> Urban Institute, The Future of Headship and Homeownership.

<sup>35</sup> The American Dream Survey. See the section titled "Industry, Market, and Other Data."

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Furthermore, the urban population has increased in recent years, with 84% of the U.S. population now living in urban areas compared to 70% in 1960<sup>36</sup>, leading to a need for higher density development. In urban areas, over half (51%) of the housing inventory is rented, significantly more than in suburban (30%) and nonmetropolitan areas (28%).<sup>37</sup> Millennials and Gen-Z are driving urban demand and are prioritizing convenience, connectivity, and sustainability. Unlike previous generations, we believe they are more likely to rent, live in smaller units, and seek locations near public transit and workplaces.

Rising costs of homeownership driven by elevated home prices and substantial down payment requirements have made buying a home significantly less affordable than renting. As a result, many consumers are turning to renting as a more accessible and cost-effective alternative. The proportion of U.S. renter households able to afford a median-priced home dropped to just 13% in the second quarter of 2025, down from 17% in the same period in 2019, representing 1.8 million households priced out of the market.<sup>38</sup> This lack of affordability has led younger generations to delay home purchases, pushing the average age of first-time buyers to a record 38 years old in 2024, up from the late 20s in the 1980s.<sup>39</sup>

These trends underscore a fundamental transformation, positioning rental properties as an increasingly preferred and practical choice across the United States.

***Rising demand for rental properties has fueled increased investment in multifamily units, which are predominantly managed by enterprise operators***

As the rental property market has evolved, enterprise operators have grown significantly. These sophisticated organizations require enterprise-grade solutions that prioritize reliability, configurability, security, and real-time data to streamline workflows and enhance overall business efficiency and profitability. These operators also bring a level of professionalization, best practices, and economies of scale to the property management function. As a result, they are typically better equipped to manage large properties with high unit density and multi-city, multi-state geographic footprints. From 2023 to 2024, new construction contributed an average annual increase in multifamily units of approximately 2% to 3%.<sup>40</sup> Within the enterprise segment, operators continue to expand their portfolios significantly. According to the National Multifamily Housing Council, the top 50 operators as of 2025 have grown their managed units by 48% from 2020, representing an 8% CAGR.<sup>41</sup> This expansion is driving demand for sophisticated, scalable technology platforms that can support complex, multi-property operations, deliver superior resident experiences, and ultimately contribute to higher net operating income per property.

***The resident experience has become a vital component of competitive differentiation for operators***

The resident experience is a core element of success for operators. Delivering seamless support and service drives resident satisfaction, referrals, and ultimately retention, directly boosting net operating income per property. Recent studies have shown satisfied residents are nearly 3.5x more likely to renew their lease than dissatisfied residents.<sup>42</sup>

<sup>36</sup> World Bank Group, Urban population (% of total population)—United States.

<sup>37</sup> Joint Center for Housing Studies of Harvard University, America's Rental Housing.

<sup>38</sup> To determine how many renter households can afford a median-priced home, CBRE estimated an all-in monthly cost (including mortgage, insurance, taxes, and general maintenance) and compared that against renter incomes in each market. A threshold of 40% of gross monthly income was used to determine if the average payment for a median-priced home is affordable for a renter household. Based on this analysis, the proportion of U.S. renter households that can afford a median-priced home as of the second quarter of 2025 dropped to just 12.7% from 17.0% in 2019. CBRE, Fewer Renter Households Can Afford Homeownership.

<sup>39</sup> National Association of Realtors, Profile of Home Buyers and Sellers.

<sup>40</sup> Only takes into account new construction of privately-owned units in buildings with five or more total units. Federal Reserve Bank of St. Louis, New Privately-Owned Housing Units Completed: Units in Buildings with 5 Units or More.

<sup>41</sup> Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers.

<sup>42</sup> Grace Hill, Measure What Matters, Ways you can leverage actionable survey insights to increase asset value.

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Residents use mobile apps for every aspect of their lives and we believe they expect a similarly seamless experience for every aspect of managing their home from move-in to rental payment to maintenance to move-out. In addition, operators are seeking ways to deliver this experience in a consistent interface through all phases of the resident's life.

To improve the resident experience and increase retention, operators are focused on reducing friction for their residents. Residents can benefit from support across the entire resident lifecycle, including renters insurance, moving assistance, utility setup, streamlined maintenance requests, and access to automatic rent credit reporting. By capitalizing on these opportunities, operators can generate ancillary revenue while simultaneously enhancing resident satisfaction through personalized experiences, ultimately supporting higher retention. As a result, we believe there is growing demand for modern platforms that streamline operations, deliver consumer-grade experiences for residents, and create incremental value for all stakeholders involved.

Beyond the goal of increased retention, operators must also focus on the resident experience in response to recent regulatory and legislative developments, such as fee transparency laws, which have significantly expanded renter protections. These changes reflect a growing focus on renters' rights and underscore the importance of fostering a positive resident experience. As regulatory standards continue to evolve, operators are increasingly expected to prioritize transparency, fairness, and service quality, further reinforcing the critical role they play in supporting residents.

***The rental property market is facing increasing pressure on operating margins and is actively embracing technology to drive efficiency***

Operators face ongoing pressure to improve operating margins against a backdrop of rising costs, either by introducing new ancillary revenue streams or reducing costs. To understand how these dynamics affect both owners and operators, it is critical to understand how each stakeholder generates its respective revenue and profit. Owners generate revenue from rental income; their largest expenses are property taxes and property management expenses (including personnel expenses, utilities, repairs, maintenance, advertising, and property insurance). The difference between rental income and expenses is net operating income, which is a critical factor for determining real estate valuations. Operators, on the other hand, typically receive a fixed percentage of rent collected defined in a contractual arrangement with the owner. We believe significant cost pressures across labor, insurance, and other property-related costs have outpaced growth in rental income in recent years. Cost pressures have risen, and the leveling of pandemic-era rent increases has forced a shift in how owners are operating.<sup>43</sup> Creating new efficiencies will become the differentiator, allowing operators to deliver value by controlling expenses, increasing margins, and delivering a better customer experience. Meanwhile, as of October 2025, rent prices nationally are down 1.1% compared to one year prior, and national median rent has fallen from its 2022 peak by 5.2%.<sup>44</sup> In response to these challenges, operators are diversifying and strengthening their business models by introducing new ancillary revenue streams and adopting centralized technology platforms to drive automation and efficiency across all facets of their portfolios.

As a result, software adoption is accelerating, with a particular focus on AI. Operators are increasingly seeing the need to utilize AI in their operations. According to industry research, the use of AI-generated marketing increased by 26% from 2024 to 2025, and operators are expected to adopt AI tools at scale in 2026 for lead nurturing, leasing assistance, fraud screening, virtual tours, reputation management, and improved resident retention.<sup>45</sup> Automation, especially through the use of AI, has become an essential path to streamline operations, allowing operators to focus more on the resident experience and portfolio performance.

<sup>43</sup> Matthews Real Estate Investment Services, Multifamily Operating Expenses Continue to Climb: The Current Cost Landscape.

<sup>44</sup> Apartment List, National Rent Report.

<sup>45</sup> Apartments.com, What's Ahead for Multifamily: 11 Trends to Watch in 2026.

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***The fundamental architecture of current property management solutions fails to meet the comprehensive needs of the rental property market***

Historically, operators have relied on legacy property management systems, other property management solutions, disconnected point solutions, and the status quo of spreadsheets, email, paper checks, and bespoke in-house systems. However, these existing alternatives fail to address the needs of the rental property market for multiple reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Legacy property management systems:** Legacy systems typically rely on on-premise architectures or have developed a cloud alternative of their original on-premise architecture over time. These systems lack the scalability, flexibility, and on-demand updates offered by modern, cloud-native architectures. In addition, many legacy systems have patched together their product from a long history of acquisitions, resulting in significant technical debt, including siloed data and limited interoperability. This results in a disjointed view of property operations, data gaps, and an inability to deliver seamless, data-driven workflows. We estimate that some legacy systems have completed over 50 acquisitions, many of which remain unintegrated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Property management solutions:** Property management solutions focus on small and midsized businesses. These solutions typically lack the sophistication to serve enterprise customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Point solutions:** Point solutions often lead to fragmented technology stacks, increased cost pressures, overburdened employees, and structural inefficiencies by only addressing part of the property lifecycle. Point solutions further proliferate data gaps when stitched together, which results in a disjointed workflow across the property lifecycle, hindering operational efficiency. These point solutions span categories such as AI and automation, resident loyalty, leasing, and ancillary resident offerings.

As a result, many existing alternatives are unable to achieve true end-to-end automation. These alternatives often lack access to real-time, end-to-end data and do not offer a Unified Data Layer for each customer structured for effective AI training. Additionally, fragmented data sources, outdated architectures, and limited integration capabilities further hinder their ability to leverage AI-driven insights and automation. This creates significant barriers to innovation, preventing operators from unlocking the full potential of modern technologies to enhance operational efficiency and resident experience.

These industry dynamics are creating strong tailwinds for technology adoption and operational transformation, positioning modern, unified operating systems to play a central role in the future of rental properties.

**Market Opportunity** 

We participate in what we believe is one of the largest, most durable, and least digitized markets of the U.S. economy—the rental property market, which accounts for approximately $1 trillion of annual rental spend.<sup>46</sup>

Rental properties have historically lagged other industries in technology sophistication, relying on legacy systems, fragmented point solutions, and manual workflows. Today, the rental housing market is characterized by an ongoing digital transformation, which we believe will be accelerated by increasing adoption of generative AI and automation. Technology spend in the global market was approximately $47.1 billion in 2025, and is expected to grow at a 16.4% CAGR through 2034<sup>47</sup> as the market continues to modernize and professionalize operations. As operators increasingly adopt cloud-based, AI-enabled solutions, we are well positioned to capture a larger share of this underpenetrated market.

<sup>46</sup> Calculated by multiplying 46 million units by $1,742 average monthly rent times 12 months. Based on Entrata Internal Data as of December 31, 2025 and Federal Reserve Bank of St. Louis, Housing Inventory Estimate: Renter Occupied Housing Units in the United States.

<sup>47</sup> Precedence Research, PropTech Market Size and Forecast 2025 to 2034.

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Within this broader landscape, our current serviceable addressable market ("SAM") reflects our core focus on the U.S. multifamily housing sector, which includes approximately 23.4 million units as of 2023.<sup>48</sup> As of March 31, 2026, we served 2.5 million units, which represents approximately 10% of the addressable multifamily sector, underscoring the significant runway for expansion. Importantly, our strongest opportunity lies in the enterprise segment, where institutional ownership continues to accelerate as operators scale.

We believe our continued expansion into direct adjacencies has created a durable vector for our SAM to grow as customers adopt additional products that meaningfully increase average revenue per unit ("ARPU"). Our highest-ARPU customers today generate approximately $580 in ARPU per year<sup>49</sup>, reflecting deep adoption of our unified Operating System, which includes more than 70 product offerings spanning Entrata Layered Intelligence, our Operations Experience Platform ("OXP") including ERP, CRM, and Property Operations, and our Resident Experience Platform ("RXP") including Resident Services, Financial Wellness, and Loyalty. This level of spend is significantly higher than the average across our customer base, highlighting the substantial white space and opportunity to increase ARPU as more customers expand their use of our platform. We estimate our core SAM as the product of (a) the approximately 23.4 million multifamily units in the United States as of 2023<sup>50</sup> and (b) an ARPU of $580 based on the current highest levels of technology adoption. This equates to a core SAM of $13.6 billion.

Each incremental product offering on the Operating System expands our potential ARPU and SAM opportunity, improving our ability to increase customer wallet-share. Because these incremental offerings leverage our Unified Data Layer and single login, they reinforce the benefits and utility for each customer and drive durable, high-margin growth. For example, Homebody, our growing suite of resident-facing financial and lifestyle offerings, such as rent reporting, creates an ancillary revenue opportunity for operators that further drives ARPU uplift. In addition, as operators look to add more automation and AI, we believe there will be continued reallocation of property management expenses toward technology.

While we remain focused on the multifamily sector, we estimate significant white space across adjacent residential and commercial property types. These adjacencies form the next concentric layer of our total addressable market ("TAM"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Homeowners Associations ("HOA") and mixed-use commercial segments, which we estimate represent tens of millions of additional addressable units and properties globally. We currently have some nascent offerings that serve this segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mixed-use commercial real estate, where property owners and managers require robust solutions for managing office, retail, and industrial properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International markets, where we believe large rental ecosystems in Europe, Canada, and the Asia-Pacific region remain under-served by modern cloud solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional functionality for supporting ecosystem stakeholders, such as owners and vendors, which includes trades and suppliers.

<sup>48</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

<sup>49</sup> To identify our highest-ARPU customers, we first calculate ARPU on a per-customer basis by dividing (x) the ARR generated by a particular customer by (y) the number of units that same customer has on the Operating System, in each case as of the end of the applicable period. We then sort our customers from highest to lowest ARPU and then only select customers that have 1,000 units or more on our Operating System. We focus on customers with 1,000 units or more on our Operating System because we believe smaller customers often have less representative ARPU than our target customer. Our highest-ARPU customers generated, in aggregate, approximately 3% of our total revenue during each of the twelve-month periods ended December 31, 2024 and 2025.

<sup>50</sup> National Multifamily Housing Council, Characteristics of Apartment Stock, Apartment Units by Number of Units in Structure.

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Our total market opportunity is defined by a large, underpenetrated core market and powerful secular and technology tailwinds, and we believe we are uniquely positioned to capture value across the rental property ecosystem. When combining our U.S. multifamily SAM, the wallet-share expansion opportunity and our broader opportunity in adjacent property types and international expansion, we believe the global rental property operating system represents a significant TAM opportunity. As digital transformation accelerates and we continue to innovate, we believe we are poised for sustained, multi-dimensional growth.

![prospectussummary3ca.jpg](prospectussummary3ca.jpg)

**Our Differentiated Approach**

We are a technology company with deep domain expertise and a strong passion for our communities. We understand the challenges that have plagued the rental property ecosystem and are uniquely positioned to lead this ecosystem into the next era. We believe we have created the only purpose-built Operating System for the rental property market, engineered from the ground up on a Unified Data Layer.

In an industry where stakeholders have been slow to adopt technology, we provide a modern and autonomous Operating System. APM represents a fundamental shift from reactive to self-directing operations. In this model, our agentic layer enables autonomous operational workflows, allowing property managers to supervise AI-led operations. AI learns from data and executes routine workflows automatically. The entire property lifecycle is automated—leases draft themselves, payments reconcile in real time, maintenance requests automatically route to the right technician, and insights surface before issues escalate. Operator teams are able to focus on managing outcomes rather than tasks, creating faster leasing cycles, higher accuracy, and better experiences for owners, operators, residents, and vendors. This is why our AI products have become some of the fastest-adopted solutions we have ever launched.

In this era of AI, the billions of transactions we collect every month continually strengthen our proprietary Unified Data Layer for each customer, providing an undeniable benefit to us. This Unified Data Layer better enables our native agentic AI solutions in ELI+, our suite of premium AI products, something AI point solutions have limited or no access to, positioning Entrata as the clear leader to achieve APM.

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**Our Operating System**

We believe we have created the only system for Autonomous Property Management—the Entrata Operating System. The Entrata Operating System is built to power the future of APM by replacing disparate systems with one connected system of record for each customer, typically driving an average platform-related savings of 15%.<sup>51</sup> Our single login user experience unifies every customer workflow across marketing, leasing, accounting, operations, and resident engagement, improving efficiency and transparency while reducing repetitive and routine tasks, and increasing net operating income. Our Operating System acts as a system of context and system of action, transforming property operations from a labor-intensive, fixed-cost model into a scalable, technology-driven system that compounds efficiency as our customers grow their portfolios.

![aiadvantage2aa.jpg](aiadvantage2aa.jpg)

The Operating System is highly configurable across asset types and geographies as it adapts to each customer's unique business model while still maintaining a unified architecture. Within the Operating

<sup>51</sup> Forrester Consulting, The Total Economic Impact™ Of Entrata, a commissioned study.

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System, we have tailored experience layers for operators and residents. Entrata OXP is an agentic property management system that provides operators with more than 100 intelligent agents to streamline property operations through digitized standard operating procedures, task routing, and workflow automation, with the goal of reducing onsite workload while improving satisfaction. Entrata RXP offers residents a consumer-grade application, known as Homebody, for resident services, financial wellness, and loyalty. This consolidated experience makes payments and everyday tasks simple and intuitive. We believe this is a key advantage to building a closer relationship with the resident that leads to future monetization and retention opportunities.

Through our extensible integration framework, our Operating System integrates with our growing partner network of over 500 active third-party technology and service providers, positioning our Operating System as the digital infrastructure of APM.

These features of our product and platform have been built and cultivated since our founding, and serve as a differentiator against incumbents as well as new entrants in the space. By unifying a continuously growing data set, integrated AI and automation, and customizable user experiences in one Operating System, we are redefining property management and ultimately how millions of people experience where they live.

![business3c.jpg](business3c.jpg)

**Key Benefits to Our Ecosystem** 

We believe the Entrata Operating System delivers measurable, compounding value to every stakeholder in our ecosystem: owners, operators, residents, and vendors. Today, 2.5 million residential units run on Entrata across diverse housing verticals, including student, affordable, conventional, military, active adult, and single-family build to rent ("BTR") communities. By unifying data and workflows within a single-instance, multi-tenant architecture with one database and one login, the Entrata Operating System reduces friction across the resident lifecycle, enables automation at scale, and drives faster, smarter decisions for growing and enterprise customers.

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Entrata powers every aspect of operating a property and the broader rental property ecosystem. The Entrata Operating System connects marketing, leasing, accounting, maintenance, utilities, compliance, and resident services within a single platform—enabling owners, operators, residents, and vendors to work from one system of record for each customer. By integrating data and workflows across all of these touchpoints, Entrata drives consistency, automation, and insight throughout the entire ecosystem.

Each new property added to our Operating System strengthens the platform for each customer. As connected units grow, so does the volume and quality of data flowing through the system of record, the system of action, and the system of context, compounding the intelligence of our Operating System. This in turn helps us deliver more value to our customers by addressing needs that directly drive property performance: maximizing occupancy, improving operational efficiency, and expanding ancillary revenue streams to increase net operating income. In tandem, we believe residents benefit from and appreciate a more seamless living experience with faster service resolution, convenient payments, personalized engagement, embedded contextualized offers, and more. As operators and residents benefit together, retention and satisfaction increase, driving portfolio consolidation onto our Operating System and expanding the overall network.

![business4b.jpg](business4b.jpg)

Our Operating System drives multiple benefits across our ecosystem:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Delivers a unified experience across every stakeholder.*** The Entrata Operating System connects owners, operators, residents, and vendors in a single, seamless ecosystem. With one login, one data layer, and one system, the Entrata Operating System reduces silos and friction across the entire resident lifecycle. Everyone works from the same system of record, creating consistency, speed, and a more connected community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Efficiency and automation that redefine property management.*** Native agentic AI and automation are utilized to free up operators from repetitive and manual tasks. We believe this results in faster execution, lower costs, and more time for what matters most—improving the resident experience, increasing occupancy, and improving operational efficiencies. The Entrata Operating System transforms operations from reactive to proactive, scaling efficiency across every property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Unified data that translates insight into action.*** With all operational, financial, and resident data in one Operating System, Entrata turns insight into orchestration. Decisions are faster, actions are more accurate, and outcomes are more measurable, enabling every team to act with confidence, clarity, and speed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***A better, more modern resident experience.*** Residents enjoy a modern, seamless living experience from the ease of our self-service applications to our wide breadth of embedded product offerings. Everything from move-in to lease renewal is designed to feel intuitive and personalized. It's not just easier to live; it's easier to stay, building satisfaction and long-term loyalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Scalable growth for every stakeholder.*** Our Operating System scales effortlessly for each operator, whether adding properties, integrating partner apps, or expanding services. Owners grow portfolios without fragmentation; vendors reach new customers through a unified platform. Every new connection strengthens the network, compounding value across the entire ecosystem.

Our Operating System is designed to help operators drive stronger net operating income by filling units faster and keeping them full. The Operating System streamlines marketing, leasing, and renewals through automation and unified workflows that contribute to reduced vacancy, accelerated rent collection, and improved on-time payments. Residents benefit from a seamless digital experience with a single login for applications, payments, maintenance, and renewals. As automation expands and data becomes increasingly connected, performance compounds across the ecosystem. Each new participant enhances the network effect, expanding use cases and deepening value for owners, operators, residents, and vendors alike—anchoring our Operating System at the center of the modern rental property ecosystem.

**Why We Win**

We have distinct competitive advantages that drive our continued success:

***Our products serve the full ecosystem and are tailored to the needs of our stakeholders***

We believe our Operating System is the only cloud native purpose-built platform for APM, engineered from the ground up on our Unified Data Layer. A single database and single login deliver a consistent, intuitive experience across CRM, ERP, Property Operations, and Resident Engagement. Entrata is built on a modern, cloud-native architecture, and not assembled through legacy acquisitions, so we have minimal technical debt and can innovate with speed and scale.

Our Operating System unifies property management, resident-facing tools, and embedded payments at enterprise scale. Every customer is on the same version of Entrata. There is no custom code. Through the OXP and RXP layers, we align key workflows from marketing to move-out, creating efficiency and insight end-to-end. Payments are natively connected to core workflows and enhanced by ELI+ and resident tools, enabling faster reconciliation for operators and a frictionless experience for residents. With more than 3,000 available settings, Entrata's Operating System adapts to each customer's unique business model while still maintaining a unified architecture. In addition, Entrata operates as a payment facilitator and licensed insurance agency in all 50 states and partners with more than 1,000 utility companies and all three credit reporting bureaus, enabling us to further diversify the breadth and integration of our offerings. This level of flexibility is what truly makes Entrata an enterprise-grade platform that is difficult to replicate and impossible to match through point solutions or off-the-shelf products.

***Our culture of innovation and our investment in AI keep our Operating System at the forefront of our customers' needs***

Entrata is a technology company first. Our approach blends the discipline of enterprise software with deep domain expertise in the rental property market and over the past several years we have embedded AI across the company, redesigning every function with an AI focus. We have built a modern, unified, cloud-based platform, designed around collaboration with customers and industry experts maintaining a

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continuous feedback loop that informs our roadmap. Our high-cadence release cycle, accelerated by AI-driven development and testing, allows us to deliver frequent updates and respond rapidly to changing regulations or customer needs.

AI has transformed how we operate. Between the years ended December 31, 2022 to December 31, 2025, total employee headcount decreased from 2,316 to 2,148, net income (loss) grew from $(199.5) million to $50.7 million, revenue grew from $266.3 million to $509.3 million, GAAP gross margin expanded from 51% to 60%, non-GAAP gross margin expanded from 52% to 61%, GAAP operating margin expanded from (1)% to 16%, and non-GAAP operating margin expanded from 1% to 23%, which we attribute in substantial part to AI-enabled efficiency. We have also realized significant research and product development productivity gains. Between the years ended December 31, 2022 to December 31, 2025, research and product development expense as a percentage of revenue decreased from 19% to 14%, and non-GAAP research and product development expense as a percentage of revenue decreased from 19% to 13%. In addition, between the years ended December 31, 2024 to December 31, 2025, output from our research and product development team increased by approximately 86% compared to a 4% increase in research and product development headcount during the same period. This pace of innovation, supported by a robust product roadmap and agile technology, keeps Entrata ahead of slower, fragmented competitors and disjointed point solutions.

***Our unmatched data-enabled AI powers the Entrata flywheel***

Our multi-tenant, single code base centralizes data and workflows across the multifamily lifecycle, creating a dataset that powers customizable customer-level automation and insight. As the single platform serves as the system of record, the system of action, and the system of context for every customer, our proprietary Unified Data Layer captures real-time profile attributes, property data, behavioral signals, transactions, and workflow activity, generating high-fidelity operational telemetry across the entire multifamily lifecycle. In addition to this AI-ready data, the Unified Data Layer continuously considers complex industry-specific business logic for more accuracy and effectiveness. This data layer enables APM, converting portfolio, asset, and resident data into real-time, actionable intelligence. As adoption grows, every transaction enriches our models, expanding our automation runway. ELI uses this live operational telemetry to power coordinated AI products (Leasing AI, Payments AI, Renewals AI, Maintenance AI) that strengthen the Unified Data Layer and compound performance as adoption grows. APM is only possible on a platform that generates complete, real-time operational telemetry across the

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entire end-to-end lifecycle of a customer's property portfolio. Entrata is the only system with this depth of data and business logic, which we believe will make us the AI winner in multifamily real estate.

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***Our differentiated go-to-market strategy enables discipline and scalability***

Our go-to-market strategy combines efficiency and precision. A scaled inside-sales motion reaches broad mid-market operators, while dedicated enterprise teams serve complex large operators. This segmented approach is designed to maintain disciplined customer acquisition costs and drive high engagement. Our embedded monetization model, in which payments, insurance, rent reporting, and utilities are part of daily workflows, enables natural expansion within existing relationships and lowers acquisition costs. We also benefit from the growth of our customers. As they add more properties to their portfolios, those units are typically added to Entrata. We also benefit from effective conversion and referral dynamics. We operate a repeatable, data-driven go-to-market engine that scales across portfolio sizes.

***Our customers' success is paramount to our success***

Our commitment to customer success over the decades is central to our differentiation. Our professional services teams ensure rapid onboarding and best-practice adoption with the largest multifamily operators, while our Operating System is designed to drive high retention and expansion. Our business model is fundamentally aligned with the goals of each customer: we sit at the center of daily interactions among owners, operators, residents, and vendors since we are the system of record for each customer. By embedding within existing relationship loops, we can create value and capture market share at near-zero incremental acquisition cost.

***Our broad partner network is an extension of our Operating System***

Our partner network extends the reach of our Operating System across the industry. We integrate with more than 500 third-party technology and service providers, all connected through a single Unified Data

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Layer to ensure performance and consistency. This architecture delivers flexibility for customers while maintaining the seamless experience of a single system. Each new integration strengthens our position as the Operating System for property management and compounds the value of our ecosystem, benefitting all stakeholders.

***The integration of regulatory compliance tools in our Operating System is designed to assist our customers in meeting their oversight and compliance requirements***

Our focus on regulatory compliance helps operators prioritize transparency, fairness, and service quality to ensure support for their residents and maintain compliance with increased regulation at the local, state, and federal level. Entrata provides customers with relevant resources and tools to keep them informed and equipped to handle compliance-related tasks. Additionally, our extensive partner network enables our customers to manage third-party compliance. Our prioritization of regulatory compliance is a key benefit to our customers in streamlining their operations.

During the years ended December 31, 2024 and 2025, Entrata won approximately 70% of formal competitive evaluations against other platforms. We believe this success reflects our competitive advantages and the strength of our Unified Data Layer, leading automation capabilities, and ability to serve enterprise-scale customers.

**Our Growth Strategies**

Our growth strategies are rooted in our commitment to technology innovation and our position as a trusted brand within the industry. We have a proven history of product development and a successful track record of implementing transformative innovations that drive value for our customers. Looking ahead, we intend to further accelerate growth by investing in advanced technologies, expanding our Operating System functionality, and deepening customer engagement. We will also continue to thoughtfully evaluate strategic acquisitions, investments, and partnerships that may accelerate our growth and enhance our value proposition, but without disrupting the integrity of our platform. The following key initiatives underpin our approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Win new customers.** We have a proven track record of acquiring new customers, and currently 4 of the top 10 NMHC operators and 9 of the top 50 are on our Operating System. Within these customers, we have varying levels of unit penetration and opportunities for expansion. We believe there is still a large opportunity to acquire new customers within our existing markets, especially amongst the top operators. We have built a sales and marketing strategy around brand awareness, platform credibility, and lead generation and will continue to invest in these efforts to acquire new customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expand with existing customers.** We actively focus on expanding our footprint with existing customers through two primary means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Unit growth.* Large operators have expanded their portfolios significantly, with the top 50 operators as of 2025 growing their managed units by 48% from 2020, representing an 8% CAGR.<sup>52</sup> We have a significant opportunity to increase units from our existing customers on our Operating System. We benefit from the growth of our customers as they expand their units and bring them onto our Operating System. Our customers prefer to operate with our Operating System, rather than a legacy PMS, to streamline operations, reduce complexity, and ensure consistency across their expanding portfolios. As operators grow their units, our Operating System naturally scales with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Drive full Operating System adoption.* We capture a greater wallet-share within our existing customers by selling additional products and developing new products that address their

<sup>52</sup> Only includes operators for which data is available going back to 2020. National Multifamily Housing Council, NMHC Top 50 Managers.

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needs. We currently offer a broad set of products including rent reporting, utilities, insurance and ELI+, which we can cross-sell to our customers. We have a history of building and launching new solutions where we see an opportunity to address gaps for our customers. For example, we launched ELI+ in 2024, and have seen strong traction, with over 40% of our most recent new logo wins including ELI+. This is all made possible through our persistent innovation to create new offerings that benefit our customers. Not only do we invest in a go-to-market strategy that puts the operators in the driver's seat, but we invest in the product to improve efficiencies at every stage of the customer lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen our relationships across all owners, operators, residents, and vendors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Residents.* Entrata is focused on deepening our relationships with residents by continually expanding our offerings to better support their needs. We started by servicing operators and then expanded to supporting residents' needs. We plan to further invest in our resident offerings by launching new products that address their evolving end-to-end needs and create a consumer-grade experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Owners and Vendors.* We see opportunities to address the needs of other stakeholders in the ecosystem, including owners and vendors, by developing solutions tailored to their unique requirements. We expect to continue to invest in those relationships by better serving their unique needs and connecting the entire ecosystem under one unified Operating System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Serve new property types.** We believe our Operating System is easily extensible beyond the rental property markets we currently serve. Expanding to additional property types provides a new avenue to capture and grow with these new customers. Within residential real estate, we see an opportunity to address manufactured housing, and HOAs. Beyond residential real estate, we see significant opportunity across commercial segments, including office, industrial, retail, and mixed-use properties. Our Operating System is well-positioned to address the unique needs of these segments. Consistent with this strategy, we have launched an early-stage commercial offering used in several mixed-use developments, demonstrating our ability to expand into new markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Grow internationally.** While we remain focused on the United States, we expanded our operations into Canada in 2021 to deepen our North American presence. In addition, we expanded our operations into Ireland and the UK in 2022 to support the planned growth of some of the largest operators on our platform. Over time, we plan to continue to invest in our research and development and sales and marketing capabilities to grow internationally.

**The Connected Foundation Powering Our Operating System**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Unified Data Layer** – this forms the foundation of our Operating System. It captures every transaction and interaction across CRM, ERP, Property Operations, and Resident Engagement into a single system of record built for AI-driven automation for each customer. Our Unified Data Layer eliminates the "data gaps" across workflows that have historically plagued other multifamily solutions. By centralizing a customer's data, the platform enables comprehensive reporting and analytics, providing operators with real-time visibility and actionable insights across their entire portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Payments Infrastructure** – this acts as the accounting and payments backbone of our Operating System, securely connecting owners, operators, residents, and vendors through one intelligent financial network. As a payment service provider, we facilitate payments across the ecosystem, ensuring secure and efficient transactions. Embedded across every workflow, our payments infrastructure powers rent collection, procure to pay, refunds, and reconciliation with precision.

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Built for the complexity of multifamily operations, our financial layer unifies payment rails, settlement logic, and accounting data into a single system. This design ensures funds move seamlessly from residents to operators and from operators to vendors while supporting security and compliance standards. It transforms every transaction into structured, auditable data that drives transparency and financial optimization across a customer's entire property portfolio.

These layers enable our OXP and RXP, comprising countless functionalities for operators and residents. The Entrata OXP unifies ERP, CRM, and Property Operations through guided workflows and automation that simplify complexity and improve performance. The Entrata RXP delivers a modern, personalized experience through our Homebody application that enables residents to self-serve many aspects across Resident Services, Financial Wellness, and Loyalty. Both OXP and RXP are supplemented with ELI Essentials and can be enhanced by ELI+, which natively integrates across our Operating System. Together, these platforms form the digital infrastructure that makes APM possible.

Every Entrata implementation is highly configurable to accommodate operational diversity and complexity. With more than 3,000 available settings, our Operating System adapts to each customer's unique business model while still maintaining a unified architecture. This level of flexibility is what truly makes Entrata an enterprise-grade platform that is difficult to replicate and impossible to match through single point solutions or off-the-shelf products.

**Our Products**

The Entrata Operating System is designed to deliver a comprehensive set of products for all aspects of the operator and resident experience. Functionality is aligned to three product categories: Entrata

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Layered Intelligence (ELI), Operations Experience Platform (OXP), and Resident Experience Platform (RXP).

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**Entrata Layered Intelligence (ELI)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Leasing AI:*** Automates the lead-to-lease workflow using large language models to guide prospective residents through the leasing process. Leasing AI is driving 36% faster conversion from lead to signed lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Payments AI:*** Automates rent recovery and improves on-time payments, boosts net operating income, and engages residents with empathetic, data-driven messaging. Payments AI is driving a 7.5% improvement in on-time rent collection in early rollouts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Renewals AI:*** Automates lease renewals and reduces manual work, boosts occupancy, and engages residents earlier with predictive, resident-focused communication. Between February 2025 and March 2026, Renewals AI delivered more than 20 days of improvement on renewal signing. Between February 2025 and February 2026, Renewals AI delivered 10% lift in renewal conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Maintenance AI:*** Automates maintenance requests with AI-powered triage, reduces ticket volume, streamlines workflows, and resolves work orders faster. Between January 2025 and January 2026, Maintenance AI cut order resolution time by more than 30%.

**Operations Experience Platform (OXP)**

OXP is designed to unify every aspect of property operations into one connected workflow, reflecting the depth and complexity of real-world management. Each product represents years of domain expertise encoded into software, integrating operational, financial, and regulatory requirements that make the Entrata system difficult to replicate. Comprehensive reporting and analytics are embedded throughout the platform, empowering operators with real-time insights and customizable dashboards of their own data to drive informed decision-making and optimize portfolio performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***CRM:*** Our CRM process centralizes lead management and communication, helping operators nurture prospective residents and maximize conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Marketing:*** Empowers operators to attract and convert prospective residents through integrated digital tools for website management, advertising, and lead tracking. Centralized analytics deliver insight into campaign performance, increasing visibility and occupancy rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Leasing:*** Streamlines the entire leasing process for operators and prospective residents by offering digital tools for marketing, application management, and electronic lease execution. Integrated communication and analytics help leasing teams manage leads efficiently while providing residents a faster, transparent, and mobile-first experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Screening and Fraud:*** Provides advanced tools for resident screening, identity verification and fraud prevention. Integrates background checks, credit assessments, and automated risk scoring to help operators make informed leasing decisions and reduce exposure to fraudulent activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***ERP:*** Our ERP system integrates core financial and operational functions, streamlining accounting, budgeting, and procurement for operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Accounting:*** Automates financial management across accounts receivable, accounts payable, general ledger, and bank reconciliations which gives operators the ability to close the books faster. Our accounting capabilities are tightly integrated with operational data to enable accuracy, compliance, and real-time portfolio visibility for each customer, which makes accounting a core, sticky component of our system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Budgeting:*** Enables operators to create, manage and track budgets across portfolios. Supports forecasting, variance analysis and real-time budget monitoring to improve financial planning and operational efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Procure-to-Pay:*** Automates the entire procurement lifecycle, from vendor selection and purchase order creation to invoice approval and electronic payment, centralizing vendor management and improving financial control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Property Operations:*** Our property operations tools coordinate maintenance, utilities, and leasing team productivity to ensure efficient property operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Maintenance:*** Centralizes maintenance requests, work orders, inspections, and vendor coordination in a single platform. Automated workflows and real-time visibility into performance help to reduce costs, increase uptime, and deliver a superior resident experience.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Utilities:*** Automates the process of utility invoice processing, data entry, and reporting, while helping to identify cost-saving opportunities by analyzing utility consumption data and highlighting areas for improvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Workforce Orchestration:*** Unifies task management, scheduling, and communication across leasing, maintenance, and front-office teams. Advanced skills-based routing and mobile tools ensure work is assigned quickly and accurately. Standardized operating procedures drive consistent execution, and performance analytics provide clear visibility into bottlenecks and service quality.

By integrating these functions into one connected platform, OXP is designed to transform operations from manual and reactive to proactive and autonomous, contributing to improved margins and scalability for operators of all sizes.

**Resident Experience Platform (RXP)**

RXP, which residents experience as Homebody, connects residents directly to the same unified Operating System used by operators, creating an integrated digital experience from move-in to renewal. Every resident interaction, whether a payment, request, or renewal, feeds directly into our Unified Data Layer, strengthening automation and AI models across the Operating System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Resident Services:*** Our resident services suite streamlines rent payments, allows residents to easily reserve community resources, and manage entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Rent Payment:*** Enables residents to pay rent online through electronic checks, ACH, debit card, and credit card with automated reminders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Amenity Booking:*** Allows residents to reserve community amenities through an online platform or mobile app, reducing conflicts and optimizing property resource utilization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Access Control:*** Provides residents the ability to manage home entry and shared spaces digitally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Financial Wellness:*** Our financial wellness tools help residents build credit and access insurance and deposit alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Rent Reporting:*** Enables residents to build credit by reporting on-time rent payments to major credit bureaus, which may contribute to improved financial wellness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Insurance:*** Allows residents to easily purchase renters insurance directly, including HO4 renters insurance policies, master policies and other coverage types, and track insurance during the leasing process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Deposit Alternatives:*** Allows residents to replace traditional security deposits, offering a more affordable and flexible option. Instead of paying a large upfront deposit, residents at supporting locations may pay a small, monthly insurance premium, which helps reduce move-in costs and makes renting more accessible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Loyalty:*** Our loyalty tools help residents access exclusive offers, assist with move-in and connect with valuable services to support their financial goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Rewards:*** Provides residents with access to exclusive discounts, promotions, and financial products tailored to their needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Move-in and Activation:*** Streamlines the onboarding and move-in process by simplifying tasks such as lease signing, utility setup, and payment collection, ensuring a smooth and efficient transition for new residents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ***Marketplace:*** Connects residents to selection of local services and products for their convenience.

RXP, through Homebody, provides the consumer-grade interface residents expect, while connecting directly to operational data in OXP. This alignment creates a closed-loop experience where resident satisfaction, financial performance, and property operations continuously reinforce one another. We believe this is a key advantage to building a closer relationship with the resident that leads to future monetization and retention opportunities.

**Sales and Marketing**

Our sales and marketing strategy is designed to efficiently acquire new customers, deepen adoption of Entrata with existing customers, and expand our presence in the multifamily industry. We reach operators through a combination of relationship-driven selling, targeted demand generation, and a geographically segmented go-to-market model aligned to the needs of mid-market and enterprise operators.

We generate demand through sales-driven outreach and marketing initiatives including digital programs, industry events, thought leadership, educational content, and our flagship customer event, Entrata Summit. These efforts are strengthened by our established reputation and long-standing presence in the industry.

We have an inside-sales motion to reach mid-market operators, while dedicated enterprise teams support large, complex portfolios. In addition to our sales team focused on new customer acquisition, we have a sales team focused on expanding within our existing customer base through additional unit growth and full Operating System adoption. This segmented approach maintains a disciplined customer acquisition cost and high engagement throughout the customer lifecycle. Our direct-sales model is supported by digital tools and materials that clearly demonstrate the operational and financial impact of our Operating System, including improved efficiency, accelerated lead-to-lease conversion, and enhanced resident experience.

We have cultivated deep, trusted relationships across the multifamily industry over many years. These relationships reflect a level of commitment that differentiates Entrata and enables our teams to engage operators with credibility, empathy, and a genuine understanding of their business. Our sales and marketing teams, in partnership with our customer success team, invest significant time with our customers to become trusted resources.

Together, our sales and marketing teams operate an efficient and repeatable go-to-market motion that leverages deep industry expertise, trusted relationships, and targeted demand generation to drive customer acquisition, expand adoption, and position Entrata for continued growth. We expect to continue investing in these capabilities at an adequate rate to capture the significant opportunity ahead.

**Customer Success** 

We are committed to empowering our customers and ensuring they achieve maximum value from our Operating System. Our customer success team serves as a primary resource for day-to-day customer needs. In addition, they assist customers with near- and long-term strategies on how to best utilize our Operating System to achieve their operational goals. Through regular check-ins and health monitoring, the team identifies adoption gaps, opportunities for improvement, and potential upsell or expansion opportunities that support long-term retention. Our customer success team guides new customers through implementation and onboarding and provides ongoing product support. Our customers benefit from dedicated customer success managers who build strong relationships, promote adoption of key features, and drive engagement to unlock the full potential of our platform over time.

In addition to responsive live support by phone, chat, and email, we offer a wide range of educational and community resources, including interactive training sessions, certification programs, on-demand learning modules, and on-site workshops, enabling customers to manage their needs effectively.

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**Research and Development** 

Our research and development organization is focused on building and refining the technologies that power our Operating System. We maintain a robust global research and development footprint, with a development center in India and a strong presence in Israel, enabling us to tap into global AI talent pools. We are committed to delivering improvements that enhance functionality, performance, and customer experience, and we prioritize rapid, reliable deployment so our customers can benefit from ongoing innovation. Our research and development centers on advancing our core technologies and increasing the Operating System's usability, reliability, and flexibility for owners, operators, residents, and vendors.

We employ a modern, cloud-native software architecture built on microservices, containerization, and continuous integration and deployment practices. Our development framework allows for rapid iteration, quality assurance, and secure delivery of new features and updates. AI and machine learning are embedded across our software development lifecycle, including with respect to automated code generation and testing, predictive issue detection, and intelligent deployment monitoring and optimization. We believe these capabilities enable greater engineering productivity, including increased output per software engineer, faster release cycles, and higher product reliability, while maintaining strong governance and security standards.

We maintain a strategic technology roadmap that guides the introduction of new features and functionality we believe will strengthen our Operating System and support long-term growth. As the needs of our customers evolve, we plan to continue investing in research and development to further expand and enhance our Operating System, ensuring we remain at the forefront of APM technology.

We believe sustained investment in research and development is critical to maintaining our competitive advantage and advancing our vision for APM. By prioritizing innovation and continuous improvement, we aim to deliver solutions that anticipate industry trends and reinforce Entrata's leadership position.

**Our Employees, Culture, and Values** 

We believe our team is our most valuable asset. Our success is driven by our dedicated employees and a vibrant culture that fosters innovation and collaboration. By investing in employee development and encouraging open communication, we cultivate a team-oriented atmosphere that supports both personal growth and organizational excellence.

We place a strong emphasis on the following core values, which guide decision-making and shape the workplace environment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Obsess over the living experience.** Our singular focus is creating an Operating System that enables operators to be heroes to their residents. We're obsessed with improving the process of finding a home—and we believe that process is the foremost value driver for our industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Excellent alone, better together.** The whole is greater than the sum of its parts. We make sure each person who joins the Entrata team is excellent on their own. Together, we develop solutions with quality and speed, and as we help our customers, we are accountable to each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Be bold and finish strong.** We think big and encourage innovation, continuously seeking new ways to improve and deliver results to reach our goals. Experimentation and learning are part of the work we do every day. Our ambition drives us to never settle for the status quo and get ideas across the finish line.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Prioritize different perspectives.** Our success depends on embracing different perspectives that enhance our products and team. We make sure each individual works in an atmosphere of respect and acceptance.

At Entrata, we are committed to creating better living experiences for millions of people worldwide through meaningful outreach and community support. Our initiatives include hosted events, community

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engagement, and volunteer activities through ongoing partnerships with organizations such as Utah Foster Care and participation in state initiatives such as the Care Communities Program in Utah that assists foster families. Together with our customers, we also help provide fully furnished, rent-free apartment units within their properties for youth aging out of foster care.

As of March 31, 2026, we had 2,198 employees, with 1,169 based in the United States and 1,029 in our international locations.

**Competition** 

We operate in a large, fragmented, and rapidly evolving market within the rental property ecosystem. We compete in a number of markets, including legacy property management systems and point solutions, for the adoption of our Operating System and products. Our competitors have historically fallen into four primary categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legacy incumbent property management solutions, including Yardi, Inc., RealPage, Inc., MRI Software LLC, AMSI Software, Inc., and other competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• property management solutions focused on small and midsized businesses including AppFolio, Inc., Buildium and Propertyware (both owned by RealPage, Inc.), and Yardi Breeze (owned by Yardi, Inc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• point solutions that address discrete workflows that compete with us in a single offering or category of offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the status quo of spreadsheets, email, paper checks, and bespoke in-house systems that do not leverage technology-enabled workflows.

We believe that the principal competitive factors in our market include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• total cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• time to value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to connect and serve the whole ecosystem, including owners, operators, residents, and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to serve enterprise customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry expertise and resulting tailored products and functionality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ease of integration and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scale and reach of customer base and level of system adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product breadth and depth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to improve and expand products and functionality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to offer customizations and configurations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to automate complex processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security and reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scalability and reliability of service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brand awareness and reputation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales and marketing capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer experience and success; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial resources.

We believe that we compete favorably with our competitors on the basis of these factors, specifically for the industry's largest and most complex enterprise operators. However, some of our existing competitors have greater name recognition, longer operating histories, larger customer bases, and larger sales and marketing budgets, as well as greater financial, technical, and other resources. Nevertheless, we believe that our long-standing focus on solving owner, operator, resident, and vendor needs and our competitive advantages will enable us to continue building a modern Operating System that is difficult to replicate.

For additional information about the risks to our business related to competition, see the section titled "Risk Factors—Risks Related to Our Business—We face intense competitive pressures and our failure to compete successfully could harm our business, financial condition, and results of operations."

**Government Regulation** 

Our business, as well as our customers' businesses, is subject to a wide variety of federal, state, local, and international laws and regulations. Compliance with these laws and regulations requires significant resources and attention.

As more fully described below, certain of our products are subject to laws and regulations related to fair credit reporting, anti-money laundering, money transmission, data protection and privacy, insurance, e-commerce, licensing, telemarketing, electronic communications, consumer protection, and other subjects. We also are subject to rules promulgated and enforced by multiple authorities and governing bodies in the United States, including federal, state, and local agencies, payment card networks, insurance carriers, and other authorities. With respect to our business, these laws and regulations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Fair Credit Reporting Act.*** The FCRA, as amended by the Fair and Accurate Credit Transactions Act, promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. FCRA requires a permissible purpose to obtain a consumer report and requires companies that furnish information to credit bureaus to report such information accurately. FCRA also imposes disclosure requirements on companies who take adverse action on resident applications based on information contained in a consumer report or received from a third party and requires companies who use consumer reports in establishing rental terms to provide credit score notices to affected consumers. FCRA also imposes rules and disclosure requirements on companies' use of consumer reports for marketing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***BSA and FinCEN Regulation.*** Federal anti-money laundering and anti-terrorist financing laws, including the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and its implementing regulations, require certain institutions, including money transmitters, to register with the Treasury Department's Financial Crimes Enforcement Network ("FinCEN") as MSBs. Such laws and regulations are intended to assist the government with the detection and prevention of money laundering and terrorist financing through the U.S. financial system and require MSBs to develop and implement risk-based anti-money laundering programs, report large cash transactions and suspicious activity, and maintain transaction records, among other things. We maintain an MSB registration with FinCEN but we have not commenced operations as an MSB. Notwithstanding, in connection with our MSB registration with FinCEN and obligations imposed on us by our bank partners and other third-party service providers, we have implemented a written anti-money laundering program to implement "know your customer" procedures and identify and address, among other things, any suspicious activity in the use of the Entrata Operating System.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***State Licensing Requirements.*** We maintain and may continue to obtain money transmitter licenses (or their equivalents) in multiple states in order to maintain flexibility in the growth and expansion of our payment processing operations, although we generally do not currently operate under such state money transmitter licenses. State laws impose a variety of requirements and restrictions on licensed money transmitters, including record-keeping requirements; bonding requirements; disclosure requirements; examination requirements; activity reporting and license renewal requirements; notification and approval requirements for certain changes in officers, directors, stock ownership, or corporate control; permissible investment requirements; minimum net worth requirements; qualified individual requirements; anti-money laundering and compliance program requirements; and data security and privacy requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Card Network and NACHA Rules.*** We rely on our relationships with financial institutions and third-party payment processors to access the payment card networks, such as Visa and Mastercard, which enable our acceptance of credit cards and debit cards. We are required by these third-party payment processors to register with Visa, Mastercard, and other card networks and to comply with the rules and the requirements of these card networks. Card networks routinely update, generally expand, and modify their requirements, including rules regulating data integrity, third-party relationships, merchant chargeback standards, and compliance with the PCI DSS. PCI DSS is a set of requirements designed to ensure that all companies that process, store, or transmit payment card information maintain a secure environment to protect cardholder data. We are also subject to the operating rules of the National Automated Clearing House Association ("NACHA"). NACHA is a private-sector organization which administers and facilitates the operating rules for ACH payments and defines the roles and responsibilities of financial institutions and other ACH network participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***State Insurance Laws.*** We are licensed to operate as an insurance agency in multiple states and we contract with carriers to offer insurance products, such as renters insurance, master policies, and security deposit alternatives, to our customers. State insurance laws impose a variety of requirements and restrictions on us, including licensing and registration requirements, compliance with certain standards of conduct, obligations to maintain certain records of customer information and transactions, disclosure requirements regarding the terms and conditions of insurance products, and regulations governing the solicitation and sale of insurance products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***California Consumer Privacy Act and Other Comprehensive State Privacy Laws.*** The CCPA imposes requirements on the processing of personal information of California residents and gives California residents rights in their personal information, including to access and delete their personal information, opt out of sales of personal information or other personal information sharing, and receive detailed information about how their personal information is used, among other rights. Numerous other states have also passed comprehensive privacy laws similar to the CCPA, and similar laws are being considered in several other states, as well as at the federal and local levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Telephone Consumer Protection Act.*** The federal Telephone Consumer Protection Act and the regulations promulgated thereunder impose various consumer consent requirements and other restrictions in connection with certain telemarketing activity and other types of communication with consumers by automated or prerecorded phone, fax, or text message, and provide guidelines designed to safeguard consumer privacy in connection with such communications. Several states have also enacted laws regulating the use of telephones, fax, or text messages to communicate with consumers.

Customers who use our products may be subject to certain of these laws and regulations as well as the Fair Housing Act and other laws and regulations that are related to fair housing, utility billing, fee transparency, state and local laws related to rent control or regulation, and other subjects. Customers depend on our products to support compliance with these laws and regulations and compliance is

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important both for our business and for our customers' businesses. To this end, we work closely with customers and external advisors to monitor issues and stay up to date on regulatory developments.

Additional laws and regulations relating to these areas likely will be passed in the future, and these or existing laws and regulations may be interpreted or enforced in new or expanded manners, each of which could result in significant limitations on ways we operate our business and ways our customers operate their businesses. There is a risk that certain laws and regulations could become applicable to us as we expand the functionality of, and products offered through, our Operating System. New and evolving laws and regulations and changes in their enforcement and interpretation, may require changes to our platform, products, or business practices or those of our customers, and may significantly increase our compliance costs and otherwise adversely affect our business and results of operations. As our business expands either in functionality or geographic scope, our compliance requirements and costs may increase and we may be subject to increased regulatory scrutiny.

See the section titled "Risk Factors—Risks Related to Regulatory or Legal Matters—We are subject to significant governmental regulation, and failure to comply could subject us to enforcement actions, or other penalties, which could have a material adverse effect on our business, financial condition, and results of operations" for additional information about the laws and regulations we are subject to and the risks to our business associated with such laws and regulations.

**Privacy, Data Protection, and Security** 

We strive to prioritize the trust of owners, operators, residents, and vendors and place an emphasis on privacy, data protection, and security. Our privacy compliance measures and security program are designed to address privacy, security, and compliance obligations relating to the collection, use, storage, disclosure, retention, transfer, transmission, and other processing of personal information related to owners, operators, residents, vendors, and employees.

We have a dedicated team of professionals that focus on application, network, and system security, as well as security compliance, monitoring, education, and incident response. We maintain a vulnerability management program designed to identify and remediate security vulnerabilities on servers, workstations, network equipment, and applications. We employ various security measures, such as encryption, multi-factor authentication and layered security controls as part of our efforts to protect data and control access to our resources containing confidential, sensitive, and personal information.

We design our Operating System, offerings, and policies to facilitate compliance with evolving privacy, data protection, and security laws, regulations, industry standards, and other legal and contractual obligations. We maintain a website privacy policy and various other policies and practices relating to data security and concerning our collection, use, storage, disclosure, retention, transfer, transmission, and other processing of personal information.

The publication of our website privacy policy and other public-facing policies, notices, statements, and representations regarding privacy, data protection, or security may subject us to lawsuits, regulatory investigations, enforcement, and other actions if they are found or perceived to be deficient, lacking transparency, deceptive, misleading, or misrepresentative of our practices. We and our vendors also are subject to numerous laws, regulations, industry standards, and other legal and contractual obligations regarding privacy, data protection, and security. These laws, regulations, industry standards, and obligations as well as their applications and interpretations, are rapidly developing, expanding, and evolving and may develop, expand, and evolve in ways we cannot predict.

For example, CCPA gives California residents the right to access, delete, and opt-out of selling and certain sharing of their personal information, and to receive detailed information about how it is used and shared, among other rights. CCPA provides for civil penalties and statutory damages for violations, and the law creates a private right of action for certain security breaches that result in the loss of personal information as a result of the failure to implement reasonable security measures. Additionally, the enactment of CCPA has spurred a wave of similar legislative developments in several other states,

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resulting in a complex patchwork of overlapping but sometimes differing laws regarding privacy, data protection, and security. Similar laws are being considered in several other states, as well as at the federal and local levels.

Other privacy, data protection, and security laws and regulations to which we or our vendors may be subject include, for example, the California Online Privacy Protection Act, Fair Credit Reporting Act, Canada's Personal Information Protection and Electronic Documents Act, Controlling the Assault of Non-Solicited Pornography and Marketing Act, Canada's Anti-Spam Law, Australia's Privacy Act, the Telephone Consumer Protection Act, Section 5(c) of the Federal Trade Commission Act, Brazil's General Data Protection Law (Lei Geral de Proteção de Dados Pessoais), the EU General Data Protection Regulation, the EU ePrivacy Directive, and similar laws in the United Kingdom. More generally, the numerous privacy, data protection, and security laws, regulations, industry standards, and other obligations that apply to us or our vendors may evolve in a manner that relates to our practices or the features of our online platform or mobile app. Any failure or perceived failure to comply with these obligations, where applicable, can result in regulatory enforcement actions, the imposition of significant civil and/or criminal penalties, and private claims and litigation, including class action lawsuits. We may need to take additional measures to comply with the new and evolving legal and contractual obligations and to maintain, improve, and enhance our security posture in an effort to avoid security incidents or breaches affecting our confidential, sensitive, and personal information. This may require us to incur significant costs, implement new processes, or change our handling of information and business operations, which could ultimately hinder our ability to grow our business by extracting value from our data assets.

Furthermore, as we accept debit and credit cards for payment, we are required to comply with applicable obligations under PCI DSS. PCI DSS is a set of standards designed to ensure that all companies that process, store, or transmit payment card information maintain an appropriately secure environment to safeguard cardholder data. Compliance is an ongoing effort, and the requirements evolve as new threats are identified. The payment card networks could adopt new operating rules or interpret or re-interpret existing rules in ways that might prohibit us from providing certain services to some customers, be costly to implement, or difficult to follow. If we fail to comply with these rules or regulations, we may be subject to fines and higher transaction fees and lose our ability to offer our payment solution to customers. Costs and interruptions associated with the implementation of new or upgraded systems and technology could also disrupt or reduce the efficiency of our operations.

We also contract with third-party service providers, including shared cloud computing services, to store, host, or otherwise process data (including personal information) on our behalf in compliance with applicable laws and regulations. We take steps to enter into data processing agreements where required by law with all third-party providers who process personal information on our behalf that impose obligations on such third parties and include obligations for such third parties regarding privacy, data protection, and security. We also review and evaluate the services prior to adoption to verify that such services are aligned with the provider's contractual obligations to us. Despite our efforts, however, we may fail to identify a third-party provider's noncompliance with these obligations at times, and we cannot guarantee that our data processing agreements alone will be sufficient to protect us from complaints, claims, investigations, proceedings, adverse publicity, or other risks or liabilities relating to privacy, data protection, or security.

Despite our efforts to comply with applicable laws, regulations, industry standards, and other legal and contractual obligations relating to privacy, data protection, and security, it is possible that our interpretations of such laws or their applicability to our practices or platform could be inconsistent with, or fail or be alleged to fail to meet all requirements of, such laws, regulations, and obligations. Our failure, or the failure by our third-party partners, vendors, service providers, or customers, to comply with applicable laws, regulations, industry standards, and any other legal and contractual obligations relating to privacy, data protection, or security, or any compromise of security that results in unauthorized access to, or use, modification, release, or other unauthorized processing of personal information or other confidential or sensitive information relating to customers, their employees, other personnel, or other individuals, or the

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perception that any of the foregoing types of failure or compromise has occurred, could damage our reputation and brand, discourage new and existing owners, operators, residents, and vendors from using our platform, or result in fines, investigations, or proceedings by governmental agencies, and private claims and litigation, any of which could adversely affect our business, financial condition, and results of operations.

For additional information, see the sections titled "Risk Factors—Risks Related to Our Business—Our customers and their residents share, and we process, a high volume of sensitive and personal information through our Operating System. Our reputation, and therefore our success, depends upon the security of our Operating System and the security of the companies with which we share that information. Any actual or perceived breach of our system, or of our service providers' systems, or any other type of security breach or incident, could materially impact our reputation, brand, business, financial condition, and results of operations" and "Risk Factors—Risks Related to Regulatory or Legal Matters—We are subject to stringent and changing laws, regulations, industry standards, and other legal and contractual obligations related to data privacy, data protection, security, AI, and the processing of personal information. Our actual or perceived failure to comply with such laws, regulations, standards, and obligations could lead to governmental investigations, enforcement actions, or other proceedings, a disruption of our Operating System and other products, private claims, and litigation, including class action lawsuits, changes to our business practices, increased costs of operations, adverse publicity, limitations on the use or adoption of our services, and other negative effects on our business, financial condition, and results of operations."

**Intellectual Property** 

We believe that our intellectual property and other proprietary rights, including those in our proprietary technology, software, data, know-how and brand, are valuable and important to our business. We rely on patents, copyrights, trademarks, service marks, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures, non-disclosure agreements, employee confidentiality and invention assignment agreements, and other contractual restrictions to establish and protect our intellectual property and other proprietary rights.

As of March 31, 2026, we had five U.S. patent applications pending and three PCT patent applications pending. We continually review our development efforts to assess the existence and patentability of new intellectual property.

As of March 31, 2026, we held 29 registered trademarks in the United States, and also held 112 registered trademarks in foreign jurisdictions. In addition, we have registered domain names for websites that we use in our business, such as www.entrata.com and other variations.

We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective. Intellectual property laws and our efforts to protect our intellectual property and other proprietary rights may provide only limited benefits. Despite our efforts to protect our intellectual property and other proprietary rights, they may be invalidated, circumvented, reduced in scope, deemed unenforceable or otherwise challenged, or they may be infringed, misappropriated, or otherwise violated. The efforts undertaken to protect our intellectual property and other proprietary rights, including our confidential information, may not be sufficient or effective. For additional information, see the section titled "Risk Factors—Intellectual Property Risks—If we fail to adequately protect our intellectual property rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights."

**Facilities** 

Our corporate headquarters is located in Lehi, Utah, where we currently lease approximately 106,000 square feet under a lease agreement that expires in 2038. We lease or license additional offices in the United States, including in Logan, Utah and Plano, Texas, as well as in Pune, India; Amsterdam, Netherlands; and Tel Aviv, Israel. We do not own any real property. We believe that these facilities are

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suitable to meet our needs and that we will be able to secure additional space, as needed, to accommodate expansion of our operations.

**Legal Proceedings** 

From time to time, we are subject to legal proceedings and claims that arise in the ordinary course of business, as well as governmental and other regulatory inquiries, investigations, audits, and proceedings. In addition, third parties may from time to time assert claims against us in the form of letters and other communications. We are not currently subject to any legal proceedings that, if determined adversely to us, would, in our opinion, have an adverse effect on our business, results of operations, or financial condition. Future litigation may be necessary or warranted to defend ourselves or our partners or to establish or assert our rights, among other things. The results of any current or future legal proceedings or litigation cannot be predicted with certainty, and regardless of the outcome, legal proceedings or 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 Directors** 

The following table provides information regarding our executive officers and directors as of May 15, 2026:

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| | | |
|:---|:---|:---|
| **Name** | **Age**  | **Position(s)** |
| *Executive Officers:* |  |  |
| Adam Edmunds | 47 | Chief Executive Officer and Director |
| Chase Harrington | 42 | President, Chief Revenue Officer, and Director |
| Mark Hansen | 46 | Chief Financial Officer and Corporate Secretary |
| Nico Dato | 37 | Chief Marketing Officer |
| Jason Taylor | 49 | Chief Technology Officer and Chief Information Security Officer |
| Catherine Wong | 50 | Chief Product Officer and Chief Operating Officer |
| *Non-Employee Directors:* |  |  |
| William Koefoed | 61 | Director |
| Kyle Paster | 39 | Director |
| John Rudella | 55 | Director |

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**Executive Officers**

***Adam Edmunds.*** Adam Edmunds has served as our Chief Executive Officer since December 2020 and as a member of our board of directors since August 2021. Prior to joining us, Mr. Edmunds served as President at Podium Corporation, Inc., a cloud-based software company ("Podium"), from December 2015 to May 2020. Mr. Edmunds holds a B.S. and an M.S. in Accounting from Brigham Young University.

Mr. Edmunds was selected to serve on our board of directors because of the perspective and experience he brings as our Chief Executive Officer.

***Chase Harrington.*** Chase Harrington has served as our President since July 2015, our Chief Revenue Officer since March 2026, and as a member of our board of directors since April 2022. Mr. Harrington previously served as our Chief Operating Officer from July 2015 to March 2023. Mr. Harrington holds a B.S. in Exercise Science and an M.B.A. from Brigham Young University.

Mr. Harrington was selected to serve on our board of directors because of the perspective and experience he brings as our President, Chief Revenue Officer, and former Chief Operating Officer.

***Mark Hansen.*** Mark Hansen has served as our Chief Financial Officer since February 2021. Prior to joining us, Mr. Hansen served as the Head of Finance and Accounting at Pluralsight, Inc., an online education company, from January 2014 to February 2021 and also as its Interim Co-Chief Financial Officer from September 2016 to April 2017. Mr. Hansen holds a B.S. in Accounting from Westminster University and a Master of Accounting from the University of Utah.

***Nico Dato****.* Nico Dato has served as our Chief Marketing Officer since April 2022. Prior to joining us, Mr. Dato served as Executive Vice President, Marketing of Podium from December 2018 to April 2022 and as its Vice President, Marketing from May 2015 to December 2018. Mr. Dato holds a B.S. in Economics from the University of Utah.

***Jason Taylor***. Jason Taylor has served as our Chief Technology Officer and Chief Information Security Officer since May 2021. Prior to joining us, Mr. Taylor served as Chief Technology Officer and Chief Information Security Officer of Podium from November 2019 to May 2021 and as its Chief Technology

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Officer from March 2017 to November 2019. Mr. Taylor holds a B.S. in Computer Science from Brigham Young University and an M.B.A. from the David Eccles School of Business.

***Catherine Wong.*** Catherine Wong has served as our Chief Operating Officer and Chief Product Officer since March 2023. Prior to joining us, Ms. Wong held various roles including Chief Operating Officer, Chief Product Officer, and Executive Vice President, Engineering at Domo, Inc., a cloud-based business intelligence platform, from November 2015 to January 2023 after serving as Senior Vice President, Engineering from September 2013 to November 2015. Prior to joining Domo, Ms. Wong was Vice President, Engineering at Adobe Inc., a software company, from August 2009 to August 2013, and previously held various roles at Omniture, Inc., an online marketing and web analytics company, prior to its acquisition by Adobe. Ms. Wong received a B.S. in Computer Science from Brigham Young University.

**Non-Employee Directors**

***William Koefoed.*** William Koefoed has served as Chief Financial Officer of Harness, Inc., a software delivery platform since May 2026. Prior to joining Harness, Mr. Koefoed served as Chief Financial Officer of OneStream, Inc., an enterprise finance management software company, from November 2019 through December 2025 and Chief Financial Officer of Blue Nile, Inc., an e-commerce retailer of diamonds and fine jewelry, from February 2018 through November 2019. Prior to joining Blue Nile in 2018, he served as the Chief Financial Officer and partner of BCG Digital Ventures, part of Boston Consulting Group, and as the Chief Financial Officer of Puppet, Inc., an IT automation software development company. Mr. Koefoed also served in a variety of finance roles at Microsoft Corporation beginning in 2005, including as Chief Financial Officer of its Skype division, General Manager of Investor Relations and General Manager of IT Finance. Prior to joining Microsoft, Mr. Koefoed held leadership roles at Hewlett-Packard Company, PwC, and Arthur Andersen. Mr. Koefoed serves on the board of directors of Bank OZK. Mr. Koefoed received his B.S. and M.B.A. degrees from the University of California, Berkeley.

Mr. Koefoed was selected to serve on our board of directors because of his experience in financial and operational roles.

***Kyle Paster.*** Kyle Paster has served as a member of our board of directors since July 2021. Mr. Paster is a Managing Director of Silver Lake, a global technology investment firm, where he has worked since July 2011. He currently serves on the board of directors of Qualtrics, LLC, a customer experience management company, and Altera Corporation, a leading fabless semiconductor company. He previously served on the board of directors of SecureWorks Corp., an information security services company and a public subsidiary of Dell Technologies, Inc., and ServiceMax, Inc., a cloud-based field service management software company. Mr. Paster holds a B.S. in Economics from The Wharton School of the University of Pennsylvania.

Mr. Paster was selected to serve on our board of directors because of his knowledge and understanding of business and corporate strategy, and his extensive experience serving as a board member to public and private companies within the software industry.

***John Rudella.*** John Rudella has served as a member of our board of directors since February 2023. Mr. Rudella has been a Senior Advisor of Silver Lake since August 2025. He joined Silver Lake in 2014 and previously served as Director from January 2020 to July 2025. Prior to joining Silver Lake, Mr. Rudella served as a U.S. Navy SEAL, where he held a variety of leadership positions working in technology and development, and made multiple deployments to Africa and the Middle East. He currently serves on the board of directors and nomination and governance committee of EverCommerce Inc., a provider of integrated, vertically-tailored SaaS solutions, on the board of directors and compensation committee of First Advantage Corporation, a global provider of technology-enabled background and identity verification services, and as Chairman of the board of directors of the Station Foundation. He previously served on the board of directors of Ancestry.com. Mr. Rudella holds a B.S. in Aeronautical Engineering from the U.S. Naval Academy and an M.S. from the Industrial College of the Armed Forces.

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Mr. Rudella was selected to serve on our board of directors because of his knowledge and understanding of business and corporate strategy, and his extensive experience serving as a board member to public and private companies within the software industry.

**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 business conduct and ethics 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 business conduct and ethics will be posted on the investor relations page on our website at &nbsp;&nbsp;&nbsp;&nbsp; . We intend to post on our website all disclosures that are required by law or the rules of the New York Stock Exchange concerning any amendments to, or waivers from, any provision of the code of business conduct and ethics.

**Controlled Company Status**

Upon the completion of this offering, the Silver Lake Stockholders will continue to beneficially own shares representing more than 50% of the voting power of our shares eligible to vote in the election of directors. As a result, we expect to qualify as a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. Under these corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority of our board of directors consist of independent directors, (2) that our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities, and (3) that our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. As a "controlled company," we will remain subject to the rules of the Sarbanes-Oxley Act and the New York Stock Exchange, which require us to have an audit committee composed entirely of independent directors.

As a result, following the completion of this offering, we will not be required to have a majority of independent directors on our board of directors and will not be required to have a compensation committee or a nominating and corporate governance committee composed entirely of independent directors. Accordingly, although we may elect to comply voluntarily with some or all of the foregoing corporate governance standards prior to the time we cease to be a "controlled company," for any period of time during which we elect not to comply with such corporate governance standards you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements set by the New York Stock Exchange. In the event that we cease to be a "controlled company" and our shares of Class A common stock continue to be listed on the New York Stock Exchange, we will be required to comply with these provisions within the applicable transition periods.

Upon the completion of this offering, the Silver Lake Stockholders will hold approximately &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; % if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) and will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets.

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**Board of Directors** 

Our business and affairs are managed under the direction of our board of directors. Our board of directors currently consists of five directors. Pursuant to our current certificate of incorporation and Existing Stockholders Agreement, our current directors were elected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Edmunds was elected as the CEO designee nominated by holders of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messrs. Harrington and Koefoed were elected by holders of our common stock, and Mr. Koefoed is a non-employee Silver Lake Stockholders' designee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Messrs. Paster and Rudella were elected as the Silver Lake Stockholders' designees nominated by holders of our common stock.

The provisions of our current certificate of incorporation by which our directors were elected will be amended and restated in connection with this offering. After this offering, the number of directors will be fixed by our board of directors, subject to the terms of our Stockholders Agreement, amended and restated certificate of incorporation, and amended and restated bylaws that will become effective 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. Our amended and restated certificate of incorporation will also provide for a classified board of directors, with &nbsp;&nbsp;&nbsp;&nbsp; directors in Class I (expected to be &nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;), &nbsp;&nbsp;&nbsp;&nbsp; directors in Class II (expected to be &nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;) and &nbsp;&nbsp;&nbsp;&nbsp; directors in Class III (expected to be &nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp;). See "Description of Capital Stock." The Stockholders Agreement, which we expect to enter into in connection with this offering, will also provide board designation rights to Silver Lake for so long as Silver Lake, together with its affiliates and permitted transferees under the Stockholders Agreement, beneficially owns at least 5% of the shares of our common stock issued and outstanding. See "Certain Relationships and Related Party Transactions—Related Party Agreements Entered into in Connection with the Initial Public Offering—New Stockholders Agreement."

**Director Independence** 

Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning their background, employment, and affiliations, our board of directors has determined that &nbsp;&nbsp;&nbsp;&nbsp; and &nbsp;&nbsp;&nbsp;&nbsp; do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined under the listing standards of the New York Stock Exchange. In making these determinations, our board of directors considered the current and prior relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Committees of the Board of Directors** 

Our board of directors has established an audit committee and a compensation committee. The composition and responsibilities of each of the committees of our board of directors is described below. Members will serve on these committees until their resignation or until as otherwise determined by our board of directors.

***Audit Committee***

Following the completion of this offering, our audit committee will consist of &nbsp;&nbsp;&nbsp;&nbsp; , with &nbsp;&nbsp;&nbsp;&nbsp; serving as Chairperson, and each of whom will meet the requirements for independence under the listing standards of the New York Stock Exchange and SEC rules and regulations. Each member of our audit committee will also meet the financial literacy and sophistication requirements of the listing standards of the New

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York Stock Exchange. In addition, our board of directors has determined that &nbsp;&nbsp;&nbsp;&nbsp; is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K under the Securities Act. Following the completion of this offering, our audit committee will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• select a qualified firm to serve as the independent registered public accounting firm to audit our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss with our independent registered public accounting firm their independence and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss the scope and results of the audit with the independent registered public accounting firm, and review, with management and the independent registered public accounting firm, our interim and year-end results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review our policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review related party transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approve or, as required, pre-approve, all audit and all permissible non-audit services, other than de minimis non-audit services, to be performed by the independent registered public accounting firm.

Our audit committee will operate under a written charter, to be effective prior to the completion of this offering, that satisfies the applicable rules and regulations of the SEC and the listing standards of the New York Stock Exchange.

***Compensation Committee***

Following the completion of this offering, our compensation committee will consist of &nbsp;&nbsp;&nbsp;&nbsp; , with &nbsp;&nbsp;&nbsp;&nbsp; serving as Chairperson, and each of whom will meet the requirements for independence under the listing standards of the New York Stock Exchange and SEC rules and regulations. Each member of our compensation committee will also be a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act ("Rule 16b-3"). Following the completion of this offering, our compensation committee will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review, approve and determine, or make recommendations to our board of directors regarding, the compensation of our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administer our equity compensation plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and approve and make recommendations to our board of directors regarding incentive compensation and equity compensation plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish and review general policies relating to compensation and benefits of our employees.

Our compensation committee will operate under a written charter, to be effective prior to the completion of this offering, that satisfies the applicable rules and regulations of the SEC and the listing standards of the New York Stock Exchange.

**Compensation Committee Interlocks and Insider Participation** 

None of the members of our compensation committee is or has been an officer or employee of our company. None of our executive officers currently serves, or in the past year has served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our board of directors or

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compensation committee. See the section titled "Certain Relationships and Related Party Transactions" for information about related party transactions involving transactions with certain of our directors and their affiliates.

**Non-Employee Director Compensation** 

Our employee directors, Messrs. Edmunds and Harrington, have not received any compensation for their services as directors for the year ended December 31, 2025. The compensation received by Mr. Edmunds as an executive officer is set forth in the section titled "Executive Compensation—Summary Compensation Table." We have provided certain information regarding the compensation of our non-employee directors for service as directors for the year ended December 31, 2025 in the section titled "Executive Compensation—Director Compensation," and anticipate adopting new compensation arrangements, entitling non-employee directors to annual compensation as described in the section titled "Executive Compensation—Director Compensation."

**Compensation Recovery Policy**

Prior to the completion of this offering, our board of directors will adopt a clawback policy in compliance with SEC rules and the listing standards of the New York Stock Exchange related to compensation recovery.

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**EXECUTIVE COMPENSATION** 

This section discusses the material components of the executive compensation program for our named executive officers (also referred to herein as our "NEOs"). Our NEOs, consisting of our principal executive officer and the next two most highly compensated executive officers, for the year ended December 31, 2025 were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adam Edmunds, our Chief Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chase Harrington, our President (and, as of March 2026, our Chief Revenue Officer); and &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amanda Fumo, our former Chief Revenue Officer.

Although Ms. Fumo no longer serves as one of our executive officers, because she was an executive officer as of December 31, 2025, Ms. Fumo qualified as an NEO for the year ended December 31, 2025. In connection with Ms. Fumo's departure, Mr. Harrington assumed the role of Chief Revenue Officer in March 2026. This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an "emerging growth company" as defined in the JOBS Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies.

Historically, our board of directors was responsible for designing and administering executive compensation programs and for making compensation decisions with respect to our NEOs. These compensation determinations were influenced by a variety of factors, including the relevant experience of the individual, competitive standards of pay, business conditions, and performance.

**Summary Compensation Table** 

The following table shows the compensation awarded to, paid to, or earned by each of our NEOs for the year ended December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year**  | **Salary ($)**  | **Stock Awards ($)**<sup>(1)</sup> | **Option Awards ($)**<sup>(2)</sup> | **Non-Equity Incentive Plan Compensation ($)** | **All Other Compensation ($)**  | **Total ($)**  |
| Adam Edmunds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* | 2025 | 700000 | ─ | <sup>(3)</sup> | 835927 | 40923 | 1576850 |
| Chase Harrington |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*President* | 2025 | 625000 | 3002761<sup>(4)</sup> | 1251147 | 537382 | 16281 | 5432571 |
| Amanda Fumo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Revenue Officer* | 2025 | 450000 | 4178345<sup>(4)</sup> | 1501375 | 537382 | 77451 | 6744553 |

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(1)Amounts reported in this column represent (i) the grant date fair value of restricted stock units, each of which represents the right to receive one share of our common stock subject to the vesting and other terms and conditions of the applicable award agreement and equity plan ("RSUs"), granted to our NEOs in 2025 and (ii) the fair value of RSU awards that were released to our NEOs in June 2025, which was determined based on the fair value of the RSUs as of the date of the release in accordance with FASB Accounting Standards Codification Topic 718 ("ASC 718"). In order to allow holders of RSUs, including our NEOs, to participate in our June 2025 tender offer for shares of our common stock, which was completed in July 2025, we modified one-third of the RSUs held by employees and former employees for which the service-based vesting condition was satisfied, to remove the performance-based vesting condition as further described below under the section titled "—2025 Equity Grants." These amounts reflect the accounting cost for these RSU awards and do not necessarily

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represent the actual economic value that may be realized by the NEO from the RSU awards. For information on the assumptions used to calculate the grant date fair value of the RSU awards, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations─Critical Accounting Estimates".

(2)Amounts reported in this column represent the grant date fair value of options granted to our NEOs in 2025 as computed in accordance with ASC 718, rather than the amounts paid to or realized by the individuals. The assumptions used in calculating the grant date fair value of the options are described in Note 9 to our consolidated financial statements included elsewhere in this prospectus.

(3)In 2025, Mr. Edmunds was awarded options that were subject to performance-based, market-based, and service-based vesting conditions. As described more fully below under "2025 Equity Grants", the applicable stock price goals were set by the board of directors and intended to reward outsized equity value creation. Attainment of the stock price goals is tested upon the first and second anniversaries of the completion of this offering, or an earlier change in control, and is not assured. As of the grant date of the performance options, we had not recognized stock-based compensation expense for such performance options because achievement of the performance-based vesting condition was not deemed probable. As a result, no value is included in the table above. Assuming achievement at the highest level of the market-based vesting condition, the aggregate grant-date fair value of such performance option award for 2025 would have been $46,505,759, computed in accordance with ASC 718. The assumptions used in calculating the grant date fair value of the awards are described in Note 9 to our consolidated financial statements included elsewhere in this prospectus.

(4)For Mr. Harrington and Ms. Fumo, the grant date fair value of RSUs awarded in February 2025 and reflected in this column was $2,499,994 and $2,999,988, respectively. For Mr. Harrington the RSU awards that were released in June 2025 and reflected in this column relate to RSUs that were granted in April 2022, and the fair value of the RSUs that were released was $502,767. For Ms. Fumo, the RSU awards that were released in June 2025 and reflected in this column relate to RSUs that were granted in February 2023, and the fair value of the RSUs that were released was $1,178,357. See note (1) above.

**Narrative to Summary Compensation Table** 

***Elements of Our Executive Compensation Program***

For 2025, the primary elements of our NEOs' compensation were base salary, annual cash incentive bonuses and long-term equity compensation.

***Base Salaries***

Our NEOs do not have employment agreements providing for base salaries. Rather, the base salaries of our NEOs are determined by our board of directors and form an important part of their total compensation package. The base salaries are intended to provide a fixed component of compensation reflecting each NEO's position, duties, responsibilities, skill set and experience. For 2025, the NEOs' annual base salaries were:

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| | |
|:---|:---|
| **Named Executive Officer** | **Annual Base Salary** |
| Adam Edmunds | $700000 |
| Chase Harrington | $625000 |
| Amanda Fumo | $450000 |

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***Annual Bonuses***

In addition to base salaries, our NEOs are eligible to receive annual performance-based cash bonuses, which are designed to provide appropriate incentives to our executives to achieve annual corporate goals established by our board of directors each year. The fiscal year 2025 annual bonus targets for Mr. Edmunds, Mr. Harrington and Ms. Fumo were 100%, 72%, and 100%, respectively, of their annual base salaries. At the end of the year, our board of directors reviews our performance against each corporate goal and determines the extent to which we achieved each of our corporate goals. The annual cash bonuses paid to our NEOs in 2025 are included in the "Non-Equity Incentive Plan Compensation" column of the 2025 Summary Compensation Table above.

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***Equity-Based Incentive Awards***

Our equity-based incentive awards are designed to align the interests of our stockholders with those of our employees, including our NEOs. The board of directors or an authorized committee thereof is responsible for approving equity grants.

Prior to this offering, we have granted options and RSUs pursuant to the Entrata, Inc. 2012 Equity Incentive Plan, as amended and restated February 21, 2014 (the "2012 Plan") and the Entrata, Inc. 2021 Equity Incentive Plan, as amended and restated April 14, 2022 (the "2021 Plan"), which together we refer to as our Existing Incentive Plans. Following this offering, we will grant equity awards under the terms of the Entrata, Inc. 2026 Equity Incentive Plan (the "2026 Plan"). The terms of the Existing Incentive Plans and the 2026 Plan are described in the subsection titled "—Employee Benefit and Stock Plans" below. All options are granted with an exercise price per share that is no less than the fair market value of our common stock on the date of grant of such award as determined by our board of directors based on an independent third-party valuation. Our stock option grants generally vest over a four-year period and may be subject to acceleration of vesting and exercisability under certain termination and change in control events. From time to time, our board of directors may also construct alternate vesting schedules as it determines are appropriate to motivate particular employees, as it did in 2025.

**2025 Equity Grants** 

In 2025 we granted options and RSUs to certain of our executives pursuant to the 2021 Plan, including our NEOs, in order to attract and retain them, as well as to align their interests with the interests of our stockholders. Our options and RSUs may be subject to acceleration of vesting and exercisability, as applicable, under certain termination and change in control events, as further described below under "—Potential Payments upon Termination or Change of Control".

On February 21, 2025, we granted to Mr. Harrington options to purchase 115,101 shares of our common stock and to Ms. Fumo options to purchase 138,121 shares of our common stock. In addition, on March 30, 2025, we granted to Mr. Edmunds a one-time multi-year performance option to purchase 5,510,161 shares of our common stock (the "Edmunds 2025 Performance Option"). All options were granted with an exercise price per share that was no less than the fair market value of one share of our common stock on the date of grant of such award, as determined by our board of directors based on an independent third-party valuation. The options vest as provided in the "Outstanding Equity Awards at 2025 Year-End" table below, and, for the Edmunds 2025 Performance Option, as further described below.

The Edmunds 2025 Performance Option will vest based on the achievement of stock price goals as set forth below (as adjusted for the dividend discussed below under "─2025 Dividend"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% if our stock price is less than or equal to $25.24; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% if our stock price is $40.15 or greater.

Achievement between each stock price goal will be determined based on linear interpolation.

The Edmunds 2025 Performance Option will only become vested to the extent the applicable stock price goals are achieved when tested on the first and second anniversaries of our IPO or upon an earlier change in control, subject to Mr. Edmunds' continued employment with us though the applicable vesting date. Our board of directors set each stock price goal in order to incentivize overperformance and outsized equity value creation. If the performance goals have not been reached as of the second anniversary of the completion of this offering, the options will be forfeited, and Mr. Edmunds will not realize the value of such options. Determination of share price achievement will be based on the volume weighted average trading prices of our shares of Class A common stock over the 30 consecutive trading days immediately preceding the applicable measurement date. The vesting of the option is subject to Mr. Edmunds' continued employment through the applicable measurement date and compliance with

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applicable restrictive covenants, including confidentiality, non-competition, and non-solicitation obligations.

On February 21, 2025, we granted Mr. Harrington 115,101 RSUs and Ms. Fumo 138,121 RSUs. The vesting schedule for these RSU grants is set forth in the "Outstanding Equity Awards at 2025 Year-End" table, below.

**2025 RSU Release**

On June 11, 2025, we waived the performance-based vesting condition to permit the vesting and settlement of 33% of outstanding RSUs held by our current and former employees, including our NEOs who had satisfied the applicable service-based vesting condition as of June 1, 2025. Accordingly, such RSUs became fully vested as of the modification date. Mr. Harrington and Ms. Fumo hold RSU awards that were modified as part of the 2025 RSU Release, resulting in the recognition of stock-based compensation expense in respect of such RSUs held by Mr. Harrington and Ms. Fumo of $1.68 million during the year ended December 31, 2025, and the release of the underlying shares of our common stock. For Mr. Harrington and Ms. Fumo, 21,746 and 50,967 RSUs, respectively, became fully vested as a result of the actions described in this paragraph.

**2025 Dividend**

On November 17, 2025, our Board of Directors approved a one-time cash dividend to its stockholders of record as of close of business on November 18, 2025 equal to $1.99 per share. In connection with this one-time cash dividend and in accordance with the 2021 Plan, we equitably adjusted all outstanding equity awards (including stock options and RSUs) held by employees, including our NEOs, by adjusting the number of shares subject to such equity awards, and for stock options, the exercise price of such options, as applicable, to preserve the same intrinsic value such equity award had prior to the dividend, which are reflected below in the "Outstanding Equity Awards at 2025 Year-End" table.

**Outstanding Equity Awards at 2025 Year-End** 

The following table sets forth information regarding outstanding equity awards held by our NEOs as of December 31, 2025. The figures in the table give effect to the equitable adjustments effected in connection with the November 2025 dividend, as applicable:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
|<br>**Name** |<br>**Grant Date** | | **Vesting Commencement Date** | **Number of Securities Underlying Unexercised Stock Options Exercisable (#)** | **Number of Securities Underlying Unexercised Stock Options Unexercisable** <br>**(#)** | **Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Stock Options**<br>**(#)** | **Option Exercise Price ($)** | **Option Expiration Date** | **Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(2)** | **Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)** |
| Adam Edmunds | 4/26/2021 | (3) | 11/1/2020 | 656507 | ─ | ─ | $2.30 | 4/26/2031 | ─ | ─ |
|  | 4/29/2022 | (4) | ─ | ─ | ─ | 480693 | $16.65 | 4/29/2032 | ─ | ─ |
|  | 3/30/2025 | (5) | ─ | ─ | ─ | 6029101 | $19.86 | 3/30/2035 | ─ | ─ |
| Chase Harrington | 4/26/2021 | (3) | 11/1/2020 | 293660 | ─ | ─ | $2.30 | 4/26/2031 | ─ | ─ |
|  | 4/29/2022 | (4) | ─ | ─ | ─ | 108156 | $16.65 | 4/29/2032 | ─ | ─ |
|  | 4/29/2022 | (6) | &nbsp;&nbsp;&nbsp;4/14/2022 | ─ | ─ | ─ | ─ | ─ | 72344 | 1528629 |
|  | 2/21/2025 | (7) | 2/1/2025 | 18575 | 102328 | ─ | $19.86 | 2/21/2035 | ─ | ─ |
|  | 2/21/2025 | (6) | &nbsp;&nbsp;&nbsp;2/1/2025 | ─ | ─ | ─ | ─ | ─ | 125941 | 2661133 |
| Amanda Fumo | 2/9/2023 | (4) | ─ | ─ | ─ | 180260 | $16.65 | 2/9/2033 | ─ | ─ |
|  | 2/9/2023 | (6) | &nbsp;&nbsp;&nbsp;2/1/2023 | ─ | ─ | ─ | ─ | ─ | 244666 | 5169793 |
|  | 2/21/2025 | (7) | 2/1/2025 | 28335 | 122793 | ─ | $19.86 | 2/21/2035 | ─ | ─ |
|  | 2/21/2025 | (6) | 2/1/2025 | ─ | ─ | ─ | ─ | ─ | 151129 | 3193356 |

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(1)Amounts are calculated by multiplying the number of RSUs shown in the table by the fair market value of our common stock as of December 31, 2025. As there was no public market for our common stock on December 31, 2025, we have assumed that the fair market value on such date was $21.13 per share.

(2)Represents RSUs that vest in whole or in part based on the achievement of a performance-based vesting condition.

(3)The option vests over four years, with 1/48th of the shares vesting on each monthly anniversary of the vesting commencement date, subject to continued service with us.

(4)The option vests and becomes exercisable based upon achievement of a target per share return of our common stock on set measurement dates, subject to continued service with us. Following the completion of this offering, the measurement dates for Mr. Harrington will be the date that is 31 consecutive trading days after the completion of the offering and each of the first two six month anniversaries of the completion of this offering (or a sooner change in control) and the measurement dates for Ms. Fumo will be the six month anniversary of the completion of this offering and the next three six month anniversaries thereafter (or a sooner change in control). The per share return targets applicable to this option are $27.32 and $81.95, with vesting occurring from 25% to 100% on an interpolated basis between such per share return targets. As described above, vesting of this option is subject to continued service, and in the event of Ms. Fumo's qualifying termination, the option will be treated in accordance with the terms of her applicable award agreement.

(5)The option vests based on achievement of a target price per share of our common stock on set measurement dates, subject to continued service with us, as further described above under "2025 Equity Grants".

(6)The RSUs vest based on the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition of the RSUs is satisfied over four years, with 25% of the shares vesting on the first anniversary of the vesting commencement date and 1/16th of the remaining shares vesting on each quarterly anniversary thereafter, subject to continued service with us. The performance-based vesting condition will be satisfied upon the completion of this offering. RSUs for which the service-based vesting condition has not yet been satisfied as of the completion of this offering will continue to vest on their original service based vesting schedule following the offering.

(7)The option vests over four years, with 1/16th of the shares vesting on each quarterly anniversary of the vesting commencement date, subject to continued service with us. In November 2025, Mr. Harrington exercised 4,604 then-vested options underlying such option award.

**Executive Employment Agreements**

***Adam Edmunds***

Prior to the completion of this offering, we intend to enter into a continuing employment letter with Adam Edmunds, our Chief Executive Officer. The employment letter is not expected to have a specific term and will provide that Mr. Edmunds' employment is at-will.

**Potential Payments upon Termination or Change of Control**

Prior to the completion of this offering, we expect to enter into arrangements with our NEOs providing for severance and change in control benefits upon certain qualifying terminations of employment.

As of December 31, 2025, our NEOs were not entitled to any cash severance payments or benefits in connection with the termination of their employment.

Each of Mr. Harrington's and Ms. Fumo's applicable award agreements provide that if he or she experiences a qualifying termination of employment by the Company other than for "cause" (as defined in such NEO's applicable award agreement) or due to a restrictive covenant violation, all RSUs held by such NEO that have satisfied the "standard vesting schedule" (as defined in the applicable award agreement) condition as of such qualifying termination will remain outstanding and eligible to vest on a liquidity event (as defined in the applicable award agreement) in accordance with their terms, but any settlement value is capped at the fair market value of the underlying shares on the termination date. All other RSUs will be forfeited.

In connection with the termination of Ms. Fumo's employment, which will be effective as of May 1, 2026, we agreed to provide Ms. Fumo with a cash amount equal to $150,000 as well as up to four months of company-paid COBRA continuation premiums, in all cases, subject to her execution and non-revocation

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of a release of claims. The RSUs held by Ms. Fumo will be treated in accordance with their terms, as described above in connection with a qualifying termination of employment by us other than for "cause". In addition, the performance options held by Ms. Fumo described in footnote (4) to the "Outstanding Equity Awards at 2025 Year-End" table above will be forfeited to the extent the continued service condition has not been satisfied as of her termination date.

In addition, if, within the 12 month period following a change in control, any NEO experiences a qualifying termination of employment by the Company other than for "good cause" (as defined in the applicable award agreement), all then-unvested time-vesting options granted to such NEOs on or after April 29, 2022 will accelerate and vest. All other unvested options held by the NEOs will be forfeited upon any termination of employment.

For purposes of the outstanding performance options held by the NEOs, in the event of a change in control prior to this initial public offering, the outstanding performance options held by our NEOs will be tested on such change in control as the final measurement date for the underlying market-based vesting condition, and any vesting will be determined based on the level of achievement of the market-based vesting condition in such change in control.

**Employee Benefit and Stock Plans**

***401(k) Plan***

We maintain a tax-qualified 401(k) retirement plan for all U.S. employees, including our NEOs. Under our 401(k) plan, employees may elect to defer up to all eligible compensation, subject to applicable annual Code limits. We match contributions made by our employees, including our NEOs, equal to 37.5% of the first 8% of eligible compensation contributed by participants. All matching contributions vest immediately. We intend for our 401(k) plan to qualify under Section 401(a) and 501(a) of the Code so that contributions by employees to our 401(k) plan, and income earned on those contributions, are not taxable to employees until withdrawn from our 401(k) plan.

***Health and Welfare Benefits; Perquisites***

All of our current NEOs are eligible to participate in our employee benefit plans, including our medical, dental, vision, disability, and life insurance plans, in each case on the same basis as all of our other employees. We generally do not provide material perquisites or personal benefits to our NEOs, except in limited circumstances, including company-paid housing benefits to Ms. Fumo, which terminated in connection with her departure, and participation in the president's club sales trip for all of our NEOs. Such benefits, to the extent includible as income to the applicable NEO, also include an associated tax gross up. The aggregate value of the president's club sales trip in 2025 (inclusive of the associated tax gross up) was $32,065, $14,361 and $32,049 to Mr. Edmunds, Mr. Harrington and Ms. Fumo, respectively. The aggregate cost of the housing benefit for 2025 (inclusive of the associated tax gross up) to Ms. Fumo was $44,420. The value of these benefits, to the extent provided to an NEO in fiscal year 2025, is included in the "All Other Compensation" column of the Summary Compensation Table above. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our NEOs, but our board of directors may elect to adopt qualified or non-qualified benefit plans in the future if it determines that doing so is in our best interests.

***2012 Equity Incentive Plan***

We maintain the 2012 Plan, pursuant to which we have granted stock options to employees, consultants, and board members. Following the effectiveness of the 2021 Plan, we have not granted any further awards under the 2012 Plan. However, all outstanding awards continued to be governed by their existing terms.

The 2012 Plan is administered by our board of directors. Subject to the provisions of the 2012 Plan, the plan administrator has the authority and discretion to take any actions it deems necessary or advisable for

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the administration of the 2012 Plan. In the event of certain changes in our capitalization such as a stock split, reverse stock split, or spin-off, to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the 2012 Plan, the plan administrator will adjust the number and class of shares that may be delivered under the 2012 Plan and/or the number, class, and price of shares covered by outstanding awards.

Options entitle their holder, upon exercise, to receive the number of shares subject to such award. The exercise price of an option may not be less than 100% of the fair market value of the underlying share of common stock on the grant date. The term of an option may not exceed ten years. All outstanding options under the 2012 Plan are fully vested.

The 2012 Plan provides that, in the event of certain specified significant corporate transactions, generally including a merger, a person or group acquiring more than 50% of the total voting power of our stock, a sale of a substantial portion of our assets, and certain changes in the composition of our board, each outstanding award will be treated as the plan administrator determines.

Awards under the plan are generally not transferable (other than by will or the laws of descent and distribution), except as otherwise provided under the 2012 Plan or the applicable award agreements.

Our board of directors may amend, suspend, or terminate the 2012 Plan at any time, subject to stockholder approval if necessary and desirable to comply with law; however, no such action may impair the rights of any plan participant unless agreed in writing with the participant.

***2021 Equity Incentive Plan***

We maintain the 2021 Plan, pursuant to which we have granted stock options and RSUs to employees, consultants, and board members. Following the effectiveness of the 2026 Plan (as defined below), we will not grant any further awards under the 2021 Plan. However, all outstanding awards will continue to be governed by their existing terms.

The 2021 Plan is administered by our board of directors. Subject to the provisions of the 2021 Plan, the plan administrator has the authority and discretion to take any actions it deems necessary or advisable for the administration of the 2021 Plan. In the event of certain changes in our capitalization such as a stock split, reverse stock split, or spin-off, to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the 2021 Plan, the plan administrator will adjust the number and class of shares that may be delivered under the 2021 Plan and/or the number, class, and price of shares covered by outstanding awards.

Options entitle their holder, upon exercise, to receive the number of shares subject to such award. The exercise price of an option may not be less than 100% of the fair market value of the underlying share of common stock on the grant date. The term of an option may not exceed ten years. The options are generally subject to service-based, performance-based, and market-based vesting conditions.

For service-based options that have been granted under the 2021 Plan, the service-based vesting condition is satisfied based on continued service over a period of time that is set forth in the applicable award agreement, generally four years.

For performance options that have been granted under the 2021 Plan, the performance-based, market-based, and service-based vesting conditions are established by the administrator and set forth in the applicable award agreement. For performance options other than the Edmunds 2025 Performance Option, which is described above under "2025 Equity Grants", the market-based vesting condition measures the actual or deemed per share return to our sponsor group upon certain set liquidity events or an IPO (each as defined in the applicable award agreement; this offering will constitute an IPO). The condition also takes into account the degree of participation by the sponsor group in the applicable liquidity event. If the IPO occurs prior to the fourth anniversary of the date of grant, the measurement dates for testing the per share return will be the six month anniversary of such IPO and the next three six

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month anniversaries thereafter (or a sooner change in control). If the IPO occurs on or after the fourth anniversary of the date of grant, the measurement dates will be the date that is 31 consecutive trading days after the completion of the offering and each of the first two six month anniversaries of the completion of this offering (or a sooner change in control).

RSUs entitle their holder, upon settlement, to receive the number of shares subject to such award. The RSUs are generally subject to both service-based and performance-based vesting conditions. The service-based vesting condition is satisfied based on continued service over a period of time that is set forth in the applicable award agreement, generally four years. The performance-based vesting condition is generally satisfied upon (i) a change in control (as defined in the 2021 Plan) or (ii) a public listing or SPAC transaction (each as defined in the applicable award agreement; this offering will constitute a public listing). The performance-based vesting condition will be satisfied upon the completion of this offering, and RSUs will vest to the extent the applicable service-based vesting condition has also been satisfied. RSUs for which the service-based vesting condition has not yet been satisfied as of the completion of this offering will continue to vest on their original service-based vesting schedule.

The 2021 Plan provides that, in the event of certain specified significant corporate transactions, generally including a merger, a person or group acquiring more than 50% of the total voting power of our stock, a sale of a substantial portion of our assets, and certain changes in the composition of our board, each outstanding award will be treated as the plan administrator determines. However, unless an individual award agreement provides otherwise, if awards are not assumed or substituted by a successor corporation in connection with the transaction, awards fully vest, but with respect to performance awards, all goals or criteria are deemed achieved at target.

Awards under the plan are generally not transferable (other than by will or the laws of descent and distribution), except as otherwise provided under the 2021 Plan or the applicable award agreements.

Our board of directors may amend, suspend, or terminate the 2021 Plan at any time, subject to stockholder approval if necessary and desirable to comply with law; however, except as provided in the 2021 Plan (including to comply with tax and other applicable laws), no such action may materially impair a participant's right, unless agreed in writing with the participant.

***New Equity Plans***

In connection with the initial public offering, and subject to the approval of the stockholders, we expect to adopt the 2026 Plan and the Entrata, Inc. 2026 Employee Stock Purchase Plan (the "ESPP"). If approved by our stockholders, the 2026 Plan and the ESPP will be effective as of the date immediately preceding the completion of this offering and we will no longer issue awards pursuant to our Existing Incentive Plans.

<u>2026 Equity Incentive Plan</u>

The principal purpose of the 2026 Plan is to attract, retain, and motivate selected employees, consultants, and directors through the granting of stock-based compensation awards and cash-based performance bonus awards. Equity awards and equity-linked compensatory opportunities are intended to motivate high levels of performance and align the interests of directors, employees, and consultants with those of stockholders by giving directors, employees, and consultants the perspective of an owner with an equity or equity-linked stake in our company and providing a means of recognizing their contributions to our success.

*Summary of the 2026 Plan* 

This section summarizes certain principal features of the 2026 Plan. The summary is qualified in its entirety by reference to the complete text of the 2026 Plan, a copy of which is filed as Exhibit 10.2 to the registration statement of which this prospectus forms a part.

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*Eligibility and Administration* 

Options, restricted stock units and other stock-based and cash-based awards under the 2026 Plan may be granted to individuals who are then our officers, employees, or consultants or are the officers, employees, or consultants of certain of our subsidiaries. Such awards also may be granted to our directors. Only employees of our company or certain of our subsidiaries may be granted incentive stock options ("ISOs").

The compensation committee of our board of directors is expected to administer the 2026 Plan unless our board of directors assumes authority for administration. The compensation committee must consist of members of our board of directors, each of whom is intended to qualify as a "non-employee director" for purposes of Rule 16b-3 under the Exchange Act. The 2026 Plan provides that the board or compensation committee may delegate its authority to grant awards to employees other than executive officers and certain of our senior executives to a committee consisting of one or more members of our board of directors or one or more of our officers, other than awards made to our non-employee directors, which must be approved by our full board of directors. Subject to the terms and conditions of the 2026 Plan, the administrator has the authority to select the persons to whom awards are to be made, to determine the number of shares to be subject to awards and the terms and conditions of awards, and to make all other determinations and to take all other actions necessary or advisable for the administration of the 2026 Plan. The administrator is also authorized to adopt, amend, or rescind rules relating to administration of the 2026 Plan. Our board of directors may at any time remove the compensation committee as the administrator and revest in itself the authority to administer the 2026 Plan. The full board of directors will administer the 2026 Plan with respect to awards to non-employee directors.

*Shares Available for Awards* 

Under the 2026 Plan, a number of shares of our common stock equal to &nbsp;&nbsp;&nbsp;&nbsp; % of the fully diluted shares of our common stock outstanding immediately after the completion of this offering, on an as-converted or as-exchanged basis, will be initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights ("SARs"), restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. The number of shares of our common stock initially reserved for issuance or transfer pursuant to awards under the 2026 Plan will be increased by the number of shares of our common stock represented by awards outstanding under the 2012 Plan and the 2021 Plan, each as amended, that become available for issuance under the counting provisions described below following the effective date of the 2026 Plan. The plan is also expected to include an evergreen feature, the details of which will be included in a subsequent filing.

The following counting provisions will be in effect for the share reserve under the 2026 Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that an award terminates, expires, or lapses, any shares subject to the award at such time will be available for future grants under the 2026 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent shares are tendered or withheld to satisfy the grant or exercise price with respect to any award under the 2026 Plan, such tendered or withheld shares will be available for future grants under the 2026 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent shares subject to SARs are not issued in connection with the stock settlement of SARs on exercise thereof, such shares will be available for future grants under the 2026 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of dividend equivalents in cash in conjunction with any outstanding awards will not be counted against the shares available for issuance under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent permitted by applicable law or any exchange rule, shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by us

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or any of our subsidiaries will not be counted against the shares available for issuance under the 2026 Plan.

The 2026 Plan also provides that the sum of the grant date fair value of all equity-based awards and the maximum that may become payable pursuant to a cash-based award to any individual for services as a non-employee director during any calendar year may not exceed $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

*Types of Awards* 

The 2026 Plan provides that the administrator may grant or issue stock options, SARs, restricted stock, restricted stock units, performance bonus awards, performance stock units, other stock- or cash-based awards and dividend equivalents, or any combination thereof. Each award will be set forth in a separate agreement with the person receiving the award and will indicate the type, terms, and conditions of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Qualified Stock Options ("NSOs") provide for the right to purchase shares of our common stock at a specified price that may not be less than fair market value on the date of grant, and usually will become exercisable (at the discretion of the administrator) in one or more installments after the grant date, subject to the participant's continued employment or service with us and/or subject to the satisfaction of corporate performance targets and individual performance targets established by the administrator. NSOs may be granted for any term specified by the administrator that does not exceed ten years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incentive Stock Options ("ISOs") will be designed in a manner intended to comply with the provisions of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and will be subject to specified restrictions contained in the Code. Among such restrictions, ISOs must have an exercise price of not less than the fair market value of a share of our common stock on the date of grant, may only be granted to employees, and must not be exercisable after a period of ten years measured from the date of grant. In the case of an ISO granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our capital stock, the exercise price must be at least 110% of the fair market value of a share of our common stock on the date of grant and the ISO must not be exercisable after a period of five years measured from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Stock may be granted to any eligible individual and made subject to such restrictions as may be determined by the administrator. Restricted stock, typically, may be forfeited for no consideration or repurchased by us at the original purchase price if the conditions or restrictions on vesting are not met. In general, restricted stock may not be sold or otherwise transferred until restrictions are removed or expire. Holders of restricted stock, unlike recipients of options, will have voting rights and will have the right to receive dividends, if any, prior to the time when the restrictions lapse, however, dividends will not be released until restrictions are removed or expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restricted Stock Units may be awarded to any eligible individual, typically without payment of consideration, but subject to vesting conditions based on continued employment or service or on performance criteria established by the administrator. Like restricted stock, restricted stock units may not be sold, or otherwise transferred or hypothecated, until vesting conditions are removed or expire. Unlike restricted stock, stock underlying restricted stock units will not be issued until the restricted stock units have vested, and recipients of restricted stock units generally will have no voting or dividend rights prior to the time when vesting conditions are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Appreciation Rights may be granted in connection with stock options or other awards, or separately. SARs granted in connection with stock options or other awards typically will provide for payments to the holder based upon increases in the price of our common stock over a set exercise price. The exercise price of any SAR granted under the 2026 Plan must be at least 100% of the fair market value of a share of our common stock on the date of grant. SARs under

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the 2026 Plan will be settled in cash or shares of our common stock, or in a combination of both, at the election of the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance Bonus Awards and Performance Stock Units are denominated in cash or shares/unit equivalents, respectively, and may be linked to one or more performance or other criteria as determined by the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Stock or Cash Based Awards are awards of cash, fully vested shares of our common stock, and other awards valued wholly or partially by referring to, or otherwise based on, shares of our common stock. Other stock or cash based awards may be granted to participants and may also be available as a payment form in the settlement of other awards, as standalone payments and as payment in lieu of base salary, bonus, fees, or other cash compensation otherwise payable to any individual who is eligible to receive awards. The administrator will determine the terms and conditions of other stock or cash based awards, which may include vesting conditions based on continued service, performance and/or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend Equivalents represent the right to receive the equivalent value of dividends paid on shares of our common stock and may be granted alone or in tandem with awards other than stock options or SARs. Dividend equivalents are converted to cash or shares by such formula and such time as determined by the administrator. In addition, dividend equivalents with respect to any awards subject to vesting will either (i) to the extent permitted by applicable law, not be paid or credited or (ii) be accumulated and subject to vesting to the same extent as the related award.

Any award may be granted as a performance award, meaning that the award will be subject to vesting and/or payment based on the attainment of specified performance goals.

*Certain Transactions* 

In the event of any stock dividend or other distribution, stock split, reverse stock or unit split, reorganization, combination or exchange of shares, merger, consolidation, split-up, spin-off, recapitalization, repurchase or any other corporate event affecting the number of outstanding shares of our common stock or the share price of our common stock that would require adjustments to the 2026 Plan or any awards under the 2026 Plan in order to prevent the dilution or enlargement of the potential benefits intended to be made available thereunder, the administrator will make appropriate, proportionate adjustments to: (i) the aggregate number and type of shares subject to the 2026 Plan; (ii) any share limits set forth in the 2026 Plan; (iii) the number and kind of shares subject to outstanding awards and terms and conditions of outstanding awards (including, without limitation, any applicable performance targets or criteria with respect to such awards); and (iv) the grant or exercise price per share of any outstanding awards under the 2026 Plan.

*Amendment and Termination* 

Our board of directors may terminate, amend, or suspend the 2026 Plan at any time and from time to time. However, we must generally obtain stockholder approval to the extent required by applicable law, rule, or regulation (including any applicable stock exchange rule). No amendments to outstanding awards that materially and adversely affect a participant's rights under the award may be made without participant consent, except in connection with certain transactions (such as equity restructurings, corporate transactions, or a change in control) or to preserve the intended tax treatment of the participant's award. Notwithstanding the foregoing, the administrator has the authority to amend any outstanding option or SAR to reduce its exercise price per share or cancel any option or SAR in exchange for cash or another award, in each case, without stockholder approval.

No ISOs may be granted pursuant to the 2026 Plan after the tenth anniversary of the date our board of directors approves the 2026 Plan, and no additional annual share increases to the 2026 Plan's aggregate share limit will occur from and after such anniversary. Any award that is outstanding on the termination

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date of the 2026 Plan will remain in force according to the terms of the 2026 Plan and the applicable award agreement.

*Foreign Participants, Claw-back Provisions, Transferability and Participant Payments* 

The plan administrator may modify awards granted to participants who are foreign nationals or employed outside the United States or establish subplans or procedures to address differences in laws, rules, regulations, or customs of such foreign jurisdictions. All awards will be subject to our clawback policy and any additional claw back policy or provision as set forth in an award agreement from time to time. Except as the plan administrator may determine or provide in an award agreement, awards under the 2026 Plan are generally non-transferrable, except by will or the laws of descent and distribution, or, subject to the plan administrator's consent, pursuant to a domestic relations order, and are generally exercisable only by the participant. With regard to tax withholding obligations arising in connection with awards under the 2026 Plan, and exercise price obligations arising in connection with the exercise of stock options under the 2026 Plan, the plan administrator may, in its discretion, accept cash, wire transfer, or check, shares of our common stock that meet specified conditions, a promissory note, a "market sell order," such other consideration as the plan administrator deems suitable or any combination of the foregoing.

<u>Employee Stock Purchase Plan</u> 

The ESPP is designed to allow eligible employees to purchase shares of our common stock with their accumulated payroll deductions. The ESPP is intended to qualify under Section 423 of the Code. The material terms of the ESPP are summarized below. The purpose of the ESPP is to assist such employees in acquiring a stock ownership interest in Entrata, to help such employees provide for their future security, and to encourage such employees to remain in our employment.

*Summary of the ESPP* 

This section summarizes certain principal features of the ESPP. The summary is qualified in its entirety by reference to the complete text of the ESPP, a copy of which has been filed as Exhibit 10.3 to the registration statement of which this prospectus forms a part.

*Administration* 

Subject to the terms and conditions of the ESPP, our compensation committee will administer the ESPP. Our compensation committee can delegate administrative tasks under the ESPP to the services of an agent and/or employees to assist in the administration of the ESPP. The administrator will have the discretionary authority to administer and interpret the ESPP. Interpretations and constructions of the administrator of any provision of the ESPP or of any rights thereunder will be conclusive and binding on all persons. We will bear all expenses and liabilities incurred by the ESPP administration.

*Shares Available for Awards* 

The maximum number of shares of our common stock which will be authorized for sale under the ESPP is equal to &nbsp;&nbsp;&nbsp;&nbsp; % of the fully diluted shares of our common stock outstanding immediately after the completion of this offering, on an as-converted or as-exchanged basis. We also expect the ESPP to include an evergreen feature under which the share reserve is replenished annually, the details of which will be summarized in a future filing. The shares reserved for issuance under the ESPP may be authorized but unissued shares or reacquired shares.

*Eligibility* 

Employees eligible to participate in the ESPP for a given offering period generally include employees who are employed by us or one of our designated subsidiaries on the first day of the offering period, or the enrollment date. Our employees (and employees of certain of our subsidiaries) who customarily work less than six months in a calendar year or are customarily scheduled to work less than 20 hours per week will

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not be eligible to participate in the ESPP. Consultants and non-employee directors are not eligible to participate in the ESPP.

*Participation* 

Employees will enroll under the ESPP by completing a payroll deduction form permitting the deduction from their compensation of at least 1% of their compensation but not more than 15% of their compensation.

Such payroll deductions may be expressed as either a whole number percentage or a fixed dollar amount, and the accumulated deductions will be applied to the purchase of shares on each purchase date.

*Offering* 

Under the ESPP, participants are offered the option to purchase shares of our common stock at a discount during a series of successive offering periods, the duration and timing of which will be determined by the ESPP administrator.

The option purchase price will be the lower of 85% of the closing trading price per share of our common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date.

Unless a participant has previously canceled his or her participation in the ESPP before the purchase date, the participant will be deemed to have exercised his or her option in full as of each purchase date. Upon exercise, the participant will purchase the number of whole shares that his or her accumulated payroll deductions will buy at the option purchase price, subject to the participation limitations listed above.

A participant may cancel his or her payroll deduction authorization at any time prior to the end of the offering period. Upon cancellation, the participant will have the option to either (i) receive a refund of the participant's account balance in cash without interest or (ii) exercise the participant's option for the current offering period for the maximum number of shares of our common stock on the applicable purchase date, with the remaining account balance refunded in cash without interest. Following at least one payroll deduction, a participant may also decrease (but not increase) his or her payroll deduction authorization once during any offering period. If a participant wants to increase or decrease the rate of payroll withholding, he or she may do so effective for the next offering period by submitting a new form before the offering period for which such change is to be effective.

A participant may not assign, transfer, pledge, or otherwise dispose of (other than by will or the laws of descent and distribution) payroll deductions credited to a participant's account or any rights to exercise an option or to receive shares of our common stock under the ESPP, and during a participant's lifetime, options in the ESPP shall be exercisable only by such participant. Any such attempt at assignment, transfer, pledge, or other disposition will not be given effect.

*Adjustments* 

In the event of any increase or decrease in the number of issued shares of our common stock resulting from a stock or unit split, reverse stock split, stock dividend or unit distribution, combination or reclassification of our common stock, or any other increase or decrease in the number of shares of our common stock effected without receipt of consideration by us, we will proportionately adjust the aggregate number of shares of our common stock offered under the ESPP, the number and price of shares which any participant has elected to purchase under the ESPP, and the maximum number of shares which a participant may elect to purchase in any single offering period. If there is a proposal to dissolve or liquidate us, then the ESPP will terminate immediately prior to the consummation of such proposed dissolution or liquidation, and any offering period then in progress will be shortened by setting a new

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purchase date to take place before the date of our dissolution or liquidation. We will notify each participant of such change in writing before the new exercise date. If we undergo a merger with or into another corporation or sell all or substantially all of our assets, each outstanding option will be assumed or an equivalent option substituted by the successor corporation or the parent or subsidiary of the successor corporation. If the successor corporation refuses to assume the outstanding options or substitute equivalent options, then any offering period then in progress will be shortened by setting a new purchase date to take place before the date of our proposed sale or merger. We will notify each participant of such change in writing before the new exercise date.

*Amendment and Termination* 

Our board of directors may amend, suspend, or terminate the ESPP at any time. However, the board of directors may not amend the ESPP without obtaining stockholder approval within 12 months before or after such amendment to the extent required by applicable laws.

**Director Compensation**

We did not pay any fees or provide any other compensation to our non-employee directors for service as directors for the year ended December 31, 2025.

***Non-Employee Director Compensation Policy***

In connection with this offering, we expect to adopt a non-employee director compensation policy that, effective upon the pricing of this offering, will be applicable to each of our non-employee directors. Pursuant to this non-employee director compensation policy, each eligible non-employee director will receive a mixture of annual retainer fees and long-term equity awards.

Pursuant to this policy, each eligible non-employee director will receive an annual cash retainer of &nbsp;&nbsp;&nbsp;&nbsp; .

Also, pursuant to this policy, we intend to grant all eligible non-employee directors an annual equity award of &nbsp;&nbsp;&nbsp;&nbsp; .

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sections titled "Management" and "Executive Compensation," the following is a description of each transaction since January 1, 2023 and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount involved exceeded or exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers, or holders of more than 5% of any class of our outstanding voting securities, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

**Related Party Agreements Prior to the Initial Public Offering**

***Existing Stockholders Agreement***

We are party to an amended and restated stockholders agreement, dated as of May 9, 2025 (the "Existing Stockholders Agreement"), which provides, among other things, that certain holders of our capital stock, including the Silver Lake Stockholders, TPP Capital Advisors, Entryway DF Holdings, an entity affiliated with Dragoneer, HGGC Prop Holdings, and Expedite Lux Holdco, an entity affiliated with Blackstone, have the right to demand that we file a registration statement or request that their shares of our capital stock be covered by a registration statement that we are otherwise filing. Pursuant to our Existing Stockholders Agreement, we or our assignees and the Silver Lake Stockholders or their assignees have a right to purchase shares of our capital stock that stockholders propose to sell to other parties. In addition, the terms of the Existing Stockholders Agreement provide that certain holders of our capital stock, including entities affiliated with the Silver Lake Stockholders, TPP Capital Advisors, Entryway DF Holdings, HGGC Prop Holdings, and Expedite Lux Holdco would vote their shares of our capital stock on certain matters, including with respect to the election of directors, in accordance with the terms of the Existing Stockholders Agreement; however, such voting agreement will be terminated in connection with this offering. Silver Lake has the right to terminate the Existing Stockholders Agreement in connection with this offering, provided that certain provisions of the Existing Stockholders Agreement, including relating to registration rights, will survive such termination. We expect Silver Lake will exercise such termination right and that we will enter into the Stockholders Agreement described under "—Related Party Agreements Entered into in Connection with the Initial Public Offering─New Stockholders Agreement" below in connection with the initial public offering. Kyle Paster and John Rudella, members of our board of directors, are affiliated with Silver Lake.

After the completion of this offering and the termination of the Existing Stockholders Agreement, the Silver Lake Stockholders, TPP Capital Advisors, HGGC Prop Holdings and Expedite Lux Holdco, holding in the aggregate&nbsp;&nbsp;&nbsp;&nbsp; shares of our common stock (including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock, and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class C common stock) following the completion of this offering, will continue to be entitled to rights contained in our Existing Stockholders Agreement with respect to the registration of their shares under the Securities Act given that such rights will survive the termination of the Existing Stockholders Agreement by Silver Lake. The registration rights set forth in the Existing Stockholders Agreement will generally expire with respect to any particular stockholder at such time when such stockholder holds 1% or less of our outstanding common stock and all securities held by such holder (and its affiliates with which such holder must aggregate sales under Rule 144) can be sold in any three month period without registration in compliance with Rule 144.

We agreed in the Existing Stockholders Agreement to pay certain registration expenses (other than stock transfer taxes and underwriting discounts and commissions) including without limitation the expenses of one counsel to all of the selling stockholders, in addition to certain expenses of Silver Lake in connection

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with the transfer or other disposition or distribution of its securities. In an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares such holders may include in the underwritten offering; provided the number of shares to be sold by Silver Lake in such offering may not be reduced below its pro rata share of the shares held by all holders entitled to participate in such offering. TPP Capital Advisors, HGGC Prop Holdings, LP, and Expedite Lux Holdco L.P. have the right to assign their registration rights to affiliates. Silver Lake has the right to assign its registration rights to any person.

*Demand Registration Rights* 

After the completion of this offering, the holders of registration rights will be entitled to certain demand registration rights. At any time after the effective date of this offering, such holders can request that we register the offer and sale of the shares of Class A common stock they beneficially own. Such request for registration must relate to an offering with an aggregate offering price of at least $50,000,000. We are obligated to effect only four such registrations (inclusive of any marketed shelf takedown offerings initiated by holders of demand rights) in any twelve-month period. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than twice in any twelve-month period, for a period of 60 days (or such longer period as may be agreed upon by the stockholders initiating the demand). Silver Lake will have the right to make unlimited demands for registration. TPP Capital Advisors, HGGC Prop Holdings, LP, and Expedite Lux Holdco L.P., will each have the right to demand the registration of its registrable securities once.

*Piggyback Registration Rights* 

After the completion of this offering, if we propose to register the offer and sale of our common stock under the Securities Act, either for our own account or for the account of other security holders, in connection with the public offering of such common stock the holders of registration rights will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, subject to certain exceptions, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

*S-3 Registration Rights* 

After the completion of this offering, the holders of registration rights will be entitled to certain resale shelf registration rights on Form S-3 with respect to the shares of Class A common stock they beneficially own, including the shares of Class A common stock issuable upon conversion of outstanding shares of Class B common stock. The holders of these shares may make a written request that we register the offer and sale of their shares of Class A common stock on a registration statement on Form S-3 if we are eligible to file a registration statement on Form S-3. These stockholders may make an unlimited number of requests for registration on Form S-3; however, we will not be required to effect a registration on Form S-3 if another shelf registration is effective preceding the date of the request. Additionally, if we determine that it would be seriously detrimental to us and our stockholders to effect such a registration, we have the right to defer such registration, not more than twice in any 12-month period, for a period of up to 60 days (or such longer period as may be agreed upon by the stockholders initiating the demand). The holders of such shares will also have the right to initiate shelf-takedowns, including without limitation underwritten shelf takedowns, by written request to us. In the case of marketed underwritten takedowns, the number of requests by each holder will be limited as set forth in "—Demand Registration Rights" above.

***Services Agreement***

On March 13, 2022, we entered into a services agreement with Silver Lake Management Company IV, L.L.C. ("SLMC"), an affiliate of Silver Lake (the "Services Agreement"). Under the Services Agreement, at our request and subject to our mutual agreement with SLMC, SLMC and its affiliates (and its and their

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respective representatives) may provide us with various monitoring, advisory, and consulting services from time to time. The Services Agreement also requires us to reimburse SLMC and its affiliates for all reasonable out-of-pocket expenses incurred in providing those services or in connection with SLMC or its affiliates' ownership or certain transfers of their interests in us, including expenses for retaining third-party service providers in connection with such purposes. In 2023, 2024, and 2025, we paid SLMC and its affiliates $0.5 million, $0.4 million, and $0.1 million, respectively, for services and the reimbursement of out-of-pocket expenses under the Services Agreement. The Services Agreement grants us a non-exclusive license of certain intellectual property owned by SLMC in connection with receiving services pursuant to the Services Agreement. We also agree in the Services Agreement to a release of claims and indemnity of SLMC for certain liabilities in connection with the engagement of, or services provided by, SLMC. We expect to amend certain terms of the Services Agreement in connection with becoming a public company prior to the consummation of this offering.

***Stock Repurchases***

In June 2025, we waived certain restrictions and requirements under the Existing Stockholders Agreement in connection with a distribution of 133,990 shares of our common stock by an entity affiliated with Silver Lake, a holder of more than 5% of our outstanding capital stock, to a new stockholder. Following such distribution, we repurchased an aggregate of 133,990 shares of our common stock from such new stockholder at a purchase price of $23.12 per share, for an aggregate purchase price of $3,097,849.

In June 2025, we repurchased an aggregate of 850,745 shares of our common stock from an entity affiliated with TPP Capital Advisors, a holder of more than 5% of our outstanding capital stock, at a purchase price of $23.12 per share, for an aggregate purchase price of $19,669,224.

***2025 Tender Offer***

In June 2025, we commenced a tender offer for shares of our common stock from certain of our employees and upon completion of the tender offer in July 2025, we purchased an aggregate of 1,620,322 shares of our common stock at a purchase price of $23.12 per share, for an aggregate purchase price of $37,461,845 (the "2025 Tender Offer").

The table below summarizes purchases of our common stock from certain of our executive officers and directors in the 2025 Tender Offer. The amounts set forth in the column titled "Aggregate Purchase Price" represent the gross proceeds realized by the seller, before any reduction for tax withholding or amounts deducted by us in respect of the net exercise of employee stock options.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position(s)** | **Shares of Common Stock** | **Aggregate Purchase Price** |
| Adam Edmunds | Chief Executive Officer and Director | 510994 | $11814181 |
| Mark Hansen | Chief Financial Officer and Corporate Secretary | 261044 | $6035337 |
| Nico Dato | Chief Marketing Officer | 74237 | $1716359 |
| Amanda Fumo | Chief Revenue Officer | 15200 | $351424 |
| Jason Taylor | Chief Technology Officer and Chief Information Security Officer | 289558 | $6694581 |
| Catherine Wong | Chief Product Officer and Chief Operating Officer | 55947 | $1293495 |

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The 2025 Tender Offer was conducted to reward and incentivize employees and to provide liquidity.

***Promissory Notes***

In 2021, we loaned TPP Capital Advisors, a holder of more than 5% of our common stock and an entity with which our former director, Nobutaka Mutaguchi, is affiliated, an aggregate of approximately $80.0 million. The loans were evidenced by four non-recourse promissory notes and the repayment

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obligations were secured by the pledge of certain shares of our common stock held by TPP Capital Advisors. The loans accrued interest at a rate of 1.0% per annum until December 25, 2023, on which date the interest rate and maturity date were amended by us and TPP Capital Advisors to (i) 11.35% per annum during the period from December 26, 2023 through January 16, 2024 and (ii) 25.0% per annum from January 17, 2024 through the amended maturity date of June 30, 2024. In January 2024, TPP Capital Advisors repaid $31.9 million in cash in partial satisfaction of the obligations due under the notes. In February 2024, TPP Capital Advisors exercised its rights under the notes to deliver 2.8 million shares of our common stock to us in satisfaction of all remaining principal and interest due under the notes.

***Other Transactions***

We have granted stock options and RSUs to our executive officers and certain of our directors. See the section titled "Executive Compensation—Outstanding Equity Awards at 2025 Year-End" for a description of these stock options and RSUs.

On January 28, 2026, our director William Koefoed purchased 11,831 shares of our common stock at a purchase price of $21.13 per share for an aggregate purchase price of $249,989.03, which was determined to be the fair market value of the shares at the time of purchase.

Other than as described above under this section titled "Certain Relationships and Related Party Transactions," since January 1, 2023, we have not entered into any transactions, nor are there any currently proposed transactions, between us and a related party where the amount involved exceeds, or would exceed, $120,000, and in which any related person had or will have a direct or indirect material interest. We believe the terms of the transactions described above were comparable to terms we could have obtained in arm's-length dealings with unrelated third parties.

**Related Party Agreements Entered into in Connection with the Initial Public Offering**

***New Stockholders Agreement***

In connection with the pricing of this offering, we intend to enter into a new stockholders agreement (the "Stockholders Agreement") with certain stockholders that are party to the Existing Stockholders Agreement, including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Stockholders Agreement will give the Silver Lake Stockholders the right to designate directors for nomination to our board of directors. The Silver Lake Stockholders will have the right to designate a number of directors for nomination to our board of directors, which number (rounded up to the next whole number) shall be determined by multiplying: (i) the total authorized number of directors on our board of directors at such time by (ii) the percentage of the total shares of our common stock then issued and outstanding that is beneficially owned by Silver Lake and its affiliates and permitted transferees under the Stockholders Agreement. The Silver Lake Stockholders will have the right to designate at least one director for nomination for so long as Silver Lake (together with its affiliates and permitted transferees under the Stockholders Agreement) beneficially owns at least 5% of the shares of our common stock issued and outstanding. We will agree in the Stockholders Agreement to take necessary action to support the nomination of, and to cause our board of directors to include such Silver Lake designees in the slate of nominees recommended to our stockholders for election. Additionally, the Stockholders Agreement will provide that at least one Silver Lake designee will be entitled to serve on each committee of our board of directors for so long as Silver Lake has the right to designate at least one director for nomination to our board of directors; provided that any such Silver Lake designee shall at all times remain eligible to serve on the applicable committee under applicable law and the listing standards of the New York Stock Exchange on which the Class A common stock is then listed, including any applicable general and heightened independence requirements. Additionally, the Stockholders Agreement will specify that we will not take certain significant actions specified therein without the prior written consent of the Silver Lake Stockholders for as long as the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) beneficially own at least &nbsp;&nbsp;&nbsp;&nbsp; % of the outstanding shares of our common stock.

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Furthermore, the other parties to the Stockholders Agreement, who, together with Silver Lake, will collectively hold approximately&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding common stock (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the voting power of our outstanding common stock if the underwriters' option to purchase additional shares of our Class A common stock is exercised in full) will agree with Silver Lake to cast all votes such parties are entitled to vote so as to cause to be elected to the board of directors those individuals designated by Silver Lake in accordance with the Stockholders Agreement and will agree with us to cast all votes such parties are entitled to vote with respect to proposals submitted to our stockholders (whether at any annual or special meeting, by written consent, or otherwise), including with respect to the election of directors, in accordance with the recommendations of our board of directors.

***Exchange Agreements***

To facilitate the Class B Stock Exchange and the Class C Stock Exchange, we have entered into exchange agreements with certain stockholders, including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, pursuant to which, following the effectiveness of our amended and restated certificate of incorporation, which will occur after effectiveness of this registration statement and prior to the completion of this offering, all outstanding shares of our Class A common stock beneficially owned by such stockholders (after giving effect to the Reclassification) will automatically be exchanged for an equal number of shares of our Class B common stock or Class C common stock, as applicable.

***Limitation of Liability and Indemnification of Officers and Directors***

We expect to adopt an amended and restated certificate of incorporation, which will become effective prior to the completion of this offering, and which will contain provisions that limit the liability of our directors and officers for monetary damages to the fullest extent permitted by the Delaware General Corporation Law. 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 and officers, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of their duty of loyalty to our company or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for our directors, unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which they derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for our officers, any derivative action by or in the right of the corporation.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission, or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors and officers of corporations, then the personal liability of our directors and officers will be further limited to the greatest extent permitted by the Delaware General Corporation Law.

In addition, we expect to adopt amended and restated bylaws, which will become effective prior to the completion of this offering, and which will provide that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. Our amended and restated bylaws are expected to provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our employees or agents or is or was serving at our request as an employee or agent of another corporation, partnership, joint

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venture, trust, or other enterprise. Our amended and restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are expected to be included in our amended and restated certificate of incorporation, our amended and restated bylaws, and the indemnification agreements that we have entered into or will enter into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive 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 executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees, or other agents or is or was serving at our request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law.

Certain of our non-employee directors may, through their relationships with their employers, be insured or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

The underwriting agreement will provide for indemnification by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act or otherwise.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, 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.

**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 any class of our outstanding voting 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. In reviewing and approving any such transactions,

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our audit committee will consider all relevant facts and circumstances as appropriate, such as the purpose of the transaction, the availability of other sources of comparable offerings or services, whether the transaction is on terms comparable to those that could be obtained in an arm's length transaction, management's recommendation with respect to the proposed related person transaction, and the extent of the related person's interest in the transaction. All of the transactions described in this section occurred prior to the adoption of this policy.

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**PRINCIPAL STOCKHOLDERS** 

The following table sets forth certain information with respect to the beneficial ownership of our capital stock as of &nbsp;&nbsp;&nbsp;&nbsp; , 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 of our Class A common stock, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our NEOs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to be the beneficial owner of more than 5% of the outstanding shares of any class of our voting securities.

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting power or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Securities Act.

We have based our calculation of the percentage of beneficial ownership prior to this offering on&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock outstanding,&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding, and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class C common stock outstanding as of &nbsp;&nbsp;&nbsp;&nbsp; (after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement). We have based our calculation of the percentage of beneficial ownership after this offering on &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issued by us in our initial public offering and &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, Class B common stock, and Class C common stock outstanding immediately after the completion of this offering, assuming that the underwriters will not exercise their option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock from us in full. A person is deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. We have deemed shares of our common stock subject to stock options that are currently exercisable or exercisable within 60 days of &nbsp;&nbsp;&nbsp;&nbsp; or issuable pursuant to RSUs which are subject to vesting and settlement conditions expected to occur within 60 days of &nbsp;&nbsp;&nbsp;&nbsp; (assuming the satisfaction of the performance-based vesting condition) to be outstanding and to be beneficially owned by the person holding the stock option or RSU for the purpose of computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. Although each outstanding share of our Class B common stock and our Class C common stock is convertible at any time, at the option of the holder, into one share of our Class A common stock, subject in the case of shares of our Class C common stock to the beneficial ownership limitations described herein, the beneficial ownership of our Class A common stock set forth below excludes the shares of our Class A common stock issuable upon conversion of outstanding shares of our Class B common stock and Class C common stock. Each share of our Class A common stock is entitled to one vote per share on all matters submitted to a vote of the stockholders, including the election of directors, each share of our Class B common stock is entitled to&nbsp;&nbsp;&nbsp;&nbsp; votes per share on all matters submitted to a vote of the stockholders, including the election of directors and each share of our Class C common stock is not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law.

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Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Entrata, Inc., 4205 Chapel Ridge Road, Lehi, UT 84048.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Number of Shares of Common Stock Beneficially Owned After the Offering** | **Number of Shares of Common Stock Beneficially Owned After the Offering** | **Number of Shares of Common Stock Beneficially Owned After the Offering** | **Number of Shares of Common Stock Beneficially Owned After the Offering** | **Percentage of Shares Beneficially Owned After the Offering** | **Percentage of Shares Beneficially Owned After the Offering** |
|<br>**Name of Beneficial Owner** |<br>**Number of Shares Beneficially Owned Before the Offering** | **%** | **Class A** | **Class B** | **Class C** | **% of Total Shares of Common Stock** | **% of Voting Power** |
| **Named Executive Officers and Directors:** | | | | | | | |
| Adam Edmunds<sup>(1)</sup> |  |  |  |  |  |  |  |
| Chase Harrington<sup>(2)</sup> |  |  |  |  |  |  |  |
| Amanda Fumo<sup>(3)</sup> |  |  |  |  |  |  |  |
| William Koefoed<sup>(4)</sup> |  |  |  |  |  |  |  |
| Kyle Paster<sup>(5)</sup> |  |  |  |  |  |  |  |
| John Rudella<sup>(6)</sup> |  |  |  |  |  |  |  |
| All executive officers and directors as a group (10 persons)<sup>(7)</sup> |  |  |  |  |  |  |  |
| **5% or Greater Stockholders:** |  |  |  |  |  |  |  |
| Entities affiliated with Silver Lake<sup>(8)</sup> |  |  |  |  |  |  |  |
| TPP Capital Advisors Ltd.<sup>(9)</sup> |  |  |  |  |  |  |  |
| Entities affiliated with Dragoneer Investment Group<sup>(10)</sup>  |  |  |  |  |  |  |  |

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\*Represents beneficial ownership of less than 1% of the outstanding shares of common stock.

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**DESCRIPTION OF CAPITAL STOCK** 

**General** 

The following description summarizes certain important terms of our capital stock, as they are expected to be in effect prior to the completion of this offering. We expect to adopt an amended and restated certificate of incorporation and amended and restated bylaws that will become effective prior to the completion of this offering, and this description summarizes the provisions that are expected to be included in such documents. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled "Description of Capital Stock," you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, and Stockholders 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. Immediately following the completion of this offering, our authorized capital stock will consist of &nbsp;&nbsp;&nbsp;&nbsp; shares of capital stock, $0.001 par value per share, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares are designated as Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares are designated as Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares are designated as Class C common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp; shares are designated as preferred stock.

After giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement, and assuming each had occurred as of March 31, 2026, there were &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock outstanding, held by &nbsp;&nbsp;&nbsp;&nbsp; stockholders of record,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B common stock outstanding, held by&nbsp;&nbsp;&nbsp;&nbsp; stockholders of record,&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock outstanding, held by&nbsp;&nbsp;&nbsp;&nbsp; stockholders of record, and no shares of our preferred stock outstanding. Pursuant to our amended and restated certificate of incorporation, our board of directors will have the authority, without stockholder approval except as required by the listing standards of the New York Stock Exchange, to issue additional shares of our capital stock.

**Common Stock** 

We have three classes 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.

***Dividend Rights***

The holders of our 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" for additional information.

***Voting Rights***

Holders of our Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, holders of our Class B common stock are entitled to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;votes for each share held on all matters submitted to a vote of stockholders, and holders of our Class C common stock are not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law. The holders of our Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law or pursuant to our amended and restated certificate of incorporation. Delaware law could require 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 amended and restated certificate of incorporation in a manner that alters or

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changes the powers, preferences, or special rights of one or more classes of our common stock so as to affect them adversely and disproportionately. Such adversely and disproportionately affected classes may be required to vote separately to approve the proposed amendment as a result.

Approval of at least a majority of the outstanding shares of our Class B common stock voting as a separate class will be required to amend or modify any provision of the amended and restated certificate of incorporation inconsistent with the above rights, or otherwise alter, any provision of the amended and restated certificate of incorporation to modify the voting, conversion, or other rights, powers, preferences, privileges, or restrictions of our Class B common stock.

We have not provided for cumulative voting for the election of directors in our amended and restated certificate of incorporation.

***Conversion of Class B Common Stock and Class C Common Stock***

Each outstanding share of Class B common stock is convertible at any time at the option of the holder thereof 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 upon any transfer, whether or not for value, that occurs after the completion of this offering and the Class B Stock Exchange, except for certain permitted transfers, described in our amended and restated certificate of incorporation, including transfers to affiliates of the transferor, subject to certain exceptions. Once converted into Class A common stock, the shares of Class B common stock will not be reissued. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon the first date on which no person beneficially owns Class B common stock representing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% or more of the aggregate number of our shares of common stock issued and outstanding.

Each outstanding share of Class C common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock; provided that as a result of such conversion, such holder, together with its affiliates and any members of a Schedule 13(d) group with such holder, would not beneficially own in excess of 9.99% of the shares of our Class A common stock issued and outstanding following such conversion. Any purported delivery of shares of our Class A common stock upon conversion of shares of our Class C common stock that would exceed such beneficial ownership limitation will be *void ab initio*. In addition, each share of Class C common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, that occurs after the completion of this offering and the Class C Stock Exchange, except for certain permitted transfers, described in our amended and restated certificate of incorporation, including transfers to affiliates.

***No Preemptive or Similar Rights***

Our common stock is not entitled to preemptive rights, and is not subject to conversion, redemption, or sinking fund provisions.

***Right to Receive Liquidation Distributions***

If we become subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, 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.

***Fully Paid and Non-Assessable***

In connection with this offering, our legal counsel will opine that the shares of our common stock to be issued in this offering will be fully paid and non-assessable.

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**Preferred Stock** 

After the completion of this offering, no shares of our preferred stock will be outstanding. Pursuant to our amended and restated certificate of incorporation that will become effective prior to the completion of this offering, our board of directors will have the authority, 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. 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 control of our company 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.

**Anti-Takeover Provisions** 

Certain provisions of Delaware law, our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective prior to the completion of this offering, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first 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.

***Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws Provisions***

<u>Section 203 of the Delaware General Corporation Law</u> 

We have opted out of Section 203 of the Delaware General Corporation Law; however, our amended and restated certificate of incorporation will contain similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or subsequent to that time, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of holders of at least 66 <sup>2</sup>/3 of the outstanding voting stock that is not owned by the interested stockholder.

Generally, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with that person's affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock. For purposes of this section only, "voting stock" has the meaning given to it in Section 203 of the Delaware General Corporation Law.

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Under certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with a corporation for a three-year period. This provision may encourage companies interested in acquiring us to negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.

Our amended and restated certificate of incorporation will provide that Silver Lake and its affiliates and any of their respective direct or indirect transferees and any group as to which such persons are a party do not constitute "interested stockholders" for purposes of this provision.

Our amended and restated certificate of incorporation and our amended and restated bylaws, which will become effective prior to the completion of this offering, will include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our board of directors or management team, including the following:

<u>Classified Board of Directors</u>

Our amended and restated certificate of incorporation will provide that our board of directors will be divided into three classes of directors, with the directors serving three-year terms. As a result, approximately one-third of our board of directors will be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our amended and restated certificate of incorporation and amended and restated bylaws will provide that, subject to the terms of the Stockholders Agreement and subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by the board of directors.

<u>Stockholder Action; Special Meeting of Stockholders</u> 

Our amended and restated certificate of incorporation will provide that following the date that Silver Lake and its affiliates beneficially own, in the aggregate, less than &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of the then-outstanding shares of stock entitled to vote generally in the election of directors (the "Trigger Date"), 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, a holder controlling a majority of our capital stock would not be able to amend our amended and restated bylaws or remove directors following the Trigger Date without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. Prior to the Trigger Date, our amended and restated certificate of incorporation will provide that our stockholders may take action by written consent. Our amended and restated certificate of incorporation will further provide that following 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 or our Chief Executive Officer, thus prohibiting a stockholder from calling a special meeting. Following the Trigger Date, these provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling a majority of our capital stock to take any action, including the removal of directors. Prior to the Trigger Date, our amended and restated certificate of incorporation will provide that special meetings of our stockholders may also be called by a majority of the voting power of the then-outstanding shares of stock entitled to vote generally in the election of directors.

<u>Removal of Directors; Vacancies</u>

Under the Delaware General Corporation Law, unless otherwise provided in our amended and restated certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our amended and restated certificate of incorporation and amended and restated bylaws will provide that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote generally in the election of directors, voting

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together as a single class; provided, however, at any time following the Trigger Date, directors may only be removed for cause and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class. In addition, our amended and restated certificate of incorporation and our amended and restated bylaws will also provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any vacancies on our board of directors will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director. These provisions would prevent a stockholder from increasing the size of our board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This will make it more difficult to change the composition of our board of directors and will promote continuity of management.

<u>Advance Notice Requirements for Stockholder Proposals and Director Nominations</u> 

Our amended and 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, other than nominations made as provided in the Stockholders Agreement or by or at the direction of the board of directors or a committee of the board of directors. Our amended and restated bylaws will also specify certain requirements regarding the form and content of a stockholder's notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. These notice requirements will not apply to Silver Lake and its affiliates for as long as the Stockholders Agreement remains in effect. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of our company.

<u>No Cumulative Voting</u> 

The Delaware General Corporation Law provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation's certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not provide for cumulative voting.

<u>Amendment of Charter and Bylaws Provisions</u> 

Our amended and restated certificate of incorporation and amended and restated bylaws will provide that the board of directors is expressly authorized to make, alter, amend, rescind, or repeal, in whole or in part, our amended and restated bylaws without a stockholder vote in any manner not inconsistent with the laws of the State of Delaware or our amended and restated certificate of incorporation. Prior to the Trigger Date, any amendment, alteration, rescission, or repeal of our amended and restated bylaws by our stockholders will require the affirmative vote of a majority in voting power of the outstanding shares of our stock entitled to vote on such amendment, alteration, change, addition, rescission, or repeal and voting together as a single class. Following the Trigger Date, any amendment, alteration, rescission, or repeal of our amended and restated bylaws by our stockholders will require the affirmative vote of the holders of at least 66 2/3% in voting power of all the then-outstanding shares of stock entitled to vote thereon, voting together as a single class.

The Delaware General Corporation Law provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation's certificate of incorporation, unless the certificate of incorporation requires a greater percentage.

Our amended and restated certificate of incorporation will provide that following the Trigger Date, the following provisions in our amended and restated certificate of incorporation may be amended, altered,

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repealed, or rescinded only by the affirmative vote of the holders of at least 66 2/3% in the voting power of all the then-outstanding shares of stock entitled to vote thereon, voting together as a single class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions relating to the voting, conversion, or other rights, powers, preferences, or restrictions of our classes of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision relating to the authorization of undesignated preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision requiring a 66 2/3% supermajority vote for stockholders to amend our amended and restated bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions providing for a classified board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding resignation and removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding competition and corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding calling special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding filling vacancies on our board of directors and newly created directorships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions eliminating monetary damages for breaches of fiduciary duty by a director or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exclusive forum provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendment provision requiring that the above provisions be amended only with a 66 2/3% supermajority vote.

<u>Issuance of Undesignated Preferred Stock</u> 

Our board of directors will have the authority, without further action by our stockholders, to issue up to&nbsp;&nbsp;&nbsp;&nbsp; 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 would enable 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 other means.

***Stockholders Agreement Provisions***

In addition, our Stockholders Agreement will provide that for so long as Silver Lake beneficially owns at least&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our outstanding common stock, the Silver Lake Stockholders' consent will be required for us to take certain significant actions specified therein. See "Certain Relationships and Related Party Transactions—Related Party Agreements Entered into in Connection with the Initial Public Offering—New Stockholders Agreement."

**Corporate Opportunities/Conflicts of Interest**

Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors, or stockholders. Our amended and restated certificate of incorporation will, to the maximum extent permitted from time to time by Delaware law, renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to our officers, directors, or stockholders or their respective affiliates, other than those officers, directors, stockholders, or

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affiliates who are our or our subsidiaries' employees. Our amended and restated certificate of incorporation will provide that, to the fullest extent permitted by law, none of Silver Lake or any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or his or her affiliates will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that Silver Lake or any of its affiliates, or any non-employee director, acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or its or his affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Our amended and restated certificate of incorporation will not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as our director or officer. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted, to undertake the opportunity under our amended and restated certificate of incorporation, we have sufficient financial resources to undertake the opportunity and the opportunity would be in line with our business.

By becoming a stockholder in our company, you will be deemed to have notice of and consented to these provisions of our amended and restated certificate of incorporation. Any amendment to the foregoing provisions of our amended and restated certificate of incorporation requires the affirmative vote of at least two-thirds of the voting power of all shares of our common stock then outstanding.

**Exclusive Forum** 

Our amended and restated bylaws will provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or other employees to us or our stockholders, (iii) any action asserting a claim against the company or any director or officer of the company arising pursuant to any provision of the Delaware General Corporation Law, (iv) any action to interpret, apply, enforce, or determine the validity of our amended and restated certificate of incorporation or amended and restated bylaws, or (v) any other action asserting a claim that is governed by the internal affairs doctrine shall be a state or federal court located within the State of Delaware, in all cases subject to the court's having jurisdiction over indispensable parties named as defendants. Nothing in our amended and restated bylaws precludes stockholders that assert claims under the Exchange Act from bringing such claims in federal court, subject to applicable law. Our amended and restated bylaws will also provide that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a course of action under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions. We note that stockholders cannot waive compliance (or consent to non-compliance) with the federal securities laws and the rules and regulations thereunder. See the section titled "Risk Factors—Delaware law and certain provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby adversely affecting the market price of our Class A common stock."

**Transfer Agent and Registrar** 

Upon the completion of this offering, the transfer agent and registrar for our common stock will be &nbsp;&nbsp;&nbsp;&nbsp; . The transfer agent and registrar's address is &nbsp;&nbsp;&nbsp;&nbsp; .

**Limitations of Liability and Indemnification** 

See the section titled "Certain Relationships and Related Party Transactions—Limitation of Liability and Indemnification of Officers and Directors."

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**Listing** 

We have applied for the listing of our Class A common stock on the New York Stock Exchange under the symbol "ENT".

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to 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 common stock for sale will have on the prevailing market price of our Class A common stock. Future sales of substantial amounts of our Class A common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect prevailing market prices. As described below, only a limited number of shares of our Class A common stock will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of our Class A common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future. Although we have applied to list our Class A common stock on the New York Stock Exchange under the symbol "ENT", we cannot assure you an active public market for our Class A common stock will develop.

Following the completion of this offering, based on the number of shares of our capital stock outstanding as of March 31, 2026 and after giving effect to the Reclassification, the Class B Stock Exchange, the Class C Stock Exchange, and the RSU Settlement, we will have a total of &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock outstanding, &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding, and &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class C common stock outstanding, or &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock if the underwriters exercise in full their option to purchase additional shares of our Class A common stock. Of these outstanding shares, all &nbsp;&nbsp;&nbsp;&nbsp; shares of our 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, would only be able to be sold in compliance with the Rule 144 limitations described below.

The remaining outstanding shares of our Class A common stock (including shares issued upon conversion of our Class B common stock and Class C common stock) will be, and shares underlying outstanding RSUs and shares subject to stock options will be upon issuance, deemed "restricted securities" as defined in Rule 144 under the Securities Act. 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, including exemptions provided by Rule 144 or Rule 701 under the Securities Act, which rules are summarized below. As a result of the lock-up and market standoff agreements described below and the provisions of our Existing Stockholders Agreement described in the section titled "Certain Relationships and Related Party Transactions—Related Party Agreements Prior to the Initial Public Offering—Existing Stockholders Agreement," and subject to the provisions of Rule 144 or Rule 701, shares of our Class A common stock (including shares issued upon conversion of our Class B common stock and Class C common stock) will be available for sale in the public market as follows (assuming no exercise of outstanding stock options or settlement of outstanding RSUs subsequent to March 31, 2026):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this prospectus, all &nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock sold in this offering will be immediately available for sale in the public market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning &nbsp;&nbsp;&nbsp;&nbsp; days after the date of this prospectus (subject to the terms of the lock-up and market standoff agreements described below) &nbsp;&nbsp;&nbsp;&nbsp; additional shares will become eligible for sale in the public market, of which &nbsp;&nbsp;&nbsp;&nbsp; shares will be held by affiliates and subject to the volume and other restrictions of Rule 144, as described below.

**Lock-Up and Market Standoff Agreements** 

We will agree that we will not (i) offer, pledge, announce the intention to sell, 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 dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, or publicly disclose the intention to

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make any offer, sale, pledge, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any shares of common stock or any such other securities (regardless of whether any of these transactions are to be settled by the delivery of shares of common stock or such other securities, in cash or otherwise), in each case without the prior written consent of &nbsp;&nbsp;&nbsp;&nbsp; for a period of 180 days after the date of this prospectus, other than the shares of our Class A common stock to be sold hereunder and certain other exceptions.

Our directors, our executive officers and holders of substantially all of our capital stock and securities convertible into our capital stock have entered or will enter into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each of these persons or entities agreed, among other things and subject to certain exceptions, not to sell or transfer any common stock or securities convertible into or exercisable or exchangeable for or that represent the right to receive shares of common stock, for 180 days after the date of this prospectus without first obtaining the written consent of the representatives of the underwriters.

In addition, our executive officers, directors and holders of substantially all of our capital stock and securities convertible into or exchangeable for our capital stock have entered into market standoff agreements with us under which they have agreed that, subject to certain exceptions, for a period of 180 days after the date of this prospectus, they will not, without our prior written consent, dispose of or hedge any shares or any securities convertible into or exchangeable for shares of our common stock.

**Rule 144** 

In general, Rule 144 provides that once we have been subject to the 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 of our Class A common stock proposed to be sold for at least six months is entitled to sell those 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, Rule 144 provides that our affiliates or persons selling shares of our Class A common stock on behalf of our affiliates are entitled to sell upon expiration of the market standoff agreements and lock-up agreements described above, within any three-month period, a number of shares of our Class A common stock that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our capital stock then outstanding, which will equal &nbsp;&nbsp;&nbsp;&nbsp; shares immediately after the completion of this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 of our Class A common stock (including shares issued upon conversion of our Class B common stock and Class C common stock) made in reliance upon Rule 144 by our affiliates or persons selling shares of our Class A common stock 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

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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 to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701.

**Registration Rights** 

For a description of rights some holders of common stock will have to require us to register the shares of our Class A common stock they beneficially own, see "Certain Relationships and Related Party Transactions—Related Party Agreements Prior to the Initial Public Offering—Existing Stockholders Agreement." Registration of these shares under the Securities Act would result in these shares becoming freely tradable immediately upon effectiveness of such registration.

Following completion of this offering, the shares of our common stock covered by registration rights would represent approximately &nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock (or approximately &nbsp;&nbsp;&nbsp;&nbsp; %, if the underwriters exercise in full their option to purchase additional shares of our Class A common stock). These shares of common stock also may be sold under Rule 144, depending on their holding period and subject to restrictions in the case of shares held by persons deemed to be our affiliates.

**Registration Statement on Form S-8**

We intend to file a registration statement on Form S-8 under the Securities Act promptly after the effectiveness of this offering to register shares of our Class A common stock subject to RSUs and options outstanding, as well as reserved for future issuance, under our equity compensation plans. The registration statement on Form S-8 is expected to become effective immediately upon filing, and shares of our Class A common stock covered by the registration statement will then become eligible for sale in the public market, subject to the Rule 144 limitations applicable to affiliates, vesting restrictions, and any applicable market standoff agreements and lock-up agreements. See the section titled "Executive Compensation—Employee Benefit and Stock Plans" for a description of our equity compensation plans.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR CLASS A COMMON STOCK** 

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined herein) of the purchase, ownership, and disposition of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws and any applicable state, local, or non-U.S. tax laws, are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership, and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders that acquire our Class A common stock pursuant to this offering and hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special tax rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions, regulated investment companies or real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to use a mark-to-market method of accounting for their holdings in our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "foreign controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our indebtedness whose indebtedness is repaid, in whole or in part, in connection with this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "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.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the U.S. federal income tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," we currently do not expect to declare any dividends on our Class A common stock in the foreseeable future. However, if we do make distributions of cash or other property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described under "—Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding and FATCA (as defined herein), dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate as may be specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). 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.

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Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty) on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

Subject to the discussions below regarding backup withholding and FATCA (as defined herein), a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock constitutes a U.S. real property interest ("USRPI") by reason of our status as a U.S. real property holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our Class A common stock, which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our Class A common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our Class A common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such Non-U.S. Holder owned, actually and

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constructively, 5% or less of our Class A common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities if certification, information reporting and other specified requirements are not met. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, 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 undertakes 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 United States 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% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final

------

Treasury Regulations are issued. Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

**If investors are considering the purchase of our shares of Class A common stock, investors should consult their own tax advisors concerning the U.S. federal income tax consequences to such investors in light of their particular situation as well as any consequences arising under the laws of any other taxing jurisdiction.** 

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**UNDERWRITING**

We and the underwriters named below have entered into an underwriting agreement with respect to the shares of Class A common stock being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares of Class A common stock indicated in the following table. &nbsp;&nbsp;&nbsp;&nbsp; is the representative of the underwriters.

---

| | |
|:---|:---|
| **Underwriters** | **Number of Shares of Class A Common Stock** |
| Goldman Sachs & Co. LLC |  |
| J.P. Morgan Securities LLC |  |
| Barclays Capital Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

---

The underwriters are committed to take and pay for all of the shares of Class A common stock being offered, if any are taken, other than the shares of Class A common stock covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock from us to cover sales by the underwriters of a greater number of shares of Class A common stock than the total number set forth in the table above. They may exercise that option for 30 days. If any shares of Class A common stock are purchased pursuant to this option, the underwriters will severally purchase shares of Class A common stock in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase &nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock.

---

| | | |
|:---|:---|:---|
| **Paid by Us** | | |
| **Paid by Us** |<br>**No Exercise**  |<br>**Full Exercise** |
| 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;  |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Class A common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares of Class A common stock sold by the underwriters to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp; per share of Class A common stock from the initial public offering price. After the initial offering of the shares of Class A common stock, the representative may change the offering price and the other selling terms. The offering of the shares of Class A common stock by the underwriters is subject to their receipt and acceptance of the shares of Class A common stock being offered and subject to the underwriters' right to reject any order in whole or in part.

We and our officers, directors, and holders of substantially all of our common stock have agreed with the underwriters, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of Class A common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of the representatives. This agreement does not apply to any existing employee benefit plans. See "Shares Eligible for Future Sale" for a discussion of certain transfer restrictions.

Prior to this offering, there has been no public market for the shares of Class A common stock. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares of Class A common stock, in

------

addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management team, and the consideration of the above factors in relation to market valuation of companies in related businesses.

An application has been made to list the Class A common stock on the New York Stock Exchange under the symbol "ENT". This offering is contingent upon final approval of our listing of our Class A common stock on the New York Stock Exchange.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares of Class A common stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our Class A common stock, and together with the imposition of the penalty bid, may stabilize, maintain, or otherwise affect the market price of the Class A common stock. As a result, the price of the Class A common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on &nbsp;&nbsp;&nbsp;&nbsp; , in the over-the-counter market or otherwise.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp; . We have also agreed to reimburse the underwriters for certain FINRA-related expenses incurred by them in connection with the offering in an amount up to $&nbsp;&nbsp;&nbsp;&nbsp; .

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and

------

expenses. In particular, certain of the underwriters or their affiliates act as lenders under our Credit Agreement and may therefore receive a portion of the net proceeds from this offering. As a result, such affiliates have received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors, and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise), and/or persons and entities with relationships with us. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color, or trading ideas and/or publish or express independent research views in respect of such assets, securities, or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

**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 Class A common stock offered by this prospectus in any jurisdiction where action for that purpose is required. The 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 such 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 the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A common stock offered by this prospectus in any jurisdiction in which such an offer or solicitation is unlawful.

**Notice to Prospective Investors in the European Economic Area**

In relation to each Member State of the European Economic Area (each, a "Relevant Member State"), an offer to the public of any securities may not be made in that Relevant Member 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 Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation (as defined below), except that an offer to the public in that Relevant Member State of the shares of Class A common stock may be made at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any legal entity which is a "qualified investor" as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to fewer than 150 natural or legal persons (other than "qualified investors" as defined under the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares of Class A common stock shall result in a requirement for us or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplemental 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, warranted and agreed to and with each of the underwriters and us that it is a qualified investor within the meaning of Article 2 of the Prospectus Regulation.

------

In the case of any shares of Class A common stock being offered to a financial intermediary, as that term is used in Article 1(4) of the Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted, 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 Member State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has 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 the shares of Class A common stock in any Relevant Member 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 United Kingdom**

This prospectus has been prepared on the basis that the offering of shares of Class A common stock falls within one of the exceptions specified in Part 1 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the "POATRs") and, accordingly, there will not be a prospectus prepared or published for the purposes of the POATRs. This prospectus does not constitute a prospectus for the purposes of the POATRs.

An offer to the public of any shares of Class A common stock may not be made in the United Kingdom, except that an offer to the public in the United Kingdom of any shares of Class A common stock may be made at any time under the following exemptions.

No shares of Class A common stock have been offered or will be offered pursuant to this offering to the public in the United Kingdom except that the shares of Class A common stock may be made to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)at any time to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)at any time to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant underwriters nominated by us for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)at any time in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

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 United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for the shares of Class A common stock.

**Notice to Prospective Investors in Canada**

The shares of Class A common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the 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 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 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 (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (the "SFO") and any rules made thereunder; or (b) in other circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws 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 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**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of Class A common stock may not be offered or sold, or made the subject of an invitation for subscription or purchase, nor may this prospectus or 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 be circulated, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act2001 of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

**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 Brazil**

The offer and sale of the shares of Class A common stock has 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, or unauthorized distribution under Brazilian laws and regulations. The shares of Class A common stock may only be offered to Brazilian Professional Investors (as defined

------

by applicable CVM regulation), who may only acquire the shares of Class A common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these shares of Class A common stock on regulated securities markets in Brazil is prohibited.

------

**LEGAL MATTERS** 

Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, California, which has acted as our counsel in connection with this offering, will pass upon the validity of the shares of our Class A common stock being offered by this prospectus. Latham & Watkins LLP, New York, New York, has also acted as our counsel in connection with this offering. Certain legal matters will be passed on for the underwriters by Ropes & Gray LLP, New York, New York.

**EXPERTS** 

The consolidated financial statements of Entrata, Inc. at December 31, 2024 and 2025, and for the years then ended, appearing in this prospectus or the registration statement of which this prospectus forms a part have been audited by BDO USA, P.C., an independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have submitted with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Class A common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an Internet website that contains reports, proxy statements, and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

As a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements, and other information with the SEC. You can read our SEC filings, including the registration statement, at the SEC's website at www.sec.gov. We also maintain a website at www.entrata.com. Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC on the website of the SEC referred to above, as well as on our website, www.entrata.com. Information contained on our website is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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**ENTRATA, INC.** 

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm (BDO USA, P.C.; Salt Lake City, Utah; PCAOB ID#243)](#i6a196a47246c4bd9bad3dc0eaee81fbd_1738)</u> | <u>[F-2](#i6a196a47246c4bd9bad3dc0eaee81fbd_1738)</u> |
| **Audited Consolidated Financial Statements** |  |
| <u>[Consolidated Balance Sheets](#i6a196a47246c4bd9bad3dc0eaee81fbd_1749)[as of December 31, 2024 and 2025](#i6a196a47246c4bd9bad3dc0eaee81fbd_1749)</u> | <u>[F-3](#i6a196a47246c4bd9bad3dc0eaee81fbd_1749)</u> |
| <u>[Consolidated Statements of Operations and Comprehensive Income](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)[for the Year](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)[s Ended December](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)[31, 202](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)[4 and 202](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)[5](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)</u> | <u>[F-4](#i6a196a47246c4bd9bad3dc0eaee81fbd_1760)</u> |
| <u>[Consolidated Statements of Stockholders' Equity](#i6a196a47246c4bd9bad3dc0eaee81fbd_1770)[for the](#i6a196a47246c4bd9bad3dc0eaee81fbd_1770)[Years Ended December 31, 2024](#i6a196a47246c4bd9bad3dc0eaee81fbd_1770)[and 2025](#i6a196a47246c4bd9bad3dc0eaee81fbd_1770)</u> | <u>[F-5](#i6a196a47246c4bd9bad3dc0eaee81fbd_1770)</u> |
| <u>[Consolidated Statements of Cash Flows](#i6a196a47246c4bd9bad3dc0eaee81fbd_1782)[for the](#i6a196a47246c4bd9bad3dc0eaee81fbd_1782)[Years Ended December 31, 2024 and 2025](#i6a196a47246c4bd9bad3dc0eaee81fbd_1782)</u> | <u>[F-6](#i6a196a47246c4bd9bad3dc0eaee81fbd_1782)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to](#i6a196a47246c4bd9bad3dc0eaee81fbd_1792)[Consolidated](#i6a196a47246c4bd9bad3dc0eaee81fbd_1792)[Financial Statements](#i6a196a47246c4bd9bad3dc0eaee81fbd_1792)</u> | <u>[F-8](#i6a196a47246c4bd9bad3dc0eaee81fbd_1792)</u> |
|  | **Page** |
| **Unaudited Interim Condensed Consolidated Financial Statements** |  |
| <u>[C](#i6a196a47246c4bd9bad3dc0eaee81fbd_2290)[on](#i6a196a47246c4bd9bad3dc0eaee81fbd_2290)[densed Consolidated Balance Sheets](#i6a196a47246c4bd9bad3dc0eaee81fbd_2290)[as of December 31, 2025 and March 31, 2026](#i6a196a47246c4bd9bad3dc0eaee81fbd_2290)</u> | <u>[F-40](#i6a196a47246c4bd9bad3dc0eaee81fbd_2290)</u> |
| <u>[Condensed Consolidated Statements of Operations and Comprehensive Income](#i6a196a47246c4bd9bad3dc0eaee81fbd_2297)[for the Three Months Ended March 31, 2025 and 2026](#i6a196a47246c4bd9bad3dc0eaee81fbd_2297)</u> | <u>[F-41](#i6a196a47246c4bd9bad3dc0eaee81fbd_2297)</u> |
| <u>[Condensed Consolidated Statements of Stockholders](#i6a196a47246c4bd9bad3dc0eaee81fbd_2306)['](#i6a196a47246c4bd9bad3dc0eaee81fbd_2306)[Equity](#i6a196a47246c4bd9bad3dc0eaee81fbd_2306)[for the Three Months Ended March 31, 2025 and 2026](#i6a196a47246c4bd9bad3dc0eaee81fbd_2306)</u> | <u>[F-42](#i6a196a47246c4bd9bad3dc0eaee81fbd_2306)</u> |
| <u>[Con](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)[densed](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)[Consolidated Statements of Cash](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)[Flows](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)[for the Three Months Ended March 31, 2025](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)[and 2026](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)</u> | <u>[F-43](#i6a196a47246c4bd9bad3dc0eaee81fbd_2312)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[N](#i6a196a47246c4bd9bad3dc0eaee81fbd_2322)[otes to](#i6a196a47246c4bd9bad3dc0eaee81fbd_2322)[Condensed Consolidated Financial Statements](#i6a196a47246c4bd9bad3dc0eaee81fbd_2322)</u> | <u>[F-44](#i6a196a47246c4bd9bad3dc0eaee81fbd_2322)</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

Shareholders and Board of Directors

Entrata, Inc.

Lehi, Utah

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Entrata, Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, stockholders' equity, and cash flows for each of the years then ended, 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, 2025 and 2024, and the results of its operations and its cash flows for the years then ended**,** in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ BDO USA, P.C.

We have served as the Company's auditor since 2023.

Salt Lake City, Utah

March 6, 2026

------

**Entrata, Inc.**

**Consolidated Balance Sheets**

**(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31,<br>2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $43312 | $95111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Designated cash | 267360 | 272017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 8089 | 10938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $1,709 and $4,550 as of December 31, 2024 and 2025, respectively | 29874 | 38437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 27130 | 28053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 13414 | 22899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 389179 | 467455 |
| Property, equipment, and software, net | 18170 | 20394 |
| Right-of-use assets | 9804 | 22266 |
| Restricted cash, net of current portion | 498 | 705 |
| Deferred contract costs, net of current portion | 20839 | 21024 |
| Intangible assets, net | 49889 | 39828 |
| Goodwill | 185575 | 192409 |
| Other assets | 26733 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $700687 | $788732 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $8571 | $7923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 40184 | 51025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 7482 | 10134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 265872 | 270455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 873 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 322982 | 342344 |
| Lease liabilities, net of current portion | 9034 | 20623 |
| Long-term debt, net of current portion | 167531 | 387443 |
| Customer deposits, net of current portion | 440 | 449 |
| Other liabilities | 5525 | 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 505512 | 756326 |
| Commitments and contingencies (Note 10) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share, 375,000 shares authorized; 171,535 and 179,047 shares issued and outstanding as of December 31, 2024 and 2025, respectively | 171 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 796649 | 573758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (854) | 8584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (600791) | (550115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 195175 | 32406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $700687 | $788732 |

---

*See accompanying notes to consolidated financial statements.*

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**Entrata, Inc.**

**Consolidated Statements of Operations and Comprehensive Income**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2025** |
| Revenue | $412000 | $509295 |
| Cost of revenue | 183272 | 203143 |
| Gross profit | 228728 | 306152 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 74043 | 85725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 60132 | 73200 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 42005 | 64618 |
| Total operating expenses | 176180 | 223543 |
| Operating income | 52548 | 82609 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (17984) | (15790) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (31) | (2715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (4188) |
| Income before tax | 34533 | 59916 |
| Income tax expense | 12774 | 9240 |
| Net income | 21759 | 50676 |
| Net income per common share: |  |  |
| &nbsp;&nbsp;Basic | $0.13 | $0.29 |
| &nbsp;&nbsp;Diluted | $0.12 | $0.28 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 172282 | 176275 |
| &nbsp;&nbsp;Diluted | 176601 | 178357 |
| Comprehensive income: |  |  |
| Net income | 21759 | 50676 |
| Foreign currency translation adjustment | 112 | 9438 |
| Total comprehensive income | $21871 | $60114 |

---

*See accompanying notes to consolidated financial statements.*

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**Entrata, Inc.**

**Consolidated Statements of Stockholders' Equity**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Related Party<br>Stock<br>Subscription<br>Receivable** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Retained Earnings<br>(Deficit)** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Related Party<br>Stock<br>Subscription<br>Receivable** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Retained Earnings<br>(Deficit)** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2023 | 174722 | $175 | $799373 | $(82037) | $(966) | $(572265) | $144280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | 66 |  | 177 |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted stock units | 34 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock issued as consideration for acquisition of businesses | 331 |  | 7198 |  |  |  | 7198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (805) | (1) | (12070) |  |  |  | (12071) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 1791 |  |  |  | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest accrued on related party stock subscription receivable |  |  | 1120 | (1120) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of related party stock subscription receivable | (2813) | (3) | (940) | 83157 |  | (50285) | 31929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  | 112 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 21759 | 21759 |
| Balance as of December 31, 2024 | 171535 | $171 | $796649 | $— | $(854) | $(600791) | $195175 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Related Party<br>Stock<br>Subscription<br>Receivable** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Retained Earnings<br>(Deficit)** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Related Party<br>Stock<br>Subscription<br>Receivable** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Retained Earnings<br>(Deficit)** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2024 | 171535 | $171 | $796649 | $— | $(854) | $(600791) | $195175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | 1978 | 2 | 5091 |  |  |  | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted stock units | 922 | 1 | (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (4039) | (4) | (93344) |  |  |  | (93348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for cash | 8651 | 9 | 199991 |  |  |  | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 21628 |  |  |  | 21628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  | 9438 |  | 9438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid |  |  | (356256) |  |  |  | (356256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 50676 | 50676 |
| Balance as of December 31, 2025 | 179047 | $179 | $573758 | $— | $8584 | $(550115) | $32406 |

---

*See accompanying notes to consolidated financial statements.*

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**Entrata, Inc.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $21759 | $50676 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 10485 | 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9560 | 10156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on foreign exchange |  | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and original issuance discounts | 877 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract costs | 31835 | 33712 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of property and equipment | (92) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on lease modification |  | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1751 | 20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (9451) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash rent expense | 3128 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (6476) | 5247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (7173) | (8563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | (31644) | (33796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (2715) | (12830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (154) | (891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (588) | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (5282) | (4869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1419 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 144689 | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 161928 | 100063 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired | (43341) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, equipment and software | (9574) | (12974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of fixed assets | 91 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (52824) | (12963) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt |  | 399000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividend |  | (356256) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for cash |  | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (1750) | (173250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (12071) | (93348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs |  | (8941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party stock subscriptions | 31929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 177 | 5093 |

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 18285 | (27702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (294) | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents, designated cash and restricted cash | 127095 | 59512 |
| **Cash and cash equivalents, designated cash and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 192164 | 319259 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $319259 | $378771 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $20250 | $20619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash paid for income taxes | $17537 | $12749 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest on subscription receivable | $1120 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability arising from the recognition of right-of-use asset | $711 | $19533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment in accounts payable | $258 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation capitalized as internal-use software | $40 | $434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation capitalized as deferred contract costs | $— | $979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Release of RSUs | $— | $1 |

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*See accompanying notes to consolidated financial statements.*

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**Note 1. Description of Business and Summary of Significant Accounting Policies**

***Description of Business***

Entrata, Inc. ("Entrata" or the "Company") is a comprehensive Operating System for the rental property market that connects Customer Relationship Management, Enterprise Resource Planning, Property Operations, and Resident Engagement in a single platform. Entrata was incorporated under the laws of the state of Delaware on July 11, 2003 as Property Solutions International, Inc. and changed its name to Entrata, Inc. on June 23, 2015. Unless otherwise stated, references to "Entrata," the "Company," "we," "us," and "our" refer to Entrata, Inc. and its consolidated subsidiaries.

***Basis of Presentation and Principles of Consolidation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of Entrata, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation for the periods presented.

***Use of Estimates***

In preparing the financial statements in conformity with U.S. GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenue and expenses for the years presented. Material estimates that are particularly susceptible to significant change in the near term relate to the nature and timing of the satisfaction of performance obligations and related reserves, valuation of acquisition-related intangible assets, the determination of capitalized internal-use software costs, allowance for customer credits, estimated useful lives of long-lived tangible and intangible assets, estimated period of benefit used to amortize costs capitalized to obtain and fulfill revenue contracts, contingent commissions related to the sale of insurance products, valuation of common stock, valuation of stock-based compensation awards, valuation of derivative liabilities, valuation of contingent consideration, the incremental borrowing rate associated with the Company's operating leases, and the recoverability of deferred income tax assets, which are based upon expectations of future taxable income and allowable deductions. Actual results could differ from these estimates. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable, the result of which forms the basis for making judgments about the carrying value of assets and liabilities.

***Net Income Per Share Attributable to Common Stockholders***

The Company computes net income per share using the single-class method as it has had only one class of common stock for the periods presented. Basic net income per share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net income per share attributable to common stockholders is calculated by giving effect to all potentially dilutive common share equivalents outstanding during the period, including stock options, restricted stock units, and other equity awards, using the treasury stock method. Because the Company has had only one class of common stock for the periods presented, presentation of separate earnings per share amounts for multiple classes or under the two-class method is not required.

***Segment Information***

The Company operates as a single reportable segment under Accounting Standards Codification ("ASC 280"), Segment Reporting. The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. Management has concluded that the Company's operations represent one operating and reportable segment because the CODM manages the business, allocates resources, and evaluates performance on a consolidated basis. The CODM is not provided with discrete financial information below the consolidated level for decision-making purposes. The CODM evaluates operating performance and

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allocates resources primarily based on net income as reported on the consolidated statements of operations and comprehensive income. The CODM uses consolidated net income to make operating decisions, allocate resources, and evaluate financial performance, primarily by monitoring actual results compared to forecasted results, as well as by reviewing year-over-year results and trending historical performance. The CODM also uses net income (loss) in competitive analysis by benchmarking to the Company's competitors. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Significant segment expenses include cost of revenue, sales and marketing, research and product development, and general and administrative expenses. For expenses incurred during the years ended December 31, 2024 and 2025, refer to the Consolidated Statements of Operations and Comprehensive Income.

***Concentration of Credit Risk and Significant Customers***

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, designated cash, restricted cash, and accounts receivable. The Company maintains its cash and cash equivalents, designated cash, and restricted cash in bank deposit accounts, which at times exceed federally insured limits. The Company has not experienced any losses in these instruments and believes it is not exposed to any significant risk with respect to cash and cash equivalents, designated cash, and restricted cash.

In the normal course of business, the Company provides credit terms to its customers and seldom requires collateral. No customer or operator accounted for more than 10% of accounts receivable, net at December 31, 2024 and 2025. No customer or operator accounted for more than 10% of revenue in the years ended December 31, 2024 and 2025. The Company maintains an allowance for credit losses based upon the expected collectability of accounts receivable using historical loss rates adjusted for forward-looking assumptions based on management's judgments.

***Revenue Recognition***

Revenue is derived from subscriptions to the Company's cloud-based Operating System of software solutions, payment processing, and other services. The Company recognizes revenue as it satisfies one or more performance obligations under the terms of a contract, generally as control of goods and services are transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services and does not include any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes estimated variable consideration in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur. The Company estimates variable consideration using the most likely amount method. The Company estimates and accrues an allowance for customer credits for potential adjustments as a reduction to revenue based on several factors, including past history.

<u>Subscription-related</u> 

The Company's Subscription-related revenue consists of monthly subscription fees from its Operating System, rent credit reporting, utility services, and from payment processing fees, given the Company requires all subscribers of its Operating System to use its payment solution for all payments processed through its Operating System. The Company generally recognizes revenue for subscription fees on a ratable basis from the implementation completion date or start date through the end of the subscription term. The Company's subscription agreements for its Operating System and utility services generally are non-cancellable, have an initial term of three to five years and are billed monthly, while the Company's subscription agreements for rent credit reporting are month to month and can be cancelled at any time. Occasionally some contracts are billed quarterly or annually in advance. The Company's utility services provide software-enabled tools that allow operators to manage and allocate resident utility charges and are provided on a subscription basis. With regard to payment processing, the Company accepts a wide range of payment methods, including electronic checks, ACH, debit card, and credit card. The payment

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processing fee payable to the Company is calculated as a fixed per-transaction fee. The only exception to this is credit cards, which have a payment processing fee that is a percentage of the total payment processed. In addition, operators are charged a monthly subscription fee to access the Company's payment solution. The Company's payment processing fees are recorded gross of any interchange and payment processing fees due to third parties.

<u>Embedded Technology Solutions</u>

Embedded Technology Solutions revenue consists of fees for the Company's software-enabled services, including prospective resident screening and insurance. The Company's Embedded Technology Solutions are usage-based services and the Company generally invoices its usage-based services on a monthly basis or collects the fee at the time of service. These solutions are contracted with operators, bundled with the Company's property management software, and are generally coterminous with the related Operating System agreements. The Embedded Technology Solutions give rise to variable consideration. The rate per transaction is stated and fixed within the contract; however, the quantity of transactions in any given month by the Company's customers is unknown at the inception of the contract.

The Company allocates all variable revenue associated with its resident screening product to the underlying transactions pursuant to the variable consideration allocation exception and recognizes such revenue in the month in which the transactions occur. The Company believes that allocating the variable amount entirely to the transactional services performance obligation is consistent with the allocation objective documented in ASC 606.

The Company allocates the total amount of variable revenue from its insurance products to two distinct performance obligations. For the first performance obligation, selling the policy, the Company recognizes revenue at a point-in-time for the total estimated future collections associated with this performance obligation. The second performance obligation, administration of the policy, includes payment processing and carrying out the end-to-end operation of carrier policy programs, which are combined as a series and recognized over time. Variable consideration for the Company's insurance product includes contingent commissions from the Company's insurance underwriting partners. Variable consideration is constrained until the risk of significant revenue reversal is not probable. The Company utilizes third parties in delivering certain Embedded Technology Solutions, including prospect screening and insurance. For each arrangement, the Company evaluates whether it is acting as the principal or the agent. In assessing whether the Company controls the specified good or service before it is transferred to the customer, key considerations include the Company's discretion in establishing pricing and its responsibility for fulfilling the good or service, including primary responsibility for service delivery. When the Company concludes that it controls the good or service prior to transfer, it is the principal in the arrangement and recognizes revenue on a gross basis, such as for prospective resident screening. When the Company concludes that it does not control the good or service before transfer and its role is to arrange for the third party to provide the good or service directly to the customer, it is the agent in the arrangement and recognizes revenue on a net basis, such as for the Company's insurance product.

<u>Contracts with Multiple Performance Obligations</u>

Many of the Company's contracts with customers contain multiple performance obligations. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require judgment. The Company accounts for individual performance obligations separately if they are distinct and distinct within the context of the contract. The performance obligations for these contracts include implementation services, access to and use of the Company's Operating System and customer support. Access and use of the Company's cloud-based software products and implementation services are not considered distinct and are combined into a single performance obligation.

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<u>Deferred Revenue</u>

For the Company's subscription products, the Company typically invoices customers monthly. Occasionally some contracts are billed quarterly or annually in advance of the commencement of the service period. The Company records deferred revenue when billings are invoiced in advance of revenue recognition from the Company's subscription and other services. Accordingly, the deferred revenue balance does not represent the total contract value of annual subscription agreements. The Company's invoices are generally due upon receipt. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts do not include a significant financing component.

***Cost of Revenue***

Cost of revenue consists primarily of salaries and related employee expenses of the Company's operations and support personnel, including the personnel providing training and implementation services, expenses related to hosting the Company's Operating System, transaction processing fees, fees paid to certain third-party providers; allocations of overhead costs, amortization of capitalized internal-use software costs; amortization of intangible assets; and depreciation.

***Deferred Contract Costs***

The Company capitalizes incremental and recoverable costs of obtaining customer contracts as well as costs of fulfilling customer contracts. Costs to obtain customer contracts consist primarily of sales commissions tied to generation of customer contracts and paid to the Company's sales organization. The Company typically does not pay commissions for contract renewals and therefore commissions paid to obtain contracts are not commensurate with commissions upon renewal. Costs to fulfill customer contracts are related to professional services for the setup and implementation of the Company's Operating System for customers, which consist primarily of headcount-related costs and overhead allocated to implementation teams. The capitalized amounts are deferred and amortized on a straight-line basis over an estimated period of benefit of three years, which is commensurate with the pattern of revenue recognition. The Company determined the period of benefit by taking into consideration its customer contract term, the useful life of the associated technology, average customer life, and other factors. Amortization expense for the deferred costs to obtain a contract is included within sales and marketing expense in the accompanying consolidated statements of operations and comprehensive income. Amortization expense for the deferred costs to fulfill contracts is included within cost of revenue on the accompanying consolidated statements of operations and comprehensive income.

***Cash and Cash Equivalents***

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The fair value of the Company's cash and cash equivalents approximates carrying value.

***Designated Cash and Customer Deposits***

The Company maintains payment processing relationships with financial institutions pursuant to which rent payments made by residents are held for limited periods of time prior to being remitted to operators, the Company's customers. These funds are restricted and designated for the settlement of resident payment transactions. The funds are held in separate bank accounts and are presented as designated cash in the consolidated balance sheets. The Company records a corresponding liability, customer deposits, in the consolidated balance sheets for amounts payable to operators. The customer deposits balance differs from designated cash as it reflects only the portion of resident funds owed to the Company's customers.

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***Restricted Cash***

The Company underwrites certain customers for payment processing, and assumes the risk associated with chargebacks or fraudulent card activity. For these customers, the Company requires cash deposits be made to cover potential future losses. In certain instances, a customer will require its deposit to be placed into a separate account at a financial institution, which is classified as restricted cash. These accounts are held in the United States and are deposited in bank accounts insured by the Federal Deposit Insurance Corporation up to its prescribed limits, and are treated as funds held in escrow, over which the Company has control. The Company has recorded corresponding customer deposits in current liabilities in the consolidated balance sheets.

The Company also maintains restricted cash related to premiums collected for insurance policies sold, which is included in restricted cash in the consolidated balance sheets.

Cash, designated cash, and restricted cash at the end of the periods within the consolidated statements of cash flows consists of the following as presented on the consolidated balance sheets as of December 31, 2024 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2025** |
| Cash and cash equivalents | $43312 | $95111 |
| Designated cash | 267360 | 272017 |
| Restricted cash | 8089 | 10938 |
| Restricted cash, net of current portion | 498 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents, designated cash and restricted cash | $319259 | $378771 |

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***Accounts Receivable***

Accounts receivable primarily represent trade receivables recorded at invoiced amounts, net of an allowance for credit losses. The allowance for credit losses is based on historical loss experience, the aging of the Company's trade receivables, an evaluation of the potential risk of loss associated with delinquent accounts, and current and future economic conditions that may affect a customer's ability to pay. Accounts are written off when management determines that the likelihood of collection is remote. During the years ended December 31, 2024 and 2025, bad debt expense was $0.1 million and $1.5 million, respectively.

***Related Party Stock Subscription Receivable***

Related party stock subscription receivable represented non-recourse notes receivable that were collateralized by the Company's common stock. Interest earned on non-recourse notes was recorded within equity.

***Property, Equipment, and Software***

Property, equipment, and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the related assets. Depreciation of leasehold improvements is computed on a straight-line basis over the shorter of the estimated useful life of the asset or the remaining lease term.

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The estimated useful lives by asset classification are generally as follows:

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| | |
|:---|:---|
| **Asset Type** | **Useful Life** |
| Furniture, fixtures and other equipment | 3-11 years |
| Leasehold improvements | 1-11 years |
| Internal-use software | 3 years |

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Expenditures that materially increase values or capacities or extend useful lives of property and equipment are capitalized. Routine maintenance, repairs, and renewal costs are expensed as incurred. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation or amortization are removed from the related accounts and any gain or loss is reflected in general and administrative expenses in the consolidated statements of operations and comprehensive income. Software is primarily comprised of internal-use software.

Costs incurred to develop software intended for the Company's internal use are capitalized during the application development stage. Capitalization of such costs ends once the project is substantially complete and ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable that the expenditure will result in additional functionality. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.

Internal-use software costs are amortized on a straight-line basis over their expected useful lives. Capitalized internal-use software costs are recognized within property, equipment, and software, net on the consolidated balance sheets. Amortization of internal-use software is included in cost of revenue and general and administrative expense in the accompanying consolidated statements of operations and comprehensive income.

***Impairment of Long-Lived Assets***

The Company reviews its property, equipment, and software and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may be impaired. Indicators of impairment considered by management include a significant decrease in the market price of the assets, a significant adverse change as to how the assets are used, current period operating losses or negative cash flows associated with the use of the assets, and the current expectation that the assets will be sold below their projected carrying values.

If it is determined that the estimated undiscounted future cash flows are not sufficient to recover the carrying values of the assets, an impairment loss is recognized in the consolidated statement of operations and comprehensive income for the difference between the carrying values and the fair values of the assets. Management does not consider any of the Company's long-lived assets to be impaired as of December 31, 2024 and 2025.

***Leases***

The Company enters into operating lease arrangements for real estate assets related to office space. The Company determines if an arrangement contains a lease at its inception by assessing whether there is an identified asset and whether the arrangement conveys the right to control the use of the identified asset in exchange for consideration. Operating leases are included as right-of-use assets and lease liabilities in the consolidated balance sheets. The current portion of lease liabilities is included in accrued expenses and other current liabilities in the consolidated balance sheets. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

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Lease payments consist of the fixed payments under the arrangements. Variable costs, such as maintenance and utilities based on actual usage, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs. As the implicit rate of the Company's leases is not determinable, the Company calculates an incremental borrowing rate based on the information available at the lease commencement date or standard effective date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term.

The Company generally uses the non-cancellable lease term when recognizing the right-of-use assets and lease liabilities unless it is reasonably certain that a renewal option or termination option will be exercised. The Company accounts for lease components and non-lease components as a single lease component.

Leases with a term of twelve months or less are not recognized on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease.

***Debt Issuance Costs***

The Company capitalizes certain costs directly associated with the acquisition of debt and reports such debt issuance costs on the balance sheets as a direct reduction from the carrying amount of the related debt liability. Payments of lender fees are also capitalized as a direct reduction from the carrying amount of the related debt liability. Amortization of debt issuance costs and lender fees are included in interest expense, net in the Consolidated Statements of Operations and Comprehensive Income.

***Foreign Currency Translation***

The functional currency of the Company's international subsidiaries is the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as part of a separate component of stockholders' equity. Foreign currency transaction gains and losses are included in net income. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the weighted average exchange rate during the year presented. Equity accounts are translated using historical exchange rates.

***Business Combinations***

The Company allocates the fair value of the purchase consideration of its acquisitions to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values, other than deferred revenue, which is recognized in accordance with ASC Topic 606. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Purchase consideration includes assets and equity transferred and liabilities assumed, all of which are measured at their fair value as of the date of acquisition.

In determining the fair value of equity issued as purchase consideration, management determined the fair value of the Company's common stock as of the acquisition date. Because the Company's common stock is not publicly traded, management exercised judgment in estimating its fair value and considered multiple factors, including contemporaneous valuations prepared in accordance with Section 409A of the Internal Revenue Code, the Company's financial performance and projections, recent equity transactions, market conditions, and other relevant factors.

Certain business combination transactions completed by the Company were structured to include a combination of up-front and contingent payments to be made at specified dates subsequent to the date of acquisition. Deferred and contingent payments determined to be purchase consideration are recorded at fair value as of the acquisition date. The Company's contingent consideration arrangements are obligations to make future payments to the seller contingent upon the achievement of future operational

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or financial targets and are remeasured to fair value at the end of each reporting period until the obligations are settled.

The valuation of the net assets acquired as well as certain elements of purchase consideration requires management to make significant estimates and assumptions, especially with respect to future expected cash flows, useful lives, and discount rates. The Company engaged third-party valuation specialists to assist in management's analysis of the fair value of the acquired intangible assets. While the Company utilized third-party specialists for assistance with certain valuation analyses, management was responsible for determining all fair value estimates and assumptions, including the fair value of equity issued as consideration, and the resulting valuations reflect management's conclusions and judgments.

During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. Subsequent changes to the fair value of contingent consideration are reflected in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Acquisition costs are expensed as incurred and are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. The Company includes the results of operations from acquired businesses in its consolidated financial statements from the effective date of the acquisition.

***Goodwill***

The Company tests goodwill for impairment on an annual basis on December 31 of each year, or more frequently if circumstances indicate that the assets may not be recoverable. For purposes of goodwill impairment testing, the Company has one reporting unit.

The Company evaluates impairment of goodwill either by assessing qualitative factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount, or by performing a quantitative assessment. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and circumstances affecting the reporting unit. If the Company chooses to perform a qualitative assessment and after considering the totality of events or circumstances, the Company determines it is more likely than not that the fair value of the Company's reporting unit is less than its carrying amount, the Company would perform a quantitative fair value test. The Company's quantitative impairment assessment utilizes a weighted combination of a discounted cash flow model (known as the income approach) and comparisons to publicly traded companies engaged in similar businesses (known as the market approach). These approaches involve judgmental assumptions, including forecasted future cash flows expected to be generated by the business over an extended period of time, long-term growth rates, the identification of comparable companies, and the Company's discount rate based on its weighted average cost of capital. These assumptions are predominately unobservable inputs and considered Level 3 measurements. ASU 2017-04, Intangibles - Goodwill and Other, which the Company adopted previously, simplifies the testing for goodwill impairment by eliminating the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. To calculate any potential impairment when the Company performs a quantitative test, the Company compares the fair value of its reporting unit with its carrying amount, including goodwill. Any excess of the carrying amount of the reporting unit's goodwill over its fair value is recognized as an impairment loss, and the carrying value of goodwill is written down.

***Income Taxes***

The Company accounts for income taxes under the asset and liability method, which requires that deferred income taxes be provided for temporary differences between the tax basis of the Company's assets and liabilities and their financial statement carrying amount. In addition, deferred tax assets are recorded for the utilization of the future tax benefit of these deferred tax assets. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized.

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Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence, including past operating results, estimates of future taxable income and the feasibility of tax planning strategies. In the event that the Company changes its determination as to the amount of deferred tax assets that is more likely than not to be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The Company follows the authoritative guidance regarding uncertain tax positions. This guidance requires that realization of an uncertain income tax position must be more likely than not (i.e., greater than 50% likelihood of receiving a benefit) before it can be recognized in the consolidated financial statements. The guidance further prescribes the benefit to be realized assumes a review by tax authorities having all relevant information and applying current conventions.

***Stock-Based Compensation***

The Company recognizes stock-based compensation expense for stock-based awards granted to employees based on the estimated fair value of the awards on the date of grant. The Company recognizes expense for stock options and restricted stock units with only a service-based vesting condition on a straight-line basis over the requisite service period of the awards. The Company recognizes expense for options and restricted stock units that have explicit service-based, performance-based and market-based vesting conditions using the accelerated attribution method over the requisite service period of the awards. The Company does not record compensation expense until the performance-based vesting condition is probable of being met. The Company records the effect of forfeitures on stock-based compensation as they occur.

The fair value of each stock option is estimated on the date of grant using the Black Scholes option-pricing model or a Monte Carlo method for options with a performance-based vesting condition. The fair value of restricted stock units is based on the price per share of the underlying common stock as of the most recent 409A valuation on the grant date.

In determining the fair value of restricted stock units, management determines the fair value of the Company's common stock as of the grant date. Because the Company's common stock is not publicly traded, management exercises judgment in estimating its fair value and considers multiple factors, including contemporaneous valuations prepared in accordance with Section 409A of the Internal Revenue Code, the Company's financial performance and projections, recent equity transactions, market conditions, and other relevant factors.

***Advertising***

The Company expenses all advertising costs as they are incurred. Advertising expenses for the years ended December 31, 2024 and 2025 were $11.9 million and $13.8 million, respectively.

***Recently Adopted Accounting Pronouncements***

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments "improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses." In addition, the amendments enhance interim disclosure requirements, clarify requirements for entities with a single reportable segment, and contain other disclosure requirements. ASU 2023-07 is effective for calendar year-end public business entities in the 2024 annual period and in 2025 for interim periods. The Company adopted ASU 2023-07 for the 2024 annual period on a retrospective basis. This adopted ASU results in the Company including the additional required disclosures. Refer to Segment Information in this note for more information.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the

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transparency and decision usefulness of income tax disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2025 annual period and in 2026 for interim periods with early adoption permitted. The Company adopted ASU 2023-09 for the 2025 annual period on a prospective basis. This adopted ASU results in the Company including the additional required disclosures.

***Recent Accounting Pronouncements Not Yet Adopted***

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires that public entities disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This ASU will result in the required additional disclosures being included in the consolidated financial statements on a prospective basis, with the option for retrospective application, once adopted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses: Measurement for Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

**Note 2. Fair Value Measurements**

The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 1 —** Observable inputs such as quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 2 —** Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Level 3 —** Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

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The following table presents the hierarchy of fair value as of the end of each reporting period (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Financial Assets** | **Fair Value Hierarchy** | **December 31, 2024** | **December 31, 2025** |
| Cash and cash equivalents | Level 1 | $43312 | 95111 |
| Designated cash | Level 1 | 267360 | 272017 |
| Restricted cash | Level 1 | 8089 | 10938 |
| Restricted cash, net of current portion | Level 1 | 498 | 705 |
| **Total financial assets**  |  | $**319259** | $**378771** |

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The Company's financial instruments that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) relate to a contingent consideration liability of up to $50.0 million tied to operational performance targets through the end of 2024 and assumed by the Company in connection with its July 2023 acquisition of Rent Dynamics, which was valued using a Monte Carlo simulation model that estimates the probability-weighted present value of expected earnout payments based on projected revenue outcomes. For additional information, see Note 4 below. The following table presents a summary of the changes in the fair value of the Company's Level 3 financial instruments (in thousands):

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| | |
|:---|:---|
| | **Contingent Consideration Liability** |
| Balance at January 1, 2024 | $13133 |
| Additions |  |
| Adjustments to fair value | (9451) |
| Settlements | (3682) |
| Balance at December 31, 2024 |  |

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No other assets or liabilities were measured at fair value on a recurring basis as of the balance sheet dates presented.

There were no transfers between levels of the fair value hierarchy during the year ended December 31, 2024 or 2025. The Company's financial instruments not measured at fair value on a recurring basis include accounts receivable, accounts payable, accrued expenses, and long-term debt. The carrying amounts of these instruments approximate fair value because of their short maturities or variable interest rates.

***Nonrecurring Fair Value Measurements***

During the year ended December 31, 2024, the Company measured certain assets at fair value on a nonrecurring basis in connection with business combinations. The fair values of intangible assets acquired (customer relationships, developed technology, and in-process research and development) were determined using income and market approaches, which utilize significant unobservable inputs and are therefore classified within Level 3 of the fair value hierarchy.

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| | | | |
|:---|:---|:---|:---|
| **Asset type** | **Fair value (at acquisition) (in thousands)** | **Valuation Technique** | **Level** |
| Customer relationships | $900 | With-or-without method | Level 3 |
| Developed technology | $3600 | Excess earnings method | Level 3 |
| In-process research and development | $1700 | Excess earnings method | Level 3 |

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**Note 3. Revenue Recognition**

Sales and usage-based taxes are excluded from revenue.

The following table presents revenue disaggregated by major revenue source (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2024**  | **Year Ended<br>December 31, 2025** |
| Subscription-related | $354701 | $437742 |
| Embedded Technology Solutions | 57299 | 71553 |
| Total Revenue  | $**412000** | $**509295** |

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The Company's revenue is generated primarily from customers in the United States.

<u>Subscription-related</u>

The Company generates the majority of its Subscription-related revenue by implementing and licensing subscriptions to its cloud-based Operating System of software solutions and from payment processing fees. The Company requires all subscribers of its Operating System to use its payment solution for all payments processed through its Operating System. The Company's solutions are provided pursuant to contractual commitments with customers that typically include a promise that the Company will deliver access to its Operating System over defined service delivery periods.

Revenue from subscriptions is generally recognized ratably over the term of the arrangement from the date of implementation completion through the contract end date. Consideration for subscriptions consists primarily of fixed fees that are based on the number of units and level of services selected by customers. The Company invoices a portion of fees at the initial order date and generally monthly thereafter, although some contracts are billed quarterly or annually. With regard to payment processing, the Company accepts a wide range of payment methods, including electronic checks, ACH, debit card, and credit card. The payment processing fee payable to the Company is calculated as a fixed per-transaction fee. The only exception to this is credit cards, which have a payment processing fee that is a percentage of the total payment processed. In addition, operators are charged a monthly subscription fee to access the Company's payment solution. The Company's payment processing fees are recorded gross of any interchange and payment processing fees due to third parties.

<u>Embedded Technology Solutions</u>

The Company sells certain usage-based services to customers based on a fixed rate per transaction. Revenue for the Company's resident screening product is calculated based on the number of transactions processed monthly and varies from month to month according to actual usage. The contract terms for these products are generally three to five years in length and contracted at the operator level. The Company allocates the total amount of variable revenue from the resident screening product entirely to the transactions as a result of the variable-consideration allocation exception and recognizes the revenue in the month the transactions occur.

Revenue for the Company's insurance product is recognized as two distinct performance obligations are satisfied. The first performance obligation, selling the policy, is recognized at a point-in-time. The second performance obligation, administration of the policy, is recognized over time. Revenue for the Company's insurance product includes contingent commissions from its insurance underwriting partners. The Company allocates contingent commissions to both performance obligations on a relative standalone selling price basis. The Company constrains variable consideration until the risk of significant revenue reversal is not probable.

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***Remaining Performance Obligations***

As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied) was $272.5 million. The Company expects to recognize approximately $134.6 million of this amount as revenue over the next 12 months and expects to recognize approximately $122.2 million of this amount as revenue between 13 and 36 months, and the remainder thereafter.

The Company expects to recognize the majority of its remaining performance obligations over the remaining terms of its customer contracts, which generally range from three to five years. The Company includes only contractual billing amounts within remaining performance obligations and does not include usage-based services or other commission-based products.

***Contract Balances***

Contract assets generally consist of amounts recognized as revenue before they can be invoiced to customers. These contract assets are included in accounts receivable and related disclosures. Contract liabilities are comprised of billings or payments received from customers in advance of performance under the contract and are referred to as deferred revenue in the accompanying consolidated financial statements. The following table presents contract balances as of December 31, 2023, 2024, and 2025 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2024** | **December 31, 2025** |
| Accounts receivable, net | 22316 | 29874 | 38437 |
| Contract assets (included in Accounts receivable, net) | 2511 | 3794 | 6441 |
| Deferred revenue | 5951 | 7482 | 10134 |

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The Company recognized $7.5 million of revenue during 2025 that was included in deferred revenue at the beginning of the period.

***Contract Acquisition Costs***

The Company capitalizes certain commissions as incremental costs of obtaining a contract with a customer if the Company expects to recover those costs. The commissions are capitalized and amortized over a period of benefit determined to be three years. The balances below, as well as the balances of contract fulfillment costs in the following section, are included in deferred contract costs and deferred contract costs, net of current portion on the consolidated balance sheets (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2025** |
| Contract acquisition costs – current | $11179 | $11352 |
| Contract acquisition costs – noncurrent | 8337 | 7416 |
| **Total**  | $**19516** | $**18768** |

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Amortization of contract acquisition costs is recognized within sales and marketing expense and totaled $13.8 million and $13.9 million for the years ended December 31, 2024 and 2025, respectively.

***Contract Fulfillment Costs***

The Company capitalizes certain costs that relate directly to contracts that generate or enhance resources that will be used in satisfying future performance obligations if the Company expects to recover those costs. The deferred contract fulfillment costs are amortized over a three-year period of benefit (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2025** |
| Contract fulfillment costs – current | $15951 | $16701 |
| Contract fulfillment costs – noncurrent | 12502 | 13608 |
| **Total**  | $**28453** | $**30309** |

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Amortization of capitalized fulfillment costs is recognized within cost of revenue and totaled $18.0 million and $19.9 million for the years ended December 31, 2024 and 2025, respectively.

***Customer Deposits***

In limited cases, the Company underwrites customers for payment processing and assumes liability for chargebacks or fraudulent card activity. As of both December 31, 2024 and 2025, the Company held total deposits of $0.4 million from customers underwritten for payment processing. These amounts are recorded within customer deposits, net of current portion on the consolidated balance sheets.

**Note 4. Business Combinations**

***Colleen AI***

On June 18, 2024, the Company acquired all of the outstanding ownership interests of Colleen AI Inc., an AI-powered platform that furthers the Company's ability to automate property operations, as well as Colleen Technologies Ltd., a wholly owned subsidiary of Colleen AI based in Tel Aviv, Israel. Aggregate purchase consideration was $53.2 million. The acquisition was financed through a combination of cash on hand as well as through a transfer of 331,400 shares of common stock with a fair value per share of $21.72 based on the Company's 409A valuation at the time, for a total of $7.2 million in common stock. The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date.

The acquired intangible assets consisted of developed technology, in-process research and development, and customer relationships. The assigned useful lives of the developed technology and customer relationships were both 4 years while the in-process research and development had an indefinite useful life. Preliminary goodwill recognized of $46.3 million is primarily comprised of expansion of the Company's product offerings as well as anticipated synergies from the sale of AI services to existing customers. Goodwill and the acquired intangible assets are not deductible for tax purposes due to the nature of the nontaxable business combination as the Company received a carryover in the tax bases of the acquired assets and assumed liabilities. The Company applied pushdown accounting to record the intangible assets and goodwill in Israeli Shekels on the financial statements of Colleen Technologies Ltd. Accordingly, changes in the foreign currency exchange rate between the U.S. Dollar and Israeli Shekel may cause fluctuations in the values recorded on the consolidated financial statements. Acquisition costs associated with this transaction of $3.8 million were expensed as incurred.

***Purchase Consideration and Purchase Price Allocation***

The pro forma information related to the acquisition of Colleen AI was not material to the Company's consolidated financial statements and its related notes for the year ended December 31, 2024. Accordingly, pro forma financial information has been omitted. The purchase price allocation has been finalized, and the measurement period is now closed. No measurement period adjustments were recorded in the periods presented and the final allocation of the purchase consideration did not differ materially from the preliminary amounts recorded by the Company. The components of the purchase

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consideration and the final allocation of purchase price as of December 31, 2024 are as follows (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Base consideration amount | $53539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Closing cash and net working capital adjustment | (306) |
| Fair value of total consideration | $53233 |
| Assets acquired and liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 6279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (943) |
| Total net assets acquired and liabilities assumed | $6977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 46256 |
| Total purchase consideration | $53233 |

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***Contingent Consideration Activity***

On July 10, 2023, the Company acquired all of the outstanding ownership interests of Simplified Business Group, LLC (dba Rent Dynamics), a software provider of rent credit reporting services for residents. The Purchase Agreement associated with the 2023 acquisition of Rent Dynamics provided for up to $50.0 million of contingent consideration tied to operational performance targets through the end of 2024. The operational performance targets were driven by a revenue calculation based on the primary product sold by Rent Dynamics with specific targets for the years ended December 31, 2023 and 2024. Changes in the fair value of the contingent consideration liability are recognized in general and administrative expense in the consolidated statements of operations and comprehensive income. The fair value of the contingent consideration is based on actual results through December 31, 2024. The following table presents changes in the Company's contingent consideration for the year ended December 31, 2024 (in thousands):

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| | |
|:---|:---|
| Balance at January 1, 2024 | $13133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment in April 2024 | (3682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value | (9451) |
| Balance at December 31, 2024 | $— |

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**Note 5. Balance Sheet Components**

***Prepaid expenses and other current assets***

The following is a summary of prepaid expenses and other current assets (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31, 2025** |
| Prepaid expenses | $12006 | $12697 |
| Prepaid taxes |  | 8398 |
| Other current assets | 1408 | 1804 |
| **Total prepaid expenses and other current assets**  | $**13414** | $**22899** |

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***Accrued Expenses and Other Current Liabilities***

The following is a summary of accrued expenses and other current liabilities (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31, 2025** |
| Accrued compensation | $17139 | $19811 |
| Accrued income and other taxes payable | 1587 | 2056 |
| Other current liabilities | 21458 | 29158 |
| **Total accrued expenses and other current liabilities**  | $**40184** | $**51025** |

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**Note 6. Property, Equipment, and Software, Net**

Property, equipment, and software, net consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2025** |
| Furniture, fixtures and other equipment | $23377 | $21793 |
| Internal-use software | 37064 | 39903 |
| Leasehold improvements | 11447 | 11264 |
| Total property, equipment and software  | 71888 | 72960 |
| Less: accumulated depreciation and amortization | (53718) | (52566) |
| **Property, equipment and software, net**  | $**18170** | $**20394** |

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Depreciation and amortization expense for the years ended December 31, 2024 and 2025 was $10.5 million and $11.2 million, respectively.

As of December 31, 2024 and 2025, capitalized internal-use software, net of accumulated amortization, was $10.8 million, and $12.6 million, respectively. The Company capitalized $7.5 million and $9.2 million of internal-use software for the years ended December 31, 2024 and 2025, respectively.

An immaterial amount of stock-based compensation expense was capitalized associated with internal-use software during the year ended December 31, 2024. $0.4 million of stock-based compensation expense was capitalized associated with internal-use software during the year ended December 31, 2025.

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The weighted-average amortization period for capitalized internal-use software is three years. As of December 31, 2025, the estimated aggregate amortization expense for capitalized internal-use software for each of the fiscal years thereafter is as follows (in thousands):

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| | |
|:---|:---|
| **Fiscal Period:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | $6771 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 1582 |
| **Total**  | $**12575** |

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**Note 7. Goodwill and Identified Intangible Assets**

Changes in the carrying amount of goodwill were as follows (in thousands):

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| | |
|:---|:---|
| Balance January 1, 2024 | $138660 |
| Goodwill acquired | 46256 |
| Impact of foreign currency adjustments | 659 |
| Balance at December 31, 2024 | $185575 |
| Impact of foreign currency adjustments | 6834 |
| Balance at December 31, 2025 | $192409 |

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The Company completed its annual goodwill impairment test during the fourth quarter of 2024 and 2025 and concluded that goodwill was not impaired as of December 31, 2024 or 2025.

During the year ended December 31, 2024, the Company determined that the in-process research and development intangible asset associated with the Colleen AI business combination was substantially completed and placed into service. The Company reclassified the carrying amount of the in-process research and development into developed technology and began amortizing the intangible asset over the determined useful life of four years. This reclassification reflects the evaluation that the asset had progressed from its developmental phase to one in which it is expected to generate future economic benefits under its intended use. Intangible assets consisted of the following at December 31, 2024 (in thousands, except years):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Amount** | **Accumulated Amortization** | **Net** | **Weighted Average Remaining Useful Life (Years)** |
| Finite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Developed technologies | $16322 | $(4672) | $11650 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks | 1700 | (784) | 916 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 45709 | (8386) | 37323 | 6.5 |
| **Total intangible assets**  | $**63731** | $**(13842)** | $**49889** |  |

---

------

Intangible assets consisted of the following at December 31, 2025 (in thousands, except years):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Amount** | **Accumulated Amortization** | **Net** | **Weighted Average Remaining Useful Life (Years)** |
| Finite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Developed technologies | $16322 | $(8728) | $7594 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks | 1700 | (1044) | 656 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 45841 | (14263) | 31578 | 5.5 |
| **Total intangible assets** | $**63863** | $**(24035)** | $**39828** |  |

---

The change in the carrying amount for customer relationships when comparing the periods is due to immaterial foreign currency changes.

Amortization expense for finite-lived intangible assets totaled $9.6 million and $10.2 million for the years ended December 31, 2024 and 2025, respectively. Amortization expense for developed technologies is recorded in cost of revenue and amortization expense for trademarks and customer relationships are recorded in sales and marketing in the consolidated statements of operations and comprehensive income. The following table sets forth the estimated amortization of intangible assets as of December 31, 2025 for the years ending December 31 (in thousands):

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| | |
|:---|:---|
| 2026 | 10176 |
| 2027 | 8891 |
| 2028 | 6626 |
| 2029 | 5600 |
| 2030 | 5600 |
| Thereafter | 2935 |
| Total | $**39828** |

---

No impairment of finite-lived intangible assets was identified as of December 31, 2024 or 2025.

**Note 8. Debt**

***JPMorgan Chase Bank Term Loan***

On September 30, 2025, the Company entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and issuing bank (the "2025 Credit Agreement"). Pursuant to the 2025 Credit Agreement, the Company borrowed $400.0 million on a term loan (the "2025 Term Loan") with a revolving loan commitment of up to $75.0 million. The Company did not draw on the revolver during the period ended December 31, 2025. The Company also has up to $15.0 million in letters of credit available under the 2025 Credit Agreement, none of which has been drawn during the periods presented. The borrowings are collateralized by the equity interests of certain of the Company's wholly owned subsidiaries and by substantially all Company assets, including accounts receivable, cash accounts, equipment, and intellectual property.

The 2025 Term Loan has a maturity date of September 30, 2032. Quarterly payments of $1.0 million began in March 2026, with the remainder due on the maturity date. The 2025 Term Loan bears interest at 3.00% + SOFR if the first-lien leverage ratio is greater than 2.75 and 2.75% + SOFR if the first-lien leverage ratio is less than or equal to 2.75. As of December 31, 2025, the interest rate was approximately 6.7%. Interest payments are made monthly. Fees on the unused portion of the revolver are 0.5% per annum. The 2025 Term Loan has a 1.0% prepayment penalty, which expires on March 30, 2026. Interest expense was $7.2 million for the year ended December 31, 2025.

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The Company incurred debt issuance costs of $9.9 million, inclusive of $1.0 million in original issuance discounts. These costs have been capitalized and are being amortized using the effective interest method over the life of the 2025 Term Loan. Such amortization is included in interest expense, net. Amortization of deferred financing costs was $0.2 million for the year ended December 31, 2025.

***Debt extinguishment***

As part of the financing of the 2025 Term Loan, the Company repaid in full the Blue Owl Term Loan (as defined below), totaling $171.9 million in outstanding principal. The remaining unamortized debt issuance costs associated with the Blue Owl Term Loan as of September 30, 2025 were written off, totaling $4.2 million, and recognized in the consolidated statements of operations and comprehensive income.

***Blue Owl Term Loan***

On July 10, 2023, in connection with the acquisition of Rent Dynamics, the Company entered into a Credit Agreement with Blue Owl Credit Income Corp., as administrative agent, collateral agent, and issuing bank (the "Blue Owl Credit Agreement"). The Company borrowed $175.0 million on a term loan (the "Blue Owl Term Loan") with a revolving loan commitment of up to $20.0 million. The Company did not draw on the revolver during the year ended December 31, 2024 or 2025. The Company also had up to $3.0 million in letters of credit under the Blue Owl Credit Agreement, none of which had been drawn during the periods presented. The borrowings were collateralized by the equity interests of the Company's wholly owned subsidiaries and by substantially all Company assets, including accounts receivable, cash accounts, equipment, and intellectual property.

The Blue Owl Term Loan had a maturity date of July 10, 2030. Quarterly payments of $0.4 million were required beginning in March 2024, with the remainder due on the maturity date. The Blue Owl Term Loan bore interest at 6.00% + SOFR if the first-lien leverage ratio was greater than 2.85 and 5.75% + SOFR if the ratio was less than or equal to 2.85. As of December 31, 2024, the first-lien leverage ratio was below 2.85 and the interest rate was approximately 10.1%. Interest payments were made monthly. Fees on the unused portion of the revolver were 0.5% per annum. Interest expense was $19.5 million and $13.2 million for the years ended December 31, 2024 and 2025, respectively.

The Company capitalized $6.1 million of costs incurred in connection with the Blue Owl Credit Agreement, of which $4.9 million were lender fees. Debt-financing costs are presented as a direct reduction of the carrying amount of the related debt and amortized on a straight-line basis (approximating the effective-interest method) over the loan term. Such amortization is included in interest expense, net. Amortization of deferred financing costs was $0.9 million and $0.7 million for the years ended December 31, 2024 and 2025, respectively.

***Covenants and Other Terms***

The 2025 Credit Agreement and the Blue Owl Credit Agreement both contain customary affirmative, negative, financial and reporting covenants. Affirmative covenants require the Company to maintain its business and properties, carry adequate insurance and furnish financial and other information to lenders. Negative covenants restrict additional indebtedness, encumbrances or dispositions of assets, changes to corporate structure, and certain dividends and distributions. The financial covenants for both the 2025 Term Loan and Blue Owl Term Loan impose a maximum first-lien leverage ratio only when a minimum revolver borrowing has occurred and therefore was not applicable as of December 31, 2024 or 2025.

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***Carrying Amounts***

The net carrying amount of debt was as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31 2024** | **December 31, 2025** |
| Principal | $173250 | $400000 |
| Unamortized debt financing costs | (4846) | (9750) |
| **Net carrying amount**  | $**168404** | $**390250** |

---

The estimated fair value of the Company's long-term debt approximated its carrying value as of December 31, 2024 and 2025, as the debt bears interest at variable rates that approximate current market rates. The fair value of the Company's debt was determined using Level 2 inputs under the fair value hierarchy. The Company was in compliance with all debt covenants as of December 31, 2024 and 2025. There were no borrowings under the revolving credit facility as of those dates. No other material debt arrangements were outstanding as of December 31, 2024 or 2025.

**Note 9. Stockholders' Equity (Deficit)**

***Stock Options***

<u>Performance Stock Options</u>

The Company grants performance stock options with performance-based, market-based, and service-based vesting conditions. The performance-based vesting condition required for the options to become eligible to vest includes the consummation of a liquidity event (including, but not limited to, an initial public offering, a change of control, or an extraordinary cash dividend), provided that in the event of a liquidity event other than an initial public offering or a change of control, the percentage of options that become eligible to vest is based on the level of participation by the Company's majority owner in connection with such liquidity event. The percentage of options that vest from each grant is based on the market-based vesting condition, which require specific results as measured on key measurement dates based on the rate of return to the Company's majority owner, provided that no options will vest if the minimum rate of return is not achieved. In the event of a liquidity event other than an initial public offering, the key measurement date is the date of such liquidity event. In the event of an initial public offering, the key measurement dates are determined based on one of the following sets of criteria: (i) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the six month anniversary of the offering and, so long as a change of control does not occur prior to such date, each of the next three six month anniversaries thereafter, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the date that is 31 consecutive trading days following the offering and, so long as a change of control does not occur prior to such date, each of the first two six month anniversaries of the offering; or (ii) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such options are the first anniversary of the offering and, so long as a change of control does not occur prior to such date, the second anniversary of the offering, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the closing date of the offering and, so long as a change of control does not occur prior to such date, the first anniversary of the offering. The service-based vesting condition requires the option holder to continue to be a service provider to the Company in order for their options to be eligible to vest.

The Company utilizes a Monte Carlo simulation valuation model to determine the appropriate value per option. No expense will be recognized prior to when the liquidity event becomes probable, which the Company has determined to be when the event is consummated. The full value of the options, excluding the value of forfeited options, will be recognized using the accelerated attribution method subsequent to the consummation of the liquidity event over any remaining requisite service period, regardless of the

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percentage of options that vest based on the market-based vesting condition. No stock compensation expense has been recognized related to performance stock options as of December 31, 2024 or 2025.

<u>Traditional Stock Options</u>

In addition to the performance stock options discussed above, the Company also granted stock options subject to an explicit service-based vesting condition and no performance-based vesting condition. The Company's valuation of traditional stock options utilized the Black-Scholes option-pricing model that relied on the significant inputs stated in the table below. The Company utilized the simplified method to estimate the expected term of stock options.

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| | |
|:---|:---|
| | **December 31, 2025** |
| Stock price | $21.72 |
| Volatility | 45.8% |
| Risk-free rate | 4.3% |
| Dividend yield | 0% |

---

<u>Summary of Stock Option Activity</u>

The following table summarizes stock option activity for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Exercise Price per Share** | **Weighted-Average Remaining Contractual Term (Years)** |
| Outstanding as of January 1, 2024 | 7610051 | $7.93 | 7.7 |
| Granted | 115510 | 21.29 |  |
| Exercised | (64625) | 2.75 |  |
| Forfeited | (113674) | 15.53 |  |
| **Outstanding as of December 31, 2024**  | **7547262** | $**8.06** | **6.8** |
| Granted | 6346812 | 21.74 |  |
| Exercised | (1977871) | $2.58 |  |
| Forfeited | (128725) | 19.10 |  |
| Anti-Dilution Adjustment<sup>(1)</sup> | 1103053 | 14.80 |  |
| **Outstanding as of December 31, 2025** | **12890531** | $**14.84** | **7.7** |

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______________

(1)Represents adjustments made pursuant to antidilution provisions in connection with the November 24, 2025 cash dividend. See "Adjustment of Share-Based Compensation Awards" below.

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Life (Years)** |
| Exercisable as of December 31, 2024 | 4803050 | $2.61 | 6.3 |
| Exercisable as of December 31, 2025 | 3389374 | $3.19 | 5.5 |

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The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2024 and 2025 was $8.29 and $8.70 per share, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2024 and 2025 was $1.1 million and $40.6 million, respectively. The total fair value of options vested during the years ended December 31, 2024 and 2025 was $1.2 million and $1.6 million, respectively.

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As of December 31, 2024 and 2025, total unrecognized compensation expense related to stock awards that do not have a performance-based vesting condition was $0.1 million and $6.1 million, respectively, expected to be recognized over a weighted-average period of 0.4 years and 3.1 years, respectively.

As of December 31, 2024 and 2025, total unrecognized compensation expense related to stock awards that have a performance-based vesting condition was $18.4 million and $64.8 million, respectively.

***Restricted Stock Units***

<u>Performance Restricted Stock Units</u>

The Company grants restricted stock units ("RSUs") with both performance-based and service-based vesting conditions. The service-based vesting condition of each RSU award allows vesting as to 25% of the award on the first anniversary of the vesting commencement date and as to an additional 6.25% of the award at the end of each successive three month period thereafter. No RSUs become eligible to vest until the performance-based vesting condition becomes probable, which the Company has determined is upon consummation of a liquidity event (public company event, including an initial public offering or change of control). Stock-based compensation expense is recognized only for those RSUs expected to meet both service-based and performance-based vesting conditions.

Certain RSUs granted contain a "Good Leaver" provision. This clause allows a holder who leaves the Company in good standing prior to a liquidity event to receive value that is capped upon such event. The holder of a Good Leaver award will vest in the number of shares that provides the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the number of shares vested based on service before leaving, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the number of shares equal to the fair value of those shares as if vested under the service-based criteria.

No compensation expense is recognized for Good Leaver awards until a liquidity event becomes probable.

<u>Restricted Stock Units (Service-Based)</u>

The Company also grants RSUs with only an explicit service-based vesting condition (no performance-based vesting condition). These RSUs vest as to 25% of the award on the first anniversary of the vesting commencement date and as to an additional 6.25% of the award at the end of each successive three month period thereafter. Stock-based compensation expense for such RSUs is recognized on a straight-line basis over the requisite service period. No "Good Leaver" provisions apply to these RSUs.

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<u>Summary of RSU Activity</u>

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| | | |
|:---|:---|:---|
| | **Number of RSUs** | **Weighted-Average Grant Date Fair Value per RSU** |
| Unvested as of January 1, 2024 | 4334497 | $18.05 |
| Granted | 604386 | 21.28 |
| Vested | (34061) | 6.18 |
| Forfeited | (294463) | 18.01 |
| **Unvested as of December 31, 2024**  | **4610359** | $**18.52** |
| Granted | 1039894 | 16.33 |
| Vested | (921363) | 16.12 |
| Forfeited | (284036) | 19.02 |
| Anti-Dilution Adjustment<sup>(1)</sup> | 363103 | 17.69 |
| **Unvested as of December 31, 2025**  | **4807957** | $**16.93** |

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_______________

(1)Represents adjustments made pursuant to antidilution provisions in connection with the November 24, 2025 cash dividend. See "Adjustment of Share-Based Compensation Awards" below.

The aggregate intrinsic value of RSUs vested during the years ended December 31, 2024 and 2025 was $0.7 million and $21.3 million, respectively.

As of December 31, 2025, total unrecognized compensation expense related to RSUs for which the performance-based vesting condition has been met or for which there is no performance-based vesting condition was $4.3 million, to be recognized over a weighted-average period of 3.0 years. Of the unvested RSUs as of December 31, 2025, 4.6 million remain subject to both explicit service-based and performance-based vesting conditions and have a total unrecognized compensation expense of $77.5 million. As of December 31, 2025, achievement of the performance-based vesting condition was not probable.

***Stock-Based Compensation Expense***

The Company recognized stock-based compensation expense as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Year Ended Dec 31 2024** | **Year Ended Dec 31 2025** |
| Cost of revenue | $97 | $1506 |
| Sales and marketing | 67 | 7718 |
| Research and product development | 652 | 7929 |
| General and administrative | 975 | 4861 |
| **Total stock-based compensation expense**  | $**1791** | $**22014** |

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***Share Repurchases***

During the year ended December 31, 2024, the Company repurchased 804,735 shares of common stock from an existing stockholder in a privately negotiated transaction at $15.00 per share for total consideration of approximately $12.1 million. The repurchased shares were retired upon acquisition and recorded as a reduction to stockholders' equity. Additionally, during the year ended December 31, 2025, the Company repurchased 2,154,325 shares of common stock from three existing stockholders in privately negotiated transactions at $23.12 per share for total consideration of approximately $49.8 million. The repurchased shares were retired upon acquisition and recorded as a reduction to stockholders' equity.

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***2025 Common Stock Investment***

In May 2025, the Company issued and sold 8,650,520 shares of its common stock to an investor at a purchase price of $23.12 per share, resulting in aggregate proceeds of $200.0 million. The shares include an embedded security price guarantee under which the Company is obligated to issue additional shares of common stock to the investor to guarantee an internal rate of return ("IRR") of 12.5% in the event the Company undergoes a change of control within three years of the investment date (the "Top-Up"). The Company evaluated the Top-Up feature and determined that it does not meet the definition of an embedded derivative under ASC 815 as there is no market mechanism to facilitate net settlement.

***2025 RSU Release***

In June 2025, the Company's Board of Directors authorized the removal of the performance-based vesting condition for a portion of the Company's outstanding RSU awards (the "2025 RSU Release"). Specifically, the modification applied to 33% of RSU awards that had satisfied the service-based vesting condition as of the measurement date for all active employees located in the United States.

As a result of this modification, RSUs covering 790,675 shares of common stock vested. To satisfy employee tax withholding obligations associated with the RSU release, the Company elected to net settle the awards, withholding 262,924 shares of common stock based on the fair value of $23.12 per share. The net shares issued to employees totaled 527,751.

The modification was accounted for as a change in vesting conditions in accordance with ASC 718, Compensation—Stock Compensation. In connection with the removal of the performance-based vesting condition, the Company remeasured the fair value of the affected awards as of the modification date and recognized compensation expense based on that fair value for the portion of the awards that had satisfied the service-based vesting condition. The total compensation expense recognized in connection with this modification was approximately $17.7 million and is included in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2025.

***2025 Tender Offer***

In July 2025, the Company administered a tender offer to repurchase outstanding common stock from eligible equity holders (the "2025 Tender Offer"). The tender offer was open to all active U.S.-based employees who, as of the eligibility date, held Company shares, time-vested options, or any combination thereof (including shares released in the 2025 RSU release). Employees were eligible to sell up to 33% of their vested options or owned shares of common stock (including shares released in the 2025 RSU release). The offer to purchase was at a price of $23.12 per share of common stock, which represented the fair value per share. In the tender offer, employees sold to the Company 1,620,322 shares of common stock for a total purchase price of $37.5 million. The tendered shares were retired upon acquisition and recorded as a reduction to stockholders' equity.

***International Offer 2025***

In connection with the 2025 Tender Offer made available to active U.S.-based employees, the Company also provided certain international employees with outstanding RSU awards the opportunity to cancel up to 33% of the RSUs that had satisfied the service-based vesting condition but remained subject to a performance-based vesting condition. Under this program, eligible employees could elect to cancel such vested RSUs in exchange for a cash payment of $23.12 per RSU, which represented the fair value per share as of the date of the transaction.

A total of 17,451 RSUs were canceled in exchange for aggregate cash consideration of approximately $0.4 million. Because the awards had not yet vested for accounting purposes, the cash payments were accounted for as stock-based compensation expense under ASC 718, Compensation—Stock Compensation. The total expense recognized in connection with this transaction is included in stock-

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based compensation within the consolidated statements of operations and comprehensive income for the year ended December 31, 2025.

***Dividend Declaration and Payment***

On November 17, 2025, the Company's Board of Directors approved a one-time cash dividend of $1.99 per share of common stock. Stockholders of record as of the close of business on November 18, 2025 were entitled to the dividend. The dividend was paid on November 24, 2025 and totaled $356.3 million. The dividend did not result in the vesting of any performance-based awards for which the liquidity event could include an extraordinary cash dividend and such performance-based awards may vest in the future in accordance with their respective terms.

***Adjustment of Share-Based Compensation Awards***

Effective November 24, 2025, certain outstanding RSUs and stock options granted under the Company's 2012 Equity Incentive Plan and 2021 Equity Incentive Plan were adjusted pursuant to antidilutive provisions contained in the applicable grant agreements. In accordance with these provisions, the number of shares subject to the affected stock options and RSUs was increased, and for stock options, the per-share exercise price was reduced. These adjustments preserve the economic value of the awards immediately prior to the dividend.

These adjustments did not otherwise modify the vesting conditions, contractual terms, or classification of the awards.

**Note 10. Commitments and Contingencies**

***Operating Leases***

The Company leases office space under non-cancelable operating leases with various expiration dates and options to renew. The leases require monthly payments that may be subject to annual increases. Certain leases include renewal options that the Company is not reasonably certain to exercise; therefore, such options are excluded from lease-term determinations. All identified leases are classified as operating leases.

As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information about collateralized debt and term structure as the discount rate for measuring lease liabilities.

During the year ended December 31, 2025, the Company terminated its existing lease agreement for its India office facility prior to the contractual expiration date and entered into a new lease for a different location with the same lessor. The termination of the previous lease resulted in the derecognition of the related right-of-use asset and lease liability and the recognition of a gain of approximately $0.2 million. The gain is included in Other income, net in the accompanying consolidated statements of operations and comprehensive income. The new India office lease had a right-of-use asset and corresponding lease liability of $18.7 million and has a term of 10 years. The lease contains fixed monthly payments subject to annual escalations. The Company classified this lease as an operating lease.

Additionally, during the year ended December 31, 2025, the Company entered into a new office lease in Israel, which had a right-of-use asset and corresponding lease liability of $1.0 million. The lease contains fixed quarterly payments subject to annual escalations. The Company classified this lease as an operating lease.

As of December 31, 2024 and 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Right-of-use assets were $9.8 million and $22.3 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current maturities of operating lease liabilities were $4.9 million and $4.6 million, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncurrent lease liabilities were $9.0 million and $20.6 million, respectively.

Operating lease costs were $4.5 million and $6.5 million for the years ended December 31, 2024 and 2025, respectively. Short-term lease costs were $0.7 million and $0.5 million for the years ended December 31, 2024 and 2025, respectively. Cash paid for operating leases was $5.5 million and $7.2 million in the years ended December 31, 2024 and 2025, respectively.

The maturities of the Company's operating lease liabilities were as follows as of December 31, 2025 (in thousands):

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| | |
|:---|:---|
| **Year Ending December 31** | **Future Lease Payments** |
| 2026 | $6830 |
| 2027 | 6190 |
| 2028 | 2957 |
| 2029 | 2962 |
| 2030 | 3039 |
| Thereafter | 14525 |
| **Total future minimum lease payments**  | **36503** |
| Less: imputed interest | (11244) |
| **Total lease liabilities**  | $**25259** |

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As of December 31, 2025, the weighted-average remaining lease term was 7.6 years and the weighted-average discount rate was 9.8%.

During 2024, the Company entered into a new sublease agreement with a third party for office space in the Company's Lindon, Utah offices. Sublease income was not material for the year ended December 31, 2024 or 2025.

During 2025, the Company entered into a lease agreement for office space in Logan, Utah that will commence on April 1, 2026. In addition, the Company entered into a lease agreement for additional office space in India, which is expected to commence in March 2026. No right-of-use asset or corresponding lease liability has been recorded for these leases as of December 31, 2025. Future minimum lease payments under these noncancellable leases totaled $10.7 million as of December 31, 2025.

***Litigation***

From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the normal course of business. The Company has accrued for all litigation losses that are both probable and estimable, and such amounts were not material as of December 31, 2024 or 2025. Legal fees are expensed as incurred. Insurance recoveries are recorded when collection is probable.

***Warranties and Indemnification***

The performance of the Company's Operating System is typically warranted to perform in a manner consistent with general industry standards. Customer agreements generally include provisions for indemnifying customers against liabilities if the Company's products or services infringe a third party's intellectual property rights.

In addition, the Company has certain agreements with indemnification obligations for breaches of security or data incidents involving its Operating System or vendors. To date, the Company has not incurred any material costs under such obligations and has not accrued any material liabilities related thereto.

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***Director and Officer Indemnification***

The Company has agreed to indemnify its directors and certain officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred in actions or proceedings to which they are made a party by reason of their service. The Company maintains director and officer insurance coverage that would generally enable recovery of a portion of any future amounts paid. No material costs have been incurred related to such obligations.

**Note 11. Employee Benefit Plans**

Entrata sponsors a defined contribution 401(k) retirement plan (the "Retirement Plan"). Employees who have completed 30 days of service and are at least 18 years of age are eligible to participate in the Retirement Plan.

Employees may elect to contribute a portion of their annual compensation up to the maximum amount allowed under Internal Revenue Service regulations ($23,000 for 2024 and $23,500 for 2025).

The Company matches 37.5% of the first 8% of eligible compensation contributed by participants. Additional discretionary contributions may also be made by the Company.

For the years ended December 31, 2024 and 2025, the Company contributed $3.1 million and $3.4 million (net of forfeited contributions) to the Retirement Plan, respectively.

***Entrata India Pension Plan***

Entrata India sponsors a defined benefit pension plan (the "Pension Plan") for all employees in India. Employees completing five or more years of service are eligible to participate. Entrata India purchases financial securities such as money market and other low-risk investments to fund liabilities to retiring employees.

As of December 31, 2024, the Pension Plan's net unfunded liability was $0.8 million. As of December 31, 2025, the Pension Plan was fully funded.

The Pension Plan is included within other long-term liabilities on the consolidated balance sheets.

**Note 12. Income Taxes**

The components of income before tax were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** |
| United States | $30714 | $55255 |
| Foreign | 3819 | 4661 |
| Income before tax | $34533 | $59916 |

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The components of income tax expense were as follows (in thousands):

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| | | |
|:---|:---|:---|
| **Current income tax:** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** |
| Federal | $10323 | $304 |
| State and local | 1829 | 1464 |
| Foreign | 7099 | 2227 |
| Total current income tax expense | $19251 | $3995 |
| **Deferred income tax:** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** |
| Federal | $(5991) | $5510 |
| State and local | 422 | (92) |
| Foreign | (908) | (173) |
| Total deferred income tax benefit | $(6477) | $5245 |

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| | | |
|:---|:---|:---|
| **Total income tax:** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** |
| Federal | $4332 | $5814 |
| State and local | 2251 | 1372 |
| Foreign | 6191 | 2054 |
| Total income tax expense | $12774 | $9240 |

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The reconciliation of income tax expense computed at the U.S. federal statutory tax rate to the actual income tax expense is as follows (in thousands):

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| | |
|:---|:---|
| | **Year ended December 31, 2024** |
| Income tax expense at federal statutory rate | $7251 |
| Other non-deductible expenses | 1326 |
| State income taxes | 1866 |
| Unrecognized tax benefits | 1043 |
| Stock compensation | (132) |
| Return to provision adjustments | (535) |
| Intellectual Property Transfer Tax | 6164 |
| Credits | (3507) |
| Global intangible low-taxed income | 12 |
| Related party interest | 235 |
| Other | (949) |
| Total income tax expense | $12774 |

---

------

---

| | | |
|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| | **Amount** | **Percent** |
| **Income tax expense at US federal statutory rate**  | $12582 | 21.00% |
| **Domestic state income taxes (net of federal benefit)** <sup>53</sup> | 988 | 1.65% |
| **Domestic federal**  |  |  |
| &nbsp;&nbsp;Tax credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research credits | (335) | (0.56)% |
| &nbsp;&nbsp;Non-deductible and non-taxable expenses | 263 | 0.44% |
| &nbsp;&nbsp;Cross-border tax laws | 621 | 1.04% |
| &nbsp;&nbsp;Stock compensation | (5829) | (9.73)% |
| &nbsp;&nbsp;Other | (172) | (0.29)% |
| **Foreign**  |  |  |
| &nbsp;&nbsp;Israel | 926 | 1.55% |
| &nbsp;&nbsp;Other | 464 | 0.78% |
| **Worldwide changes in unrecognized tax benefits**  | (268) | (0.45)% |
| **Total income tax expense**  | $9240 | 15.42% |

---

The total tax expense of $12.8 million for year ended December 31, 2024 was higher than the expected tax expense computed at the U.S. federal statutory tax rate of 21%, primarily due to non-deductible expenses and a foreign tax related to the transfer of intellectual property, partially offset by the research and development credit. The total tax expense of $9.2 million for the year ended December 31, 2025 was lower than the expected tax expense computed at the U.S. federal statutory rate of 21%, primarily due to windfall benefits from stock compensation.

During 2017, the Tax Cuts and Jobs Act ("TCJA") was enacted into law in the United States. Among its multiple provisions, the TCJA created a requirement causing income earned by foreign subsidiaries of the U.S. stockholder to be included in the gross income for the purposes of calculating taxable income. This provision is known as Global Intangible Low-Tax Income, or "GILTI." ASC 740 states that the U.S. entity can make an accounting policy election either to recognize deferred taxes for temporary differences that are expected to reverse in future years or provide for the tax expense resulting from those items in the year the tax is incurred. The Company's policy is to recognize GILTI as a period expense within the period the tax is incurred.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. Included in the OBBBA are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. OBBBA contains multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company recognized the effects of the OBBBA provisions in its financial results to the extent they are applicable to the year ended December 31, 2025. The Company will continue to evaluate the impact of these provisions on the year ended December 31, 2026 and subsequent consolidated financial statements.

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):

<sup>53</sup> The state and local jurisdictions that make up the majority (greater than 50%) of the state and local tax expense are Texas, Maryland, and California.

------

---

| | | |
|:---|:---|:---|
| **Deferred tax assets** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| Accrued expenses | $35 | $132 |
| Accrued bonus and vacation | 1627 | 2323 |
| IBNR reserves | 52 | 115 |
| Right of use liability | 2600 | 1636 |
| Stock compensation | 1510 | 1326 |
| Reserves | 329 | 371 |
| Research and development expense | 27614 | 20769 |
| Net operating loss, credits |  | 1687 |
| Other | 1004 | 1711 |
| Gross deferred tax assts | $34771 | $30070 |
| Less: Valuation allowance | (15) |  |
| Total deferred tax assets | $34756 | $30070 |

---

---

| | | |
|:---|:---|:---|
| **Deferred tax liabilities** | **Year ended December 31, 2024** | **Year ended December 31, 2025** |
| Deferred commissions | $(4632) | $(4488) |
| Right of Use Asset | (1680) | (1051) |
| Property, equipment, and software | (1253) | (716) |
| Intangible assets | (2271) | (4176) |
| Total deferred tax liabilities | (9836) | (10431) |
| Net deferred tax assets | $24920 | $19639 |

---

The net deferred tax assets of $24.9 million and $19.6 million as of December 31, 2024 and 2025, respectively, are recorded within other assets and other liabilities on the consolidated balance sheets. In assessing the realizability of the deferred tax assets, the Company considers whether it is more-likely-than-not that some or all of the deferred tax assets would be realized. In evaluating the Company's ability to utilize its deferred tax assets, it considered all available evidence, both positive and negative, including future reversals of existing taxable temporary differences and projected future taxable income, on a jurisdiction-by-jurisdiction basis. As of December 31, 2024 and 2025, the Company concluded, based on the weight of all available evidence, that it is more likely than not that the U.S. deferred tax assets will be realized. The Company held a valuation allowance for deferred tax assets in a foreign jurisdiction, where the net valuation allowance changed by an immaterial amount during the year ended December 31, 2024. For the year ended December 31, 2025, the Company took the position that no valuation allowances were required in any jurisdictions.

The Company does not have federal net operating loss ("NOL") carryforwards for the years ending December 31, 2024 and 2025. The Company has an ending state NOL amount of $2.7 million and $2.0 million as of December 31, 2024 and 2025, respectively. The Company's outstanding state NOLs will begin to expire in 2028.

The Company's foreign subsidiary located in Pune, India has benefited from a Special Economic Zone program as a result of its operations in a qualified zone. The Company has benefitted from Minimum Alternative Tax Credits that were fully utilized in 2024.

------

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,<br>2024** | **Year ended December 31,<br>2025** |
| Balance, beginning of year | $2303 | $3286 |
| Additions based on tax positions relating to current year | 1014 | (76) |
| Additions based on tax positions relating to prior years | 67 | (179) |
| Lapse of statute of limitations | (98) | (126) |
| Balance, end of year | $3286 | $2905 |

---

The Company recognizes the effects of income tax positions only if those positions are more-likely-than-not to be realized based on the technical merits. Recognized income tax positions are measured at the largest amount that is greater than 50% likelihood of being realized.

The Company has established total gross reserves for uncertain tax positions of $2.9 million as of December 31, 2025. The Company accrues interest and penalties related to reserves for income taxes as a component of income tax expense. The gross amount of interest and penalties was $0.6 million and $0.3 million, respectively, for the year ended December 31, 2025. The Company notes that, if recognized, $2.7 million of unrecognized tax benefits will affect the effective tax rate.

The Company conducts business in various international jurisdictions and, as a result, the Company files income tax returns in the U.S. federal, state, and foreign jurisdictions. The Company is subject to examination by taxing authorities throughout the world, including India, Canada, the Netherlands, Israel, and the United States. A number of the Company's tax returns remain subject to examination by U.S. taxing authorities including 2022 – 2025. However, there are no active examinations.

Although future distributions of foreign earnings to the United States should not be subject to U.S. federal income taxes, state taxes or foreign taxes may be imposed on such earnings. Despite the U.S. taxation of these amounts, the Company plans to continue investing the majority of these earnings indefinitely outside the United States and does not anticipate incurring any significant additional taxes related to these amounts. As of December 31, 2025, the amount of indefinitely reinvested foreign earnings was approximately $32.4 million. The amount of foreign earnings not considered indefinitely reinvested outside the United States as of December 31, 2025 was $1.7 million.

Income taxes paid net of refunds received were as follows for the year ended December 31, 2025 (in thousands):

---

| | |
|:---|:---|
| **Income Taxes Paid (net of refunds received)** | **Year ended December 31, 2025** |
| US Federal | $9198 |
| US State and Local | 1744 |
| Foreign |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 23 |
| Subtotal | 1807 |
| Total | $12749 |

---

------

**Note 13. Related Party Receivables**

***Non-Recourse Notes***

Non-recourse notes represent notes receivable from individuals that are entirely collateralized by shares of Entrata common stock. These non-recourse notes were issued in 2021 and had an original maturity date of December 31, 2024.

During March 2022, the maturity date for one stockholder's non-recourse note was amended to December 25, 2023. In December 2023, the maturity date was further amended to June 30, 2024. Additionally, the interest rate was changed effective December 25, 2023 to 11.35% until January 16, 2024, and to 25.0% from January 17, 2024 through the maturity date of June 30, 2024. In January 2024, the stockholder paid $31.9 million in cash toward the non-recourse note receivable. In February 2024, the remaining balance of the non-recourse note was settled by the delivery of 2.8 million shares of common stock from the stockholder to the Company, which shares were subsequently retired. The number of shares delivered in settlement of the note was determined based on the total outstanding note receivable balance of $51.2 million (including accrued interest), divided by a value of $18.21 per share of common stock as of the settlement date, consistent with the terms of the note.

Upon settlement, the Company reduced additional paid-in capital by $0.9 million, representing the carrying value of additional paid-in capital for the shares owned by the stockholder plus the interest recorded to additional paid-in capital during the term of the note receivable.

The Company recorded a reduction to retained earnings (deficit) of $50.3 million, representing a deemed dividend to the stockholder.

The outstanding balances of non-recourse notes receivable were $0.0 million as of both December 31, 2024 and 2025.

**Note 14. Net Income Per Share**

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**Dec 31, 2024**  | **Year Ended**<br>**Dec 31, 2025**  |
| Numerator: |  |  |
| Net income | $21759 | $50676 |
| Denominator: |  |  |
| Weighted average shares used to compute net income per share, basic | 172282 | 176275 |
| Dilution due to employee equity awards | 4319 | 2082 |
| Weighted average shares used to compute net income per share, diluted | 176601 | 178357 |
| Net income per share |  |  |
| Basic net income per share | $0.13 | $0.29 |
| Diluted net income per share | $0.12 | $0.28 |

---

The table above does not include RSUs and options outstanding as of December 31, 2024 or 2025 that were still subject to a performance-based vesting condition that was not considered probable as of that date.

------

**Entrata, Inc.**

**Condensed Consolidated Balance Sheets**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **March 31,<br>2026** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $95111 | $119940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Designated cash | 272017 | 299062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 10938 | 11562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowances of $4,550 and $5,223 as of December 31, 2025 and March 31, 2026, respectively | 38437 | 38946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 28053 | 27543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 22899 | 17501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 467455 | 514554 |
| Property, equipment, and software, net | 20394 | 20286 |
| Right-of-use assets | 22266 | 28533 |
| Restricted cash, net of current portion | 705 | 771 |
| Deferred contract costs, net of current portion | 21024 | 20700 |
| Intangible assets, net | 39828 | 37287 |
| Goodwill | 192409 | 192671 |
| Other assets | 24651 | 24707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $788732 | $839509 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $7923 | $9549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 51025 | 42888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 10134 | 11416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 270455 | 297417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 2807 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 342344 | 364055 |
| Lease liabilities, net of current portion | 20623 | 26106 |
| Long-term debt, net of current portion | 387443 | 386853 |
| Customer deposits, net of current portion | 449 | 527 |
| Other liabilities | 5467 | 5399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 756326 | 782940 |
| Commitments and contingencies (Note 8) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share, 375,000 shares authorized; 179,047 and 179,078 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively | 179 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 573758 | 574958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 8584 | 8201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (550115) | (526769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 32406 | 56569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $788732 | $839509 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Entrata, Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Income**

**(in thousands, except per share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| | **2025** | **2026** |
| Revenue | $116601 | $143483 |
| Cost of revenue | 47655 | 53459 |
| Gross profit | 68946 | 90024 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 18136 | 19144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and product development | 16383 | 18221 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13141 | 15619 |
| Total operating expenses | 47660 | 52984 |
| Operating income | 21286 | 37040 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (4347) | (6553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 557 | 13 |
| Income before tax | 17496 | 30500 |
| Income tax expense | 3557 | 7154 |
| Net income | 13939 | 23346 |
| Net income per common share: |  |  |
| &nbsp;&nbsp;Basic | $0.08 | $0.13 |
| &nbsp;&nbsp;Diluted | $0.08 | $0.13 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 171540 | 179062 |
| &nbsp;&nbsp;Diluted | 175847 | 181730 |
| Comprehensive income: |  |  |
| Net income | 13939 | 23346 |
| Foreign currency translation adjustment | (1157) | (383) |
| Total comprehensive income | $12782 | $22963 |

---

*See accompanying notes to condensed consolidated financial statements.*

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**Entrata, Inc.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(in thousands)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Accumulated Deficit** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Accumulated Deficit** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2024 | 171535 | $171 | $796649 | $(854) | $(600791) | $195175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | 10 |  | 20 |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted stock units | 8 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 922 |  |  | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  | (1157) |  | (1157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | 13939 | 13939 |
| Balance as of March 31, 2025 | 171553 | $171 | $797591 | $(2011) | $(586852) | $208899 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Accumulated Deficit** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Income (Loss)** | **Accumulated Deficit** | **Total<br>Stockholders'<br>Equity** |
| Balance as of December 31, 2025 | 179047 | $179 | $573758 | $8584 | $(550115) | $32406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of restricted stock units | 19 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 950 |  |  | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for cash | 12 |  | 250 |  |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  | (383) |  | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  | 23346 | 23346 |
| Balance as of March 31, 2026 | 179078 | $179 | $574958 | $8201 | $(526769) | $56569 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Entrata, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| | **2025** | **2026** |
| **Cash flows from operating activities:** |  |  |
| Net income | $13939 | $23346 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 2696 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 2536 | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign exchange | (405) | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and original issuance discounts | 219 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract costs | 8152 | 8598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of property and equipment | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on lease modification | (198) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 863 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash rent expense | 863 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (2331) | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (316) | (509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | (7820) | (7749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1238) | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1584) | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 2998 | (8840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1099) | (1098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2386 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | (54435) | 27041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (34769) | 56587 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, equipment and software | (3108) | (2755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of fixed assets | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (3104) | (2751) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for cash |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (438) | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (418) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | 11 | (522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents, designated cash and restricted cash | (38280) | 52564 |
| **Cash and cash equivalents, designated cash and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 319259 | 378771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $280979 | $431335 |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 4413 | 6579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash paid (received) for income taxes | (681) | (1383) |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability arising from the recognition of right-of-use asset | 19545 | 7967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment in accounts payable |  | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation capitalized as internal-use software | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation capitalized as deferred contract costs | 29 | 15 |

---

*See accompanying notes to condensed consolidated financial statements.*

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**Note 1. Description of Business and Summary of Significant Accounting Policies**

***Description of Business***

Entrata, Inc. ("Entrata" or the "Company") is a comprehensive Operating System for the rental property market that connects Customer Relationship Management, Enterprise Resource Planning, Property Operations, and Resident Engagement in a single platform. Entrata was incorporated under the laws of the state of Delaware on July 11, 2003 as Property Solutions International, Inc. and changed its name to Entrata, Inc. on June 23, 2015. Unless otherwise stated, references to "Entrata," the "Company," "we," "us," and "our" refer to Entrata, Inc. and its consolidated subsidiaries.

***Basis of Presentation and Principles of Consolidation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the Securities and Exchange Commission for interim reporting. Certain information and note disclosures included in the Company's annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited annual consolidated financial statements for the year ended December 31, 2025 included elsewhere in this registration statement. There have been no changes to the Company's significant accounting policies as described in the Company's audited annual consolidated financial statements for the year ended December 31, 2025. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for the fair presentation of the results for the interim period presented. The results of operations for interim periods are not necessarily indicative of results for the full year. The unaudited condensed consolidated financial statements include the accounts of Entrata, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation for the periods presented.

***Use of Estimates***

In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenue and expenses for the years presented. Material estimates that are particularly susceptible to significant change in the near term relate to the nature and timing of the satisfaction of performance obligations and related reserves, valuation of acquisition-related intangible assets, the determination of capitalized internal-use software costs, allowance for customer credits, estimated useful lives of long-lived tangible and intangible assets, estimated period of benefit used to amortize costs capitalized to obtain and fulfill revenue contracts, contingent commissions related to the sale of insurance products, valuation of common stock, valuation of stock-based compensation awards, valuation of derivative liabilities, valuation of contingent consideration, the incremental borrowing rate associated with the Company's operating leases, and the recoverability of deferred income tax assets, which are based upon expectations of future taxable income and allowable deductions. Actual results could differ from these estimates. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable, the result of which forms the basis for making judgments about the carrying value of assets and liabilities.

***Segment Information***

The Company operates as a single reportable segment under Accounting Standards Codification ("ASC 280"), Segment Reporting. The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. Management has concluded that the Company's operations represent one operating

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and reportable segment because the CODM manages the business, allocates resources, and evaluates performance on a consolidated basis. The CODM is not provided with discrete financial information below the consolidated level for decision-making purposes. The CODM evaluates operating performance and allocates resources primarily based on net income as reported on the consolidated statements of operations and comprehensive income. The CODM uses consolidated net income to make operating decisions, allocate resources, and evaluate financial performance, primarily by monitoring actual results compared to forecasted results, as well as by reviewing year-over-year results and trending historical performance. The CODM also uses net income in competitive analysis by benchmarking to the Company's competitors. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

Significant segment expenses include cost of revenue, sales and marketing, research and product development, and general and administrative expenses. For expenses incurred during the three months ended March 31, 2025 and 2026, refer to the Condensed Consolidated Statements of Operations and Comprehensive Income.

***Cash and Cash Equivalents, Designated Cash, and Restricted Cash***

Cash and cash equivalents, designated cash, and restricted cash at the end of the periods within the condensed consolidated statements of cash flows consists of the following as presented on the condensed consolidated balance sheets as of December 31, 2025 and March 31, 2026 (in thousands):

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31,<br>2026** |
| Cash and cash equivalents | $95111 | $119940 |
| Designated cash | 272017 | 299062 |
| Restricted cash | 10938 | 11562 |
| Restricted cash, net of current portion | 705 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents, designated cash and restricted cash | $378771 | $431335 |

---

***Recently Adopted Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2025 annual period and in 2026 for interim periods with early adoption permitted. The Company adopted ASU 2023-09 for the 2025 annual period on a prospective basis. This adopted ASU results in the Company including the additional required disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses: Measurement for Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods with early adoption permitted. The Company adopted this new standard effective January 1, 2026 and the adoption did not have a material impact on the consolidated financial statements.

***Recent Accounting Pronouncements Not Yet Adopted***

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires that public entities disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years

------

beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This ASU will result in the required additional disclosures being included in the consolidated financial statements on a prospective basis, with the option for retrospective application, once adopted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements, which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. ASU 2025-11 is effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its consolidated financial statements.

**Note 2. Revenue Recognition**

The following table presents revenue disaggregated by major revenue source (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2026** |
| Subscription-related | $100525 | $121937 |
| Embedded Technology Solutions | 16076 | 21546 |
| Total Revenue  | $**116601** | $**143483** |

---

The Company's revenue is generated primarily from customers in the United States.

***Remaining Performance Obligations***

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied) was $279.0 million. The Company expects to recognize approximately $139.9 million of this amount as revenue over the next 12 months and expects to recognize approximately $123.3 million of this amount as revenue between 13 and 36 months, and the remainder thereafter.

The Company expects to recognize the majority of its remaining performance obligations over the remaining terms of its customer contracts, which generally range from three to five years. The Company includes only contractual billing amounts within remaining performance obligations and does not include usage-based services or other commission-based products.

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***Contract Balances***

The following table presents contract balances as of December 31, 2024 and 2025 and March 31, 2026 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2025** | **March 31, 2026** |
| Accounts receivable, net | 29874 | 38437 | 38946 |
| Contract assets (included in Accounts receivable, net) | 3794 | 6441 | 5697 |
| Deferred revenue | 7482 | 10134 | 11416 |

---

The Company recognized $1.9 million and $2.5 million of revenue during the three months ended March 31, 2025 and 2026, respectively, that was included in deferred revenue at the beginning of the period.

***Contract Acquisition Costs***

The balances below, as well as the balances of contract fulfillment costs in the following section, are included in deferred contract costs and deferred contract costs, net of current portion on the condensed consolidated balance sheets (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **March 31, 2026** |
| Contract acquisition costs – current | $11352 | $10704 |
| Contract acquisition costs – noncurrent | 7416 | 7031 |
| Total  | $**18768** | $**17735** |

---

Amortization of contract acquisition costs is recognized within sales and marketing expense and totaled $3.3 million and $3.5 million for the three months ended March 31, 2025 and 2026, respectively.

***Contract Fulfillment Costs***

The following table presents the balances of contract fulfillment costs as of December 31, 2025 and March 31, 2026 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **March 31, 2026** |
| Contract fulfillment costs – current | $16701 | $16839 |
| Contract fulfillment costs – noncurrent | 13608 | 13669 |
| Total  | $**30309** | $**30508** |

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Amortization of capitalized fulfillment costs is recognized within cost of revenue and totaled $4.8 million and $5.1 million for the three months ended March 31, 2025 and 2026, respectively.

***Customer Deposits***

As of December 31, 2025 and March 31, 2026, the Company held total deposits of $0.4 million and $0.5 million from customers underwritten for payment processing, respectively. These amounts are recorded within customer deposits, net of current portion on the condensed consolidated balance sheets.

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**Note 3. Balance Sheet Components**

***Prepaid Expenses and Other Current Assets***

The following is a summary of prepaid expenses and other current assets (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31, 2026** |
| Prepaid expenses | $12697 | $14429 |
| Prepaid taxes | 8398 | 1132 |
| Other current assets | 1804 | 1940 |
| **Total prepaid expenses and other current assets**  | $**22899** | $**17501** |

---

***Accrued Expenses and Other Current Liabilities***

The following is a summary of accrued expenses and other current liabilities (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31, 2026** |
| Accrued compensation | $19811 | $12674 |
| Accrued income and other taxes payable | 2056 | 2360 |
| Other current liabilities | 29158 | 27854 |
| **Total accrued expenses and other current liabilities**  | $**51025** | $**42888** |

---

**Note 4. Property, Equipment, and Software, Net**

Property, equipment, and software, net consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **March 31,<br>2026** |
| Furniture, fixtures and other equipment | $21793 | $21912 |
| Internal-use software | 39903 | 41854 |
| Leasehold improvements | 11264 | 11628 |
| Total property, equipment and software  | 72960 | 75394 |
| Less: accumulated depreciation and amortization | (52566) | (55108) |
| **Property, equipment and software, net**  | $**20394** | $**20286** |

---

Depreciation and amortization expense for the three months ended March 31, 2025 and 2026 was $2.7 million and $3.0 million, respectively.

**Note 5. Goodwill and Identified Intangible Assets**

Changes in the carrying amount of goodwill were as follows (in thousands):

---

| | |
|:---|:---|
| Balance December 31, 2025 | $192409 |
| Impact of foreign currency adjustments | 262 |
| Balance at March 31, 2026 | $192671 |

---

There was no impairment of goodwill during the three months ended March 31, 2025 or 2026.

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Intangible assets consisted of the following at December 31, 2025 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Carrying Amount** | **Accumulated Amortization** | **Net** |
| Developed technologies | $16322 | $(8728) | $7594 |
| Trademarks | 1700 | (1044) | 656 |
| Customer relationships | 45841 | (14263) | 31578 |
| **Total intangible assets** | $**63863** | $**(24035)** | $**39828** |

---

Intangible assets consisted of the following at March 31, 2026 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Carrying Amount** | **Accumulated Amortization** | **Net** |
| Developed technologies | $16322 | $(9741) | $6581 |
| Trademarks | 1700 | (1109) | 591 |
| Customer relationships | 45847 | (15732) | 30115 |
| **Total intangible assets** | $**63869** | $**(26582)** | $**37287** |

---

Amortization expense for finite-lived intangible assets totaled $2.5 million in both of the three months ended March 31, 2025 and 2026. Amortization expense for developed technologies is recorded in cost of revenue and amortization expense for trademarks and customer relationships are recorded in sales and marketing in the consolidated statements of operations and comprehensive income.

There was no impairment of intangible assets during the three months ended March 31, 2025 or 2026.

**Note 6. Debt**

***JPMorgan Chase Bank Term Loan***

On September 30, 2025, the Company entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and issuing bank (the "2025 Credit Agreement"). Pursuant to the 2025 Credit Agreement, the Company borrowed $400.0 million on a term loan (the "2025 Term Loan") with a revolving loan commitment of up to $75.0 million. The Company did not draw on the revolver during the period ended March 31, 2026. The Company also has up to $15.0 million in letters of credit available under the 2025 Credit Agreement, none of which has been drawn during the periods presented. The borrowings are collateralized by the equity interests of certain of the Company's wholly owned subsidiaries and by substantially all Company assets, including accounts receivable, cash accounts, equipment, and intellectual property.

The 2025 Term Loan has a maturity date of September 30, 2032. Quarterly payments of $1.0 million began in March 2026, with the remainder due on the maturity date. The 2025 Term Loan bears interest at 3.00% + SOFR if the first-lien leverage ratio is greater than 2.75 and 2.75% + SOFR if the first-lien leverage ratio is less than or equal to 2.75. As of December 31, 2025 and March 31, 2026, the interest rate was approximately 6.7% and 6.4%, respectively. Interest payments are made monthly. Fees on the unused portion of the revolver are 0.5% per annum. The 2025 Term Loan had a 1.0% prepayment penalty, which expired on March 30, 2026. Interest expense was $4.4 million and $6.6 million for the three months ended March 31, 2025 and 2026, respectively.

The Company incurred debt issuance costs of $9.9 million, inclusive of $1.0 million in original issuance discounts. These costs have been capitalized and are being amortized using the effective interest method over the life of the 2025 Term Loan. Such amortization is included in interest expense, net. Amortization of deferred financing costs was $0.2 million and $0.4 million for the three months ended March 31, 2025 and 2026, respectively.

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***Other Terms***

The 2025 Credit Agreement contains customary affirmative, negative, financial and reporting covenants. Affirmative covenants require the Company to maintain its business and properties, carry adequate insurance and furnish financial and other information to lenders. Negative covenants restrict additional indebtedness, encumbrances or dispositions of assets, changes to corporate structure, and certain dividends and distributions. The financial covenants for the 2025 Term Loan impose a maximum first-lien leverage ratio only when a minimum revolver borrowing has occurred and therefore was not applicable as of December 31, 2025 and March 31, 2026.

***Carrying Amounts***

The net carrying amount of debt was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **March 31, 2026** |
| Principal | $400000 | $399000 |
| Unamortized debt financing costs | (9750) | (9362) |
| **Net carrying amount**  | $**390250** | $**389638** |

---

The estimated fair value of the Company's long-term debt approximated its carrying value as of December 31, 2025 and March 31, 2026, as the debt bears interest at variable rates that approximate current market rates. The fair value of the Company's debt was determined using Level 2 inputs under the fair value hierarchy.

**Note 7. Stockholders' Equity**

***Stock Options***

<u>Performance Stock Options</u>

The Company grants performance stock options with performance-based, market-based, and service-based vesting conditions. The performance-based vesting condition required for the options to become eligible to vest includes the consummation of a liquidity event (including, but not limited to, an initial public offering, a change of control, or an extraordinary cash dividend), provided that in the event of a liquidity event other than an initial public offering or a change of control, the percentage of options that become eligible to vest is based on the level of participation by the Company's majority owner in connection with such liquidity event. The percentage of options that vest from each grant is based on the market-based vesting condition, which require specific results as measured on key measurement dates based on the rate of return to the Company's majority owner, provided that no options will vest if the minimum rate of return is not achieved. In the event of a liquidity event other than an initial public offering, the key measurement date is the date of such liquidity event. In the event of an initial public offering, the key measurement dates are determined based on one of the following sets of criteria: (i) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the six month anniversary of the offering and, so long as a change of control does not occur prior to such date, each of the next three six month anniversaries thereafter, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the date that is 31 consecutive trading days following the offering and, so long as a change of control does not occur prior to such date, each of the first two six month anniversaries of the offering; or (ii) if the offering occurs prior to the fourth anniversary of the grant date of the option, the key measurement dates with respect to such options are the first anniversary of the offering and, so long as a change of control does not occur prior to such date, the second anniversary of the offering, and if the offering occurs on or after the fourth anniversary of the grant date of the option, the key measurement dates with respect to such option are the closing date of the offering and, so long as a change of control does not occur prior to such date, the first anniversary of the offering. The service-based vesting condition

------

requires the option holder to continue to be a service provider to the Company in order for their options to be eligible to vest.

The Company utilizes a Monte Carlo simulation valuation model to determine the appropriate value per option. No expense will be recognized prior to when the liquidity event becomes probable, which the Company has determined to be when the event is consummated. The full value of the options, excluding the value of forfeited options, will be recognized using the accelerated attribution method subsequent to the consummation of the liquidity event over any remaining requisite service period, regardless of the percentage of options that vest based on the market-based vesting condition. No stock compensation expense was recognized related to performance stock options in the three months ended March 31, 2025 or 2026.

<u>Traditional Stock Options</u>

In addition to the performance stock options discussed above, the Company also grants stock options subject to an explicit service-based vesting condition and no performance-based vesting condition. The Company's valuation of traditional stock options utilizes the Black-Scholes option-pricing model. The Company utilizes the simplified method to estimate the expected term of stock options.

<u>Summary of Stock Option Activity</u>

The following table summarizes stock option activity for the period presented:

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| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Exercise Price per Share** | **Weighted-Average Remaining Contractual Term (Years)** |
| Outstanding as of December 31, 2025 | 12890531 | $14.84 | 7.7 |
| Forfeited | (7628) | 16.65 |  |
| **Outstanding as of March 31, 2026** | **12882903** | $**14.84** | **7.5** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Life (Years)** |
| Exercisable as of March 31, 2026 | 3439023 | $3.43 | 5.3 |

---

The total fair value of options vested during the three months ended March 31, 2026 was $0.5 million.

As of March 31, 2026, total unrecognized compensation expense related to stock awards that do not have a performance-based vesting condition was $5.6 million, expected to be recognized over a weighted-average period of 2.8 years.

As of March 31, 2026, total unrecognized compensation expense related to stock awards that have a performance-based vesting condition was $64.8 million.

***Restricted Stock Units***

<u>Performance Restricted Stock Units</u>

The Company grants restricted stock units ("RSUs") with both performance-based and service-based vesting conditions. The service-based vesting condition of each RSU award provides for vesting as to 25% or 33% of the award on the first anniversary of the vesting commencement date, with the remainder vesting ratably on a quarterly basis thereafter, while other awards vest ratably on a quarterly basis over three years. No RSUs become eligible to vest until the performance-based vesting condition becomes probable, which the Company has determined is upon consummation of a liquidity event (public company event, including an initial public offering or change of control). Stock-based compensation expense is

------

recognized only for those RSUs expected to meet both service-based and performance-based vesting conditions.

Certain RSUs granted contain a "Good Leaver" provision. This clause allows a holder who leaves the Company in good standing prior to a liquidity event to receive value that is capped upon such event. The holder of a Good Leaver award will vest in the number of shares that provides the lesser of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the number of shares vested based on service before leaving, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the number of shares equal to the fair value of those shares as if vested under the service-based criteria.

No compensation expense is recognized for Good Leaver awards until a liquidity event becomes probable.

<u>Restricted Stock Units (Service-Based)</u>

The Company also grants RSUs with only an explicit service-based vesting condition (no performance-based vesting condition). These RSUs vest over periods of three to four years. Certain awards vest as to 25% or 33% of the award on the first anniversary of the vesting commencement date, with the remainder vesting ratably on a quarterly basis thereafter, while other awards vest ratably on a quarterly basis over three years. Stock-based compensation expense for such RSUs is recognized on a straight-line basis over the requisite service period. No "Good Leaver" provisions apply to these RSUs.

<u>Summary of RSU Activity</u>

---

| | | |
|:---|:---|:---|
| | **Number of RSUs** | **Weighted-Average Grant Date Fair Value per RSU** |
| Unvested as of December 31, 2025 | 4807957 | $16.93 |
| Granted | 1509987 | 21.13 |
| Vested | (19375) | 21.91 |
| Forfeited | (50210) | 19.59 |
| **Unvested as of March 31, 2026**  | **6248359** | $**17.91** |

---

The aggregate intrinsic value of RSUs vested during the three months ended March 31, 2026 was $0.4 million.

As of March 31, 2026, total unrecognized compensation expense related to RSUs for which the performance-based vesting condition has been met or for which there is no performance-based vesting condition was $5.0 million, to be recognized over a weighted-average period of 2.6 years. Of the unvested RSUs as of March 31, 2026, 6.0 million remain subject to both explicit service-based and performance-based vesting conditions and have a total unrecognized compensation expense of $107.3 million. As of March 31, 2026, achievement of the performance-based vesting condition was not probable.

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***Stock-Based Compensation Expense***

The Company recognized stock-based compensation expense as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2026** |
| Cost of revenue | $48 | $28 |
| Sales and marketing | 72 | 141 |
| Research and product development | 403 | 462 |
| General and administrative | 340 | 279 |
| **Total stock-based compensation expense**  | $**863** | $**910** |

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**Note 8. Commitments and Contingencies**

***Operating Leases***

The Company leases office space under non-cancelable operating leases with various expiration dates and options to renew. The leases require monthly payments that may be subject to annual increases. Certain leases include renewal options that the Company is not reasonably certain to exercise; therefore, such options are excluded from lease-term determinations. All identified leases are classified as operating leases.

As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information about collateralized debt and term structure as the discount rate for measuring lease liabilities.

During the three months ended March 31, 2026, the Company commenced the second phase of its lease for office space in India, which was originally entered into during the year ended December 31, 2025. In connection with the commencement of this phase, the Company recognized an additional right-of-use asset and corresponding operating lease liability of approximately $7.4 million.

During the three months ended March 31, 2026, the Company commenced its lease for office space in Logan, Utah, which was originally entered into during the year ended December 31, 2025. In connection with the commencement of this lease, the Company recognized a right-of-use asset and corresponding operating lease liability of approximately $0.6 million.

As of December 31, 2025 and March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Right-of-use assets were $22.3 million and $28.5 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current maturities of operating lease liabilities were $4.6 million and $5.3 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noncurrent lease liabilities were $20.6 million and $26.1 million, respectively.

Operating lease costs were $1.4 million and $1.7 million for the three months ended March 31, 2025 and 2026, respectively. Short-term lease costs was $0.1 million for both of the three months ended March 31, 2025 and 2026. Cash paid for operating leases was $1.6 million and $1.7 million in the three months ended March 31, 2025 and 2026, respectively. Sublease income was not material in the three months ended March 31, 2025 or 2026.

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The maturities of the Company's operating lease liabilities were as follows as of March 31, 2026 (in thousands):

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| | |
|:---|:---|
| **Year Ending December 31** | **Future Lease Payments** |
| Remaining portion of 2026 | $5941 |
| 2027 | 7159 |
| 2028 | 3968 |
| 2029 | 4017 |
| 2030 | 4141 |
| Thereafter | 19036 |
| **Total future minimum lease payments**  | **44262** |
| Less: imputed interest | 12829 |
| **Total lease liabilities**  | $**31433** |

---

As of March 31, 2026, the weighted-average remaining lease term was 7.8 years and the weighted-average discount rate was 9.1%.

***Litigation***

From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the normal course of business. The Company has accrued for all litigation losses that are both probable and estimable, and such amounts were not material as of December 31, 2025 and March 31, 2026. Legal fees are expensed as incurred. Insurance recoveries are recorded when collection is probable.

***Warranties and Indemnification***

The performance of the Company's Operating System is typically warranted to perform in a manner consistent with general industry standards. Customer agreements generally include provisions for indemnifying customers against liabilities if the Company's products or services infringe a third party's intellectual property rights.

In addition, the Company has certain agreements with indemnification obligations for breaches of security or data incidents involving its Operating System or vendors. To date, the Company has not incurred any material costs under such obligations and has not accrued any material liabilities related thereto.

***Director and Officer Indemnification***

The Company has agreed to indemnify its directors and certain officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred in actions or proceedings to which they are made a party by reason of their service. The Company maintains director and officer insurance coverage that would generally enable recovery of a portion of any future amounts paid. No material costs have been incurred related to such obligations.

**Note 9. Employee Benefit Plans**

Entrata sponsors a defined contribution 401(k) retirement plan (the "Retirement Plan"). Employees who have completed 30 days of service and are at least 18 years of age are eligible to participate in the Retirement Plan.

Employees may elect to contribute a portion of their annual compensation up to the maximum amount allowed under Internal Revenue Service regulations ($23,500 for 2025 and $24,500 for 2026).

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The Company matches 37.5% of the first 8% of eligible compensation contributed by participants. Additional discretionary contributions may also be made by the Company.

For the three months ended March 31, 2025 and 2026, the Company contributed $0.9 million and $0.9 million (net of forfeited contributions) to the Retirement Plan, respectively.

**Note 10. Income Taxes**

The Company calculates its provision for income taxes on a quarterly basis by applying an estimated annual effective tax rate to income from operations and by calculating the tax effect of discrete items recognized during the quarter.

For the three months ended March 31, 2025, the Company recorded income tax expense of $3.6 million, representing an effective tax rate of 20.3%. The Company's effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to benefits from research and development tax credits, partially offset by non-deductible stock compensation and state income taxes. For the three months ended March 31, 2026, the Company recorded income tax expense of $7.2 million, representing an effective tax rate of 23.5%. The Company's effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to non-deductible expenses and state income taxes, partially offset by research and development tax credits.

The Company assesses its ability to realize its deferred tax assets on a quarterly basis and the Company establishes a valuation allowance if it is more-likely-than-not that some portion of deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company has determined that no valuation allowance was necessary as of March 31, 2026.

**Note 11. Net Income Per Share**

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2026** |
| Numerator: |  |  |
| Net income | $13939 | $23346 |
| Denominator: |  |  |
| Weighted average shares used to compute net income per share, basic | 171540 | 179062 |
| Dilution due to employee equity awards | 4307 | 2668 |
| Weighted average shares used to compute net income per share, diluted | 175847 | 181730 |
| Net income per share |  |  |
| Basic net income per share | $0.08 | $0.13 |
| Diluted net income per share | $0.08 | $0.13 |

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The table above does not include RSUs and options outstanding as of March 31, 2025 or 2026 that were still subject to a performance-based vesting condition that was not considered probable as of that date.

**Note 12. Subsequent Events**

In April 2026, the Company amended its lease agreement for its headquarters office space in Lehi, Utah. The amendment extends the lease term through February 2038 and modifies the contractual rental payments over the extended term. No remeasurement of the related right-of-use asset or lease liability

------

had been recorded as of March 31, 2026. Future minimum lease payments under this noncancellable lease are approximately $40.1 million.

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&nbsp;&nbsp;&nbsp;&nbsp; Shares

![entratalogo_5001.jpg](entratalogo_5001.jpg)

**Entrata, Inc.** 

Class A Common Stock

**Prospectus**

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**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.** 

The following table sets forth all expenses to be paid by us, other than underwriting discounts and commissions, upon completion of this offering. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee, and the exchange listing fee.

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| | |
|:---|:---|
| | **Amount to be Paid**  |
| SEC registration fee | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| FINRA filing fee | \* |
| Exchange listing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent and registrar fees | \* |
| Miscellaneous expenses | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |

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_______________

\*To be filed by amendment.

**Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.** 

Section 145 of the Delaware General Corporation Law authorizes a corporation's board of directors to grant, and authorizes a court to award, indemnity to officers, directors, and other corporate agents.

We expect to adopt an amended and restated certificate of incorporation, which will become effective prior to the completion of this offering, and which will contain provisions that limit the liability of our directors and officers for monetary damages to the fullest extent permitted by Delaware law. Consequently, neither our directors nor officers will be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors or officers, as applicable, except liability of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of the director's or officer's duty of loyalty to our company or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for our directors, unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which the director or officer derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for our officers, any derivative action by or in the right of the corporation.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission, or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors or officers of corporations, then the personal liability of our directors and officers will be further limited to the greatest extent permitted by the Delaware General Corporation Law.

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In addition, we expect to adopt amended and restated bylaws, which will become effective prior to the completion of this offering, and which will provide that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. Our amended and restated bylaws are expected to provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that they are or were one of our employees or agents or is or was serving at our request as an employee or agent of another corporation, partnership, joint venture, trust, or other enterprise. Our amended and restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are expected to be included in our amended and restated certificate of incorporation, our amended and restated bylaws, and the indemnification agreements that we have entered into or will enter into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive 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 executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees, or other agents or is or was serving at our request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law.

Certain of our non-employee directors may, through their relationships with their employers, be insured or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

The underwriting agreement to be filed as Exhibit 1.1 to this registration statement will provide for indemnification by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act or otherwise.

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**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities.** 

Since May 14, 2023 we have issued the following unregistered securities:

***Common Stock Issuances***

On May 9, 2025, we sold 8,650,520 shares of our common stock in a private placement to two accredited investors at a per share purchase price of $23.12, for an aggregate purchase price of $200.0 million.

On January 28, 2026, we sold 11,831 shares of our common stock in a private placement to an accredited investor at a per share purchase price of $21.13, for an aggregate purchase price of $0.2 million.

***Option and RSU Issuances***

From May 14, 2023 through the date of this registration statement, we granted to our directors, officers, employees, consultants, and other service providers options to purchase an aggregate of 6,610,471 shares of our common stock under our equity compensation plans at exercise prices ranging from $18.72 to $23.12 per share on a pre-dividend basis.

From May 14, 2023 through the date of this registration statement, we granted to our directors, officers, employees, consultants, and other service providers an aggregate of 3,579,387 RSUs to be settled in shares of our common stock under our equity compensation plans (net of RSUs issued in connection with acquisitions discussed below).

***Securities Issued in Connection with Acquisitions***

In June 2024, we acquired Colleen AI Inc. using a combination of cash and our common stock. As partial consideration for the acquisition, we issued an aggregate of 331,400 shares of our common stock (which at the time were valued at $7.2 million to individuals and entities who were former employees or stockholders of such company). None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. We believe the offers, sales, and issuances of the above securities were exempt from registration under the Securities Act (or Regulation D or Regulation S promulgated thereunder) by virtue of Section 4(a)(2) of the Securities Act because the issuance of securities to the recipients did not involve a public offering, or in reliance on Rule 701 because the transactions were pursuant to compensatory benefit plans or contracts relating to compensation as provided under such rule. 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. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules.** 

***Exhibits***

See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement on Form S-1, which Exhibit Index is incorporated herein by reference.

***Financial Statement Schedules***

All financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial statements or in the notes thereto.

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**ITEM 17.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS.** 

The undersigned registrant hereby undertakes to provide to the underwriter, at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For purposes of determining any liability under the Securities Act of 1933, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act of 1933, 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.

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**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| 3.1# | Amended and Restated Certificate of Incorporation of the registrant, as currently in effect. |
| 3.2\* | Form of Amended and Restated Certificate of Incorporation of the registrant, to be in effect upon completion of this offering. |
| 3.3# | Bylaws of the registrant, as currently in effect. |
| 3.4\* | Form of Amended and Restated Bylaws of the registrant, to be in effect upon completion of this offering. |
| 4.1\* | Amended and Restated Stockholders Agreement among the registrant and certain holders of its capital stock, dated as of May 9, 2025, to be terminated upon completion of this offering (and providing for certain ongoing registration rights that will survive such termination). |
| 4.2\* | Stockholders Agreement among the registrant and certain holders of its capital stock, to be in effect upon completion of this offering. |
| 5.1\* | Opinion of Wilson Sonsini Goodrich & Rosati, P.C. |
| 10.1+\* | Form of Indemnification Agreement between the registrant and each of its directors and executive officers. |
| 10.2+\* | Entrata, Inc. 2026 Equity Incentive Plan and related form agreements. |
| 10.3+\* | Entrata, Inc. 2026 Employee Stock Purchase Plan and related form agreements. |
| 10.4+# | Entrata, Inc. 2012 Equity Incentive Plan and related form agreements. |
| 10.5+ | Entrata, Inc. 2021 Equity Incentive Plan and related form agreements. |
| 10.6+\* | Non-Employee Director Compensation Policy. |
| 10.7+\* | Executive Incentive Compensation Plan. |
| 10.8+\* | Change in Control and Severance Policy. |
| 10.9+\* | Separation and Release Agreement between the registrant and Amanda Fumo, dated March 30, 2026. |
| 10.10\* | Lease Agreement between the registrant and Boyer Lehi Holdings, L.C., dated as of March 15, 2016, amended as of April 28, 2026. |
| 10.11^ | Credit Agreement between the registrant, the several lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., dated as of September 30, 2025. |
| 21.1 | List of subsidiaries of the registrant. |
| 23.1\* | Consent of BDO USA, P.C., Independent Registered Public Accounting Firm. |
| 23.2\* | Consent of Wilson Sonsini Goodrich & Rosati, P.C. (included in Exhibit 5.1). |
| 24.1\* | Power of Attorney (included on page II-6). |
| 107.1\* | Filing fee table. |

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_______________

#&nbsp;&nbsp;&nbsp;&nbsp;Previously filed.

\*To be filed by amendment. All other exhibits are submitted herewith.

+Indicates management contract or compensatory plan.

^&nbsp;&nbsp;&nbsp;&nbsp;Certain information in this exhibit (indicated by asterisks) has been redacted because it is both (i) not material and (ii) information that the registrant treats as private or confidential.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, 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 Lehi, Utah, on the &nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp; , &nbsp;&nbsp;&nbsp;&nbsp; .

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| | |
|:---|:---|
| **ENTRATA, INC.** | **ENTRATA, INC.** |
| By: |  |
|  | Adam Edmunds |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Adam Edmunds and Mark Hansen, and each one of them, as their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any registration statement for the same offering covered by this registration statement that is to be effective on filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto, 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 and agents, and each of them, 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 to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, 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** |
| | Chief Executive Officer<br>(*Principal Executive Officer)* |  |
| Adam Edmunds | Chief Executive Officer<br>(*Principal Executive Officer)* |  |
| | Chief Financial Officer and Corporate Secretary<br>(*Principal Financial and Accounting Officer)* |  |
| Mark Hansen | Chief Financial Officer and Corporate Secretary<br>(*Principal Financial and Accounting Officer)* |  |
| | Director |  |
| Chase Harrington | Director |  |
| | Director | |
| William Koefoed | Director | |
| | Director |  |
| Kyle Paster | Director |  |
| | Director |  |
| John Rudella  | Director |  |

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## Exhibit 10.5

**Exhibit 10.5**

**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

*As amended and restated by board action on February 20, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Purposes of the Plan</u>. The purposes of this Plan 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;•&nbsp;&nbsp;&nbsp;&nbsp;to attract and retain the best available personnel for positions of substantial responsibility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;to provide additional incentive to Employees, Directors and Consultants, 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;to promote the success of the Company's business.

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used herein, the following definitions will 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Administrator</u>" means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Laws</u>" means the legal and regulatory requirements relating to the administration of equity-based awards, including but not limited to, under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Award</u>" means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Award Agreement</u>" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board</u>" means 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Change in Control</u>" means the occurrence of any of the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Ownership of the Company</u>. A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group ("<u>Person</u>"), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control; provided, further, that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board also will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company's voting stock immediately prior to the

------

change in ownership, direct or indirect beneficial ownership of 50% or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Effective Control of the Company</u>. If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any 12 month period by Directors 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 purposes of this subsection (ii), 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 Change in Control; 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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Ownership of a Substantial Portion of the Company's</u> <u>Assets</u>. A change in the ownership of a substantial portion of the Company's assets which occurs on the date that any Person acquires (or has acquired during the 12 month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company's assets: (A) a transfer to an entity that is controlled by the Company's stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company's stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

For purposes of this Section 2(f), 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, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event 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 Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is 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.

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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;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Code</u>" means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Committee</u>" means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by a duly authorized committee of the Board, in accordance with Section 4 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Stock</u>" means the Company's 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" means Entrata, Inc., a Delaware corporation, 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Consultant</u>" 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, in each case, within the meaning of Form S-8 promulgated under the Securities Act, and provided further, that a Consultant will include only those persons to whom the issuance of Shares may be registered under Form S-8 promulgated 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Director</u>" means a member 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disability</u>" means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Employee</u>" 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.

&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;"<u>Exchange 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Program</u>" means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program 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;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fair Market Value</u>" means, as of any date, the value 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the

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closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

&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;"<u>Incentive Stock Option</u>" means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Nonstatutory Stock Option</u>" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock 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;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Option</u>" means a stock option granted pursuant to 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;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Code Section 424(e).

&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>Participant</u>" means the holder of an outstanding 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;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Period of Restriction</u>" means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

&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;"<u>Plan</u>" means this 2021 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;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Stock</u>" means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant to the early exercise of an 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;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Stock Unit</u>" means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation 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;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities 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;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Service Provider</u>" means an Employee, Director or Consultant.

&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;"<u>Share</u>" means a share of the Common Stock, as adjusted in accordance with Section 13 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;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Stock Appreciation Right</u>" means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated as a Stock Appreciation Right.

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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;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Code Section 424(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Subject to the Plan</u>. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to Awards and sold under the Plan is (i) 18,861,739 Shares, plus (ii) any Shares subject to awards outstanding under the Company's 2012 Equity Incentive Plan, as amended (the "<u>2012 Plan</u>") that, on or after the date stockholders initially approve the Plan, expire or otherwise terminate without having been exercised or issued in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of Shares to be added to the Plan pursuant to clause (ii) equal to 6,200,000 Shares. In addition, Shares may become available for issuance under the Plan pursuant to Section 3(b). The Shares may be authorized but unissued, or reacquired 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lapsed Awards</u>. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. 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. Notwithstanding the foregoing and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal 300% of the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 3(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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Share Reserve</u>. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Multiple Administrative Bodies</u>. Different Committees with respect to different groups of Service Providers may administer 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Administration</u>. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee will be constituted to satisfy 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers of the Administrator</u>. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to determine the Fair Market 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to select the Service Providers to whom Awards may be granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to determine the number of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to approve forms of Award Agreements for use under 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;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to determine the 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 be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;to institute and determine the terms and conditions of an 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;to construe and interpret the terms of the Plan and Awards granted pursuant to 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards; provided, however, that in no case will an Option or Stock Appreciation Right be extended beyond its original maximum term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant under an Award; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;to make all other determinations deemed necessary or advisable for administering 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Administrator's Decision</u>. The Administrator's decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Options</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>Grant of Options</u>. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Option Agreement</u>. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations</u>. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options 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 $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options 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, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Option</u>. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than 10 years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be 5 years from the date of grant or such shorter term as may be provided in the 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Option Exercise Price and Consideration</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section 424(a).

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiting Period and Exercise Dates</u>. At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Consideration</u>. The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected to benefit 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;<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure for Exercise; Rights as a Stockholder</u>. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator 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: (i) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator 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 or, if requested by the Participant, in the name of the Participant and his or her spouse. 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 subject to an Option, 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 13 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Relationship as a Service Provider</u>. If a Participant ceases to be a Service Provider, other than upon the Participant's termination as the result of the Participant's death or Disability, the Participant may exercise his or her Option within 3 months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the

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date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability of Participant</u>. If a Participant ceases to be a Service Provider as a result of the Participant's Disability, the Participant may exercise his or her Option within 12 months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death of Participant</u>. If a Participant dies while a Service Provider, the Option may be exercised within 12 months following the Participant's death, or within such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the Participant's designated beneficiary, provided such beneficiary has been designated prior to the Participant's death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant's estate or by the person(s) to whom the Option is transferred pursuant to the Participant's will or in accordance with the laws of descent and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Stock Appreciation Rights</u>. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, 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>Number of Shares</u>. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price and Other Terms</u>. The per Share exercise price for the Shares that will determine the amount of the payment to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than 100% of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Appreciation Right Agreement</u>. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock

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Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, 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;<u>Expiration of Stock Appreciation Rights</u>. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Stock Appreciation Right Amount</u>. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 number of Shares with respect to which the Stock Appreciation Right is exercised.

At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Restricted Stock</u>. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock Agreement</u>. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.

&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>Transferability</u>. Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

&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>Other Restrictions</u>. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal of Restrictions</u>. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.

&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>Voting Rights</u>. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

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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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends and Other Distributions</u>. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. 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 Shares of Restricted Stock 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Return of Restricted Stock to Company</u>. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant</u>. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Criteria and Other Terms</u>. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Earning Restricted Stock Units</u>. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

&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>Form and Timing of Payment</u>. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cancellation</u>. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance With Code Section 409A</u>. Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have any obligation under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant as a result of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Leaves of Absence/Transfer Between Locations</u>. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed 3 months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then 6 months following the 1<sup>st</sup> day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Transferability of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the "Rule 12h-1(f) Exemption"), an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any "put equivalent position" or any "call equivalent position" (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are "family members" (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant, in each case, to the extent required for continued reliance on the Rule 12h-1(f) Exemption. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f) or, if the Company is not relying on the Rule 12h-1(f) Exemption, to the extent permitted by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments; Dissolution or Liquidation; Merger or 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award; provided, however, that the Administrator will make such adjustments to an Award required by Section 25102(o) of the California Corporations Code to the extent the Company is relying upon the exemption afforded thereby with respect to the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dissolution or Liquidation</u>. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective

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date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger or Change in Control</u>. In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant's consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant's Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant's rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant's rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

In the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Company or any of its Subsidiaries or Parents, as applicable. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.

For the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock 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 merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator 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 payout of a Restricted Stock Unit, for each

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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 merger or Change in Control.

Notwithstanding anything in this Section 13(c) to the contrary, and unless otherwise provided in an Award Agreement, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant's consent; provided, however, a modification to such performance goals only to reflect the successor corporation's post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

Notwithstanding anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of "change of control" for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding</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>Withholding Requirements</u>. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant's FICA obligation) required to be withheld with respect to such Award (or exercise 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Arrangements</u>. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by such methods as the Administrator shall determine, including, without limitation, (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (iii) delivering to the Company already-owned Shares having a fair market value equal to the statutory amount required to be withheld or such greater amount as the Administrator may determine, in each case, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods of payment. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Effect on Employment or Service</u>. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant's relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor will they interfere in any way with the

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Participant's right or the right of the Company and its Subsidiaries or Parents, as applicable to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Date of Grant</u>. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Plan</u>. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated under Section 18, it will continue in effect for a term of 10 years from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Termination</u>. The Board may at any time amend, alter, suspend or terminate 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;<u>Stockholder Approval</u>. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent of Participants Generally Required</u>. Subject to Section 18(d) below, no amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator's ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

&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>Exceptions to Consent Requirement</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;A Participant's rights will not be deemed to have been impaired by any amendment, alteration, suspension or termination if the Administrator, in its sole discretion, determines that the amendment, alteration, suspension or termination taken as a whole, does not materially impair the Participant's rights, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations of Applicable Laws, if any, the Administrator may amend the terms of any one or more Awards without the affected Participant's consent even if it does materially impair the Participant's right if such amendment is done

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 a manner expressly permitted under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;to change the terms of an Incentive Stock Option, if such change results in impairment of the Award only because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;to comply with other Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Upon Issuance of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Compliance</u>. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Representations</u>. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Inability to Obtain Authority</u>. The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or foreign law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company's counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stockholder Approval</u>. The Plan will be subject to approval by the stockholders of the Company within 12 months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information to Participants</u>. If and as required (i) pursuant to Rule 701 of the Securities Act, if the Company is relying on the exemption from registration provided pursuant to Rule 701 of the Securities Act with respect to the applicable Award, and/or (ii) pursuant to Rule 12h-1(f) of the Exchange Act, to the extent the Company is relying on the Rule 12h-1(f) Exemption, then during the period of reliance on the applicable exemption and in each case of (i) and (ii) until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may request that Participants agree to keep the information to be provided pursuant to this section confidential. If a Participant does not agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act (if the Company is relying on the Rule 12h-1(f) Exemption) or Rule 701 of the Securities Act (if the Company is relying on the exemption pursuant to Rule 701 of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeiture Events</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;The Administrator may specify in an Award Agreement that the Participant's rights, payments, and benefits with respect to an Award will be subject to the reduction, cancellation,

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forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Notwithstanding any provisions to the contrary under this Plan, an Award shall be subject to the Company's clawback policy as may be established and/or amended from time to time (the "Clawback 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with Applicable Laws, the Administrator shall have the right to provide that (i) an Award shall terminate and any unexercised portion of the Award, whether or not vested, shall be forfeited, and/or (ii) that the Participant shall pay to the Company upon request any Shares received from the exercise or vesting of an Award occurring within a specified period or proceeds received within a specified period from the sale of Shares originally acquired pursuant to an Award under the Plan, if the Participant either (A) ceases to be a Service Provider and within a specified period thereafter engages in certain actions that are in competition with or harmful to the interests of the Company, as defined by the Administrator and set forth in the Award Agreement, or (B) a Participant's service is terminated for "cause," as defined by the Administrator and set forth in the Award Agreement.

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**PERFORMANCE STOCK OPTION AGREEMENT**

Unless otherwise defined herein, the terms defined in the 2021 Equity Incentive Plan (the "<u>Plan</u>") shall have the same defined meanings in this Performance Stock Option Agreement (this "<u>Option</u> <u>Agreement</u>").

**I.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE OF STOCK OPTION GRANT</u>**

---

| | |
|:---|:---|
| **Participant:** | ###PARTICIPANT_NAME### |
| **Address:** | ###HOME_ADDRESS### |

---

The above-named Participant has been granted an Option to purchase ("<u>Option(s)</u>") Common Stock of the Company ("<u>Shares</u>"), subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | | |
|:---|:---|:---|
| Date of Grant: | ###GRANT_DATE### | ###GRANT_DATE### |
| Vesting Commencement Date: | ###GRANT_DATE### | ###GRANT_DATE### |
| Exercise Price per Share: | ###GRANT_PRICE### | ###GRANT_PRICE### |
| Total Number of Shares Granted: | ###TOTAL_AWARDS### | ###TOTAL_AWARDS### |
| Total Exercise Price: | ###TOTAL_EXERCISE_PRICE### | ###TOTAL_EXERCISE_PRICE### |
| U.S. Type of Option: | ___ | Incentive Stock Option |
|  | <u>X</u> | Nonstatutory Stock Option |
| Expiration Date: | Tenth Anniversary of the Date of Grant | Tenth Anniversary of the Date of Grant |

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1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Schedule</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;For the application of this Option Agreement, the following terms shall have the meanings ascribed to them below (with all other capitalized terms used but not defined herein having the meaning ascribed to such terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Distributions</u>" means the aggregate amount of cash (in U.S. dollars) distributed to the Sponsor Group from time to time on a cumulative basis following the Date of Grant and through the applicable Measurement Date in respect of its ownership of Common Stock; <u>provided</u>, that in no circumstances shall any fees paid to the Sponsor Group or expenses reimbursed to the Sponsor Group from time to time be included in the calculation of Cash Distributions; <u>provided</u>, <u>further</u>, that, with respect to any post-IPO Measurement Date, the Sponsor Group shall be deemed to have received Cash Distributions with respect to its entire remaining Aggregate Investment on such

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Measurement Date in an amount equal to the then remaining number of Shares then held by the Sponsor Group multiplied by the volume weighted average trading price of a Share over the 30 consecutive trading days immediately preceding such Measurement 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cause</u>" means with respect to Participant, the meaning ascribed to such term in any employment, consulting or similar agreement then in effect between Participant and the Company or, if there is no such agreement or such term is not defined therein, shall mean: (a) Participant's failure or refusal to substantially perform Participant's material duties (other than as a result of total or partial incapacity due to physical or mental illness), (b) dishonesty in the performance of Participant's duties that adversely affects the operations, financial performance, business reputation or business relationships of the Company or any of its Subsidiaries, (c) the commission of or plea of guilty or nolo contendere by Participant with respect to (x) a felony or (y) any crime involving moral turpitude, (d) Participant malfeasance or willful misconduct in connection with Participant's duties or any act or negligent omission that is injurious to the operations, financial condition, business reputation or business relationships of the Company or any of its Subsidiaries, (e) a Restrictive Covenant Violation by Participant or (f) Participant's breach of any written Company policy that is injurious to the operations, financial condition, business reputation or business relationships of the Company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Immediate Family Members</u>" means, with respect to any natural person (i) such natural person's spouse, children (whether natural or adopted as minors), grandchildren or more remote descendants and (ii) the lineal descendants of each of the persons described in the immediately preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>IPO</u>" means the consummation of (i) a Public Listing (as defined in Part II, Section 5 below), (ii) a SPAC Transaction (as defined in Part II, Section 5 below), or (iii) the initial voluntary listing or placement of Shares, that are registered under the Securities Act, on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange or successor to 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Liquidity Event</u>" means an event or transaction (or series of events or transactions), including, without limitation, a Change of Control or an extraordinary cash dividend, in which the Sponsor Group receives Cash Distributions in respect of its Aggregate Investment that in each case occurs prior to an IPO; <u>provided</u>, that in no circumstances shall any transfer by the Sponsor Group to a Permitted Transferee (as defined in the Stockholders Agreement) of the Sponsor Group constitute a Liquidity 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Measurement Date</u>" means for the purposes of (A) Part I, Section 1(b), the date of the applicable Liquidity Event, (B) Part I, Section 1(c), each of (x) the six month anniversary of the IPO and (y) each of the next three six month anniversaries thereafter, and (C) Part I, Section 1(d), each of (x) the date that is 31 consecutive trading days following the IPO and (y) each of the first two six month anniversaries of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"<u>Per Share Return</u>" means, as of a Measurement Date, the result obtained by dividing (A) the amount of Cash Distributions received by the Sponsor Group, directly or indirectly, by (B) (1) the number of shares of the Company's Common Stock held by the Sponsor Group as of the Date of Grant plus (2) the aggregate number of shares of Common Stock acquired by the Sponsor Group following the Date of Grant and through such Measurement Date (whether or not disposed of) ((1) and (2) collectively, the "<u>Aggregate Investment</u>"); <u>provided</u>, that the Aggregate Investment amount shall be

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equitably adjusted to account for any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, share dividend, split-up, sale of assets, distribution to stockholders or combination of securities or any other similar change in the Company's capital structure (each, an "<u>Adjustment Event</u>"), with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"<u>Sponsor Group</u>" means SLP Emblem Aggregator, L.P., a Delaware limited partnership, SLP Emblem Aggregator II, L.P., a Delaware limited partnership and any Permitted Transferee (as defined in the Stockholders Agreement) 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Stockholders Agreement</u>" means the Stockholders Agreement by and among the Company and certain other parties, to be dated May 3, 2022 (as 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Termination</u>" means the termination of Participant as a Service Provider with the Company or an Affiliate for any reason (including, without limitation, due to Participant's resignation) or, if determined by the Administrator, any instance in which Participant ceases to be a Service Provider of the Company Group.

&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>Liquidity Event Measurement Dates</u>.

If a Liquidity Event occurs, the percentage of Options eligible to vest in accordance with Part I, Section 2 below in connection with such Liquidity Event shall be equal to the percentage of the Aggregate Investment sold by the Sponsor Group in such Liquidity Event; <u>provided</u> that, if the Liquidity Event is a Change of Control, 100% of the Options will be eligible to vest in connection with such Liquidity Event and such Change of Control shall constitute a final Measurement Date for 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>Measurement Dates Following an IPO that Occurs Prior to the Fourth</u> <u>Anniversary of the Date of Grant</u>.

If an IPO occurs prior to the fourth anniversary of the Date of Grant, 100% of the Options will be eligible to vest on the first Measurement Date following the IPO in accordance with Part I, Section 2 below in connection with such first post-IPO Measurement Date and, so long as a Change of Control does not occur prior to such date, any Options that do not vest on such first post-IPO Measurement Date shall again be eligible to vest on each subsequent post-IPO Measurement 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Measurement Dates Following an IPO that Occurs On or After the Fourth</u> <u>Anniversary of the Date of Grant</u>.

If an IPO occurs on or after the fourth anniversary of the Date of Grant, 100% of the Options will be eligible to vest on the date that is 31 trading days following the IPO in accordance with Part I, Section 2 below in connection with such first post-IPO Measurement Date and, so long as a Change of Control does not occur prior to such date, any Options that do not vest on such first post-IPO Measurement Date shall again be eligible to vest on each subsequent post-IPO Measurement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Testing of Vesting Eligible Options for Vesting Upon Measurement Dates</u>. The Options which are eligible to vest upon an applicable Measurement Date, may vest as follows, in connection with such Measurement 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;None of the vesting eligible Options will vest upon a Measurement Date that results in a Per Share Return to the Sponsor Group of less than US$27.32;

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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;25% of the vesting eligible Options will vest upon a Measurement Date if and to the extent the Sponsor Group has achieved a Per Share Return of at least US$27.32; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;100% of the vesting eligible Options will vest upon a Measurement Date if and to the extent the Sponsor Group has achieved a Per Share Return of at least US$81.95; <u>provided</u>, that if the Sponsor Group has achieved a Per Share Return that is between the level set forth in this Section 2(c) and the level set forth in Section 2(b) above, the percentage of vesting eligible Options that will vest will be determined by linear interpolation between the applicable Per Share Return hurdles;

<u>provided</u>, that in the event of an Adjustment Event, each level specified in Sections 2(b) and (c) of Part I shall be equitably adjusted, with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator.

Unvested Options shall be forfeited for no consideration upon (i) Termination, for any reason, as well as a Restrictive Covenant Violation (defined below); and (ii) a failure to vest in connection with either a final post-IPO Measurement Date or a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Period</u>:

The Options shall be exercisable for 90 days after Participant ceases to be a Service Provider; <u>provided</u>, that if Participant's Termination for Cause or a Restrictive Covenant Violation (as defined below) occurs all vested and unvested Options shall be immediately forfeited by Participant for no consideration. Notwithstanding the foregoing sentence, in no event may the Options be exercised after the Expiration Date as provided above and the Options may be subject to earlier termination as provided in Section 13 of the Plan.

**II.&nbsp;&nbsp;&nbsp;&nbsp;<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Options</u>. The Administrator of the Company hereby grants to Participant named in the Notice of Stock Option Grant in Part I of this Option Agreement ("<u>Participant</u>"), the number of options (the "<u>Options</u>") to purchase Shares that is set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "<u>Exercise Price</u>"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

If designated in the Notice of Stock Option Grant as an Incentive Stock Option ("<u>ISO</u>"), the Options are intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the US$100,000 rule of Code Section 422(d), the Options shall be treated as a Nonstatutory Stock Option ("<u>NSO</u>"). Further, if for any reason any Options shall not qualify as an ISO, then, to the extent of such nonqualification, such Options shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of any Options to qualify for any reason as an ISO. Furthermore, if on the Date of Grant Participant is not subject to U.S. income tax, then the Options shall be a NSO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Options</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>Right to Exercise</u>. The Options shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>. The Options shall be exercisable by delivery of an exercise notice in the form attached as <u>Exhibit A</u> (the "<u>Exercise Notice</u>") or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Options, the number of Shares with respect to which the Options are being exercised (the "<u>Exercised Shares</u>"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment (denominated in U.S. dollars) of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. The Options shall be deemed to be exercised upon successful receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

No Shares shall be issued pursuant to the exercise of the Options unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Options are exercised with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Call 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that, unless otherwise agreed in writing with the Company, prior to an IPO, the Company (or, if the Company does not elect to exercise the call right, the Sponsor Group or one of its designated Affiliates) will have the right, but not the obligation, to purchase (the "<u>Call</u> <u>Right</u>") all vested Shares (including any vested Shares issued following a Termination pursuant to the exercise of Options or otherwise) and vested Options held by Participant (the "<u>Callable Equity</u>") following the occurrence of (x) a Termination or (y) a Restrictive Covenant Violation (any such event, a "<u>Call Event</u>"), as provided in this Section 3. Upon a Call Event, the Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) may exercise the Call Right with respect to all or any portion of the Callable Equity by one or more written notices (each, a "<u>Call Right Notice</u>") delivered to Participant at any time during the period commencing on the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable, and ending on the one year anniversary of the later of (A) the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable or (B) for each vested Share acquired upon the exercise of the Option or similar purchase right, the date on which such vested Share was acquired (such period, the "<u>Call Right Period</u>" and the date such notice is given, the "<u>Call Exercise Date</u>"). Upon the giving of a Call Right Notice, the Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) will be obligated to purchase and Participant will be obligated to sell all (or any lesser portion indicated in the Call Right Notice) of the Callable Equity for the consideration calculated as set forth in this Section 3 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;In the case of a (x) Termination by the Company or an Affiliate for Cause, (y) Termination due to the resignation of Participant when grounds exist for Termination by the Company or an Affiliate for Cause, or (z) a Restrictive Covenant Violation: the vested Options shall automatically be terminated in accordance with this Option Agreement without the payment of any consideration therefor and, with respect to any vested Shares, the consideration will be equal to the lesser

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of (1) the Cost of such vested Shares and (2) the Fair Market Value (as defined in the Stockholders Agreement) of such vested Shares on the Call Exercise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Termination for any other reason, the consideration (x) with respect to any vested Shares will be equal to the Fair Market Value (as determined in good faith by the Board) of such vested Shares on the Call Exercise Date, and (y) with respect to any vested Options will be equal to the product of (1) the excess, if any, of the Fair Market Value of a vested Share subject to such vested Options on the Call Exercise Date, over the Exercise Price per Share, and (2) the number of vested Shares subject to such vested Options, which vested Options shall be terminated in exchange for the payment of such consideration; <u>provided</u>, that if the Exercise Price per Share is equal to or greater than the Fair Market Value of a Share on the Call Exercise Date, such vested Options shall automatically be terminated without any payment of consideration in respect 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The closing for all purchases and sales of Callable Equity pursuant to this Section 3 will be at the principal executive offices of the Company within 60 days after the Call Exercise Date, on such date as determined by the Company, and set forth in a written notice to Participant (the date on which such closing occurs, the "<u>Call Repurchase Date</u>"). The purchase price for the Callable Equity will be paid to Participant in cash, by cashier's check or by wire transfer of funds (denominated in U.S. dollars); provided, that if the payment of such cash purchase price or the distribution or dividend to the Company by its Subsidiaries of the cash needed to make such payment (x) would be in violation of or prohibited by Applicable Law or securities regulations (including as to solvency of the Company) or (y) would constitute or result in a default or an event of default under any financing agreement of the Company or any of its Subsidiaries (each such occurrence being a "<u>Default Event</u>"), the Company shall, in lieu of a cash payment, be permitted to issue a promissory note (a "<u>Promissory Note</u>") equal to the aggregate purchase price, with such Promissory Note (1) (A) having an interest rate equal to "prime rate" (as published in The Wall Street Journal) as in effect on the date the Promissory Note is entered into, which interest will be payable in equal yearly installments during the term of the Promissory Note and, at the option of the Company, in cash or in kind (denominated in U.S. dollars) and (B) being mandatorily payable within 180 days (or such shorter period at the sole discretion of the Company) after the date the payment would not (a) violate or be prohibited by Applicable Law or securities regulations and (b) constitute a Default Event, (2) having a term not to exceed four years from the date the Promissory Note was entered into or (3) having such other terms as may be required by any financing agreement of the Company or any of its Subsidiaries; provided, further, that, in the event of any Default Event, in lieu of closing the purchase and sale of the applicable Callable Equity, the Company, in its sole discretion, may rescind the exercise of such Call Right, in which case, the period upon which the Call Right may be exercised by the Company shall be tolled until 30 days following the date on which there ceases to be any Default Event, and the Company may exercise the Call Right at any time during such 30 day period pursuant to this Section 3. Participant will cause the Callable Equity to be delivered to the Company at the closing free and clear of all liens of any kind, other than those which continue to apply pursuant to the terms of this Option Agreement. Participant will take all such actions and deliver all such documents and instruments as the Company requests to vest in the Company, title to the Callable Equity free of any lien incurred by or through 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby makes the following representations and warranties for the benefit of the purchaser of its Callable Equity as of the Call Repurchase Date, which (A) shall survive the consummation of the purchase of the Callable Equity and the termination of this Option Agreement and

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(B) may also be set forth in the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant (A) is the legal, record and beneficial owner of, and has good and valid title to, the Callable Equity and (B) has full power and authority to sell, assign and transfer the Callable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The purchaser of the Callable Equity will acquire good, marketable and unencumbered title to such Callable Equity, free and clear of any liens, and the same will not be subject to any adverse claim or right; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Each representation and warranty of Participant set forth in this Option Agreement mutatis mutandis with respect to the purchase of the Callable Equity and the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Section 3 to the contrary, in the event that it has been determined necessary by the Company's accountants in order to avoid adverse accounting consequences with respect to the Call Right for vested Options, Participant may be required by the Company, upon prior written approval of the Board, to exercise, on one occasion, all of the vested Options then held by Participant using a net exercise method whereby the number of Shares that would otherwise be received upon the exercise of such Options shall be reduced by that number of Shares having an aggregate fair market value (as determined in good faith by the Administrator) equal to the sum of (i) the aggregate Exercise Price for such Options plus (ii) the aggregate amount of the applicable withholding taxes which the Company is required to withhold in respect of the income recognized as a consequence of the grant, vesting, and/or exercise of such Options, and the remaining Shares received upon such exercise shall be subject to purchase by the Company upon delivery of a Call Right Notice during the 30 day period following the date on which such Shares have been held by Participant for at least 6 months, and otherwise in accordance with this Section 3.

&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 of the Company to deliver a Call Right Notice, as the case may be, as contemplated in this Section 3 shall terminate upon the consummation of an IPO; <u>provided</u>, that it is understood and agreed that any Callable Equity that is subject to a Call Right Notice that has been delivered prior to the consummation of an IPO shall continue to be subject to the terms and provisions of this Section 3.

&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;In addition to the provisions set forth in this Section 3, the Company shall have the right to purchase, from time to time, all or a portion of the Securities owned by Participant or any of Participant's Permitted Transferees to the extent set forth in this Option Agreement, or other agreement pursuant to which such Securities were granted or issued, in each case upon the terms and subject to the conditions set forth in such 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;For the application of this Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Affiliate</u>" means, with respect to any Person, any other Person that controls, is controlled by, or is under common control with such Person. The term "control" means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. The terms "controlled" and "controlling" have meanings correlative to the foregoing.

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cost</u>" means the purchase price paid to the Company with respect to any Shares by Participant to whom such Shares were originally issued, as equitably adjusted to account for any unit/stock dividends, splits, reverse splits, combinations or recapitalizations and less the cumulative amount of any dividends or distributions paid or declared on such Shares, with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator; <u>provided</u>, that "Cost" may not be less than zero. For the avoidance of doubt, the initial Cost of any Shares acquired by exercise of the Options (prior to adjustment, if any), shall be the Exercise Price per Share of such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Permitted Transferee</u>" means (i) in the case of any Participant, any family trusts and other estate-planning vehicles controlled solely by Participant and, and with respect to which the sole beneficiaries are Participant's Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; (ii) in the case of any stockholder that is a natural Person, any family trusts and other estate-planning vehicles controlled solely by such stockholder and, and with respect to which the sole beneficiaries are such stockholder and his or her Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; and (iii) in the case of any stockholder other than a stockholder referenced in the foregoing clauses (i) and (ii), any Affiliate of such stockholder, <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restrictive Covenant Violation</u>" means a breach by Participant with respect to any restrictive covenants, including any covenant relating to confidentiality, non-competition, non-solicitation, non-interference and non-disparagement that Participant is subject to by reason of any agreement with the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participant's Representations</u>. In the event the Shares have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), at the time the Options are exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of the Options, deliver to the Company his or her Investment Representation Statement in the form attached hereto as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Period</u>. It is possible that the Company will become a publicly-traded company and that could happen a number of different ways. This Section 5 sets out some restrictions that will apply in that circumstance unless those restrictions are waived by an authorized entity. The Company could become a publicly traded company (x) through a registration statement filed by the Company under the Securities Act registering any of its equity securities for sale to the public (a "<u>Public Listing</u>") or (y) as a result of the closing of the Company's completion of a merger or consolidation with a special purpose acquisition company or its subsidiary (such entity, a "<u>SPAC</u>") in which securities of the surviving or parent entity are listed on an established stock exchange or a national market system, including without limitation the New York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market (such a transaction, a "<u>SPAC Transaction</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;Participant agrees that Participant will not (x) 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 (or other securities of the Company or SPAC) or any securities convertible into or exercisable or exchangeable, directly or indirectly for Shares (or other securities of the Company or SPAC) or (y) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or other securities of the Company or SPAC) held by

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Participant (other than those included in the registration) for the period specified in Sections 5(b) and 5(c) (the "<u>Market Standoff Period</u>"). The provisions of this Section 5(a) do not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement for 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Market Standoff Period will begin on (x) the effectiveness of the registration statement filed by the Company for a Public Listing or (y) the closing of a SPAC 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 Market Standoff Period for a Public Listing will end on the date specified by the Company or, for an underwritten public offering, the managing underwriter(s). The Market Standoff Period for a SPAC Transaction will end on the date specified by the surviving entity in the SPAC transaction. In no event, however, shall such period exceed 180 days.

&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;Participant agrees to execute and deliver such other agreements as may be reason-ably requested by the Company or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or a representative of the underwriter, Participant shall provide, within 10 days of such request, such information as may be required by the Company or such representative in connection with the completion of any Public Listing or SPAC Transaction. The underwriters in connection with a Public Listing, and the special purpose acquisition company and its affiliates in a SPAC Transaction, are intended third-party beneficiaries of this Section 5 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Shares (or other securities) subject to the foregoing restriction until the end of the Market Standoff Period. Participant agrees that any transferee of the Shares acquired pursuant to this Award shall be bound by this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Payment</u>. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof (denominated in U.S. dollars), at the election of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; 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;surrender of other Shares which (i) shall be valued at its fair market value (as determined in good faith by the Administrator) on the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Exercise</u>. The Options may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of the Options</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;The Options may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of 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;Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the "<u>Reliance End Date</u>"), Participant shall not transfer the Options or, prior to exercise, the Shares subject to the Options, in any manner other than (i) to persons who are "family members" (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares subject to the Options, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any "put equivalent position" or any "call equivalent position" (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of the Options</u>. The Options may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Obligations</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>Tax Withholding</u>. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Options exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

&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>Notice of Disqualifying Disposition of ISO Shares</u>. If the Options granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date 2 years after the Date of Grant, or (ii) the date 1 year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A.</u> Under Code Section 409A, the Options that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the "<u>IRS</u>") to be less than the Fair Market Value of a Share on the date of grant (a "discount option") may be considered "deferred compensation." The Options that are a "discount option" may result in (i) income recognition by Participant prior to the exercise of the Options, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The "discount option" may also result in additional state income, penalty and interest tax to Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share

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exercise price of the Options equals or exceeds the Fair Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Options were granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for Participant's costs related to such a determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the Options awarded under the Plan or future Options that may be awarded under the Plan by electronic means or request Participant's consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Country Addendum</u>. Notwithstanding any provisions in this Option Agreement, the Options shall be subject to any special terms and conditions set forth in the appendix (if any) to this Option Agreement for Participant's country (the "<u>Country Addendum</u>"). Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country 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. The Country Addendum constitutes part of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Option Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan is incorporated herein by reference. The Plan, the Stockholders Agreement and this Option 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, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Options have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications to the Agreement</u>. Participant expressly warrants that Participant is not accepting this Option Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Option Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Option Agreement, the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Issuance of Stock</u>. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or Participant's estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other Applicable Laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Joinder to the Stockholders Agreement</u>. If Participant is not already a party to the Stockholders Agreement, then Participant hereby agrees to join and become a party to, and the Company hereby agrees to accept Participant as a party to, the Stockholders Agreement. The Company and Participant each acknowledges and agrees that Participant shall be entitled to the applicable rights and benefits, and shall be subject to the applicable obligations under the Stockholders Agreement. In the event that Participant fails to timely comply with any of Participant's obligations under either agreement as determined by the Board in its good faith discretion, Participant may be required to immediately forfeit any or all of the Options and/or Shares acquired upon exercise of the Options, outstanding at the time of such non-compliance without any consideration being paid therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</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>Confidentiality</u>. During the course of Participant's time as Service Provider to the Company and its subsidiaries (the "<u>Company Group</u>"), Participant will have access to Confidential Information. For purposes of this Option Agreement, "<u>Confidential Information</u>" means the Company Group's confidential and/or proprietary information and/or trade secrets that have been developed or used and that cannot be obtained readily by third parties from sources outside of the Company Group, including, by way of example and without limitation, all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Participant agrees that Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any Person, other than in the course of Participant's assigned duties and for the benefit of the Company Group, either during the period of Participant's time as Service Provider or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company Group's part to maintain the confidentiality of such information, and to use such information only during the course of Participant's assigned duties and for the benefit of the Company Group, in each case, which shall have been obtained by Participant during Participant's time as Service Provider to the Company Group (or any predecessors). The foregoing shall not apply to information that (i) was known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information prior to its disclosure to Participant; (ii) becomes known to Persons outside of the Company Group not subject to a

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duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information subsequent to disclosure to Participant through no wrongful act of Participant or any representative of Participant; or (iii) Participant is required to disclose by Applicable Law, regulation or legal process (<u>provided</u>, that, subject to Section 19(f), Participant provides the Company Group with prior notice of the contemplated disclosure and reasonably cooperates with the Company Group at the Company Group's expense in seeking a protective order or other appropriate protection of such information). The terms and conditions of this Option Agreement shall remain strictly confidential, and Participant hereby agrees not to disclose the terms and conditions hereof to any Person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers, as to the latter, solely for the purpose of disclosing the limitations on Participant's conduct imposed by the provisions of this Section 19 who, in each case, agree to keep such information confidential.

&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>Non-Competition</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;In partial consideration for award of the Options, in order to forestall the disclosure or use of Confidential Information as well as to deter Participant's intentional interference with the contractual relations of the Company Group, Participant's intentional interference with the prospective economic advantage of the Company Group and to promote fair competition, Participant agrees that during the period commencing on the Date of Grant, (A) for Participant's located outside of the State of California, and ending on the first (1st) anniversary of the date Participant ceases to be a Service Provider, or (B) for Participant's located inside the State of California, ending on the date Participant ceases to be a Service Provider (such period, in each case, the "<u>Restricted Period</u>"), Participant shall not directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equityholder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any Competitive Business anywhere in which the Company Group is engaging in the business of the Company Group as of Participant's Termination; provided, that nothing herein shall prohibit Participant from being, directly or indirectly, a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded so long as Participant does not have any active participation in the business of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Option Agreement, "<u>Competitive Business</u>" means the business conducted by the Company Group as of the date Participant ceases to be a Service Provider, as such business may be extended or expanded in accordance with a proposal to so extend or expand as to which any steps were taken prior to 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that during the Restricted Period, Participant shall not directly, or indirectly through another Person, for Participant's own account or for the account of any other Person, engage in Interfering Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Option Agreement, "<u>Interfering Activities</u>" means (i) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person's employment with or services to (or in the case of a consultant, materially reducing such services to) the Company Group or (ii) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group.

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Option Agreement, "<u>Business Relation</u>" means any current or prospective partner, client, customer, licensee, supplier, or other business relation of any member of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6) month period, in each case, with whom Participant transacted business or whose identity became known to Participant as a Service Provider to the Company Group.

&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>Inventions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company Group resources and/or within the scope of Participant's work with the Company Group and that are made or conceived by Participant, solely or jointly with others, during the period of Participant's time as a Service Provider with the Company Group, or (B) suggested by any work that Participant performs in connection with the Company Group, either while performing Participant's duties with the Company Group or on Participant's own time, but only insofar as the Inventions are related to Participant's work as an employee or other Service Provider to the Company Group, shall belong exclusively to the Company Group (or its designees), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). Participant will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company Group, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company Group. The Records shall be the sole and exclusive property of the Company Group, and Participant will surrender them upon the time Participant ceases to be a Service Provider with the Company Group, or upon request. Participant will assign to the Company Group the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the period of Participant's time as a Service Provider with the Company Group, together with the right to file, in Participant's name or in the name of the Company Group (or its designees), applications for patents and equivalent rights (the "<u>Applications</u>"). Participant will, at any time during and subsequent to the period of Participant's time as a Service Provider with the Company Group, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be reasonably requested from time to time by the Company Group to perfect, record, enforce, protect, patent or register the rights of the Company Group in the Inventions, all without additional compensation to Participant from the Company Group. Participant will also execute assignments to the Company Group (or its designees) of the Applications, and give the Company Group and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the benefit of the Company Group, all without additional compensation to Participant, but entirely at the expense of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 addition, the Inventions will be deemed work for hire, as such term is defined under the copyright laws of the United States, on behalf of the Company Group and Participant agrees that the Company Group will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to Participant. If the Inventions, or any portion thereof, are deemed not to be work for hire, or the rights in such Inventions do not otherwise automatically vest in the Company Group, Participant hereby irrevocably conveys, transfers and assigns to the Company Group all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of Participant's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to

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make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, Participant hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that Participant has any rights in the Inventions that cannot be assigned in the manner described herein, Participant agrees to unconditionally waive the enforcement of such rights. Participant hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon, including, without limitation, any rights that would otherwise accrue to Participant's benefit by virtue of Participant being a Service Provider to the Company Group.

&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>Non-Disparagement</u>. Participant agrees not to disparage the Company Group or its officers, directors, employees, shareholders, members, agents or products, other than in the good faith performance of Participant's duties to the Company Group, while Participant is employed by the Company Group and at all times thereafter. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

&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>Permitted Reporting and Disclosure</u>. Notwithstanding any language in this Option Agreement to the contrary, nothing in this Option Agreement prohibits or impedes Participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, otherwise communicating, cooperating, or filing a complaint with or making other disclosures or complaints to any such agency or entity that are protected under the whistleblower provisions of federal law or regulation; <u>provided</u>, that, in each case such communications and disclosures are consistent with Applicable Law. Participant does not need the prior authorization of the Company to make any such reports or disclosures and Participant is not required to notify the Company that Participant has made such reports or disclosures. Notwithstanding the foregoing, under no circumstance is Participant authorized to disclose any information covered by the Company's attorney-client privilege or attorney work product or the Company's trade secrets without prior written consent of the Board. An individual shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonableness of Covenants</u>. In signing this Option Agreement, Participant gives the Company Group assurance that Participant has carefully read and considered all of the terms and conditions of this Option Agreement, including the restraints imposed under this Section 19. Participant agrees that these restraints are necessary for the reasonable and proper protection of the Company Group and its Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Participant from obtaining other suitable employment during the period in which Participant is bound by the restraints. Participant acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company Group and that Participant has sufficient assets and skills to provide a livelihood while such covenants remain in force.

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Participant further covenants that Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 19, and that Participant will reimburse the Company Group for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this Section 19 if the Company Group prevails on any material issue involved in such dispute or if Participant challenges the reasonableness or enforceability of any of the provisions of this Section 19. It is also agreed that any member of the Company Group will have the right to enforce all of Participant's obligations to that Affiliate under this Option Agreement, including without limitation pursuant to this Section 19.

&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>Reformation</u>. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 19 is excessive in duration or scope or is unreasonable or unenforceable under Applicable Laws, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&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>Tolling</u>. In the event of any violation of the provisions of this Section 19, Participant acknowledges and agrees that the post-Termination restrictions contained in this Section 19 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-Termination restriction period shall be tolled during any period of such violation.

&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>Survival</u>. The obligations contained in this Section 19 hereof shall survive the cessation of Participant's time as a Service Provider with the Company Group and the date on which Participant no longer holds, directly or indirectly, any equity in the Company for the periods set forth in the other portions of this Section 19, and shall be fully enforceable thereafter in accordance 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 19 would be inadequate and, in recognition of this fact, Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Guarantee of Continued Service</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AS WELL AS ACHIEVING CERTAIN PERFORMANCE METRICS AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THESE OPTIONS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR

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SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

By Participant's signature below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Options subject to all of the terms and provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participant has reviewed the Plan and the Options in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Options and fully understands all provisions of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participant further agrees to notify the Company upon any change in the residence address indicated below.

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| | |
|:---|:---|
| **PARTICIPANT** | **ENTRATA, INC.** |
| | By |
| | /s/ Adam Edmunds |
| ***###PARTICIPANT_NAME###*** | Adam Edmunds, CEO |
| ###HOME_ADDRESS### | |
| ###ACCEPTANCE_DATE### | |

---

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**PERFORMANCE STOCK OPTION AGREEMENT**

**COUNTRY ADDENDUM**

***TERMS AND CONDITIONS***

This Country Addendum includes additional terms and conditions that govern the Options granted to Participant under the Plan if Participant works in one of the countries listed below. If Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which he or she is currently working or if Participant relocates to another country after receiving the Options, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to Participant.

Certain capitalized terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan, and/or the Option Agreement to which this Country Addendum is attached.

***NOTIFICATIONS***

This Country Addendum also includes notifications relating to exchange control and other issues of which Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the countries listed in this Country Addendum as of **June 2024**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the notifications herein as the only source of information relating to the consequences of his or her participation in the Plan because the information may be outdated when Participant vests in the Options, exercise the Options, or sells Shares acquired under the Plan.

In addition, the notifications are 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 relevant laws in Participant's country may apply to Participant's situation.

Finally, if Participant is a citizen or resident of a country other than the one in which Participant is currently working (or is considered as such for local law purposes) or if Participant moves to another country after the Options are granted, the information contained herein may not be applicable to Participant.

**Participant acknowledges that he or she has been advised to seek appropriate professional advice as to how the relevant exchange control and tax laws in Participant's country may apply to his or her individual situation.**

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**GLOBAL PROVISIONS APPLICABLE TO NON-US PARTICIPANTS** 

***Terms and Conditions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Exchange Considerations</u>. Participant understands and agrees that neither the Company, its Parent or Subsidiary nor third-party employer of record (the "<u>EOR</u>"), which includes a professional employer organization, shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the U.S. dollar that may affect the value of the Options, or of any amounts due to Participant under the Plan or as a result of exercising the Options and/or the subsequent sale of any Shares acquired under the Plan. Participant agrees and acknowledges that he or she will bear any, and all risk associated with the exchange or fluctuation of currency associated with his or her participation in the Plan. Further, Participant acknowledges and agrees that he or she may be responsible for reporting inbound transactions or fund transfers that exceed a certain amount. Participant is advised to seek appropriate professional advice as to how the exchange control regulations apply to the Options and Participant's specific situation and understands that the relevant laws and regulations can change frequently and occasionally on a retroactive basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding Considerations</u>. The following provision supplements Section 10 of the Option Agreement:

Participant acknowledges that, regardless of any action taken by the Company, its Parent or Subsidiary, and/or the EOR the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Company in its discretion to transfer tax amounts, otherwise applicable to the Company, its Parent or Subsidiary, and/or the EOR, as permitted by Applicable Laws to Participant even if legally applicable to the Company ("<u>Tax-Related Items</u>") will be Participant's sole responsibility and may exceed the amount actually withheld by the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company, its Parent or Subsidiary, and/or the EOR that directly engages Participant to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company or its agent to satisfy their withholding obligations with regard to all Tax-Related Items, if any, by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to Participant by the Company, its Parent or Subsidiary, and/or the EOR; (ii) causing Participant to tender a cash payment in U.S. dollars; (iii) entering on Participant's behalf (pursuant to this authorization without further consent) into a "same day sale" commitment whereby Participant irrevocably elects to sell a portion of the Shares to be delivered under the Options to satisfy the Tax-Related Items; or (iv) withholding Shares from the Shares issued or otherwise issuable to Participant in connection with the Options with a Fair Market Value (measured as of the date Shares are issued to Participant or, if and as determined by the Company, the date on which the Tax-Related Items are required to be calculated) equal to the amount of such Tax-Related Items. Participant agrees to pay to the Company, its Parent or Subsidiary, and/or the EOR (or former service recipient, as applicable) any amount of Tax-Related Items that the Company, its Parent or Subsidiary, and/or the EOR may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by any of the means previously described.

Depending on the withholding method employed, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent. If the obligation

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for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant will be deemed to have been issued the full number of Shares subject to the exercised Options, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Furthermore, Participant acknowledges that the Company, its Parent and Subsidiary, and the EOR (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Options or other benefits under the Plan and (b) do not commit to and are under no obligation to structure the terms of the Options, other benefits or any aspect of Participant's participation in the Plan to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Finally, if Participant becomes subject to tax in more than one jurisdiction, or changes his or her jurisdiction of primary residence or service between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company, its Parent or Subsidiary, and the EOR (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Options, 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 it may be modified, amended, suspended or terminated by the Company at any time, to the extent provided for 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;the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of the 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future option awards 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;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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Options and any Shares acquired under the Plan are not intended to replace any pension 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Options and Shares acquired under the Plan 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the Shares underlying the Options is unknown, indeterminable, and cannot be predicted;

&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;if Participant exercises the Options and acquires Shares, the value of such Shares may increase or decrease in value, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of the Options, Participant's status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company, its Parent or Subsidiary, and/or the EOR (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 a Service Provider or the terms of Participant's employment or service agreement, if any), and unless otherwise

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expressly provided in the Option Agreement (including by reference in the Notice of Stock Option Grant to other arrangements or contracts) or determined by the Company, (i) Participant's right to vest in the Options 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 employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any, unless Participant is providing bona fide services during such time), and (ii) the period (if any) during which Participant may vest in the Options after such termination of Participant's engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant's engagement agreement, if any; the Company will have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Options (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the Options and the benefits evidenced by the Option Agreement do not create any entitlement to have the Options or any such benefits transferred to, or assumed by, another company nor 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from forfeiture of the Options resulting from the termination of Participant's status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any), and in consideration of the grant of the Options to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent, Subsidiary, and the EOR, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent, Subsidiary, and the EOR 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 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;*4.&nbsp;&nbsp;&nbsp;&nbsp;****<u>Data Privacy</u>. Participant understands that the Company may collect, where permissible under Applicable Laws certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of the Options granted under the Plan or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan. Participant understands that Company may transfer Participant's Data to the United States, which may have different, including less stringent, data protection laws than the laws in Participant's country. Participant understands that the Company will transfer Participant's Data to its designated broker, Solium Capital ULC and its affiliates ("<u>Shareworks</u>"), a wholly owned subsidiary of Morgan Stanley, or such other stock plan Service Provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that a recipient's country of operation (e.g., the United States) may have different, including less stringent, data privacy laws that Participant's jurisdiction does not consider to be equivalent to the protections in Participant's country. Participant understands that he or she may request a list with the names and***

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***addresses of any potential recipients of the Data by contacting <u>stockplanadmin@entrata.com</u>. Participant authorizes the Company, the Company's designated broker and any other possible recipients which may assist the Company 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. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that that he or she 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 <u>stockplanadmin@entrata.com</u>. Further, Participant understands that he or she is providing the consent herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's employment status or career with the Company will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant awards under the Plan or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact <u>stockplanadmin@entrata.com</u>.***

***Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described herein and any other Plan materials by and among, as applicable, the Company,*** its Parent or Subsidiary, and/or the EOR ***for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that his or her consent will be sought and obtained for any processing or transfer of Participant's data for any purpose other than as described in the Option Agreement and any other Plan materials.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&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 the 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 possessing the inside information. Furthermore, Participant may be prohibited from (i) disclosing inside information to any third party, including fellow Service Providers (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;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Recommendation Regarding External Advice</u>. Participant understands and agrees that neither the Company, any Parent, Subsidiary, or EOR is providing any tax, legal or financial advice, nor is the Company, any Parent, Subsidiary, or EOR making any recommendations or assessments regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares, or any subsequent disposal or retention of such Shares. Participant understands that he or she is hereby advised

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to consult with Participant's own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>English Language</u>. If Participant has received the Option Agreement or any other document related to the Plan translated into a language other than English, Participant understands that such translated documents were provided for convenience only, and that if the meaning of the translated version is different than the English version, the English version will control, subject to the Applicable Laws*.* Furthermore, Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of the Option Agreement and confirms having read and understood the documents relating to the Plan, including the Option Agreement and all its terms and conditions, all of which have been provided to Participant exclusively in the English language (unless otherwise specified in the country-specific provisions set forth below that are applicable to Participant). Participant accepts the Plan, the Option Agreement and their applicable terms and conditions and does not require their translation into any language other than English.

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**GLOBAL PROVISIONS APPLICABLE TO PARTICIPANTS IN THE COUNTRIES INCLUDED BELOW**

**<u>BRAZIL</u>**

***Notifications***

<u>Exchange Controls</u>. Any remittance of funds abroad (*i.e.*, upon Option exercise) should be made through a local bank duly authorized to deal in foreign exchange in Brazil. In addition, when transferring amounts resulting from the sale of Shares to Brazil, such funds must be transferred by wire and declared as such through the foreign exchange closing operations of Participant's preferred financial institution in Brazil. The amounts received from abroad also must, subsequently, be declared by Participant for tax purposes.

<u>Foreign Asset Reporting</u>. By participating in the Plan, Participant understands that he or she is generally required to make an annual report of Shares held outside Brazil to the tax authorities and the Central Bank if such holdings exceed a specified limit (currently, US$1 million).

**<u>CANADA</u>**

***Terms and Conditions***

<u>No Promissory Note or Surrender of Stock</u>. Notwithstanding the provisions of Section 3 of the Option Agreement and Section 2 of this Country Addendum, the Exercise Price may not be paid by way of a promissory note or surrendering other shares of Common Stock.

<u>Award Payable Only in Shares</u>. The grant of the Options does not give Participant any right to receive a cash payment, and the Options are payable in Shares only.

<u>Termination of Active Status</u>. Notwithstanding anything to the contrary provided in the Option Agreement, Participant's active service status shall be considered terminated (regardless of the reason for such termination and whether or not the termination is later found to be invalid, unlawful or in breach of employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any) as of the date that is the earliest of (a) the date Participant receives notice of termination of his or her service; (b) the date Participant terminates service; or (c) the date Participant is no longer actively providing services to the Company or the service recipient, 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); in the event that Participant's termination date cannot be reasonably determined under the terms of the Option Agreement and/or the Plan, the Administrator shall have the exclusive discretion to determine when Participant's continuous service status shall be considered terminated for purposes of the Option (including when Participant may still be considered to be providing services while on a leave of absence). If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued vesting during a statutory notice period, Participant's right to vest in the Option will terminate effective as of the last date of the minimum statutory notice period, but Participant will not earn or be entitled to prorated 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.

<u>French Language Provisions</u>. The following provisions will apply if Participant is a resident of Quebec:

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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 exigé la redaction en anglais de cette convention ("<u>Agreement</u>"), ainsi que de tous documents exécutés, avis donnés et procedures judiciaries intentées, directement ou indirectement, relativement à la présente convention.*

<u>Tax Reporting Obligation</u>. Foreign property (including the Options granted under the Plan and the underlying Shares) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. The form must be filed by April 30 of the following year.

**<u>COSTA RICA</u>**

No country-specific provisions.

**<u>INDIA</u>**

***Notifications***

<u>Foreign Assets Reporting Information</u>. Participant must declare foreign bank accounts and any foreign financial assets (including Shares subject to the Options held outside India) in Participant's annual tax return. It is Participant's responsibility to comply with this reporting obligation and Participant should consult with his or her personal tax advisor in this regard.

<u>Exchange Controls</u>. Participant must repatriate any proceeds from the sale of Shares acquired under the Plan or the receipt of any dividends to India within 180 days of receipt (assuming Participant holds less than 10% of the Company's share capital) and convert such amounts to local currency. Participant must obtain a foreign inward remittance certificate ("<u>FIRC</u>") from the bank where he or she deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or Participant's employer requests proof of repatriation.

<u>Tax Considerations</u>. If an outbound remittance is made by or on behalf of Participant for the purchase of Shares upon exercise, the Indian bank processing the outbound remittance may withhold Tax Collected at Source ("<u>TCS</u>") under the Liberalised Remittance Scheme ("<u>LRS</u>") at the applicable rate (currently, 20%). The bank is expected to withhold this tax from the amount remitted unless another arrangement is made for the collection of this tax, and such tax withholding is expected to decrease the amount available to purchase foreign shares.

Any TCS collected may be credited against Participant's income tax liability payable on the Option, as reflected in the final accounting for taxes in Participant's annual income tax return.

**<u>ISRAEL</u>**

***Terms and Conditions***

<u>Nature of the Award</u>. Participant agrees and understands that: (i) the Option will neither be issued to or deposited with a trustee nor approved by the Israel Tax Authority pursuant to Section 102 of the Israeli Tax Ordinance; and (ii) Participant expressly consents and agrees to indemnify the Company or Parent or

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Subsidiary of the Company and hold them harmless from any and all liability attributable to taxes, interest, or penalties thereon, including without limitation, liabilities relating to the necessity to withhold any taxes.

**<u>MEXICO</u>**

No country-specific provisions.

**<u>NETHERLANDS</u>**

***Notifications***

<u>Dutch Prohibition Against Insider Trading</u>. By accepting the Options, Participant understands that it is Participant's responsibility to be aware of the Dutch insider trading rules. In particular, Participant understands that the Dutch securities laws that prohibit insider trading are based upon the European Market Abuse Directive and are stated in section 5:56 of the Dutch Financial Supervision Act (Wet op het financieel toezicht or Wft) and in section 2 of the Market Abuse Decree (Besluit marktmisbruik Wft). For further information Participant is advised to review the insider rules provided at the following website of the Authority for the Financial Markets (AFM); <u>https://www.afm.nl/nl-nl/consumenten</u>. If Participant is uncertain whether the insider rules apply to Participant, Participant acknowledges that the Company recommends that Participant consult with a legal advisor. Participant understands and agrees that neither the Company nor Participant's employer can be held liable if Participant violates the Dutch insider trading rules. Participant understands and agrees that Participant is responsible for ensuring his or her own compliance with these rules.

**<u>SPAIN</u>**

***Notifications***

<u>Exchange Controls</u>. Participant must declare the acquisition of Shares to the Spanish Dirección General de Comercio Inernacional e Inversiones (the "<u>DGCI</u>"), the Bureau for Commerce and Investments, which is a department of the Ministry of Economy and Competitiveness. Generally, the declaration must be filed in January for Shares acquired or disposed of during the prior year and/or for Shares owned as of December 31 of the prior year; however, if the value of the Shares acquired under the Plan or the amount of the sale proceeds exceeds a certain threshold (or if Participant holds 10% or more of the equity of the Company), the declaration must be filed within one month of the acquisition or disposition, as applicable.

<u>Foreign Asset / Account Reporting Information</u>. Participant is required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), any foreign instruments and any transactions with non-Spanish residents (including any payments of cash made to Participant by the Company or United States brokerage account) if the balances in such accounts, together with the value of such instruments as of December 31, or the volume of transactions with non-Spanish residents during the prior or current year, exceed EUR 1 million.

Further, to the extent that Participant holds Shares and/or has bank accounts outside Spain with a value in excess of EUR 50,000 (for each type of asset) as of December 31, Participant will be required to report information on such assets on his or her tax return (Form Modelo 720) for such year by March 31 of the following year. After such Shares and/or accounts are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously reported shares or accounts increases by more than EUR 20,000 or if Participant sells or otherwise disposes of previously reported assets.

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**<u>ANNEX A</u>**

**JOINDER AGREEMENT**

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "***Stockholders Agreement***") by and among Entrata, Inc., SLP Emblem Aggregator, L.P., SLP Emblem Aggregator II, L.P., TPP Capital Advisors, Ltd., HGGC Prop Holdings, LP, Entryway DF Holdings, LP and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement.

By executing and delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned's becoming the recipient or transferee of Securities, to become a party as a Stockholder to, and if applicable, as an Employee Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder, and, if applicable, an Employee Stockholder, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

The undersigned acknowledges and agrees that <u>Section 8.4</u> through <u>Section 8.6</u> of the Stockholders Agreement are incorporated herein by reference, *mutatis mutandis*.

[Remainder of page intentionally left blank]

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Accordingly, the undersigned has executed and delivered this Joinder Agreement as of ###ACCEPTANCE_DATE###.

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| |
|:---|
| ***###PARTICIPANT_NAME###*** |
| &nbsp;&nbsp;Signature |
| ###PARTICIPANT_NAME### |
| &nbsp;&nbsp;Print Name |

---

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**<u>EXHIBIT A</u>**

**2021 EQUITY INCENTIVE PLAN**

**EXERCISE NOTICE**

Entrata, Inc.

4205 Chapel Ridge Road

Lehi, UT, 84043

Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of the Options</u>. Effective as of today, ________________, ____, the undersigned ("<u>Participant</u>") hereby elects to exercise Participant's option (the "<u>Options</u>") to purchase ________________ shares of the Common Stock (the "<u>Shares</u>") of Entrata, Inc. (the "<u>Company</u>") under and pursuant to the 2021 Equity Incentive Plan (the "<u>Plan</u>") and the Stock Option Agreement dated ______________, _____ (the "<u>Option Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Payment</u>. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of Participant</u>. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>. Until the issuance of the Shares (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 shall exist with respect to the Common Stock of the Company subject to an Award (as defined in the Plan), notwithstanding the exercise of the Options. The Shares shall be issued to Participant as soon as practicable after the Options are exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Right of First Refusal</u>. Before any Shares held by Participant or any transferee (either being sometimes referred to herein as the "<u>Holder</u>") may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 5 (the "<u>Right of First Refusal</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>Notice of Proposed Transfer</u>. The Holder of the Shares shall deliver to the Company a written notice (the "<u>Notice</u>") stating: (i) the Holder's bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee ("<u>Proposed</u> <u>Transferee</u>"); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the "<u>Offered</u> <u>Price</u>"), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Right of First Refusal</u>. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase

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all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>. The purchase price ("<u>Purchase Price</u>") for the Shares purchased by the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment</u>. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Holder's Right to Transfer</u>. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, <u>provided</u> that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exception for Certain Family Transfers</u>. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during Participant's lifetime or on Participant's death by will or intestacy to Participant's immediate family or a trust for the benefit of Participant's immediate family shall be exempt from the provisions of this Section 5. "<u>Immediate Family</u>" as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Right of First Refusal</u>. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change of Control (as defined in the Plan) in which the successor corporation has equity securities that are publicly traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consultation</u>. Participant understands that Participant may suffer adverse tax consequences as a result of Participant's purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Legends and Stop-Transfer Orders</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>Legends</u>. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s)

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evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "<u>ACT</u>") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE 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 TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY'S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stop-Transfer Notices</u>. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refusal to Transfer</u>. The Company shall 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 Exercise Notice 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 shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes

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or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option Agreement and the Investment Representation Statement 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, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

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| | |
|:---|:---|
| Submitted by: | Accepted by: |
| PARTICIPANT | ENTRATA, INC. |
| Signature | By |
| Print Name | Print Name |
| | Title |
| Address: | Address: |
| | Date Received |

---

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**<u>EXHIBIT B</u>**

**INVESTMENT REPRESENTATION STATEMENT**

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| | | |
|:---|:---|:---|
| PARTICIPANT | : | |
| COMPANY | : | ENTRATA, INC. |
| SECURITY | : | COMMON STOCK |
| AMOUNT | : | |
| DATE | : | |

---

In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant's investment intent as expressed herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant's representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of 1 year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Options to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any 3

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month period not exceeding specified limitations, (3) the resale being made in an unsolicited "broker's transaction", transactions directly with a "market maker" or "riskless principal transactions" (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the Options, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in such event.

---

| |
|:---|
| PARTICIPANT |
| Signature |
| Print Name |
| Date |

---

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN AND ISRAELI APPENDIX**

**PERFORMANCE STOCK OPTION AGREEMENT**

**FOR ISRAELI PARTICIPANTS**

Unless otherwise defined herein, the terms defined in the 2021 Equity Incentive Plan (the "<u>Global</u> <u>Plan</u>") and Israeli Appendix (the "<u>Appendix</u>", and, collectively, the "<u>Plan</u>") shall have the same defined meanings in this Performance Stock Option Agreement for Israeli Participants (this "<u>Option Agreement</u>").

**I.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE OF STOCK OPTION GRANT</u>**

---

| | |
|:---|:---|
| **Participant:** | ###PARTICIPANT_NAME### |
| **Address:** | ###HOME_ADDRESS### |

---

The above-named Participant has been granted an Option to purchase ("<u>Option(s)</u>") Common Stock of the Company ("<u>Shares</u>"), subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | | |
|:---|:---|:---|
| Date of Grant: | ###GRANT_DATE### | ###GRANT_DATE### |
| Vesting Commencement Date: | ###GRANT_DATE### | ###GRANT_DATE### |
| Exercise Price per Share: | ###GRANT_PRICE### | ###GRANT_PRICE### |
| Total Number of Shares Granted: | ###TOTAL_AWARDS### | ###TOTAL_AWARDS### |
| Total Exercise Price: | ###TOTAL_EXERCISE_PRICE### | ###TOTAL_EXERCISE_PRICE### |
| Type of Option: |  | Incentive Stock Option |
|  | <u>X</u> | Nonstatutory Stock Option |
|  |  | <u>X</u> Option designated as 102 Non-Trustee Award (Israel) |
|  |  | <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Option designated as 3(i) Award (Israel) |
|  | ___ | Other |
| Expiration Date: | <u>Tenth Anniversary of the Date of Grant</u> | <u>Tenth Anniversary of the Date of Grant</u> |

---

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1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Schedule</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;For the application of this Option Agreement, the following terms shall have the meanings ascribed to them below (with all other capitalized terms used but not defined herein having the meaning ascribed to such terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Distributions</u>" means the aggregate amount of cash (in U.S. dollars) distributed to the Sponsor Group from time to time on a cumulative basis following the Date of Grant and through the applicable Measurement Date in respect of its ownership of Common Stock; <u>provided</u>, that in no circumstances shall any fees paid to the Sponsor Group or expenses reimbursed to the Sponsor Group from time to time be included in the calculation of Cash Distributions; <u>provided</u>, <u>further</u>, that, with respect to any post-IPO Measurement Date, the Sponsor Group shall be deemed to have received Cash Distributions with respect to its entire remaining Aggregate Investment on such Measurement Date in an amount equal to the then remaining number of Shares then held by the Sponsor Group multiplied by the volume weighted average trading price of a Share over the 30 consecutive trading days immediately preceding such Measurement 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cause</u>" means with respect to Participant, the meaning ascribed to such term in any employment, consulting or similar agreement then in effect between Participant and the Company or, if there is no such agreement or such term is not defined therein, shall mean: (a) Participant's failure or refusal to substantially perform Participant's material duties (other than as a result of total or partial incapacity due to physical or mental illness), (b) dishonesty in the performance of Participant's duties that adversely affects the operations, financial performance, business reputation or business relationships of the Company or any of its Subsidiaries, (c) the commission of or plea of guilty or nolo contendere by Participant with respect to (x) a felony or (y) any crime involving moral turpitude, (d) Participant malfeasance or willful misconduct in connection with Participant's duties or any act or negligent omission that is injurious to the operations, financial condition, business reputation or business relationships of the Company or any of its Subsidiaries, (e) a Restrictive Covenant Violation by Participant or (f) Participant's breach of any written Company policy that is injurious to the operations, financial condition, business reputation or business relationships of the Company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Immediate Family Members</u>" means, with respect to any natural person (i) such natural person's spouse, children (whether natural or adopted as minors), grandchildren or more remote descendants and (ii) the lineal descendants of each of the persons described in the immediately preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>IPO</u>" means the consummation of (i) a Public Listing (as defined in Part II, Section 5 below), (ii) a SPAC Transaction (as defined in Part II, Section 5 below), or (iii) the initial voluntary listing or placement of Shares, that are registered under the Securities Act, on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange or successor to 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Liquidity Event</u>" means an event or transaction (or series of events or transactions), including, without limitation, a Change of Control or an extraordinary cash dividend, in which the Sponsor Group receives Cash Distributions in respect of its Aggregate Investment that in each case occurs prior to an IPO; <u>provided</u>, that in no circumstances shall any transfer by the Sponsor Group to a Permitted Transferee (as defined in the Stockholders Agreement) of the Sponsor Group constitute a Liquidity Event.

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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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Measurement Date</u>" means for the purposes of (A) Part I, Section 1(b), the date of the applicable Liquidity Event, (B) Part I, Section 1(c), each of (x) the six month anniversary of the IPO and (y) each of the next three six month anniversaries thereafter, and (C) Part I, Section 1(d), each of (x) the date that is 31 consecutive trading days following the IPO and (y) each of the first two six month anniversaries of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"<u>Per Share Return</u>" means, as of a Measurement Date, the result obtained by dividing (A) the amount of Cash Distributions received by the Sponsor Group, directly or indirectly, by (B) (1) the number of shares of the Company's Common Stock held by the Sponsor Group as of the Date of Grant plus (2) the aggregate number of shares of Common Stock acquired by the Sponsor Group following the Date of Grant and through such Measurement Date (whether or not disposed of) ((1) and (2) collectively, the "<u>Aggregate Investment</u>"); <u>provided</u>, that the Aggregate Investment amount shall be equitably adjusted to account for any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, share dividend, split-up, sale of assets, distribution to stockholders or combination of securities or any other similar change in the Company's capital structure (each, an "<u>Adjustment Event</u>"), with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;"<u>Sponsor Group</u>" means SLP Emblem Aggregator, L.P., a Delaware limited partnership, SLP Emblem Aggregator II, L.P., a Delaware limited partnership and any Permitted Transferee (as defined in the Stockholders Agreement) 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Stockholders Agreement</u>" means the Stockholders Agreement by and among the Company and certain other parties, to be dated May 3, 2022 (as 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Termination</u>" means the termination of Participant as a Service Provider with the Company or an Affiliate for any reason (including, without limitation, due to Participant's resignation) or, if determined by the Administrator, any instance in which Participant ceases to be a Service Provider of the Company Group.

&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>Liquidity Event Measurement Dates</u>.

If a Liquidity Event occurs, the percentage of Options eligible to vest in accordance with Part I, Section 2 below in connection with such Liquidity Event shall be equal to the percentage of the Aggregate Investment sold by the Sponsor Group in such Liquidity Event; <u>provided</u> that, if the Liquidity Event is a Change of Control, 100% of the Options will be eligible to vest in connection with such Liquidity Event and such Change of Control shall constitute a final Measurement Date for 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>Measurement Dates Following an IPO that Occurs Prior to the Fourth</u> <u>Anniversary of the Date of Grant</u>.

If an IPO occurs prior to the fourth anniversary of the Date of Grant, 100% of the Options will be eligible to vest on the first Measurement Date following the IPO in accordance with Part I, Section 2 below in connection with such first post-IPO Measurement Date and, so long as a Change of Control does not occur prior to such date, any Options that do not vest on such first post-IPO Measurement Date shall again be eligible to vest on each subsequent post-IPO Measurement 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Measurement Dates Following an IPO that Occurs On or After the Fourth</u> <u>Anniversary of the Date of Grant</u>.

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If an IPO occurs on or after the fourth anniversary of the Date of Grant, 100% of the Options will be eligible to vest on the date that is 31 trading days following the IPO in accordance with Part I, Section 2 below in connection with such first post-IPO Measurement Date and, so long as a Change of Control does not occur prior to such date, any Options that do not vest on such first post-IPO Measurement Date shall again be eligible to vest on each subsequent post-IPO Measurement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Testing of Vesting Eligible Options for Vesting Upon Measurement Dates</u>. The Options which are eligible to vest upon an applicable Measurement Date, may vest as follows, in connection with such Measurement 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;None of the vesting eligible Options will vest upon a Measurement Date that results in a Per Share Return to the Sponsor Group of less than US$27.32;

&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;25% of the vesting eligible Options will vest upon a Measurement Date if and to the extent the Sponsor Group has achieved a Per Share Return of at least US$27.32; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;100% of the vesting eligible Options will vest upon a Measurement Date if and to the extent the Sponsor Group has achieved a Per Share Return of at least US$81.95; <u>provided</u>, that if the Sponsor Group has achieved a Per Share Return that is between the level set forth in this Section 2(c) and the level set forth in Section 2(b) above, the percentage of vesting eligible Options that will vest will be determined by linear interpolation between the applicable Per Share Return hurdles;

<u>provided</u>, that in the event of an Adjustment Event, each level specified in Sections 2(b) and (c) of Part I shall be equitably adjusted, with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator.

Unvested Options shall be forfeited for no consideration upon (i) Termination, for any reason, as well as a Restrictive Covenant Violation (defined below); and (ii) a failure to vest in connection with either a final post-IPO Measurement Date or a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Period</u>:

The Options shall be exercisable for 90 days after Participant ceases to be a Service Provider; <u>provided</u>, that if Participant's Termination for Cause or a Restrictive Covenant Violation (as defined below) occurs all vested and unvested Options shall be immediately forfeited by Participant for no consideration. Notwithstanding the foregoing sentence, in no event may the Options be exercised after the Expiration Date as provided above and the Options may be subject to earlier termination as provided in Section 13 of the Plan.

**II.&nbsp;&nbsp;&nbsp;&nbsp;<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Options</u>. The Administrator of the Company hereby grants to Participant named in the Notice of Stock Option Grant in Part I of this Option Agreement ("<u>Participant</u>"), the number of options (the "<u>Options</u>") to purchase Shares that is set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "<u>Exercise Price</u>"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Global Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

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If designated in the Notice of Stock Option Grant as an Incentive Stock Option ("<u>ISO</u>"), the Options are intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the US$100,000 rule of Code Section 422(d), the Options shall be treated as a Nonstatutory Stock Option ("<u>NSO</u>"). Further, if for any reason any Options shall not qualify as an ISO, then, to the extent of such nonqualification, such Options shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of any Options to qualify for any reason as an ISO. Furthermore, if on the Date of Grant Participant is not subject to U.S. income tax, then the Options shall be a NSO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Options</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>Right to Exercise</u>. The Options shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>. The Options shall be exercisable by delivery of an exercise notice in the form attached as <u>Exhibit A</u> (the "<u>Exercise Notice</u>") or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Options, the number of Shares with respect to which the Options are being exercised (the "<u>Exercised Shares</u>"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment (denominated in U.S. dollars) of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. The Options shall be deemed to be exercised upon successful receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

No Shares shall be issued pursuant to the exercise of the Options unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Options are exercised with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Call 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that, unless otherwise agreed in writing with the Company, prior to an IPO, the Company (or, if the Company does not elect to exercise the call right, the Sponsor Group or one of its designated Affiliates) will have the right, but not the obligation, to purchase (the "<u>Call</u> <u>Right</u>") all vested Shares (including any vested Shares issued following a Termination pursuant to the exercise of Options or otherwise) and vested Options held by Participant (the "<u>Callable Equity</u>") following the occurrence of (x) a Termination or (y) a Restrictive Covenant Violation (any such event, a "<u>Call Event</u>"), as provided in this Section 3. Upon a Call Event, the Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) may exercise the Call Right with respect to all or any portion of the Callable Equity by one or more written notices (each, a "<u>Call Right Notice</u>") delivered to Participant at any time during the period commencing on the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable, and ending on the one year anniversary of the later of (A) the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable or (B) for each vested Share acquired upon the exercise of the Option or similar purchase right, the date on which such vested Share was acquired (such period, the "<u>Call Right Period</u>" and the date such notice is given, the "<u>Call Exercise Date</u>"). Upon the giving of a Call Right Notice, the

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Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) will be obligated to purchase and Participant will be obligated to sell all (or any lesser portion indicated in the Call Right Notice) of the Callable Equity for the consideration calculated as set forth in this Section 3 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;In the case of a (x) Termination by the Company or an Affiliate for Cause, (y) Termination due to the resignation of Participant when grounds exist for Termination by the Company or an Affiliate for Cause, or (z) a Restrictive Covenant Violation: the vested Options shall automatically be terminated in accordance with this Option Agreement without the payment of any consideration therefor and, with respect to any vested Shares, the consideration will be equal to the lesser of (1) the Cost of such vested Shares and (2) the Fair Market Value (as defined in the Stockholders Agreement) of such vested Shares on the Call Exercise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Termination for any other reason, the consideration (x) with respect to any vested Shares will be equal to the Fair Market Value (as determined in good faith by the Board) of such vested Shares on the Call Exercise Date, and (y) with respect to any vested Options will be equal to the product of (1) the excess, if any, of the Fair Market Value of a vested Share subject to such vested Options on the Call Exercise Date, over the Exercise Price per Share, and (2) the number of vested Shares subject to such vested Options, which vested Options shall be terminated in exchange for the payment of such consideration; <u>provided</u>, that if the Exercise Price per Share is equal to or greater than the Fair Market Value of a Share on the Call Exercise Date, such vested Options shall automatically be terminated without any payment of consideration in respect 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The closing for all purchases and sales of Callable Equity pursuant to this Section 3 will be at the principal executive offices of the Company within 60 days after the Call Exercise Date, on such date as determined by the Company, and set forth in a written notice to Participant (the date on which such closing occurs, the "<u>Call Repurchase Date</u>"). The purchase price for the Callable Equity will be paid to Participant in cash, by cashier's check or by wire transfer of funds (denominated in U.S. dollars); provided, that if the payment of such cash purchase price or the distribution or dividend to the Company by its Subsidiaries of the cash needed to make such payment (x) would be in violation of or prohibited by Applicable Law or securities regulations (including as to solvency of the Company) or (y) would constitute or result in a default or an event of default under any financing agreement of the Company or any of its Subsidiaries (each such occurrence being a "<u>Default Event</u>"), the Company shall, in lieu of a cash payment, be permitted to issue a promissory note (a "<u>Promissory Note</u>") equal to the aggregate purchase price, with such Promissory Note (1) (A) having an interest rate equal to "prime rate" (as published in The Wall Street Journal) as in effect on the date the Promissory Note is entered into, which interest will be payable in equal yearly installments during the term of the Promissory Note and, at the option of the Company, in cash or in kind (denominated in U.S. dollars) and (B) being mandatorily payable within 180 days (or such shorter period at the sole discretion of the Company) after the date the payment would not (a) violate or be prohibited by Applicable Law or securities regulations and (b) constitute a Default Event, (2) having a term not to exceed four years from the date the Promissory Note was entered into or (3) having such other terms as may be required by any financing agreement of the Company or any of its Subsidiaries; provided, further, that, in the event of any Default Event, in lieu of closing the purchase and sale of the applicable Callable Equity, the Company, in its sole discretion, may rescind the exercise of such Call Right, in which case, the period upon which the Call Right may be exercised by the Company shall be tolled until 30 days following the date on which there ceases to be any Default Event, and the Company may exercise the Call Right at any time during such 30 day period pursuant to this Section 3. Participant will cause the Callable Equity to be delivered to the Company at the closing free and clear of all liens of any kind, other than those which continue to apply pursuant to the terms of this Option Agreement. Participant will take all such actions and deliver all such documents and

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instruments as the Company requests to vest in the Company, title to the Callable Equity free of any lien incurred by or through 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby makes the following representations and warranties for the benefit of the purchaser of its Callable Equity as of the Call Repurchase Date, which (A) shall survive the consummation of the purchase of the Callable Equity and the termination of this Option Agreement and (B) may also be set forth in the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant (A) is the legal, record and beneficial owner of, and has good and valid title to, the Callable Equity and (B) has full power and authority to sell, assign and transfer the Callable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The purchaser of the Callable Equity will acquire good, marketable and unencumbered title to such Callable Equity, free and clear of any liens, and the same will not be subject to any adverse claim or right; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Each representation and warranty of Participant set forth in this Option Agreement mutatis mutandis with respect to the purchase of the Callable Equity and the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Section 3 to the contrary, in the event that it has been determined necessary by the Company's accountants in order to avoid adverse accounting consequences with respect to the Call Right for vested Options, Participant may be required by the Company, upon prior written approval of the Board, to exercise, on one occasion, all of the vested Options then held by Participant using a net exercise method whereby the number of Shares that would otherwise be received upon the exercise of such Options shall be reduced by that number of Shares having an aggregate fair market value (as determined in good faith by the Administrator) equal to the sum of (i) the aggregate Exercise Price for such Options plus (ii) the aggregate amount of the applicable withholding taxes which the Company is required to withhold in respect of the income recognized as a consequence of the grant, vesting, and/or exercise of such Options, and the remaining Shares received upon such exercise shall be subject to purchase by the Company upon delivery of a Call Right Notice during the 30 day period following the date on which such Shares have been held by Participant for at least 6 months, and otherwise in accordance with this Section 3.

&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 of the Company to deliver a Call Right Notice, as the case may be, as contemplated in this Section 3 shall terminate upon the consummation of an IPO; <u>provided</u>, that it is understood and agreed that any Callable Equity that is subject to a Call Right Notice that has been delivered prior to the consummation of an IPO shall continue to be subject to the terms and provisions of this Section 3.

&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;In addition to the provisions set forth in this Section 3, the Company shall have the right to purchase, from time to time, all or a portion of the Securities owned by Participant or any of Participant's Permitted Transferees to the extent set forth in this Option Agreement, or other agreement pursuant to which such Securities were granted or issued, in each case upon the terms and subject to the conditions set forth in such 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;For the application of this Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Affiliate</u>" means, with respect to any Person, any other Person that controls, is controlled by, or is under common control with such Person. The term "control" means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. The terms "controlled" and "controlling" have meanings correlative to 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cost</u>" means the purchase price paid to the Company with respect to any Shares by Participant to whom such Shares were originally issued, as equitably adjusted to account for any unit/stock dividends, splits, reverse splits, combinations or recapitalizations and less the cumulative amount of any dividends or distributions paid or declared on such Shares, with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator; <u>provided</u>, that "Cost" may not be less than zero. For the avoidance of doubt, the initial Cost of any Shares acquired by exercise of the Options (prior to adjustment, if any), shall be the Exercise Price per Share of such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Permitted Transferee</u>" means (i) in the case of any Participant, any family trusts and other estate-planning vehicles controlled solely by Participant and, and with respect to which the sole beneficiaries are Participant's Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; (ii) in the case of any stockholder that is a natural Person, any family trusts and other estate-planning vehicles controlled solely by such stockholder and, and with respect to which the sole beneficiaries are such stockholder and his or her Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; and (iii) in the case of any stockholder other than a stockholder referenced in the foregoing clauses (i) and (ii), any Affiliate of such stockholder, <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restrictive Covenant Violation</u>" means a breach by Participant with respect to any restrictive covenants, including any covenant relating to confidentiality, non-competition, non-solicitation, non-interference and non-disparagement that Participant is subject to by reason of any agreement with the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participant's Representations</u>. In the event the Shares have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), at the time the Options are exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of the Options, deliver to the Company his or her Investment Representation Statement in the form attached hereto as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Period</u>. It is possible that the Company will become a publicly-traded company and that could happen a number of different ways. This Section 5 sets out some restrictions that will apply in that circumstance unless those restrictions are waived by an authorized entity. The Company could become a publicly traded company (x) through a registration statement filed by the Company under the Securities Act registering any of its equity securities for sale to the public (a "<u>Public Listing</u>") or (y) as a result of the closing of the Company's completion of a merger or consolidation with a special purpose acquisition company or its subsidiary (such entity, a "<u>SPAC</u>") in which securities of the surviving or parent entity are listed on an established stock exchange or a national market system, including without

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limitation the New York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market (such a transaction, a "<u>SPAC Transaction</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;Participant agrees that Participant will not (x) 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 (or other securities of the Company or SPAC) or any securities convertible into or exercisable or exchangeable, directly or indirectly for Shares (or other securities of the Company or SPAC) or (y) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or other securities of the Company or SPAC) held by Participant (other than those included in the registration) for the period specified in Sections 5(b) and 5(c) (the "<u>Market Standoff Period</u>"). The provisions of this Section 5(a) do not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement for 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Market Standoff Period will begin on (x) the effectiveness of the registration statement filed by the Company for a Public Listing or (y) the closing of a SPAC 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 Market Standoff Period for a Public Listing will end on the date specified by the Company or, for an underwritten public offering, the managing underwriter(s). The Market Standoff Period for a SPAC Transaction will end on the date specified by the surviving entity in the SPAC transaction. In no event, however, shall such period exceed 180 days.

&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;Participant agrees to execute and deliver such other agreements as may be reason-ably requested by the Company or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or a representative of the underwriter, Participant shall provide, within 10 days of such request, such information as may be required by the Company or such representative in connection with the completion of any Public Listing or SPAC Transaction. The underwriters in connection with a Public Listing, and the special purpose acquisition company and its affiliates in a SPAC Transaction, are intended third-party beneficiaries of this Section 5 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Shares (or other securities) subject to the foregoing restriction until the end of the Market Standoff Period. Participant agrees that any transferee of the Shares acquired pursuant to this Award shall be bound by this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Payment</u>. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof (denominated in U.S. dollars), at the election of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;surrender of other Shares which (i) shall be valued at its fair market value (as determined in good faith by the Administrator) on the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Exercise</u>. The Options may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of the Options</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;The Options may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of 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;Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the "<u>Reliance End Date</u>"), Participant shall not transfer the Options or, prior to exercise, the Shares subject to the Options, in any manner other than (i) to persons who are "family members" (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares subject to the Options, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any "put equivalent position" or any "call equivalent position" (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of the Options</u>. The Options may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Obligations</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>Tax Withholding</u>. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and non-U.S. (including Israeli) income and employment tax withholding requirements applicable to the Options exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

&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>Notice of Disqualifying Disposition of ISO Shares</u>. If the Options granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date 2 years after the Date of Grant, or (ii) the date 1 year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant.

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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;<u>Code Section 409A.</u> Under Code Section 409A, the Options that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the "<u>IRS</u>") to be less than the Fair Market Value of a Share on the date of grant (a "discount option") may be considered "deferred compensation." The Options that are a "discount option" may result in (i) income recognition by Participant prior to the exercise of the Options, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The "discount option" may also result in additional state income, penalty and interest tax to Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of the Options equals or exceeds the Fair Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Options were granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for Participant's costs related to such a determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the Options awarded under the Plan or future Options that may be awarded under the Plan by electronic means or request Participant's consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Country Addendum</u>. Notwithstanding any provisions in this Option Agreement, the Options shall be subject to any special terms and conditions set forth in the appendix (if any) to this Option Agreement for Participant's country (the "<u>Country Addendum</u>"). Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country 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. The Country Addendum constitutes part of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Option Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan is incorporated herein by reference. The Plan, the Stockholders Agreement and this Option 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, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Options have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Option Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications to the Agreement</u>. Participant expressly warrants that Participant is not accepting this Option Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Option Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Option Agreement, the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Issuance of Stock</u>. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or Participant's estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other Applicable Laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Joinder to the Stockholders Agreement</u>. If Participant is not already a party to the Stockholders Agreement, then Participant hereby agrees to join and become a party to, and the Company hereby agrees to accept Participant as a party to, the Stockholders Agreement. The Company and Participant each acknowledges and agrees that Participant shall be entitled to the applicable rights and benefits, and shall be subject to the applicable obligations under the Stockholders Agreement. In the event that Participant fails to timely comply with any of Participant's obligations under either agreement as determined by the Board in its good faith discretion, Participant may be required to immediately forfeit any or all of the Options and/or Shares acquired upon exercise of the Options, outstanding at the time of such non-compliance without any consideration being paid therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</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>Confidentiality</u>. During the course of Participant's time as Service Provider to the Company and its subsidiaries (the "<u>Company Group</u>"), Participant will have access to Confidential Information. For purposes of this Option Agreement, "<u>Confidential Information</u>" means the Company Group's confidential and/or proprietary information and/or trade secrets that have been developed or used and that cannot be obtained readily by third parties from sources outside of the Company Group, including, by way of example and without limitation, all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Participant agrees that Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any Person, other than in the course of Participant's assigned duties and for the benefit of the Company

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Group, either during the period of Participant's time as Service Provider or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company Group's part to maintain the confidentiality of such information, and to use such information only during the course of Participant's assigned duties and for the benefit of the Company Group, in each case, which shall have been obtained by Participant during Participant's time as Service Provider to the Company Group (or any predecessors). The foregoing shall not apply to information that (i) was known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information prior to its disclosure to Participant; (ii) becomes known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information subsequent to disclosure to Participant through no wrongful act of Participant or any representative of Participant; or (iii) Participant is required to disclose by Applicable Law, regulation or legal process (<u>provided</u>, that, subject to Section 19(f), Participant provides the Company Group with prior notice of the contemplated disclosure and reasonably cooperates with the Company Group at the Company Group's expense in seeking a protective order or other appropriate protection of such information). The terms and conditions of this Option Agreement shall remain strictly confidential, and Participant hereby agrees not to disclose the terms and conditions hereof to any Person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers, as to the latter, solely for the purpose of disclosing the limitations on Participant's conduct imposed by the provisions of this Section 19 who, in each case, agree to keep such information confidential.

&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>Non-Competition</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;In partial consideration for this award of the Options, in order to forestall the disclosure or use of Confidential Information as well as to deter Participant's intentional interference with the contractual relations of the Company Group, Participant's intentional interference with the prospective economic advantage of the Company Group and to promote fair competition, Participant agrees that during the period commencing on the Date of Grant, (A) for Participants located outside of the State of California, and ending on the first (1st) anniversary of the date Participant ceases to be a Service Provider, or (B) for Participants located inside the State of California, ending on the date Participant ceases to be a Service Provider (such period, in each case, the "<u>Restricted Period</u>"), Participant shall not directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equityholder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any Competitive Business anywhere in which the Company Group is engaging in the business of the Company Group as of Participant's Termination; provided, that nothing herein shall prohibit Participant from being, directly or indirectly, a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded so long as Participant does not have any active participation in the business of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Option Agreement, "<u>Competitive Business</u>" means the business conducted by the Company Group as of the date Participant ceases to be a Service Provider, as such business may be extended or expanded in accordance with a proposal to so extend or expand as to which any steps were taken prior to 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that during the Restricted Period, Participant shall not directly, or indirectly through another Person, for Participant's own account or for the account of any other Person, engage in Interfering Activities.

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Option Agreement, "<u>Interfering Activities</u>" means (i) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person's employment with or services to (or in the case of a consultant, materially reducing such services to) the Company Group or (ii) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Option Agreement, "<u>Business Relation</u>" means any current or prospective partner, client, customer, licensee, supplier, or other business relation of any member of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6) month period, in each case, with whom Participant transacted business or whose identity became known to Participant as a Service Provider to the Company Group.

&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>Inventions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company Group resources and/or within the scope of Participant's work with the Company Group and that are made or conceived by Participant, solely or jointly with others, during the period of Participant's time as a Service Provider with the Company Group, or (B) suggested by any work that Participant performs in connection with the Company Group, either while performing Participant's duties with the Company Group or on Participant's own time, but only insofar as the Inventions are related to Participant's work as an employee or other Service Provider to the Company Group, shall belong exclusively to the Company Group (or its designees), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). Participant will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company Group, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company Group. The Records shall be the sole and exclusive property of the Company Group, and Participant will surrender them upon the time Participant ceases to be a Service Provider with the Company Group, or upon request. Participant will assign to the Company Group the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the period of Participant's time as a Service Provider with the Company Group, together with the right to file, in Participant's name or in the name of the Company Group (or its designees), applications for patents and equivalent rights (the "<u>Applications</u>"). Participant will, at any time during and subsequent to the period of Participant's time as a Service Provider with the Company Group, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be reasonably requested from time to time by the Company Group to perfect, record, enforce, protect, patent or register the rights of the Company Group in the Inventions, all without additional compensation to Participant from the Company Group. Participant will also execute assignments to the Company Group (or its designees) of the Applications, and give the Company Group and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the benefit of the Company Group, all without additional compensation to Participant, but entirely at the expense of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 addition, the Inventions will be deemed work for hire, as such term is defined under the copyright laws of the United States, on behalf of the Company Group and Participant

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agrees that the Company Group will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to Participant. If the Inventions, or any portion thereof, are deemed not to be work for hire, or the rights in such Inventions do not otherwise automatically vest in the Company Group, Participant hereby irrevocably conveys, transfers and assigns to the Company Group all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of Participant's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, Participant hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that Participant has any rights in the Inventions that cannot be assigned in the manner described herein, Participant agrees to unconditionally waive the enforcement of such rights. Participant hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon, including, without limitation, any rights that would otherwise accrue to Participant's benefit by virtue of Participant being a Service Provider to the Company Group.

&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>Non-Disparagement</u>. Participant agrees not to disparage the Company Group or its officers, directors, employees, shareholders, members, agents or products, other than in the good faith performance of Participant's duties to the Company Group, while Participant is employed by the Company Group and at all times thereafter. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

&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>Permitted Reporting and Disclosure</u>. Notwithstanding any language in this Option Agreement to the contrary, nothing in this Option Agreement prohibits or impedes Participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, otherwise communicating, cooperating, or filing a complaint with or making other disclosures or complaints to any such agency or entity that are protected under the whistleblower provisions of federal law or regulation; <u>provided</u>, that, in each case such communications and disclosures are consistent with Applicable Law. Participant does not need the prior authorization of the Company to make any such reports or disclosures and Participant is not required to notify the Company that Participant has made such reports or disclosures. Notwithstanding the foregoing, under no circumstance is Participant authorized to disclose any information covered by the Company's attorney-client privilege or attorney work product or the Company's trade secrets without prior written consent of the Board. An individual shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

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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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonableness of Covenants</u>. In signing this Option Agreement, Participant gives the Company Group assurance that Participant has carefully read and considered all of the terms and conditions of this Option Agreement, including the restraints imposed under this Section 19. Participant agrees that these restraints are necessary for the reasonable and proper protection of the Company Group and its Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Participant from obtaining other suitable employment during the period in which Participant is bound by the restraints. Participant acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company Group and that Participant has sufficient assets and skills to provide a livelihood while such covenants remain in force. Participant further covenants that Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 19, and that Participant will reimburse the Company Group for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this Section 19 if the Company Group prevails on any material issue involved in such dispute or if Participant challenges the reasonableness or enforceability of any of the provisions of this Section 19. It is also agreed that any member of the Company Group will have the right to enforce all of Participant's obligations to that Affiliate under this Option Agreement, including without limitation pursuant to this Section 19.

&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>Reformation</u>. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 19 is excessive in duration or scope or is unreasonable or unenforceable under Applicable Laws, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&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>Tolling</u>. In the event of any violation of the provisions of this Section 19, Participant acknowledges and agrees that the post-Termination restrictions contained in this Section 19 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-Termination restriction period shall be tolled during any period of such violation.

&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>Survival</u>. The obligations contained in this Section 19 hereof shall survive the cessation of Participant's time as a Service Provider with the Company Group and the date on which Participant no longer holds, directly or indirectly, any equity in the Company for the periods set forth in the other portions of this Section 19, and shall be fully enforceable thereafter in accordance 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 19 would be inadequate and, in recognition of this fact, Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Guarantee of Continued Service</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AS WELL AS ACHIEVING CERTAIN PERFORMANCE METRICS AND NOT

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THROUGH THE ACT OF BEING HIRED, BEING GRANTED THESE OPTIONS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

By Participant's signature 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;Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Options subject to all of the terms and provisions 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;Participant has reviewed the Plan and the Options in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Options and fully understands all provisions 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;Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or 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;Participant further agrees to notify the Company upon any change in the residence address indicated below.

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| | |
|:---|:---|
| **PARTICIPANT** | **ENTRATA, INC.** |
| | By |
| | /s/ Adam Edmunds |
| ***###PARTICIPANT_NAME###*** | Adam Edmunds, CEO |
| ###HOME_ADDRESS### | |
| ###ACCEPTANCE_DATE### | |

---

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**PERFORMANCE STOCK OPTION AGREEMENT**

**COUNTRY ADDENDUM**

***TERMS AND CONDITIONS***

This Country Addendum includes additional terms and conditions that govern the Options granted to Participant under the Plan if Participant works in one of the countries listed below. If Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which he or she is currently working or if Participant relocates to another country after receiving the Options, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to Participant.

Certain capitalized terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan, and/or the Option Agreement to which this Country Addendum is attached.

***NOTIFICATIONS***

This Country Addendum also includes notifications relating to exchange control and other issues of which Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the countries listed in this Country Addendum as of **June 2024**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the notifications herein as the only source of information relating to the consequences of his or her participation in the Plan because the information may be outdated when Participant vests in the Options, exercise the Options, or sells Shares acquired under the Plan.

In addition, the notifications are 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 relevant laws in Participant's country may apply to Participant's situation.

Finally, if Participant is a citizen or resident of a country other than the one in which Participant is currently working (or is considered as such for local law purposes) or if Participant moves to another country after the Options are granted, the information contained herein may not be applicable to Participant.

**Participant acknowledges that he or she has been advised to seek appropriate professional advice as to how the relevant exchange control and tax laws in Participant's country may apply to his or her individual situation.**

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**GLOBAL PROVISIONS APPLICABLE TO NON-US PARTICIPANTS** 

***Terms and Conditions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Exchange Considerations</u>. Participant understands and agrees that neither the Company, its Parent or Subsidiary nor third-party employer of record (the "<u>EOR</u>"), which includes a professional employer organization, shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the U.S. dollar that may affect the value of the Options, or of any amounts due to Participant under the Plan or as a result of exercising the Options and/or the subsequent sale of any Shares acquired under the Plan. Participant agrees and acknowledges that he or she will bear any, and all risk associated with the exchange or fluctuation of currency associated with his or her participation in the Plan. Further, Participant acknowledges and agrees that he or she may be responsible for reporting inbound transactions or fund transfers that exceed a certain amount. Participant is advised to seek appropriate professional advice as to how the exchange control regulations apply to the Options and Participant's specific situation and understands that the relevant laws and regulations can change frequently and occasionally on a retroactive basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding Considerations</u>. The following provision supplements Section 10 of the Option Agreement:

Participant acknowledges that, regardless of any action taken by the Company, its Parent or Subsidiary, and/or the EOR the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Company in its discretion to transfer tax amounts, otherwise applicable to the Company, its Parent or Subsidiary, and/or the EOR, as permitted by Applicable Laws to Participant even if legally applicable to the Company ("<u>Tax-Related Items</u>") will be Participant's sole responsibility and may exceed the amount actually withheld by the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company, its Parent or Subsidiary, and/or the EOR that directly engages Participant to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company or its agent to satisfy their withholding obligations with regard to all Tax-Related Items, if any, by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to Participant by the Company, its Parent or Subsidiary, and/or the EOR; (ii) causing Participant to tender a cash payment in U.S. dollars; (iii) entering on Participant's behalf (pursuant to this authorization without further consent) into a "same day sale" commitment whereby Participant irrevocably elects to sell a portion of the Shares to be delivered under the Options to satisfy the Tax-Related Items; or (iv) withholding Shares from the Shares issued or otherwise issuable to Participant in connection with the Options with a Fair Market Value (measured as of the date Shares are issued to Participant or, if and as determined by the Company, the date on which the Tax-Related Items are required to be calculated) equal to the amount of such Tax-Related Items. Participant agrees to pay to the Company, its Parent or Subsidiary, and/or the EOR (or former service recipient, as applicable) any amount of Tax-Related Items that the Company, its Parent or Subsidiary, and/or the EOR may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by any of the means previously described.

Depending on the withholding method employed, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent. If the obligation

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for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant will be deemed to have been issued the full number of Shares subject to the exercised Options, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Furthermore, Participant acknowledges that the Company, its Parent and Subsidiary, and the EOR (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Options or other benefits under the Plan and (b) do not commit to and are under no obligation to structure the terms of the Options, other benefits or any aspect of Participant's participation in the Plan to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Finally, if Participant becomes subject to tax in more than one jurisdiction, or changes his or her jurisdiction of primary residence or service between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company, its Parent or Subsidiary, and the EOR (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Options, 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 it may be modified, amended, suspended or terminated by the Company at any time, to the extent provided for 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;the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in lieu of the 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future option awards 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;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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Options and any Shares acquired under the Plan are not intended to replace any pension 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Options and Shares acquired under the Plan 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the Shares underlying the Options is unknown, indeterminable, and cannot be predicted;

&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;if Participant exercises the Options and acquires Shares, the value of such Shares may increase or decrease in value, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of the Options, Participant's status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company, its Parent or Subsidiary, and/or the EOR (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 a Service Provider or the terms of Participant's employment or service agreement, if any), and unless otherwise

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expressly provided in the Option Agreement (including by reference in the Notice of Stock Option Grant to other arrangements or contracts) or determined by the Company, (i) Participant's right to vest in the Options 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 employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any, unless Participant is providing bona fide services during such time), and (ii) the period (if any) during which Participant may vest in the Options after such termination of Participant's engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant's engagement agreement, if any; the Company will have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Options (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the Options and the benefits evidenced by the Option Agreement do not create any entitlement to have the Options or any such benefits transferred to, or assumed by, another company nor 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from forfeiture of the Options resulting from the termination of Participant's status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any), and in consideration of the grant of the Options to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent, Subsidiary, and the EOR, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent, Subsidiary, and the EOR 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 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;*4.&nbsp;&nbsp;&nbsp;&nbsp;****<u>Data Privacy</u>. Participant understands that the Company may collect, where permissible under Applicable Laws certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of the Options granted under the Plan or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan. Participant understands that Company may transfer Participant's Data to the United States, which may have different, including less stringent, data protection laws than the laws in Participant's country. Participant understands that the Company will transfer Participant's Data to its designated broker, Solium Capital ULC and its affiliates ("<u>Shareworks</u>"), a wholly owned subsidiary of Morgan Stanley, or such other stock plan Service Provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that a recipient's country of operation (e.g., the United States) may have different, including less stringent, data privacy laws that Participant's jurisdiction does not consider to be equivalent to the protections in Participant's country. Participant understands that he or she may request a list with the names and***

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***addresses of any potential recipients of the Data by contacting <u>stockplanadmin@entrata.com</u>. Participant authorizes the Company, the Company's designated broker and any other possible recipients which may assist the Company 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. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that that he or she 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 <u>stockplanadmin@entrata.com</u>. Further, Participant understands that he or she is providing the consent herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's employment status or career with the Company will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant awards under the Plan or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact <u>stockplanadmin@entrata.com</u>.***

***Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described herein and any other Plan materials by and among, as applicable, the Company, its Parent or Subsidiary, and/or the EOR for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that his or her consent will be sought and obtained for any processing or transfer of Participant's data for any purpose other than as described in the Option Agreement and any other Plan materials.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&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 the 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 possessing the inside information. Furthermore, Participant may be prohibited from (i) disclosing inside information to any third party, including fellow Service Providers (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;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Recommendation Regarding External Advice</u>. Participant understands and agrees that neither the Company, any Parent, Subsidiary, or EOR is providing any tax, legal or financial advice, nor is the Company, any Parent, Subsidiary, or EOR making any recommendations or assessments regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares, or any subsequent disposal or retention of such Shares. Participant understands that he or she is hereby advised

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to consult with Participant's own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>English Language</u>. If Participant has received the Option Agreement or any other document related to the Plan translated into a language other than English, Participant understands that such translated documents were provided for convenience only, and that if the meaning of the translated version is different than the English version, the English version will control, subject to the Applicable Laws*.* Furthermore, Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of the Option Agreement and confirms having read and understood the documents relating to the Plan, including the Option Agreement and all its terms and conditions, all of which have been provided to Participant exclusively in the English language (unless otherwise specified in the country-specific provisions set forth below that are applicable to Participant). Participant accepts the Plan, the Option Agreement and their applicable terms and conditions and does not require their translation into any language other than English.

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**GLOBAL PROVISIONS APPLICABLE TO PARTICIPANTS IN THE COUNTRIES INCLUDED BELOW**

**<u>BRAZIL</u>**

***Notifications***

<u>Exchange Controls</u>. Any remittance of funds abroad (*i.e.*, upon Option exercise) should be made through a local bank duly authorized to deal in foreign exchange in Brazil. In addition, when transferring amounts resulting from the sale of Shares to Brazil, such funds must be transferred by wire and declared as such through the foreign exchange closing operations of Participant's preferred financial institution in Brazil. The amounts received from abroad also must, subsequently, be declared by Participant for tax purposes.

<u>Foreign Asset Reporting</u>. By participating in the Plan, Participant understands that he or she is generally required to make an annual report of Shares held outside Brazil to the tax authorities and the Central Bank if such holdings exceed a specified limit (currently, US$1 million).

**<u>CANADA</u>**

***Terms and Conditions***

<u>No Promissory Note or Surrender of Stock</u>. Notwithstanding the provisions of Section 3 of the Option Agreement and Section 2 of this Country Addendum, the Exercise Price may not be paid by way of a promissory note or surrendering other shares of Common Stock.

<u>Award Payable Only in Shares</u>. The grant of the Options does not give Participant any right to receive a cash payment, and the Options are payable in Shares only.

<u>Termination of Active Status</u>. Notwithstanding anything to the contrary provided in the Option Agreement, Participant's active service status shall be considered terminated (regardless of the reason for such termination and whether or not the termination is later found to be invalid, unlawful or in breach of employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any) as of the date that is the earliest of (a) the date Participant receives notice of termination of his or her service; (b) the date Participant terminates service; or (c) the date Participant is no longer actively providing services to the Company or the service recipient, 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); in the event that Participant's termination date cannot be reasonably determined under the terms of the Option Agreement and/or the Plan, the Administrator shall have the exclusive discretion to determine when Participant's continuous service status shall be considered terminated for purposes of the Option (including when Participant may still be considered to be providing services while on a leave of absence). If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued vesting during a statutory notice period, Participant's right to vest in the Option will terminate effective as of the last date of the minimum statutory notice period, but Participant will not earn or be entitled to prorated 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.

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<u>French Language Provisions</u>. The following provisions will apply if Participant is a resident of Quebec:

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 exigé la redaction en anglais de cette convention ("<u>Agreement</u>"), ainsi que de tous documents exécutés, avis donnés et procedures judiciaries intentées, directement ou indirectement, relativement à la présente convention.*

<u>Tax Reporting Obligation</u>. Foreign property (including the Options granted under the Plan and the underlying Shares) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. The form must be filed by April 30 of the following year.

**<u>COSTA RICA</u>**

No country-specific provisions.

**<u>INDIA</u>**

***Notifications***

<u>Foreign Assets Reporting Information</u>. Participant must declare foreign bank accounts and any foreign financial assets (including Shares subject to the Options held outside India) in Participant's annual tax return. It is Participant's responsibility to comply with this reporting obligation and Participant should consult with his or her personal tax advisor in this regard.

<u>Exchange Controls</u>. Participant must repatriate any proceeds from the sale of Shares acquired under the Plan or the receipt of any dividends to India within 180 days of receipt (assuming Participant holds less than 10% of the Company's share capital) and convert such amounts to local currency. Participant must obtain a foreign inward remittance certificate ("<u>FIRC</u>") from the bank where he or she deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or Participant's employer requests proof of repatriation.

<u>Tax Considerations</u>. If an outbound remittance is made by or on behalf of Participant for the purchase of Shares upon exercise, the Indian bank processing the outbound remittance may withhold Tax Collected at Source ("<u>TCS</u>") under the Liberalised Remittance Scheme ("<u>LRS</u>") at the applicable rate (currently, 20%). The bank is expected to withhold this tax from the amount remitted unless another arrangement is made for the collection of this tax, and such tax withholding is expected to decrease the amount available to purchase foreign shares.

Any TCS collected may be credited against Participant's income tax liability payable on the Option, as reflected in the final accounting for taxes in Participant's annual income tax return.

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**<u>ISRAEL</u>**

***Terms and Conditions***

<u>Nature of the Award</u>. Participant agrees and understands that: (i) the Option will neither be issued to or deposited with a trustee nor approved by the Israel Tax Authority pursuant to 102 Trustee Awards under Section 102 of the Ordinance; and (ii) Participant expressly consents and agrees to indemnify the Company or Parent or Subsidiary of the Company and hold them harmless from any and all liability attributable to taxes, interest, or penalties thereon, including without limitation, liabilities relating to the necessity to withhold any taxes.

**<u>MEXICO</u>**

No country-specific provisions.

**<u>NETHERLANDS</u>**

***Notifications***

<u>Dutch Prohibition Against Insider Trading</u>. By accepting the Options, Participant understands that it is Participant's responsibility to be aware of the Dutch insider trading rules. In particular, Participant understands that the Dutch securities laws that prohibit insider trading are based upon the European Market Abuse Directive and are stated in section 5:56 of the Dutch Financial Supervision Act (Wet op het financieel toezicht or Wft) and in section 2 of the Market Abuse Decree (Besluit marktmisbruik Wft). For further information Participant is advised to review the insider rules provided at the following website of the Authority for the Financial Markets (AFM); <u>https://www.afm.nl/nl-nl/consumenten</u>. If Participant is uncertain whether the insider rules apply to Participant, Participant acknowledges that the Company recommends that Participant consult with a legal advisor. Participant understands and agrees that neither the Company nor Participant's employer can be held liable if Participant violates the Dutch insider trading rules. Participant understands and agrees that Participant is responsible for ensuring his or her own compliance with these rules.

**<u>SPAIN</u>**

***Notifications***

<u>Exchange Controls</u>. Participant must declare the acquisition of Shares to the Spanish Dirección General de Comercio Inernacional e Inversiones (the "<u>DGCI</u>"), the Bureau for Commerce and Investments, which is a department of the Ministry of Economy and Competitiveness. Generally, the declaration must be filed in January for Shares acquired or disposed of during the prior year and/or for Shares owned as of December 31 of the prior year; however, if the value of the Shares acquired under the Plan or the amount of the sale proceeds exceeds a certain threshold (or if Participant holds 10% or more of the equity of the Company), the declaration must be filed within one month of the acquisition or disposition, as applicable.

<u>Foreign Asset / Account Reporting Information</u>. Participant is required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), any foreign instruments and any transactions with non-Spanish residents (including any payments of cash made to Participant by the Company or United States brokerage account) if the balances in such accounts, together

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with the value of such instruments as of December 31, or the volume of transactions with non-Spanish residents during the prior or current year, exceed EUR 1 million.

Further, to the extent that Participant holds Shares and/or has bank accounts outside Spain with a value in excess of EUR 50,000 (for each type of asset) as of December 31, Participant will be required to report information on such assets on his or her tax return (Form Modelo 720) for such year by March 31 of the following year. After such Shares and/or accounts are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously reported shares or accounts increases by more than EUR 20,000 or if Participant sells or otherwise disposes of previously reported assets.

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**<u>ANNEX A</u>**

**JOINDER AGREEMENT**

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "***Stockholders Agreement***") by and among Entrata, Inc., SLP Emblem Aggregator, L.P., SLP Emblem Aggregator II, L.P., TPP Capital Advisors, Ltd., HGGC Prop Holdings, LP, Entryway DF Holdings, LP and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement.

By executing and delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned's becoming the recipient or transferee of Securities, to become a party as a Stockholder to, and if applicable, as an Employee Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder, and, if applicable, an Employee Stockholder, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

The undersigned acknowledges and agrees that <u>Section 8.4</u> through <u>Section 8.6</u> of the Stockholders Agreement are incorporated herein by reference, *mutatis mutandis*.

[Remainder of page intentionally left blank]

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Accordingly, the undersigned has executed and delivered this Joinder Agreement as of ###ACCEPTANCE_DATE###.

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| |
|:---|
| ***###PARTICIPANT NAME###*** |
| &nbsp;&nbsp;Signature |
| ###PARTICIPANT NAME### |
| &nbsp;&nbsp;Print Name |

---

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**<u>EXHIBIT A</u>**

**2021 EQUITY INCENTIVE PLAN**

**EXERCISE NOTICE**

Entrata, Inc.

4205 Chapel Ridge Road

Lehi, UT, 84043

Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of the Options</u>. Effective as of today, ________________, ____, the undersigned ("<u>Participant</u>") hereby elects to exercise Participant's option (the "<u>Options</u>") to purchase ________________ shares of the Common Stock (the "<u>Shares</u>") of Entrata, Inc. (the "<u>Company</u>") under and pursuant to the 2021 Equity Incentive Plan (the "<u>Plan</u>") and the Stock Option Agreement dated ______________, _____ (the "<u>Option Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Payment</u>. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of Participant</u>. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>. Until the issuance of the Shares (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 shall exist with respect to the Common Stock of the Company subject to an Award (as defined in the Plan), notwithstanding the exercise of the Options. The Shares shall be issued to Participant as soon as practicable after the Options are exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Right of First Refusal</u>. Before any Shares held by Participant or any transferee (either being sometimes referred to herein as the "<u>Holder</u>") may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 5 (the "<u>Right of First Refusal</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>Notice of Proposed Transfer</u>. The Holder of the Shares shall deliver to the Company a written notice (the "<u>Notice</u>") stating: (i) the Holder's bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee ("<u>Proposed</u> <u>Transferee</u>"); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the "<u>Offered</u> <u>Price</u>"), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Right of First Refusal</u>. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase

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all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>. The purchase price ("<u>Purchase Price</u>") for the Shares purchased by the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment</u>. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Holder's Right to Transfer</u>. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, <u>provided</u> that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exception for Certain Family Transfers</u>. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during Participant's lifetime or on Participant's death by will or intestacy to Participant's immediate family or a trust for the benefit of Participant's immediate family shall be exempt from the provisions of this Section 5. "<u>Immediate Family</u>" as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Right of First Refusal</u>. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change of Control (as defined in the Plan) in which the successor corporation has equity securities that are publicly traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consultation</u>. Participant understands that Participant may suffer adverse tax consequences as a result of Participant's purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Legends and Stop-Transfer Orders</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>Legends</u>. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s)

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evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "<u>ACT</u>") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE 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 TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY'S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stop-Transfer Notices</u>. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refusal to Transfer</u>. The Company shall 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 Exercise Notice 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 shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of Utah; provided that the tax treatment and the tax rules and regulations applying hereto under Israel law shall be the Ordinance. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option Agreement and the Investment Representation Statement 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, and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

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| | |
|:---|:---|
| Submitted by: | Accepted by: |
| PARTICIPANT | ENTRATA, INC. |
| Signature | By |
| Print Name | Print Name |
| | Title |
| Address: | Address: |
| | Date Received |

---

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**<u>EXHIBIT B</u>**

**INVESTMENT REPRESENTATION STATEMENT**

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| | | |
|:---|:---|:---|
| PARTICIPANT | : | |
| COMPANY | : | ENTRATA, INC. |
| SECURITY | : | COMMON STOCK |
| AMOUNT | : | |
| DATE | : | |

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In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant's investment intent as expressed herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant's representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of 1 year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Options to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any 3 month period not exceeding specified limitations, (3) the resale being made in an unsolicited "broker's

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transaction", transactions directly with a "market maker" or "riskless principal transactions" (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the Options, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in such event.

---

| |
|:---|
| PARTICIPANT |
| Signature |
| Print Name |
| Date |

---

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**STOCK OPTION AGREEMENT**

Unless otherwise defined herein, the terms defined in the 2021 Equity Incentive Plan (the "<u>Plan</u>") shall have the same defined meanings in this Stock Option Agreement (the "<u>Option Agreement</u>").

**I.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE OF STOCK OPTION GRANT</u>**

---

| | |
|:---|:---|
| **Participant:** | ###PARTICIPANT_NAME### |
| **Address:** | ###HOME_ADDRESS### |

---

The above-named Participant has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | | |
|:---|:---|:---|
| Date of Grant: | ###GRANT_DATE### | ###GRANT_DATE### |
| Vesting Commencement Date: | ###ALTERNATIVE_VEST_BASE_DATE### | ###ALTERNATIVE_VEST_BASE_DATE### |
| Exercise Price per Share: | ###GRANT_PRICE### | ###GRANT_PRICE### |
| Total Number of Shares Granted: | ###TOTAL_AWARDS### | ###TOTAL_AWARDS### |
| Total Exercise Price: | ###TOTAL_EXERCISE_PRICE### | ###TOTAL_EXERCISE_PRICE### |
| Type of Option: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Option |
|  | X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonstatutory Stock Option |
| Expiration Date: | <u>Tenth Anniversary of the Date of Grant</u> | <u>Tenth Anniversary of the Date of Grant</u> |

---

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Schedule</u>.

1/16th of the Options will vest and become exercisable quarterly following the Vesting Commencement Date (with quarterly vesting occurring every three months following the Vesting Commencement Date on the first day of the applicable month), subject to the Participant continuing to be a Service Provider (as defined in the Plan) through each applicable vesting date.

100% of the Options will vest upon the closing of a Change in Control if the Options are not assumed by the surviving or acquiring entity in such Change in Control or if the Participant's services are terminated by the surviving or acquiring entity other than for Good Cause, as defined below, within twelve months following such Change in Control.

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"<u>Good Cause</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the commission of an intentional tort, conduct or act by the Participant (excluding any tort relating to a motor vehicle) which causes substantial loss, damage or injury to the property or reputation of the Company or its subsidiaries as reasonably determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the commission of any crime, misconduct, or the intentional, material act of fraud or dishonesty against the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the commission of a felony or any crime involving moral turpitude that results in other than immaterial harm to the Company's business or to the reputation of the Company or the Participant as reasonably determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the neglect or willful breach of the Participant's reasonable duties (for a reason other than illness or incapacity) which is not cured within ten (10) days after written notice thereof by the Board to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Participant's illegal possession of a controlled substance or abuse of alcohol or other illegal drugs that interferes with the performance of the Participant's duties to the Company, poses a risk of danger to the Participant or others, or which compromises the integrity and reputation of the Participant, the Company or its affiliates as reasonably determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the disregard or violation of written, material policies of the Company or its subsidiaries, or reasonable express directives to the Participant, which causes other than immaterial loss, damage or injury to the property or reputation of the Company or its subsidiaries which is not, or cannot be, cured within ten (10) days after written notice thereof by the Board to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any material breach of the Stock Option Agreement or any other written agreement or restrictive covenant with the Company, or any material breach of the Participant's ongoing obligations, including but not limited to not disclosing confidential information and the obligation not to assign intellectual property developed during employment which, if capable of being cured, is not cured within ten (10) days after written notice thereof by the Board to the Participant.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination Period</u>:

The Options shall be exercisable for 90 days after Participant ceases to be a Service Provider; <u>provided</u>, that if Participant's Termination (as defined below) for Cause (as defined below) or a Restrictive Covenant Violation (as defined below) occurs all vested and unvested Options shall be immediately forfeited by Participant for no consideration. Notwithstanding the foregoing sentence, in no event may the Options be exercised after the Expiration Date as provided above and the Options may be subject to earlier termination as provided in Section 13 of the Plan.

**II.&nbsp;&nbsp;&nbsp;&nbsp;<u>AGREEMENT</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Options</u>. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in Part I of this Option Agreement ("<u>Participant</u>"), the number of options (the "<u>Options</u>") to purchase Shares that is set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the "<u>Exercise Price</u>"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18

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of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

If designated in the Notice of Stock Option Grant as an Incentive Stock Option ("<u>ISO</u>"), the Options are intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), the Options shall be treated as a Nonstatutory Stock Option ("<u>NSO</u>"). Further, if for any reason any Options shall not qualify as an ISO, then, to the extent of such nonqualification, such Options shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of any Options to qualify for any reason as an ISO.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Options</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>Right to Exercise</u>. The Options shall be exercisable during their term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>. The Options shall be exercisable by delivery of an exercise notice in the form attached as <u>Exhibit A</u> (the "<u>Exercise Notice</u>") or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Options, the number of Shares with respect to which the Options are being exercised (the "<u>Exercised Shares</u>"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. The Options shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

No Shares shall be issued pursuant to the exercise of the Options unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Options are exercised with respect to such Shares.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Call 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that, unless otherwise agreed in writing with the Company, prior to an IPO, the Company (or, if the Company does not elect to exercise the call right, the Sponsor Group or one of its designated Affiliates) will have the right, but not the obligation, to purchase (the "<u>Call</u> <u>Right</u>") all vested Shares (including any vested Shares issued following a Termination pursuant to the exercise of Options or otherwise) and vested Options held by Participant (the "<u>Callable Equity</u>") following the occurrence of (x) a Termination or (y) a Restrictive Covenant Violation (any such event, a "<u>Call Event</u>"), as provided in this Section 3. Upon a Call Event, the Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) may exercise the Call Right with respect to all or any portion of the Callable Equity by one or more written notices (each, a "<u>Call Right Notice</u>") delivered to Participant at any time during the period commencing on the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable, and ending on the one year anniversary of the later of (A) the date of Termination or the date on which the Administrator acquires actual knowledge of the occurrence of the Restrictive Covenant Violation, as applicable or (B) for each vested Share acquired upon the exercise of the Option or similar

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purchase right, the date on which such vested Share was acquired (such period, the "<u>Call Right Period</u>" and the date such notice is given, the "<u>Call Exercise Date</u>"). Upon the giving of a Call Right Notice, the Company (or, if applicable, the Sponsor Group or one of its designated Affiliates) will be obligated to purchase and Participant will be obligated to sell all (or any lesser portion indicated in the Call Right Notice) of the Callable Equity for the consideration calculated as set forth in this Section 3 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;In the case of a (x) Termination by the Company or an Affiliate for Cause, (y) Termination due to the resignation of Participant when grounds exist for Termination by the Company or an Affiliate for Cause, or (z) a Restrictive Covenant Violation: the vested Options shall automatically be terminated in accordance with this Option Agreement without the payment of any consideration therefor and, with respect to any vested Shares, the consideration will be equal to the lesser of (1) the Cost of such vested Shares and (2) the Fair Market Value (as defined in the Stockholders Agreement) of such vested Shares on the Call Exercise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Termination for any other reason, the consideration (x) with respect to any vested Shares will be equal to the Fair Market Value (as determined in good faith by the Board) of such vested Shares on the Call Exercise Date, and (y) with respect to any vested Options will be equal to the product of (1) the excess, if any, of the Fair Market Value of a vested Share subject to such vested Options on the Call Exercise Date, over the Exercise Price per Share, and (2) the number of vested Shares subject to such vested Options, which vested Options shall be terminated in exchange for the payment of such consideration; <u>provided</u>, that if the Exercise Price per Share is equal to or greater than the Fair Market Value of a Share on the Call Exercise Date, such vested Options shall automatically be terminated without any payment of consideration in respect 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The closing for all purchases and sales of Callable Equity pursuant to this Section 3 will be at the principal executive offices of the Company within 60 days after the Call Exercise Date, on such date as determined by the Company, and set forth in a written notice to Participant (the date on which such closing occurs, the "<u>Call Repurchase Date</u>"). The purchase price for the Callable Equity will be paid to Participant in cash, by cashier's check or by wire transfer of funds; provided, that if the payment of such cash purchase price or the distribution or dividend to the Company by its Subsidiaries of the cash needed to make such payment (x) would be in violation of or prohibited by applicable law or securities regulations (including as to solvency of the Company) or (y) would constitute or result in a default or an event of default under any financing agreement of the Company or any of its Subsidiaries (each such occurrence being a "<u>Default Event</u>"), the Company shall, in lieu of a cash payment, be permitted to issue a promissory note (a "<u>Promissory Note</u>") equal to the aggregate purchase price, with such Promissory Note (1) (A) having an interest rate equal to "prime rate" (as published in The Wall Street Journal) as in effect on the date the Promissory Note is entered into, which interest will be payable in equal yearly installments during the term of the Promissory Note and, at the option of the Company, in cash or in kind and (B) being mandatorily payable within 180 days (or such shorter period at the sole discretion of the Company) after the date the payment would not (a) violate or be prohibited by applicable law or securities regulations and (b) constitute a Default Event, (2) having a term not to exceed four years from the date the Promissory Note was entered into or (3) having such other terms as may be required by any financing agreement of the Company or any of its Subsidiaries; provided, further, that, in the event of any Default Event, in lieu of closing the purchase and sale of the applicable Callable Equity, the Company, in its sole discretion, may rescind the exercise of such Call Right, in which case, the period upon which the Call Right may be exercised by the Company shall be tolled until 30 days following the date on which there ceases to be any Default Event, and the Company may exercise the Call Right at any time during such 30 day period pursuant to this Section 3. Participant will cause the Callable Equity to be delivered to the Company at the closing free and clear of all liens of any kind, other than those which

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continue to apply pursuant to the terms of this Option Agreement. Participant will take all such actions and deliver all such documents and instruments as the Company requests to vest in the Company, title to the Callable Equity free of any lien incurred by or through 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby makes the following representations and warranties for the benefit of the purchaser of its Callable Equity as of the Call Repurchase Date, which (A) shall survive the consummation of the purchase of the Callable Equity and the termination of this Option Agreement and (B) may also be set forth in the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant (A) is the legal, record and beneficial owner of, and has good and valid title to, the Callable Equity and (B) has full power and authority to sell, assign and transfer the Callable 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The purchaser of the Callable Equity will acquire good, marketable and unencumbered title to such Callable Equity, free and clear of any liens, and the same will not be subject to any adverse claim or right; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Each representation and warranty of Participant set forth in this Option Agreement mutatis mutandis with respect to the purchase of the Callable Equity and the purchase agreement giving effect to the purchase of the Callable Equity in the form requested 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Section 3 to the contrary, in the event that it has been determined necessary by the Company's accountants in order to avoid adverse accounting consequences with respect to the Call Right for vested Options, Participant may be required by the Company, upon prior written approval of the Board, to exercise, on one occasion, all of the vested Options then held by Participant using a net exercise method whereby the number of Shares that would otherwise be received upon the exercise of such Options shall be reduced by that number of Shares having an aggregate fair market value (as determined in good faith by the Administrator) equal to the sum of (i) the aggregate exercise price for such Options plus (ii) the aggregate amount of the applicable withholding taxes which the Company is required to withhold in respect of the income recognized as a consequence of the exercise of such Options, and the remaining Shares received upon such exercise shall be subject to purchase by the Company upon delivery of a Call Right Notice during the 30 day period following the date on which such Shares have been held by Participant for at least 6 months, and otherwise in accordance with this Section 3.

&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 of the Company to deliver a Call Right Notice, as the case may be, as contemplated in this Section 3 shall terminate upon the consummation of an IPO; <u>provided</u>, that it is understood and agreed that any Callable Equity that is subject to a Call Right Notice that has been delivered prior to the consummation of an IPO shall continue to be subject to the terms and provisions of this Section 3.

&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;In addition to the provisions set forth in this Section 3, the Company shall have the right to purchase, from time to time, all or a portion of the Securities owned by Participant or any of Participant's Permitted Transferees to the extent set forth in this Option Agreement, or other agreement pursuant to which such Securities were granted or issued, in each case upon the terms and subject to the conditions set forth in such 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Affiliate</u>" means, with respect to any Person, any other Person that controls, is controlled by, or is under common control with such Person. The term "control" means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. The terms "controlled" and "controlling" have meanings correlative to 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cause</u>" means with respect to Participant, the meaning ascribed to such term in any employment, consulting or similar agreement then in effect between Participant and the Company or, if there is no such agreement or such term is not defined therein, shall mean: (a) Participant's failure or refusal to substantially perform Participant's material duties (other than as a result of total or partial incapacity due to physical or mental illness), (b) dishonesty in the performance of Participant's duties that adversely affects the operations, financial performance, business reputation or business relationships of the Company or any of its Subsidiaries, (c) the commission of or plea of guilty or nolo contendere by Participant with respect to (x) a felony or (y) any crime involving moral turpitude, (d) Participant malfeasance or willful misconduct in connection with the Participant's duties or any act or negligent omission that is injurious to the operations, financial condition, business reputation or business relationships of the Company or any of its Subsidiaries, (e) a Restrictive Covenant Violation by Participant or (f) the Participant's breach of any written Company policy that is injurious to the operations, financial condition, business reputation or business relationships of the Company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cost</u>" means the purchase price paid to the Company with respect to any Shares by Participant to whom such Shares were originally issued, as equitably adjusted to account for any unit/stock dividends, splits, reverse splits, combinations or recapitalizations and less the cumulative amount of any dividends or distributions paid or declared on such Shares, with the methodology for making such equitable adjustment determined in the sole discretion of the Administrator; <u>provided</u>, that "Cost" may not be less than zero. For the avoidance of doubt, the initial Cost of any Shares acquired by exercise of the Options (prior to adjustment, if any), shall be the exercise price per Share of such 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Immediate Family Members</u>" means, with respect to any natural person (i) such natural person's spouse, children (whether natural or adopted as minors), grandchildren or more remote descendants and (ii) the lineal descendants of each of the persons described in the immediately preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>IPO</u>" means the consummation of (i) a Public Listing (as defined in Part II, Section 5 below), (ii) a SPAC Transaction (as defined in Part II, Section 5 below), or (iii) the initial voluntary listing or placement of Shares, that are registered under the Securities Act, on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange or successor to 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Permitted Transferee</u>" means (i) in the case of any Participant, any family trusts and other estate-planning vehicles controlled solely by the Participant and, and with respect to which the sole beneficiaries are the Participant's Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; (ii) in the case of any stockholder that is a natural Person, any family trusts and other estate-planning vehicles controlled solely by such stockholder and, and with respect to which the sole beneficiaries are such stockholder and his or

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her Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex A</u>; and (iii) in the case of any stockholder other than a stockholder referenced in the foregoing clauses (i) and (ii), any Affiliate of such stockholder, <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form attached hereto as <u>Annex 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restrictive Covenant Violation</u>" means a breach by Participant with respect to any restrictive covenants, including any covenant relating to confidentiality, non-competition, non-solicitation, non-interference and non-disparagement that Participant is subject to by reason of any agreement with the Company Group (as defined in Part II, Section 18 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Sponsor Group</u>" means SLP Emblem Aggregator, L.P., a Delaware limited partnership, SLP Emblem Aggregator II, L.P., a Delaware limited partnership and any Permitted Transferee (as defined in the Stockholders Agreement) 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Stockholders Agreement</u>" means the Stockholders Agreement by and among the Company and certain other parties, to be dated in or around April 2022 (as 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Termination</u>" means the termination of Participant as a Service Provider with the Company or an Affiliate for any reason (including, without limitation, due to Participant's resignation) or, if determined by the Administrator, any instance in which Participant ceases to be a Service Provider of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participant's Representations</u>. In the event the Shares have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), at the time the Options are exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of the Options, deliver to the Company his or her Investment Representation Statement in the form attached hereto as <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Period</u>. It is possible that the Company will become a publicly-traded company and that could happen a number of different ways. This Section 5 sets out some restrictions that will apply in that circumstance unless those restrictions are waived by an authorized entity. The Company could become a publicly traded company (x) through a registration statement filed by the Company under the Securities Act registering any of its equity securities for sale to the public (a "<u>Public Listing</u>") or (y) as a result of the closing of the Company's completion of a merger or consolidation with a special purpose acquisition company or its subsidiary (such entity, a "<u>SPAC</u>") in which securities of the surviving or parent entity are listed on an established stock exchange or a national market system, including without limitation the New York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market (such a transaction, a "<u>SPAC Transaction</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;Participant agrees that Participant will not (x) 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 (or other securities of the Company or SPAC) or any securities convertible into or exercisable or exchangeable, directly or indirectly for Shares (or other securities of the Company or SPAC) or (y) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or other securities of the Company or SPAC) held by Participant (other than those included in the registration) for the period specified in Sections 5(b) and 5(c)

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(the "<u>Market Standoff Period</u>"). The provisions of this Section 5(a) do not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement for 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Market Standoff Period will begin on (x) the effectiveness of the registration statement filed by the Company for a Public Listing or (y) the closing of a SPAC 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 Market Standoff Period for a Public Listing will end on the date specified by the Company or, for an underwritten public offering, the managing underwriter(s). The Market Standoff Period for a SPAC Transaction will end on the date specified by the surviving entity in the SPAC transaction. In no event, however, shall such period exceed 180 days.

&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;Participant agrees to execute and deliver such other agreements as may be reason-ably requested by the Company or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or a representative of the underwriter, Participant shall provide, within 10 days of such request, such information as may be required by the Company or such representative in connection with the completion of any Public Listing or SPAC Transaction. The underwriters in connection with a Public Listing, and the special purpose acquisition company and its affiliates in a SPAC Transaction, are intended third-party beneficiaries of this Section 5 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Shares (or other securities) subject to the foregoing restriction until the end of the Market Standoff Period. Participant agrees that any transferee of the Shares acquired pursuant to this Award shall be bound by this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Payment</u>. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; 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;surrender of other Shares which (i) shall be valued at its fair market value (as determined in good faith by the Administrator) on the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Exercise</u>. The Options may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of the Options</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;The Options may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of 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;Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the "<u>Reliance End Date</u>"), Participant shall not transfer the Options or, prior to exercise, the Shares subject to the Options, in any manner other than (i) to persons who are "family members" (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares subject to the Options, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any "put equivalent position" or any "call equivalent position" (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of the Options</u>. The Options may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Obligations</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>Tax Withholding</u>. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Options exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

&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>Notice of Disqualifying Disposition of ISO Shares</u>. If the Options granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date 2 years after the Date of Grant, or (ii) the date 1 year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A.</u> Under Code Section 409A, the Options that vests after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the "<u>IRS</u>") to be less than the Fair Market Value of a Share on the date of grant (a "discount option") may be considered "deferred compensation." The Options that are a "discount option" may result in (i) income recognition by Participant prior to the exercise of the Options, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The "discount option" may also result in additional state income, penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share

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exercise price of the Options equals or exceeds the Fair Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Options were granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for Participant's costs related to such a determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the Options awarded under the Plan or future Options that may be awarded under the Plan by electronic means or request Participant's consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Option Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan is incorporated herein by reference. The Plan, the Stockholders Agreement and this Option 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, and may not be modified adversely to the Participant's interest except by means of a writing signed by the Company and Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Options have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications to the Agreement</u>. Participant expressly warrants that Participant is not accepting this Option Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Option Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Issuance of Stock</u>. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or Participant's estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or

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other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Joinder to the Stockholders Agreement</u>. If Participant is not already a party to the Stockholders Agreement, then Participant hereby agrees to join and become a party to, and the Company hereby agrees to accept Participant as a party to, the Stockholders Agreement. The Company and Participant each acknowledges and agrees that Participant shall be entitled to the applicable rights and benefits, and shall be subject to the applicable obligations under the Stockholders Agreement. In the event that Participant fails to timely comply with any of Participant's obligations under either agreement as determined by the Board in its good faith discretion, Participant may be required to immediately forfeit any or all of the Options and/or Shares acquired upon exercise of the Options, outstanding at the time of such non-compliance without any consideration being paid therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</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>Confidentiality</u>. During the course of Participant's time as Service Provider to the Company and its subsidiaries (the "<u>Company Group</u>"), Participant will have access to Confidential Information. For purposes of this Option Agreement, "<u>Confidential Information</u>" means the Company Group's confidential and/or proprietary information and/or trade secrets that have been developed or used and that cannot be obtained readily by third parties from sources outside of the Company Group, including, by way of example and without limitation, all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Participant agrees that Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any Person, other than in the course of Participant's assigned duties and for the benefit of the Company Group, either during the period of Participant's time as Service Provider or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company Group's part to maintain the confidentiality of such information, and to use such information only during the course of Participant's assigned duties and for the benefit of the Company Group, in each case, which shall have been obtained by Participant during Participant's time as Service Provider to the Company Group (or any predecessors). The foregoing shall not apply to information that (i) was known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information prior to its disclosure to Participant; (ii) becomes known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information subsequent to disclosure to Participant through no wrongful act of Participant or any representative of Participant; or (iii) Participant is required to disclose by applicable law, regulation or legal process (<u>provided</u>, that, subject to Section 18(f), Participant provides the Company Group with prior notice of the contemplated disclosure and reasonably cooperates with the Company Group at the Company Group's expense in seeking a protective order or other appropriate protection of such information). The terms and conditions of this Option Agreement shall remain strictly confidential, and Participant hereby agrees not

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to disclose the terms and conditions hereof to any Person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers, as to the latter, solely for the purpose of disclosing the limitations on Participant's conduct imposed by the provisions of this Section 18 who, in each case, agree to keep such information confidential.

&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>Non-Competition</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;In partial consideration for award of the Options, in order to forestall the disclosure or use of Confidential Information as well as to deter Participant's intentional interference with the contractual relations of the Company Group, Participant's intentional interference with the prospective economic advantage of the Company Group and to promote fair competition, Participant agrees that during the period commencing on the Date of Grant and, (A) for Participant's located outside of the State of California, ending on the first (1st) anniversary of the date Participant ceases to be a Service Provider, or (B) for Participant's located inside the State of California, ending on the date Participant ceases to be a Service Provider (such period, in each case, the "<u>Restricted Period</u>"), Participant shall not directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equityholder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any Competitive Business anywhere in which the Company Group is engaging in the business of the Company Group as of Participant's Termination; provided, that nothing herein shall prohibit Participant from being, directly or indirectly, a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded so long as Participant does not have any active participation in the business of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Option Agreement, "<u>Competitive Business</u>" means the business conducted by the Company Group as of the date Participant ceases to be a Service Provider, as such business may be extended or expanded in accordance with a proposal to so extend or expand as to which any steps were taken prior to 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that during the Restricted Period, Participant shall not directly, or indirectly through another Person, for Participant's own account or for the account of any other Person, engage in Interfering Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Option Agreement, "<u>Interfering Activities</u>" means (i) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person's employment with or services to (or in the case of a consultant, materially reducing such services to) the Company Group or (ii) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Option Agreement, "<u>Business Relation</u>" means any current or prospective partner, client, customer, licensee, supplier, or other business relation of any member of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6) month period, in each case, with whom Participant transacted business or whose identity became known to Participant as a Service Provider to the Company Group.

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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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Inventions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company Group resources and/or within the scope of Participant's work with the Company Group and that are made or conceived by Participant, solely or jointly with others, during the period of Participant's time as a Service Provider with the Company Group, or (B) suggested by any work that Participant performs in connection with the Company Group, either while performing Participant's duties with the Company Group or on Participant's own time, but only insofar as the Inventions are related to Participant's work as an employee or other service provider to the Company Group, shall belong exclusively to the Company Group (or its designees), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). Participant will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company Group, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company Group. The Records shall be the sole and exclusive property of the Company Group, and Participant will surrender them upon the time Participant ceases to be a Service Provider with the Company Group, or upon request. Participant will assign to the Company Group the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the period of Participant's time as a Service Provider with the Company Group, together with the right to file, in Participant's name or in the name of the Company Group (or its designees), applications for patents and equivalent rights (the "<u>Applications</u>"). Participant will, at any time during and subsequent to the period of Participant's time as a Service Provider with the Company Group, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be reasonably requested from time to time by the Company Group to perfect, record, enforce, protect, patent or register the rights of the Company Group in the Inventions, all without additional compensation to Participant from the Company Group. Participant will also execute assignments to the Company Group (or its designees) of the Applications, and give the Company Group and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the benefit of the Company Group, all without additional compensation to Participant, but entirely at the expense of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 addition, the Inventions will be deemed work for hire, as such term is defined under the copyright laws of the United States, on behalf of the Company Group and Participant agrees that the Company Group will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to Participant. If the Inventions, or any portion thereof, are deemed not to be work for hire, or the rights in such Inventions do not otherwise automatically vest in the Company Group, Participant hereby irrevocably conveys, transfers and assigns to the Company Group all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of Participant's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, Participant hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that Participant has any rights in the Inventions that cannot be assigned in the manner described herein, Participant agrees to

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unconditionally waive the enforcement of such rights. Participant hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon, including, without limitation, any rights that would otherwise accrue to Participant's benefit by virtue of Participant being a Service Provider to the Company Group.

&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>Non-Disparagement</u>. Participant agrees not to disparage the Company Group or its officers, directors, employees, shareholders, members, agents or products, other than in the good faith performance of Participant's duties to the Company Group, while Participant is employed by the Company Group and at all times thereafter. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

&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>Permitted Reporting and Disclosure</u>. Notwithstanding any language in this Option Agreement to the contrary, nothing in this Option Agreement prohibits or impedes Participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, otherwise communicating, cooperating, or filing a complaint with or making other disclosures or complaints to any such agency or entity that are protected under the whistleblower provisions of federal law or regulation; <u>provided</u>, that, in each case such communications and disclosures are consistent with applicable law. Participant does not need the prior authorization of the Company to make any such reports or disclosures and Participant is not required to notify the Company that Participant has made such reports or disclosures. Notwithstanding the foregoing, under no circumstance is Participant authorized to disclose any information covered by the Company's attorney-client privilege or attorney work product or the Company's trade secrets without prior written consent of the Board. An individual shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonableness of Covenants</u>. In signing this Option Agreement, Participant gives the Company Group assurance that Participant has carefully read and considered all of the terms and conditions of this Option Agreement, including the restraints imposed under this Section 18. Participant agrees that these restraints are necessary for the reasonable and proper protection of the Company Group and its Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Participant from obtaining other suitable employment during the period in which Participant is bound by the restraints. Participant acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company Group and that Participant has sufficient assets and skills to provide a livelihood while such covenants remain in force. Participant further covenants that Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 18, and that Participant will reimburse the Company Group for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this Section 18 if the Company Group prevails on any material issue involved in such dispute or if Participant challenges the reasonableness or enforceability of any of the provisions of this Section 18. It is also agreed that any member of the Company Group will have the right to enforce all of

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Participant's obligations to that Affiliate under this Option Agreement, including without limitation pursuant to this Section 18.

&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>Reformation</u>. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 18 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&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>Tolling</u>. In the event of any violation of the provisions of this Section 18, Participant acknowledges and agrees that the post-Termination restrictions contained in this Section 18 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-Termination restriction period shall be tolled during any period of such violation.

&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>Survival</u>. The obligations contained in this Section 18 hereof shall survive the cessation of Participant's time as a Service Provider with the Company Group and the date on which Participant no longer holds, directly or indirectly, any equity in the Company for the periods set forth in the other portions of this Section 18, and shall be fully enforceable thereafter in accordance 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 18 would be inadequate and, in recognition of this fact, Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Guarantee of Continued Service</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THESE OPTIONS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

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By Participant's signature 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;Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Options subject to all of the terms and provisions 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;Participant has reviewed the Plan and the Options in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Options and fully understands all provisions 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;Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or 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;Participant further agrees to notify the Company upon any change in the residence address indicated below.

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| | |
|:---|:---|
| **PARTICIPANT** | **ENTRATA, INC.** |
| | By |
| | /s/ Adam Edmunds |
| ***###PARTICIPANT_NAME###*** | Adam Edmunds, CEO |
| ###HOME_ADDRESS### | |
| ###ACCEPTANCE_DATE### | |

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**<u>ANNEX A</u>**

**JOINDER AGREEMENT**

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "***Stockholders Agreement***") by and among Entrata, Inc., SLP Emblem Aggregator, L.P., SLP Emblem Aggregator II, L.P., TPP Capital Advisors, Ltd., HGGC Prop Holdings, LP, Entryway DF Holdings, LP and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement.

By executing and delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned's becoming the recipient or transferee of Securities, to become a party as a Stockholder to, and if applicable, as an Employee Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder, and, if applicable, an Employee Stockholder, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

The undersigned acknowledges and agrees that <u>Section 8.4</u> through <u>Section 8.6</u> of the Stockholders Agreement are incorporated herein by reference, *mutatis mutandis*.

[Remainder of page intentionally left blank]

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Accordingly, the undersigned has executed and delivered this Joinder Agreement as of ###ACCEPTANCE_DATE###.

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| |
|:---|
| ***###PARTICIPANT NAME###*** |
| &nbsp;&nbsp;Signature |
| ###PARTICIPANT NAME### |
| &nbsp;&nbsp;Print Name |

---

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**<u>EXHIBIT A</u>**

**2021 EQUITY INCENTIVE PLAN**

**EXERCISE NOTICE**

Entrata, Inc.

4205 Chapel Ridge Road

Lehi, UT, 84043

Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of the Options</u>. Effective as of today, ________________, ____, the undersigned ("<u>Participant</u>") hereby elects to exercise Participant's option (the "<u>Options</u>") to purchase ________________ shares of the Common Stock (the "<u>Shares</u>") of Entrata, Inc. (the "<u>Company</u>") under and pursuant to the 2021 Equity Incentive Plan (the "<u>Plan</u>") and the Stock Option Agreement dated ______________, _____ (the "<u>Option Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Payment</u>. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of Participant</u>. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>. Until the issuance of the Shares (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 shall exist with respect to the Common Stock of the Company subject to an Award (as defined in the Plan), notwithstanding the exercise of the Options. The Shares shall be issued to Participant as soon as practicable after the Options are exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Right of First Refusal</u>. Before any Shares held by Participant or any transferee (either being sometimes referred to herein as the "<u>Holder</u>") may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 5 (the "<u>Right of First Refusal</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>Notice of Proposed Transfer</u>. The Holder of the Shares shall deliver to the Company a written notice (the "<u>Notice</u>") stating: (i) the Holder's bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee ("<u>Proposed Transferee</u>"); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the "<u>Offered Price</u>"), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Right of First Refusal</u>. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase

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all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>. The purchase price ("<u>Purchase Price</u>") for the Shares purchased by the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment</u>. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Holder's Right to Transfer</u>. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, <u>provided</u> that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exception for Certain Family Transfers</u>. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during the Participant's lifetime or on the Participant's death by will or intestacy to the Participant's immediate family or a trust for the benefit of the Participant's immediate family shall be exempt from the provisions of this Section 5. "<u>Immediate Family</u>" as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Right of First Refusal</u>. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change of Control (as defined in the Plan) in which the successor corporation has equity securities that are publicly traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consultation</u>. Participant understands that Participant may suffer adverse tax consequences as a result of Participant's purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Legends and Stop-Transfer Orders</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>Legends</u>. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s)

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evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "<u>ACT</u>") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE 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 TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY'S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stop-Transfer Notices</u>. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refusal to Transfer</u>. The Company shall 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 Exercise Notice 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 shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes

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or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option Agreement and the Investment Representation Statement 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, and may not be modified adversely to the Participant's interest except by means of a writing signed by the Company and Participant.

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| | |
|:---|:---|
| Submitted by: | Accepted by: |
| PARTICIPANT | ENTRATA, INC. |
| Signature | By |
| Print Name | Print Name |
| | Title |
| Address: | Address: |
| | Date Received |

---

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**<u>EXHIBIT B</u>**

**INVESTMENT REPRESENTATION STATEMENT**

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| | | |
|:---|:---|:---|
| PARTICIPANT | : | |
| COMPANY | : | ENTRATA, INC. |
| SECURITY | : | COMMON STOCK |
| AMOUNT | : | |
| DATE | : | |

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In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant's investment intent as expressed herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant's representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of 1 year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Options to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any 3 month period not exceeding specified limitations, (3) the resale being made in an unsolicited "broker's

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transaction", transactions directly with a "market maker" or "riskless principal transactions" (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the Options, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in such event.

---

| |
|:---|
| PARTICIPANT |
| Signature |
| Print Name |
| Date |

---

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Unless otherwise defined herein, the terms defined in the 2021 Equity Incentive Plan (the "<u>Plan</u>") shall have the same defined meanings in this Restricted Stock Unit Award Agreement (this "<u>Award Agreement</u>"). The Number of Restricted Stock Units granted to Participant under this Award are referred to for purposes of this Award Agreement as the "<u>RSUs</u>."

**I.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE OF GRANT OF RESTRICTED STOCK UNITS</u>**

---

| | |
|:---|:---|
| **Name:** | ###PARTICIPANT_NAME### |
| **Address:** | ###HOME_ADDRESS### |

---

The undersigned individual ("<u>Participant</u>") has been granted the right to receive an Award of RSUs, subject to the terms and conditions of the Plan and this Award Agreement, as follows:

---

| | |
|:---|:---|
| Date of Grant: | ###GRANT_DATE### |
| Vesting Commencement Date: | ###ALTERNATIVE_VEST_BASE_DATE### |
| Number of Restricted Stock Units: | ###TOTAL_AWARDS### |
| Expiration Date: | ###EXPIRATION_DATE### |

---

<u>Vesting Schedule</u>: The vesting of RSUs will be based on the satisfaction of two separate vesting requirements on or before the Expiration Date: (1) a time-based vesting requirement defined below as the "<u>Standard Vesting Schedule</u>"; and (2) a liquidity event requirement defined below as the "<u>Liquidity Event Requirement</u>". RSUs vest on the first day that <u>both</u> requirements (the Standard Vesting Schedule and the Liquidity Event Requirement) are satisfied. Participant must continue to be a Service Provider through each applicable requirement to vest, except as otherwise set forth in this Section I.

*Standard Vesting Schedule*

INSERT TIME-BASED VESTING SCHEDULE ("<u>Standard Vesting Schedule</u>").]

*Liquidity Event Requirement*

No RSUs will vest prior to the first to occur of (i) in the case of a Public Listing or SPAC Transaction (as each term is defined in Part II, Section 5 below), the date that such Public Listing or SPAC Transaction occurs, or (ii) in the case of a Change in Control (as defined in the Plan), the date that such Change in Control occurs (the earliest to occur of (i) and (ii), a "<u>Liquidity Event</u>," and the requirement that a Liquidity Event occur before any RSUs vest, the "<u>Liquidity Event Requirement</u>"); <u>provided</u>, that the Liquidity Event must occur prior to the Expiration Date.

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Only the number of RSUs that have satisfied the Standard Vesting Schedule will vest when the Liquidity Event Requirement is satisfied. Any unvested RSUs under this Award will continue to vest in accordance with the Standard Vesting Schedule on and after the Liquidity Event Requirement is satisfied.

*Treatment Upon Termination* 

<u>Termination Before Liquidity Event Requirement is Satisfied</u>: In the event Participant ceases to be a Service Provider due to termination of employment or service other than for Cause, before the Liquidity Event Requirement is satisfied and does not commit a breach by Participant with respect to any restrictive covenants, including any covenant relating to confidentiality, non-competition, non-solicitation, non-interference and non-disparagement that Participant is subject to by reason of any agreement with the Company or any of its Subsidiaries (a "<u>Restrictive Covenant Violation</u>") before the date on which the Liquidity Event Requirement is satisfied, the RSUs which have satisfied the Standard Vesting Schedule at the time of such termination shall fully vest upon the Liquidity Event if such Liquidity Event occurs prior to the Expiration Date, and all other RSUs shall be forfeited upon Participant ceasing to be a Service Provider. In the event Participant ceases to be a Service Provider due to a termination for Cause or Participant commits a Restrictive Covenant Violation, in each case before the Liquidity Event Requirement is satisfied, all then outstanding RSUs (including RSUs that have satisfied the Standard Vesting Schedule) will be immediately forfeited to the Company at no cost to the Company, and Participant will receive no compensation for or benefit from such RSUs. If the Liquidity Event Requirement is not satisfied on or prior to the Expiration Date, all then outstanding RSUs (including RSUs that have satisfied the Standard Vesting Schedule) will be immediately forfeited to the Company at no cost to the Company and Participant will receive no compensation for or benefit from such RSUs.

Unless the Board provides otherwise prior to the settlement of such RSUs, if Participant ceases to be a Service Provider prior to a Liquidity Event, all RSUs that have satisfied the Standard Vesting Schedule at the time of Participant's termination of employment or service and that are not forfeited as a result of such termination being a termination for Cause or Participant's commission of a Restrictive Covenant Violation prior to a Liquidity Event shall have their ultimate settlement value capped at an amount equal to the Fair Market Value of a Share at the time of such termination of employment or service (the "<u>Value Cap</u>"). Accordingly, if the Fair Market Value of a Share at the time of settlement exceeds the Value Cap and settlement will occur in such shares, the number of Shares ultimately issuable in settlement of vested RSUs shall be calculated based on the Value Cap and not on the basis of one share for each RSU being settled. For the avoidance of doubt, if the Fair Market Value of the Shares at the time of settlement is lower than the Value Cap, such settlement shall be based on such lower Fair Market Value and, if being settled in Shares, one Share for each RSU being settled shall apply.

<u>Termination After Liquidity Event Requirement is Satisfied</u>: If Participant ceases to be a Service Provider for any reason following the date on which the Liquidity Event Requirement is satisfied but before the Standard Vesting Schedule is satisfied with respect to 100% of the RSUs, the RSUs for which the Standard Vesting Schedule has not been satisfied[, and that are not eligible to vest pursuant to the Double-Trigger Vesting Acceleration (as defined below),] will be immediately forfeited to the Company at no cost to the Company, and Participant will receive no compensation for or benefit from such RSUs.

[Notwithstanding the foregoing, in the event Participant ceases to be a Service Provider due to termination of employment or service by the Company, other than for Cause, death, or Disability, within twelve (12) months following a Change in Control (but prior to the end of the Standard Vesting Schedule), and the Participant has not committed a Restrictive Covenant Violation, the Standard Vesting Schedule will be considered satisfied with respect to all RSUs that have not fully vested as of such date,

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and all of the RSUs will vest in full on the date of such termination (the "Double-Trigger Vesting Acceleration").]

"<u>Cause</u>" means with respect to Participant, the meaning ascribed to such term in any employment, consulting or similar agreement then in effect between Participant and the Company or, if there is no such agreement or such term is not defined therein, shall mean: (a) Participant's failure or refusal to substantially perform Participant's material duties (other than as a result of total or partial incapacity due to physical or mental illness), (b) dishonesty in the performance of Participant's duties that adversely affects the operations, financial performance, business reputation or business relationships of the Company or any of its Subsidiaries, (c) the commission of or plea of guilty or nolo contendere by Participant with respect to (x) a felony or (y) any crime involving moral turpitude, (d) Participant malfeasance or willful misconduct in connection with Participant's duties or any act or negligent omission that is injurious to the operations, financial condition, business reputation or business relationships of the Company or any of its Subsidiaries, (e) a Restrictive Covenant Violation by Participant or (f) Participant's breach of any written Company policy that is injurious to the operations, financial condition, business reputation or business relationships of the Company or any of its Subsidiaries. 

**II.&nbsp;&nbsp;&nbsp;&nbsp;<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of RSUs</u>. The Company hereby grants an Award of RSUs under the Plan to the individual named as "Participant" in the Notice of Grant of RSUs in Part I of this Award Agreement ("<u>Notice of Grant</u>"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Sections 18(c) and 18(d) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the terms and conditions of the Plan shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Obligation to Pay</u>. Except as is otherwise specifically provided in the Notice of Grant in connection with the application of the Value Cap, each RSU represents the right to receive a Share on the date that an RSU vests. Unless and until the RSUs have vested in the manner set forth in Section 4 (such that both the Standard Vesting Schedule and Liquidity Event Requirement have been satisfied), Participant will have no right to payment with respect to any such RSUs. Prior to actual payment with respect to any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participant's Representations</u>. In the event the Shares have not been registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), at the time of the settlement of the applicable RSUs, Participant shall, if required by the Company, concurrently with the grant of this Award of RSUs, deliver to the Company Participant's Investment Representation Statement in the form attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Schedule</u>. Except as provided in Section 6, and subject to Section 7, the RSUs awarded by this Award Agreement will vest in accordance with the vesting schedule set forth in the Notice of Grant (which includes both the Standard Vesting Schedule and the Liquidity Event Requirement). If a Liquidity Event does not occur on or prior to the Expiration Date, all RSUs (including RSUs that have satisfied the Standard Vesting Schedule) and Participant's right to acquire any Shares hereunder will immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Period</u>. It is possible that the Company will become a publicly traded company and that could happen in a number of different ways. This Section 5 sets out some restrictions that will apply in that circumstance unless those restrictions are waived by an authorized entity. The Company

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could become a publicly traded company (x) through an underwritten public offering made under a registration statement filed by the Company under the Securities Act registering any of its equity securities for sale to the public, (an "<u>Underwritten IPO</u>"), (y) through the direct listing or direct placement of its equity securities in a publicly traded exchange or a national market system, including without limitation the New York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market (a "<u>Direct Listing</u>," and each of clauses (x) and (y) is considered a "<u>Public Listing</u>"), or (z) as a result of the closing of the Company's completion of a merger or consolidation with a special purpose acquisition company or its subsidiary (such entity, a "<u>SPAC</u>") in which securities of the surviving or parent entity are listed on an established stock exchange or a national market system, including without limitation the New York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market (such a transaction a "<u>SPAC Transaction</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;Participant agrees that Participant will not (x) 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 (or other securities of the Company or SPAC) or any securities convertible into or exercisable or exchangeable, directly or indirectly for Shares (or other securities of the Company or SPAC) or (y) enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares (or other securities of the Company or SPAC) held by Participant (other than those included in the registration) for the period specified in Sections 5(b) and 5(c) (the "<u>Market Standoff Period</u>"). The provisions of this Section 5(a) do not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement for 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Market Standoff Period will begin on (x) the effectiveness of the registration statement filed by the Company for a Public Listing or (y) the closing of a SPAC 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 Market Standoff Period for a Public Listing will end on the date specified by the managing underwriter(s) for an Underwritten IPO or by the Company for a Direct Listing. The Market Standoff Period for a SPAC Transaction will end on the date specified by the surviving entity in the SPAC transaction. In no event, however, shall such period exceed 180 days.

&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;Participant agrees to execute and deliver such other agreements as may be reasonably requested by the managing underwriter(s) or the Company which are consistent with the foregoing, or which are necessary to give further effect thereto. In addition, if requested by the Company or a representative of the underwriter, Participant shall provide, within 10 days of such request, such information as may be required by the Company or such representative in connection with the completion of any Public Listing or SPAC Transaction. The underwriters in connection with a Public Listing and the special purpose acquisition company and its affiliates in a SPAC Transaction are intended third-party beneficiaries of this Section and shall have the right, power, and authority to enforce the provisions hereof as though they were a party 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the Shares (or other securities) subject to the foregoing restriction until the end of the Market Standoff Period. Participant agrees that any transferee of this Shares acquired pursuant to this Award shall be bound by this Section 5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment after Vesting</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>General Rule</u>. Subject to Section 10, any RSUs that vest will be paid to Participant (or in the event of Participant's death, to Participant's estate) in whole Shares. Subject to the provisions of Section 6(b), such vested RSUs shall be paid in whole Shares as soon as practicable after vesting in the case of a Change in Control and by no later than the first business day after the end of the Market Standoff Period in the case of a Public Listing or SPAC Transaction, but, in each such case no later than March 15 of the year following the year of the vesting date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year of payment of any RSUs payable under this 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Discretionary Acceleration</u>. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested RSUs at any time, subject to the terms of the Plan. If so accelerated, such RSUs will be considered as having vested as of the date specified by the Administrator. If Participant is a U.S. taxpayer, the payment of Shares vesting pursuant to this Section 6(b) shall in all cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A. The prior sentence may be superseded in a future agreement or amendment to this Award Agreement only by direct and specific reference to such sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Specified Employee</u>. Notwithstanding anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after the Date of Grant), if the vesting of the balance, or some lesser portion of the balance, of the RSUs is accelerated in connection with Participant's termination as a Service Provider (provided that such termination is a "separation from service" within the meaning of Section 409A, as determined by the Company), other than due to Participant's death, and if (x) Participant is a U.S. taxpayer and a "specified employee" within the meaning of Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated RSUs will result in the imposition of additional tax under Section 409A if paid to Participant on or within the 6 month period following Participant's termination as a Service Provider, then the payment of such accelerated RSUs will not be made until the date 6 months and 1 day following the date of Participant's termination as a Service Provider, unless Participant dies following Participant's termination as a Service Provider, in which case, the RSUs will be paid in Shares to Participant's estate as soon as practicable following Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>. It is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the RSUs provided under this Award Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse Participant, or be otherwise responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A. For purposes of this Award Agreement, "<u>Section 409A</u>" means Section 409A of the Code, and any final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>. Participant has reviewed with its own tax advisors the U.S. federal, state, local and Non-U.S. tax consequences, as applicable, of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies solely on such

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advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for Participant's own tax liability that may arise as a result of this investment, or the transactions contemplated by this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding</u>. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the RSUs. Participant acknowledges and agrees that the Company may refuse to deliver the Shares if such withholding amounts are not delivered at the time they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Guarantee of Continued Service</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RSUS PURSUANT TO THE VESTING PROVISIONS HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE RSU AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award is Not Transferable</u>. This Award and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Award and the rights and privileges conferred hereby immediately will become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants.</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>Confidentiality</u>. During the course of Participant's time as Service Provider to the Company or any Parent or Subsidiaries (collectively, the "<u>Company Group</u>"), Participant will have access to Confidential Information. For purposes of this Award Agreement, "<u>Confidential Information</u>" means

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the Company Group's confidential and/or proprietary information and/or trade secrets that have been developed or used and that cannot be obtained readily by third parties from sources outside of the Company Group, including, by way of example and without limitation, all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company Group, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. Participant agrees that Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any Person, other than in the course of Participant's assigned duties and for the benefit of the Company Group, either during the period of Participant's time as Service Provider or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company Group's part to maintain the confidentiality of such information, and to use such information only during the course of Participant's assigned duties and for the benefit of the Company Group, in each case, which shall have been obtained by Participant during Participant's time as Service Provider to the Company Group (or any predecessors). The foregoing shall not apply to information that (i) was known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information prior to its disclosure to Participant; (ii) becomes known to Persons outside of the Company Group not subject to a duty, directly or indirectly, to the Company Group to maintain the confidentiality of such information subsequent to disclosure to Participant through no wrongful act of Participant or any representative of Participant; or (iii) Participant is required to disclose by Applicable Laws, regulation or legal process (<u>provided</u>, that, subject to Section 14(f), Participant provides the Company Group with prior notice of the contemplated disclosure and reasonably cooperates with the Company Group at the Company Group's expense in seeking a protective order or other appropriate protection of such information). The terms and conditions of this Award Agreement shall remain strictly confidential, and Participant hereby agrees not to disclose the terms and conditions hereof to any Person or entity, other than immediate family members, legal advisors or personal tax or financial advisors, or prospective future employers, as to the latter, solely for the purpose of disclosing the limitations on Participant's conduct imposed by the provisions of this Section 14 who, in each case, agree to keep such information confidential.

&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>Non-Competition</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;In partial consideration for award of the RSUs, in order to forestall the disclosure or use of Confidential Information as well as to deter Participant's intentional interference with the contractual relations of the Company Group, Participant's intentional interference with the prospective economic advantage of the Company Group and to promote fair competition, Participant agrees that during the period commencing on the Date of Grant, (A) for Participant's located outside of the State of California, and ending on the first (1st) anniversary of the date Participant ceases to be a Service Provider, or (B) for Participant's located inside the State of California, ending on the date Participant ceases to be a Service Provider (such period, in each case, the "<u>Restricted Period</u>"), Participant shall not directly or indirectly own any interest in, manage, control, participate in (whether as an officer, director, manager, employee, partner, equityholder, member, agent, representative or otherwise), consult with, render services for, or in any other manner engage in any Competitive Business anywhere in which the Company Group is engaging in the business of the Company Group as of Participant's termination as

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a Service Provider; <u>provided</u>, that nothing herein shall prohibit Participant from being, directly or indirectly, a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded so long as Participant does not have any active participation in the business of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Award Agreement, "<u>Competitive Business</u>" means the business conducted by the Company Group as of the date Participant ceases to be a Service Provider, as such business may be extended or expanded in accordance with a proposal to so extend or expand as to which any steps were taken prior to 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees that during the Restricted Period, Participant shall not directly, or indirectly through another Person, for Participant's own account or for the account of any other Person, engage in Interfering Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Award Agreement, "<u>Interfering Activities</u>" means (i) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person's employment with or services to (or in the case of a consultant, materially reducing such services to) the Company Group, (ii) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For purposes of this Award Agreement, "<u>Business Relation</u>" means any current or prospective partner, client, customer, licensee, supplier, or other business relation of any member of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior 6-month period, in each case, with whom Participant transacted business or whose identity became known to Participant as a Service Provider to the Company Group.

&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>Inventions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, methods, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company Group resources and/or within the scope of Participant's work with the Company Group and that are made or conceived by Participant, solely or jointly with others, during the period of Participant's time as a Service Provider with the Company Group, or (B) suggested by any work that Participant performs in connection with the Company Group, either while performing Participant's duties with the Company Group or on Participant's own time, but only insofar as the Inventions are related to Participant's work as an employee or other Service Provider to the Company Group, shall belong exclusively to the Company Group (or its designees), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). Participant will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company Group, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company Group. The Records shall be the sole and exclusive property of the Company Group, and Participant will surrender them at the time Participant ceases to be a Service Provider with the Company Group, or upon

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request. Participant will assign to the Company Group the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the period of Participant's time as a Service Provider with the Company Group, together with the right to file, in Participant's name or in the name of the Company Group (or its designees), applications for patents and equivalent rights (the "<u>Applications</u>"). Participant will, at any time during and subsequent to the period of Participant's time as a Service Provider with the Company Group, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be reasonably requested from time to time by the Company Group to perfect, record, enforce, protect, patent or register the rights of the Company Group in the Inventions, all without additional compensation to Participant from the Company Group. Participant will also execute assignments to the Company Group (or its designees) of the Applications, and give the Company Group and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the benefit of the Company Group, all without additional compensation to Participant, but entirely at the expense of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 addition, the Inventions will be deemed work for hire, as such term is defined under the copyright laws of the United States, on behalf of the Company Group and Participant agrees that the Company Group will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to Participant. If the Inventions, or any portion thereof, are deemed not to be work for hire, or the rights in such Inventions do not otherwise automatically vest in the Company Group, Participant hereby irrevocably conveys, transfers and assigns to the Company Group all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of Participant's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, Participant hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that Participant has any rights in the Inventions that cannot be assigned in the manner described herein, Participant agrees to unconditionally waive the enforcement of such rights. Participant hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon, including, without limitation, any rights that would otherwise accrue to Participant's benefit by virtue of Participant being a Service Provider to the Company Group.

&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>Non-Disparagement.</u> Participant agrees not to disparage the Company Group or its officers, directors, employees, stockholders, members, agents or products, other than in the good faith performance of Participant's duties to the Company Group, while Participant is employed by the Company Group and at all times thereafter. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

&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>Permitted Reporting and Disclosure</u>. Notwithstanding any language in this Award Agreement to the contrary, nothing in this Award Agreement prohibits or impedes Participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, otherwise communicating, cooperating, or filing a complaint with or making other disclosures or complaints to any such agency or entity that are protected

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under the whistleblower provisions of federal law or regulation; <u>provided</u>, that, in each case such communications and disclosures are consistent with Applicable Laws. Participant does not need the prior authorization of the Company to make any such reports or disclosures and Participant is not required to notify the Company that Participant has made such reports or disclosures. Notwithstanding the foregoing, under no circumstance is Participant authorized to disclose any information covered by the Company's attorney-client privilege or attorney work product or the Company's trade secrets without prior written consent of the Board. An individual shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a U.S. federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonableness of Covenants</u>. In signing this Award Agreement, Participant gives the Company Group assurance that Participant has carefully read and considered all of the terms and conditions of this Award Agreement, including the restraints imposed under this Section 14. Participant agrees that these restraints are necessary for the reasonable and proper protection of the Company Group and its Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent Participant from obtaining other suitable employment during the period in which Participant is bound by the restraints. Participant acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company Group and that Participant has sufficient assets and skills to provide a livelihood while such covenants remain in force. Participant further covenants that Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 14, and that Participant will reimburse the Company Group for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this Section 14 if the Company Group prevails on any material issue involved in such dispute or if Participant challenges the reasonableness or enforceability of any of the provisions of this Section 14. It is also agreed that any member of the Company Group will have the right to enforce all of Participant's obligations to that Affiliate under this Award Agreement, including without limitation pursuant to this Section 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reformation</u>. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 14 is excessive in duration or scope or is unreasonable or unenforceable under Applicable Laws, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&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>Tolling</u>. In the event of any violation of the provisions of this Section 14, Participant acknowledges and agrees that the post-termination restrictions contained in this Section 14 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

&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>Survival</u>. The obligations contained in this Section 14 hereof shall survive the cessation of Participant's time as a Service Provider with the Company Group and the date on which Participant no longer holds, directly or indirectly, any equity in the Company for the periods set forth in

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the other portions of this Section 14 and shall be fully enforceable thereafter in accordance 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section 14 would be inadequate and, in recognition of this fact, Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other Security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Legends and Stop-Transfer Orders</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>Legends</u>. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of any Shares acquired pursuant to this Award Agreement together with any other legends that may be required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "<u>ACT</u>") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, AND IN THE COMPANY'S BYLAWS (AS MAY BE AMENDED FROM TIME TO TIME), COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY'S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stop-Transfer Notices</u>. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Refusal to Transfer</u>. The Company shall 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

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Award 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 shall have been so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Address for Notices</u>. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company at Entrata, Inc. 4205 Chapel Ridge Road, Lehi, UT, 84043, or at such other address as the Company may hereafter designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs awarded under the Plan or future RSUs that may be awarded under the Plan by electronic means or request Participant's consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver</u>. Either party's failure to enforce any provision or provisions of this Award Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either party's right to assert all other legal remedies available to it under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement shall be binding upon Participant and Participant's heirs, executors, administrators, successors and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Issuance of Stock</u>. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or Participant's estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other Applicable Laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any RSUs have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications to the Agreement</u>. Participant expressly warrants that Participant is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award of RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Country Addendum</u>. Notwithstanding any provisions in this Award Agreement, the RSUs shall be subject to any special terms and conditions set forth in the appendix (if any) to this Award Agreement for Participant's country (the "<u>Country Addendum</u>"). Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country 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. The Country Addendum constitutes part of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Severability</u>. This Award Agreement is governed by the internal substantive laws, but not the choice of law rules, of Utah. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Award Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>.<sup>1</sup> The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the exhibits referenced herein) 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 and may not be modified adversely to Participant's interest except by means of a writing signed by the Company and Participant.

By Participant's signature below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges receipt of a copy of the Plan and represents that Participant is familiar with the terms and provisions thereof, and hereby accepts this Award Agreement subject to all of the terms and provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all provisions of this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Participant further agrees to notify the Company upon any change in the residence address indicated below.

<sup>1</sup> To the extent than an individual is party to an agreement that provides for acceleration of vesting, that agreement needs to be incorporated by references as to the acceleration provisions.

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| | |
|:---|:---|
| **PARTICIPANT** | **ENTRATA, INC.** |
| | By |
| | /s/ Adam Edmunds |
| ***###PARTICIPANT_NAME###*** | Adam Edmunds, CEO |
| ###HOME_ADDRESS### | |
| ###ACCEPTANCE_DATE### | |

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**ENTRATA, INC.**

**2021 EQUITY INCENTIVE PLAN**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

**<u>COUNTRY ADDENDUM</u>**

***TERMS AND CONDITIONS***

This Country Addendum includes additional terms and conditions that govern the RSUs granted to Participant under the Plan if Participant works in one of the countries listed below. If Participant is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which he or she is currently working or if Participant relocates to another country after receiving the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions contained herein will be applicable to Participant.

Certain capitalized terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan, and/or the Award Agreement to which this Country Addendum is attached.

***NOTIFICATIONS***

This Country Addendum also includes notifications relating to exchange control and other issues of which Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the countries listed in this Country Addendum as of **June 2024**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the notifications herein as the only source of information relating to the consequences of his or her participation in the Plan because the information may be outdated when Participant vests in his or her RSUs or sells Shares acquired under the Plan.

In addition, the notifications are 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 relevant laws in Participant's country may apply to Participant's situation.

Finally, if Participant is a citizen or resident of a country other than the one in which Participant is currently working (or is considered as such for local law purposes) or if Participant moves to another country after the RSUs are granted, the information contained herein may not be applicable to Participant.

**Participant acknowledges that he or she has been advised to seek appropriate professional advice as to how the relevant exchange control and tax laws in Participant's country may apply to his or her individual situation.**

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**GLOBAL PROVISIONS APPLICABLE TO NON-US PARTICIPANTS** 

***Terms and Conditions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Exchange Considerations</u>. Participant understands and agrees that neither the Company and its Parent and Subsidiaries nor third-party employer of record (the "<u>EOR</u>"), which includes a professional employer organization, shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the U.S. dollar that may affect the value of the RSUs, or of any amounts due to Participant under the Plan or as a result of vesting in the RSUs and/or the subsequent sale of any Shares acquired under the Plan. Participant agrees and acknowledges that he or she will bear any, and all risk associated with the exchange or fluctuation of currency associated with his or her participation in the Plan. Further, Participant acknowledges and agrees that he or she may be responsible for reporting inbound transactions or fund transfers that exceed a certain amount. Participant is advised to seek appropriate professional advice as to how the exchange control regulations apply to the RSUs and Participant's specific situation and understands that the relevant laws and regulations can change frequently and occasionally on a retroactive basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding Considerations</u>. The following provision supplements Section 9 of the Award Agreement:

Participant acknowledges that, regardless of any action taken by the Company, its Parent or Subsidiary, and/or the EOR the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Company in its discretion to transfer tax amounts, otherwise applicable to the Company, its Parent or Subsidiary, and/or the EOR, as permitted by Applicable Laws to Participant even if legally applicable to the Company ("<u>Tax-Related Items</u>") will be Participant's sole responsibility and may exceed the amount actually withheld by the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company, its Parent or Subsidiary, and/or the EOR that directly engages Participant to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company, its Parent or Subsidiary, and the EOR, or their agents, to satisfy their withholding obligations with regard to all Tax-Related Items, if any, by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to Participant by the Company, its Parent or Subsidiary, and/or the EOR; (ii) causing Participant to tender a cash payment in U.S. dollars; (iii) entering on Participant's behalf (pursuant to this authorization without further consent) into a "same day sale" commitment whereby Participant irrevocably elects to sell a portion of the Shares to be delivered under the RSUs to satisfy the Tax-Related Items; or (iv) withholding Shares from the Shares issued or otherwise issuable to Participant in connection with the RSU Award with a Fair Market Value (measured as of the date Shares are issued to Participant or, if and as determined by the Company, the date on which the Tax-Related Items are required to be calculated) equal to the amount of such Tax-Related Items. Participant agrees to pay to the Company, its Parent or Subsidiary, and/or the EOR (or former service recipient, as applicable) any amount of Tax-Related Items that the Company, its Parent or Subsidiary, and/or the EOR may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by any of the means previously described.

Depending on the withholding method employed, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the Stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant will be deemed

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to have been issued the full number of Shares subject to the vested portion of the Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

Furthermore, Participant acknowledges that the Company, its Parent and Subsidiary, and the EOR (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs or other benefits under the Plan and (b) do not commit to and are under no obligation to structure the terms of the RSUs, other benefits or any aspect of Participant's participation in the Plan to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Finally, if Participant becomes subject to tax in more than one jurisdiction or changes his or her jurisdiction of primary residence or service between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company, its Parent or Subsidiary, and/or the EOR (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In 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 it may be modified, amended, suspended or terminated by the Company at any time, to the extent provided for 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;the grant of the RSUs is 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 awards 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;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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and any Shares acquired under the Plan are not intended to replace any pension 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and Shares acquired under the Plan 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the Shares underlying the RSUs is unknown, indeterminable, and cannot be predicted;

&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;if Participant vests in his or her RSUs and acquires Shares, the value of such Shares may increase or decrease in value, even below the acquisition 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of the RSUs, Participant's status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company, its Parent or Subsidiary, and/or the EOR (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 a Service Provider or the terms of Participant's employment or service agreement, if any), and unless otherwise expressly provided in the Award Agreement (including by reference in the Notice of Grant to other

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arrangements or contracts) or determined by the Company, (i) 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 employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any, unless Participant is providing bona fide services during such time), and (ii) the period (if any) during which Participant may vest in his or her RSU after such termination of Participant's engagement as a Service Provider will commence on the date Participant ceases to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant's engagement agreement, if any; the Company will have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the RSU grant (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by the Award Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the termination of Participant's status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service 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 Parent, Subsidiary, and the EOR, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent, Subsidiary, and the EOR 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 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;*4.&nbsp;&nbsp;&nbsp;&nbsp;****<u>Data Privacy</u>. Participant understands that the Company may collect, where permissible under Applicable Laws certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of the RSUs granted under the Plan or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan. Participant understands that Company may transfer Participant's Data to the United States, which may have different, including less stringent, data protection laws than the laws in Participant's country. Participant understands that the Company will transfer Participant's Data to its designated broker, Solium Capital ULC and its affiliates ("<u>Shareworks</u>"), a wholly owned subsidiary of Morgan Stanley, or such other stock plan Service Provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that a recipient's country of operation (e.g., the United States) may have different, including less stringent, data privacy laws that Participant's jurisdiction does not consider to be equivalent to the protections in Participant's country. Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting <u>stockplanadmin@entrata.com</u>. Participant authorizes the***

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***Company, the Company's designated broker and any other possible recipients which may assist the Company 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. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that that he or she 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 <u>stockplanadmin@entrata.com</u>. Further, Participant understands that he or she is providing the consent herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke Participant's consent, Participant's employment status or career with the Company will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant awards under the Plan or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing Participant's consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact <u>stockplanadmin@entrata.com</u>.***

***Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described herein and any other Plan materials by and among, as applicable, the Company for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan. Participant understands that his or her consent will be sought and obtained for any processing or transfer of Participant's data for any purpose other than as described in the Award Agreement and any other Plan materials.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&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 the 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 possessing the inside information. Furthermore, Participant may be prohibited from (i) disclosing inside information to any third party, including fellow Service Providers (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;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Recommendation Regarding External Advice</u>. Participant understands and agrees that neither the Company, any Parent, Subsidiary, or EOR is providing any tax, legal or financial advice, nor is the Company, any Parent, Subsidiary, or EOR making any recommendations or assessments regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares, or any subsequent disposal or retention of such Shares. Participant understands that he or she is hereby advised to consult with Participant's own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>English Language</u>. If Participant has received the Award Agreement or any other document related to the Plan translated into a language other than English, Participant understands that such translated documents were provided for convenience only, and that if the meaning of the translated version is different than the English version, the English version will control, subject to the Applicable Laws*.* Furthermore, Participant acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of the Award Agreement and confirms having read and understood the documents relating to the Plan, including the Award Agreement and all its terms and conditions, all of which have been provided to Participant exclusively in the English language (unless otherwise specified in the country-specific provisions set forth below that are applicable to Participant). Participant accepts the Plan, the Award Agreement and their applicable terms and conditions and does not require their translation into any language other than English.

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**GLOBAL PROVISIONS APPLICABLE TO PARTICIPANTS IN THE COUNTRIES INCLUDED BELOW**

**<u>BRAZIL</u>**

***Notifications***

<u>Exchange Controls</u>. When transferring amounts resulting from the sale of Shares to Brazil, such funds must be transferred by wire and declared as such through the foreign exchange closing operations of Participant's preferred financial institution in Brazil. The amounts received from abroad also must, subsequently, be declared by Participant for tax purposes.

<u>Foreign Asset Reporting</u>. By participating in the Plan, Participant understands that he or she is generally required to make an annual report of Shares held outside Brazil to the tax authorities and the Central Bank if such holdings exceed a specified limit (currently, US$1 million).

**<u>CANADA</u>**

***Terms and Conditions***

<u>Award Payable Only in Shares</u>. The grant of the RSUs does not give Participant any right to receive a cash payment, and the RSUs are payable in Shares only.

<u>Termination of Active Status</u>. Notwithstanding anything to the contrary provided in the Award Agreement, Participant's active service status shall be considered terminated (regardless of the reason for such termination and whether or not the termination is later found to be invalid, unlawful or in breach of employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant's employment or service agreement, if any) as of the date that is the earliest of (a) the date Participant receives notice of termination of his or her service; (b) the date Participant terminates service; or (c) the date Participant is no longer actively providing services to the Company or the service recipient, 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); in the event that Participant's termination date cannot be reasonably determined under the terms of the Award Agreement and/or the Plan, the Administrator shall have the exclusive discretion to determine when Participant's continuous service status shall be considered terminated for purposes of the RSUs (including when Participant may still be considered to be providing services while on a leave of absence). If, notwithstanding the foregoing, applicable employment legislation explicitly requires continued vesting during a statutory notice period, Participant's right to vest in the RSUs will terminate effective as of the last date of the minimum statutory notice period, but Participant will not earn or be entitled to prorated 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.

<u>French Language Provisions</u>. The following provisions will apply if Participant is a resident of Quebec:

The parties acknowledge that it is their express wish that the Award 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.

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*Les parties reconnaissent avoir exigé la redaction en anglais de cette convention ("<u>Award Agreement</u>"), ainsi que de tous documents exécutés, avis donnés et procedures judiciaries intentées, directement ou indirectement, relativement à la présente convention.*

<u>Tax Reporting Obligation</u>.

Foreign property (including the RSUs granted under the Plan and the underlying Shares) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. The form must be filed by April 30 of the following year.

**<u>COSTA RICA</u>**

No country-specific provisions.

**<u>INDIA</u>**

***Notifications***

<u>Foreign Assets Reporting Information</u>. Participant must declare foreign bank accounts and any foreign financial assets (including Shares subject to the RSUs held outside India) in Participant's annual tax return. It is Participant's responsibility to comply with this reporting obligation and Participant should consult with his or her personal tax advisor in this regard.

<u>Exchange Controls</u>. Participant must repatriate any proceeds from the sale of Shares acquired under the Plan or the receipt of any dividends to India within 180 days of receipt (assuming Participant holds less than 10% of the Company's share capital) and convert such amounts to local currency. Participant must obtain a foreign inward remittance certificate ("<u>FIRC</u>") from the bank where he or she deposits the foreign currency and maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or Participant's employer requests proof of repatriation.

**<u>ISRAEL</u>**

***Terms and Conditions***

<u>Nature of the Award</u>. Participant agrees and understands that: (i) the RSUs will neither be issued to or deposited with a trustee nor approved by the Israel Tax Authority pursuant to Section 102 of the Israeli Tax Ordinance; and (ii) Participant expressly consents and agrees to indemnify the Company or Parent or Subsidiary of the Company and hold them harmless from any and all liability attributable to taxes, interest, or penalties thereon, including without limitation, liabilities relating to the necessity to withhold any taxes.

**<u>MEXICO</u>**

No country-specific provisions.

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**<u>NETHERLANDS</u>**

***Notifications***

<u>Dutch Prohibition Against Insider Trading</u>. By accepting the RSUs, Participant understands that it is Participant's responsibility to be aware of the Dutch insider trading rules. In particular, Participant understands that the Dutch securities laws that prohibit insider trading are based upon the European Market Abuse Directive and are stated in section 5:56 of the Dutch Financial Supervision Act (Wet op het financieel toezicht or Wft) and in section 2 of the Market Abuse Decree (Besluit marktmisbruik Wft). For further information Participant is advised to review the insider rules provided at the following website of the Authority for the Financial Markets (AFM); <u>https://www.afm.nl/nl-nl/consumenten</u>. If Participant is uncertain whether the insider rules apply to Participant, Participant acknowledges that the Company recommends that Participant consult with a legal advisor. Participant understands and agrees that neither the Company nor Participant's employer can be held liable if Participant violates the Dutch insider trading rules. Participant understands and agrees that Participant is responsible for ensuring his or her own compliance with these rules.

**<u>SPAIN</u>**

***Notifications***

<u>Exchange Controls</u>. Participant must declare the acquisition of Shares to the Spanish Dirección General de Comercio Inernacional e Inversiones (the "<u>DGCI</u>"), the Bureau for Commerce and Investments, which is a department of the Ministry of Economy and Competitiveness. Generally, the declaration must be filed in January for Shares acquired or disposed of during the prior year and/or for Shares owned as of December 31 of the prior year; however, if the value of the Shares acquired under the Plan or the amount of the sale proceeds exceeds a certain threshold (or if Participant holds 10% or more of the equity of the Company), the declaration must be filed within one month of the acquisition or disposition, as applicable.

<u>Foreign Asset / Account Reporting Information</u>. Participant is required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), any foreign instruments and any transactions with non-Spanish residents (including any payments of cash made to Participant by the Company or United States brokerage account) if the balances in such accounts, together with the value of such instruments as of December 31, or the volume of transactions with non-Spanish residents during the prior or current year, exceed EUR 1 million.

Further, to the extent that Participant holds Shares and/or has bank accounts outside Spain with a value in excess of EUR 50,000 (for each type of asset) as of December 31, Participant will be required to report information on such assets on his or her tax return (Form Modelo 720) for such year by March 31 of the following year. After such Shares and/or accounts are initially reported, the reporting obligation will apply for subsequent years only if the value of any previously reported shares or accounts increases by more than EUR 20,000 or if Participant sells or otherwise disposes of previously reported assets.

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**<u>EXHIBIT A</u>**

**INVESTMENT REPRESENTATION STATEMENT**

---

| | | |
|:---|:---|:---|
| PARTICIPANT | : | ###PARTICIPANT_NAME### |
| COMPANY | : | ENTRATA, INC. |
| SECURITY | : | SHARES SUBJECT TO RSUs ("<u>SECURITIES</u>") |
| AMOUNT | : | ###TOTAL_AWARDS### |
| DATE | : | ###GRANT_DATE### |

---

In connection with the grant of the above-listed Securities, the undersigned Participant represents to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant's own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "<u>Securities Act</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;Participant acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant's investment intent as expressed herein. In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant's representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the RSUs to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any 3

------

month period not exceeding specified limitations, (3) the resale being made in an unsolicited "broker's transaction", transactions directly with a "market maker" or "riskless principal transactions" (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

In the event that the Company does not qualify under Rule 701 at the time of grant of the RSU, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in such event.

---

| |
|:---|
| PARTICIPANT |
| ***###PARTICIPANT NAME###*** |
| Signature |
| ###PARTICIPANT NAME### |
| Print Name |
| ###ACCEPTANCE DATE### |
| Date |

---

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**ENTRATA, INC.**

**JOINDER AGREEMENT** 

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "***Stockholders Agreement***") by and among Entrata, Inc., SLP Emblem Aggregator, L.P., SLP Emblem Aggregator II, L.P., TPP Capital Advisors, Ltd., HGGC Prop Holdings, LP, Entryway DF Holdings, LP and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement.

By executing and delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned's becoming the recipient or transferee of Securities, to become a party as a Stockholder to, and if applicable, as an Employee Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder, and, if applicable, an Employee Stockholder, in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

The undersigned acknowledges and agrees that <u>Section 8.4</u> through <u>Section 8.6</u> of the Stockholders Agreement are incorporated herein by reference, *mutatis mutandis*.

[Remainder of page intentionally left blank]

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Accordingly, the undersigned has executed and delivered this Joinder Agreement as of <u>###ACCEPTANCE_DATE###</u>.

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| |
|:---|
| ***###PARTICIPANT NAME###*** |
| &nbsp;&nbsp;Signature |
| ###PARTICIPANT NAME### |
| &nbsp;&nbsp;Print Name |

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## Exhibit 10.11

**Exhibit 10.11**

**Execution Version**

**CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN REDACTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.**

CREDIT AGREEMENT

dated as of

September 30, 2025,

among

ENTRATA, INC.,

as the Borrower,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, Collateral Agent and an Issuing Bank

______________________________

JPMORGAN CHASE BANK, N.A.,

BARCLAYS BANK PLC,

and

GOLDMAN SACHS BANK USA

as Joint Lead Arrangers and Joint Bookrunners

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | <u>Page</u> | <u>Page</u> |
| ARTICLE I | ARTICLE I | ARTICLE I |
| DEFINITIONS | DEFINITIONS | DEFINITIONS |
| SECTION 1.01 | Defined Terms | 1 |
| SECTION 1.02 | Classification of Loans and Borrowings | 87 |
| SECTION 1.03 | Terms Generally | 87 |
| SECTION 1.04 | Accounting Terms; GAAP; Certain Calculations | 88 |
| SECTION 1.05 | Certain Calculations and Tests | 89 |
| SECTION 1.06 | [Reserved] | 91 |
| SECTION 1.07 | Currency Translation; Rates; Benchmark Notification | 91 |
| SECTION 1.08 | Limited Condition Transactions | 92 |
| SECTION 1.09 | Cashless Rollovers | 93 |
| SECTION 1.10 | Letter of Credit Amounts | 93 |
| SECTION 1.11 | Times of Day; Timing of Performance | 94 |
| SECTION 1.12 | Additional Alternative Currencies | 94 |
| SECTION 1.13 | Compliance with Certain Sections | 95 |
| ARTICLE II | ARTICLE II | ARTICLE II |
| THE CREDITS | THE CREDITS | THE CREDITS |
| SECTION 2.01 | Commitments | 95 |
| SECTION 2.02 | Loans and Borrowings | 95 |
| SECTION 2.03 | Requests for Borrowings | 96 |
| SECTION 2.04 | [Reserved] | 97 |
| SECTION 2.05 | Letters of Credit | 97 |
| SECTION 2.06 | Funding of Borrowings | 105 |
| SECTION 2.07 | Interest Elections | 106 |
| SECTION 2.08 | Termination and Reduction of Commitments | 107 |
| SECTION 2.09 | Repayment of Loans; Evidence of Debt | 108 |
| SECTION 2.10 | Amortization of Term Loans | 108 |
| SECTION 2.11 | Prepayment of Loans | 109 |
| SECTION 2.12 | Fees | 121 |
| SECTION 2.13 | Interest | 122 |
| SECTION 2.14 | Alternate Rate of Interest | 123 |
| SECTION 2.15 | Increased Costs | 126 |
| SECTION 2.16 | [Reserved] | 127 |
| SECTION 2.17 | Taxes | 127 |
| SECTION 2.18 | Payments Generally; Pro Rata Treatment; Sharing of Setoffs | 131 |
| SECTION 2.19 | Mitigation Obligations; Replacement of Lenders | 133 |
| SECTION 2.20 | Incremental Credit Extensions | 134 |
| SECTION 2.21 | Refinancing Amendments | 139 |

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| | | |
|:---|:---|:---|
| SECTION 2.22 | Defaulting Lenders | 140 |
| SECTION 2.23 | Illegality | 142 |
| SECTION 2.24 | Loan Modification Offers | 142 |
| ARTICLE III | ARTICLE III | ARTICLE III |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| SECTION 3.01 | Organization; Powers | 144 |
| SECTION 3.02 | Authorization; Enforceability | 144 |
| SECTION 3.03 | Governmental Approvals; No Conflicts | 144 |
| SECTION 3.04 | Financial Condition; No Material Adverse Effect | 145 |
| SECTION 3.05 | Properties | 145 |
| SECTION 3.06 | Litigation and Environmental Matters | 145 |
| SECTION 3.07 | Compliance with Laws and Agreements | 146 |
| SECTION 3.08 | Investment Company Status | 146 |
| SECTION 3.09 | Taxes | 146 |
| SECTION 3.10 | ERISA | 146 |
| SECTION 3.11 | Disclosure | 146 |
| SECTION 3.12 | Subsidiaries | 147 |
| SECTION 3.13 | Intellectual Property; Licenses, Etc | 147 |
| SECTION 3.14 | Solvency | 147 |
| SECTION 3.15 | [Reserved] | 147 |
| SECTION 3.16 | Federal Reserve Regulations | 147 |
| SECTION 3.17 | Use of Proceeds | 147 |
| SECTION 3.18 | USA Patriot Act, OFAC and FCPA | 147 |
| ARTICLE IV | ARTICLE IV | ARTICLE IV |
| CONDITIONS | CONDITIONS | CONDITIONS |
| SECTION 4.01 | Effective Date | 148 |
| SECTION 4.02 | Each Credit Event | 150 |
| ARTICLE V | ARTICLE V | ARTICLE V |
| AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS |
| SECTION 5.01 | Financial Statements and Other Information | 151 |
| SECTION 5.02 | Notices of Material Events | 154 |
| SECTION 5.03 | Information Regarding Collateral | 155 |
| SECTION 5.04 | Existence; Conduct of Business | 155 |
| SECTION 5.05 | Payment of Taxes, Etc | 155 |
| SECTION 5.06 | Maintenance of Properties | 155 |
| SECTION 5.07 | Insurance | 155 |
| SECTION 5.08 | Books and Records; Inspection and Audit Rights | 156 |
| SECTION 5.09 | Compliance with Laws | 156 |

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| | | |
|:---|:---|:---|
| SECTION 5.10 | Use of Proceeds and Letters of Credit | 156 |
| SECTION 5.11 | Additional Subsidiaries | 157 |
| SECTION 5.12 | Further Assurances | 157 |
| SECTION 5.13 | Ratings | 157 |
| SECTION 5.14 | Certain Post-Closing Obligations | 157 |
| SECTION 5.15 | Designation of Subsidiaries | 157 |
| SECTION 5.16 | Change in Business | 158 |
| SECTION 5.17 | Changes in Fiscal Periods | 158 |
| SECTION 5.18 | Transactions with Affiliates | 158 |
| ARTICLE VI | ARTICLE VI | ARTICLE VI |
| NEGATIVE COVENANTS | NEGATIVE COVENANTS | NEGATIVE COVENANTS |
| SECTION 6.01 | Indebtedness | 160 |
| SECTION 6.02 | Liens | 166 |
| SECTION 6.03 | Fundamental Changes | 170 |
| SECTION 6.04 | Investments, Loans, Advances, Guarantees and Acquisitions | 171 |
| SECTION 6.05 | Asset Sales | 174 |
| SECTION 6.06 | [Reserved] | 177 |
| SECTION 6.07 | Negative Pledge | 177 |
| SECTION 6.08 | Restricted Payments; Certain Payments of Indebtedness | 179 |
| SECTION 6.09 | [Reserved] | 184 |
| SECTION 6.10 | Financial Covenant | 184 |
| ARTICLE VII | ARTICLE VII | ARTICLE VII |
| EVENTS OF DEFAULT | EVENTS OF DEFAULT | EVENTS OF DEFAULT |
| SECTION 7.01 | Events of Default | 184 |
| SECTION 7.02 | Right to Cure | 189 |
| SECTION 7.03 | Application of Proceeds | 190 |
| ARTICLE VIII | ARTICLE VIII | ARTICLE VIII |
| THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT | THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT | THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT |
| ARTICLE IX | ARTICLE IX | ARTICLE IX |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| SECTION 9.01 | Notices | 199 |
| SECTION 9.02 | Waivers; Amendments | 201 |
| SECTION 9.03 | Expenses; Indemnity; Damage Waiver | 208 |
| SECTION 9.04 | Successors and Assigns | 211 |
| SECTION 9.05 | Survival | 219 |
| SECTION 9.06 | Counterparts; Integration; Effectiveness | 220 |

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| | | |
|:---|:---|:---|
| SECTION 9.07 | Severability | 220 |
| SECTION 9.08 | Right of Setoff | 220 |
| SECTION 9.09 | Governing Law; Jurisdiction; Consent to Service of Process | 221 |
| SECTION 9.10 | WAIVER OF JURY TRIAL | 221 |
| SECTION 9.11 | Headings | 222 |
| SECTION 9.12 | Confidentiality | 222 |
| SECTION 9.13 | USA Patriot Act | 223 |
| SECTION 9.14 | Judgment Currency | 224 |
| SECTION 9.15 | Release of Liens and Guarantees | 224 |
| SECTION 9.16 | No Fiduciary Relationship | 225 |
| SECTION 9.17 | Interest Rate Limitation | 225 |
| SECTION 9.18 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 225 |
| SECTION 9.19 | Certain ERISA Matters | 226 |
| SECTION 9.20 | Electronic Execution of Assignments and Certain Other Documents | 227 |
| SECTION 9.21 | Acknowledgement Regarding Any Supported QFCs | 228 |

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| | |
|:---|:---|
| SCHEDULES: |  |
| Schedule 1.01(a) | Excluded Subsidiaries |
| Schedule 2.01(a) | Term Commitments |
| Schedule 2.01(b) | Revolving Commitments; Letter of Credit Commitments |
| Schedule 3.12 | Subsidiaries |
| Schedule 5.14 | Certain Post-Closing Obligations |
| Schedule 5.18 | Existing Transactions with Affiliates |
| Schedule 6.01 | Existing Indebtedness |
| Schedule 6.02 | Existing Liens |
| Schedule 6.04(f) | Existing Investments |
| Schedule 6.07 | Existing Restrictions |
| Schedule 9.04 | Notice Information for Assignments and Participations |
| EXHIBITS: |  |
| Exhibit A | Form of Assignment and Assumption |
| Exhibit B | Form of Affiliated Lender Assignment and Assumption |
| Exhibit C | Form of Guarantee Agreement |
| Exhibit D | Form of Collateral Agreement |
| Exhibit E | Form of First Lien Intercreditor Agreement |
| Exhibit F | Form of Second Lien Intercreditor Agreement |
| Exhibit G | Form of Closing Certificate |
| Exhibit H | Form of Intercompany Note |
| Exhibit I | Form of Specified Discount Prepayment Notice |
| Exhibit J | Form of Specified Discount Prepayment Response |
| Exhibit K | Form of Discount Range Prepayment Notice |
| Exhibit L | Form of Discount Range Prepayment Offer |
| Exhibit M | Form of Solicited Discounted Prepayment Notice |
| Exhibit N | Form of Solicited Discounted Prepayment Offer |
| Exhibit O | Form of Acceptance and Prepayment Notice |
| Exhibit P-1 | Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit P-2 | Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit P-3 | Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit P-4 | Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit Q | Form of Borrowing Request |
| Exhibit R | Form of Interest Election Request |
| Exhibit S | Form of Notice of Loan Prepayment |

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CREDIT AGREEMENT, dated as of September 30, 2025 (this "<u>Agreement</u>"), among ENTRATA, INC., a Delaware corporation (the "Borrower"), the LENDERS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent, Collateral Agent and an Issuing Bank.

WHEREAS, the Borrower has requested (a) the Term Lenders to extend Term Loans, which, on the Effective Date shall be in an aggregate principal amount of $400,000,000, (b) the Revolving Lenders to provide Revolving Loans, subject to the Revolving Commitment, which, on the Effective Date shall be in an aggregate principal amount of $75,000,000, to the Borrower at any time during the Revolving Availability Period, and (c) the Issuing Banks to issue Letters of Credit at any time during the Revolving Availability Period, in an aggregate face amount at any time outstanding not in excess of $15,000,000;

NOW THEREFORE, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. As used in this Agreement, the following terms have the meanings specified below:

"<u>2025 Distribution</u>" means a distribution in an amount not to exceed $365,000,000 to certain direct or indirect holders of Equity Interests of the Borrower or any direct or indirect parent of the Borrower.

"<u>ABR</u>" when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Alternate Base Rate.

"<u>Acceptable Discount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Acceptable Prepayment Amount</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(D)</u>.

"<u>Acceptance and Prepayment Notice</u>" means an irrevocable written notice from a Term Lender accepting a Solicited Discounted Prepayment Offer to make a Discounted Term Loan Prepayment at the Acceptable Discount specified therein pursuant to <u>Section 2.11(a)(ii)(D)</u> substantially in the form of <u>Exhibit O</u>.

"<u>Acceptance Date</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Accepting Lenders</u>" has the meaning assigned to such term in <u>Section 2.24(a)</u>.

"<u>Accounting Changes</u>" has the meaning assigned to such term in <u>Section 1.04(d)</u>.

"<u>Accrued Expenses</u>" has the meaning assigned to such term in the definition of "Excess Cash Flow."

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"<u>Acquired EBITDA</u>" means, with respect to any Pro Forma Entity for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity (determined as if references to the Borrower and the Restricted Subsidiaries in the definition of the term "Consolidated EBITDA" (and in the component financial definitions used therein) were references to such Pro Forma Entity and its Subsidiaries that will become Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity.

"<u>Acquired Entity or Business</u>" has the meaning assigned to such term in the definition of "Consolidated EBITDA."

"<u>Acquisition Transaction</u>" means any Investment by the Borrower or any Restricted Subsidiary in a Person if (a) as a result of such Investment, (i) such Person becomes a Restricted Subsidiary or (ii) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets (or all or substantially all of the assets constituting a business unit, division, product line or line of business) to, or is liquidated into, the Borrower or a Restricted Subsidiary and (b) after giving effect to such Investment, the Borrower is in compliance with <u>Section 5.16</u>, and, in each case, any Investment held by such Person.

"<u>Additional Lender</u>" means any Additional Revolving Lender or any Additional Term Lender, as applicable.

"<u>Additional Revolving Lender</u>" means, at any time, any bank or other financial institution or other Person (other than a natural Person) that agrees to provide any portion of any (a) Incremental Revolving Commitment Increase or Additional/Replacement Revolving Commitments pursuant to an Incremental Facility Amendment in accordance with <u>Section 2.20</u> or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.21</u>; <u>provided</u> that each Additional Revolving Lender shall be subject to the approval of the Administrative Agent, the Borrower and, if such Additional Revolving Lender is not a Revolving Lender or an Affiliate or Approved Fund of a Revolving Lender, each Issuing Bank (such approval in each case not to be unreasonably withheld or delayed).

"<u>Additional Term Lender</u>" means, at any time, any bank or other financial institution or other Person (including any such bank or financial institution or Person that is a Lender at such time, but excluding any natural Person) that agrees to provide any portion of any (a) Incremental Term Loan pursuant to an Incremental Facility Amendment in accordance with <u>Section 2.20</u> or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with <u>Section 2.21</u>; <u>provided</u> that each Additional Term Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time or an Affiliated Lender or Affiliated Debt Fund) shall be subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed) and the Borrower.

"<u>Additional/Replacement Revolving Commitment</u>" has the meaning assigned to such term in <u>Section 2.20(a)</u>.

"<u>Administrative Agent</u>" means JPMorgan Chase Bank, N.A. in its capacity as administrative agent hereunder and under the other Loan Documents, and its successors in such capacity as provided in <u>Article VIII</u>.

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"<u>Administrative Agent's Office</u>" means the Administrative Agent's address and, as appropriate, account as set forth in <u>Section 9.02</u>, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

"<u>Administrative Questionnaire</u>" means an administrative questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Class</u>" has the meaning assigned to such term in <u>Section 2.24(a)</u>.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly or indirectly Controls or is Controlled by or is under common Control with the Person specified.

"<u>Affiliated Debt Fund</u>" means an Affiliated Lender that is a bona fide debt fund primarily engaged in, or that advises funds or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds or similar extensions of credit or securities in the ordinary course. "Affiliated Debt Fund" shall include Silver Lake Alpine.

"<u>Affiliated Lender</u>" means, at any time, any Lender that is an Affiliate of the Borrower (other than any of its Subsidiaries) at such time.

"<u>Affiliated Lender Assignment and Assumption</u>" has the meaning assigned to such term in <u>Section 9.04(g)(5)</u>.

"<u>Affiliated Lender Cap</u>" has the meaning assigned to such term in <u>Section 9.04(g)(3)</u>.

"<u>Agent</u>" means the Administrative Agent, the Collateral Agent, each Lead Arranger, each Joint Bookrunner and any successors and assigns in such capacity, and "<u>Agents</u>" means two or more of them.

"<u>Agent Parties</u>" has the meaning assigned to such term in <u>Section 9.01</u>.

"<u>Agent-Related Persons</u>" means each Agent, together with its Related Parties.

"<u>Agreement</u>" has the meaning provided in the preamble hereto.

"<u>Agreement Currency</u>" has the meaning assigned to such term in <u>Section 9.14(b)</u>.

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus <sup>1</sup>/2 of 1% and (c) Term SOFR for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; <u>provided</u> that for the purpose of this definition, Term SOFR for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the

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Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

"<u>Alternative Currency</u>" means each currency (other than dollars) that is approved in accordance with <u>Section 1.12</u>; <u>provided</u> that, for each Alternative Currency, such requested currency is an Eligible Currency.

"<u>Ancillary Document</u>" has the meaning assigned to such term in <u>Section 9.20</u>.

"<u>Annual Period</u>" has the meaning assigned to such term in <u>Section 1.05(e)</u>.

"<u>Applicable Account</u>" means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent from time to time for the purpose of receiving payments of such type.

"<u>Applicable Creditor</u>" has the meaning assigned to such term in <u>Section 9.14(b)</u>.

"<u>Applicable Discount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>Applicable Fronting Exposure</u>" means, with respect to any Person that is an Issuing Bank at any time, the sum of (a) the Dollar Equivalent of the aggregate amount of all Letters of Credit issued by such Person in its capacity as an Issuing Bank (if applicable) that remains available for drawing at such time and (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements made by such Person in its capacity as an Issuing Bank (if applicable) that have not yet been reimbursed by or on behalf of the Borrower at such time.

"<u>Applicable Indebtedness</u>" has the meaning assigned to such term in the definition of "Weighted Average Life to Maturity".

"<u>Applicable Percentage</u>" means, at any time with respect to any Revolving Lender, the percentage (carried out to the ninth decimal place) of the aggregate Revolving Commitments represented by such Lender's Revolving Commitment at such time; <u>provided</u> that, at any time any Revolving Lender shall be a Defaulting Lender, "Applicable Percentage" shall mean the percentage (carried out to the ninth decimal place) of the total Revolving Commitments (disregarding any such Defaulting Lender's Revolving Commitment) represented by such Lender's Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments pursuant to this Agreement and to any Lender's status as a Defaulting Lender at the time of determination.

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"<u>Applicable Period</u>" has the meaning assigned to such term in the definition of "Applicable Rate".

"<u>Applicable Rate</u>" means, for any day,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Term Loan (1) 2.00% per annum, in the case of an ABR Loan, or (2) 3.00% per annum, in the case of a Term SOFR Loan; <u>provided</u> that, from and after the delivery of the financial statements and related Compliance Certificate for the first full fiscal quarter of the Borrower completed after the Effective Date pursuant to <u>Section 5.01</u>, with respect to this clause (a), the Applicable Rate shall be based on the First Lien Leverage Ratio set forth in the most recent Compliance Certificate in accordance with the pricing grid below:

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| | | | |
|:---|:---|:---|:---|
| <u>Level</u> | <u>First Lien Leverage</u> <u>Ratio</u> | <u>ABR Term Loan</u><br><u>Applicable Rate</u> | <u>Term SOFR Term</u> <u>Loan Applicable Rate</u> |
| 1 | > 2.75:1.00 | 2.00% | 3.00% |
| 2 | ≤ 2.75:1.00 | 1.75% | 2.75% |

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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;with respect to any Revolving Loan (1) 1.75% per annum, in the case of an ABR Loan, or (2) 2.75% per annum, in the case of Term SOFR Loan; <u>provided</u> that, from and after the delivery of the financial statements and related Compliance Certificate for the first full fiscal quarter of the Borrower completed after the Effective Date pursuant to <u>Section 5.01</u>, with respect to this clause (b), the Applicable Rate shall be based on the First Lien Leverage Ratio set forth in the most recent Compliance Certificate in accordance with the pricing grid below:

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| | | | |
|:---|:---|:---|:---|
| <u>Level</u> | <u>First Lien Leverage</u> <u>Ratio</u> | <u>ABR Revolving Loan</u> <u>Applicable Rate</u> | <u>Term SOFR</u> <u>Revolving Loan</u> <u>Applicable Rate</u> |
| 1 | > 2.75:1.00 | 1.75% | 2.75% |
| 2 | ≤ 2.75:1.00 but > 2.25:1.00 | 1.50% | 2.50% |
| 3 | ≤ 2.25:1.00 | 1.25% | 2.25% |

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Notwithstanding the foregoing, upon the consummation of an IPO, the Applicable Rate with respect to clauses (a) and (b) at each of the categories above shall automatically be reduced by 0.25%.

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Any increase or decrease in the Applicable Rate resulting from a change in the First Lien Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to <u>Section 5.01</u>; <u>provided</u> that, at the option of the Administrative Agent (at the direction of the Required Lenders and upon notice to the Borrower of such determination), the highest pricing level shall apply as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date immediately prior to the date on which such Compliance Certificate is so delivered (and thereafter the pricing level otherwise determined in accordance with this definition shall apply). Upon the request of the Administrative Agent or the Required Revolving Lenders or Required Term Loan Lenders, as applicable, on and after receipt of a notice that an Event of Default under <u>Section 7.01(a)</u> or <u>(b)</u> has occurred, the highest pricing level shall apply as of the date of such Event of Default (as reasonably determined by the Borrower) and shall continue to so apply to but excluding the date on which such Event of Default shall cease to be continuing (and thereafter, in each case, the pricing level otherwise determined in accordance with this definition shall apply).

In the event that any financial statements under <u>Section 5.01</u> or a Compliance Certificate is shown to be inaccurate at any time and such inaccuracy, if corrected, would have led to a higher Applicable Rate for any period (an "<u>Applicable Period</u>") than the Applicable Rate applied for such Applicable Period, then (i) the Borrower shall promptly (and in no event later than five (5) Business Days thereafter) deliver to the Administrative Agent a correct Compliance Certificate for such Applicable Period, (ii) the Applicable Rate shall be determined by reference to the corrected Compliance Certificate, and (iii) the Borrower shall pay to the Administrative Agent promptly upon written demand (and in no event later than five (5) Business Days after written demand) any additional interest owing as a result of such increased Applicable Rate for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof. Notwithstanding anything to the contrary in this Agreement, any additional interest hereunder shall not be due and payable until written demand is made for such payment pursuant to this paragraph and, accordingly, any nonpayment of such interest as a result of any such inaccuracy shall not constitute a Default (whether retroactively or otherwise), and no such amounts shall be deemed overdue (and no amounts shall accrue default interest pursuant to <u>Section 2.13(c)</u>), at any time prior to the date that is five (5) Business Days following such written demand. It is acknowledged and agreed that nothing in this definition will limit the rights of the Administrative Agent and the Lenders under the Loan Documents, including <u>Article VII</u> herein.

"<u>Approved Bank</u>" has the meaning assigned to such term in the definition of the term "Permitted Investments."

"<u>Approved Foreign Bank</u>" has the meaning assigned to such term in the definition of the term "Permitted Investments."

"<u>Approved Fund</u>" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"<u>Asset Sale Prepayment Event</u>" has the meaning assigned to such term in clause (a) of the definition of the term "Prepayment Event."

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"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any Person whose consent is required by <u>Section 9.04</u>), or as otherwise required to be entered into under the terms of this Agreement, substantially in the form of <u>Exhibit A</u> or any other form reasonably approved by the Administrative Agent.

"<u>Auction Agent</u>" means (a) the Administrative Agent or (b) any other financial institution or advisor employed by the Borrower (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment pursuant to <u>Section 2.11(a)(ii)</u>; <u>provided</u> that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent).

"<u>Audited Financial Statements</u>" means the audited consolidated balance sheets of the Borrower, its consolidated subsidiaries as at the end of, and related consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows of the Borrower and its consolidated subsidiaries for, the fiscal years ended December 31, 2023 and December 31, 2024.

"<u>Available Amount</u>" means, on any date of determination, a cumulative amount equal to (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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the greater of (i) $110,000,000 and (ii) 100% of Consolidated EBITDA for the most recent Test Period then last ended (such greater amount, the "<u>Starter Basket</u>"), <u>plus</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;the greater of (1) an amount equal to 50% of Consolidated Net Income for the period (treated as one accounting period) from the first day of the fiscal quarter of the Borrower commencing immediately before the Effective Date to the end of the most recent Test Period (which amount under this clause (1) shall not be less than zero for such period) and (2) an amount equal to (i) 100% of cumulative Consolidated EBITDA for each fiscal quarter of the Borrower commencing with the first fiscal quarter of the Borrower commencing immediately before the Effective Date through the most recent Test Period then last ended, minus (ii) 1.4x cumulative Fixed Charges for the same period (which amount under this clause (2) shall not be less than zero for such period), <u>plus</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;returns, profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind amounts received by the Borrower or any Restricted Subsidiary on Investments made using the Available Amount (not to exceed the amount of such Investments), <u>plus</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Fair Market Value of Investments of the Borrower or any of the Restricted Subsidiaries in any Unrestricted Subsidiary that has been re-designated as a Restricted Subsidiary or that has been merged or consolidated with or into the Borrower or any of the Restricted Subsidiaries, <u>plus</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Net Proceeds of a sale or other Disposition of any Unrestricted Subsidiary (including the issuance or sale of Equity Interests of an Unrestricted Subsidiary) received by the Borrower or any Restricted Subsidiary, <u>plus</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;(f)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not included in Consolidated Net Income, dividends or other distributions or returns on capital received by the Borrower or any Restricted Subsidiary from an Unrestricted Subsidiary, <u>plus</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of any Retained Declined Proceeds, Retained Asset Sale Proceeds, Retained ECF Proceeds and any Net Proceeds below the amount specified in the definition of "Asset Sale Prepayment Event" since the Effective Date.

"<u>Available Cash</u>" means, as of any date of determination, the aggregate amount of cash and Permitted Investments of the Borrower or any Restricted Subsidiary as of such date to the extent the use thereof for the application to payment of Indebtedness is not prohibited by law or any contract binding on the Borrower or any Restricted Subsidiary .

"<u>Available Equity Amount</u>" means a cumulative amount equal to (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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Net Proceeds of new public or private issuances of Qualified Equity Interests in the Borrower or any parent of the Borrower which are contributed to (or received by) the Borrower or any Restricted Subsidiary after the Effective Date, <u>plus</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;capital contributions received by the Borrower or any Restricted Subsidiary after the Effective Date in cash or Permitted Investments (other than in respect of any Disqualified Equity Interest) and the Fair Market Value of any in-kind contributions after the Effective Date, <u>plus</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;the net cash proceeds received by the Borrower or any Restricted Subsidiary from Indebtedness and Disqualified Equity Interest issuances issued after the Effective Date and which have been exchanged or converted into Qualified Equity Interests, <u>plus</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;returns, profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind amounts received by the Borrower and the Restricted Subsidiaries on Investments made using the Available Equity Amount (not to exceed the amount of such Investments);

<u>provided</u> that, for the avoidance of doubt, the Available Equity Amount shall not include any Cure Amount or any amounts used to incur Indebtedness pursuant to <u>Section 6.01(a)(xxiv)(A)</u>; <u>provided, further</u> that, with respect to the foregoing clauses (a), (b) and (c), such contributions to, or received by, any Restricted Subsidiary must be made by a Person other than any of its Subsidiaries.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest

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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, in each case, 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 2.14(b)(iv)</u>.

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means, with respect to (a) 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).

"<u>Basel III</u>" means, collectively, those certain agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems," "Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring," and "Guidance for National Authorities Operating the Countercyclical Capital Buffer," each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time), and as implemented by a Lender's primary banking regulatory authority.

"<u>Benchmark</u>" means, initially, the Term SOFR Reference Rate; <u>provided</u> that, if a Benchmark Transition Event has occurred with respect to any applicable 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</u> <u>2.14(b)</u>.

"<u>Benchmark Replacement</u>" means, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for such Benchmark for the applicable Corresponding Tenor giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in Dollars at such time and (ii) the related Benchmark Replacement Adjustment;

<u>provided</u> that the Benchmark Replacement as determined pursuant to clause (a) or (b) above shall not be less than 0.00% per annum.

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"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of any 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 (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (a) 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 (b) 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 syndicated credit facilities denominated in the applicable currency at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "U.S. Government Securities Business Day", the definition of "Interest Period" or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Administrative Agent, in consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent reasonably decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent, in consultation with the Borrower, decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to the 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) 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 non-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

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Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) 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).

"<u>Benchmark Transition Event</u>" means, with respect to the then-current Benchmark, the occurrence of one or more of the following events with respect to such 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;(a)&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;(b)&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 Federal Reserve Bank of New York, the CME Term SOFR Administrator, 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), 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;(c)&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 not, or as of a specified future date will not 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).

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"<u>Benchmark Unavailability Period</u>" means, with respect to any then-current Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date with respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14(b) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 2.14(b)</u>.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means 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 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".

"<u>BHC Act Affiliate</u>" has the meaning assigned to such term in <u>Section 9.21(b)</u>.

"<u>Board of Directors</u>" means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company, the board of managers, board of directors, manager or managing member of such Person or the functional equivalent of the foregoing, (c) in the case of any partnership, the board of directors, board of managers, manager or managing member of a general partner of such Person or the functional equivalent of the foregoing and (d) in any other case, the functional equivalent of the foregoing. In addition, the term "director" means a director or functional equivalent thereof with respect to the relevant Board of Directors.

"<u>Board of Governors</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Borrower</u>" has the meaning assigned to such term in the introductory paragraph hereto.

"<u>Borrower Materials</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Borrower Offer of Specified Discount Prepayment</u>" means the offer by the Borrower to make a voluntary prepayment of Term Loans at a specified discount to par pursuant to <u>Section</u> <u>2.11(a)(ii)(B)</u>.

"<u>Borrower Solicitation of Discount Range Prepayment Offers</u>" means the solicitation by the Borrower of offers for, and the corresponding acceptance by a Term Lender of, a voluntary prepayment of Term Loans at a specified range at a discount to par pursuant to <u>Section</u> <u>2.11(a)(ii)(C)</u>.

"<u>Borrower Solicitation of Discounted Prepayment Offers</u>" means the solicitation by the Borrower of offers for, and the subsequent acceptance, if any, by a Term Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to <u>Section 2.11(a)(ii)(D)</u>.

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"<u>Borrowing</u>" means Loans of the same Class and Type, made, converted or continued on the same date in the same currency and, in the case of Term SOFR Loans, as to which a single Interest Period is in effect.

"<u>Borrowing Minimum</u>" means $500,000.

"<u>Borrowing Multiple</u>" means $100,000.

"<u>Borrowing Request</u>" means a request by the Borrower for a Borrowing in accordance with <u>Section 2.03</u> and substantially in the form of <u>Exhibit Q</u> or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

"<u>Business Day</u>" means 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 any such day that is only a U.S. Government Securities Business Day in relation to Loans referencing the Term SOFR Reference Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Term SOFR Reference Rate or any other dealings of such Loans referencing the Term SOFR Reference Rate.

"<u>Capital Expenditures</u>" means, for any period, the additions to property, plant and equipment and other capital expenditures of the Borrower and the Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of the Borrower for such period prepared in accordance with GAAP, including customer acquisition costs and incentive payments, conversion costs, contract acquisition costs and website development and website content development costs.

"<u>Capital Lease Obligation</u>" means an obligation that is a Capitalized Lease; and the amount of Indebtedness represented thereby at any time shall be the amount of the liability in respect thereof that would at that time be required to be capitalized on a balance sheet in accordance with GAAP as in effect on December 31, 2020 (or, if the Borrower elects by written notice to the Administrative Agents at any time (but only once after the Effective Date), in accordance with GAAP as in effect from time to time but subject to the proviso in the definition of GAAP.

"<u>Capitalized Leases</u>" means all leases that have been or should be, in accordance with GAAP as in effect on December 31, 2020, recorded as capitalized leases (or, if the Borrower has made the election described in the parenthetical in the definition of Capital Lease Obligation, in accordance with GAAP as in effect from time to time but subject to the proviso in the definition of GAAP).

"<u>Capitalized Software Expenditures</u>" means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Borrower and the 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 the Restricted Subsidiaries.

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"<u>Carry Back Amount</u>" has the meaning assigned to such term in <u>Section 1.05(e)</u>.

"<u>Carry Forward Amount</u>" has the meaning assigned to such term in <u>Section 1.05(e)</u>.

"<u>Cash Collateralize</u>" means to pledge and deposit with or deliver to the Collateral Agent, for the benefit of one or more of the Issuing Banks or Revolving Lenders, as collateral for LC Exposure or obligations of the Revolving Lenders to fund participations in respect of LC Exposure, cash or deposit account balances under the sole dominion and control of the Collateral Agent or, if the Collateral Agent and the applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Collateral Agent and each applicable Issuing Bank. "<u>Cash</u> <u>Collateral</u>" and "<u>Cash</u> <u>Collateralization</u>" shall have meanings correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"<u>Cash Management Obligations</u>" means obligations of the Borrower or any Restricted Subsidiary in respect of (a) any overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash management or treasury services or any automated clearing house transfers of funds, (b) netting services, employee credit or purchase card programs and similar arrangements, (c) letters of credit and (d) other services related, ancillary or complementary to the foregoing (including Cash Management Services).

"<u>Cash Management Services</u>" has the meaning assigned to such term in the definition of the term "Secured Cash Management Obligations."

"<u>Casualty Event</u>" means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any loss of or damage to any equipment, fixed assets or real property (including any improvements thereon) of the Borrower or any other Loan Party to replace or repair such equipment, fixed assets or real property.

"<u>CFC</u>" means a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"<u>Change in Control</u>" means the acquisition of beneficial ownership by any Person or group, other than the Permitted Holders (or any holding company parent of the Borrower owned directly or indirectly by the Permitted Holders), of Equity Interests representing 50% or more of the aggregate votes entitled to vote for the election of directors of the Borrower having a majority of the aggregate votes on the Board of Directors of the Borrower and the aggregate number of votes for the election of such directors of the Equity Interests beneficially owned by such Person or group is greater than the aggregate number of votes for the election of such directors represented by the Equity Interests beneficially owned by the Permitted Holders, unless the Permitted Holders otherwise have the right (pursuant to contract, proxy or otherwise), directly or indirectly, to designate, nominate or appoint (and do so designate, nominate or appoint) directors of the Borrower having a majority of the aggregate votes on the Board of Directors of the Borrower.

For purposes of this definition, including other defined terms used herein in connection with this definition and notwithstanding anything to the contrary in this definition or any provision of Section 13d-3 of the Exchange Act, (i) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act as in effect on the date hereof, (ii) the phrase

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"Person or group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or group or its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (iii) if any group includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Borrower directly or indirectly owned by the Permitted Holders that are part of such group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of this definition, (iv) a Person or group shall not be deemed to beneficially own (x) Equity Interests to be acquired by such Person or group pursuant 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 the Equity Interests in connection with the transactions contemplated by such agreement or (y) Equity Interests solely as a result of veto or approval rights in any joint venture agreement, shareholder agreement, investor rights agreement or other similar agreement, (v) a Person or group (other than Permitted Holders) will not be deemed to beneficially own the Equity Interests of another Person as a result of its ownership of Equity Interests or other securities of such other Person's parent (or related contractual rights) unless it owns 50% or more of the total voting power of the Equity Interests entitled to vote for the election of directors of such Person's parent having a majority of the aggregate votes on the Board of Directors of such Person's parent and (vi) the right to acquire Equity Interests (so long as such Person does not have the right to direct the voting of the Equity Interests subject to such right) or any veto power in connection with the acquisition or disposition of Equity Interests will not cause a party to be a beneficial owner.

"<u>Change in Law</u>" means (a) the adoption of any rule, regulation, treaty or other law after the date of this Agreement, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; <u>provided</u> that, notwithstanding anything herein to the contrary, (i) any requests, rules, guidelines or directives under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or issued in connection therewith and (ii) any requests, rules, guidelines 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, in each case pursuant to Basel III, in each case shall be deemed to be a "Change in Law," to the extent enacted, adopted, promulgated or issued after the date of this Agreement, but only to the extent such rules, regulations, or published interpretations or directives are applied to the Borrower and its Subsidiaries by the Administrative Agent or any Lender in substantially the same manner as applied to other similarly situated borrowers under comparable syndicated credit facilities, including, without limitation, for purposes of <u>Section</u> <u>2.15</u>.

"<u>Class</u>" when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Incremental Revolving Loans, Other Revolving Loans, Term Loans, Incremental Term Loans or Other Term Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment, Other Revolving Commitment, Additional/Replacement Revolving Commitment, Term Commitment, commitment in respect of Incremental Term Loans or Other Term Commitment and (c) any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular

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Class of Loans or Commitments. Other Term Commitments, Other Term Loans, Other Revolving Commitments (and the Other Revolving Loans made pursuant thereto), Additional/Replacement Revolving Commitments, commitments in respect of Incremental Term Loans and Incremental Term Loans that have different terms and conditions shall be construed to be in different Classes.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time.

"<u>Collateral</u>" means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted pursuant to the Security Documents as security for the Secured Obligations.

"<u>Collateral Agent</u>" has the meaning assigned in the Collateral Agreement.

"<u>Collateral Agreement</u>" means the Collateral Agreement among the Borrower, each other Loan Party and the Collateral Agent, substantially in the form of <u>Exhibit D</u>.

"<u>Collateral and Guarantee Requirement</u>" means, at any time, the requirement 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 Administrative Agent shall have received (i) from the Borrower and each Domestic Subsidiary (other than an Excluded Subsidiary) either (x) a counterpart of the Guarantee Agreement duly executed and delivered on behalf of such Person or (y) in the case of any Person that becomes a Loan Party after the Effective Date (including by ceasing to be an Excluded Subsidiary), a supplement to the Guarantee Agreement, in the form specified therein, duly executed and delivered on behalf of such Person and (ii) from the Borrower and each Subsidiary Loan Party either (x) a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Person or (y) in the case of any Person that becomes a Loan Party after the Effective Date (including by ceasing to be an Excluded Subsidiary), a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Person, in each case under this clause (a) together with, in the case of any such Loan Documents executed and delivered after the Effective Date, documents of the type referred to in <u>Section 4.01(c)</u>, and, to the extent reasonably requested by the Collateral Agent, opinions of the type referred to in <u>Section 4.01(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all outstanding Equity Interests of the Restricted Subsidiaries (other than any Equity Interests constituting Excluded Assets) owned by or on behalf of the Borrower or any other Loan Party shall have been pledged pursuant to the Collateral Agreement (and the Collateral Agent shall have received any certificates or other instruments representing such Equity Interests (other than any such Equity Interests in a Person that is not a direct or indirect Subsidiary of the Borrower), together with undated stock powers or other instruments of transfer with respect thereto endorsed in blank);

&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 any Indebtedness for borrowed money of the Borrower or any Subsidiary in a principal amount of $15,000,000 or more is owing by such obligor to any Loan Party and such Indebtedness is evidenced by a promissory note, such promissory

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note shall have been pledged pursuant to the Collateral Agreement (and, to the extent required by the Collateral Agreement, the Collateral Agent shall have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank); and

Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) the foregoing provisions of this definition shall not require the creation or perfection of pledges of or security interests in, or the obtaining of title insurance, surveys, legal opinions or other deliverables with respect to, particular assets of the Loan Parties, or the provision of Guarantees by any Subsidiary, if, and for so long as and to the extent that the Administrative Agent and the Borrower reasonably agree in writing that the cost of creating or perfecting such pledges or security interests in such assets, or obtaining such title insurance, surveys, legal opinions or other deliverables in respect of such assets, or providing such Guarantees (taking into account any adverse Tax consequences to the Borrower and its Subsidiaries (including the imposition of withholding or other material Taxes)), shall be excessive in relation to the benefits to be obtained by the Lenders therefrom, (b) Liens required to be granted from time to time pursuant to the term "Collateral and Guarantee Requirement" shall be subject to exceptions and limitations set forth in the Security Documents as in effect on the Effective Date, (c) in no event shall control agreements or other control or similar arrangements be required with respect to deposit accounts, securities accounts, commodities accounts or other assets specifically requiring perfection by control agreements (other than certificated securities), (d) no perfection actions shall be required with respect to Vehicles and other assets subject to certificates of title, (e) no perfection actions shall be required with respect to commercial tort claims with a value less than $15,000,000 individually, and other than the filing of UCC financing statements no perfection shall be required with respect to promissory notes evidencing debt for borrowed money in a principal amount of less than $15,000,000 individually, (f) no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required to be taken to create any security interests in assets located or titled outside of the United States (including any Equity Interests of Foreign Subsidiaries and any foreign intellectual property) or to perfect or make enforceable any security interests in any such assets (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction), (g) no actions shall be required to perfect a security interest in letter of credit rights (other than the filing of UCC financing statements), (h) no Loan Party shall be required to deliver or obtain any landlord lien waivers, estoppel certificates or collateral access agreements or letters, (i) no Loan Party shall be required to deliver or obtain a mortgage in respect of fee-owned or leased real property, (j) no actions shall be required to enter into any source code escrow arrangement or register or apply for any intellectual property and (k) in no event shall the Collateral include any Excluded Assets. The Collateral Agent may grant extensions of time or waivers for the creation and perfection of security interests in or the obtaining of title insurance, surveys, legal opinions or other

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deliverables with respect to particular assets or the provision of any Guarantee by any Subsidiary (including extensions beyond the Effective Date or in connection with assets acquired, or Subsidiaries formed or acquired, after the Effective Date) where it determines that such action cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Security Documents.

"<u>Commitment</u>" means with respect to any Lender, its Revolving Commitment, its Additional/Replacement Revolving Commitment, Other Revolving Commitment of any Class, Term Commitment of any Class, commitment in respect of Incremental Term Loans and Other Term Commitment of any Class or any combination thereof (as the context requires).

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"<u>Compliance Certificate</u>" means a certificate of a Financial Officer required to be delivered pursuant to <u>Section 5.01(d)</u>.

"<u>Consolidated EBITDA</u>" means, for any period, Consolidated Net Income for such period, <u>plus</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;without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from the definition of "Consolidated Interest Expense" pursuant to clauses (i) through (xvi) 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;provision for taxes based on income, profits, revenue or capital, including federal, foreign, state, local and provincial income, franchise, property, excise, value added and similar taxes based on income, profits, revenue, gross receipts or capital and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations and (without duplication) any payments pursuant to <u>Section 6.08(a)(xvii)</u> in respect of 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;depreciation and amortization (including amortization of Capitalized Software Expenditures, customer acquisition costs, conversion costs, contract acquisition costs, internal labor costs, incentive payments and amortization of deferred financing fees and accelerated and other deferred financing costs, OID or other capitalized costs),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;other non-cash charges (other than any accrual in respect of bonuses) (<u>provided</u>, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) such Person may elect

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not to add back such non-cash charges in the current period and (B) to the extent such Person elects to add back such non-cash charges in the current period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions in respect 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of management, monitoring, consulting, advisory and transaction fees, indemnities and related expenses paid or accrued in such period to (or on behalf of) the Sponsor or any other Permitted Holder (or any management company on behalf of any of the foregoing) (including any termination fees payable in connection with the early termination of management and monitoring agreements), (B) the amount of payments made to option, phantom equity or profits interest holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to equityholders 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 equityholders at the time of, and entitled to share in, such distribution, including any cash consideration for any repurchase of equity, in each case to the extent permitted in the Loan Documents and (C) the amount of fees, expenses and indemnities paid or accrued to directors and all general administrative costs relating to board meetings, including of the Borrower or any direct or indirect parent 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the amount of any fee, loss, charge, expense, cost, accrual or reserve of any kind incurred or accrued in connection with sales of receivables and related assets in connection with any Qualified Securitization Facility and (B) Securitization Fees and the amount of loss on sale of receivables and related assets to the Securitization Subsidiary in connection with a Securitization Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;costs or expenses associated with, or in anticipation of, or preparation for, an IPO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 costs or expenses incurred by the Borrower or any Restricted Subsidiary pursuant to any management equity plan or equity option or phantom equity plan or any other management or employee benefit plan or agreement, any long-term incentive plan, any severance agreement or any equity subscription or equityholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of the Borrower or Net Proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of

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the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;expenses consisting of internal software development costs that are expensed but could have been capitalized under alternative accounting policies 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;costs associated with, or in anticipation of, or preparation for, compliance with the requirements of Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;any expenses reimbursed in cash during such period by non-Affiliate third parties (other than the Borrower or any of its Subsidiaries),

<u>plus</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;without duplication, the amount of "run rate" cost savings, operating expense reductions, revenue enhancements, actioned price increases and synergies (including revenue synergies) (collectively, "<u>Run Rate Benefits</u>") related to any Specified Transaction or any Tax Restructuring or other restructuring, cost saving initiative, new contract or other initiative projected by the Borrower in good faith to be realized as a result of actions that have been taken or initiated (including actions initiated prior to the Effective Date) or are expected to be taken or initiated (in the good faith determination of the Borrower) before, on or after the Effective Date, including any Run Rate Benefits, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Borrower or any of the Restricted Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Borrower), which Run Rate Benefits shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such Run Rate Benefits had been realized on the first day of the relevant period, net of the amount of actual benefits realized from such actions; <u>provided</u> that (A) such Run Rate Benefits are reasonably quantifiable and factually supportable, (B) no Run Rate Benefits shall be added pursuant to this clause (b) to the extent duplicative of any expenses or charges relating to such Run Rate Benefits that are included in clause (a) above (it being understood and agreed that "run rate" shall mean the full recurring benefit that is associated with any action taken) and (C) the share of any such Run Rate Benefits, expenses and charges with respect to a joint venture that are to be allocated to the Borrower or any of the Restricted Subsidiaries shall not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test Period;

<u>plus</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;cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of

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Consolidated EBITDA pursuant to paragraph (h) below for any previous period and not added back;

<u>plus</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of "run-rate" annualized Consolidated EBITDA reasonably expected to be derived from contracted revenue under any executed contract in place as of the end of such period projected by the Borrower in good faith for the period commencing on the last day of such Test Period and ending on the termination date of such contract, as if such annualized contracted revenue was applicable (without duplication of any Consolidated EBITDA actually reflected in such Test Period) during the entire Test Period;

<u>plus</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the net amount, if any, of the difference between (solely to the extent the amount in the following clause (A) exceeds the amount in the following clause (B)): (A) the deferred revenue of the Borrower and the Restricted Subsidiaries as of the last day of such period (the "<u>Determination Date</u>") and (B) the deferred revenue of the Borrower and the Restricted Subsidiaries as of the date that is 12 months prior to the Determination Date, in each case, calculated without giving effect to adjustments (including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries) related to the application of recapitalization accounting or acquisition accounting;

<u>plus</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;(f)&nbsp;&nbsp;&nbsp;&nbsp;other add backs and adjustments reflected in (i) the model provided to the Lead Arrangers on or about September 1, 2025 and (ii) a quality of earnings report provided by a "big four" accounting firm or a nationally recognized accounting firm (or any other accounting firm reasonably acceptable to the Administrative Agent) with respect to any Permitted Acquisition or other Investment (including, in each case and for the avoidance of doubt, add backs and adjustments of the same type in future periods),

<u>plus</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;without duplication, increases in Consolidated EBITDA projected by the Borrower in good faith to result from Permitted Acquisitions or transactions involving new or expanded services, facilities, lines of business or operations, in each case which have been consummated or are reasonably expected to be consummated pursuant to agreements, executed term sheets or letters of intent that have been entered into with respect thereto, as applicable, by the Borrower and/or any Restricted Subsidiary, in each case attributable to the applicable transaction and to the extent reasonably identifiable and factually supportable;

<u>less</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;(h)&nbsp;&nbsp;&nbsp;&nbsp;without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

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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;non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not deducted in such period from Consolidated Net Income),

in each case, as determined on a consolidated basis for the Borrower and the Restricted Subsidiaries in accordance with GAAP; <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;there shall be included in determining Consolidated EBITDA for any period, without duplication and, other than with respect to any Material Acquisition, at the option of the Borrower (1) the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Restricted Subsidiary during such period (other than any Unrestricted Subsidiary) whether such acquisition occurred before or after the Effective Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to a transaction consummated prior to the Effective Date, and not subsequently so disposed of, an "<u>Acquired Entity or Business</u>"), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a "<u>Converted Restricted Subsidiary</u>"), in each case based on the Acquired EBITDA of such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma Basis 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;there shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other than any Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Restricted Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, at the Borrower's election only, such operations shall be excluded only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a "<u>Sold Entity or Business</u>"), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a "<u>Converted Unrestricted Subsidiary</u>"), in each case based on the 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, disposition, closure, classification or

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conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal).

Notwithstanding the foregoing, (x) the Borrower may, in its sole discretion, elect to not make any adjustment for any item pursuant to clauses (a) through (h) above if any such item individually is less than $5,000,000 in any fiscal quarter and (y) Consolidated EBITDA (a) for the fiscal quarter ended September 30, 2024, shall be deemed to be $21,808,586.57, (b) for the fiscal quarter ended December 31, 2024, shall be deemed to be $25,515,174.17, (c) for the fiscal quarter ended March 31, 2025, shall be deemed to be $31,564,485.15, and (d) for the fiscal quarter ended June 30, 2025, shall be deemed to be $30,618,252.95, in each case, as may be subject to addbacks and adjustments (without duplication) pursuant to clauses (a) through (h) above upon the occurrence of a "pro forma" event that occurs after the Effective Date and which is deemed to have occurred as of the first day of a period that includes any of the foregoing fiscal quarters.

"<u>Consolidated First Lien Debt</u>" means, as of any date of determination, (a) the amount of Consolidated Total Debt (including in respect of the Loans hereunder) that is secured by a Lien on a material portion of the Collateral on an equal or super priority basis (but without regard to the control of remedies) with the Liens on the Collateral securing the Secured Obligations <u>minus</u> (b) Available Cash.

"<u>Consolidated Interest Expense</u>" means the sum of cash interest expense (including that attributable to Capitalized Leases), net of cash interest income, of the Borrower and the Restricted Subsidiaries with respect to all outstanding Indebtedness for borrowed money of the Borrower and the Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net payments (over payments received), if any, made pursuant to interest rate hedging agreements with respect to Indebtedness, and excluding, for the avoidance of doubt, (i) amortization of (A) deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown accounting) and (B) any costs or expenses incurred in connection with any amendment or modification of Indebtedness (whether or not consummated), (ii) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under hedging agreements or other derivative instruments pursuant to FASB Accounting Standards Codification No. 815-Derivatives and Hedging, (iii) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates or currency, (iv) Securitization Fees, commissions, discounts, yield, make-whole premium and other fees and charges (including any interest expense) incurred in connection with any Qualified Securitization Facility, (v) all non-recurring cash interest expense or "additional interest" for failure to timely comply with registration rights obligations, (vi) 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 to any Permitted Acquisition or any other Investment, all as calculated on a consolidated basis in accordance with GAAP, (vii) 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, (viii) penalties and interest relating to taxes, (ix) accretion or accrual of discounted liabilities, (x) any interest expense attributable to a direct or indirect parent entity resulting from push down accounting, (xi) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or

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purchase accounting, (xii) any interest expense or other fees or charges incurred with respect to any Escrowed Obligations (for the avoidance of doubt, so long as such Escrowed Obligations are held in escrow), (xiii) administrative agency or trustee fees, (xiv) any expense arising from any bridge, structuring, arrangement, commitment and/or other financing fee (including fees and expenses associated with the Transactions and annual agency fees) and (xv) any lease, rental or other expense in connection with a Non-Finance Lease Obligation.

"<u>Consolidated Net Debt</u>" means, as of any date of determination, (a) Consolidated Total Debt <u>minus</u> (b) Available Cash.

"<u>Consolidated Net Income</u>" means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, excluding, 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including extraordinary losses and unusual or non-recurring charges or expenses attributable to legal and judgment settlements and 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 offices' pre-opening costs, opening costs, lease termination costs, processor termination or migration costs, closing and/or consolidation costs, start-up costs and other business optimization and rationalization expenses (including related to new product introductions, the consolidation of technology platforms and other strategic or cost saving initiatives and any costs or expenses related or attributable to the commencement of a New Project and including any related employee hiring or retention costs or employee redundancy or termination costs), restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions consummated prior to or after the Effective Date and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities, branches, data centers and/or offices (including, without limitation, costs incurred in respect of leased premises, including related to build out and the relocation of personnel and equipment), lease breakage costs, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-employment employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Transaction Costs,

&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 net income for such period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting; <u>provided</u> that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments, but later

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converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Restricted Subsidiary thereof 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;any fees and expenses (including any transaction or retention bonus or similar payment, and any earnout, contingent consideration obligation or purchase price adjustment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition (including any related bonus expense), Investment, asset disposition, issuance or repayment of debt, issuance of Equity Interests, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Effective Date and any such transaction undertaken but not completed and including any fees or legal expenses related to the on-going administration of any debt instrument) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),

&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;any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,

&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;accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs) or 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;all Non-Cash Compensation 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;any income (loss) attributable to deferred compensation plans or trusts,

&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;[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;(k)&nbsp;&nbsp;&nbsp;&nbsp;any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;any non-cash gain (loss) attributable to the mark to market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815-Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825-Financial Instruments in such Test Period; <u>provided</u> that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;any non-cash gain (loss) related to currency remeasurements of Indebtedness, net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances (including Indebtedness and gain or loss relating to translation of assets and liabilities) and other balance sheet items,

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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;(n)&nbsp;&nbsp;&nbsp;&nbsp;any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (<u>provided</u>, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was 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;(o)&nbsp;&nbsp;&nbsp;&nbsp;any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets and investments in debt and equity 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;solely for the purpose of calculating the Available Amount, the net income for such period of any Restricted Subsidiary (other than any Guarantor) to the extent the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its net income is not at the date of determination permitted without any prior Governmental Approval (which has not been obtained) or, directly or indirectly, is otherwise restricted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; <u>provided</u> that Consolidated Net Income of the Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) or Permitted Investments to the Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already included 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;(q)&nbsp;&nbsp;&nbsp;&nbsp;any accruals or obligations accrued related to workers' compensation programs to the extent that expenses deducted in the calculation of net income exceed the net amounts paid in cash related to workers' compensation programs in that 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;(r)&nbsp;&nbsp;&nbsp;&nbsp;any reserves, accruals or obligations accrued by the Borrower or any of its Subsidiaries for any federal and state employment tax liabilities, including social security, federal unemployment, state unemployment and state disability taxes deducted in the calculation of net income during such period, less the amount of such obligations paid in cash with respect to such period, 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;(s)&nbsp;&nbsp;&nbsp;&nbsp;earnout and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments;

<u>provided</u> that the Borrower may, in its sole discretion, elect to not make any adjustment for any item pursuant to <u>clauses (a)</u> through <u>(s)</u> above if any such item individually is less than $5,000,000 in any fiscal quarter.

There shall be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including FASB Accounting Standards Codification 805 and including the effects of such adjustments pushed down to the Borrower and the Restricted Subsidiaries), as a result of any acquisition or Investment

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consummated prior to the Effective Date and any Permitted Acquisitions or other Investment or the amortization or write-off of any amounts thereof.

In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include (i) the amount of proceeds received (or reasonably expected to be received) or due from business interruption insurance or government support payments (other than loans, to the extent not forgivable) or reimbursement of expenses and charges that are covered by indemnification, insurance and other reimbursement provisions in connection with any acquisition or other Investment or any disposition of any asset permitted hereunder or that occurred prior to the Effective Date (net of any amount so included in any prior period to the extent not so received or reimbursed within a two year period) and (ii) the amount of any cash tax benefits related to the tax amortization of intangible assets in such period.

"<u>Consolidated Secured Debt</u>" means, as of any date of determination, (a) Consolidated Total Debt that is secured by a Lien on a material portion of the Collateral <u>minus</u> (b) Available Cash.

"<u>Consolidated Total Debt</u>" means, as of any date of determination, the outstanding principal amount of all third party Indebtedness for borrowed money (including purchase money Indebtedness), unreimbursed drawings under letters of credit, Capital Lease Obligations, third party Indebtedness obligations evidenced by notes or similar instruments (but excluding (a) undrawn letters of credit, (b) Swap Obligations, (c) all undrawn amounts under revolving credit facilities, (d) all outstanding Revolving Loans incurred for working capital purposes, and (e) all obligations relating to any Qualified Securitization Facility), in each case of the Borrower and the Restricted Subsidiaries on such date, on a consolidated basis and determined in accordance with GAAP (excluding, in any event, the effects of any discounting of Indebtedness resulting from the application of acquisition method or pushdown accounting in connection with any Permitted Acquisition or other Investment or other similar transaction); <u>provided</u> that "Consolidated Total Debt" (and corresponding definitions of "Consolidated First Lien Debt" and "Consolidated Secured Debt") shall exclude any obligation, liability or indebtedness of such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment, redemption or satisfaction of such obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of the Available Cash.

"<u>Consolidated Working Capital</u>" means, at any date, the excess of (a) the sum of all amounts (other than cash and Permitted Investments) that would, in conformity with GAAP, be set forth opposite the caption "total current assets" (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such date, excluding the current portion of current and deferred income taxes over (b) the sum of all amounts that would, in conformity with GAAP, be set forth opposite the caption "total current liabilities" (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries on such date, including deferred revenue but excluding, without duplication, (i) the current portion of any Funded Debt, (ii) all Indebtedness consisting of Loans and obligations under letters of credit to the extent otherwise included therein, (iii) the current portion of interest and (iv) the current portion of current and deferred income taxes; <u>provided</u> that, for purposes of calculating Excess Cash Flow, increases or decreases in working capital (A) arising from acquisitions, dispositions

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or Unrestricted Subsidiary or Restricted Subsidiary designations by the Borrower and the Restricted Subsidiaries shall be measured from the date on which such acquisition, disposition or Unrestricted Subsidiary or Restricted Subsidiary designation occurred and not over the period in which Excess Cash Flow is calculated and (B) shall exclude (I) the impact of non-cash adjustments contemplated in the Excess Cash Flow calculation, (II) the impact of adjusting items in the definition of "Consolidated Net Income" and (III) any changes in current assets or current liabilities as a result of (x) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under hedging agreements or other derivative obligations, (y) any reclassification, other than as a result of the passage of time, in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (z) the effects of acquisition method accounting.

"<u>Contract Consideration</u>" has the meaning assigned to such term in the definition of the term "ECF Deductions".

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies, or the dismissal or appointment of the management, of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Converted Restricted Subsidiary</u>" has the meaning assigned to such term in the definition of the term "Consolidated EBITDA."

"<u>Converted Unrestricted Subsidiary</u>" has the meaning assigned to such term in the definition of the term "Consolidated EBITDA."

"<u>Corresponding Tenor</u>" with respect to any Available Tenor means, 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.

"<u>Covered Entity</u>" has the meaning assigned to such term in <u>Section 9.21(b)</u>.

"<u>Covered Party</u>" has the meaning assigned to such term in <u>Section 9.21(a)</u>.

"<u>Credit Agreement Refinancing Indebtedness</u>" means Indebtedness issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) by a Loan Party in exchange for, or to extend, renew, replace or refinance, in whole or part, any Class of existing Term Loans or Revolving Loans (or unused Revolving Commitments) ("<u>Refinanced Debt</u>"); <u>provided</u> that such exchanging, extending, renewing, replacing or refinancing Indebtedness (a) is in an original aggregate principal amount not greater than the aggregate principal amount of the Refinanced Debt (including any unused Revolving Commitment at such time) (plus any premium, accrued interest and fees and expenses incurred in connection with such exchange, extension, renewal, replacement or refinancing), (b) does not mature earlier than or, except in the case of Revolving Commitments, have a Weighted Average Life to Maturity shorter than the Refinanced Debt (other than Customary Bridge Loans and except with respect to an amount equal to the Maturity Carveout Amount at such time), (c) shall not be guaranteed by any entity that is not a Loan Party, (d) in the case of any secured Indebtedness (i) is not secured by any assets not securing the Secured Obligations and (ii) is subject to the relevant Intercreditor Agreement(s) and (e) has covenants and events of default

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(excluding as to subordination, interest rate (including whether such interest is payable in cash or in kind), interest rate margins, pricing, rate floors, discounts, fees, premiums and prepayment or redemption provisions and other than with respect to Customary Bridge Loans) that either (I) are not materially more favorable (when taken as a whole) to the lenders or investors providing such Indebtedness than the terms and conditions of this Agreement (when taken as a whole) are to the Lenders (except for covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of such refinancing), (II) are applicable only to periods after the Latest Maturity Date at the time of such refinancing, (III) reflect market terms and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good faith) or (IV) are reasonably satisfactory to the Administrative Agent (provided that, at the Borrower's election, to the extent any financial maintenance covenant or other term or provision is added for the benefit of (X) the lenders of any such Indebtedness that consists of term facilities, no consent shall be required from the Administrative Agent or the Lenders to the extent that such term or provision is also added, or the features of such term or provision are provided, for the benefit of each Term Loan (and, for the avoidance of doubt, such term shall be deemed reasonably satisfactory to the Administrative Agent) or (Y) the lenders of any such Indebtedness that consists of revolving credit facilities, no consent shall be required from the Administrative Agent or the Lenders to the extent that such term or provision is also added, or the features of such term or provision are provided, for the benefit of the Lenders of each Revolving Credit Facility) (and, for the avoidance of doubt, such term shall be deemed reasonably satisfactory to the Administrative Agent).

"<u>Cure Amount</u>" has the meaning assigned to such term in <u>Section 7.02</u>.

"<u>Cure Right</u>" has the meaning assigned to such term in <u>Section 7.02</u>.

"<u>Cured Default</u>" has the meaning assigned to such term in <u>Section 7.01</u>.

"<u>Customary Bridge Loans</u>" means customary bridge loans with a maturity date of no longer than one year; <u>provided</u> that (a) the Weighted Average Life to Maturity of any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans is not shorter than the Weighted Average Life to Maturity of the Term Loans (without giving effect to any prior amortization or prepayments thereof) and (b) the final maturity date of any loans, notes, securities or other Indebtedness which are exchanged for or otherwise replace such bridge loans is no earlier than the Latest Maturity Date at the time such bridge loans are incurred.

"<u>Customary Escrow Provisions</u>" means customary redemption or prepayment terms in connection with escrow arrangements.

"<u>Customary Exceptions</u>" means (a) customary asset sale, insurance and condemnation proceeds events, change-of-control offers or events of default or, if in the form of loans, excess cash flow payments and customary Indebtedness mandatory prepayment provisions and/or (b) Customary Escrow Provisions.

"<u>Daily Simple SOFR</u>" means, solely with respect to the Loans, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal SOFR for the day (such day "<u>SOFR Determination Date</u>") that is five (5) U.S. Government Securities Business Days prior to (a) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (b) if such SOFR Rate Day

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is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website; <u>provided</u> that, if Daily Simple SOFR as so determined would be less than 0.00% per annum, such rate shall be deemed to be equal to 0.00% per annum for the purposes of this Agreement. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

"<u>Debtor Relief Law</u>" means the U.S. Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default</u>" means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"<u>Default Right</u>" has the meaning assigned to such term in <u>Section 9.21(b)</u>.

"<u>Defaulting Lender</u>" means any Lender that has (a) failed to fund any portion of its Loans or participations in Letters of Credit within one Business Day of the date on which such funding is required hereunder, (b) notified the Borrower, the Administrative Agent, any Issuing Bank, or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement or provided any written notification to any Person to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit, (c) failed, within three (3) Business Days after request by the Administrative Agent (whether acting on its own behalf or at the reasonable request of the Borrower (it being understood that the Administrative Agent shall comply with any such reasonable request)) or by any Issuing Bank to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit, (d) otherwise failed to pay over to the Administrative Agent, any Issuing Bank or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or subsequently cured or (e) (i) become or is insolvent or has a parent company that has become or is insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding or any action or proceeding of the type described in <u>Section 7.01(h</u>) or (i), or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, (iii) become the subject of a Bail-In Action, (iv) made a public statement or provided written notice to any Person to the effect that it (or its parent company) does not intend to honor withdrawal requests, either temporarily or permanently, from depositors or other customers or does not intend to comply with its contractual obligations in the ordinary course of its business or (v) failed, within two (2) Business Days after request by the Borrower, to confirm that none of the circumstances described in the foregoing clause (iv) are applicable to it (or its parent company) regardless of whether a public statement or written notice has been provided; <u>provided</u> that a Lender shall not

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be deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any capital stock in such Lender or its direct or indirect parent by a Governmental Authority 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 attachment 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; <u>provided</u>, <u>further</u>, that a Lender will cease to be a Defaulting Lender upon written receipt by both the Administrative Agent and the Borrower of confirmation that the Lender will comply with its prospective funding obligations.

"<u>Defaulting Lender Fronting Exposure</u>" means, at any time there is a Defaulting Lender, with respect to any Issuing Bank, such Defaulting Lender's Applicable Percentage of the outstanding Letter of Credit obligations with respect to such Issuing Bank other than Letter of Credit 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.

"<u>Designated Non-Cash Consideration</u>" means the Fair Market Value of non-cash consideration received by the Borrower or a Subsidiary in connection with a Disposition pursuant to <u>Section 6.05(k)</u> that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation, less the amount of cash or Permitted Investments received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed, sold or otherwise disposed of or returned in exchange for consideration in the form of cash or Permitted Investments in compliance with <u>Section 6.05</u>.

"<u>Determination Date</u>" has the meaning assigned to such term in clause (e) of the definition of "Consolidated EBITDA".

"<u>director</u>" has the meaning assigned to such term in the definition of "Board of Directors."

"<u>Discount Prepayment Accepting Lender</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(B)</u>.

"<u>Discount Range</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>Discount Range Prepayment Amount</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(C)</u>.

"<u>Discount Range Prepayment Notice</u>" means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to <u>Section 2.11(a)(ii)(C)</u> substantially in the form of <u>Exhibit K</u>.

"<u>Discount Range Prepayment Offer</u>" means the irrevocable written offer by a Term Lender, substantially in the form of <u>Exhibit L</u>, submitted in response to an invitation to submit offers following the Auction Agent's receipt of a Discount Range Prepayment Notice.

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"<u>Discount Range Prepayment Response Date</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>Discount Range Proration</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(C)</u>.

"<u>Discounted Prepayment Determination Date</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Discounted Prepayment Effective Date</u>" means, in the case of a Borrower Offer of Specified Discount Prepayment or Borrower Solicitation of Discount Range Prepayment Offer, five (5) Business Days following the receipt by each relevant Term Lender of notice from the Auction Agent in accordance with <u>Section 2.11(a)(ii)(B)</u>, <u>Section 2.11(a)(ii)(C)</u> or <u>Section</u> <u>2.11(a)(ii)(D)</u>, as applicable, unless a shorter period is agreed to between the Borrower and the Auction Agent.

"<u>Discounted Term Loan Prepayment</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(A)</u>.

"<u>Disposed EBITDA</u>" means, with respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined as if references to the Borrower and the Restricted Subsidiaries in the definition of the term "Consolidated EBITDA" (and in the component financial definitions used therein) were references to such Sold Entity or Business and its subsidiaries or to such Converted Unrestricted Subsidiary and its subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted Subsidiary.

"<u>Disposition</u>" has the meaning assigned to such term in <u>Section 6.05</u>.

"<u>Disposition/Debt Percentage</u>" means, (a) with respect to a Prepayment Event pursuant to clause (a) of such definition, the prepayment required by <u>Section 2.11(c)</u> if the First Lien Leverage Ratio for the most recently ended Test Period as of such time determined on a Pro Forma Basis (including giving Pro Forma Effect to any such prepayment required by <u>Section</u> <u>2.11(c)</u>) is (i) greater than 4.25 to 1.00, 100%, (ii) greater than 4.00 to 1.00 but less than or equal to 4.25 to 1.00, 50% and (iii) equal to or less than 4.00 to 1.00, 0% and (b) with respect to a Prepayment Event pursuant to clause (b) of such definition, the prepayment required by <u>Section</u> <u>2.11(c)</u>, 100%.

"<u>Disqualified Equity Interest</u>" means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the holder thereof), or upon the happening of any event or 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;matures or is mandatorily redeemable (other than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise;

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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;is convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests (other than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;is redeemable (other than solely for Equity Interests in such Person or in any Parent Entity that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by such Person or any of its Subsidiaries, in whole or in part, at the option of the holder thereof;

in each case, on or prior to the date 91 days after the Latest Maturity Date at the time of issuance of such Equity Interests; <u>provided</u>, <u>however</u>, that (i) an Equity Interest in any Person that would not constitute a Disqualified Equity Interest but for terms thereof giving holders thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence of an "asset sale," "condemnation event," a "change in control" or similar event shall not constitute a Disqualified Equity Interest if any such requirement becomes operative only after repayment in full of all the Loans and all other Loan Document Obligations that are accrued and payable and the termination of the Commitments and (ii) if an Equity Interest in any Person is issued pursuant to any plan for the benefit of employees of the Borrower (or any direct or indirect parent thereof) or any of the Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by the Borrower (or any direct or indirect parent company thereof) or any of the Subsidiaries in order to satisfy applicable statutory or regulatory obligations of such Person or as a result of such employee's termination, death, or disability.

"<u>Disqualified Lenders</u>" means (a) those Persons identified by the Sponsor or the Borrower to the Lead Arrangers in writing (including by email) prior to the Effective Date (and after the Effective Date, that are reasonably acceptable to the Administrative Agent), (b) those Persons who are competitors of the Borrower or any Subsidiary identified by the Sponsor or the Borrower to the Administrative Agent from time to time in writing (including by email), (c) Excluded Affiliates and (d) in the case of each Person identified pursuant to clause (a) or (b) above, any of their Affiliates that are either (i) identified in writing by the Sponsor or the Borrower from time to time or (ii) clearly identifiable as Affiliates on the basis of such Affiliate's name (other than, in the case of clause (b), Affiliates that are bona fide debt funds). Any supplement to the list of Disqualified Lenders pursuant to clause (a) or (b) above shall, in each case, be sent by the Borrower to the Administrative Agent at JPMDQ_Contact@jpmorgan.com (or such other address as the Administrative Agent may designate to the Borrower from time to time) and such supplement shall take effect on the Business Day following the date on which such notice is received by the Administrative Agent (it being understood that no such supplement to the list of Disqualified Lenders shall operate to disqualify any Person that previously acquired an assignment or participation in respect of the Loans from continuing to hold or vote such previously acquired assignment or participation on the terms herein for Lenders that are not Disqualified Lenders). Notwithstanding the foregoing, any list of Disqualified Lenders shall only be required to be available to any Lender or Participant or prospective Lender or Participant on the Platform or another similar electronic system (i) to the extent the Borrower desires to prevent any such Disqualified Lender from being a Lender or Participant or (ii) upon written request by such Lender or Participant or prospective Lender or Participant.

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"<u>Dividing Person</u>" has the meaning assigned to it in the definition of "Division."

"<u>Division</u>" means the division of the assets, liabilities and/or obligations of a Person (the "<u>Dividing</u> <u>Person</u>") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

"<u>Division Successor</u>" means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

"<u>Dollar Equivalent</u>" means, at any time, (a) with respect to any amount denominated in dollars, such amount and (b) with respect to any amount denominated in any currency other than dollars, the equivalent amount thereof in dollars as determined by the Administrative Agent at such time in accordance with <u>Section 1.07</u> hereof.

"<u>dollars</u>" or "<u>$</u>" refers to lawful money of the United States of America.

"<u>Domestic Subsidiary</u>" means any Subsidiary that is not a Foreign Subsidiary.

"<u>ECF Deductions</u>" means, for any period, an amount equal to 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted pursuant to clause (f) below in prior fiscal years, the amount of Capital Expenditures made in cash or accrued during such period, to the extent that such Capital Expenditures were financed with internally generated cash flow of the Borrower or 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;cash payments by the Borrower and the Restricted Subsidiaries during such period in respect of purchase price holdbacks, earn out obligations or long-term liabilities of the Borrower and the Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income to the extent financed with internally generated cash flow of the Borrower or 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted pursuant to clause (f) below in prior fiscal years, the amount of Investments (other than Investments in Permitted Investments) and acquisitions not prohibited by this Agreement, to the extent that such Investments and acquisitions were financed with internally generated cash flow of the Borrower or 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the amount of dividends, distributions and other Restricted Payments paid in cash during such period not prohibited by this Agreement, to the extent that such dividends and distributions were financed with internally generated cash flow of the Borrower or 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the

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payment of financing fees and cash restructuring charges) to the extent that such expenditures are not expensed during such period or are not deducted in calculating Consolidated Net Income, to the extent that such expenditures were financed with internally generated cash flow of the Borrower or the Restricted Subsidiaries (other than Investments in Permitted Investments), 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;without duplication of amounts deducted from Excess Cash Flow in prior periods, (i) the aggregate consideration required to be paid in cash by the Borrower or any of the Restricted Subsidiaries pursuant to binding contracts, commitments, letters of intent or purchase orders (the "<u>Contract Consideration</u>"), in each case, entered into prior to or during such period and (ii) to the extent set forth in a certificate of a Financial Officer delivered to the Administrative Agent at or before the time the Compliance Certificate for the period ending simultaneously with such Test Period is required to be delivered pursuant to <u>Section 5.01(d)</u>, the aggregate amount of cash that is reasonably expected to be paid in respect of planned cash expenditures by the Borrower or any of the Restricted Subsidiaries (the "<u>Planned Expenditures</u>"); in the case of each of clauses (i) and (ii), relating to Permitted Acquisitions, other Investments (other than Investments in Permitted Investments), Capital Expenditures (including Capitalized Software Expenditures or other purchases of Intellectual Property) to be consummated, made or paid during a subsequent Test Period; <u>provided</u> that, to the extent the aggregate amount of internally generated cash actually utilized to finance such Permitted Acquisitions, Investments or Capital Expenditures during such Test Period is less than the Contract Consideration or Planned Expenditures, as applicable, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such Test Period.

"<u>ECF Percentage</u>" means, with respect to the prepayment required by <u>Section 2.11(d)</u> with respect to any fiscal year of the Borrower, if the First Lien Leverage Ratio (prior to giving effect to the applicable prepayment pursuant to <u>Section 2.11(d)</u>, but after giving effect to any voluntary prepayments made pursuant to <u>Section 2.11(a)</u> or any repurchase pursuant to <u>Section</u> <u>9.04(g)</u> prior to the date of such prepayment) as of the end of such fiscal year is (a) greater than 4.25 to 1.00, 50% of Excess Cash Flow for such fiscal year, (b) greater than 4.00 to 1.00 but less than or equal to 4.25 to 1.00, 25% of Excess Cash Flow for such fiscal year and (c) equal to or less than 4.00 to 1.00, 0% of Excess Cash Flow for such fiscal year.

"<u>ECF Threshold</u>" has the meaning assigned to such term in <u>Section 2.11(d)</u>.

"<u>EEA Financial Institution</u>" means (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 clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

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"<u>EEA Resolution Authority</u>" means 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.

"<u>Effective Date</u>" means the date on which the conditions specified in <u>Section 4.01</u> are satisfied (or waived in accordance with <u>Section 9.02</u>).

"<u>Effective Date Refinancing</u>" means the repayment, repurchase or other discharge of the Existing Credit Agreement Indebtedness and termination and/or release of any security interests and guarantees in connection therewith.

"<u>Effective Yield</u>" means, as to any Indebtedness as of any date of determination, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent and the Borrower and consistent with generally accepted financial practices, taking into account the applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth in the proviso below) or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (a) the remaining Weighted Average Life to Maturity of such Indebtedness and (b) the four years following the date of incurrence thereof) payable generally to lenders or other institutions providing such Indebtedness, but excluding any arrangement, structuring, ticking, commitment, amendment, unused line or underwriting fees or other similar fees payable in connection therewith and, if applicable, consent fees for an amendment (in each case regardless of whether any such fees are paid to or shared in whole or in part with any lender) and any other fees not paid to all relevant lenders generally; <u>provided</u> that with respect to any Indebtedness that includes a "Term SOFR floor" or "Base Rate floor," (i) to the extent that Term SOFR (with an Interest Period of one month) or Alternate Base Rate (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is less than such floor, the amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating the Effective Yield and (ii) to the extent that Term SOFR (with an Interest Period of one month) or Alternate Base Rate (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is greater than such floor, then the floor shall be disregarded in calculating the Effective Yield.

"<u>Electronic Signature</u>" means 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.

"<u>Eligible Assignee</u>" means (a) a Lender, (b) an Affiliate of a Lender (other than an Excluded Affiliate), (c) an Approved Fund and (d) any other Person (including, subject to the requirements of <u>Section 9.04(g)</u>, <u>(h)</u> and <u>(i)</u>, as applicable, the Borrower or any of their Affiliates), other than, in each case, (i) a natural person, (ii) a Defaulting Lender or (iii) a Disqualified Lender.

"<u>Eligible Currency</u>" means any lawful currency other than dollars that is readily available, freely transferable and convertible into dollars in the international interbank market available to the applicable Issuing Bank in such market and as to which a Dollar Equivalent may be readily calculated. If, after the designation of any currency as an Alternative Currency, any

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change in currency controls or exchange regulations or any change in the national or international financial, political or economic conditions are imposed in the country in which such currency is issued, result in, in the reasonable opinion of the applicable Issuing Bank, (a) such currency no longer being readily available, freely transferable and convertible into dollars, (b) a Dollar Equivalent is no longer being readily calculable with respect to such currency or (c) such currency being impracticable for Issuing Banks to provide (each of (a), (b) and (c), a "<u>Disqualifying Event</u>"), then the Administrative Agent shall promptly notify the Issuing Banks and the Borrower, and such country's currency shall no longer be an Alternative Currency until such time as the Disqualifying Event(s) no longer exist. Within, five (5) Business Days after receipt of such notice from the Administrative Agent, the Borrower shall reimburse LC Disbursements in such currency to which the Disqualifying Event applies.

"<u>Environmental Laws</u>" means applicable common law and all applicable treaties, rules, regulations, codes, ordinances, judgments, orders, decrees and other applicable Requirements of Law, and all applicable injunctions or binding agreements issued, promulgated or entered into by or with any Governmental Authority, in each instance relating to pollution or the protection of the environment, including with respect to the preservation or reclamation of natural resources, Hazardous Materials, or to the extent relating to exposure to Hazardous Materials, the protection of human health or safety.

"<u>Environmental Liability</u>" means any liability, obligation, loss, claim, action, order or cost, contingent or otherwise (including any liability for damages, costs of medical monitoring, costs of environmental remediation or restoration, administrative oversight costs, consultants' fees, fines, penalties and indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental Law or permit, license or approval issued thereunder, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"<u>Equity Interests</u>" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person (excluding, for the avoidance of doubt, any debt security that is convertible or exchangeable into any of the foregoing).

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, together with any Loan Party, is treated as a single employer under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Section 412 or Section 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412 of

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the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in "at-risk" status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); (e) the incurrence by a Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by a Loan Party or any ERISA Affiliate from the PBGC or a plan administrator of any written notice relating to an intention to terminate any Plan or Plans under Section 4042(a) of ERISA or to appoint a trustee to administer any Plan under Section 4042(b)(1) of ERISA; (g) the incurrence by a Loan Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan (including any liability under Section 4062(e) of ERISA) or Multiemployer Plan; or (h) the receipt by a Loan Party or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Loan Party or any ERISA Affiliate of any written notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of Section 305 of ERISA or Section 432 of the Code.

"<u>ESA Rule</u>" has the meaning assigned to such term in <u>Section 9.02(h)</u>.

"<u>Erroneous Payment Return Deficiency</u>" has the meaning assigned to it in Article VIII.

"<u>Escrow</u>" has the meaning provided in the definition of "Indebtedness."

"<u>Escrowed Obligations</u>" has the meaning provided in the definition of "Indebtedness."

"<u>Escrowed Proceeds</u>" means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account with an escrow agent on the date of the applicable offering or incurrence pursuant to escrow arrangements that permit the release of amounts on deposit in such escrow account upon satisfaction of certain conditions or the occurrence of certain events. The term "Escrowed Proceeds" shall include any interest earned on the amounts held in escrow.

"<u>Ethically Screened Affiliate</u>" means any Affiliate of a Lender that (a) is managed as to day-to-day matters (but excluding, for the avoidance of doubt, as to strategic direction and similar matters) independently from such Lender and any other Affiliate of such Lender that is not an Ethically Screened Affiliate, (b) has in place customary information screens between it and such Lender and any other Affiliate of such Lender that is not an Ethically Screened Affiliate and (c) such Lender or any other Affiliate of such Lender that is not an Ethically Screened Affiliate does not direct or cause the direction of the investment policies of such entity, nor does such Lender's or any such other Affiliate's investment decisions influence the investment decisions of such entity.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"<u>Euro</u>" or "<u>€</u>" means the single currency of the European Union as constituted by the Treaty on European Union and as referred to in the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.

"<u>Event of Default</u>" has the meaning assigned to such term in <u>Section 7.01</u>.

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"<u>Excess Cash Flow</u>" means, for any period, an amount equal to the excess 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 sum, without duplication, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Net Income 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income (<u>provided</u>, in each case, that if any non-cash charge represents an accrual or reserve for cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Excess Cash Flow in such future 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;decreases in Consolidated Working Capital, long-term receivables and long-term prepaid assets and increases in long-term deferred revenue 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the aggregate net non-cash loss on dispositions by the Borrower and the Restricted Subsidiaries during such period (other than dispositions in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income, 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;cash proceeds in respect of Swap Agreements during such period to the extent not included in arriving at such Consolidated Net Income; <u>less</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;the sum, without duplication, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income (including any amounts included in Consolidated Net Income pursuant to the last sentence of the definition of "Consolidated Net Income" to the extent such amounts are due but not received during such period) and cash charges excluded in arriving at such Consolidated Net Income (other than cash charges in respect of Transaction Costs paid on or about the Effective Date to the extent financed with the proceeds of Indebtedness (other than revolving loans) incurred on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of all principal payments of Indebtedness, including (A) the principal component of payments in respect of Capitalized Leases and (B) the amount of any mandatory prepayment of Loans or Other Applicable Indebtedness to the extent required due to a Disposition that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase, but excluding (I) all other prepayments of Term Loans and Other Applicable Indebtedness and (II) all prepayments of revolving loans (including the Revolving Loans) made during such period (other than in respect of any revolving credit facility (excluding Revolving Loans) to the extent there is an equivalent permanent reduction in commitments thereunder), except to the extent financed with the proceeds of other long term Indebtedness (other than revolving Indebtedness or intercompany loans among the Borrower and its Restricted Subsidiaries) (unless such long term Indebtedness has been repaid with internally generated cash) of the Borrower or the Restricted Subsidiaries,

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the aggregate net non-cash gain on dispositions by the Borrower and the Restricted Subsidiaries during such period (other than dispositions in the ordinary course of business) to the extent included in arriving at 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;increases in Consolidated Working Capital, long-term receivables, long-term prepaid assets and decreases in long-term deferred revenue 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;cash payments by the Borrower and the Restricted Subsidiaries during such period in respect of purchase price holdbacks, earn out obligations or long-term liabilities of the Borrower and the Restricted Subsidiaries other than Indebtedness to the extent such payments are not expensed during such period or are not deducted in calculating Consolidated Net Income except to the extent financed with the proceeds of other long term Indebtedness (other than revolving Indebtedness or intercompany loans among the Borrower and its Restricted Subsidiaries) (unless such long term Indebtedness has been repaid with internally generated cash) of the Borrower or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the amount of taxes (including penalties and interest) paid in cash and/or tax reserves set aside or payable (without duplication) in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees and cash restructuring charges but excluding cash expenditures reducing the amount of Term Loans required to be prepaid pursuant to <u>Section 2.11(d)</u>) to the extent that such expenditures are not expensed during such period or are not deducted in calculating 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are required to be made in connection with any prepayment of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;cash expenditures in respect of Swap Agreements during such period to the extent not deducted in arriving at such Consolidated Net Income, 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate amount of cash expected to be paid by the Borrower or any of the Restricted Subsidiaries in respect of accrued and unpaid bonus expenses and legal settlement reserves as of the end of such period (the "<u>Accrued Expenses</u>") and expected to be paid during the subsequent Test Period; <u>provided</u> that (A) to the extent the aggregate amount of internally generated cash actually utilized to pay such Accrued Expenses during such subsequent Test Period is less than the Accrued Expenses reducing Excess Cash Flow pursuant to

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this clause (viii) in the prior Test Period, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such subsequent Test Period and (B) in no event shall Excess Cash Flow in such subsequent Test Period be reduced by the payment of Accrued Expenses during such subsequent Test Period to the extent the amount of such Accrued Expenses have reduced Excess Cash flow in the prior Test Period.

"<u>Exchange Act</u>" means the United States Securities Exchange Act of 1934, as amended from time to time.

"<u>Exchange Rate</u>" means, on any day, for purposes of determining the Dollar Equivalent of any amount denominated in a currency other than dollars, the rate at which such currency may be exchanged into dollars as set forth at approximately 11:00 a.m. on such day as set forth on the Reuters World Currency Page for such currency. In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such an agreement, such Exchange Rate shall instead be the spot rate of exchange of the Administrative Agent through its principal foreign exchange trading office, at or about 11:00 a.m., New York City time on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.

"<u>Excluded Accounts</u>" means (a) payroll, healthcare and other employee wage and benefit accounts, (b) tax accounts, including, without limitation, sales tax accounts, (c) escrow, defeasance and redemption accounts, (d) fiduciary or trust accounts, (e) disbursement accounts, (f) cash collateral accounts subject to Permitted Liens and (g) the funds or other property held in or maintained for such purposes in any such account described in <u>clauses (a)</u> through <u>(f)</u>.

"<u>Excluded Affiliates</u>" means, collectively, any Affiliates of any of the Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital.

"<u>Excluded Assets</u>" means (a) any fee-owned real property, (b) all leasehold interests in real property, (c) any governmental licenses or state or local franchises, charters or authorizations, to the extent a security interest in any such license, franchise, charter or authorization would be prohibited or restricted thereby (including any legally effective prohibition or restriction, but excluding any prohibition or restriction that is ineffective under the Uniform Commercial Code of any applicable jurisdiction), (d) any assets the pledge or grant of a security interest in which is prohibited by applicable law, rule or regulation (including any legally effective requirement to obtain the consent of any Governmental Authority, but excluding any prohibition or restriction that is ineffective under the Uniform Commercial Code or other applicable law), (e) Equity Interests of (x) Unrestricted Subsidiaries, (y) Immaterial Subsidiaries (except to the extent a security interest therein can be perfected by filing of a UCC financing statement) and (z) not-for-profit Subsidiaries, captive insurance companies and other special purpose subsidiaries, (f) Equity Interests of (i) any Foreign Subsidiary that is a CFC, in excess of 65% of any voting capital stock and 100% of the non-voting capital stock of such Foreign Subsidiary, and (ii) any FSHCO, in excess of 65% of any voting capital stock and 100% of the non-voting capital stock of such FSHCO, (g) any asset if, to the extent that and for so long as the grant of a Lien thereon to secure the Secured Obligations is prohibited by any Requirements of

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Law (other than to the extent that any such prohibition would be rendered ineffective pursuant to the Uniform Commercial Code or any other applicable Requirements of Law) or would require consent or approval of any Governmental Authority (unless such consent or approval has been obtained) but excluding any prohibition or restriction that is ineffective under the Uniform Commercial Code of any applicable jurisdiction, (h) margin stock and, to the extent prohibited by, or creating an enforceable right of termination in favor of any other party thereto (other than any Loan Party) under the terms of, any applicable Organizational Documents, joint venture agreement or equityholders' agreement after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code of any applicable jurisdiction, Equity Interests in any Person other than the Borrower and wholly-owned Restricted Subsidiaries, (i) assets to the extent a security interest in such assets 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, (j) any intent-to-use application for registration of a trademark or service mark prior to the filing with, and acceptance by, the United States Patent and Trademark Office of a "Statement of Use" or "Amendment to Allege Use" with respect thereto, (k) any lease, license or other agreement or any property subject thereto (including pursuant to a purchase money security interest or similar arrangement) to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a breach, default or right of termination in favor of any other party thereto (other than any Loan Party) or otherwise require consent of any party thereto (other than any Loan Party) unless such consent has been obtained (it being understood that no Loan Party shall be under any affirmative obligation to obtain such consent) in each case, after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code of any applicable jurisdiction or other similar applicable law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code of any applicable jurisdiction or other similar applicable law notwithstanding such prohibition, (l) Securitization Assets and related assets (or interests therein) (A) sold to any Securitization Subsidiary or (B) otherwise pledged, factored, contributed, transferred or sold in connection with any Qualified Securitization Facility, (m) commercial tort claims with a value of less than $15,000,000 and letter-of-credit rights with a value of less than $15,000,000 (except to the extent a security interest therein can be perfected by a UCC filing), (n) Vehicles and other assets subject to certificates of title, (o) any aircraft, airframes, aircraft engines or helicopters, or any equipment or other assets constituting a part thereof (except to the extent a security interest therein can be perfected by filing a UCC financing statement), (p) any and all assets and personal property owned or held by any Subsidiary that is not a Loan Party (including any Unrestricted Subsidiary), (q) cash and Permitted Investments (other than cash and Permitted Investments to the extent constituting proceeds of Collateral), (r) any proceeds from any issuance of Indebtedness permitted to be incurred under <u>Section 6.01</u> that are paid into an escrow account to be released upon satisfaction of certain conditions or the occurrence of certain events, including cash or Permitted Investments set aside at the time of the incurrence of such Indebtedness, in each case, to the extent such proceeds, cash or Permitted Investments prefund the payment of interest or premium or discount on such indebtedness (or any costs related to the issuance of such indebtedness) and are held in such escrow account or similar arrangement to be applied for such purpose and (s) Excluded Accounts.

Notwithstanding anything contained herein to the contrary, other goods, chattel paper, investment property, documents of title, instruments, money, intangibles and other assets shall be deemed to be "Excluded Assets" if the Administrative Agent and the Borrower mutually agree that the cost or other consequences of obtaining or perfecting a security interest in such goods,

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chattel paper, investment property, documents of title, instruments, money, intangibles and other assets is excessive in relation to either the value of such goods, chattel paper, investment property, documents of title, instruments, money, intangibles and other assets as Collateral or to the practical benefit of the Lenders of the security afforded thereby.

"<u>Excluded Subsidiary</u>" means any of the following (except as otherwise provided in clause (b) of the definition of "Subsidiary Loan Party"): (a) any Subsidiary that is not a wholly-owned subsidiary of the Borrower, (b) each Subsidiary listed on <u>Schedule 1.01(a)</u>, (c) each Unrestricted Subsidiary, (d) each Immaterial Subsidiary, (e) any Subsidiary that is prohibited by (i) applicable Requirements of Law or (ii) any contractual obligation existing on the Effective Date or on the date any such Subsidiary is acquired (so long in respect of any such contractual prohibition such prohibition is not incurred in contemplation of such acquisition), in each case from guaranteeing the Secured Obligations or which would require governmental (including regulatory) consent, approval, license or authorization to provide a Guarantee (unless such governmental consent, approval, license or authorization has been obtained), or for which the provision of a Guarantee would result in a material adverse tax consequence (including as a result of the operation of Section 956 of the Code or any similar law or regulation in any applicable jurisdiction) to the Borrower or one of its subsidiaries (as reasonably determined by the Borrower in consultation with the Administrative Agent), (f) any direct or indirect Foreign Subsidiary, (g) any direct or indirect Domestic Subsidiary of a direct or indirect Foreign Subsidiary of the Borrower that is a CFC, (h) any FSHCO, (i) any other Subsidiary excused from becoming a Loan Party pursuant to clause (a) of the last paragraph of the definition of the term "Collateral and Guarantee Requirement," (j) each Securitization Subsidiary and (k) any not-for-profit Subsidiaries, captive insurance companies or other special purpose subsidiaries designated by the Borrower from time to time.

"<u>Excluded Swap Obligation</u>" means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the U.S. Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act (determined after giving effect to any applicable keep well, support, or other agreement for the benefit of such Guarantor and any and all Guarantees of such Guarantor's Swap Obligations by other Loan Parties) at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Guarantor as specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations. 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 Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.

"<u>Excluded Taxes</u>" means, 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 Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on (or measured by) its net income (however denominated), branch profits Taxes, and franchise Taxes, in each case (i)

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imposed by a jurisdiction as a result of such recipient being organized or having its principal office located in or, in the case of any Lender, having its applicable Lending Office located in, such jurisdiction or (ii) that are Other Connection Taxes, (b) any Tax that is attributable to such Lender's failure to comply with <u>Section 2.17(e)</u>, (c) any U.S. federal withholding Taxes imposed pursuant to a Requirement of Law in effect at the time such Lender (i) becomes a party hereto, other than pursuant to an assignment request by the Borrower under <u>Section 2.19</u> or (ii) designates a new Lending Office, except, in each case, to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts with respect to such withholding Tax under <u>Section 2.17(a)</u> and <u>(d)</u> any withholding Tax imposed pursuant to FATCA.

"<u>Existing Credit Agreement Indebtedness</u>" means the principal, interest, fees and other amounts, other than contingent obligations not due and payable, outstanding under that certain credit agreement, dated as of July 10, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among the Borrower, as borrower, the lenders party thereto and Blue Owl Credit Income Corp., as administrative agent and collateral agent (in such capacities, the "<u>Existing Agent</u>").

"<u>Fair Market Value</u>" means, 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. Except as otherwise expressly set forth herein, such value shall be determined in good faith by the Borrower.

"<u>Fair Value</u>" means the amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations promulgated thereunder or official administrative interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) and any intergovernmental agreements, treaties or conventions (and related legislation or official guidance) implementing the foregoing.

"<u>FCPA</u>" has the meaning assigned to such term in <u>Section 3.18(b)</u>.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective 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 purposes of this Agreement.

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"<u>Financial Officer</u>" means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

"<u>Financial Performance Covenant</u>" means the covenant set forth in <u>Section 6.10</u>.

"<u>First Lien Intercreditor Agreement</u>" means an intercreditor agreement substantially in the form of <u>Exhibit E</u> or any other intercreditor agreement reasonably satisfactory to the Administrative Agent and the Borrower.

"<u>First Lien Leverage Ratio</u>" means, on any date, the ratio of (a) Consolidated First Lien Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

"<u>Fitch</u>" means Fitch Ratings, Inc. and any successor to its rating agency business.

"<u>Fixed Amounts</u>" has the meaning assigned to such term in <u>Section 1.05(a)</u>.

"<u>Fixed Charges</u>" means, for any period, the sum, without duplication of (a) the Consolidated Interest Expense for such period, plus (b) all scheduled cash dividend payments (excluding items eliminated in consolidation) on any series of preferred Equity Interests of such Persons made during such period, plus (c) all scheduled cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Equity Interests of the Borrower or any Restricted Subsidiary during such period.

"<u>Foreign Prepayment Event</u>" has the meaning assigned to such term in <u>Section 2.11(g)</u>.

"<u>Foreign Subsidiary</u>" means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America, any state thereof or the District of Columbia.

"<u>Free and Clear Incremental Amount</u>" has the meaning assigned to such term in the definition of "Incremental Cap".

"<u>FSHCO</u>" means any Domestic Subsidiary of the Borrower that has no material assets other than Equity Interests and/or Indebtedness in one or more Foreign Subsidiaries of the Borrower that are CFCs.

"<u>Fund</u>" means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

"<u>Funded Debt</u>" means all Indebtedness of the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of the Borrower or the applicable Restricted Subsidiary, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the Loans.

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America, 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 Effective Date (or, with respect to the

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treatment of leases in the definition of Capital Lease Obligation and Capitalized Leases, any change occurring after the date the Company has made the election described in the parenthetical in the definition of Capital Lease Obligation) in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), 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. Notwithstanding any other provision contained herein, (a) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under FASB Accounting Standards Codification 825-Financial Instruments, or any successor thereto (including pursuant to the FASB Accounting Standards Codification), to value any Indebtedness of the Borrower or any subsidiary at "fair value," as defined therein and (b) the amount of any Indebtedness under GAAP with respect to Capital Lease Obligations shall be determined in accordance with the definition of Capital Lease Obligations and <u>Section 1.04(g)</u>.

"<u>General Asset Sale Basket</u>" has the meaning assigned to such term in <u>Section 6.05(p)</u>.

"<u>General Debt Basket</u>" has the meaning assigned to such term in <u>Section 6.01(a)(xiv)(x)</u>.

"<u>General Debt Basket Reallocated Amount</u>" means any amount then available to be incurred under the General Debt Basket that, at the option of the Borrower, has been reallocated from the General Debt Basket to the Free and Clear Incremental Amount.

"<u>General Liens Basket</u>" has the meaning assigned to such term in <u>Section 6.02(xx)</u>.

"<u>General Liens Basket Reallocated Amount</u>" means any amount then available to be incurred under the General Liens Basket that, at the option of the Borrower, has been reallocated from the General Liens Basket to the Free and Clear Incremental Amount.

"<u>Governmental Approvals</u>" means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, Governmental Authorities.

"<u>Governmental Authority</u>" means the government of the United States of America, any other nation or any political subdivision thereof, whether state, local or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Granting Lender</u>" has the meaning assigned to such term in <u>Section 9.04(f)</u>.

"<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or

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to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; <u>provided</u> that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Effective 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 shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by a Financial Officer. The term "Guarantee" as a verb has a corresponding meaning.

"<u>Guarantee Agreement</u>" means the Guarantee Agreement among the Loan Parties and the Administrative Agent, substantially in the form of <u>Exhibit C</u>.

"<u>Guarantors</u>" means the Subsidiary Loan Parties.

"<u>Hazardous Materials</u>" means all explosive, radioactive, hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum by-products or distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated as hazardous or toxic, or any other term of similar import, pursuant to any Environmental Law.

"<u>Identified Participating Lenders</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(C)</u>.

"<u>Identified Qualifying Lenders</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(D)</u>.

"<u>IFRS</u>" means international accounting standards as promulgated by the International Accounting Standards Board.

"<u>Immaterial Subsidiary</u>" means any Subsidiary that is not a Material Subsidiary.

"<u>Immediate Family Members</u>" means with respect to any individual, such individual's child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

"<u>Impacted Loans</u>" has the meaning assigned to such term in <u>Section 2.14(a)(ii)</u>.

"<u>Incremental Cap</u>" means, as of any date of determination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;an amount equal to the sum of (the "<u>Free and Clear Incremental Amount</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;the greater of (i) $110,000,000 and (ii) 100% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis, 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) the General Debt Basket Reallocated Amount, plus (ii) the General Liens Basket Reallocated Amount, 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the aggregate principal amount of (x) voluntary prepayments, repayments, redemptions, repurchases and debt buybacks (in an amount equal to the principal amount of the Indebtedness subject thereto) of Term Loans, any Incremental Term Loans and any Incremental Equivalent Debt or any other Indebtedness incurred under the Free and Clear Incremental Amount (including open market purchases at or below par, payments through Dutch auction procedures and payments utilizing Section 9.04(h) or any other analogous "yank-a-bank" provision in the documentation governing such Indebtedness) by the Borrower or any of its Subsidiaries and (y) permanent commitment reductions in respect of the Revolving Credit Facility, any Additional/Replacement Revolving Commitments or any other revolving credit facility that is incurred under the Free and Clear Incremental Amount, except, in each case under this clause (c), to the extent funded with proceeds of long-term Indebtedness of the Borrower or the Restricted Subsidiaries (other than (1) any revolving Indebtedness, (2) any intercompany loans among the Borrower and its Restricted Subsidiaries or (3) Incremental Facilities or Incremental Equivalent Debt then being incurred in reliance on this clause (c) or clause (d) below), 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the aggregate principal amount of voluntary prepayments, repayments, redemptions, repurchases and buybacks of, and, in the case of revolving credit commitments, permanent commitment reductions in respect of (in each case, an amount equal to the principal amount of the Indebtedness subject thereto), any Credit Agreement Refinancing Indebtedness, Other Term Loan, Other Revolving Commitment or any Permitted Refinancing, as applicable, previously applied, directly or indirectly, to the prepayment, repayment, redemption, repurchase, buyback or permanent commitment reduction, as applicable, of any Indebtedness or revolving credit commitment, as applicable, described in clause (c) above (including open market purchases at or below par, payments through Dutch auction procedures and payments utilizing <u>Section 9.04(h)</u> or any other analogous "yank-a-bank" provision in the documentation governing such Indebtedness) by the Borrower or any of its Subsidiaries, except, in each case under this clause (d), to the extent funded with proceeds of long-term Indebtedness of the Borrower or the Restricted Subsidiaries (other than (1) any revolving Indebtedness, (2) any intercompany loans among the Borrower and its Restricted Subsidiaries or (3) Incremental Facilities or Incremental Equivalent Debt then being incurred in reliance on this clause (d) or clause (c) above)), <u>minus</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of all Incremental Facilities and all Incremental Equivalent Debt outstanding at such time that was incurred in reliance on any of the foregoing clauses (a) through (d), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;the maximum aggregate principal amount (the "<u>Ratio Incremental Amount</u>") that can be incurred without causing the First Lien Leverage Ratio, after giving effect to the incurrence or establishment, as applicable, of any Incremental Facilities or Incremental

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Equivalent Debt (which shall assume that all such Indebtedness is Consolidated First Lien Debt and the full amounts of any Incremental Revolving Commitment Increase and Additional/Replacement Revolving Commitments established at such time are fully drawn) and the use of proceeds thereof, on a Pro Forma Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental Facility or Incremental Equivalent Debt made pursuant to the Free and Clear Incremental Amount or under the Revolving Credit Facility in connection therewith), to exceed the greater of (x) the First Lien Leverage Ratio immediately prior to the incurrence of such Incremental Facility or Incremental Equivalent Debt for the most recent Test Period then last ended and (y) 5.50 to 1.00.

Notwithstanding anything to the contrary in this Agreement, in the case of any Incremental Facility or Incremental Equivalent Debt in the form of a delayed draw term loan facility (an "<u>Incremental Delayed Draw Term Facility</u>", and the loans thereunder, "<u>Incremental Delayed</u> <u>Draw Term Loans</u>"), the Borrower may elect, in its sole discretion, to incur such Incremental Delayed Draw Term Facility under the Incremental Cap either (A) at the time the delayed draw term loan commitments in respect of such Incremental Delayed Draw Term Facility (the "<u>Incremental Delayed Draw Term Commitments</u>") are established, in which case, solely for purposes of determining availability under the Incremental Cap, such Incremental Delayed Draw Term Commitments shall be deemed to be fully drawn at the time the relevant Incremental Delayed Draw Term Facility is established (and, for the avoidance of doubt, the subsequent funding of Incremental Delayed Draw Term Loans under such Incremental Delayed Draw Term Facility shall not further reduce available capacity under the Incremental Cap) or (B) at the time the relevant Incremental Delayed Draw Term Loans are funded, in which case available capacity under the Incremental Cap shall be reduced as and when each such Incremental Delayed Draw Term Loan is funded (and, for the avoidance of doubt, the initial establishment of Incremental Delayed Draw Term Commitments in respect of such Incremental Delayed Draw Term Facility shall not reduce available capacity under the Incremental Cap).

"<u>Incremental Equivalent Debt</u>" has the meaning assigned to such term in <u>Section</u> <u>6.01(a)(xxiii)</u>.

"<u>Incremental Facilities</u>" has the meaning assigned to such term in <u>Section 2.20(a)</u>.

"<u>Incremental Facility Amendment</u>" has the meaning assigned to such term in <u>Section</u> <u>2.20(f)</u>.

"<u>Incremental Revolving Commitment Increase</u>" has the meaning assigned to such term in <u>Section 2.20(a)</u>.

"<u>Incremental Revolving Loan</u>" means Revolving Loans made pursuant to Additional/Replacement Revolving Commitments.

"<u>Incremental Term Loans</u>" has the meaning assigned to such term in <u>Section 2.20(a)</u>.

"<u>Incurrence-Based Amounts</u>" has the meaning assigned to such term in <u>Section 1.05(a)</u>.

"<u>Indebtedness</u>" of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such

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Person in respect of the deferred purchase price of property or services (excluding trade accounts or payables, obligations payable in the ordinary course of business and any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within 60 days after being due and payable), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances; <u>provided</u> that the term "Indebtedness" shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller, (iii) 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, (iv) Indebtedness of any Parent Entity appearing on the balance sheet of the Borrower solely by reason of push down accounting under GAAP, (v) accrued expenses and royalties, (vi) asset retirement obligations and other pension related obligations (including pensions and retiree medical care) that are not overdue by more than 60 days and (vii) Non-Finance Lease Obligations. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. The amount of Indebtedness of any Person for purposes of clause (e) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith. For all purposes hereof, the Indebtedness of the Borrower and the Restricted Subsidiaries shall exclude (i) intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business, (ii) obligations under or in respect of any Qualified Securitization Facility, (iii) obligations, to the extent such obligations would otherwise constitute Indebtedness, under any agreement that has been defeased or satisfied and discharged pursuant to the terms of such agreement or (iv) indebtedness that constitutes "Indebtedness" merely by virtue of a pledge of an Investment (without any accompanying guaranty) in an Unrestricted Subsidiary.

Notwithstanding the foregoing, other than in connection with making an LCT Election, Indebtedness will be deemed not to include obligations ("<u>Escrowed Obligations</u>") incurred or otherwise outstanding in advance of, and the proceeds of which are to be applied in connection with, a transaction (including any repayment, prepayment or redemption as to which a notice thereof has been delivered to the applicable holders thereof), solely to the extent that the proceeds thereof are and continue to be held in an escrow, trust, collateral or similar account or arrangement (collectively, an "<u>Escrow</u>") and are not otherwise made available for any other purpose (it being understood that in any event, any such proceeds held in such Escrow shall not be deemed to represent Available Cash for purposes of calculating the First Lien Leverage Ratio, Secured Leverage Ratio or Total Leverage Ratio); <u>provided</u> that upon the release of the proceeds

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of Escrowed Obligations from such Escrow such obligations, to the extent outstanding after such release, shall constitute Indebtedness that is incurred on such date.

"<u>Indemnified Taxes</u>" means all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document.

"<u>Indemnitee</u>" has the meaning assigned to such term in <u>Section 9.03(b)</u>.

"<u>Information</u>" has the meaning assigned to such term in <u>Section 9.12(a)</u>.

"<u>Information Memorandum</u>" means the information memorandum in connection with the initial syndication of the Commitments and the Loans.

"<u>Initial Default</u>" has the meaning assigned to such term in <u>Section 7.01</u>.

"<u>Intellectual Property</u>" has the meaning assigned to such term in the Collateral Agreement.

"<u>Intercreditor Agreements</u>" means any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement or any other intercreditor agreement reasonably satisfactory to the Administrative Agent and the Borrower.

"<u>Interest Coverage Ratio</u>" means, as of any date, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case for the Test Period as of such date.

"<u>Interest Election Request</u>" means a request by the Borrower in accordance with <u>Section</u> <u>2.07</u> and substantially in the form of <u>Exhibit R</u> or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December and the maturity date applicable to such Loan and (b) with respect to any Term SOFR Loan, the last U.S. Government Securities Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term SOFR Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period and the maturity date applicable to such Loan.

"<u>Interest Period</u>" means, with respect to any Term SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter as selected by the Borrower in its Borrowing Request (or, if agreed to by each Lender participating therein, twelve months or such other period less than one month thereafter as the Borrower may elect); <u>provided</u> that (a) 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, and (b) any Interest Period that commences on the last Business Day of

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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. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>Investment</u>" means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or Indebtedness or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other Indebtedness or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Borrower and its Restricted Subsidiaries, their parent companies and their subsidiaries, (i) intercompany advances arising from their cash management, tax, and accounting operations and (ii) intercompany loans, advances, or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. The amount, as of any date of determination, of (i) any Investment in the form of a loan or an advance shall be the principal amount thereof outstanding on such date, minus any cash payments actually received by such investor representing interest in respect of such Investment (to the extent any such payment to be deducted does not exceed the remaining principal amount of such Investment and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without any adjustment for write-downs or write-offs (including as a result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (ii) any Investment in the form of a Guarantee shall be equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof, as determined in good faith by a Financial Officer, (iii) any Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the investee, including any such transfer in the form of a capital contribution, shall be the Fair Market Value of such Equity Interests or other property as of the time of the transfer, minus any payments actually received by such investor representing a return of capital of, or dividends or other distributions in respect of, such Investment (to the extent such payments do not exceed, in the aggregate, the original amount of such Investment and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment, and (iv) any Investment (other than any Investment referred to in clause (i), (ii) or (iii) above) by the specified Person in the form of a purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any other Person shall be the original cost of such Investment (including any Indebtedness assumed in connection therewith), plus (A) the cost of all additions thereto and minus (B) the amount of any portion of such Investment that has been repaid to the investor in cash as a repayment of principal or a return of capital, and of any cash payments actually received by such investor representing interest, dividends or other distributions in respect of such Investment (to the extent the amounts referred to in this clause (B) do not, in the aggregate, exceed the original cost of such Investment plus the costs of additions thereto and without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without any other adjustment for increases or decreases in value

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of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment. For purposes of <u>Section 6.04</u>, if an Investment involves the acquisition of more than one Person, the amount of such Investment shall be allocated among the acquired Persons in accordance with GAAP; <u>provided</u> that pending the final determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be as reasonably determined by a Financial Officer.

"<u>Investor</u>" means a holder of Equity Interests in the Borrower (or any direct or indirect parent thereof).

"<u>IPO</u>" means the consummation of any transaction (other than a public offering pursuant to a registration statement on Form S-8 or any successor form) after the Effective Date which results in initial listing of the common Equity Interests of the Borrower or Parent Entity or, in either case, a related IPO Entity on the New York Stock Exchange, the NASDAQ Global Market or other internationally recognized stock exchange or similar market including via a consummated bona fide initial underwritten public offering, direct listing or consummation of a merger or acquisition by a publicly listed special purpose acquisition vehicle.

"<u>IPO Entity</u>" means, at any time at and after an IPO, the Borrower, a Parent Entity or any IPO Listco described in clause (b) of the definition thereof, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO or any other transaction that results in any Parent Entity being publicly traded.

"<u>IPO Listco</u>" means any (a) IPO Entity or (b) any wholly owned subsidiary of the Borrower formed after the Effective Date 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.

"<u>IPO Reorganization Transactions</u>" means, 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 Lenders in the Collateral and the Guarantees of the Secured 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 IPO Subsidiary with one or more direct or indirect holders of Equity Interests in the Borrower with IPO Subsidiary surviving and holding Equity Interests in the Borrower 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

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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/or (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 Secured Obligations, taken as a whole, would not be materially impaired.

"<u>IPO Shell Company</u>" means each of IPO Listco and IPO Subsidiary.

"<u>IPO Subsidiary</u>" means a wholly owned subsidiary of IPO Listco formed after the Effective Date 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.

"<u>ISP98</u>" means the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"<u>Issuing Bank</u>" means (a) each Person listed on <u>Schedule 2.01(b)</u> with respect to such Person's Letter of Credit Commitment and (b) each other Person that shall have become an Issuing Bank hereunder as provided in <u>Section 2.05(k)</u> (other than any Person that shall have ceased to be an Issuing Bank as provided in <u>Section 2.05(l)</u>), each in its capacity as an issuer of Letters of Credit hereunder. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term "Issuing Bank" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate and for all purposes of the Loan Documents. Each Issuing Bank may cause Letters of Credit to be issued by unaffiliated financial institutions and such Letters of Credit shall be treated as issued by such Issuing Bank for all purposes under the Loan Documents. In the event that there is more than one Issuing Bank at any time, references herein and in the other Loan Documents to the Issuing Bank shall be deemed to refer to the Issuing Bank in respect of the applicable Letter of Credit or to all Issuing Banks, as the context requires.

"<u>Joint Bookrunners</u>" means JPMorgan Chase Bank, N.A., Barclays Bank PLC and Goldman Sachs Bank USA.

"<u>Judgment Currency</u>" has the meaning assigned to such term in <u>Section 9.14(b)</u>.

"<u>Junior Financing</u>" means any Material Indebtedness of any Loan Party (other than any permitted intercompany Indebtedness owing to the Borrower or any Restricted Subsidiary) that is contractually subordinated in right of payment to the Loan Document Obligations.

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"<u>Latest Maturity Date</u>" means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Other Term Loan, any Other Term Commitment, any Other Revolving Loan or any Other Revolving Commitment, in each case as extended in accordance with this Agreement from time to time.

"<u>LC Disbursement</u>" means a payment made by an Issuing Bank pursuant to a Letter of Credit.

"<u>LC Exposure</u>" means, at any time, the sum of (a) the Dollar Equivalent of the aggregate amount of all Letters of Credit that remains available for drawing at such time (including, without limitation, any and all Letters of Credit for which documents have been presented that have not been honored or dishonored) and (b) the Dollar Equivalent of the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 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 3.13 or Rule 3.14 of the 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; <u>provided</u>, that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit 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.

"<u>LCT Election</u>" has the meaning provided in <u>Section 1.08</u>.

"<u>LCT Test Date</u>" has the meaning provided in <u>Section 1.08</u>.

"<u>Lead Arrangers</u>" means JPMorgan Chase Bank, N.A., Barclays Bank PLC and Goldman Sachs Bank USA.

"<u>Lender-Related Person</u>" has the meaning provided in <u>Section 9.03(c)</u>.

"<u>Lenders</u>" means the Term Lenders, the Revolving Lenders and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, an Incremental Facility Amendment, a Loan Modification Agreement or a Refinancing Amendment, in each case, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term "Lenders" includes each Issuing Bank.

"<u>Lending Office</u>" means, as to any Lender, the office or offices of such Lender described as such in such Lender's Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires, each reference to a Lender shall include its applicable Lending Office.

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"<u>Letter of Credit</u>" means any letter of credit issued pursuant to this Agreement other than any such letter of credit that shall have ceased to be a "Letter of Credit" outstanding hereunder pursuant to <u>Section 9.05</u>. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; <u>provided</u>, <u>however</u>, that (i) no Issuing Bank shall be required to issue commercial letters of credit and (ii) if any Issuing Bank agrees to issue any commercial letter of credit hereunder, such commercial letter of credit shall provide solely for cash payment upon presentation of a sight draft.

"<u>Letter of Credit Commitment</u>" means an amount, as of the Effective Date, equal to $15,000,000; <u>provided</u> that, as to any Issuing Bank, such Issuing Bank's Letter of Credit Commitment shall not exceed the amount set forth on <u>Schedule 2.01(b)</u> opposite such Issuing Bank's name or, in the case of an Issuing Bank that becomes an Issuing Bank after the Effective Date, the amount notified in writing to the Administrative Agent by the Borrower and such Issuing Bank; <u>provided</u>, <u>further</u>, that the Letter of Credit Commitment of any Issuing Bank may be increased or decreased if agreed in writing between the Borrower and such Issuing Bank (each acting in its sole discretion) and notified to the Administrative Agent.

"<u>Letter of Credit Expiration Date</u>" means the day that is three (3) Business Days prior to the Revolving Maturity Date then in effect.

"<u>Liabilities</u>" means the recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower and its Subsidiaries taken as a whole, as of the Effective Date after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied.

"<u>Lien</u>" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; <u>provided</u> that in no event shall an operating lease be deemed to constitute a Lien.

"<u>Limited Condition Transaction</u>" means (a) (i) any Acquisition Transaction or any other acquisition or Investment permitted by this Agreement and (ii) Investments, the incurrence or issuance of Indebtedness and Liens, repayments, repurchases, redemptions or refinancing of Indebtedness, Restricted Payments and the designation of any Restricted Subsidiaries or Unrestricted Subsidiaries, in each case, in connection with any of the transactions described in the foregoing sub-clause (i), (b) any repayment, repurchase, redemption or refinancing of Indebtedness with respect to which a notice of repayment (or similar notice, which may be conditional) is required to be delivered and (c) any dividends or distributions on, or redemptions of, Equity Interests not prohibited by this Agreement declared or requiring irrevocable notice in advance thereof.

"<u>Limited Originator Recourse</u>" means a letter of credit, cash collateral account or other such credit enhancement issued in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Facility.

"<u>Loan Document Obligations</u>" means (a) the due and punctual payment by the Borrower of (i) the principal of and interest at the applicable rate or rates provided in this Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or

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other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans including all obligations in respect of the L/C Exposure, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations of the Borrower under or pursuant to this Agreement and each of the other Loan Documents, including obligations to reimburse LC Disbursements and pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual payment and performance of all other obligations of the Borrower under or pursuant to each of the Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents (including interest and monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding).

"<u>Loan Documents</u>" means this Agreement, any Refinancing Amendment, any Incremental Facility Amendment, any Loan Modification Agreement, the Guarantee Agreement, the Collateral Agreement, the Intercreditor Agreements, the other Security Documents and, except for purposes of <u>Section 9.02</u>, any promissory notes delivered pursuant to <u>Section 2.09(e)</u>.

"<u>Loan Modification Agreement</u>" means a Loan Modification Agreement, in form reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Accepting Lenders, effecting one or more Permitted Amendments and such other amendments hereto and to the other Loan Documents as are contemplated by <u>Section 2.24</u>.

"<u>Loan Modification Offer</u>" has the meaning assigned to such term in <u>Section 2.24(a)</u>.

"<u>Loan Parties</u>" means the Borrower and the Subsidiary Loan Parties.

"<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this Agreement.

"<u>Management Investors</u>" means the present, future and/or former directors, officers, partners, members and employees of any Parent Entity, the Borrower and/or any of their respective subsidiaries who are (directly or indirectly through one or more investment vehicles) Investors and any such Persons who become holders of Equity Interests in the Borrower (or any direct or indirect parent thereof).

"<u>Master Agreement</u>" has the meaning assigned to such term in the definition of "Swap Agreement."

"<u>Material Acquisition</u>" means any acquisition by the Borrower or any Restricted Subsidiary for consideration (including any assumed Indebtedness) in an aggregate amount equal to or greater than the lesser of (a) $30,000,000 and (b) 25% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis.

"<u>Material Adverse Effect</u>" means any event, circumstance or condition that has had, or would reasonably be expected to have, a materially adverse effect on (a) the business or financial

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condition of the Borrower and the Restricted Subsidiaries, taken as a whole, (b) the ability of the Borrower and the Guarantors, taken as a whole, to perform their payment obligations under the Loan Documents or (c) the rights and remedies of the Administrative Agent and the Lenders (taken as a whole) under the Loan Documents.

"<u>Material Disposition</u>" means any Disposition by the Borrower or any Restricted Subsidiary for consideration (including any assumed Indebtedness) in an aggregate amount equal to or greater than the lesser of (a) $30,000,000 and (b) 25% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis.

"<u>Material Indebtedness</u>" means, on any date of determination, any Indebtedness for borrowed money (other than the Loan Document Obligations, but including purchase money indebtedness), Capital Lease Obligations (other than, for the avoidance of doubt, Non-Finance Lease Obligations), unreimbursed drawings under letters of credit, third party Indebtedness obligations evidenced by notes or similar instruments or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding the greater of (a) $45,000,000 and (b) 40% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis; <u>provided</u> that in no event shall any Qualified Securitization Facility be considered Material Indebtedness for any purpose. For purposes of determining Material Indebtedness, the "principal amount" of the obligations in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

"<u>Material Subsidiary</u>" means (a) each wholly-owned Restricted Subsidiary that, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements are available, had revenues or total assets for such quarter in excess of 5.0% of the consolidated revenues or total assets, as applicable, of the Borrower for such quarter or that is designated by the Borrower as a Material Subsidiary and (b) any group comprising wholly-owned Restricted Subsidiaries that each would not have been a Material Subsidiary under clause (a) but that, taken together, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements are available, had revenues or total assets for such quarter in excess of 10.0% of the consolidated revenues or total assets, as applicable, of the Borrower for such quarter.

"<u>Maturity Carveout Amount</u>" means, at the option of the Borrower (in its sole discretion), Indebtedness incurred with a final maturity date prior to the earliest maturity date otherwise expressly required under this Agreement with respect to such Indebtedness and/or a Weighted Average Life to Maturity shorter than the minimum Weighted Average Life to Maturity otherwise expressly required under this Agreement with respect to such Indebtedness in an aggregate outstanding principal amount not to exceed the greater of (a) $220,000,000 and (b) 200.0% of Consolidated EBITDA for Test Period then last ended determined on a Pro Forma Basis (<u>provided</u> that, for the avoidance of doubt, any Incremental Facility or Incremental Equivalent Debt incurred under the General Debt Basket Reallocated Amount or the General Liens Basket Reallocated Amount (or any Credit Agreement Refinancing Indebtedness, Other Term Loan, Other Revolving Loan or Permitted Refinancing, as applicable, that directly or indirectly refinances or replaces such Incremental Facility) shall be permitted under the Maturity Carveout Amount and shall be deemed not to reduce the Maturity Carveout Amount).

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"<u>MFN Protection</u>" has the meaning assigned to such term in <u>Section 2.20(b)</u>.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and any successor to its rating agency business.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>Net Proceeds</u>" means, with respect to any event, (a) the proceeds received in respect of such event in cash or Permitted Investments, including (i) any cash or Permitted Investments received in respect of any non-cash proceeds, including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or earn-out (but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds that are actually received and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments that are actually received, <u>minus</u> (b) the sum of (i) all fees and out-of-pocket expenses paid by the Borrower and the Restricted Subsidiaries in connection with such event (including attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses and brokerage, consultant, accountant and other customary fees), (ii) in the case of a Disposition of an asset (including pursuant to a Sale Leaseback or Casualty Event or similar proceeding), (A) any funded escrow established pursuant to the documents evidencing any Disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale, transfer or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds occurring on the date of such reduction solely to the extent that the Borrower and/or any Restricted Subsidiaries receives cash in an amount equal to the amount of such reduction, (B) the amount of all payments that are permitted hereunder and are made by the Borrower and the Restricted Subsidiaries as a result of such event to repay Indebtedness (other than the Loans and any Indebtedness that is secured by a Lien on the Collateral ranking equal in priority (but without regard to the control of remedies) or junior in priority to the Lien on the Collateral securing the Secured Obligations) secured by such asset or otherwise subject to mandatory prepayment as a result of such event, (C) the pro rata portion of net cash proceeds thereof (calculated without regard to this clause (C)) attributable to minority interests and not available for distribution to or for the account of the Borrower and the Restricted Subsidiaries as a result thereof and (D) the amount of any liabilities directly associated with such asset and retained by the Borrower or the Restricted Subsidiaries and (iii) the amount of all taxes paid (or reasonably estimated to be payable, including any withholding taxes estimated to be payable in connection with the repatriation of such Net Proceeds from a Foreign Subsidiary), the amount of Restricted Payments (to the extent permitted under <u>Section 6.08(a)</u>) made in connection with such event (including Restricted Payments with respect to the payment of Taxes from such event) and the amount of any reserves established by the Borrower and the Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case, in respect of such event; <u>provided</u> that any reduction at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) shall be deemed to constitute the receipt by the Borrower at such time of Net Proceeds in the amount of such reduction.

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"<u>Net Short Lender</u>" means any Lender (alone or together with its Affiliates (but subject to the ESA Rule)) that, as a result of its (and/or its applicable Affiliates') interest in any total return swap, total rate of return swap, credit default swap or other derivative contract (other than any such total return swap, total rate of return swap, credit default swap or other derivative contract entered into pursuant to bona fide market making activities), has a net short position with respect to the Loans and/or Commitments, other than (a) any Lender that is a Regulated Bank and (b) any Revolving Lender as of the Effective Date and (c) any Affiliate of any of the foregoing.

"<u>New Project</u>" means (a) each facility that is either a new facility, branch, data center or office or an expansion, relocation, remodeling or substantial modernization of an existing facility, branch, data center or office owned by the Borrower or the Subsidiaries which in fact commences operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market.

"<u>Non-Accepting Lender</u>" has the meaning assigned to such term in <u>Section 2.24(c)</u>.

"<u>Non-Cash Compensation Expense</u>" means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements.

"<u>Non-Consenting Lender</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

"<u>Non-Finance Lease Obligation</u>" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in accordance with GAAP as in effect on December 31, 2020, is not and is not required to be accounted for as a capital lease or finance lease on the balance sheet of that Person (or, if the Borrower has made the election described in the parenthetical in the definition of Capital Lease Obligation, in accordance with GAAP as in effect from time to time but subject to the proviso in the definition of GAAP). For the avoidance of doubt, a straight-line or operating lease shall be considered a Non-Finance Lease Obligation.

"<u>Non-Recourse Indebtedness</u>" means, with respect to any Restricted Subsidiary, any asset-based facilities or local working capital lines of credit incurred by such Restricted Subsidiary in the ordinary course of business or consistent with past practice to the extent non-recourse to the Loan Parties so long as (x) such Indebtedness is not secured by assets constituting Collateral and (y) no Loan Party has guaranteed such Indebtedness.

"<u>Not Otherwise Applied</u>" means, with reference to the Available Amount or the Available Equity Amount, as applicable, not previously applied pursuant to <u>Section 6.02(xxxii)</u>, <u>Section 6.04(n)</u>, <u>Section 6.08(a)(viii)</u> or <u>Section 6.08(b)(iv)</u>.

"<u>Notice of Loan Prepayment</u>" means a notice of prepayment with respect to a Loan, which shall be substantially in the form of <u>Exhibit S</u> or such other form as may be reasonably approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.

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"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, 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 preceding 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" means 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; provided, further, that if any of the aforesaid rates as so determined be less than 0.00%, such rate shall be deemed to be 0.00% for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>OFAC</u>" has the meaning assigned to such term in <u>Section 3.18(c)</u>.

"<u>Offered Amount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Offered Discount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>OID</u>" has the meaning assigned to such term in <u>Section 2.20(b)</u>.

"<u>Organizational Documents</u>" means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Other Applicable Indebtedness</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(c)</u>.

"<u>Other Connection Taxes</u>" means, with respect to any recipient, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or Letter of Credit or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).

"<u>Other Loans</u>" means one or more Classes of Loans that result from a Refinancing Amendment or a Loan Modification Agreement.

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"<u>Other Revolving Commitments</u>" means one or more Classes of revolving credit commitments hereunder or extended Revolving Commitments that result from a Refinancing Amendment or a Loan Modification Agreement.

"<u>Other Revolving Loans</u>" means the Revolving Loans made pursuant to any Other Revolving Commitment or a Loan Modification Agreement.

"<u>Other Taxes</u>" means all present or future recording, filing, stamp, documentary, intangible, transfer, sales, property or similar Taxes arising from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.19</u>).

"<u>Other Term Commitments</u>" means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment or Loan Modification Agreement.

"<u>Other Term Loans</u>" means one or more Classes of Term Loans that result from a Refinancing Amendment or Loan Modification Agreement.

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings 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.

"<u>Parent Entity</u>" means any Person that is a direct or indirect parent of the Borrower.

"<u>Participant</u>" has the meaning assigned to such term in <u>Section 9.04(c)(i)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 9.04(c)(iii)</u>.

"<u>Participating Lender</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>Payment</u>" has the meaning assigned to it in Article VIII.

"<u>Payment Notice</u>" has the meaning assigned to it in Article VIII.

"<u>Payment Recipient</u>" has the meaning assigned to it in Article VIII.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"<u>Permitted Acquisition</u>" means an Acquisition Transaction; <u>provided</u> that (a) with respect to each such Acquisition Transaction, all actions required to be taken with respect to any such newly created or acquired Subsidiary (including each subsidiary thereof) or assets in order to satisfy the requirements set forth in clauses (a), (b), (c) and (d) of the definition of the term "Collateral and Guarantee Requirement" to the extent applicable shall have been taken or arrangements for the taking of such actions within the timeframes required by <u>Section 5.11</u> shall have been made (unless such newly created or acquired Subsidiary is designated as an

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Unrestricted Subsidiary pursuant to <u>Section 5.15</u> or is otherwise an Excluded Subsidiary) and (b) after giving effect to any such purchase or other acquisition, no Event of Default under <u>clause</u> <u>(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> of <u>Section 7.01</u> shall have occurred and be continuing.

"<u>Permitted Amendment</u>" means an amendment to this Agreement and, if applicable, the other Loan Documents, effected in connection with a Loan Modification Offer pursuant to <u>Section 2.24</u>, applicable to all, or any portion of, the Loans and/or Commitments of any Class of the Accepting Lenders, and providing for (a) an extension of a maturity date and/or (b) a change in the Applicable Rate or other pricing terms (including any "MFN" provisions) with respect to the Loans and/or Commitments of the Accepting Lenders and/or (c) a change in the fees payable to, or the inclusion of new fees to be payable to, the Accepting Lenders and/or (d) a change to any prepayment provisions with respect to the Loans of such Accepting Lenders that are less favorable to such Accepting Lenders than to the Non-Accepting Lenders with respect to such applicable Loans and/or (e) a change to any call protection with respect to the Loans and/or commitments of the Accepting Lenders (including any "soft call" protection) and/or (f) additional covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of such Loan Modification Offer (it being understood that to the extent that any financial maintenance covenant and any related equity cure or any other covenant is added for the benefit of any such Loans and/or Commitments, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant and any related equity cure or other covenant is either (i) also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Loans and/or Commitments or (ii) only applicable after the Latest Maturity Date at the time of such Loan Modification Offer).

"<u>Permitted Asset Swap</u>" means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Permitted Investments between the Borrower or a Restricted Subsidiary and another Person.

"<u>Permitted Encumbrances</u>" 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Liens for taxes, assessments or other governmental charges that are not overdue for a period of more than 60 days or, if more than 60 days overdue either (i) that are being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or (ii) with respect to which the Borrower determines in good faith that the failure to make such payment would not have a Material Adverse 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Liens imposed by law, such as carriers', warehousemen's, mechanics', landlords', materialmen's, repairmen's or construction contractors' Liens, and other similar Liens (including contractual landlord liens) in each case so long as such Liens arise in the ordinary course of business or consistent with past practice or industry norm and secure amounts not overdue for a period of more than 60 days or, if more than 60 days overdue, either (i) no other action has been taken to enforce such Liens, (ii) such amount is being contested in good faith and by appropriate proceedings for which appropriate reserves are maintained on the books of the applicable Person in accordance with GAAP or the equivalent accounting principles in the relevant local jurisdiction or (iii) with respect to which the failure to make payment would not have a Material Adverse Effect;

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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;Liens incurred or deposits made in the ordinary course of business or consistent with past practice or industry norm (i) in connection with workers' compensation, unemployment insurance and other social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees or similar instruments for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Restricted Subsidiary or otherwise supporting the payment of items set forth in the foregoing clause (i);

&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;Liens incurred or deposits made to secure the performance of bids, trade contracts, commercial contracts, governmental contracts and leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds, bankers acceptance facilities and other obligations of a like nature (including those to secure health, safety and environmental obligations) and obligations in respect of letters of credit, bank guarantees or similar instruments that have been posted to support the same, incurred in the ordinary course of business or consistent with past practices or industry norm;

&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;easements, encumbrances, rights-of-way, reservations, restrictions, restrictive covenants, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes building codes, encroachments, protrusions, zoning restrictions, and other similar encumbrances and minor title defects or other irregularities in title and survey exceptions affecting real property that, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Borrower and the Restricted Subsidiaries, taken as a whole;

&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;Liens securing, or otherwise arising from, judgments, awards, attachments or decrees for the payment of money in circumstances not constituting an Event of Default under <u>Section 7.01(j)</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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Liens on goods 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 or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant to the standard terms of agreements relating to letters of credit, bank guarantees and other similar instruments; <u>provided</u> that such Lien secures only the obligations of the Borrower or such Subsidiaries in respect of such letter of credit to the extent such obligations are permitted by <u>Section 6.01</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;(h)&nbsp;&nbsp;&nbsp;&nbsp;rights of setoff, banker's liens, netting agreements and other Liens arising by operation of law or by the terms of documents of banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts, cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments; 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising from precautionary Uniform Commercial Code financing statements or any similar filings made, or Liens in respect of operating leases entered into by the Borrower or any of its Subsidiaries.

"<u>Permitted First Priority Refinancing Debt</u>" means any secured Indebtedness incurred by the Borrower or any Loan Party in the form of one or more series of senior secured notes or

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loans; <u>provided</u> that (a) such Indebtedness is secured by a Lien on the Collateral ranking equal in priority (but without regard to control of remedies) with the Lien on the Collateral securing the Secured Obligations and is not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral, (b) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans or Other Loans), (c) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption, repurchase or repayment features (other than Customary Exceptions) that could result in redemption, repurchase or repayment of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that the Borrower and the Loan Parties shall be permitted to make any AHYDO "catch up" payments, if applicable) and (d) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a First Lien Intercreditor Agreement and, if applicable, a Second Lien Intercreditor Agreement. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"<u>Permitted Holder</u>" means any of (a) the Sponsor, (b) any of the Management Investors and their Permitted Transferees and (c) any group (within the meaning of Section 13(d)(3) of the Exchange Act as in effect on the Effective Date of which any of the foregoing Persons referenced in clauses (a) and/or (b) of this definition are members and any member of such group (a "<u>Permitted Holder Group</u>"); <u>provided</u> that, in the case of this clause (c), without giving effect to the existence of such group or any other group, no Person or other group (other than the Permitted Holders specified in clause (a) or (b) of this definition) own, directly or indirectly, capital stock representing more than 50.0% of the total voting power of the Voting Equity Interests of the Borrower.

"<u>Permitted Holder Group</u>" has the meaning assigned to such term in the definition of "Permitted Holder".

"<u>Permitted Investments</u>" means any of the following, to the extent owned by 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;dollars, Euro, Sterling, Australian dollars, Swiss Francs, Canadian dollars, Yuan or such other currencies held by it 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;readily marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality of (i) the United States, (ii) the United Kingdom or (iii) any member nation of the European Union rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's, having average maturities of not more than 24 months from the date of acquisition thereof; <u>provided</u> that the full faith and credit of the United States, the United Kingdom or such member nation of the European Union is pledged in support 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;time deposits or demand deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank that (i) is a Lender or (ii) has combined capital and surplus of at least (x) $250,000,000 in the case of U.S. banks and (y) $100,000,000 (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks (any such bank meeting the requirements of clause (i) or (ii) above being

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an "<u>Approved Bank</u>"), in each case with average maturities of not more than 12 months from the date of 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;commercial paper and variable or fixed rate notes issued by an Approved Bank (or by the parent company thereof) or any variable or fixed rate note issued by, or guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's, in each case with average maturities of not more than 24 months from the date of 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;repurchase agreements entered into by any Person with an Approved Bank, a bank or trust company (including any of the Lenders) or recognized securities dealer, in each case, having capital and surplus in excess of (i) $250,000,000 in the case of U.S. banks and (ii) $100,000,000 (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks, in each case, for direct obligations issued by or fully guaranteed or insured by the government or any agency or instrumentality of (i) the United States, (ii) the United Kingdom or (iii) any member nation of the European Union rated A-2 (or the equivalent thereof) or better by S&P and P-2 (or the equivalent thereof) or better by Moody's, in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a Fair Market Value of at least 100% of the amount of the repurchase obligations;

&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;marketable short-term money market and similar highly liquid funds either (i) having assets in excess of (x) $250,000,000 in the case of U.S. banks or other U.S. financial institutions and (y) $100,000,000 (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks or other non-U.S. financial institutions or (ii) having a rating of at least A-2 or P-2 from either S&P or Moody's (or, if at any time neither S&P nor Moody's shall be rating such obligations, an equivalent rating from another nationally recognized rating service);

&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;securities with average maturities of 24 months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, or by any political subdivision or taxing authority of any such state, commonwealth or territory having an investment grade rating from either S&P or Moody's (or the equivalent 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;investments with average maturities of 24 months or less from the date of acquisition in mutual funds rated A (or the equivalent thereof) or better by S&P or A2 (or the equivalent thereof) or better by Moody'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;(i)&nbsp;&nbsp;&nbsp;&nbsp;instruments equivalent to those referred to in clauses (a) through (h) above denominated in Euro or any other foreign currency comparable in credit quality and tenor to those referred to above and 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 any 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;investments, classified in accordance with GAAP as current assets, in money market investment programs that are registered under the Investment Company Act of 1940 or that are administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are limited such that

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substantially all of such investments are of the character, quality and maturity described in clauses (a) through (i) of this definition;

&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 Foreign Subsidiary: (i) obligations of the national government of the country in which such Foreign Subsidiary is organized or maintains its chief executive office and principal place of business, <u>provided</u> such country is the United Kingdom, India, China, Australia, a member nation of the European Union whose legal tender is the British Pound Sterling or the Euro or a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (ii) 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 is organized or doing business, <u>provided</u> such country is the United Kingdom, India, China, Australia, a member state of the European Union or a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at least "A-2" or the equivalent thereof or from Moody's is at least "P-2" or the equivalent thereof (any such bank being an "<u>Approved Foreign Bank</u>"), and in each case with maturities of not more than 24 months from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank; 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;investment funds investing substantially all of their assets in securities of the types described in clauses (a) through (k) above.

"<u>Permitted Refinancing</u>" means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of all or any portion of Indebtedness of such Person; <u>provided</u> that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium (including tender premium) thereon plus other amounts paid, and fees and expenses incurred (including upfront fees and original issue discount), in connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder to the extent that the portion of any existing and unutilized commitment being refinanced was permitted to be drawn under <u>Section 6.01</u> and <u>Section 6.02</u> of this Agreement immediately prior to such refinancing (other than by reference to a Permitted Refinancing) and such drawing shall be deemed to have been made, (b) [reserved], (c) if the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Loan Document Obligations, Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (d) if the Indebtedness being modified, refinanced, refunded, renewed or extended constitutes Junior Financing, the terms and conditions (excluding as to subordination, interest rate (including whether such interest is payable in cash or in kind), interest rate margins, pricing, rate floors, fees, discounts, premiums and prepayment or redemption provisions) of Indebtedness resulting from such modification, refinancing, refunding, renewal or extension, taken as a whole, either (I) are not materially more favorable to the investors providing such Indebtedness than the terms and conditions (when taken as a whole) of the Indebtedness being modified, refinanced, refunded, renewed or extended (except for covenants or other provisions applicable to periods after the Latest Maturity Date at the time

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such Indebtedness is incurred) (it being understood that, to the extent that any financial maintenance covenant or any other covenant is added for the benefit of any such Permitted Refinancing, the terms shall not be considered materially more favorable if such financial maintenance covenant or other covenant is either (A) also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Permitted Refinancing or (B) only applicable after the Latest Maturity Date at the time of such refinancing) or (II) reflect market terms and conditions (taken as a whole) at the time such Indebtedness is incurred (as determined by the Borrower in good faith); <u>provided</u> that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to such modification, refinancing, refunding, renewal or extension, together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement, and (e) the primary obligor in respect of, and/or the Persons (if any) that Guarantee, the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are the primary obligor in respect of, and/or Persons (if any) that Guaranteed, the Indebtedness being modified, refinanced, refunded, renewed or extended. For the avoidance of doubt, it is understood that a Permitted Refinancing may constitute a portion of an issuance of Indebtedness in excess of the amount of such Permitted Refinancing; <u>provided</u> that such excess amount is otherwise permitted to be incurred under <u>Section 6.01</u>. For the avoidance of doubt, it is understood and agreed that a Permitted Refinancing includes successive Permitted Refinancings of the same Indebtedness.

"<u>Permitted Second Priority Refinancing Debt</u>" means any secured Indebtedness incurred by the Borrower or any Loan Party in the form of one or more series of junior lien secured notes or junior lien secured loans; <u>provided</u> that (i) such Indebtedness is secured by a Lien on the Collateral ranking junior in priority to the Lien on the Collateral securing the Secured Obligations and is not secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans or Other Loans), (iii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption, repurchase or repayment features (other than Customary Exceptions) that could result in redemption, repurchase or repayment of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that the Borrower and Loan Parties shall be permitted to make any AHYDO "catch up" payments, if applicable) and (iv) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a Second Lien Intercreditor Agreement. Permitted Second Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"<u>Permitted Transferees</u>" means, with respect to any Person that is a natural person (and any Permitted Transferee of such Person), (a) such Person's Immediate Family Members, including his or her spouse, ex-spouse, children, step-children and their respective lineal descendants and (b) without duplication with any of the foregoing, such Person's heirs, legatees, executors and/or administrators upon the death of such Person and any other Person who was an Affiliate of such Person upon the death of such Person and who, upon such death, directly or indirectly owned Equity Interests in the Borrower or any other IPO Entity.

"<u>Permitted Unsecured Refinancing Debt</u>" means unsecured Indebtedness incurred by the Borrower or any Loan Party in the form of one or more series of senior unsecured notes or loans;

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<u>provided</u> that (i) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Loans (including portions of Classes of Loans or Other Loans), (ii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption, repurchase or repayment features (other than Customary Exceptions) that could result in redemption, repurchase or repayment of such Indebtedness prior to the maturity of the Refinanced Debt (it being understood that the Borrower and the Restricted Subsidiaries shall be permitted to make any AHYDO "catch up" payments, if applicable) and (iii) such Indebtedness is not secured by any Lien on any property or assets of the Borrower or any Restricted Subsidiary. Permitted Unsecured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any "employee pension benefit plan" as defined in Section 3(2) of ERISA (other than a Multiemployer Plan) that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which a Loan Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"<u>Planned Expenditures</u>" has the meaning assigned to such term in clause (b) of the definition of the term "ECF Deductions".

"<u>Platform</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Post-Transaction Period</u>" means, with respect to any disposal of a Sold Entity or Business, the period beginning on the date on which such disposal is consummated and ending on the last day of the eighth full consecutive fiscal quarter of the Borrower immediately following the date on which such disposal is consummated.

"<u>Prepayment Event</u>" 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;any sale, transfer or other Disposition pursuant to <u>Section 6.05(k)</u> of any Collateral (other than Dispositions resulting in aggregate Net Proceeds not exceeding the greater of (x) $20,000,000 and (y) 15% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis in the case of any single transaction or series of related transactions) (each such event, an "<u>Asset Sale</u> <u>Prepayment Event</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness, other than Indebtedness permitted under <u>Section 6.01</u> (other than Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt and Other Term Loans resulting from a Refinancing Amendment) or permitted by the Required Lenders pursuant to <u>Section 9.02</u>.

"<u>Present Fair Saleable Value</u>" means the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of the Borrower and its Subsidiaries taken as a whole are sold with reasonable promptness in an arm's-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.

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"<u>primary obligor</u>" has the meaning assigned to such term in the definition of "Guarantee.""<u>Prime Rate</u>" means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its "prime rate"; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

"<u>Pro Forma Adjustment</u>" means, for any Test Period, any adjustment to Consolidated EBITDA made in accordance with clause (b) of the definition of that term.

"<u>Pro Forma Basis</u>," "<u>Pro Forma Compliance</u>" and "<u>Pro Forma Effect</u>" mean, with respect to compliance with any test, financial ratio or covenant (including, without limitation, any Incurrence-Based Amount or any Fixed Amount) hereunder required by the terms of this Agreement to be made on a Pro Forma Basis, that (a) to the extent applicable, the Pro Forma Adjustment shall have been made and (b) all Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (i) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in the case of a Disposition of Equity Interests in a Restricted Subsidiary such that such entity is no longer a Restricted Subsidiary or any division, business unit, line of business or product line of the Borrower or any of the Restricted Subsidiaries, shall be excluded, and (B) in the case of a Permitted Acquisition (including a potential Permitted Acquisition under a letter of intent or an executed term sheet) or Investment described in the definition of "Specified Transaction," shall be included, (ii) any retirement or repayment of Indebtedness, (iii) any Indebtedness incurred or assumed by the Borrower or any of the Restricted Subsidiaries in connection therewith (but without giving effect to any concurrent incurrence of any Indebtedness pursuant to any Fixed Amount or Consolidated EBITDA grower basket or under any Revolving Credit Facility) and if such Indebtedness has a floating or formula rate, 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 and (iv) Available Cash shall be calculated on the date of the consummation of the Specified Transaction after giving pro forma effect to such Specified Transaction (other than, for the avoidance of doubt, the cash proceeds of any Indebtedness the incurrence of which is a Specified Transaction or that is incurred to finance such Specified Transaction); <u>provided</u> that, without limiting the application of the Pro Forma Adjustment pursuant to clause (a) above, the foregoing pro forma adjustments may be applied to any such test, financial ratio or covenant solely to the extent that such adjustments are consistent with the definition of "Consolidated EBITDA" (and subject to the provisions set forth in clause (b) thereof) and give effect to events (including Run Rate Benefits) that are (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower or any of the Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of "Pro Forma Adjustment".

"<u>Pro Forma Disposal Adjustment</u>" means, for any four-quarter period that includes all or a portion of a fiscal quarter included in any Post-Transaction Period with respect to any Sold Entity or Business, the pro forma increase or decrease in Consolidated EBITDA projected by the Borrower in good faith as a result of contractual arrangements between the Borrower or any Restricted Subsidiary entered into with such Sold Entity or Business at the time of its disposal or within the Post-Transaction Period and which represent an increase or decrease in Consolidated

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EBITDA which is incremental to the Disposed EBITDA of such Sold Entity or Business for the most recent Test Period prior to its disposal.

"<u>Pro Forma Entity</u>" means any Acquired Entity or Business or any Converted Restricted Subsidiary.

"<u>Proposed Change</u>" has the meaning assigned to such term in <u>Section 9.02(c)</u>.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>Public Company Costs</u>" means costs relating to compliance with the provisions of the Securities Act of 1933, as amended, and the Exchange Act (and any similar Requirement of Law under any other applicable jurisdiction), 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' and employees' 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, listing fees and other costs associated with being a public company.

"<u>Public Lender</u>" has the meaning assigned to such term in <u>Section 5.01</u>.

"<u>Purchasing Borrower Party</u>" means the Borrower or any subsidiary of the Borrower.

"<u>QFC</u>" has the meaning assigned to such term in <u>Section 9.21(b)</u>.

"<u>QFC Credit Support</u>" has the meaning assigned to such term in <u>Section 9.21</u>.

"<u>Qualified Equity Interests</u>" means Equity Interests in the Borrower or any parent of the Borrower other than, in each case, Disqualified Equity Interests.

"<u>Qualified Securitization Facility</u>" means any Securitization Facility (a) constituting a securitization financing facility that meets the following conditions: (i) the board of directors or management of the Borrower shall have determined in good faith is in the aggregate economically fair and reasonable to the Borrower and (ii) all sales and/or contributions of Securitization Assets and related assets to the applicable Securitization Subsidiary are made pursuant to "true sale" or "true contribution" transactions or (b) constituting a receivables or payables financing or factoring facility.

"<u>Qualifying Lender</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Rating Agency</u>" means any of (a) Moody's, (b) S&P or (c) Fitch.

"<u>Reference Time</u>" means, with respect to any setting of the then-current Benchmark, (a) if such Benchmark is Term SOFR, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (b) if such Benchmark is Daily Simple SOFR, four U.S. Government Securities Business Days prior to such setting or

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(c) if such Benchmark is neither Term SOFR nor Daily Simple SOFR, the time reasonably determined by the Administrative Agent in consultation with the Borrower.

"<u>Refinanced Debt</u>" has the meaning assigned to such term in the definition of "Credit Agreement Refinancing Indebtedness."

"<u>Refinancing Amendment</u>" means an amendment to this Agreement executed by each of (a) the Borrower, (b) the Administrative Agent and (c) each Additional Lender and Lender that agrees to provide all or any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with <u>Section 2.21</u>.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 9.04(b)(iv)</u>.

"<u>Registered Equivalent Notes</u>" means, with respect to any notes originally issued in a Rule 144A or other private placement transaction under the Securities Act of 1933, substantially identical notes (having substantially the same Guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

"<u>Regulated Bank</u>" means an Approved Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"<u>Related Business Assets</u>" means assets (other than cash or Permitted Investments) used or useful in a Similar Business (which may consist of securities of a Person, including the Equity Interests of any Subsidiary (other than the Borrower)).

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the partners, directors, officers, employees, trustees, agents, controlling persons, advisors, attorneys and other representatives of such Person and of each of such Person's Affiliates and successors and permitted assigns.

"<u>Release</u>" means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) and including the environment within any building or other structure.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board and/or the NYFRB, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"<u>Removal Effective Date</u>" has the meaning assigned to such term in <u>Article VIII</u>.

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"<u>Repricing Transaction</u>" means (a) the incurrence by the Borrower of any Indebtedness, other than any Indebtedness incurred in connection with any transaction that would, if consummated, constitute an IPO, a Change in Control, a Material Acquisition, a Material Disposition or an increase in the aggregate principal amount of Term Loans (including by adding a new Class of Term Loans), in the form of a dollar-denominated term B loan that is broadly marketed or syndicated to banks and other institutional investors and that is secured on a pari passu basis with the Term Loans (i) having an Effective Yield for the respective Type of such Indebtedness that is less than the Effective Yield for the Term Loans of the respective equivalent Type, and (ii) the proceeds of which are used to prepay (or, in the case of a conversion, deemed to prepay or replace), in whole or in part, outstanding principal of Term Loans or (b) any effective reduction in the Effective Yield for the Term Loans (e.g., by way of amendment, waiver or otherwise), except for a reduction in connection with any transaction that would, if consummated, constitute an IPO, a Change in Control, a Material Acquisition, a Material Disposition or an increase in the aggregate principal amount of Term Loans (including by adding a new Class of Term Loans). Any determination by the Administrative Agent with respect to whether a Repricing Transaction shall have occurred shall be conclusive and binding on all Lenders holding the Term Loans.

"<u>Required Additional Debt Terms</u>" means with respect to any Indebtedness, (a) except with respect to Customary Bridge Loans and except with respect to an amount equal to the Maturity Carveout Amount at such time, such Indebtedness does not mature earlier than the Latest Maturity Date, (b) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption, repurchase or repayment features (other than Customary Exceptions) that could result in redemption, repurchase or repayment of such Indebtedness prior to the Latest Maturity Date (it being understood that the Borrower and the Restricted Subsidiaries shall be permitted to make any AHYDO "catch up" payments, if applicable) and (c) the terms and conditions of such Indebtedness (excluding interest rate (including whether such interest is payable in cash or in kind), pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions) either (I) are not materially more favorable (when taken as a whole) to the lenders or investors providing such Indebtedness than the terms and conditions of this Agreement (when taken as a whole) are to the Lenders (it being understood that, to the extent that any financial maintenance covenant or any other covenant is added for the benefit of any Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant or other covenant is either (i) also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of any such Indebtedness in connection therewith or (ii) only applicable after the Latest Maturity Date at such time), (II) include covenants or other provisions applicable only to periods after the Latest Maturity Date at such time or (III) reflect market terms and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good faith); <u>provided</u> that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement.

"<u>Required Class Lenders</u>" has the meaning assigned to such term in <u>Section 9.02(b)</u>.

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"<u>Required Lenders</u>" means, at any time, Lenders having Revolving Exposures, Term Loans and unused Commitments representing more than 50.0% of the aggregate Revolving Exposures, outstanding Term Loans and unused Commitments at such time; <u>provided</u> that (a) the Revolving Exposures, Term Loans and unused Commitments of the Borrower or any Affiliate thereof (other than an Affiliated Debt Fund) and (b) whenever there are one or more Defaulting Lenders, the total outstanding Term Loans and Revolving Exposures of, and the unused Revolving Commitments of, each Defaulting Lender, shall, in each case of clauses (a) and (b), be excluded for purposes of making a determination of Required Lenders.

"<u>Required Revolving Lenders</u>" means, at any time, Revolving Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50.0% of the aggregate Revolving Exposures and unused Revolving Commitments at such time; <u>provided</u> that (a) the Revolving Exposures and unused Revolving Commitments of the Borrower or any Affiliate thereof and (b) whenever there are one or more Defaulting Lenders, the total outstanding Revolving Exposures of, and the unused Revolving Commitments of, each Defaulting Lender, shall, in each case of clauses (a) and (b), be excluded for purposes of making a determination of Required Revolving Lenders.

"<u>Required Term Loan Lenders</u>" means, at any time, Lenders having Term Loans representing more than 50.0% of the aggregate outstanding Term Loans at such time; <u>provided</u> that (a) the Term Loans of the Borrower or any Affiliate thereof (other than an Affiliated Debt Fund) and (b) whenever there are one or more Defaulting Lenders, the total outstanding Term Loans of each Defaulting Lender, shall, in each case of clauses (a) and (b), be excluded for purposes of making a determination of Required Term Loan Lenders.

"<u>Requirements of Law</u>" means, with respect to any Person, any statutes, laws, treaties, rules, regulations, official administrative pronouncements, orders, decrees, writs, injunctions or determinations of any arbitrator or court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Resignation Effective Date</u>" has the meaning assigned to such term in <u>Article VIII</u>.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means the chief executive officer, chief financial officer, president, vice president, general counsel, treasurer or assistant treasurer or other similar officer, manager or a director of a Loan Party and with respect to certain limited liability companies, partnerships or other Loan Parties that do not have officers, any director, manager, sole member, managing member or general partner thereof, and as to any document delivered on the Effective Date or thereafter pursuant to paragraph (a) of the definition of the term "Collateral and Guarantee Requirement," any secretary or assistant secretary of any Loan Party and, solely for purposes of notices given pursuant to <u>Article II</u>, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan

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Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"<u>Restricted Debt Payment</u>" has the meaning assigned to such term in <u>Section 6.08(b)</u>.

"<u>Restricted Payment</u>" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests.

"<u>Restricted Subsidiary</u>" means any Subsidiary other than an Unrestricted Subsidiary.

"<u>Retained Asset Sale Proceeds</u>" means that portion of Net Proceeds of a Prepayment Event pursuant to clause (a) of such definition not required to be applied to prepay the Loans pursuant to <u>Section 2.11(c)</u> due to the Disposition/Debt Percentage being less than 100%.

"<u>Retained Declined Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(e)</u>.

"<u>Retained ECF Proceeds</u>" has the meaning assigned to such term in <u>Section 2.11(d)</u>.

"<u>Revolving Availability Period</u>" means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

"<u>Revolving Commitment</u>" means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum possible aggregate amount of such Lender's Revolving Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment and Assumption or (ii) a Refinancing Amendment, Incremental Facility Amendment or a Loan Modification Agreement. The initial amount of each Lender's Revolving Commitment is set forth on <u>Schedule 2.01(b)</u>, or in the Assignment and Assumption, Incremental Facility Amendment, Loan Modification Agreement or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving Commitment, as the case may be. The initial aggregate amount of the Lenders' Revolving Commitments as of the Effective Date is $75,000,000.

"<u>Revolving Credit Facility</u>" means the Revolving Commitments and the provisions herein related to the Revolving Loans and Letters of Credit.

"<u>Revolving Exposure</u>" means, with respect to any Revolving Lender at any time, the sum of the Dollar Equivalent of the outstanding principal amount of such Revolving Lender's Revolving Loans and its LC Exposure at such time.

"<u>Revolving Lender</u>" means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.

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"<u>Revolving Loan</u>" means a Loan made pursuant to clause (b) of <u>Section 2.01</u>.

"<u>Revolving Maturity Date</u>" means September 30, 2030 (or, with respect to any Revolving Lender that has extended its Revolving Commitment pursuant to a Permitted Amendment, the extended maturity date set forth in any such Loan Modification Agreement).

"<u>Run Rate Benefits</u>" has the meaning assigned to such term in the definition of "Consolidated EBITDA."

"<u>S&P</u>" means S&P Global Ratings and any successor to its rating agency business.

"<u>Sale Leaseback</u>" means any transaction or series of related transactions pursuant to which the Borrower or any Restricted Subsidiary (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed of.

"<u>Sanctions</u>" means any applicable economic sanctions administered or enforced by the United States Government (including without limitation, sanctions enforced by OFAC), the United Nations Security Council, the European Union or His Majesty's Treasury.

"<u>Sanctioned Country</u>" means any country or territory that is the target of comprehensive Sanctions (at the time of this Agreement, the Crimea, so-called Donetsk People's Republic, so-called Luhansk People's Republic, and the non-government-controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea, and Syria).

"<u>Sanctioned Person</u>" means (a) any Person listed in any Sanctions-related list of designated Persons maintained by the United States Government (including without limitation, sanctions enforced by OFAC), the United Nations Security Council, the European Union or His Majesty's Treasury; (b) any Person organized or resident in a Sanctioned Country; (c) any Person 50% or more owned or controlled by any such Person or Persons described in the forgoing clauses (a) or (b); or (d) any Person otherwise the subject of Sanctions.

"<u>SEC</u>" means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

"<u>Second Lien Intercreditor Agreement</u>" means the First Lien/Second Lien Intercreditor Agreement substantially in the form of Exhibit F or any other intercreditor agreement reasonably satisfactory to the Administrative Agent and the Borrower.

"<u>Secured Cash Management Obligations</u>" means the due and punctual payment and performance of all obligations of the Borrower and the Restricted Subsidiaries (other than Securitization Subsidiaries) in respect of any (A) overdraft, reimbursement and related liabilities arising from treasury, depository, cash pooling arrangements and cash management services, (B) corporate credit and purchasing cards and related programs, (C) letters of credit or bank guarantees or (D) automated clearing house transfers of funds (collectively, "<u>Cash Management Services</u>") provided to the Borrower or any Subsidiary (whether absolute or contingent and howsoever and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)) that are (a) owed to the Administrative Agent or any of its Affiliates, (b) owed on the Effective Date to a Person that is a

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Lender or an Affiliate of a Lender as of the Effective Date, (c) owed to a Person that is an Agent, a Lender or an Affiliate of an Agent or Lender at the time such obligations are incurred or (d) owed to any other Person identified by the Borrower to the Administrative Agent in writing from time to time, in each case, to the extent designated in writing as a Secured Cash Management Obligation by the Borrower to the Administrative Agent (unless otherwise constituting a Secured Cash Management Obligation immediately prior to the Effective Date); it being understood that each such provider of such Cash Management Services to the Borrower or any Subsidiary shall be deemed (i) to appoint the Administrative Agent and the Collateral Agent as its agents under the applicable Loan Documents and (ii) to agree to be bound by the provisions of <u>Article VIII</u>, <u>Section 9.03</u>, <u>Section 9.09</u> and any applicable Intercreditor Agreement as if it were a Lender; <u>provided</u> that the Dollar Equivalent of the aggregate face amount of letters of credit and bank guarantees issued and outstanding constituting Cash Management Services shall not at any time exceed $15,000,000.

"<u>Secured Leverage Ratio</u>" means, on any date, the ratio of (a) Consolidated Secured Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

"<u>Secured Obligations</u>" means (a) the Loan Document Obligations, (b) the Secured Cash Management Obligations and (c) the Secured Swap Obligations (excluding with respect to any Loan Party, Excluded Swap Obligations of such Loan Party).

"<u>Secured Parties</u>" means (a) each Lender and Issuing Bank, (b) the Administrative Agent and the Collateral Agent, (c) each Joint Bookrunner, (d) each Person to whom any Secured Cash Management Obligations are owed, (e) each counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations and (f) the permitted successors and assigns of each of the foregoing.

"<u>Secured Swap Obligations</u>" means all obligations of the Borrower and the Restricted Subsidiaries (other than Securitization Subsidiaries) under each Swap Agreement that (a) is with a counterparty that is the Administrative Agent or any of its Affiliates, (b) is in effect on the Effective Date with a counterparty that is a Lender, an Agent or an Affiliate of a Lender or an Agent as of the Effective Date, (c) is entered into after the Effective Date with any counterparty that is a Lender, an Agent or an Affiliate of a Lender or an Agent at the time such Swap Agreement is entered into or (d) is entered into with any other Person specified by the Borrower to the Administrative Agent in writing from time to time, in each case, to the extent designated in writing as a Secured Swap Obligation by the Borrower to the Administrative Agent (unless otherwise constituting a Secured Swap Obligation immediately prior to the Effective Date); it being understood that each such provider of such Secured Swap Obligations to the Borrower or any Subsidiary shall be deemed (i) to appoint the Administrative Agent and the Collateral Agent as its agents under the applicable Loan Documents and (ii) to agree to be bound by the provisions of <u>Article VIII</u>, <u>Section 9.03</u>, <u>Section 9.09</u> and any applicable Intercreditor Agreement as if it were a Lender.

"<u>Securitization Assets</u>" means the assets, accounts receivable, royalty or other revenue streams and other rights to payment or any other assets subject to a Qualified Securitization Facility and the proceeds thereof.

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"<u>Securitization Facility</u>" means any of one or more receivables, factoring or securitization financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants, indemnities, repurchase obligations, performance guarantees or undertakings and any Limited Originator Recourse, in each case, made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant to which the Borrower or any of its Restricted Subsidiaries sells, contributes, conveys, or otherwise transfers or grants a security interest in Securitization Assets or assets related thereto (whether now existing or arising in the future) including, without limitation, all assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions, in each case, to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells, or grants a security interest in, its Securitization Assets or assets related thereto to a Person that is not a Restricted Subsidiary.

"<u>Securitization Fees</u>" means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.

"<u>Securitization Subsidiary</u>" means any Subsidiary (i) formed for the purpose of, and that solely engages only in one or more Qualified Securitization Facilities with the Borrower and its Subsidiaries and other activities reasonably related thereto and (ii) to which neither the Borrower nor any other Subsidiary of the Borrower (other than another Securitization Subsidiary) has any obligation to provide direct financial support in order to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results.

"<u>Security Documents</u>" means the Collateral Agreement and each other security agreement or pledge agreement executed and delivered pursuant to the Collateral and Guarantee Requirement, <u>Section 4.01(f)</u>, <u>Section 5.11</u>, <u>Section 5.12</u> or <u>Section 5.14</u> to secure any of the Secured Obligations.

"<u>Senior Representative</u>" means, with respect to any series of Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt or other Indebtedness, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"<u>Significant Subsidiary</u>" means any Restricted Subsidiary that, or any group of Restricted Subsidiaries that, taken together, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements are available, had revenues or total assets for such quarter in excess of 10% of the consolidated revenues or total assets, as applicable, of the Borrower for such quarter.

"<u>Silver Lake</u>" means (a) any funds, partnerships, co-investment entities, managed accounts and other investment vehicles affiliated with, or managed, advised, sponsored or controlled by, Silver Lake Group, L.L.C. or one or more of its Affiliates and (b) any Person controlled by or under common control with one or more of the foregoing.

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"<u>Similar Business</u>" means any business conducted or proposed to be conducted by the Borrower and the Restricted Subsidiaries on the Effective Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"<u>SOFR</u>" means, with respect to any day, the secured overnight financing rate published for such day by the SOFR Administrator on the SOFR Administrator's Website.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the Federal Reserve Bank of New York 's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>SOFR Rate Day</u>" has the meaning specified in the definition of "Daily Simple SOFR".

"<u>Sold Entity or Business</u>" has the meaning assigned to such term in the definition of "Consolidated EBITDA."

"<u>Solicited Discounted Prepayment Amount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Solicited Discounted Prepayment Notice</u>" means an irrevocable written notice of a Borrower Solicitation of Discounted Prepayment Offers made pursuant to <u>Section 2.11(a)(ii)(D)</u> substantially in the form of <u>Exhibit M</u>.

"<u>Solicited Discounted Prepayment Offer</u>" means the irrevocable written offer by each Lender, substantially in the form of <u>Exhibit N</u>, submitted following the Administrative Agent's receipt of a Solicited Discounted Prepayment Notice.

"<u>Solicited Discounted Prepayment Response Date</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(D)</u>.

"<u>Solicited Discount Proration</u>" has the meaning assigned to such term in <u>Section</u> <u>2.11(a)(ii)(D)</u>.

"<u>Solvent</u>" means (a) the Fair Value of the assets of the Borrower and its Subsidiaries on a consolidated basis taken as a whole exceeds their Liabilities, (b) the Present Fair Saleable Value of the assets of the Borrower and its Subsidiaries on a consolidated basis taken as a whole exceeds their Liabilities, (c) the Borrower and its Subsidiaries on a consolidated basis taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the date hereof through the Latest Maturity Date taking into account the nature of, and the needs and anticipated needs for capital of, the particular business or businesses conducted or to be conducted by the Borrower and its Subsidiaries on a consolidated basis as reflected in the projected financial statements and in light of the anticipated credit capacity and (d) for the period from the date hereof through the Latest Maturity Date, the Borrower and its Subsidiaries on a consolidated

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basis taken as a whole will have sufficient assets and cash flow to pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become payable, in light of business conducted or anticipated to be conducted by the Borrower and its Subsidiaries as reflected in the projected financial statements and in light of the anticipated credit capacity.

"<u>Specified Discount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(B)</u>.

"<u>Specified Discount Prepayment Amount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(B)</u>.

"<u>Specified Discount Prepayment Notice</u>" means an irrevocable written notice of a Borrower Offer of Specified Discount Prepayment made pursuant to <u>Section 2.11(a)(ii)(B)</u> substantially in the form of <u>Exhibit I</u>.

"<u>Specified Discount Prepayment Response</u>" means the irrevocable written response by each Lender, substantially in the form of <u>Exhibit J</u>, to a Specified Discount Prepayment Notice.

"<u>Specified Discount Prepayment Response Date</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(B)</u>.

"<u>Specified Discount Proration</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(B)</u>.

"<u>Specified Transaction</u>" means, with respect to any period, any Investment (including any Permitted Acquisition (including a potential Permitted Acquisition under a letter of intent)), Disposition, incurrence or repayment of Indebtedness, Restricted Payment, subsidiary designation, New Project, Tax Restructuring or other event that by the terms of the Loan Documents requires "Pro Forma Compliance" with a test or covenant hereunder or requires such test or covenant to be calculated on a "Pro Forma Basis."

"<u>Sponsor</u>" means Silver Lake (other than the Borrower and its subsidiaries or any portfolio company).

"<u>Spot Rate</u>" for a currency means the rate determined by the Administrative Agent or Issuing Bank, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date one Business Day prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent or Issuing Bank may obtain such spot rate from another financial institution designated by the Administrative Agent or Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and <u>provided</u>, <u>further</u>, that an Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in currency other than dollars.

"<u>SPV</u>" has the meaning assigned to such term in <u>Section 9.04(f)</u>.

"<u>Standstill Period</u>" has the meaning assigned to such term in <u>Section 7.01(d)</u>.

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"<u>Starter Basket</u>" has the meaning assigned to such term in the definition of "Available Amount."

"<u>Sterling</u>" or "<u>£</u>" means the lawful currency of the United Kingdom.

"<u>Submitted Amount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>Submitted Discount</u>" has the meaning assigned to such term in <u>Section 2.11(a)(ii)(C)</u>.

"<u>subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any date (a) any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held and (b) at the option of the Borrower, any other corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP.

"<u>Subsidiary</u>" means any subsidiary of the Borrower.

"<u>Subsidiary Loan Party</u>" means (a) each Subsidiary of the Borrower that is a party to the Guarantee Agreement and (b) any other Restricted Subsidiary that may be designated by the Borrower (by way of delivering to the Collateral Agent a supplement to the Collateral Agreement and a supplement to the Guarantee Agreement, in each case, duly executed by such Subsidiary) in its sole discretion from time to time to be a guarantor in respect of the Secured Obligations, whereupon such Subsidiary shall be obligated to comply with the other requirements of <u>Section 5.11</u> as if it were newly acquired and not an Excluded Subsidiary, in each case unless it ceases to be a Subsidiary Loan Party in accordance with this Agreement.

"<u>Successor Borrower</u>" has the meaning assigned to such term in <u>Section 6.03(d)</u>.

"<u>Supported QFC</u>" has the meaning assigned to such term in <u>Section 9.21</u>.

"<u>Swap</u>" means any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

"<u>Swap Agreement</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, credit linked notes, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, 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 (b) 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,

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or any other master agreement (any such master agreement, together with any related schedules, a "<u>Master</u> <u>Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligation</u>" means, with respect to any Person, any obligation to pay or perform under any Swap.

"<u>Tax Group</u>" has the meaning assigned to such term in <u>Section 6.08(a)(xvii)</u>.

"<u>Tax Restructuring</u>" means any reorganizations and other transactions entered into among any combination of the Borrower, one or more Parent Entities and/or one or more Restricted Subsidiaries for tax planning (as determined by the Borrower in good faith) entered into after the Effective Date so long as such reorganizations and other transactions do not impair the value of the Collateral, when taken as a whole, or the value of the Guarantees of the Loan Document Obligations pursuant to the Guarantee Agreement, taken as a whole, in any material respect (as determined by the Borrower in good faith) and is otherwise not adverse to the Lenders in any material respect and after giving effect to such reorganizations and other transactions, the Borrower and its Restricted Subsidiaries otherwise comply with <u>Section 5.12</u>.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, charges, fees, assessments or withholdings (including backup withholdings) imposed by any Governmental Authority, including any interest, additions to tax and penalties applicable thereto.

"<u>Term Commitment</u>" means, with respect to each Term Lender, the commitment of such Term Lender to make a Term Loan hereunder on the Effective Date, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to <u>Section 2.08</u> and (b) reduced or increased from time to time pursuant to assignments by or to such Term Lender pursuant to an Assignment and Assumption. The initial amount of each Term Lender's Term Commitment is set forth on <u>Schedule 2.01(a)</u> or in the Assignment and Assumption pursuant to which such Term Lender shall have assumed its Term Commitment, as the case may be. As of the date hereof, the total Term Commitment is $400,000,000.

"<u>Term Facility</u>" means the Term Loans and any Incremental Term Loans or any refinancing thereof.

"<u>Term Lenders</u>" means the Persons listed on <u>Schedule 2.01(a)</u> and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption in respect of any Term Loans, an Incremental Facility Amendment in respect of any Term Loans, Loan Modification Agreement in respect of any Term Loans or a Refinancing Amendment in respect of any Term Loans, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"<u>Term Loans</u>" means a Loan made pursuant to clause (a) of <u>Section 2.01</u>.

"<u>Term Maturity Date</u>" means September 30, 2032.

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"<u>Term SOFR</u>" means, with respect to the Loans and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; <u>provided</u> that, if Term SOFR is less than 0.00% per annum, then Term SOFR with respect to the Loans shall be deemed to be 0.00% per annum.

"<u>Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR Reference Rate".

"<u>Term SOFR Reference Rate</u>" means, for any day and time (such day, the "<u>Term SOFR</u> <u>Determination Day</u>"), with respect to any Borrowing for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If, by 5:00 pm (New York City time) on such 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 Term SOFR has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

"<u>Termination Date</u>" means the date on which (a) all Commitments shall have been terminated, (b) all Loan Document Obligations (other than in respect of contingent indemnification and contingent expense reimbursement claims not then due) have been paid in full and (c) all Letters of Credit (other than those that have been 100% Cash Collateralized or backstopped, or with respect to which other arrangements reasonably satisfactory to the applicable Issuing Bank have been made) have been cancelled or have expired (without any drawing having been made thereunder that has not been rejected or honored) and all amounts drawn or paid thereunder have been reimbursed in full.

"<u>Test Period</u>" means, at any date of determination (a) for any determination under this Agreement (other than any determination of the Applicable Rate, the commitment fee under <u>Section 2.12</u> and compliance with the Financial Performance Covenant), the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements are internally available and (b) for any determination of the Applicable Rate, the commitment fee under <u>Section 2.12</u> and compliance with the Financial Performance Covenant, the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements have been (or were required to have been) delivered pursuant to <u>Section 5.01(a)</u> or <u>5.01(b)</u>; <u>provided</u> that, prior to the first date after the Effective Date on which financial statements are internally available or have been delivered pursuant to <u>Section 5.01(a)</u> or <u>5.01(b)</u>, as applicable, the Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower ended June 30, 2025.

"<u>TL Threshold</u>" has the meaning assigned to such term in <u>Section 9.04(b)(i)</u>.

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"<u>TL Threshold Lender</u>" has the meaning assigned to such term in <u>Section 9.04(b)(i)</u>.

"<u>Total Leverage Ratio</u>" means, on any date, the ratio of (a) Consolidated Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

"<u>Transaction Costs</u>" means any fees or expenses incurred or paid by the Sponsor, the Management Investors, any Parent Entity, the Borrower or any Subsidiary in connection with the Transactions, this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

"<u>Transactions</u>" means, collectively, (a) the Effective Date Refinancing, (b) the funding of Loans on the Effective Date and the consummation of the other transactions contemplated by this Agreement, (c) the declaration and payment of the 2025 Distribution, (d) the consummation of any other transactions in connection with the foregoing and (e) the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Costs).

"<u>Type</u>," when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Term SOFR or the Alternate Base Rate.

"<u>UCC</u>" or "<u>Uniform Commercial Code</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York; <u>provided</u>, <u>however</u>, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent's security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a U.S. jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions.

"<u>UCP</u>" means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("<u>ICC</u>") Publication No. 600 (or such later version as may be in effect at the time of issuance).

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from 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.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the Benchmark Replacement Rate excluding the related Benchmark Replacement Adjustment.

"<u>Unaudited Financial Statements</u>" means unaudited condensed consolidated balance sheets of the Borrower and its consolidated subsidiaries as at the end of, and related unaudited

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condensed consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows of the Borrower and its consolidated subsidiaries for the fiscal quarters ended March 31, 2025 and June 30, 2025.

"<u>Unrestricted Subsidiary</u>" means (a) any Subsidiary (other than the Borrower) designated by the Borrower as an Unrestricted Subsidiary pursuant to <u>Section 5.15</u> subsequent to the Effective Date and (b) any Subsidiary of any such Unrestricted Subsidiary.

"<u>U.S. Bankruptcy Code</u>" means Title 11 of the United State Code, as amended, or any similar federal or state law for the relief of debtors.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) 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>U.S. Special Resolution Regimes</u>" has the meaning assigned to such term in <u>Section</u> <u>9.21</u>.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning assigned to such term in <u>Section</u> <u>2.17(e)</u>.

"<u>USA Patriot Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time.

"<u>Vehicles</u>" means all railcars, cars, trucks, trailers, construction and earth moving equipment and other vehicles, in each case, covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing.

"<u>Voting Equity Interests</u>" means Equity Interests that are entitled to vote generally for the election of directors to the Board of Directors of the issuer thereof. Shares of preferred stock that have the right to elect one or more directors to the Board of Directors of the issuer thereof only upon the occurrence of a breach or default by such issuer thereunder shall not be considered Voting Equity Interests as long as the directors that may be elected to the Board of Directors of the issuer upon the occurrence of such a breach or default represent a minority of the aggregate voting power of all directors of Board of Directors of the issuer. The percentage of Voting Equity Interests of any issuer thereof beneficially owned by a Person shall be determined by reference to the percentage of the aggregate voting power of all Voting Equity Interests of such issuer that are represented by the Voting Equity Interests beneficially owned by such Person.

"<u>Weighted Average Life to Maturity</u>" 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 scheduled installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final scheduled maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness; <u>provided</u> that, for purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended (the "<u>Applicable Indebtedness</u>"), the effects of any prepayments

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or amortization made on such Applicable Indebtedness prior to the date of the applicable modification, refinancing, refunding, renewal, replacement or extension shall be disregarded.

"<u>wholly-owned subsidiary</u>" means, with respect to any Person at any date, a subsidiary of such Person of which securities or other ownership interests representing 100% of the Equity Interests (other than (a) directors' qualifying shares and (b) nominal shares issued to foreign nationals or other Persons to the extent required by applicable Requirements of Law) are, as of such date, owned, controlled or held by such Person or one or more wholly-owned subsidiaries of such Person or by such Person and one or more wholly-owned subsidiaries of such Person.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means (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.

SECTION 1.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Classification of Loans and Borrowings</u>. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a "Term Loan") or by Type (e.g., a "Term SOFR Loan") or by Class and Type (e.g., a "Term SOFR Term Loan"). Borrowings also may be classified and referred to by Class (e.g., a "Term Loan Borrowing") or by Type (e.g., a "Term SOFR Borrowing") or by Class and Type (e.g., a "Term SOFR Term Borrowing").

SECTION 1.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms Generally</u>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" are by way of example and shall be deemed to be followed by the phrase "without limitation." The word "or" is not exclusive. The word "will" shall be construed to have the same meaning and effect as the word "shall." 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". Unless the context requires otherwise, (a) any definition of or reference to any agreement (including this Agreement and the other Loan Documents), instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other

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Governmental Authority that shall have succeeded to any or all functions thereof, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) 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 and (f) references to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

SECTION 1.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounting Terms; GAAP; Certain Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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.

&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 utilization of any basket contained in this Agreement (including, without limitation, any Incurrence-Based Amount and any Fixed Amount), Consolidated EBITDA, the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the Interest Coverage Ratio, as applicable, shall be calculated on a Pro Forma Basis to give effect to the Transactions and all Specified Transactions that have been made during the applicable period of measurement or subsequent to such period and prior to or concurrently with the event for which the calculation is made and to the extent the proceeds of any new Indebtedness are to be used to repay other Indebtedness (including by repurchase, redemption, retirement, extinguishment, defeasance, discharge or pursuant to escrow or similar arrangements) no later than 60 days following the incurrence of such new Indebtedness, the Borrower shall be permitted to give Pro Forma Effect to such repayment of Indebtedness; <u>provided</u> that, notwithstanding the foregoing, for purposes of determining actual compliance with the Financial Performance Covenant (but not any other provision of this Agreement that requires compliance with such covenant), the definition of "Applicable Rate" and determining the commitment fees payable pursuant to <u>Section 2.12(a)</u>, any Specified Transaction that occurred subsequent to such period shall not be given pro forma effect.

&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 the Restricted Subsidiaries on a consolidated basis" or similar language, such consolidation shall not include any Subsidiaries of the Borrower other than the Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Borrower elects to prepare its financial statements in accordance with IFRS and such election results in a change in the method of calculation of financial covenants, standards or terms (collectively, the "<u>Accounting Changes</u>") in this Agreement, the Borrower and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions of this Agreement (including the levels applicable herein to any computation of the Total Leverage Ratio, the First Lien Leverage Ratio, the Secured Leverage Ratio and the Interest Coverage Ratio) so as to reflect equitably the Accounting Changes with the desired result that the criteria for evaluating the Borrower's financial condition shall be substantially the same after such change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered by

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the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed in accordance with GAAP (as determined in good faith by a Responsible Officer of the Borrower) (it being agreed that the reconciliation between GAAP and IFRS used in such determination shall be made available to Lenders) as if such change had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio or test (including, without limitation, <u>Section 6.10</u>, any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test and the amount of Consolidated EBITDA), such financial ratio or test shall be calculated at the time such action is taken (subject to <u>Section 1.08</u>), such change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;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 or application thereof, and that such restatements will not, solely as a result of compliance with such change in GAAP or IFRS (or such interpretation or application), result in a Default or an Event of Default under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, other than for purposes of financial statements delivered pursuant to <u>Section 5.01</u>, the determination of whether a lease is a Capitalized Lease or a Non-Finance Lease shall, for all purposes under this Agreement and the other Loan Documents, be made without giving effect to ASC 842 (*Leases*); <u>provided</u> that the Borrower may elect, by notifying the Administrative Agent in writing prior to or concurrently with the delivery of a Compliance Certificate for such Test Period pursuant to <u>Section 5.01(d)</u>, to determine whether a lease is a Capitalized Lease or a Non-Finance Lease after giving effect to ASC 842 (*Leases*).

SECTION 1.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Calculations and Tests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement (including, without limitation, Revolving Loans and, to the extent established or incurred under the Free and Clear Incremental Amount, Incremental Facilities and Incremental Equivalent Debt) that does not require compliance with a financial ratio or test (including, without limitation, <u>Section 6.10</u>, any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test) (any such amounts, the "<u>Fixed Amounts</u>") substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires compliance with a financial ratio or test (including, without limitation, <u>Section 6.10</u>, any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test) (any such amounts, the "<u>Incurrence-Based Amounts</u>"), it is understood and agreed that the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based Amounts in connection with such substantially concurrent incurrence. Notwithstanding anything to the contrary in this <u>Section</u> 

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<u>1.05</u>, cash proceeds of any simultaneous incurrence of Indebtedness shall be disregarded in calculating the amount of Available Cash for purposes of determining whether Indebtedness is permitted to be incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, in connection with the incurrence of any Indebtedness under <u>Section 2.20</u>, the definitions of Required Lenders, Required Revolving Lenders and Required Term Loan Lenders shall be calculated on a Pro Forma Basis in accordance with this <u>Section 1.04</u>, <u>Section 2.20</u> and the definition of "Incremental Cap"; <u>provided</u> that any waiver, amendment or modification obtained on such basis (i) will not become operative until substantially contemporaneously with the incurrence of such Indebtedness, (ii) is not required in order to avoid a covenant Default and (iii) does not affect the rights or duties under this Agreement of Lenders holding Loans or Commitments of any then outstanding Class but not the Lenders in respect of such Indebtedness to be incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any reference herein or in any other Loan Document to the ranking of Liens shall be determined without regard to control of remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Agreement and the calculations subject hereto, at the Borrower's election, the acquisition of any Person, property, business or assets (and any pro forma events to occur in connection therewith, including the assumption or incurrence of any Indebtedness or Liens and any Run Rate Benefits) shall be deemed to have "occurred" and been "consummated" upon the Borrower or any Subsidiary or entering into a binding definitive agreement or letter of intent with respect thereto, and such deemed occurrence shall continue until such transaction is actually consummated or is abandoned or such definitive agreement or letter of intent is otherwise terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, for any relevant "basket", condition, requirement, threshold or exception in Article VI determined by reference to a fiscal year or calendar year (each an "<u>Annual Period</u>"), (i) at the option of the Borrower, the maximum amount so permitted under such "basket", condition, requirement, threshold or exception during such Annual Period may be increased by (A) an amount equal to 100% of the difference (if positive) between the permitted amount in any preceding Annual Period and the amount thereof actually utilized (and not later reclassified) by the Borrower during such preceding Annual Period (the "<u>Carry Forward Amount</u>"); and/or (B) an amount equal to 100% of the permitted amount in any following Annual Periods and the permitted amount in such following Annual Period shall be reduced by such corresponding amount (the "<u>Carry Back Amount</u>"); and (ii) to the extent that the maximum amount so permitted under such "basket", condition, requirement, threshold or exception during such Annual Period is increased in accordance with clause (i) above, any usage thereof during such Annual Period shall be deemed to be applied in the following order: (A) first, against any Carry Forward Amount; (B) second, against the maximum amount so permitted during such Annual Period prior to any increase in accordance with clause (i) above; and (C) third, against any Carry Back Amount.

SECTION 1.06&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 1.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Currency Translation; Rates; Benchmark Notification</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, for purposes of any determination under <u>Article V</u>, <u>Article VI</u> (other than <u>Section 6.10</u>) or Article VII 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 Exchange Rate (rounded to the nearest currency unit, with 0.5 or more of a currency unit being rounded upward); <u>provided</u>, <u>however</u>, that for purposes of determining compliance with <u>Article VI</u> with respect to the amount of any Indebtedness, Investment, Disposition, Restricted Payment or prepayment of Indebtedness 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 or Investment is incurred or Disposition, Restricted Payment or prepayment of Indebtedness made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.07</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred or Disposition, Restricted Payment or prepayment of Indebtedness made at any time under such Sections. For purposes of any determination of Consolidated Total Debt, amounts in currencies other than dollars shall be translated into dollars at the currency exchange rates used in preparing the most recently delivered financial statements pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> and shall give effect to any Swap Agreement relating to such Indebtedness in effect on the date of determination relating to any such currencies. Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify with the Borrower's consent (such consent not to be unreasonably withheld) to appropriately reflect a change in currency of any country and any relevant market conventions or practices relating to such change in currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the limitation of liability provisions in the third paragraph of Article VIII or the express obligations of the Administrative Agent set forth in this Agreement: The interest rate on a Loan denominated in dollars or an Alternative Currency 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</u> <u>2.14(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 benchmark interest rate used in this Agreement, or with respect to any alternative or successor rate thereto or replacement rate thereof or any Benchmark Replacement Conforming Changes, 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 benchmark interest rate being replaced or have the same volume or liquidity as did any existing benchmark 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 benchmark 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 benchmark 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

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whether at law or in equity), for any error or calculation of any such rate (or component thereof) by any such information source or service.

SECTION 1.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Condition Transactions</u>.

Notwithstanding anything in this Agreement or any other Loan Document to the contrary, 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 (other than <u>Section 6.10</u>) which requires the calculation of the Interest Coverage Ratio, the Total Leverage Ratio, the Secured Leverage Ratio or the First Lien Leverage 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 and/or whether a Default or Event of Default (or any subset of Defaults or Events of Default) has occurred, is continuing or would result from an action; 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 any baskets based on, or measured as, a percentage of Consolidated EBITDA or by reference to the Available Amount or the Available Equity Amount) (including the incurrence of any Incremental Facility);

in each case, in connection with a Limited Condition Transaction, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "<u>LCT Election</u>"), with such LCT Election to be made on or prior to (a) in the case of any Limited Condition Transaction described in clause (a) of the definition of "Limited Condition Transaction," the date of execution of, at the option of the Borrower, the definitive agreement or a letter of intent related to such Limited Condition Transaction, or (b) with respect to any Limited Condition Transaction described in clause (b) or (c) of the definition of "Limited Condition Transaction," the date of delivery of notice with respect thereto (<u>provided</u> that, in each case, the Borrower may subsequently elect to rescind such LCT Election), and the date of determination of whether any such Limited Condition Transaction (including any Specified Transaction or other action in connection therewith) is permitted hereunder shall be deemed to be the date the definitive agreement or a letter of intent for such Limited Condition Transaction are entered into or the date of delivery of notice with respect to such Limited Condition Transaction, as applicable (the "<u>LCT Test Date</u>"), and if, after giving Pro Forma Effect to the Limited Condition Transaction, the Specified Transactions and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness or Liens 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, if financial statements for one or more subsequent fiscal quarters or fiscal years, as applicable, shall have become available prior to the consummation of the applicable Limited Condition Transaction, the Borrower may elect, in its sole discretion, to re-determine availability under any applicable ratio, test or basket for purposes of clause (i) and (iii) above on the basis of such financial statements, in which case such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date with respect to such ratio, test or basket for purposes of clause (i) and (iii) above.

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For the avoidance of doubt, if the Borrower has made an LCT Election and (x) any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date (including with respect to the incurrence of Indebtedness) are not satisfied as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated EBITDA of the Borrower 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 unsatisfied as a result of such fluctuations; <u>provided</u>, <u>however</u>, if any ratios or baskets improve as a result of such fluctuations, such improved ratios or baskets may be utilized and (y) such ratios and other provisions need not be tested again at the time of consummation of such Limited Condition Transaction or related Specified Transactions. 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 any other Specified Transaction 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, letter of intent or notice, as applicable, 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 <u>pro forma</u> basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness or Liens and the use of proceeds thereof) have been consummated.

SECTION 1.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Cashless Rollovers</u>. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans with Incremental Revolving Loans, Other Revolving Loans, Incremental Term Loans, Other Term Loans or loans incurred under a new credit facility, in each case, to the extent such extension, replacement, renewal or refinancing is effected by means of a "cashless roll" by such Lender pursuant to settlement mechanisms approved by the Borrower, the Administrative Agent and such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or any other Loan Document that such payment be made "in dollars", "in immediately available funds", "in cash" or any other similar requirement.

SECTION 1.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Amounts</u>. 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; <u>provided</u>, <u>however</u>, that with respect to any Letter of Credit that, by its terms or the terms of any other document, agreement and instrument entered into by applicable Issuing Bank and the Borrower (or any Subsidiary) or in favor of such Issuing Bank and relating to such Letter of Credit, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit 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.

SECTION 1.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Times of Day; Timing of Performance</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest

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Period and in <u>Section 2.18(a)</u>) or performance shall extend to the immediately succeeding Business Day.

SECTION 1.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Alternative Currencies</u>. The Borrower may from time to time request that Revolving Loans be made and/or Letters of Credit be issued in a currency other than dollars; <u>provided</u> that such requested currency is an Eligible Currency. Such request shall be subject to the approval of the Administrative Agent and, in the case of any such request with respect to Revolving Loans, each Revolving Lender; and, in the case of any such request with respect to the issuance of Letters of Credit, such request shall also be subject to the approval of the applicable Issuing Banks. Any such request shall be made to the Administrative Agent not later than 11:00 a.m., twenty (20) Business Days prior to the date of the desired Borrowing or issuance of a Letter of Credit (or such other time or date as may be reasonably agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans, the Administrative Agent shall promptly notify each Revolving Lender of the interest rate applicable to such Eligible Currency and the minimum denominations applicable to partial prepayments (or assignments); and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuing Banks thereof. Each Revolving Lender (in the case of a request pertaining to Revolving Loans) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Revolving Loans in such requested currency. Any failure by Revolving Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Revolving Lender to permit Revolving Loans to be issued in such requested currency. The applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit, as the case may be, in such requested currency. Any failure by an Issuing Bank to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Issuing Bank to permit Letters of Credit to be issued in such requested currency. If the Administrative Agent (and, in the case of any request with respect to Revolving Loans, each Revolving Lender) consents to making Revolving Loans in such requested currency, the Administrative Agent shall so notify the Borrower and (A) the Administrative Agent and the Borrower may amend this Agreement to the extent necessary to add the applicable interest rate for such currency and (B) to the extent this Agreement reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Borrowing of Revolving Loans; and if the applicable Issuing Bank also consents to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this <u>Section 1.12</u>, the Administrative Agent shall promptly so notify the Borrower.

SECTION 1.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Certain Sections</u>. In the event that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition or Affiliate transaction, as applicable, meets the criteria of more than one of the categories of transactions or items then permitted pursuant to any clause or subsection of <u>Article VI</u>, <u>Article II</u> or the definition of "Incremental Cap," the Borrower, in its sole discretion, may, from time to

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time, divide, classify and/or reclassify such transaction or item (or portion thereof) among any combination of one or more categories and will be required to include the amount and type of such transaction (or portion thereof) only in any one category at any time; <u>provided</u> that the reclassification described in this sentence shall be deemed to have occurred automatically with respect to any such transaction or item incurred or made pursuant to a Fixed Amount (including the Free and Clear Incremental Amount) that later would be permitted on a Pro Forma Basis to be incurred or made pursuant to an Incurrence-Based Amount (including the Ratio Incremental Amount). It is understood and agreed that any Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition and/or Affiliate transaction need not be permitted solely by reference to one category of permitted Indebtedness, Lien, Restricted Payment, Restricted Debt Payment, Investment, Disposition and/or Affiliate transaction under <u>Article VI</u>, <u>Article II</u> or the definition of "Incremental Cap," respectively, but may instead be permitted in part under any combination thereof.

ARTICLE II

THE CREDITS

SECTION 2.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitments</u>. Subject to the terms and conditions set forth herein, (a) each Term Lender agrees to make a Term Loan to the Borrower on the Effective Date denominated in dollars in a principal amount not exceeding its Term Commitment and (b) each Revolving Lender agrees to make Revolving Loans to the Borrower denominated in dollars from time to time during the Revolving Availability Period in an aggregate principal amount which will not result in such Lender's Revolving Exposure exceeding such Lender's Revolving Commitment. The Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.

SECTION 2.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Loans and Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>provided</u> that the Commitments of the Lenders are several and, other than as expressly provided herein with respect to a Defaulting Lender, no Lender shall be responsible for any other Lender's failure to make Loans as required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 2.14</u>, each Revolving Loan Borrowing and Term Loan Borrowing denominated in dollars shall be comprised entirely of ABR Loans or Term SOFR Loans, in each case, as the Borrower may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;At the commencement of each Interest Period for any Term SOFR Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; <u>provided</u> that a Term SOFR Borrowing that results from a continuation of an outstanding Term SOFR Borrowing may be in an aggregate

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amount that is equal to such outstanding Borrowing. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. Borrowings of more than one Type and Class may be outstanding at the same time; <u>provided</u> that there shall not at any time be more than a total of twelve (12) Term SOFR Borrowings; <u>provided</u>, <u>further</u> that an additional three Borrowings in respect of each Class of Incremental Loans may be outstanding at the same time (or, in the case of either of the foregoing limits, such greater number as may be reasonably acceptable to the Administrative Agent).

SECTION 2.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Requests for Borrowings</u>. To request a Revolving Loan Borrowing or Term Loan Borrowing, the Borrower shall notify the Administrative Agent of such request, which notice may be given by (A) telephone or (B) a Borrowing Request; provided that any telephone notice must be confirmed promptly by delivery to the Administrative Agent of a Borrowing Request in order for the request to be processed. Each such notice must be received by the Administrative Agent (a) in the case of a Term SOFR Borrowing, not later than 2:00 p.m., New York City time, three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing (or, in the case of any Term SOFR Borrowing to be made on the Effective Date, such shorter period of time as may be agreed to by the Administrative Agent) or (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Loan Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(f) may be given no later than 2:00 p.m., New York City time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be delivered by hand delivery, facsimile or other electronic transmission (or, if requested by telephone, promptly confirmed in writing by hand delivery, facsimile or other electronic transmission) to the Administrative Agent and shall be signed by the Borrower. Each such Borrowing Request shall specify the following 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;whether the requested Borrowing is to be a Term Loan Borrowing, a Revolving Loan Borrowing or a Borrowing of any other Class (specifying the Class 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;the aggregate amount of such Borrowing;

&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 of such Borrowing, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;whether such Borrowing is to be an ABR Borrowing or a Term SOFR Borrowing;

&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 Term SOFR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest 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;the location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of <u>Section 2.06</u> or, in the case of any ABR Revolving Loan Borrowing requested to finance the reimbursement of an LC Disbursement as provided in <u>Section 2.05(f)</u>, the identity of the Issuing Bank that made such LC Disbursement; 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;except on the Effective Date, that, as of the date of such Borrowing, the conditions set forth in <u>Section 4.02(a)</u> and <u>Section 4.02(b)</u> are satisfied.

If no election as to the Type of Borrowing is specified as to any Borrowing, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Term SOFR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

SECTION 2.04&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 2.05&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;<u>General</u>. Subject to the terms and conditions set forth herein (including <u>Section</u> <u>2.22</u>), each Issuing Bank agrees, in reliance upon the agreement of the Revolving Lenders set forth in this <u>Section 2.05</u>, to issue Letters of Credit denominated in dollars or any Alternative Currency for the Borrower's own account (or for the account of any Subsidiary so long as the Borrower and such Subsidiary are co-applicants in respect of such Letter of Credit), in a form reasonably acceptable to the applicable Issuing Bank, which shall reflect the standard policies and procedures of such Issuing Bank, at any time and from time to time during the period from the Effective Date until the Letter of Credit Expiration Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired (without any drawing having been made thereunder that has not been rejected or honored) or that have been drawn upon and reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance, Amendment, Renewal, Extension; Certain Conditions</u>. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall deliver in writing by hand delivery or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved by the recipient) to the applicable Issuing Bank (at least three (3) Business Days before the requested date of issuance, amendment, renewal or extension or such shorter period as the applicable Issuing Bank and the Administrative Agent may agree) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this <u>Section</u> <u>2.05</u>), the currency and amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit or bank guarantee application on such Issuing Bank's standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or

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extended by an Issuing Bank only if (and upon issuance, amendment, renewal or extension of any Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the aggregate Revolving Exposures shall not exceed the aggregate Revolving Commitments, (ii) the aggregate LC Exposure shall not exceed the aggregate Letter of Credit Commitments and (iii) the LC Exposure of such Issuing Bank shall not exceed the Letter of Credit Commitments of such Issuing Bank. No Issuing Bank shall be under any obligation to issue (or amend) any Letter of Credit if (i) any order, judgment or decree of any Governmental Authority or arbitrator shall enjoin or restrain such Issuing Bank from issuing (or amending) the Letter of Credit, or any law applicable to such Issuing Bank any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit the issuance (or amendment) of letters of credit generally or the Letter of Credit in particular or shall impose upon such Issuing Bank with respect to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it, (ii) except as otherwise agreed by such Issuing Bank, the Letter of Credit is in an initial stated amount less than $100,000 or (iii) any Lender is at that time a Defaulting Lender if, after giving effect to <u>Section 2.22(a)(iv)</u>, any Defaulting Lender Fronting Exposure remains outstanding, unless such Issuing Bank has entered into arrangements, including the delivery of Cash Collateral, reasonably satisfactory to such Issuing Bank with the Borrower or such Lender to eliminate such Issuing Bank's Defaulting Lender Fronting Exposure arising from either the Letter of Credit then proposed to be issued (or amended) or such Letter of Credit and all other LC Exposure as to which such Issuing Bank has Defaulting Lender Fronting Exposure. Notwithstanding the foregoing, (i) no Issuing Bank shall be required to issue a commercial or trade Letter of Credit unless reasonably agreed between such Issuing Bank and the Borrower and (ii) no Issuing Bank shall be required to issue any Letter of Credit if the issuance of such Letter of Credit would violate one or more bona fide policies of such Issuing Bank applicable to letters of credit generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Each Issuing Bank agrees that it shall not permit any issuance, amendment, renewal or extension of a Letter of Credit to occur unless it shall have given to the Administrative Agent any written notice thereof required under paragraph (m) of this Section and each Issuing Bank hereby agrees to give such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expiration Date</u>. Unless cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the applicable Issuing Bank, each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date that is one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the Letter of Credit Expiration Date; <u>provided</u> that if such expiry date is not a Business Day, such Letter of Credit shall expire at or prior to close of business on the next succeeding Business Day; <u>provided</u>, <u>further</u>, that any Letter of Credit may, upon the request of the Borrower, include a provision whereby such Letter of Credit shall be extended automatically for additional consecutive periods of one year or less (but not beyond the Letter of Credit Expiration Date) unless the applicable Issuing Bank notifies the beneficiary thereof within the time period specified in such Letter of Credit or, if no such time period is specified, at least 30 days prior to the then-applicable expiration date, that such Letter of Credit will not be renewed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participations</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;By the issuance of a Letter of Credit or an amendment to a Letter of Credit increasing the amount thereof, and without any further action on the part of the Issuing Bank that is the issuer thereof or the Lenders, such Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby irrevocably and unconditionally acquires from such Issuing Bank without recourse or warranty (regardless of whether the conditions set forth in <u>Section 4.02</u> shall have been satisfied), a participation in such Letter of Credit equal to such Revolving Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of such Issuing Bank, such Revolving Lender's Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (f) of this <u>Section 2.05</u>, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or any reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;At any time after an Issuing Bank has made a payment under any Letter of Credit and has received from any Revolving Lender such Lender's Applicable Percentage of the applicable LC Disbursement in respect of such payment in accordance with <u>Section</u> <u>2.05(e)(i)</u>, if the Administrative Agent receives for the account of such Issuing Bank any payment in respect of the related unreimbursed amount of the applicable LC Disbursement or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

&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 any payment received by the Administrative Agent for the account of the applicable Issuing Bank pursuant to <u>Section 2.05(e)(i)</u> is required to be returned under any of the circumstances described in <u>Section 9.08</u> (including pursuant to any settlement entered into by the Issuing Bank in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the applicable Issuing Bank its Applicable 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 Federal Funds Effective 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reimbursement</u>. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Issuing Bank through the Administrative Agent, with notice of such payment given to the Issuing Bank, an amount equal to such LC Disbursement not later than 4:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives notice of such LC

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Disbursement; <u>provided</u> that, if such LC Disbursement is not less than the Borrowing Minimum, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with <u>Section 2.03</u> that such payment be financed with an ABR Revolving Loan Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Loan Borrowing. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower shall reimburse the Issuing Bank through the Administrative Agent in such Alternative Currency, unless (A) the Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in dollars, or (B) in the absence of any such requirement for reimbursement in dollars, the Borrower shall have notified the Issuing Bank promptly following receipt of the notice of the LC Disbursement that the Borrower will reimburse the Issuing Bank in dollars. In the case of any such reimbursement in dollars of a LC Disbursement under a Letter of Credit denominated in an Alternative Currency, the Issuing Bank shall notify the Borrower of the Dollar Equivalent of the amount of the LC Disbursement promptly following the determination thereof. In the event that (A) a LC Disbursement denominated in an Alternative Currency is to be reimbursed in dollars pursuant to the second sentence in this <u>Section 2.05(f)</u> and (B) the dollar amount paid by the Borrower, whether on or after the date of the LC Disbursement, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the LC Disbursement, the Borrower agrees, as a separate and independent obligation, to indemnify the Issuing Bank for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the LC Disbursement. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent in dollars its Applicable Percentage of the payment then due from the Borrower, and in the same manner as provided in <u>Section 2.06</u> with respect to Loans made by such Lender (and <u>Section 2.06</u> shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this paragraph), and the Administrative Agent shall promptly remit to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from or on behalf of the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Absolute</u>. The Borrower's obligation to reimburse LC Disbursements as provided in paragraph (f) of this <u>Section 2.05</u> and the obligations of the Revolving Lenders as provided in paragraph (e) of this <u>Section 2.05</u> are absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement or any of the other Loan Documents, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, (iv) the

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occurrence of any Default or Event of Default, (v) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower may have at any time against any beneficiary, the Issuing Bank or any other person, (vi) any waiver by an Issuing Bank of any requirement that exists for such Issuing Bank's protection and not the protection of the Borrower or any waiver by an Issuing Bank which does not in fact materially prejudice the Borrower, (vii) any payment made by an Issuing Bank 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, or (viii) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this <u>Section 2.05</u>, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's obligations hereunder. None of the Administrative Agent, the Lenders, the Issuing Banks or any of their Affiliates shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Banks; <u>provided</u> that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential, exemplary or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank's failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as determined by a court of competent jurisdiction in a final, non-appealable judgment), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit, and any such acceptance or refusal shall be deemed not to constitute gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disbursement Procedures</u>. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by hand delivery, facsimile or electronic communication) (if arrangements for doing so have been approved by the applicable Issuing Bank) (or, if requested by telephone, promptly confirmed in writing by hand delivery, facsimile or other electronic transmission) of such demand for payment and whether such Issuing Bank has made an LC Disbursement thereunder; <u>provided</u> that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement in accordance with paragraph (f) of this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interim Interest</u>. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; <u>provided</u> that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (f) of this <u>Section 2.05</u>, then <u>Section 2.13(c)</u> shall apply. Interest accrued pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (f) of this <u>Section 2.05</u> to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment and shall be payable within two Business Days of demand or, if no demand has been made, within two Business Days of the date on which the Borrower reimburses the applicable LC Disbursement in full. If any Revolving Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided in clause (f) above, such Revolving Lender shall pay interest on such amount, for each day from and including the date such amount is required to be paid, at a rate determined by the Administrative Agent in accordance with banking industry rules or practices on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Collateralization</u>. If any Event of Default under <u>clause (a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> of <u>Section 7.01</u> shall occur and be continuing, on the Business Day on which the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing more than 50.0% of the aggregate LC Exposure of all Revolving Lenders) demanding the deposit of Cash Collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Banks and the Revolving Lenders, an amount of cash in dollars equal to the Dollar Equivalent of the portions of the LC Exposure attributable to Letters of Credit, as of such date plus any accrued and unpaid interest thereon; <u>provided</u> that the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in <u>clause (h)</u> or <u>(i)</u> of <u>Section 7.01</u>. The Borrower also shall deposit Cash Collateral pursuant to this paragraph as and to the extent required by <u>Section 2.11(b)</u>. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. At any time that there shall exist a Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding (after giving effect to <u>Section 2.22(a)(iv)</u>), then promptly upon the request of the Administrative Agent or any Issuing Bank, the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover such Defaulting Lender Fronting Exposure (after giving effect to any Cash Collateral provided by the Defaulting Lender). The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent in Permitted Investments and at the Borrower's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving

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Lenders with LC Exposure representing more than 50.0% of the aggregate LC Exposure of all the Revolving Lenders), be applied to satisfy other obligations of the Borrower under this Agreement in accordance with the terms of the Loan Documents. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived or after the termination of Defaulting Lender status, as applicable.&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower is required to provide an amount of Cash Collateral hereunder pursuant to <u>Section 2.11(b)</u>, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after giving effect to such return, the Borrower would remain in compliance with <u>Section 2.11(b)</u> and no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Additional Issuing Banks</u>. The Borrower may, at any time and from time to time, designate as additional Issuing Banks one or more Revolving Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the term "Issuing Bank" shall be deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of an Issuing Bank</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;The Borrower may terminate the appointment of any Issuing Bank as an "Issuing Bank" hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent. Any such termination shall become effective upon the earlier of (x) such Issuing Bank's acknowledging receipt of such notice and (y) the fifth Business Day following the date of the delivery thereof; <u>provided</u> that no such termination shall become effective until and unless the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (or its Affiliates) shall have been reduced to zero. At the time any such termination shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the terminated Issuing Bank pursuant to <u>Section</u> <u>2.12(a)</u>. Notwithstanding the effectiveness of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue any additional Letters of Credit or extend, reinstate, or otherwise amend any then-existing 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time upon 30 days' prior written notice to the Administrative Agent, the Borrower and the Lenders. In the event of any such resignation as an Issuing Bank, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Bank hereunder. Notwithstanding the effectiveness of any such resignation, any former Issuing Bank shall remain a party hereto and shall continue to have all the rights of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue

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any additional Letters of Credit or extend, reinstate or otherwise amend any then-existing Letter of Credit. Upon the appointment of a successor Issuing Bank, (x) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank and (y) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding on behalf such resigning Issuing Bank at the time of such succession or make other arrangements satisfactory to the applicable Issuing Bank to effectively assume the obligations of such Issuing Bank with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuing Bank Reports to the Administrative Agent</u>. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be reasonably requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) within five (5) Business Days following the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and amount of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by the applicable Issuing Bank 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, no Issuing Bank shall be responsible to the Borrower for, and no Issuing Bank's rights and remedies against the Borrower shall be impaired by, any action or inaction of such Issuing Bank 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 Law or any order of a jurisdiction where such Issuing Bank 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit Issued for 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 Subsidiary, the Borrower shall be obligated to reimburse the applicable Issuing Bank 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 Subsidiaries inures to the benefit of the Borrower, and that the Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

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SECTION 2.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Funding of Borrowings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds in dollars by 2:00 p.m., New York City time, to the Applicable Account of the Administrative Agent most-recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; <u>provided</u> that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in <u>Section 2.05(f)</u> shall be remitted by the Administrative Agent to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to <u>Section</u> <u>2.05(f)</u> to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance on such assumption and in its sole discretion, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender agrees to pay to the Administrative Agent an amount equal to such share on demand of the Administrative Agent. If such Lender does not pay such corresponding amount forthwith upon demand of the Administrative Agent therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower agrees to pay such corresponding amount to the Administrative Agent forthwith on demand. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, or (ii) in the case of the Borrower, the interest rate applicable to such Borrowing in accordance with <u>Section 2.13</u>. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Lenders hereunder to make Term Loans and Revolving Loans, to fund participations in Letters of Credit and to make payments pursuant to <u>Section</u> <u>9.03(d)</u> are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under <u>Section 9.03(d)</u> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and, other than as expressly provided herein with respect to a Defaulting Lender, no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under <u>Section 9.03(d)</u>.

SECTION 2.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Revolving Loan Borrowing and Term Loan Borrowing initially shall be of the Type specified in the applicable Borrowing Request or designated by <u>Section 2.03</u> and, in the case of a Term SOFR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or designated by <u>Section 2.03</u>. Thereafter, the Borrower may elect to convert

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such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term SOFR Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone (or, at the option of the Borrower, in writing) by the time that a Borrowing Request would be required under <u>Section 2.03</u> if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such request may be given by (1) telephone or (2) an Interest Election Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each such request shall be irrevocable and each telephonic request shall be confirmed promptly by hand delivery, facsimile or other electronic transmission to the Administrative Agent of a written Interest Election Request signed by a Responsible Officer of the Borrower in order for such request to be processed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each telephonic request and written Interest Election Request shall specify the following information in compliance with <u>Section 2.03</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;the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

&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 effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;whether the resulting Borrowing is to be an ABR Borrowing or a Term SOFR Borrowing; 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;if the resulting Borrowing is to be a Term SOFR Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period."

If any such Interest Election Request requests a Term SOFR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Promptly following receipt of an Interest Election Request in accordance with this Section, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such Lender's portion of each resulting Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower fails to deliver a timely Interest Election Request with respect to a Term SOFR Borrowing prior to the end of the Interest Period applicable thereto, then, unless

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such Borrowing is repaid as provided herein, at the end of such Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month's duration.

SECTION 2.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination and Reduction of Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless previously terminated, the Term Commitments shall terminate at 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; <u>provided</u> that (i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with <u>Section 2.11</u>, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. The Borrower may terminate the Commitments of any Defaulting Lender on a non-pro rata basis upon notice to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; <u>provided</u> that a notice of termination or reduction of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date of termination or reduction) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class.

SECTION 2.09&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 hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date and (ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender as provided in <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&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 such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due

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and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be <u>prima facie</u> evidence of the existence and amounts of the obligations recorded therein; <u>provided</u> that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to pay any amounts due hereunder in accordance with the terms of this Agreement. In the event of any inconsistency between the entries made pursuant to paragraphs (b) and (c) of this Section, the accounts maintained by the Administrative Agent pursuant to paragraph (c) of this Section shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may request through the Administrative Agent that Loans of any Class made by it be evidenced by a promissory note. In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to its registered assigns) and in a form provided by the Administrative Agent and approved by the Borrower.

SECTION 2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Amortization of Term Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment pursuant to paragraph (c) of this <u>Section 2.10</u>, the Borrower shall repay Term Loan Borrowings on the last Business Day of each March, June, September and December (commencing on March 31, 2026) in the principal amount of Term Loans equal to (x) the aggregate outstanding principal amount of Term Loans immediately after closing on the Effective Date multiplied by (y) 0.25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent not previously paid, all Term Loans shall be due and payable on the Term Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any prepayment of a Term Loan Borrowing of any Class (i) pursuant to <u>Section</u> <u>2.11(a)(i)</u> shall be applied to reduce the subsequent scheduled and outstanding repayments of the Term Loan Borrowings of such Class to be made pursuant to this Section as directed by the Borrower (and absent such direction in direct order of maturity) and (ii) pursuant to <u>Section</u> <u>2.11(c)</u> or <u>Section 2.11(d)</u> shall be applied to reduce the subsequent scheduled and outstanding repayments of the Term Loan Borrowings of such Class to be made pursuant to this Section, or, except as otherwise provided in any Incremental Facility Amendment, Refinancing Amendment or Loan Modification Offer, pursuant to the corresponding section of such Incremental Facility Amendment, Refinancing Amendment or Loan Modification Offer, as applicable, as directed by the Borrower (and absent such direction in direct order of maturity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Prior to any repayment of any Term Loan Borrowings of any Class hereunder, the Borrower shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent in writing or by telephone (which must be promptly confirmed in writing by hand delivery, facsimile or other electronic transmission in order for such repayment to be processed) of such election not later than 2:00 p.m., New York City time, (x) in the case of Term SOFR Loans, three (3) Business Days before the scheduled date of such repayment and (y) in the case of ABR Loans, one Business Day before the scheduled date of such repayment. In the absence of a designation by the Borrower as described in the preceding

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sentence, then such repayment shall, if applicable, be applied first to the outstanding Borrowing with the highest interest rate under <u>Section 2.13</u> and, thereafter, to outstanding Borrowings in reverse order of the cost to the Borrower of such Borrowings pursuant to <u>Section 2.13</u>. Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of Term Loan Borrowings shall be accompanied by accrued interest on the amount repaid.

SECTION 2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment of Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have the right at any time and from time to time to prepay any Borrowing of any Class in whole or in part, without premium or penalty (subject to the immediately succeeding proviso); <u>provided</u> that in the event that, on or prior to the date that is six months after the Effective Date, the Borrower (i) makes any prepayment of Term Loans in connection with any Repricing Transaction the primary purpose of which is to decrease the Effective Yield on such Term Loans or (ii) effects any amendment of this Agreement resulting in a Repricing Transaction the primary purpose of which is to decrease the Effective Yield on the Term Loans, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (x) in the case of clause (i), a prepayment premium of 1.00% of the principal amount of the Term Loans being prepaid in connection with such Repricing Transaction and (y) in the case of clause (ii), an amount equal to 1.00% of the aggregate amount of the applicable Term Loans outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant to such Repricing 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in any Loan Document to the contrary, so long as no Default or Event of Default has occurred and is continuing, the Borrower may prepay the outstanding Term Loans on the following 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;(A)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall have the right to make a voluntary prepayment of Term Loans of any Class at a discount to par (such prepayment, the "<u>Discounted Term Loan Prepayment</u>") pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers, in each case made in accordance with this <u>Section 2.11(a)(ii)</u>; <u>provided</u> that (x) the Borrower shall not make any Borrowing of Revolving Loans to fund any Discounted Term Loan Prepayment and (y) the Borrower shall not initiate any action under this <u>Section 2.11(a)(ii)</u> in order to make a Discounted Term Loan Prepayment with respect to any Class unless (I) at least ten (10) Business Days shall have passed since the consummation of the most recent Discounted Term Loan Prepayment with respect to such Class as a result of a prepayment made by the Borrower on the applicable Discounted Prepayment Effective Date; or (II) at least three (3) Business Days shall have passed since the date the Borrower was notified that no Term Lender was willing to accept any prepayment of any Term Loan and/or Other Term Loan at the Specified Discount, within the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of

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Discounted Prepayment Offers, the date of the Borrower's election not to accept any Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1) Subject to the proviso to subsection (A) above, the Borrower may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Agent with three (3) Business Days' notice in the form of a Specified Discount Prepayment Notice; <u>provided</u> that (I) any such offer shall be made available, at the sole discretion of the Borrower, to each Term Lender and/or each Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify the aggregate principal amount offered to be prepaid (the "<u>Specified Discount Prepayment Amount</u>") with respect to each applicable Class, the Class or Classes of Term Loans subject to such offer and the specific percentage discount to par (the "<u>Specified Discount</u>") of such Term Loans to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different Classes of Term Loans and, in such an event, each such offer will be treated as a separate offer pursuant to the terms of this Section), (III) the Specified Discount Prepayment Amount shall be in an aggregate amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such offer shall remain outstanding through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each relevant Term Lender with a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and returned by each such Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York City time, on the third Business Day after the date of delivery of such notice to the relevant Term Lenders (the "<u>Specified Discount Prepayment Response</u> <u>Date</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;(2)&nbsp;&nbsp;&nbsp;&nbsp;Each relevant Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment Response Date whether or not it agrees to accept a prepayment of any of its relevant then outstanding Term Loans at the Specified Discount and, if so (such accepting Term Lender, a "<u>Discount Prepayment Accepting Lender</u>"), the amount and the Classes of such Term Lender's Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined to accept the applicable Borrower Offer of Specified Discount Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 at least one Discount Prepayment Accepting Lender, the Borrower will make a prepayment of outstanding Term Loans pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount and Classes of Term Loans specified in such Term Lender's Specified Discount Prepayment Response given pursuant to subsection (2); <u>provided</u> that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro-

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rata among the Discount Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Lender and the Auction Agent (in consultation with the Borrower and subject to rounding requirements of the Auction Agent made in its reasonable discretion) will calculate such proration (the "<u>Specified Discount</u> <u>Proration</u>"). The Auction Agent shall promptly, and in any case within three (3) Business Days following the Specified Discount Prepayment Response Date, notify (I) the Borrower of the respective Term Lenders' responses to such offer, the Discounted Prepayment Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the Classes to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the Classes of Term Loans to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount Proration, if any, and confirmation of the principal amount, Class and Type of Loans of such Term Lender to be prepaid at the Specified Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Borrower and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Borrower shall be due and payable by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) 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;(C)&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the proviso to subsection (A) above, the Borrower may from time to time solicit Discount Range Prepayment Offers by providing the Auction Agent with three (3) Business Days' notice in the form of a Discount Range Prepayment Notice; <u>provided</u> that (I) any such solicitation shall be extended, at the sole discretion of the Borrower, to each Term Lender and/or each Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the "<u>Discount Range Prepayment Amount</u>"), the Class or Classes of Term Loans subject to such offer and the maximum and minimum percentage discounts to par (the "<u>Discount Range</u>") of the principal amount of such Term Loans with respect to each relevant Class of Term Loans willing to be prepaid by the Borrower (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect to different Classes of Term Loans and, in such an event, each such offer will be treated as a separate offer pursuant to the terms of this Section), (III) the Discount Range Prepayment Amount shall be in an aggregate amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such solicitation by the Borrower shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each relevant Term Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding relevant Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York City time, on the third Business Day after the date of delivery of such notice to the relevant Term Lenders (the "<u>Discount Range Prepayment Response Date</u>"). Each relevant Term Lender's Discount Range Prepayment Offer shall be irrevocable and shall specify a discount to par within the Discount Range (the "<u>Submitted Discount</u>") at which such Term Lender is willing to allow prepayment

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of any or all of its then outstanding Term Loans of the applicable Class or Classes and the maximum aggregate principal amount and Classes of such Term Lender's Term Loans (the "<u>Submitted Amount</u>") such Term Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment Response Date and shall determine (in consultation with the Borrower and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance with this subsection (C). The Borrower agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest discount to par within the Discount Range being referred to as the "<u>Applicable Discount</u>") which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection (3)) at the Applicable Discount (each such Term Lender, a "<u>Participating Lender</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;(3)&nbsp;&nbsp;&nbsp;&nbsp;If there is at least one Participating Lender, the Borrower will prepay the respective outstanding Term Loans of each Participating Lender in the aggregate principal amount and of the Classes specified in such Term Lender's Discount Range Prepayment Offer at the Applicable Discount; <u>provided</u> that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the "<u>Identified Participating Lenders</u>") shall be made pro-rata among the Identified Participating Lenders in accordance with the Submitted Amount of each such Identified Participating Lender and the Auction Agent (in consultation with the Borrower and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "<u>Discount Range Proration</u>"). The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount Range Prepayment Response Date, notify (I) the Borrower of the respective Term Lenders' responses to such solicitation, the Discounted

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Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the Classes to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount and Classes of Term Loans to be prepaid at the Applicable Discount on such date, (III) each Participating Lender of the aggregate principal amount and Classes of such Term Lender to be prepaid at the Applicable Discount on such date, and (IV) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Borrower and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Borrower shall be due and payable by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) 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;(D)&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the proviso to subsection (A) above, the Borrower may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Agent with three (3) Business Days' notice in the form of a Solicited Discounted Prepayment Notice; <u>provided</u> that (I) any such solicitation shall be extended, at the sole discretion of the Borrower, to each Term Lender and/or each Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such notice shall specify the maximum aggregate dollar amount of the Term Loans (the "<u>Solicited Discounted Prepayment Amount</u>") and the Class or Classes of Term Loans the Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different Classes of Term Loans and, in such an event, each such offer will be treated as a separate offer pursuant to the terms of this Section), (III) the Solicited Discounted Prepayment Amount shall be in an aggregate amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such solicitation by the Borrower shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Agent will promptly provide each relevant Term Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York City time on the third Business Day after the date of delivery of such notice to the relevant Term Lenders (the "<u>Solicited Discounted Prepayment Response Date</u>"). Each Term Lender's Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date, and (z) specify both a discount to par (the "<u>Offered Discount</u>") at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum aggregate principal amount and Classes of such Term Loans (the "<u>Offered</u> <u>Amount</u>") such Term Lender is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of its Term Loans at any discount.

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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;(2)&nbsp;&nbsp;&nbsp;&nbsp;The Auction Agent shall promptly provide the Borrower with a copy of all Solicited Discounted Prepayment Offers received on or before the Solicited Discounted Prepayment Response Date. The Borrower shall review all such Solicited Discounted Prepayment Offers and select the smallest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment Offers that is acceptable to the Borrower (the "<u>Acceptable Discount</u>"), if any. If the Borrower elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination of the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt by the Borrower from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection (2) (the "<u>Acceptance Date</u>"), the Borrower shall submit an Acceptance and Prepayment Notice to the Auction Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from the Borrower by the Acceptance Date, the Borrower shall be deemed to have rejected all Solicited Discounted Prepayment Offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Based upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, within three (3) Business Days after receipt of an Acceptance and Prepayment Notice (the "<u>Discounted Prepayment Determination</u> <u>Date</u>"), the Auction Agent will determine (in consultation with the Borrower and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and the Classes of Term Loans (the "<u>Acceptable Prepayment Amount</u>") to be prepaid by the Borrower at the Acceptable Discount in accordance with this <u>Section 2.11(a)(ii)(D)</u>. If the Borrower elects to accept any Acceptable Discount, then the Borrower agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount. Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount (subject to any required pro-rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Term Lender, a "<u>Qualifying</u> <u>Lender</u>"). The Borrower will prepay outstanding Term Loans pursuant to this subsection (D) to each Qualifying Lender in the aggregate principal amount and of the Classes specified in such Term Lender's Solicited Discounted Prepayment Offer at the Acceptable Discount; <u>provided</u> that if the aggregate Offered Amount by all Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the Acceptable Discount (the "<u>Identified Qualifying Lenders</u>") shall be made pro rata among the Identified Qualifying Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in consultation with the Borrower and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the "<u>Solicited Discount</u> <u>Proration</u>"). On or prior to the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the Borrower of the Discounted

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Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the Classes to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment Amount of all Term Loans and the Classes to be prepaid to be prepaid at the Applicable Discount on such date, (III) each Qualifying Lender of the aggregate principal amount and the Classes of such Term Lender to be prepaid at the Acceptable Discount on such date and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Borrower and Term Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Borrower shall be due and payable by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) 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;(E)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Discounted Term Loan Prepayment, the Borrower and the Term Lenders acknowledge and agree that the Auction Agent may require, as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from the Borrower 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;If any Term Loan is prepaid in accordance with paragraphs (B) through (D) above, the Borrower shall prepay such Term Loans on the Discounted Prepayment Effective Date. The Borrower shall make such prepayment to the Auction Agent, for the account of the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Administrative Agent's Office in immediately available funds not later than 11:00 a.m., New York City time, on the Discounted Prepayment Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant Class of Term Loans on a pro rata basis across such installments. The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant to this <u>Section 2.11(a)(ii)</u> shall be paid to the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable. The aggregate principal amount of the Classes and installments of the relevant Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the Classes of Term Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures consistent with the provisions in this <u>Section 2.11(a)(ii)</u>, established by the Auction Agent acting in its reasonable discretion and as reasonably agreed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Notwithstanding anything in any Loan Document to the contrary, for purposes of this <u>Section 2.11(a)(ii)</u>, each notice or other communication required to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have been given upon the Auction Agent's (or its

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delegate's) actual receipt during normal business hours of such notice or communication; <u>provided</u> that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the opening of business on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each of the Term Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties under this <u>Section 2.11(a)(ii)</u> by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection with any Discounted Term Loan Prepayment provided for in this <u>Section 2.11(a)(ii)</u> as well as activities of the Auction Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment Response Date (and if such offer is revoked pursuant to this subclause (J), any failure by the Borrower to make any prepayment to a Term Lender, as applicable, pursuant to this <u>Section 2.11(a)(ii)</u> shall not constitute a Default or Event of Default under <u>Section 7.01</u> or otherwise).

Notwithstanding anything to contrary, the provisions of this <u>Section 2.11(a)(ii)</u> shall permit any transaction permitted by such section to be conducted on a Class by Class basis and on a non-pro rata basis across Classes (but not within a single Class), in each case, as selected by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event and on each occasion that the aggregate Revolving Exposures exceed the aggregate Revolving Commitments, the Borrower shall promptly prepay Revolving Loan Borrowings (or, if no such Borrowings are outstanding, deposit Cash Collateral in an account with the Administrative Agent pursuant to <u>Section 2.05(j)</u>) in an aggregate amount necessary to eliminate such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event and on each occasion that any Net Proceeds are received by or on behalf of the Borrower or any of its Restricted Subsidiaries in respect of any Prepayment Event the Borrower shall, within ten Business Days after such Net Proceeds are received (or, in the case of a Prepayment Event described in clause (b) of the definition of the term "Prepayment Event," on the date of such Prepayment Event), prepay Term Loan Borrowings in an aggregate amount equal to the Disposition/Debt Percentage of the amount of such Net Proceeds; <u>provided</u> that, in the case of any event described in clause (a) of the definition of the term "Prepayment Event" in reliance on clause (ii)(I) of the first proviso to <u>Section 6.05(k)</u>, if the Borrower or any of the Restricted Subsidiaries invests (or commits to invest (including by entering into a binding agreement, an executed term sheet or a letter of intent)) the Net Proceeds from such event (or a portion thereof) within 540 days after receipt of such Net Proceeds in the business of the Borrower and its Subsidiaries (including any acquisition or other Investment permitted under <u>Section 6.04</u>), then no prepayment shall be required pursuant to this paragraph in respect of such

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Net Proceeds in respect of such event (or the applicable portion of such Net Proceeds, if applicable) except to the extent of any Net Proceeds therefrom that have not been so invested (or committed to be invested) by the end of such 540 day period (or, if committed to be so invested within such 540 day period, have not been so invested within 720 days after receipt thereof), at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so invested (or committed to be invested); <u>provided</u>, <u>further</u>, that the Borrower may elect to deem expenditures that occur prior to the receipt of such Net Proceeds but otherwise would be permissible reinvestments to have been reinvested in accordance with the provisions of this <u>Section 2.11(c)</u> if such expenditures are made following the Effective Date; <u>provided</u> that the Borrower may use a portion of such Net Proceeds to prepay, redeem or repurchase (or to offer to prepay, redeem or repurchase) any other Indebtedness that is secured by a Lien on the Collateral that ranks equal in priority (but without regard to the control of remedies) with the Lien on the Collateral securing the Secured Obligations to the extent such other Indebtedness and the Liens securing the same are permitted hereunder and the documentation governing such other Indebtedness requires such a prepayment, redemption or repurchase (or such an offer to prepay, redeem or repurchase) (such Indebtedness required to be so repaid, redeemed or repurchased (or offered to be repaid, redeemed or repurchased), the "<u>Other Applicable Indebtedness</u>"), in each case in an amount not to exceed the product of (x) the amount of such Net Proceeds and (y) a fraction, the numerator of which is the outstanding principal amount of such Other Applicable Indebtedness and the denominator of which is the aggregate outstanding principal amount of Term Loans and such Other Applicable Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Following the end of each fiscal year of the Borrower, commencing following the end of the fiscal year ending December 31, 2026, the Borrower shall prepay Term Loan Borrowings in an aggregate amount (the "<u>ECF Payment Amount</u>") equal to the ECF Percentage of Excess Cash Flow for such fiscal year; <u>provided</u> that (A) at the Borrower's option, such amount shall be reduced by the sum of (i) the aggregate amount of prepayments, repurchases or redemptions (including, without limitation, loan buybacks and prepayments in connection with lender replacement provisions) during such fiscal year or, at the option of the Borrower, after such fiscal year and prior to the date of the required Excess Cash Flow payment (in lieu of being deducted from the Excess Cash Flow prepayment with respect to the fiscal year in which actually made) of (x) Term Loans (and, to the extent the revolving commitments are reduced in a corresponding amount pursuant to <u>Section 2.08</u>, Revolving Loans, Incremental Revolving Loans and Other Revolving Loans) made pursuant to <u>Section 2.11(a)</u> and repurchases pursuant to <u>Section 9.04(h)</u> (<u>provided</u> that such reduction as a result of prepayments pursuant to <u>Section</u> <u>2.11(a)(ii)</u> and repurchases pursuant to <u>Section 9.04(h)</u> shall be limited to the actual amount of such cash prepayment) and (y) other Indebtedness that is secured by any portion of the Collateral on an equal priority basis (but without regard to the control of remedies) with Liens securing the Secured Obligations (<u>provided</u> that, in the case of the prepayment of any revolving commitments, there is a corresponding reduction in commitments), excluding, in each case under this sub-clause (i), all such prepayments funded with the proceeds of other long-term Indebtedness (other than revolving Indebtedness or intercompany loans among the Borrower and its Restricted Subsidiaries) (unless such long-term Indebtedness has been repaid with internally generated cash) or issuances of Equity Interests and (ii) the ECF Deductions, (B) any such amounts described in the foregoing clause (A) that have not been applied to reduce the ECF Prepayment Amount shall be carried over to subsequent fiscal years and may be applied to reduce the ECF Prepayment Amount in respect of such subsequent fiscal years, until such time as such amounts have been used to reduce any such ECF Prepayment Amount and (C) no prepayment of Term Loans shall be required under this <u>Section 2.11(d)</u> unless, and solely to the

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extent that, the ECF Payment Amount for such fiscal year exceeds the greater of (x) $20,000,000 and (y) 15% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis (such threshold, the "<u>ECF Threshold</u>") (any amounts up to such amount, "<u>Retained ECF Proceeds</u>") (it being understood that the Borrower shall only be required to repay Term Loans under this <u>Section 2.11(d)</u> for such fiscal year in the amount by which the ECF Payment Amount exceeds the ECF Threshold); <u>provided</u>, <u>further</u>, that the Borrower may use a portion of such Excess Cash Flow to prepay, redeem or repurchase (or to offer to prepay, redeem or repurchase) any Other Applicable Indebtedness, in each case in an amount not to exceed the product of (x) the amount of such ECF Percentage of Excess Cash Flow and (y) a fraction, the numerator of which is the outstanding principal amount of such Other Applicable Indebtedness and the denominator of which is the aggregate outstanding principal amount of Term Loans and such Other Applicable Indebtedness. Each prepayment pursuant to this paragraph shall be made on or before the date that is ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section</u> <u>5.01(a)</u> with respect to the fiscal year for which Excess Cash Flow is being calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Prior to any optional or mandatory prepayment of Borrowings hereunder, the Borrower shall select the Borrowing or Borrowings of any Class to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (f) of this Section (including in the event of any mandatory prepayment of Term Loan Borrowings made at a time when Term Loan Borrowings of more than one Class remain outstanding); <u>provided</u> that (I) any Term Lender (and, to the extent provided in the Incremental Facility Amendment, Refinancing Amendment or Loan Modification Offer for any Class of Term Loans, any Lender that holds Term Loans of such Class) may elect, by notice to the Administrative Agent by telephone (which must be promptly confirmed in writing by hand delivery, facsimile or other electronic transmission in order for such prepayment to be processed) at least two Business Days prior to the prepayment date, to decline all or any portion of any prepayment of its Term Loans or Other Term Loans of any such Class pursuant to this Section (other than an optional prepayment pursuant to paragraph (a)(i) of this Section or a mandatory prepayment as a result of the Prepayment Event described in clause (b) of the definition thereof, which may not be declined), in which case the aggregate amount of the prepayment that would have been applied to prepay Term Loans of any such Class but was so declined shall be retained by the Borrower and the Restricted Subsidiaries (such amounts, "<u>Retained Declined Proceeds</u>") and (II) notwithstanding anything to the contrary set forth in this Agreement, any prepayment of Loans with the Net Proceeds of, or in exchange for, Credit Agreement Refinancing Indebtedness shall be applied solely to each applicable Class or Classes of Loans being refinanced as selected by the Borrower. Optional and mandatory prepayments of Term Loan Borrowings shall be allocated among the Class or Classes of Term Loan Borrowings as directed by the Borrower. In the absence of a designation by the Borrower as described in the preceding provisions of this paragraph of the Type of Borrowing of any Class, the Administrative Agent shall make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall notify the Administrative Agent of any prepayment hereunder by telephone or delivering a Notice of Loan Prepayment; <u>provided</u> that, unless otherwise agreed by the Administrative Agent, such notice must be received (i) in the case of prepayment of a Term SOFR Borrowing, not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment; <u>provided</u>, <u>further</u>, that each telephonic notice shall be confirmed promptly by hand delivery,

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facsimile or other electronic transmission to the Administrative Agent of a written Notice of Loan Prepayment signed by a Responsible Officer of the Borrower in order for such prepayment to be processed. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; <u>provided</u> that a notice of optional prepayment may state that such notice is conditional upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition, in which case such notice of prepayment may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in <u>Section 2.02</u>, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by <u>Section 2.13</u>. At the Borrower's election in connection with any prepayment pursuant to this <u>Section 2.11</u>, such prepayment shall not be applied to any Term Loan or Revolving Loan of a Defaulting Lender and shall be allocated ratably among the relevant non-Defaulting Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions of <u>Section 2.11(c)</u> or <u>(d)</u>, (A) to the extent that any of or all the Net Proceeds of any Prepayment Event set forth in clause (a) of the definition thereof by a Foreign Subsidiary giving rise to a prepayment pursuant to <u>Section</u> <u>2.11(c)</u> (a "<u>Foreign Prepayment Event</u>") or Excess Cash Flow of a Foreign Subsidiary giving rise to a prepayment pursuant to <u>Section 2.11(d)</u> are prohibited, restricted or delayed by any Requirement of Law from being repatriated to the Borrower, an amount equal to the portion of such Net Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in <u>Section 2.11(c)</u> or <u>(d)</u>, as the case may be, so long, but only so long, as the applicable Requirement of Law will not permit repatriation to the Borrower (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially reasonable actions available under applicable Requirements of Law to permit such repatriation), and once such repatriation of any of such affected Net Proceeds or Excess Cash Flow is permitted under the applicable Requirement of Law, an amount equal to such Net Proceeds or Excess Cash Flow will be promptly applied (net of additional taxes that would be payable or reserved against as a result of repatriating such amounts to the extent not taken into account by the definition of Net Proceeds or Excess Cash Flow, as applicable) to the repayment of the Term Loans pursuant to <u>Section 2.11(c)</u> or <u>(d)</u>, as applicable, (B) the Borrower shall not be required to prepay any amount that would otherwise be required to be paid pursuant to this <u>Section 2.11</u> to the extent that the relevant affected Excess Cash Flow is attributable to any Restricted Subsidiary or the relevant Net Proceeds are received by any Restricted Subsidiary, as the case may be, for so long as the distribution of any such amount to the Borrower would conflict with the fiduciary duties of such Restricted Subsidiary's directors or would result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any officer, director, employee, manager, member of management, member, partner, independent contractor or consultant of such Restricted Subsidiary; it being understood and agreed that, if the distribution of the relevant affected Excess Cash Flow or Net Proceeds to the Borrower, as the case may be, would no longer conflict with the fiduciary duties of such director or result in, or be reasonably expected to result in, a material risk of personal or criminal liability for the Persons described above, in either case, within 18 months following the end of the applicable fiscal year

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or the event giving rise to the relevant Net Proceeds, an amount equal to the relevant Excess Cash Flow or Net Proceeds, as the case may be, will be promptly applied by the Borrower to prepay the Term Loans pursuant to this <u>Section 2.11</u> to the extent required herein), and (C) to the extent that and for so long as the Borrower has determined in good faith that repatriation of any of or all the Net Proceeds of any Foreign Prepayment Event or Excess Cash Flow of a Foreign Subsidiary would have a material adverse tax consequence (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Proceeds or Excess Cash Flow, an amount equal to the Net Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in <u>Section 2.11(c)</u> or <u>(d)</u>, as the case may be, and such amounts may be retained by the applicable Foreign Subsidiary; <u>provided</u> that when the Borrower determines in good faith that repatriation of any of or all the Net Proceeds of any Foreign Prepayment Event or Excess Cash Flow would no longer have a material adverse tax consequence (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Proceeds or Excess Cash Flow, an amount equal to such Net Proceeds or Excess Cash Flow shall be promptly applied (net of additional taxes that would be payable or reserved against as a result of repatriating such amounts to the extent not taken into account by the definition of Net Proceeds or Excess Cash Flow, as applicable) to the repayment of the Term Loans pursuant to <u>Section 2.11(c)</u> or <u>(d)</u>, as applicable.

SECTION 2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay to the Administrative Agent in dollars for the account of each Revolving Lender a commitment fee, which shall accrue at the rate of 0.50% per annum (or at any time following delivery of the consolidated financial statements pursuant to <u>Section</u> <u>5.01(b)</u> as of and for the fiscal quarter ended March 31, 2026, (i) 0.375% per annum if the First Lien Leverage Ratio is less than or equal to 2.75 to 1.00, but greater than 2.25 to 1.00 and (ii) 0.25% per annum if the First Lien Leverage Ratio is less than or equal to 2.25 to 1.00) on the actual daily unused amount of the Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which the Revolving Commitments terminate. Accrued commitment fees shall be payable in arrears on the fifteenth day following the last day of March, June, September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender (other than any Defaulting Lender) a participation fee with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate, in each case, used to determine the interest rate applicable to Term SOFR Revolving Loans, on the daily amount of such Revolving Lender's LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements), during the period from and including the Effective Date to but excluding the later of the date on which such Revolving Lender's Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure. In addition, the Borrower agrees to pay to each Issuing Bank, for its own account, a fronting fee, in respect of each Letter of Credit issued by such Issuing Bank to the Borrower for the period from

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the date of issuance of such Letter of Credit through the expiration date of such Letter of Credit (or if terminated on an earlier date to the termination date of such Letter of Credit), computed at a rate equal to 0.125% per annum or such other percentage per annum to be agreed upon between the Borrower and such Issuing Bank of the daily outstanding amount of such Letter of Credit, as well as such Issuing Bank's standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth day following the last day of March, June, September and December of each year; <u>provided</u> that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand until the expiration or cancellation of all outstanding Letters of Credit. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Revolving Lenders entitled thereto. Fees paid hereunder shall not be refundable under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay to the Administrative Agent, for its own account, an agency fee payable in the amount and at the times separately agreed upon between the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, and subject to <u>Section 2.22</u>, the Borrower shall not be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 2.12</u>; <u>provided</u> that such amounts shall be payable to any non-Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to <u>Section 2.22(a)(iv)</u>.

SECTION 2.13&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 Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Loans comprising each Term SOFR Borrowing shall bear interest at Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of an Event of Default under clause <u>(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> of <u>Section 7.01</u>, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this <u>Section 2.13</u> or (ii) in the case of any other amount, 2.00% per annum plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; <u>provided</u> that no amount shall be payable pursuant to this <u>Section 2.13(c)</u> to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; <u>provided</u>, <u>further</u>, that no amounts shall accrue pursuant to this <u>Section 2.13(c)</u> on any overdue amount, reimbursement obligation in respect of any LC Disbursement or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; <u>provided</u>, <u>further</u>, that such amounts shall be payable to any non-

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Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to <u>Section</u> <u>2.22(a)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; <u>provided</u> that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term SOFR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;All computations of interest for ABR Loans (including ABR Loans determined by reference to Term SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 -day year) or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which generally accepted market practice differs from the foregoing, in accordance with such generally accepted market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; <u>provided</u> that any Loan that is repaid on the same day on which it is made shall, subject to <u>Section 2.18</u>, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

SECTION 2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Other than as set forth in clause <u>(b)</u> below, if, at least two Business Days prior to the commencement of any Interest Period for a Term SOFR Borrowing:

&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) prior to the commencement of any Interest Period for a Term SOFR Borrowing, that adequate and reasonable means do not exist for ascertaining Term SOFR (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent is advised by the Required Lenders that Term SOFR 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 (in each case with respect to the applicable Loans impacted by this clause (b) or clause (a) above, "<u>Impacted Loans</u>"),

the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or facsimile 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 Term SOFR and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section 2.07</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, any Interest Election Request that

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requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term SOFR Borrowing and any Borrowing Request that requests a Term SOFR Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for an ABR Borrowing; <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 SOFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this <u>Section 2.14(a)</u> with respect to Term SOFR, 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 Term SOFR and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of <u>Section</u> <u>2.07</u> or a new Borrowing Request in accordance with the terms of <u>Section 2.03</u>, any Term SOFR 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark Replacement</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;Notwithstanding anything to the contrary herein or in any other Loan Document if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of any Benchmark, then (A) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, the Administrative Agent and the Borrower will amend this Agreement to replace such Benchmark with such Benchmark Replacement for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, which amendment shall become effective without any further action or consent of any other party to this Agreement or any other Loan Document; <u>provided</u> that any outstanding affected Term SOFR Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period unless such amendment otherwise becomes effective prior to such date and shall continue to constitute ABR Loans until the effectiveness of such amendment, and (B) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, the Administrative Agent and the Borrower will amend this Agreement to replace such Benchmark with such Benchmark Replacement for all purposes hereunder and under any Loan Document in respect of any Benchmark setting, which amendment shall become effective at or after 5:00 p.m. (New York City time) on the fifth Business Day after the date on which such amendment is provided to the Lenders (without any further action or consent of any other party to this Agreement or any other Loan 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. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent, in consultation with the Borrower, will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming

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Changes will become effective without any further action or consent of any other party to this Agreement; <u>provided</u> that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Benchmark Replacement Conforming Changes to the Lenders reasonably promptly after such amendment becomes 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent will promptly notify the Borrower and the Lenders of the (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.14(b)(iv)</u> below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 2.14(b)</u>, 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 Loan Document, except, in each case, as expressly required pursuant to this <u>Section</u> <u>2.14(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if any then-current Benchmark is a term rate and either (x) 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 or (y) 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, in consultation with the Borrower, may 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 and (B) if a tenor that was removed pursuant to clause (A) above either (x) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (y) 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, in consultation with the Borrower, may 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.

&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 the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a given Benchmark, (A) the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Term SOFR Loans, in each case, 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 ABR Loans or conversion to ABR Loans in the amount specified therein and (B) any outstanding affected Term SOFR Loans, if applicable, will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. Upon any such prepayment or conversion, the Borrower shall

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also pay accrued interest on the amount so prepaid or converted. During a Benchmark Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark that is the subject of such Benchmark Unavailability Period or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.

SECTION 2.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Change in Law 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any Issuing Bank; 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;impose on any Lender or any Issuing Bank or the interbank market any other condition, cost or expense (other than with respect to Taxes) affecting this Agreement or Term SOFR Loans made by such Lender or any Letter of Credit or participation therein; 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;subject any Lender to any Taxes (other than Indemnified Taxes, Other Taxes Excluded Taxes) on its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

and the result of any of the foregoing shall be to increase the actual cost to such Lender of making or maintaining any Term SOFR Loan (or of maintaining its obligation to make any such Loan) or to increase the actual cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or issue any Letter of Credit) or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise), then, from time to time upon request of such Lender or Issuing Bank, the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank, as the case may be, for such increased costs actually incurred or reduction actually suffered; <u>provided</u> that to the extent any such costs or reductions are incurred by any Lender as a result of any requests, rules, guidelines or directives enacted or promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Basel III after the Effective Date, then such Lender shall be compensated pursuant to this <u>Section 2.15(a)</u> only to the extent such Lender certifies that it is imposing such charges on similarly situated borrowers under the other syndicated credit facilities that such Lender is a lender under.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender or Issuing Bank determines that any Change in Law regarding liquidity or capital requirements has the effect of reducing the rate of return on such Lender's or Issuing Bank's (or Lender's or Issuing Bank's Lending Office) capital or on the capital of such Lender's or Issuing Bank's holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing Bank or such Lender's or Issuing Bank's holding company could have achieved but for such Change in Law (taking into consideration such Lender's or Issuing Bank's policies and the policies of such

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Lender's or Issuing Bank's holding company with respect to liquidity or capital adequacy), then, from time to time upon request of such Lender or Issuing Bank, the Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender's or Issuing Bank's holding company for any such reduction actually suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding company in reasonable detail, as the case may be, as specified in paragraph (a) or (b) of this Section delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount shown as due on any such certificate within 15 Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's or Issuing Bank's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender or Issuing Bank pursuant to this <u>Section 2.15</u> for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's or Issuing Bank's intention to claim compensation therefor; <u>provided</u>, <u>further</u>, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

SECTION 2.16&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 2.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without deduction for any Taxes; <u>provided</u> that if any applicable withholding agent shall be required by applicable Requirements of Law to withhold or deduct any Taxes with respect to any such payments, then (i) the applicable withholding agent shall make such withholdings or deductions, (ii) the applicable withholding agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law and (iii) if the Tax in question is an Indemnified Tax or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions have been made (including deductions applicable to additional amounts payable under this <u>Section 2.17</u>) the applicable Lender (or, in the case of a payment received by the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other

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Taxes paid or payable by the Administrative Agent or such Lender, as the case may be (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 2.17</u>) 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 setting forth in reasonable detail the basis and calculation of the amount of such payment or liability 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority pursuant to this <u>Section 2.17</u>, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall deliver to the Borrower and the Administrative Agent at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Requirements of Law and such other documentation reasonably requested by the Borrower or the Administrative Agent (i) as will permit such payments to be made without, or at a reduced rate of, withholding or (ii) as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to withholding or information reporting requirements. Each Lender shall, whenever a lapse of time or change in circumstances renders such documentation obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so. In addition, any Lender, at the time or times reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Requirements of Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(1), (e)(2) and (e)(3) 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.

Without limiting 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;(1)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) two properly completed and duly signed original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the

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Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;two properly completed and duly signed original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for the benefits 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;two properly completed and duly signed original copies of Internal Revenue Service Form W-8ECI (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 a Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) two properly completed and duly signed certificates substantially in the form of Exhibit P-1, P-2, P-3 or P-4, as applicable, (any such certificate, a "U.S. Tax Compliance Certificate") and (y) two properly completed and duly signed original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), two properly completed and duly signed original copies of Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by Internal Revenue Service Form W-8ECI, W-8BEN, W-8BEN-E, Form W-9 or Form W-8IMY, a U.S. Tax Compliance Certificate or any other required information (or any successor forms) from each beneficial owner that would be required under this Section 2.17(e) if such beneficial owner were a Lender, as applicable (provided that, if the Lender is a partnership for U.S. federal income tax purposes (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the U.S. Tax Compliance Certificate may be provided by such Lender on behalf of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;two properly completed and duly signed original copies of any other form prescribed by applicable U.S. federal income tax laws as a basis for claiming a complete exemption from, or a reduction in, U.S. federal withholding tax on any payments to such Lender under the Loan Documents, together with such supplementary documentation as may be prescribed by applicable Requirements of Law 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;If a payment made to a Lender under any Loan 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 Requirements of Law and at such time or

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times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Requirements of 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 or has not complied with such Lender's obligations under FATCA and, if necessary, to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (3), "FATCA" shall include any amendments made to FATCA after the date hereof.

Notwithstanding any other provisions of this clause (e), a Lender shall not be required to deliver any form or other documentation that such Lender is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower determines in good faith that a reasonable basis exists for claiming a refund of, any Indemnified Taxes or Other Taxes for which indemnification has been provided under this Section 2.17, the Administrative Agent or the relevant Lender, as applicable, shall use commercially reasonable efforts to cooperate with the Borrower in pursuing a claim for refund of such Taxes if so requested by the Borrower; provided that (a) the Administrative Agent or such Lender determines in its reasonable discretion that it would not be subject to any unreimbursed third party cost or expense or otherwise be prejudiced by cooperating in such challenge, (b) the Borrower pays all related reasonable out-of-pocket expenses of the Administrative Agent or such Lender, as applicable and (c) the Borrower indemnifies the Administrative Agent or such Lender, as applicable, for any liabilities or other reasonable out-of-pocket costs incurred by such party in connection with such challenge. If the Administrative Agent or a Lender receives a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this <u>Section 2.17</u>, it shall promptly pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this <u>Section 2.17</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender 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, shall promptly 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. 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 the Administrative Agent or such Lender reasonably deems confidential).&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, this <u>Section</u> <u>2.17(f)</u> shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to Taxes which it reasonably deems confidential) to any Loan Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to <u>Section 2.17(e)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall severally indemnify the Administrative Agent, within 30 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 9.04(c)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. 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 any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this <u>paragraph (h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The agreements in this <u>Section 2.17</u> shall survive resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <u>Section 2.17</u>, the term "Lender" shall include any Issuing Bank.

SECTION 2.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Generally; Pro Rata Treatment; Sharing of Setoffs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall make each payment required to be made by it under any Loan Document (whether of principal, interest, fees, or reimbursement of LC Disbursement or of amounts payable under <u>Section 2.15</u> or <u>2.17</u>, or otherwise) prior to the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, free and clear of and without setoff, recoupment, defense or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to such account as may be specified by the Administrative Agent, except payments to be made directly to any Issuing Bank shall be made as expressly provided herein and except that payments pursuant to <u>Sections 2.15</u>, <u>2.17</u> and <u>9.03</u> shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment (other than payments on Term SOFR Loans) under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day. If any payment on a Term SOFR Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate for the period of such extension. All payments or prepayments of any Loan shall be made in the currency in which such Loan is denominated, all reimbursements of any LC Disbursements shall be made in dollars, all payments of accrued interest payable on a

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Loan or LC Disbursement shall be made in dollars, and all other payments under each Loan Document shall be made in dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all applicable amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of applicable interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the applicable amounts of interest and fees then due to such parties, and (ii) second, towards payment of applicable principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans of a given Class or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans of such Class or participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender with outstanding Loans of the same Class or participations in LC Disbursements, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of such Class or participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class or participations in LC Disbursements; <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest and (ii) the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant (including a Purchasing Borrower Party) or (C) any disproportionate payment obtained by a Lender of any Class as a result of the extension by Lenders of the maturity date or expiration date of some but not all Loans or Commitments of that Class or any increase in the Applicable Rate in respect of Loans of Lenders that have consented to any such extension. The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower, as applicable, in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and in its sole discretion, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on

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demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender shall fail to make any payment required to be made by it pursuant to <u>Section 2.05(e)</u>, <u>Section 2.05(f)</u>, <u>Section 2.06(a)</u>, <u>Section 2.06(b)</u>, <u>Section 2.06(c)</u>, <u>Section</u> <u>2.18(d)</u> or <u>Section 9.03(d)</u>, then the Administrative Agent may, in its discretion and in the order determined by the Administrative Agent (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as Cash Collateral for, and to be applied to, any future funding obligations of such Lender under any such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Borrowing set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

SECTION 2.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Mitigation Obligations; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender may make any Loans or each Issuing Bank may issue Letters of Credit to the Borrower through any Lending Office; <u>provided</u> that the exercise of this option shall not affect the obligation of the Borrower to repay the Loans or Letters of Credit in accordance with the terms of this Agreement. If any Lender requests compensation under <u>Section 2.15</u>, or if the Borrower is required to pay any additional amount to, or otherwise indemnify, any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u> or any event that gives rise to the operation of <u>Section 2.23</u>, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or its participation in any Letter of Credit affected by such event, or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to <u>Section 2.15</u> or <u>Section 2.17</u> or mitigate the applicability of <u>Section 2.23</u>, as the case may be, and (ii) would not subject such Lender to any unreimbursed cost or expense reasonably deemed by such Lender to be material and would not be inconsistent with the internal policies of, or otherwise be disadvantageous in any material economic, legal or regulatory respect to, such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If (i) any Lender requests compensation under <u>Section 2.15</u> or gives notice under <u>Section 2.23</u>, (ii) the Borrower is required to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to <u>Section 2.17</u>, or (iii) any Lender becomes or is a Defaulting Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement and the other Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be

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another Lender or an Affiliated Lender, if such Lender or Affiliated Lender accepts such assignment and delegation); <u>provided</u> that (A) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under <u>Section</u> <u>9.04(b)</u> for an assignment of Loans or Commitments, as applicable (and, if a Revolving Commitment is being assigned and delegated, each Issuing Bank), which consents, in each case, shall not unreasonably be withheld or delayed, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and unreimbursed participations in LC Disbursements, accrued but unpaid interest thereon, accrued but unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) the Borrower or such assignee shall have paid (unless waived) to the Administrative Agent the processing and recordation fee specified in <u>Section 9.04(b)(ii)</u> and (D) in the case of any such assignment resulting from a claim for compensation under <u>Section 2.15</u>, payment required to be made pursuant to <u>Section 2.17</u> or a notice given under <u>Section 2.23</u>, such assignment will result in a material reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.

SECTION 2.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Incremental Credit Extensions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower or any Subsidiary Loan Party may at any time and from time to time after the Effective Date, subject to the terms and conditions set forth herein, by notice to the Administrative Agent request (i) one or more additional Classes of term loans or additional term loans of the same Class of any existing Class of term loans (which may include Incremental Delayed Draw Term Loans) (the "<u>Incremental Term Loans</u>"), (ii) one or more increases in the amount of the Revolving Commitments of any Class (each such increase, an "<u>Incremental</u> <u>Revolving Commitment Increase</u>") or (iii) one or more additional Classes of Revolving Commitments (the "<u>Additional/Replacement Revolving Commitments</u>," and, together with the Incremental Term Loans and the Incremental Revolving Commitment Increases, the "<u>Incremental Facilities</u>"); <u>provided</u> that, subject to <u>Section 1.08</u>, after giving effect to the effectiveness of any Incremental Facility Amendment referred to below and at the time that any such Incremental Term Loan, Incremental Revolving Commitment Increase or Additional/Replacement Revolving Commitment is made or effected, no Event of Default (or, in the case of the incurrence or provision of any Incremental Facility in connection with an Acquisition Transaction or other Investment not prohibited by the terms of this Agreement, no Event of Default under <u>clause (a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> of <u>Section 7.01</u>) shall have occurred and be continuing or would result therefrom. Notwithstanding anything to the contrary herein, the sum of (i) the aggregate principal amount of Incremental Facilities and (ii) the aggregate principal amount of Incremental Equivalent Debt shall not at the time of incurrence of any such Incremental Facilities or Incremental Equivalent Debt (and after giving effect to such incurrence) exceed the Incremental Cap at such time (calculated in a manner consistent with the definition of "Incremental Cap").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Incremental Term Loan shall comply with the following clauses (A) through (F):

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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;(A)&nbsp;&nbsp;&nbsp;&nbsp;except with respect to (I) the Maturity Carveout Amount, (II) Customary Bridge Loans which would either automatically be converted into or required to be exchanged for permanent financing which does not mature earlier than the Term Maturity Date and (III) Incremental Term Loans incurred in connection with an Acquisition Transaction or other Investment, the maturity date of any Incremental Term Loans shall not be earlier than the Term Maturity Date and the Weighted Average Life to Maturity of the Incremental Term Loans shall not be shorter than the remaining Weighted Average Life to Maturity of the Term Loans (without giving effect to any previous amortization payments or prepayments of the Term 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;subject to clause (F) below, the pricing (including any "MFN" or other pricing terms), interest rate margins, rate floors, fees, premiums (including prepayment premiums), funding discounts and, subject to clause (A) above, the maturity and amortization schedule for any Incremental Term Loans shall be determined by the Borrower and the applicable Additional 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent secured, the Incremental Term Loans shall be secured solely by a Lien on the Collateral ranking equal in priority (but without regard to the control of remedies) with (or, subject to a Second Lien Intercreditor Agreement, junior in priority to) the Lien on the Collateral securing the Secured Obligations and (ii) no Incremental Term Loans shall be guaranteed by entities other than the Guarantors or the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Incremental Term Loans shall be on terms and pursuant to documentation to be determined by the Borrower and the applicable Additional Lenders; <u>provided</u> that, to the extent such terms and documentation are not consistent with the Term Loans (except (i) to the extent permitted by clause (A) or (B) above or clause (E) or (F) below, (ii) as to pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and (iii) any funding conditions applicable to any Incremental Delayed Draw Term Facility), they shall either (I) taken as a whole, be not materially more favorable to the Lenders providing such Incremental Term Loan than the terms and conditions of the Term Loans (when taken as a whole) are to the Lenders thereunder, (II) be applicable only to periods after the Latest Maturity Date at the time of such refinancing, (III) reflect market terms and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good faith); <u>provided</u> that if such Incremental Term Loans include any financial covenant that is more restrictive to the Borrower than the Financial Performance Covenant, then such financial covenant shall either (x) be applicable only to periods after the Latest Maturity Date or (y) be added for the benefit of any other Term Facility and the Revolving Credit Facility, (IV) be reasonably satisfactory to the Administrative Agent or (V) be added, or the features of such term or provision shall be provided, for the benefit of any Loans or Commitments remaining outstanding thereafter (and, for the avoidance of doubt, such term shall be deemed reasonably satisfactory to the Administrative Agent) (<u>provided</u> that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the establishment of such Term Facility together with a reasonably detailed description of the material terms and conditions of such

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resulting Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;such Incremental Term Loans may be provided in any currency as mutually agreed among the Administrative Agent, the Borrower and the applicable Additional Lenders. Each Incremental Term Loan shall be in a minimum principal amount of $5,000,000 (unless the Borrower and Administrative Agent otherwise agree); <u>provided</u> that such amount may be less than $5,000,000, if such amount represents all the remaining availability under the Incremental Cap, 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;(F)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Incremental Term Loans funded after the Effective Date that (i) are secured by a Lien on the Collateral that ranks pari passu with the Liens securing the Term Loans, (ii) are incurred pursuant to the Free and Clear Incremental Amount (other than Incremental Term Loans incurred in reliance on either (x) the General Debt Basket Reallocated Amount or (y) any portion of the Free and Clear Incremental Amount under clause (c) or (d) thereof that is attributable to permanent commitment reductions of revolving credit facilities), (iii) mature on or prior to the Term Maturity Date, (iv) are incurred prior to the date that is six months after the Effective Date, (v) are in the form of dollar-denominated broadly syndicated floating rate term B loans and (vi) are not incurred or established in connection with any Acquisition Transaction or other Investment (<u>provided</u> that the Borrower may, in its sole discretion, exclude any Class of Incremental Term Loans from application of the MFN Protection to the extent such Class is in an aggregate initial principal amount not exceeding the greater of (x) $220,000,000 and (y) 200% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis), in the event that the interest rate margins for any Incremental Term Loan are greater than the Applicable Rates for the Term Loans by more than 1.00% per annum, then the Applicable Rates for the Term Loans shall be increased to the extent necessary so that the Applicable Rates for the Term Loans are equal to the interest rate margins for such Incremental Term Loans <u>minus</u> 1.00% per annum (the "<u>MFN Protection</u>"); <u>provided</u>, <u>further</u>, that with respect to any Incremental Term Loans that do not bear interest at a rate determined by reference to Term SOFR, for purposes of calculating the applicable increase (if any) in the Applicable Rates for the Term Loans in the preceding provisos, the interest rate margin for such Incremental Term Loans shall be deemed to be the interest rate (calculated after giving effect to any increases required pursuant to the immediately succeeding proviso) of such Incremental Term Loans <u>less</u> the then applicable Term SOFR; <u>provided</u>, <u>further</u>, that in determining the Applicable Rates applicable to the Term Loans and the interest rate margins applicable to the Incremental Term Loans, (w) original issue discount ("<u>OID</u>") or upfront fees (which shall be deemed, solely for purposes of this <u>clause (w)</u>, to constitute like amounts of OID) payable by or on behalf of the Borrower or the applicable Subsidiary Loan Party to the Lenders of the Term Loans and the Incremental Term Loans in the initial primary syndication thereof shall be included (with OID or upfront fees being equated to interest based on an assumed four-year life to maturity), (x) (1) with respect to the Term Loans,

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to the extent that Term SOFR for a three-month interest period on the closing date of the Incremental Facility Amendment is less than the "Term SOFR floor", if any, applicable to the Term Loans, the amount of such difference shall be deemed added to the Applicable Rate for the Term Loans solely for the purpose of determining whether an increase in the Applicable Rate for the Term Loans shall be required and (2) with respect to the Incremental Term Loans, to the extent that Term SOFR for a three-month interest period on the closing date of the Incremental Facility Amendment is less than the interest rate floor, if any, applicable to the Incremental Term Loans, the amount of such difference shall be deemed added to the interest rate margin for the Incremental Term Loans solely for the purpose of determining whether an increase in the Applicable Rate for the Term Loans shall be required, (y) arrangement, structuring, ticking, commitment, amendment, unused line or underwriting fees or other similar fees payable in connection with the Term Loans or such Incremental Term Loans, as applicable, consent fees for an amendment (in each case regardless of whether any such fees are paid to or shared in whole or in part with any lender) and any other fees not paid to all relevant lenders generally with respect to such Indebtedness, shall be excluded and (z) the Applicable Rate for the Term Loans and the interest rate margin for the Incremental Term Loans shall be deemed to include the credit spread or similar adjustment, if any, applicable to a one-month Term SOFR Borrowing; <u>provided</u>, <u>further</u>, that any increase in the Applicable Rate applicable to the Term Loans due to the application or imposition of an interest rate floor on any such Incremental Term Loans may, at the election of the Borrower, be effected through either (1) an increase in the relevant interest rate floor applicable to the Term Loans or (2) an increase in the Applicable Rate applicable to the Term Loans; <u>provided</u>, <u>further</u>, that the MFN Protection may be waived at any time with the consent of the Required Class Lenders with respect to the applicable Class of Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Incremental Revolving Commitment Increase shall be treated the same as the Class of Revolving Commitments being increased (including with respect to maturity date thereof) and shall be considered to be part of the Class of Revolving Credit Facility being increased (it being understood that, if required to consummate an Incremental Revolving Commitment Increase, the pricing, interest rate margins, rate floors and undrawn commitment fees on the Class of Revolving Commitments being increased may be increased and additional upfront or similar fees may be payable to the lenders providing the Incremental Revolving Commitment Increase (without any requirement to pay such fees to any existing Revolving Lenders)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Additional/Replacement Revolving Commitments (i) shall rank equal in right of payment with the Revolving Loans, shall be secured only by a Lien on the Collateral securing the Secured Obligations and shall be guaranteed only by the Loan Parties, (ii) except with respect to Additional/Replacement Revolving Commitments incurred pursuant to the Maturity Carveout Amount, shall not mature earlier than the Revolving Maturity Date and shall require no mandatory commitment reduction prior to the Revolving Maturity Date, (iii) shall have interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, undrawn commitment fees, funding discounts, original issue discounts, prepayment terms and premiums and commitment reduction and termination terms as determined by the Borrower and the lenders providing such commitments, (iv) shall contain borrowing, repayment and termination of

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Commitment procedures as determined by the Borrower and the lenders providing such commitments, (v) may include provisions relating to letters of credit, as applicable, issued thereunder, which issuances shall be on terms substantially similar (except for the overall size of such subfacilities, the fees payable in connection therewith and the identity of the letter of credit issuer, as applicable, which shall be determined by the Borrower, the lenders providing such commitments and the applicable letter of credit issuers and borrowing, repayment and termination of commitment procedures with respect thereto, in each case which shall be specified in the applicable Incremental Facility Amendment) to the terms relating to the Letters of Credit with respect to the applicable Class of Revolving Commitments or otherwise reasonably acceptable to the Administrative Agent and (vi) may otherwise have terms and conditions different from those of the Revolving Credit Facility (including currency denomination); <u>provided</u> that (x) except with respect to matters contemplated by clauses (i), (ii), (iii), (iv) and (v) above, any differences shall be reasonably satisfactory to the Administrative Agent (except for covenants and other provisions applicable only to the periods after the Latest Maturity Date) and (y) the documentation governing any Additional/Replacement Revolving Commitments may include a financial maintenance covenant or related equity cure so long as either (I) such financial maintenance covenant is applicable only to periods after the Latest Maturity Date or (II) the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such financial maintenance covenant or related equity cure for the benefit of each facility (<u>provided</u>, <u>further</u>, <u>however</u>, that, if the applicable new financial maintenance covenant is a "springing" financial maintenance covenant for the benefit of such revolving credit facility or is only applicable to, or for the benefit of, a revolving credit facility, such financial maintenance covenant shall be automatically included in this Agreement only for the benefit of each revolving credit facility hereunder (and not for the benefit of any term loan facility hereunder)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each notice from the Borrower pursuant to this <u>Section 2.20</u> shall set forth the requested amount of the relevant Incremental Term Loans, Incremental Revolving Commitment Increases or Additional/Replacement Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Commitments in respect of Incremental Term Loans, Incremental Revolving Commitment Increases and Additional/Replacement Revolving Commitments shall become Commitments (or, in the case of an Incremental Revolving Commitment Increase to be provided by an existing Lender with a Revolving Commitment, an increase in such Lender's applicable Revolving Commitment) under this Agreement pursuant to an amendment (an "<u>Incremental Facility Amendment</u>") to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower and any applicable Subsidiary Loan Party, each Lender agreeing to provide such Commitment (<u>provided</u> that no Lender shall be obligated to provide any loans or commitments under any Incremental Facility unless it so agrees), if any, each Additional Lender, if any, the Administrative Agent (such consent not to be unreasonably withheld or delayed) and, in the case of Incremental Revolving Commitment Increases, each Issuing Bank (in each case, such consent not to be unreasonably withheld or delayed). Incremental Term Loans and loans under Incremental Revolving Commitment Increases and Additional/Replacement Revolving Commitments shall be a "Loan" for all purposes of this Agreement and the other Loan Documents. The Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, appropriate or advisable (including changing the amortization schedule or extending the call protection or other terms of existing Term Loans of any Class in a manner required to make the Incremental Term Loans fungible with such Term Loans), in the reasonable opinion of

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the Administrative Agent and the Borrower, to effect the provisions of this <u>Section 2.20</u> (including, in connection with an Incremental Revolving Commitment Increase, to reallocate Revolving Exposure on a pro rata basis among the relevant Revolving Lenders). The effectiveness of any Incremental Facility Amendment and the occurrence of any credit event (including the making of a Loan and the issuance, increase in the amount, or extension of a letter of credit thereunder) pursuant to such Incremental Facility Amendment may be subject to the satisfaction of such additional conditions as the parties thereto shall agree. The Borrower and any Restricted Subsidiary may use the proceeds, if any, of the Incremental Term Loans, Incremental Revolving Commitment Increases and Additional/Replacement Revolving Commitments for any purpose not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, this <u>Section 2.20</u> shall supersede any provisions in <u>Section 2.18</u> or <u>Section 9.02</u> to the contrary.

SECTION 2.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Refinancing Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;At any time after the Effective Date, the Borrower may obtain, from any Lender or any Additional Lender, Credit Agreement Refinancing Indebtedness in respect of (a) all or any portion of any Class of Term Loans then outstanding under this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Other Term Loans) or (b) all or any portion of the Revolving Loans (or unused Revolving Commitments) under this Agreement (which for purposes of this clause (b) will be deemed to include any then outstanding Other Revolving Loans, Other Revolving Commitments, Incremental Revolving Loans and Additional/Replacement Revolving Commitments), in the form of (i) Other Term Loans or Other Term Commitments or (ii) Other Revolving Loans or Other Revolving Commitments, as the case may be, in each case pursuant to a Refinancing Amendment; <u>provided</u> that the Net Proceeds, if any, of such Credit Agreement Refinancing Indebtedness shall be applied, substantially concurrently with the incurrence thereof, to the prepayment of outstanding Term Loans or reduction of Revolving Commitments being so refinanced, as the case may be; <u>provided</u>, <u>further</u>, that, without limitation, the terms and conditions applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Borrower and the Lenders thereof applicable only to periods after the Latest Maturity Date at the time of the applicable Refinancing Amendment (it being understood that, to the extent that any financial maintenance covenant and any related equity cure or any other covenant is added for the benefit of any such Credit Agreement Refinancing Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance covenant and any related equity cure or other covenant is either (x) also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Credit Agreement Refinancing Indebtedness or (y) only applicable after the Latest Maturity Date at the time of such Refinancing Amendment). Each Class of Credit Agreement Refinancing Indebtedness incurred under this <u>Section 2.21</u> shall be in an aggregate principal amount that is (x) not less than $5,000,000 in the case of Other Term Loans or $5,000,000 in the case of Other Revolving Loans and (y) an integral multiple of $1,000,000 in excess thereof (in each case unless the Borrower and the Administrative Agent otherwise agree). Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower, pursuant to any Other Revolving Commitments established thereby, on terms substantially equivalent to the terms applicable to Letters of Credit under the Revolving Commitments. The Administrative Agent shall promptly notify each applicable Lender as to the effectiveness of each Refinancing Amendment. Each of the parties

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hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other Revolving Commitments and/or Other Term Commitments). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this <u>Section 2.21</u> (including changing the amortization schedule or extending the call protection or other terms of existing Term Loans in a manner required to make the Other Term Loans fungible with such Term Loans). In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Bank, participations in Letters of Credit expiring on or after the Revolving Maturity Date shall be reallocated from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such Refinancing Amendment; <u>provided</u>, <u>however</u>, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, this <u>Section 2.21</u> shall supersede any provisions in <u>Section 2.18</u> or <u>Section 9.02</u> to the contrary.

SECTION 2.22&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>General</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 <u>Section 9.02</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>Reallocation of Payments</u>. Subject to the last sentence of <u>Section 2.11(f)</u>, any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article VII</u> or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to <u>Section 9.08</u>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: <u>first</u>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, in the case of a Revolving Lender, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to each Issuing Bank hereunder; <u>third</u>, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fourth</u>, in the case of a Revolving Lender, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; <u>fifth</u>, to the payment of any amounts owing to the Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender, such Issuing Bank against that Defaulting Lender as

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a result of that Defaulting Lender's breach of its obligations under this Agreement; <u>sixth</u>, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Loan Party as a result of any judgment of a court of competent jurisdiction obtained by any Loan Party against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and <u>seventh</u>, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if such payment is a payment of the principal amount of any Loans or LC Disbursements and such Lender is a Defaulting Lender under clause (a) of the definition thereof, such payment shall be applied solely to pay the relevant Loans of, and LC Disbursements owed to, the relevant non-Defaulting Lenders on a pro rata basis prior to being applied pursuant to <u>Section</u> <u>2.05(j)</u> or this <u>Section 2.22(a)(ii)</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 <u>Section 2.05(j)</u> shall be deemed paid to and redirected by that 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>. That Defaulting Lender (x) shall not be entitled to receive or accrue any commitment fee pursuant to <u>Section 2.12(a)</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) and (y) shall be limited in its right to receive Letter of Credit fees as provided in <u>Section</u> <u>2.12(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to <u>Section 2.05</u>, the "Applicable Percentage" of each non-Defaulting Lender shall be computed without giving effect to the Revolving Commitment of that Defaulting Lender; <u>provided</u> that the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Revolving Commitment of that non-Defaulting Lender minus (2) the aggregate principal amount of the Revolving Exposure of that Lender.

&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 each Issuing Bank agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be 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), such Lender will, to the extent applicable, purchase 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 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 Applicable Percentages (without giving effect to <u>Section</u> <u>2.22(a)(iv)</u>), whereupon that 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 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 2.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Illegality</u>. If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or

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its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to Term SOFR, or to determine or charge interest rates based upon Term SOFR, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or continue Term SOFR Loans or to convert ABR Loans to Term SOFR Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon three (3) Business Days' notice from such Lender (with a copy to the Administrative Agent), in the case of Term SOFR Loans, prepay or, if applicable in the case of Term SOFR Loans, convert all Term SOFR Loans of such Lender to ABR Loans either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Term SOFR Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon Term SOFR, the Administrative Agent shall, during the period of such suspension, compute the Alternate Base Rate applicable to such Lender without reference to Term SOFR component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon Term SOFR. Each Lender agrees to notify the Administrative Agent and the Borrower in writing promptly upon becoming aware that it is no longer illegal for such Lender to determine or charge interest rates based upon Term SOFR. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

SECTION 2.24&nbsp;&nbsp;&nbsp;&nbsp;<u>Loan Modification Offers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;At any time after the Effective Date, the Borrower may on one or more occasions, by written notice to the Administrative Agent, make one or more offers (each, a "<u>Loan</u> <u>Modification Offer</u>") to all the Lenders of one or more Classes (each Class subject to such a Loan Modification Offer, an "<u>Affected Class</u>") to effect one or more Permitted Amendments relating to such Affected Class pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower (including mechanics to permit conversions, cashless rollovers and exchanges by Lenders and other repayments and reborrowings of Loans of Accepting Lenders or Non-Accepting Lenders replaced in accordance with this <u>Section 2.24</u>). Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective. Permitted Amendments shall become effective only with respect to the Loans and Commitments of the Lenders of the Affected Class that accept the applicable Loan Modification Offer (such Lenders, the "<u>Accepting Lenders</u>") and, in the case of any Accepting Lender, only with respect to such Lender's Loans and Commitments of such Affected Class as to which such Lender's acceptance has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A Permitted Amendment shall be effected pursuant to a Loan Modification Agreement executed and delivered by the Borrower, each applicable Accepting Lender and the Administrative Agent; <u>provided</u> that no Permitted Amendment shall become effective unless the Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary's certificates, officer's certificates and other documents as shall be reasonably requested by the Administrative Agent in connection therewith. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each Loan Modification Agreement may, without the consent of any Lender other than the applicable Accepting Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this <u>Section 2.24</u>, including any amendments necessary to treat

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the applicable Loans and/or Commitments of the Accepting Lenders as a new or the same "Class" of loans and/or commitments hereunder and in connection with a Permitted Amendment related to Revolving Loans and/or Revolving Commitments, to reallocate, if applicable, Revolving Exposure on a pro rata basis among the relevant Revolving Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If, in connection with any proposed Loan Modification Offer, any Lender declines to consent to such Loan Modification Offer on the terms and by the deadline set forth in such Loan Modification Offer (each such Lender, a "<u>Non-Accepting Lender</u>") then the Borrower may, upon notice to the Administrative Agent and the Non-Accepting Lender, replace such Non-Accepting Lender in whole or in part by causing such Lender to (and such Lender shall be obligated to) assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>) all or any part of its interests, rights and obligations under this Agreement in respect of the Loans and Commitments of the Affected Class to one or more Eligible Assignees (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender; <u>provided</u>, <u>further</u>, that (a) the applicable assignee shall have agreed to provide Loans and/or Commitments on the terms set forth in the applicable Loan Modification Agreement, (b) such Non-Accepting Lender shall have received payment of an amount equal to the outstanding principal of the Loans of the Affected Class assigned by it pursuant to this <u>Section 2.24(c)</u>, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) and (c) unless waived, the Borrower or such Eligible Assignee shall have paid to the Administrative Agent the processing and recordation fee specified in <u>Section 9.04(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No rollover, conversion or exchange (or other repayment or termination) of Loans or Commitments pursuant to any Loan Modification Agreement in accordance with this <u>Section</u> <u>2.24</u> shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, this <u>Section 2.24</u> shall supersede any provisions in <u>Section 2.18</u> or <u>Section 9.02</u> to the contrary.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lenders that:

SECTION 3.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization; Powers</u>. The Borrower and each Restricted Subsidiary is (a) duly organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the jurisdiction of its organization, (b) has the corporate or other organizational power and authority to carry on its business as now conducted and to execute, deliver and perform its obligations under each Loan Document to which it is a party, and (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except in the case of clause (a) (other than with respect to any Loan Party), clause (b) (other than with respect to the Borrower) and clause (c), where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

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SECTION 3.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization; Enforceability</u>. This Agreement has been duly authorized, executed and delivered by the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or such Loan Party, as the case may be, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

SECTION 3.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Approvals; No Conflicts</u>. The execution, delivery and performance by any Loan Party of this Agreement or any other Loan Document (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except filings necessary to perfect Liens created under the Loan Documents, (b) will not violate (i) the Organizational Documents of any Loan Party or (ii) any Requirements of Law applicable to any Loan Party, (c) will not violate or result in a default under any indenture or other agreement or instrument evidencing Material Indebtedness binding upon the Borrower or any other Restricted Subsidiary or their respective assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by the Borrower or any Restricted Subsidiary, or give rise to a right of, or result in, termination, cancellation or acceleration of any obligation thereunder, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any Restricted Subsidiary, except Liens created under the Loan Documents, except (in the case of each of clauses (a), (b)(ii) and (c)) to the extent that the failure to obtain or make such consent, approval, registration, filing or action, or such violation, default or right as the case may be, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

SECTION 3.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Condition; No Material Adverse Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly indicated therein, including the notes thereto, and (ii) fairly present in all material respects the financial condition of the Borrower and its consolidated subsidiaries as of the respective dates thereof and the consolidated results of their operations for the respective periods then ended in accordance with GAAP consistently applied during the periods referred to therein, except as otherwise expressly indicated therein, including the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Unaudited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the periods covered thereby, except as otherwise expressly indicated therein, including the notes thereto, and (ii) fairly present in all material respects the financial condition of the Borrower and its subsidiaries, as of the date thereof, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments and to any other adjustments described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Since December 31, 2024, there has been no Material Adverse Effect.

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SECTION 3.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Properties</u>. The Borrower and each Restricted Subsidiary has good and valid title to, or valid leasehold interests in, all its real and personal property material to its business, if any (excluding, for the avoidance of doubt, Intellectual Property, which is the subject of <u>Section 3.13</u>), (i) free and clear of all Liens except for Liens permitted by <u>Section 6.02</u> and (ii) except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes, in each case, except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

SECTION 3.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Litigation and Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any Restricted Subsidiary that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of the Borrower or any Restricted Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, governmental license or other approval required under any Environmental Law, (ii) has, to the knowledge of the Borrower, become subject to any Environmental Liability, (iii) has received written notice of any Environmental Liability or (iv) has, to the knowledge of the Borrower, any basis to reasonably expect that the Borrower or any Restricted Subsidiary will become subject to any Environmental Liability. The representations and warranties contained in this <u>Section 3.06(b)</u> are the sole and exclusive representations and warranties of this Agreement with respect to environmental matters, including matters related to Environmental Law or Environmental Liability.

SECTION 3.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Agreements</u>. The Borrower and each Restricted Subsidiary is in compliance with (a) all Requirements of Law applicable to it or its property and (c) all indentures and other agreements and instruments evidencing Material Indebtedness binding upon it or its property, except, in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Status</u>. None of the Borrower or any other Loan Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended from time to time.

SECTION 3.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Borrower and each Restricted Subsidiary (a) have timely filed or caused to be filed all Tax returns required to have been filed and (b) have paid or caused to be paid all Taxes required to have been paid (whether or not shown on a Tax return) including in their capacity as tax withholding agents, except any Taxes (i) that are not overdue by more than 30 days or (ii) that are being contested in good faith by appropriate proceedings; <u>provided</u> that the Borrower or such Restricted Subsidiary, as the case may be, has set aside on its books adequate reserves therefor in accordance with GAAP.

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SECTION 3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (i) no ERISA Event has occurred during the five year period prior to the date on which this representation is made or deemed made or is reasonably expected to occur, (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA), (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan and (iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

SECTION 3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure</u>. As of the Effective Date, neither (a) the Information Memorandum nor (b) any of the other reports, financial statements, certificates or other written information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or delivered thereunder (as modified or supplemented by other information so furnished) when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; <u>provided</u> that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by them to be reasonable at the time delivered and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date, it being understood that any such projected financial information may vary from actual results and such variations could be material.

SECTION 3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. As of the Effective Date, <u>Schedule 3.12</u> sets forth the name of, and the ownership interest of the Borrower and each Subsidiary in, each Subsidiary.

SECTION 3.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property; Licenses, Etc</u>. Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, the Borrower and each Restricted Subsidiary owns, licenses or possesses the right to use, all of the rights to Intellectual Property that are reasonably necessary for, and used by the Borrower or its Restricted Subsidiaries in, the operation of their respective businesses as currently conducted, without any conflict with the Intellectual Property rights of any other Person. Neither the Borrower nor any Restricted Subsidiary, in the operation of its businesses as currently conducted, infringes upon any Intellectual Property rights held by any other Person except for such infringements, individually or in the aggregate, which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual Property owned by the Borrower or any of the Restricted Subsidiaries is pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or any Restricted Subsidiary, in each case, which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

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SECTION 3.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. On the Effective Date, immediately after the consummation of the Transactions to occur on the Effective Date, the Borrower and its Subsidiaries are, on a consolidated basis, Solvent.

SECTION 3.15&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 3.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Federal Reserve Regulations</u>. No part of the proceeds of any Loan or any Letter of Credit has been used, whether directly or indirectly, for any purpose that results in a violation of the provisions of Regulation U or X of the Board of Governors.

SECTION 3.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The Borrower will use the proceeds of (a) the Term Loans made on the Effective Date to directly or indirectly finance a portion of the Transactions, including to pay Transaction Costs, and (b) Revolving Loans made on and after the Effective Date to directly or indirectly finance a portion of the Transactions (including to pay Transaction Costs) and for working capital and other general corporate purposes (including any purpose not prohibited by this Agreement).

SECTION 3.18&nbsp;&nbsp;&nbsp;&nbsp;<u>USA Patriot Act, OFAC and FCPA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Restricted Subsidiaries will not, directly or, to the knowledge of the Borrower, indirectly, use the proceeds of the Loans or Letters of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of funding (i) any unlawful activities of or business with any Sanctioned Person, or in any Sanctioned Country, or (ii) any other transaction that will result in a violation by any Person participating in the transaction (whether as 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 the Restricted Subsidiaries will not use the proceeds of the Loans or Letters of Credit directly, or, to the knowledge of the Borrower, indirectly, (i) in violation of the USA Patriot Act or (ii) 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 "<u>FCPA</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, to the knowledge of the Borrower, none of the Borrower or the Restricted Subsidiaries has, in the past three years, committed a violation of applicable regulations of the United States Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), Title III of the USA Patriot Act or the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, none of the Borrower, the Restricted Subsidiaries or, to the knowledge of the Borrower, any director, officer, or employee of any Loan 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, nor is the Borrower or any Restricted Subsidiary located, organized or resident in a Sanctioned Country.

ARTICLE IV

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CONDITIONS

SECTION 4.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. The obligations of the Lenders to make Loans and each Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions shall be satisfied (or waived in accordance with <u>Section 9.02</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or other electronic transmission of a signed counterpart of this Agreement) that such party has signed a counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Simpson Thacher & Bartlett LLP, counsel for the Loan Parties. The Borrower hereby requests such counsel to deliver such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a certificate of each Loan Party, dated the Effective Date, substantially in the form of <u>Exhibit G</u> with appropriate insertions, executed by any Responsible Officer of such Loan Party, and including or attaching the documents referred to in paragraph (d) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a copy of (i) each Organizational Document of each Loan Party certified, to the extent applicable, as of a recent date by the applicable Governmental Authority, (ii) signature and incumbency certificates of the Responsible Officers of each Loan Party executing the Loan Documents to which it is a party, (iii) resolutions of the Board of Directors and/or similar governing bodies of each Loan Party approving and authorizing the execution, delivery and performance of Loan Documents to which it is a party, certified as of the Effective Date by its secretary, an assistant secretary or a Responsible Officer as being in full force and effect without modification or amendment, and (iv) a good standing certificate (to the extent such concept exists) from the applicable Governmental Authority of each Loan Party's jurisdiction of incorporation, organization or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received, or substantially simultaneously with the initial Borrowing on the Effective Date shall receive, all fees and other amounts previously agreed in writing by the Lead Arrangers and the Joint Bookrunners and the Borrower to be due and payable on or prior to the Effective Date, including, to the extent invoiced at least three (3) Business Days prior to the Effective Date (except as otherwise reasonably agreed by the Borrower), reimbursement or payment of all reasonable and documented out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 5.14</u>, the Collateral and Guarantee Requirement shall have been satisfied; <u>provided</u> that if, notwithstanding the use by the Borrower of commercially reasonable efforts to cause the Collateral and Guarantee Requirement to be satisfied on the Effective Date, the requirements thereof (other than (i) the execution and delivery of the Guarantee Agreement and the Collateral Agreement by the Loan Parties, (ii) creation of and perfection of security interests in the certificated Equity Interests of any wholly owned Material Subsidiaries (other than Foreign Subsidiaries) of the Borrower, and (iii) delivery of Uniform

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Commercial Code financing statements with respect to perfection of security interests in other assets of the Loan Parties that may be perfected by the filing of a financing statement under the Uniform Commercial Code) are not satisfied as of the Effective Date, the satisfaction of such requirements shall not be a condition to the availability of the initial Loans on the Effective Date (but shall be required to be satisfied as promptly as practicable after the Effective Date and in any event within the period specified therefor in Schedule 5.14 or such later date as the Administrative Agent may reasonably agree); <u>provided</u> that any such certificated Equity Interests shall only be required to be delivered to the extent received from the Existing Agent after the Borrower's use of commercially reasonable efforts without undue burden or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Lead Arrangers and the Joint Bookrunners shall have received the Audited Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Substantially simultaneously with the initial Borrowing under the Term Facility, the Effective Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a Borrowing Request as required by <u>Section 2.03</u>; <u>provided</u> that such requirement shall be deemed to be satisfied so long as such Borrowing Request is delivered at least one Business Day prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;There shall not have been a Material Adverse Effect which has occurred since December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received a certificate from a Financial Officer of the Borrower certifying that the Borrower and its Subsidiaries on a consolidated basis after giving effect to the Transactions to occur on the Effective Date, and giving pro forma effect to the Transactions to occur after the Effective Date, are Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent and the Joint Bookrunners shall have received all documentation at least two Business Days prior to the Effective Date and other information about the Loan Parties that shall have been reasonably requested in writing at least ten Business Days prior to the Effective Date and that the Administrative Agent or the Joint Bookrunners have reasonably determined is required by United States regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation Title III of the USA Patriot 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;To the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, the Borrower shall deliver to each Lender that so requests (which request is made through the Administrative Agent), a Beneficial Ownership Certification in relation to the Borrower; <u>provided</u> that the Administrative Agent has provided the Borrower a list of each such Lender and its electronic delivery requirements at least five Business Days prior to the Effective Date (it being agreed that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause shall be deemed to be satisfied with respect to such Lender).

Without limiting the generality of the provisions of <u>Article VIII</u>, for purposes of determining compliance with the conditions specified in this <u>Section 4.01</u>, each Lender that has

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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 Effective Date specifying its objection thereto.

SECTION 4.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Each Credit Event</u>. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing Bank to issue, amend, renew, increase or extend any Letter of Credit, in each case other than in connection with any Incremental Facility, Loan Modification Offer or Permitted Amendment, is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal, increase or extension of such Letter of Credit, as the case may be; <u>provided</u> that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; <u>provided</u>, <u>further</u>, that any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct in all respects (giving effect to any such qualifications) <u>on the date of such credit extension or</u> on such earlier date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal, increase or extension of such Letter of Credit, as the case may be (unless such Borrowing is on the Effective Date), no Default or Event of Default shall have occurred and be continuing or would result therefrom.

To the extent this <u>Section 4.02</u> is applicable, each Borrowing (<u>provided</u> that a conversion or a continuation of a Borrowing shall not constitute a "Borrowing" for purposes of this Section) and each issuance, amendment, renewal, increase or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in clauses (a) and (b) of this Section.

ARTICLE V

AFFIRMATIVE COVENANTS

Until the Termination Date shall have occurred, the Borrower covenants and agrees with the Lenders that:

SECTION 5.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements and Other Information</u>. The Borrower will furnish to the Administrative Agent, on behalf of each Lender, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;beginning with the fiscal year ending December 31, 2025 and thereafter, on or before the date that is 120 days after the end of each such fiscal year of the Borrower (or on or before such later date on which such financial statements are permitted to be filed with the SEC), an audited consolidated balance sheet and audited consolidated statements of operations, cash flows and equity as of the end of and for such year, and related notes thereto, setting forth, in each case in comparative form, the figures for the previous fiscal year, all reported on by Grant

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Thornton LLP, BDO USA or other independent public accountants of recognized national standing (without a "going concern" qualification and without any qualification or exception as to the scope of such audit (other than with respect to, or resulting from, (A) an upcoming maturity date of any Indebtedness, (B) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiaries, (C) any actual or potential inability to satisfy a financial maintenance covenant in any period, (D) a change in accounting principles or practices reflecting a change in GAAP and required or approved by such independent public accountants, (E) an "emphasis of matter" paragraph and/or (F) any civil or criminal investigative demand, subpoena or other request for information arising from any investigation or inquiry by or on behalf of any Governmental Authority or any claim, complaint, other form of accusation of a potential or actual charge or claim, litigation, investigation, arbitration or any other form of proceeding or inquiry arising from or relating to any of the foregoing)) to the effect that such consolidated financial statements present fairly in all material respects the financial position and results of operations and cash flows of the Borrower and its Subsidiaries as of the end of and for such year on a consolidated basis in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;commencing with the financial statements for the fiscal quarter ending September 30, 2025, on or before the date that is 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, an unaudited consolidated balance sheet and unaudited consolidated statements of operations, cash flows and equity of the Borrower as of the end of and for such fiscal quarter and (except in the case of cash flows) the then elapsed portion of the fiscal year and setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the financial position and results of operations and cash flows of the Borrower and the Subsidiaries as of the end of and for such fiscal quarter and (except in the case of cash flows) such portion of the fiscal year on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; <u>provided</u>, <u>however</u>, that such financial statements shall not be required to reflect any purchase accounting adjustments relating to any Acquisition Transaction consummated after the Effective Date until after the delivery of financial statements pursuant to <u>Section 5.01(a)</u> that include such adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;simultaneously with the delivery of each set of consolidated financial statements referred to in clauses (a) and (b) above, the related consolidating financial information reflecting adjustments, if any, necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;not later than five days after the delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth (x) to the extent resulting in any change to the Applicable Rate, the ECF Percentage or the commitment fees payable pursuant to <u>Section 2.12(a)</u>, the First Lien Leverage Ratio as of the most recently ended Test Period (but without any requirement to provide any calculations thereof) and (y) in the case of financial statements delivered under paragraph (a) above, unless the ECF Percentage is zero percent (0%), a reasonably detailed calculation, beginning with the financial statements for the fiscal year of the Borrower ending December 31, 2026, of Excess Cash Flow for such fiscal year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender (through the Administrative Agent) for purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the USA Patriot Act and the Beneficial Ownership Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;prior to an IPO, not later than 120 days after the commencement of each fiscal year of the Borrower commencing after the Effective Date, a detailed consolidated budget for the Borrower and its Subsidiaries for such fiscal year (in the form customarily prepared by the Borrower (or otherwise provided to the equity holders of the Borrower)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower or any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent, on its own behalf or on behalf of any Lender, may reasonably request in writing; provided that, if the Administrative Agent requests any information on behalf of a Lender or Lenders pursuant to this clause (g), it shall identify each requesting Lender by name to the Borrower and, for the avoidance of doubt, the Borrower shall have no obligation to respond to any information request that does not so identify the requesting Lender(s).

Notwithstanding the foregoing, the obligations in clauses (a) or (b) of this <u>Section 5.01</u> may be satisfied with respect to financial information of the Borrower and its Subsidiaries by furnishing (A) the Form 10-K or 10-Q (or the equivalent), as applicable, of the Borrower (or a parent company thereof) filed with the SEC or with a similar regulatory authority in a foreign jurisdiction or (B) the applicable financial statements of the Borrower (or any direct or indirect parent of the Borrower); <u>provided</u> that to the extent such information relates to a parent of the Borrower, such information is accompanied by summary narrative information (which need not be audited) describing 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 Subsidiaries on a stand-alone basis, on the other hand, and to the extent such information is in lieu of information required to be provided under <u>Section 5.01(a)</u>, such materials are accompanied by a report and opinion of Grant Thornton LLP, BDO USA or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any "going concern" qualification or any qualification or exception as to the scope of such audit (other than with respect to, or resulting from, (i) an upcoming maturity date of any Indebtedness, (ii) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiaries, (iii) any actual or potential inability to satisfy a financial maintenance covenant in any period, (iv) a change in accounting principles or practices reflecting a change in GAAP and required or approved by such independent public accountants, (v) an "emphasis of matter" paragraph and/or (vi) any civil or criminal investigative demand, subpoena or other request for information arising from any investigation or inquiry by or on behalf of any Governmental Authority or any claim, complaint, other form of accusation of a potential or actual charge or claim, litigation, investigation, arbitration or any other form of proceeding or inquiry arising from or relating to any of the foregoing).

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Documents required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</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 earlier of the date (A) on which the Borrower posts such documents, or provides a link thereto on the Borrower's or one of its Affiliates' website on the Internet or (B) on which 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 has access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); <u>provided</u> that: (i) the Borrower shall deliver such documents to the Administrative Agent upon its reasonable request until a written notice to cease delivering such documents is given by the Administrative Agent and (ii) the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents, and upon its reasonable request, provide to the Administrative Agent by electronic mail electronic versions (<u>i.e</u>., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or maintain paper copies of the documents referred to above, and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents.

The Borrower hereby acknowledges that (a) the Administrative Agent, the Lead Arrangers and/or the Joint Bookrunners will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, "<u>Borrower</u> <u>Materials</u>") by posting Borrower Materials on IntraLinks or another similar electronic system (the "<u>Platform</u>") and (b) certain of the Lenders (each, a "<u>Public Lender</u>") may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. The Borrower hereby agrees that it will, upon the Administrative Agent's reasonable request, use commercially reasonable efforts to identify that portion of Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof; (ii) by marking Borrower Materials "PUBLIC," the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers, the Joint Bookrunners, and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States federal and state securities laws (<u>provided</u>, <u>however</u>, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in <u>Section 9.12</u>); (iii) all Borrower Materials marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Side Information"; and (iv) the Administrative Agent, the Lead Arrangers and the Joint Bookrunners shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Side Information." Other than as set forth in the immediately preceding sentence, the Borrower shall be under no obligation to mark any Borrower Materials "PUBLIC"; <u>provided</u> that any financial statements delivered pursuant to <u>Section 5.01(a)</u> or <u>(b)</u> will be deemed "PUBLIC."

SECTION 5.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices of Material Events</u>. Promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof, the Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent) written notice of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of any event that constitutes (x) a Default, to the extent such Default would constitute an Event of Default following (1) the receipt of written notice by the Borrower from the Administrative Agent or the Required Lenders and (2) the lapse of the requisite time as required by the applicable provision of this Agreement, or (y) an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or, to the knowledge of a Financial Officer or another executive officer of the Borrower, affecting the Borrower or any Subsidiary or the receipt of a written notice of an Environmental Liability, in each case, that could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of an ERISA Event that would reasonably be expected to result in a Material Adverse Effect.

Each notice delivered under this <u>Section 5.02</u> shall be accompanied by a written statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Regarding Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will furnish to the Administrative Agent promptly (and in any event within 60 days or such longer period as reasonably agreed to by the Collateral Agent) written notice of any change (i) in any Loan Party's legal name (as set forth in its certificate of organization or like document) or (ii) in the jurisdiction of incorporation or organization of any Loan Party or in the form of its organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not later than five days after delivery of financial statements pursuant to <u>Section</u> <u>5.01(a)</u>, the Borrower shall deliver to the Administrative Agent a certificate executed by a Responsible Officer of the Borrower setting forth any changes to the information required pursuant to Schedules I through IV of the Collateral Agreement (except that, with respect to Intellectual Property, such certificate shall set forth such information solely to the extent required by Section 3.03(c) of the Collateral Agreement) or confirming that there has been no change in such information since the Effective Date or the date of the most recent certificate delivered pursuant to this Section.

SECTION 5.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence; Conduct of Business</u>. The Borrower will, and will cause each Restricted Subsidiary to, do or cause to be done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence and the rights, governmental licenses, permits, privileges, franchises and Intellectual Property material to the conduct of its business, in each case (other than with respect to the preservation of the existence of the Borrower), except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under <u>Section 6.03</u> or any Disposition permitted by <u>Section 6.05</u>; provided, further, that the foregoing shall not apply to Intellectual Property that expires in accordance with its maximum statutory term.

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SECTION 5.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Taxes, Etc</u>. The Borrower will, and will cause each Restricted Subsidiary to, pay its obligations in respect of Taxes before the same shall become delinquent or in default, except where (i) the failure to make payment could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) such Taxes are being contested in good faith by appropriate proceedings; <u>provided</u> that the Borrower or such Restricted Subsidiary, as the case may be, has set aside on its books adequate reserves therefor in accordance with GAAP.

SECTION 5.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Properties</u>. The Borrower will, and will cause each Restricted Subsidiary to, keep and maintain all property material to the conduct of its business in good working order and condition (ordinary wear and tear excepted), except where the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

SECTION 5.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will, and will cause each Restricted Subsidiary to, maintain, 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 and 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 against at least such risks (and with such risk retentions) as the Borrower believes (in the good faith judgment of the management of the Borrower) are reasonable and prudent in light of the size and nature of its business; and will furnish to the Lenders, upon written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried. Not later than 60 days after the Effective Date (or such later date as the Collateral Agent may agree in its reasonable discretion), each such policy of insurance maintained by a Loan Party shall (i) 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 casualty insurance policy, contain a loss payable/mortgagee clause or endorsement that names Collateral Agent, on behalf of the Secured Parties as the lender's loss payee/mortgagee thereunder.

SECTION 5.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records; Inspection and Audit Rights</u>. The Borrower will, and will cause each Restricted Subsidiary to, maintain proper books of record and account in which entries that are full, true and correct in all material respects and are in conformity with GAAP (or applicable local standards) shall be made of all material financial transactions and matters involving the assets and business of the Borrower or the Restricted Subsidiaries, as the case may be. The Borrower will, and will cause each Restricted Subsidiary to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise visitation and inspection rights of the Administrative Agent and the Lenders under this <u>Section 5.08</u> and the Administrative Agent shall not exercise such rights more often than one time during any calendar year absent the existence of an Event of Default and only one such visitation and inspection shall be at the reasonable expense of the Borrower; <u>provided</u>, <u>further</u> that (a) when an Event of Default exists,

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the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice and (b) the Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the Borrower's independent public accountants.

SECTION 5.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws</u>. The Borrower will, and will cause each Restricted Subsidiary to, comply with all Requirements of Law (including ERISA, Environmental Laws, USA Patriot Act, OFAC and FCPA) with respect to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds and Letters of Credit</u>. The Borrower will use the proceeds of the Loans to directly or indirectly finance a portion of the Transactions (including to pay Transaction Costs) and for working capital and general corporate purposes (including Permitted Acquisitions, Restricted Payments and any other purpose not prohibited by this Agreement). The Borrower and its subsidiaries will use the proceeds of (i) Revolving Loans drawn after the Effective Date and Letters of Credit for working capital and general corporate purposes (including Permitted Acquisitions, Restricted Payments and any other purpose not prohibited by this Agreement) and (ii) any Credit Agreement Refinancing Indebtedness applied among the Loans and any Incremental Term Loans in accordance with the terms of this Agreement. The proceeds of the Incremental Term Loans will be used for working capital and general corporate purposes (including Permitted Acquisitions, other permitted Investments, Restricted Payments and any other purpose not prohibited by this Agreement).

SECTION 5.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Subsidiaries</u>. If any additional Restricted Subsidiary is formed or acquired after the Effective Date (including, without limitation, upon the formation of any Restricted Subsidiary that is a Division Successor), the Borrower will, within 90 days after such newly formed or acquired Restricted Subsidiary is formed or acquired (unless such Restricted Subsidiary is an Excluded Subsidiary), notify the Collateral Agent thereof, and will and will cause such Restricted Subsidiary and the other Loan Parties to take all actions (if any) required to satisfy the Collateral and Guarantee Requirement with respect to such Restricted Subsidiary and with respect to any Equity Interest in or Indebtedness of such Restricted Subsidiary owned by or on behalf of any Loan Party within 90 days after such notice (or such longer period as the Collateral Agent shall reasonably agree).

SECTION 5.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. The Borrower will, and will cause each Loan Party to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that may be required under any applicable law and that the Collateral Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties.

SECTION 5.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Ratings</u>. The Borrower will use commercially reasonable efforts to cause (a) the Borrower to continuously have a public corporate credit rating from at least two Rating Agencies (but not to maintain a specific rating) and (b) the term loan facilities made available under this Agreement to be continuously publicly rated by at least two Rating Agencies (but not to maintain a specific rating).

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SECTION 5.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Post-Closing Obligations</u>. As promptly as practicable, and in any event within the time periods after the Effective Date specified in <u>Schedule 5.14</u> unless extended by the Collateral Agent in its reasonable discretion, including to reasonably accommodate circumstances unforeseen on the Effective Date, the Borrower and each other Loan Party shall deliver the documents or take the actions specified on <u>Schedule 5.14</u>, in each case except to the extent otherwise agreed by the Collateral Agent pursuant to its authority as set forth in the definition of the term "Collateral and Guarantee Requirement".

SECTION 5.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Subsidiaries</u>. The Borrower may at any time after the Effective Date designate any Restricted Subsidiary of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that immediately before and after such designation on a Pro Forma Basis as of the end of the most recent Test Period, no Event of Default under <u>clause (a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> of <u>Section 7.01</u> shall have occurred and be continuing. The designation of any Subsidiary as an Unrestricted Subsidiary after the Effective Date shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the Fair Market Value of the Borrower's or its Subsidiary's (as applicable) investment therein. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower or the applicable Subsidiary in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the Fair Market Value at the date of such designation of the Borrower's or its Subsidiary's (as applicable) Investment in such Subsidiary.

SECTION 5.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Business</u>. The Borrower and the 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 them on the Effective Date and other business activities which are extensions thereof or otherwise incidental, complementary, reasonably related or ancillary to any of the foregoing.

SECTION 5.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes in Fiscal Periods</u>. The Borrower shall not make any change in its fiscal year; provided, however, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable 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 to reflect such change in fiscal year (which adjustments may include, among other things, adjustments to financial reporting requirements to account for such changes, including without limitation, the impact on year over year comparison reporting and stub period reporting obligations).

SECTION 5.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Transactions with Affiliates</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any Affiliate of the Borrower involving aggregate payments or consideration in excess of (at the time of the relevant transaction) the greater of (x) $6,000,000 and (y) 5.0% of Consolidated EBITDA for the Test Period most recently ended prior to the date such transaction, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;transactions with the Borrower or any Restricted Subsidiary;

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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;transactions on terms substantially as favorable to the Borrower or such Restricted Subsidiary as would be obtainable by such Person at the time in a comparable arm's-length transaction with a Person other than an 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Transactions, including the payment of Transaction Costs;

&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;issuances of Equity Interests of the Borrower to the extent otherwise permitted 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;employment and severance arrangements (including salary or guaranteed payments, royalty payments, commission sharing and bonuses) between the Borrower and the Restricted Subsidiaries and their respective officers, managers, employees and other service providers in the ordinary course of business consistent with past practice or industry norm or otherwise in connection with the Transactions (including loans and advances pursuant to <u>Section 6.04(b)</u> and <u>Section 6.04(p))</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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;payments by the Borrower (and any direct or indirect parent thereof) and the Restricted Subsidiaries in connection with any Tax Restructuring or pursuant to tax sharing agreements among the Borrower (and any such parent thereof) and the Restricted Subsidiaries on customary terms to the extent attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries, to the extent such payments are permitted by <u>Section 6.08</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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers, managers, employees and other service providers of the Borrower (or any direct or indirect parent company thereof) and the Restricted Subsidiaries in the ordinary course of business to the extent 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;transactions pursuant to any agreement or arrangement in effect as of the Effective Date and set forth on <u>Schedule 5.18</u>, 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 or arrangement as in effect on the Effective Date as determined by the Borrower 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;transactions permitted under <u>Section 6.03</u>, <u>Section 6.04</u> (other than <u>Section</u> <u>6.04(ee)</u>) or <u>Section 6.08</u> (other than <u>Section 6.08(a)(vii)(A)(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;(x)&nbsp;&nbsp;&nbsp;&nbsp;customary payments by the Borrower and any of the Restricted Subsidiaries made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions, divestitures or financings) and any subsequent transaction or exit fee, which payments are approved by the majority of the members of the Board of Directors or a majority of the disinterested members of the Board of Directors of such Person in good faith;

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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;the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of the Borrower (or any direct or indirect parent thereof) to any Permitted Holder or to any former, current or future director, manager, officer, employee, consultant or other service provider (or any Affiliate of any of the foregoing) of the Borrower, any of the Subsidiaries or any direct or indirect parent 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;the payment of consulting, advisory and other fees (including transaction fees), indemnities and expenses (plus any unpaid consulting, advisory and other fees (including transaction fees), indemnities and expenses thereunder accrued in any prior 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Affiliate repurchases of the Loans and/or Commitments to the extent permitted hereunder, and the holding of such Loans and the payments and other related transactions in respect 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;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;transactions in connection with any Qualified Securitization Facility, factoring arrangements or similar transactions, including sales or other transfers of accounts receivable and related assets or participations 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;transactions with any Similar Business otherwise permitted under this Agreement, loans, advances and other transactions between or among the Borrower, any Restricted Subsidiary or any joint venture (regardless of the form of legal entity) after the initial formation of, and investment in, such joint venture 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 Equity Interests in such joint venture or Subsidiary) to the extent permitted under Article VI;

&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;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;transactions undertaken pursuant to membership in a purchasing consortium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;the payment of fees and expenses to an Affiliate pursuant to any services agreement for the engagement of the chief executive officer, the chief financial officer or other member of management of the Borrower and its Subsidiaries (or any parent 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;(xix)&nbsp;&nbsp;&nbsp;&nbsp;any IPO Reorganization Transactions.

ARTICLE VI

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NEGATIVE COVENANTS

Until the Termination Date shall have occurred, the Borrower covenants and agrees with the Lenders that:

SECTION 6.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</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, create, incur, assume or permit to exist any Indebtedness, except:

&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;Indebtedness of the Borrower and any of the Restricted Subsidiaries under the Loan Documents (including any Indebtedness incurred pursuant to <u>Section 2.20</u>, <u>2.21</u> or <u>2.24</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;Indebtedness (A) outstanding on the Effective Date; <u>provided</u> that any such Indebtedness in excess of $10,000,000 individually shall only be permitted if set forth on <u>Schedule 6.01</u>, and any Permitted Refinancing thereof and (B) that is intercompany Indebtedness among the Borrower and/or the Restricted Subsidiaries outstanding on the Effective Date and any Permitted Refinancing thereof (so long as, in the case of this clause (B), any such Permitted Refinancing is intercompany 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Guarantees by the Borrower and the Restricted Subsidiaries in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; <u>provided</u> that (A) such Guarantee is otherwise permitted by <u>Section 6.04</u>, (B) no Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless such Restricted Subsidiary shall have also provided a Guarantee of the Loan Document Obligations pursuant to the Guarantee Agreement and (C) if the Indebtedness being Guaranteed is subordinated to the Loan Document Obligations, such Guarantee shall be subordinated to the Guarantee of the Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower or of any Restricted Subsidiary owing to any Restricted Subsidiary or the Borrower to the extent permitted by <u>Section 6.04</u>; <u>provided</u> that all such Indebtedness of any Loan Party owing to any Restricted Subsidiary that is not a Loan Party shall be subordinated to the Loan Document Obligations (to the extent any such Indebtedness is outstanding at any time after the date that is 30 days after the Effective Date or such later date as the Administrative Agent may reasonably agree) (but only to the extent permitted by applicable law and not giving rise to material adverse tax consequences) on terms (A) at least as favorable to the Lenders as those set forth in the form of intercompany note attached as <u>Exhibit H</u> or (B) otherwise reasonably satisfactory to the Administrative Agent;

&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) Indebtedness (including Capital Lease Obligations) of the Borrower or any of the Restricted Subsidiaries financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets (whether through the direct purchase of property or any Person owning such property); <u>provided</u> that such Indebtedness is incurred concurrently with or within 270 days after the applicable acquisition, construction, repair, replacement or improvement, and (B) any Permitted Refinancing of any Indebtedness described in the immediately preceding subclause (A);

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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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in respect of Swap Agreements (other than Swap Agreements entered into for speculative 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) Indebtedness of any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary that is merged or consolidated with or into the Borrower or a Restricted Subsidiary) after the Effective Date as a result of a Permitted Acquisition or other Investment (and any guarantee of such Indebtedness by a Subsidiary of such Person), (2) Indebtedness of any Person that is assumed by the Borrower or any Restricted Subsidiary in connection with an acquisition of assets by the Borrower or such Restricted Subsidiary in a Permitted Acquisition or other Investment and (3) any guarantee of Indebtedness described in the foregoing clauses (1) and (2) by any Person that so becomes a Restricted Subsidiary, that is the survivor of a merger or consolidation with such Person or that is a Subsidiary of such Person; <u>provided</u> that such Indebtedness (or guarantee thereof) is not incurred in contemplation of such Permitted Acquisition or other Investment; and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing subclause (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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in respect of any Qualified Securitization Facility;

&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 representing deferred compensation to employees and other service providers of the Borrower and the Restricted Subsidiaries 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of unsecured promissory notes issued by the Borrower or any Restricted Subsidiary to current or former officers, directors and employees or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower (or any direct or indirect parent thereof) permitted by <u>Section 6.08(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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments (including "earn out" or similar obligations and mark to market adjustments with respect to the foregoing) incurred in connection with any Permitted Acquisition, any other Investment or any Disposition, 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of obligations under deferred compensation or other similar arrangements incurred in connection with any Permitted Acquisition or other Investment permitted 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Cash Management Obligations and other Indebtedness in respect of netting services, overdraft protections and similar arrangements and Indebtedness arising from the honoring of a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds (including 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 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);

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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;Indebtedness of the Borrower and the Restricted Subsidiaries; <u>provided</u> that at the time of the incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance on this clause (xiv) shall not exceed (x) the greater of $110,000,000 and 100% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis (this clause (x), the "<u>General Debt Basket</u>"), minus (y) the General Debt Basket Reallocated Amount (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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case 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;Indebtedness incurred by the Borrower or any of the Restricted Subsidiaries in respect of letters of credit, bank guarantees, bankers' acceptances or similar instruments issued or created, or related to obligations or liabilities incurred, in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other reimbursement-type obligations regarding workers compensation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;obligations in respect of performance, bid, appeal and surety bonds and performance, bankers' acceptance facilities and completion guarantees and similar obligations provided by the Borrower or any of the Restricted Subsidiaries 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 consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower and the Restricted Subsidiaries consisting of guarantees of the obligations of any Person of which the Borrower or any Restricted Subsidiary owns any Equity Interest; <u>provided</u> that at the time of the incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance on this clause (xviii) shall not exceed the greater of $30,000,000 and 25% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma 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;(xix)&nbsp;&nbsp;&nbsp;&nbsp;(A) Indebtedness of the Borrower or any of the Restricted Subsidiaries; <u>provided</u> that, after giving effect to the incurrence of such Indebtedness (and any Permitted Acquisition or other permitted Investment consummated in connection therewith) on a Pro Forma Basis, either (1) the Interest Coverage Ratio is greater than or equal to the lesser of (x) the Interest Coverage Ratio in effect immediately prior 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;(xx)&nbsp;&nbsp;&nbsp;&nbsp;the incurrence of such Indebtedness and (y) 1.75 to 1.00 or (2) the Total Leverage Ratio is equal to or less than the greater of (x) the Total Leverage Ratio in effect immediately prior to the incurrence of such Indebtedness and (y) 7.00 to 1.00 and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing subclause (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;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness supported by a letter of credit issued pursuant to this Agreement or any other letter of credit, bank guarantee or similar instrument permitted by this <u>Section 6.01(a)</u>, in a principal amount not to exceed the face amount of such letter of

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credit, bank guarantee or such other instrument Permitted Unsecured Refinancing Debt and any Permitted Refinancing 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;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt, and, in each case, any Permitted Refinancing 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;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;(A) Indebtedness of the Borrower or any Subsidiary Loan Party issued in lieu of Incremental Facilities (such Indebtedness incurred under this clause (xxiii), "<u>Incremental Equivalent Debt</u>") consisting of secured or unsecured loans, bonds, notes or debentures; <u>provided</u> that (x) the aggregate principal amount of Incremental Equivalent Debt incurred pursuant to this clause (xxiii), together with the aggregate principal amount of Incremental Facilities incurred at such time, shall not exceed the Incremental Cap at the time of incurrence of such Incremental Equivalent Debt and (y) such Indebtedness complies with the Required Additional Debt Terms (<u>provided</u> that, except as set forth in this subclause (y) or sub-clause (x) above, for the avoidance of doubt, the terms and conditions applicable to Incremental Facilities set forth in <u>Section 2.20</u> shall not apply with respect to Incremental Equivalent Debt) and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (A) (<u>provided</u> that, for purposes of this clause (xxiii), in the case of Incremental Equivalent Debt that is not incurred in reliance on clause (a), (b) or (c) of the definition of "Incremental Cap" and that is (I) secured by a Lien on the Collateral ranking on a junior priority basis to the Lien on the Collateral securing the Secured Obligations, in lieu of the First Lien Leverage Ratio test applicable thereto, an unlimited amount of Incremental Equivalent Debt may be incurred under clause (d) of the definition of "Incremental Cap" so long as, after giving effect to the relevant incurrence of Incremental Equivalent Debt, either (a) the Secured Leverage Ratio does not exceed the greater of (x) 6.75 to 1.00 and (y) the Secured Leverage Ratio in effect immediately prior to the incurrence of such Incremental Equivalent Debt, in each case, calculated on a Pro Forma Basis, or (b) the Interest Coverage Ratio is no less than the lesser of (x) 1.75 to 1.00 and (y) the Interest Coverage Ratio in effect immediately prior to the incurrence of such Incremental Equivalent Debt, in each case, calculated on a Pro Forma Basis, or (II) unsecured, in lieu of the First Lien Leverage Ratio test applicable thereto, an unlimited amount of Incremental Equivalent Debt may be incurred under clause (d) of the definition of "Incremental Cap" so long as, after giving effect to the relevant incurrence of Incremental Equivalent Debt, either (a) the Total Leverage Ratio does not exceed the greater of (x) 7.00 to 1.00 and (y) the Total Leverage Ratio in effect immediately prior to giving effect to the incurrence of such Incremental Equivalent Debt, in each case, calculated on a Pro Forma Basis, or (b) the Interest Coverage Ratio is no less than the lesser of (x) 1.75 to 1.00 and (y) the Interest Coverage Ratio in effect immediately prior to the incurrence of such Incremental Equivalent Debt, in each case, calculated on a Pro Forma 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;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) Indebtedness in an aggregate principal amount, measured at the time of incurrence and after giving Pro Forma Effect thereto and the use of the proceeds thereof, not to exceed 200% of the aggregate amount of direct or indirect equity investments in cash or Permitted Investments in the form of common Equity Interests or Qualified Equity Interests (excluding, for the avoidance of doubt, any Cure Amounts) received by the Borrower, any Restricted Subsidiary or any Parent Entity (to the extent contributed to the Borrower or a Restricted Subsidiary in the form of common Equity Interests or Qualified Equity Interests) after the Effective Date to the extent not included within the Available Equity Amount or applied to increase any other basket hereunder and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (A);

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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;(xxv)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of any Restricted Subsidiary that is not a Loan Party; <u>provided</u> that either (A) such Indebtedness constitutes Non-Recourse Indebtedness or (B) the aggregate principal amount of Indebtedness (other than any such Indebtedness that constitutes Non-Recourse Indebtedness) of which the primary obligor or a guarantor is a Restricted Subsidiary that is not a Loan Party outstanding in reliance on this clause (xxv)(B) shall not exceed, at the time of incurrence thereof and after giving Pro Forma Effect thereto, the greater of $110,000,000 and 100% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma 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;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Indebtedness of the Borrower or any Restricted Subsidiary incurred to finance a Permitted Acquisition or other Investment (or assumed in connection therewith); <u>provided</u> that the aggregate principal amount of such Indebtedness at an time outstanding shall not exceed the greater of $60,000,000 and 50% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (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;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness in the form of Capital Lease Obligations arising out of any Sale Leaseback and any Permitted Refinancing 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;(xxviii)&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;(xxix)&nbsp;&nbsp;&nbsp;&nbsp;(A) an additional amount of Indebtedness in an amount equal to 200% of the sum of (x) the then available Restricted Payment capacity under <u>Section 6.08(a)</u> in lieu of Restricted Payments permitted under <u>Section 6.08(a)</u>, (y) the then available Restricted Debt Payment capacity under <u>Section 6.08(b)</u> in lieu of Restricted Debt Payments permitted under <u>Section 6.08(b)</u> and (z) the then available Investment capacity under <u>Section 6.04</u> in lieu of Investments permitted under <u>Section 6.04</u> (it being understood that 50% of such Indebtedness shall be deemed (a) a Restricted Payment for purposes of compliance with <u>Section 6.08(a)</u>, (b) a Restricted Debt Payment for purposes of compliance with <u>Section 6.08(b)</u> or (c) an Investment for purposes of compliance with <u>Section 6.04</u>, as applicable) and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (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;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;unfunded pension fund and other employee benefit plan obligations and liabilities to the extent that they are permitted to remain unfunded under applicable law; 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;(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;all premiums (if any), interest (including post-petition interest and interest paid in kind), fees, expenses, charges and additional or contingent interest on obligations described in clauses (i) through (xxx) above.

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 Equity Interests will not be deemed to be an incurrence of Indebtedness or Disqualified Equity Interests for purposes of this covenant.

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SECTION 6.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any Collateral securing debt for borrowed money, except:

&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;Liens created under the Loan 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;Permitted Encumbrances;

&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 existing on the Effective Date; <u>provided</u> that any Lien securing Indebtedness or other obligations in excess of $10,000,000 individually shall only be permitted if set forth on <u>Schedule 6.02</u>, and any modifications, replacements, renewals or extensions thereof; <u>provided</u> that (A) such modified, replacement, renewal or extension Lien does not extend to any additional property other than (i) after-acquired property that is affixed or incorporated into the property covered by such Lien and (ii) proceeds and products thereof, and (B) the obligations secured or benefited by such modified, replacement, renewal or extension Lien are permitted by <u>Section 6.01</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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness permitted under <u>Section 6.01(a)(v)</u> or <u>(xxvii)</u>; <u>provided</u> that (A) such Liens attach concurrently with or within 270 days after the acquisition, repair, replacement, construction, improvement or Sale Leaseback (as applicable) of the property subject to such Liens, (B) such Liens do not at any time encumber any property other than the property financed by such Indebtedness, except for accessions to such property and the proceeds and the products thereof, and any lease of such property (including accessions thereto) and the proceeds and products thereof and (C) with respect to Capital Lease Obligations, such Liens do not at any time extend to or cover any assets (except for accessions to or proceeds of such assets) other than the assets subject to such Capital Lease Obligations; <u>provided</u>, <u>further</u>, that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment provided by 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;leases, licenses, subleases, sublicenses or covenants not to sue (whether or not on an exclusive or non-exclusive basis) that are entered into in the ordinary course of business or that do not (A) interfere in any material respect with the business of the Borrower and the Restricted Subsidiaries, taken as a whole or (B) 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;(vi)&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;

&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;Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (B) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) and that are within the general parameters customary in the banking industry;

&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 (A) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted pursuant to <u>Section 6.04</u> to be applied against the purchase price for such Investment or otherwise in connection with any escrow arrangements with respect to any such Investment or any Disposition permitted under <u>Section 6.05</u> (including any letter of intent or purchase agreement with respect to such Investment or Disposition) or (B) consisting of an agreement to dispose of any property in a Disposition permitted under <u>Section 6.05</u>, in each case, solely to the extent

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such Investment or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;

&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 of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness or other obligations of such Restricted Subsidiary or another Restricted Subsidiary that is not a Loan Party, in each case in the case of Indebtedness permitted under <u>Section 6.01(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;Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of any Loan Party, Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of Restricted Subsidiary that is not a Loan Party and Liens granted by a Loan Party in favor of any other Loan 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (including by the designation of an Unrestricted Subsidiary as a Restricted Subsidiary), in each case after the Effective Date; <u>provided</u> that (A) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (B) such Lien does not extend to or cover any other assets or property (other than, with respect to such Person, any replacements of such property or assets and additions and accessions, proceeds and products 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 or include, 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;any interest or title of a lessor under leases (other than leases constituting Capital Lease Obligations) 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;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale or purchase of goods 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;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;Liens deemed to exist in connection with Investments in repurchase agreements permitted under clause (e) of the definition of the term "Permitted Investments";

&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 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;

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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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Liens that are contractual rights of setoff (A) relating to the establishment of depository relations with banks not given in connection with the incurrence of Indebtedness, (B) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and the Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of 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;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;ground leases in respect of real property on which facilities owned or leased by the Borrower or any of the Restricted Subsidiaries are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on insurance policies and the proceeds thereof securing the financing of the premiums 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;(xix)&nbsp;&nbsp;&nbsp;&nbsp;Liens on the Collateral (A) securing Permitted First Priority Refinancing Debt, (B) securing Permitted Second Priority Refinancing Debt, (C) securing Incremental Equivalent Debt and (D) securing Indebtedness permitted pursuant to <u>Section</u> <u>6.01(a)(xxvi)</u>; <u>provided</u> that (x) in the case of clause (B), such Liens do not secure Consolidated First Lien Debt and (y) in the case of clauses (A), (B), (C) and (D), if such Liens are consensual Liens that are secured by the Collateral, such Indebtedness shall be subject to a First Lien Intercreditor Agreement or a Second Lien 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;(xx)&nbsp;&nbsp;&nbsp;&nbsp;other Liens; <u>provided</u> that at the time of incurrence of the obligations secured thereby (after giving Pro Forma Effect to any such obligations) the aggregate outstanding face amount of obligations secured by Liens existing in reliance on this clause (xx) shall not exceed (x) the greater of $110,000,000 and 100% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis (this clause (xx), the "<u>General Liens Basket</u>"), minus (y) the General Liens Basket Reallocated Amount (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;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash and Permitted Investments used to satisfy or discharge Indebtedness; <u>provided</u> such satisfaction or discharge is permitted 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;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Securitization Assets incurred in connection with any Qualified Securitization Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;(A) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof and (B) 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 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;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash or Permitted Investments securing Swap Agreements in the ordinary course of business in accordance with applicable Requirements of Law;

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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;(xxv)&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;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&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 such 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;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on Escrowed Proceeds for the benefit of the related holders of Escrowed Obligations (or the underwriters, trustee, escrow agent or arrangers thereof) or on cash set aside at the time of the incurrence of any Escrowed Obligations to be used to pay accrued interest thereon and any redemption premiums and other amounts 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;(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;(A) Liens on Equity Interests in joint ventures; <u>provided</u> that any such Lien is in favor of a creditor of such joint venture 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;

&nbsp;&nbsp;&nbsp;&nbsp;&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;Liens securing (A) Indebtedness permitted pursuant to <u>Section</u> <u>6.01(a)(vii)</u>, <u>Section 6.01(a)(xxiv)</u> or <u>Section 6.01(a)(xxix)</u> and (B) any Permitted Refinancing of any of the foregoing; <u>provided</u> that, if such Liens are consensual Liens that are secured by the Collateral, such Indebtedness shall be subject to a First Lien Intercreditor Agreement or a Second Lien 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;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;grants of software, technology and other intellectual property licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&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;other Liens on assets securing Indebtedness; <u>provided</u> that, at the time of incurrence thereof and after giving Pro Forma Effect thereto and the use of the proceeds thereof, the aggregate amount of Indebtedness then outstanding and secured thereby shall not exceed an amount such that (A) in the case of any such Liens secured by the Collateral that rank equal in priority (but without regard to the control of remedies) with the Liens on the Collateral securing the Secured Obligations, the First Lien Leverage Ratio does not exceed the greater of (1) the First Lien Leverage Ratio in effect immediately prior to giving effect to the incurrence of such Liens, and (2) 5.50 to 1.00, in each case, calculated on a Pro Forma Basis and (B) in the case of any such Liens secured by the Collateral ranking junior in priority to the Liens securing the Secured Obligations, either (1) the Secured Leverage Ratio does not exceed the greater of (x) the Secured Leverage Ratio in effect immediately prior to giving effect to the incurrence of such Liens and (y) 6.75 to 1.00, in each case, calculated on a Pro Forma Basis or (2) the Interest Coverage Ratio is no less than the lesser of (x) the Interest Coverage Ratio in effect immediately prior to giving effect to the incurrence of such Liens and (y) 1.75 to 1.00, in each case, calculated on a Pro Forma Basis; <u>provided</u> that, if such Liens are consensual Liens that are secured by the Collateral, such Indebtedness shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable; 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;(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;other Liens; <u>provided</u> that, at the time of incurrence of the obligations secured thereby (after giving Pro Forma Effect to any such obligations), the aggregate outstanding face amount of obligations secured by Liens existing in reliance on this clause (xxxii) shall not exceed the sum of (a) the Available Amount that is Not Otherwise Applied plus (b) the Available Equity Amount that is Not Otherwise Applied.

SECTION 6.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Fundamental Changes</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate or amalgamate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve (including, in each case, pursuant to a Division), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may merge, consolidate or amalgamate with (x) the Borrower, <u>provided</u> that the Borrower shall be the continuing or surviving Person, or (y) any one or more other Restricted Subsidiaries; <u>provided</u> that when any Subsidiary Loan Party is merging, consolidating or amalgamating with another Restricted Subsidiary either (A) the continuing or surviving Person shall be a Subsidiary Loan Party or (B) if the continuing or surviving Person is not a Subsidiary Loan Party, the acquisition of such Subsidiary Loan Party by such surviving Restricted Subsidiary is permitted under <u>Section 6.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may liquidate or dissolve or change its legal form if the Borrower determines in good faith that such action is in the best interests of the Borrower and the Restricted Subsidiaries and is not materially disadvantageous to the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may make a Disposition of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or another Restricted Subsidiary; <u>provided</u> that if the transferor in such a transaction is a Loan Party, then either (A) the transferee must be a Loan Party, (B) to the extent constituting an Investment, such Investment must be an Investment in a Restricted Subsidiary that is not a Loan Party permitted by <u>Section 6.04</u> or (C) to the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party, such Disposition is for Fair Market Value and any promissory note or other non-cash consideration received in respect thereof is an Investment in a Restricted Subsidiary that is not a Loan Party permitted by <u>Section 6.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may merge, amalgamate or consolidate with any other Person; <u>provided</u> that (A) the Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the Borrower (any such Person, the "<u>Successor Borrower</u>"), (1) a 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) a Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the other Loan Documents to which the Borrower is a party pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to the Administrative Agent, (3) each Loan Party other than the Borrower, unless it is the other party to such merger or consolidation, amalgamation or consolidation, shall have reaffirmed, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, that its Guarantee of, and grant of any Liens as security for, the Secured Obligations shall apply to a Successor Borrower's obligations under this Agreement and (4) the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer and an opinion of counsel, each stating that such merger, amalgamation or consolidation complies with this Agreement; <u>provided</u>, <u>further</u>, that (x) if such Person is not a Loan Party, no Event of Default exists after

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giving effect to such merger, amalgamation or consolidation and (y) if the foregoing requirements are satisfied, a Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement and the other Loan Documents; <u>provided</u>, <u>further</u>, that the Borrower agrees to use commercially reasonable efforts to provide any documentation and other information about such 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 Title III of the USA Patriot Act and the Beneficial Ownership Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may merge, consolidate or amalgamate with any other Person in order to effect an Investment permitted pursuant to <u>Section 6.04</u>; <u>provided</u> that the continuing or surviving Person shall be a Restricted Subsidiary that, together with each of its Restricted Subsidiaries, shall have complied with the requirements of <u>Sections 5.11</u> and <u>5.12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may effect a merger, dissolution, liquidation, consolidation or amalgamation to effect a Disposition permitted pursuant to <u>Section 6.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;[reserved]; and

&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 Tax Restructuring or IPO Reorganization Transactions and any transaction related thereto or contemplated thereby.

SECTION 6.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Investments, Loans, Advances, Guarantees and Acquisitions</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, make or hold any Investment, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Investments at the time such Permitted Investment is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;loans or advances to officers, directors, employees and other service providers of the Borrower and the Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person's purchase of Equity Interests in the Borrower (or any direct or indirect parent thereof) (<u>provided</u> that the amount of such loans and advances made in cash to such Person shall be contributed to the Borrower in cash as common equity or Qualified Equity Interests) and (iii) for purposes not described in the foregoing clauses (i) and (ii); <u>provided</u> that at the time of incurrence thereof and after giving Pro Forma Effect thereto, the aggregate principal amount outstanding in reliance on this clause (iii) shall not exceed the greater of $35,000,000 and 30% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Investments by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of prepayments to suppliers in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&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;(f)&nbsp;&nbsp;&nbsp;&nbsp;Investments (i) existing or contemplated on the Effective Date and set forth on <u>Schedule 6.04(f)</u> and any modification, replacement, renewal, reinvestment or extension thereof and (ii) Investments existing on the date hereof by the Borrower or any Restricted Subsidiary in the Borrower or any Restricted Subsidiary and any modification, renewal or extension thereof; <u>provided</u> that the amount of the original Investment is not increased except by the terms of such Investment to the extent as set forth on <u>Schedule 6.04(f)</u> or as otherwise permitted by this <u>Section</u> <u>6.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Swap Agreements permitted under <u>Section 6.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;promissory notes and other non-cash consideration received in connection with Dispositions permitted by <u>Section 6.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the Transactions and Investments made in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers, from financially troubled account debtors or in settlement of delinquent obligations of, or other disputes with, customers and suppliers or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;loans and advances to the Borrower (or any direct or indirect parent thereof) 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 the Borrower (or such parent) in accordance with <u>Section 6.08(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;other Investments and other acquisitions (i) so long as, at the time any such Investment or other acquisition is made, the aggregate outstanding amount of all Investments made in reliance on this clause (n)(i) together with the aggregate amount of all consideration paid in connection with all other Investments and acquisitions made in reliance on this clause (n)(i) shall not exceed the greater of $110,000,000 and 100% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis and (ii) in an amount not to exceed 200% of (A) the Available Amount that is Not Otherwise Applied as in effect immediately prior to the time of making of such Investment, (B) the Available Equity Amount that is Not Otherwise Applied as in effect immediately prior to the time of making of such Investment, (C) the then available Restricted Payment capacity under <u>Section 6.08(a)</u> in lieu of Restricted Payments permitted under <u>Section 6.08(a)</u> and (D) the then available Restricted Debt Payment capacity under <u>Section 6.08(b)</u> in lieu of Restricted Debt Payments permitted under <u>Section 6.08(b)</u> (it being understood that (x) the Available Amount or the Available Equity Amount, as applicable, shall be reduced by 50% of the amount of any such Investment under clause (A) or (B), as applicable, and (y) 50% of any such Investment under clause (C) or (D)

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shall be deemed (a) a Restricted Payment for purposes of compliance with <u>Section 6.08(a)</u> or (b) a Restricted Debt Payment for purposes of compliance with <u>Section 6.08(b)</u>, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;The 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;advances of payroll payments to employees and other service providers in the ordinary course of business, consistent with past practice or consistent with industry norm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Investments and other acquisitions to the extent that payment for such Investments is made with Qualified Equity Interests (excluding Cure Amounts) of the Borrower (or any direct or indirect parent thereof or the IPO Entity); <u>provided</u> that (i) such amounts used pursuant to this clause (q) shall not increase the Available Equity Amount or be applied to increase any other basket hereunder and (ii) any amounts used for such an Investment or other acquisition that are not Qualified Equity Interests of the Borrower (or any direct or indirect parent thereof or the IPO Entity) shall otherwise be permitted pursuant to this <u>Section 6.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Investments of a Subsidiary acquired after the Effective Date or of a Person merged or consolidated with any Subsidiary in accordance with this Section and <u>Section 6.03</u> after the Effective Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;Investments in subsidiaries of the Borrower in connection with internal reorganizations and/or any Tax Restructuring; <u>provided</u> that after giving effect to any such activities, the security interests of the Lenders in the Collateral, taken as a whole, are not materially impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of Liens, Indebtedness, fundamental changes, Dispositions, Restricted Payments and prepayments, purchases and redemptions of Indebtedness permitted under <u>Sections 6.01</u>, <u>6.02</u>, <u>6.03</u>, <u>6.05</u> and <u>6.08</u>, respectively, in each case, other than by reference to this <u>Section 6.04(t)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;additional Investments; <u>provided</u> that after giving effect to such Investment on a Pro Forma Basis, either (i) the Total Leverage Ratio is equal to or less than the greater of (x) 5.00 to 1.00 and (y) the Total Leverage Ratio in effect immediately prior to the making of such Investment, in each case, calculated on a Pro Forma Basis or (ii) the Interest Coverage Ratio is no less than or equal to the lesser of (x) 1.75 to 1.00 and (y) the Interest Coverage Ratio in effect immediately prior to the making of such Investment, in each case, calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;contributions to a "rabbi" trust for the benefit of employees, directors, 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;(w)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment or purchases, acquisitions, licenses, sublicenses or leases or subleases of other assets, intellectual property, or other rights, in each case in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&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";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;any Investment in a Similar Business; <u>provided</u> that at the time any such Investment is made, the aggregate outstanding amount of all Investments made in reliance on this clause (y) together with the aggregate amount of all consideration paid in connection with all other Investments made in reliance on this clause (y), shall not exceed the greater of (A) $90,000,000 and (B) 75% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unrestricted Subsidiaries and any Person of which the Borrower or any Restricted Subsidiary owns any Equity Interest; <u>provided</u> that at the time any such Investment is made, the aggregate outstanding amount of all Investments made in reliance on this clause (z), together with the aggregate amount of all consideration paid in connection with all other Investments made in reliance on this clause (z), shall not exceed the greater of (A) $90,000,000 and (B) 75% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Subsidiaries in the form of Securitization Assets required in connection with a Qualified Securitization Facility (including the contribution or lending of cash and cash equivalents to Subsidiaries to finance the purchase of such assets from the Borrower or other Restricted Subsidiaries or to otherwise fund required reserves);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;Investments by a captive insurance subsidiary in accordance with any investment policy or any insurance statutes or regulations applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;guarantees by the Borrower or any of the Restricted Subsidiaries of leases (other than Capitalized Leases), contracts or of other obligations of the Borrower or any Restricted Subsidiary that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;to the extent constituting an Investment, advances in respect of transfer pricing and cost-sharing arrangements (i.e., "cost-plus" arrangements) that are in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of <u>Section 5.18(v)</u>, <u>(vii)</u>, <u>(x)</u>, <u>(xi)</u>, <u>(xiii)</u> or <u>(xviii)</u>.

SECTION 6.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Asset Sales</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, transfer, lease, license or otherwise dispose of any asset (in one transaction or in a series of related transactions and whether effected pursuant to a Division or otherwise), including any Equity Interest owned by it, nor will the Borrower permit any Restricted Subsidiary to issue any additional Equity Interest in such Restricted Subsidiary (other than issuing directors' qualifying shares, nominal shares issued to foreign nationals or other Persons to the extent required by applicable Requirements of Law and other than issuing Equity Interests to the Borrower or a Restricted Subsidiary in compliance with <u>Section 6.04(c)</u>) (each, a "<u>Disposition</u>"), except:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business, (ii) Dispositions of property no longer used or useful, or economically practicable to maintain, in the conduct of the business of the Borrower and the Restricted Subsidiaries (including allowing any intellectual property (and any related registration or application) that is no longer used or useful, or economically practicable to maintain, to lapse or go abandoned or be invalidated or be cancelled) and (iii) expiration of Intellectual Property at the end of its maximum statutory term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of inventory and other assets in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property, (ii) an amount equal to the Net Proceeds of such Disposition are promptly applied to the purchase price of such replacement property or (iii) such Disposition qualifies for nonrecognition treatment under Section 1031 of the Code, or any comparable or successor provision for like-kind property (and any boot thereon) and for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property to the Borrower or a Restricted Subsidiary; <u>provided</u> that if the transferor in such a transaction is a Loan Party, then either (i) the transferee must be a Loan Party, (ii) to the extent constituting an Investment in a Restricted Subsidiary that is not a Loan Party, such Investment must be an Investment in a Restricted Subsidiary that is not a Loan Party permitted by <u>Section 6.04</u> (other than <u>clause 6.04(t)</u>) or (iii) to the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party, such Disposition is for Fair Market Value and any promissory note or other non-cash consideration received in respect thereof is an Investment in a Restricted Subsidiary that is not a Loan Party permitted by <u>Section</u> <u>6.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions permitted by <u>Section 6.03</u>, Investments permitted by <u>Section 6.04</u>, Restricted Payments and prepayments, purchases and redemptions of Indebtedness permitted by <u>Section 6.08</u> and Liens permitted by <u>Section 6.02</u>, in each case, other than by reference to this <u>Section 6.05(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any issuance, sale or pledge of Equity Interests in, or Indebtedness, or other securities of, an Unrestricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of (A) accounts receivable in connection with the collection or compromise thereof (including sales to factors or other third parties) and (B) Securitization Assets pursuant to any Qualified Securitization Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;leases, subleases, service agreements, covenants not to sue, licenses or sublicenses (including agreements involving the provision of software under an open source license, in copy or as a service, and related data and services), in each case that do not materially interfere with the business of the Borrower and the Restricted Subsidiaries, taken as a whole;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;other Dispositions; <u>provided</u> that (i) such Disposition is made for Fair Market Value and (ii) except in the case of a Permitted Asset Swap, with respect to any Disposition pursuant to this clause (k) for a purchase price in excess of the greater of (x) $25,000,000 and (y) 20% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis for any transaction or series of related transactions, the Borrower or a Restricted Subsidiary shall receive not less than either (I) 75% of such consideration in the form of cash or Permitted Investments for all transactions permitted pursuant to this clause (k) since the Effective Date or (II) 50% of such consideration in the form of cash or Permitted Investments for all transactions permitted pursuant to this clause (k) since the Effective Date; <u>provided</u>, <u>however</u>, that for the purposes of this clause (ii), (A) the greater of the principal amount and carrying value of any liabilities (as reflected on the most recent balance sheet of the Borrower (or a Parent Entity) provided hereunder or in the footnotes thereto), or if incurred, accrued or increased subsequent to the date of such balance sheet, such liabilities that would have been reflected on the balance sheet of the Borrower (or Parent Entity) or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance sheet, as determined in good faith by the Borrower, of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated in right of payment to the Loan Document Obligations, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Disposition) pursuant to a written agreement that releases the Borrower or such Restricted Subsidiary from such liabilities, (B) any securities received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash or Permitted Investments (to the extent of the cash or Permitted Investments received) within 180 days following the closing of the applicable Disposition, (C) the amount of Indebtedness, other than liabilities that are by their terms subordinated to the Loan Document Obligations or any intercompany debt owed to the Borrower or any Restricted Subsidiary, of any Person that is no longer a Restricted Subsidiary as a result of such Disposition, to the extent that the Borrower and all Restricted Subsidiaries have been validly released from any guarantee of payment of such Indebtedness in connection with such Disposition, (D) the amount of consideration consisting of Indebtedness of any Loan Party (other than Junior Financing) received after the Effective Date from Persons who are not the Borrower or any Restricted Subsidiary and (E) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of such Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (k) that is at that time outstanding, not in excess (at the time of receipt of such Designated Non-Cash Consideration) of the sum of (1) the greater of (x) $60,000,000 and (y) 50% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis and (2) at the election of the Borrower, the General Asset Sale Basket (less any amount used under such basket), with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall in each case be deemed to be cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of Investments in joint ventures, including to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of any assets (including Equity Interests) (A) acquired in connection with any Permitted Acquisition or other Investment permitted hereunder, which assets are not used or useful to the core or principal business of the Borrower and the Restricted Subsidiaries or (B) made to obtain the approval of any applicable antitrust authority in connection with a Permitted Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;transfers of condemned property as a result of the exercise of "eminent domain" or other similar powers to the respective Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of property arising from foreclosure or similar action or that have been subject to a casualty to the respective insurer of such real property as part of an insurance settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions by a captive insurance subsidiary of Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Dispositions of property for Fair Market Value not otherwise permitted under this <u>Section 6.05</u> having, in any fiscal year of the Borrower, an aggregate purchase price not to exceed (x) the greater of (A) $40,000,000 and (B) 35% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis less (y) any such amount used under <u>Section 6.05(k)</u> (this clause (p), the "<u>General</u> <u>Asset Sale Basket</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;the sale or discount (with or without recourse) (including by way of assignment or participation) of other Securitization Assets, receivables (including, without limitation, trade and lease receivables) and related assets in connection with a Qualified Securitization Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;the unwinding of any Swap Obligations or Cash Management Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower and its Subsidiaries may undertake or consummate any IPO Reorganization Transactions or any transaction related thereto or contemplated thereby and any Tax Restructuring.

SECTION 6.06&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 6.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Negative Pledge</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, enter into any agreement, instrument, deed or lease that prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the Secured Obligations or under the Loan Documents; <u>provided</u> that the foregoing shall not apply to restrictions and conditions imposed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) Requirements of Law, (ii) any Loan Document, (iii) any documentation relating to any Qualified Securitization Facility, (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to <u>Section 6.01(a)(v)</u>, <u>6.01(a)(viii)</u> or <u>6.01(a)(xxvii)</u> and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in any of clauses (i) through (vi) above; <u>provided</u> that, with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and

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(B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;customary restrictions and conditions existing on the Effective Date and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale; <u>provided</u> that such restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such sale is permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;customary provisions in leases, service agreements, licenses, sublicenses, covenants not to sue and other contracts restricting the assignment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the property securing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); <u>provided</u> that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;restrictions or conditions in any Indebtedness permitted pursuant to <u>Section 6.01</u> that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;restrictions set forth on <u>Schedule 6.07</u> and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by <u>Section 6.02</u> and applicable solely to such joint venture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;customary net worth provisions contained in real property leases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

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SECTION 6.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Payments; Certain Payments of Indebtedness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not pay or make, directly or indirectly, any Restricted Payment, except:

&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;[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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments to satisfy appraisal or other dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger, transfer of assets or acquisition that complies with <u>Section 6.03</u> or <u>Section 6.04</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;the Borrower may declare and make dividend payments or other distributions payable solely in the Equity Interests of the Borrower;

&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;Restricted Payments made in connection with or in order to consummate the Transactions, including to pay Transaction Costs; provided that the 2025 Distribution shall made on or prior to December 29, 2025;

&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;repurchases of Equity Interests in the Borrower (or Restricted Payments by the Borrower to allow repurchases of Equity Interests in any direct or indirect parent of the Borrower), deemed to occur upon exercise of equity options or warrants or other incentive interests if such Equity Interests represent a portion of the exercise price of such equity options or warrants or other incentive interests;

&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;Restricted Payments used to redeem, acquire, retire or repurchase Equity Interests (or any options, warrants, restricted stock units or stock appreciation rights or other equity-linked interests issued with respect to any of such Equity Interests) (or to make Restricted Payments to allow any of the Borrower's direct or indirect parent companies to so redeem, retire, acquire or repurchase their Equity Interests or other such interests) held by current or former officers, managers, consultants, directors and employees and other service providers (or their respective Affiliates, spouses, former spouses, other Permitted Transferees, successors, executors, administrators, heirs, legatees or distributees) of the Borrower (or any direct or indirect parent thereof) and the Restricted Subsidiaries, (A) upon the death, disability, retirement or termination of employment or engagement of any such Person or otherwise in accordance with any equity option or equity appreciation rights plan, any management, director and/or employee equity ownership or incentive plan, equity subscription plan, profits interest, employment termination agreement or any other employment or service agreements with any director, officer, consultant or other individual service provider or partnership or equity holders' agreement or (B) as may be required by any regulatory authority; <u>provided</u> that, except with respect to repurchases that are either non-discretionary (it being understood that any redemption, acquisition, retirement or repurchase pursuant to the foregoing sub-clause (B) shall be deemed to be non-discretionary for purposes of this clause (vi)) or otherwise in the ordinary course of business or consistent with past practice or industry norm, the aggregate amount of Restricted Payments permitted by this clause (vi) after the Effective Date, together with the aggregate amount of loans and advances to the Borrower (or any direct or indirect parent thereof) made pursuant to <u>Section 6.04(m)</u> in lieu thereof, shall not, in any fiscal year of the Borrower, exceed the

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sum of (a) the greater of $30,000,000 and 25% of Consolidated EBITDA (<u>provided</u> that, after the occurrence of an IPO, such amount shall be the greater of $60,000,000 and 50% of Consolidated EBITDA) for the most recently ended Test Period as of such time determined on a Pro Forma Basis (net of any proceeds from the reissuance or resale of such Equity Interests to another Person received by the Borrower or any Restricted Subsidiary), (b) the amount equal to the cash proceeds of key man life insurance policies received by the Borrower or the Restricted Subsidiaries after the Effective Date, and (c) the cash proceeds from the sale of Equity Interests (other than Disqualified Equity Interests) of the Borrower (to the extent contributed to the Borrower in the form of common Equity Interests or Qualified Equity Interests) 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, managers or consultants or other individual service providers of the Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Effective Date, to the extent the cash proceeds from the sale of such Equity Interests are contributed to the Borrower in the form of common Equity Interests or Qualified Equity Interests and are not Cure Amounts and have not otherwise been applied to the payment of Restricted Payments by virtue of the Available Equity Amount or otherwise applied to increase any other basket 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by such Parent Entity to pay (or to make distributions to allow any of its direct or indirect parent entities 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 or officers of any Parent Entity attributable to the ownership or operations of the Borrower and the Restricted Subsidiaries, (3) fees and expenses (x) due and payable by any of the Borrower and the Restricted Subsidiaries and (y) otherwise not prohibited to be paid by the Borrower and the Restricted Subsidiaries under this Agreement, (4) payments that would otherwise be permitted to be paid directly by the Borrower or the Restricted Subsidiaries pursuant to <u>Section 5.18(v)</u>, <u>(vii)</u>, <u>(x)</u>, <u>(xi)</u>, <u>(xiii)</u> or <u>(xviii)</u> and (5) payments that would otherwise be permitted to be paid directly by the Borrower or the Restricted Subsidiaries pursuant to <u>Section 5.18(x)</u>; <u>provided</u> that after giving effect to any such Restricted Payment made pursuant to this subclause (5) there is no continuing Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</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;(B)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by such Parent Entity to pay (or to make distributions to allow any of its direct or indirect parent entities to pay) franchise and similar Taxes, and other fees and expenses, required to maintain its organizational existence;

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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;the proceeds of which shall be used by such Parent Entity (or any of its direct or indirect parent entities) to make Restricted Payments of the type permitted by <u>Section 6.08(a)(iv)</u> or <u>Section 6.08(a)(xi)</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;(D)&nbsp;&nbsp;&nbsp;&nbsp;to finance any Investment permitted to be made pursuant to <u>Section 6.04</u> other than <u>Section 6.04(m)</u>; <u>provided</u> that (1) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (2) any Parent Entity shall, immediately following the closing thereof, cause (x) all property acquired (whether assets or Equity Interests but not including any loans or advances made pursuant to <u>Section 6.04(b)</u>) to be contributed to the Borrower or the Restricted Subsidiaries or (y) the Person formed or acquired to merge into or consolidate with the Borrower or any of the Restricted Subsidiaries to the extent such merger, amalgamation or consolidation is permitted in <u>Section 6.03</u>) in order to consummate such Investment, in each case in accordance with the requirements of <u>Sections 5.11</u> and <u>5.12</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;(E)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used to pay customary salary, bonus and other benefits payable to officers, employees and other service providers 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; 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;(F)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by such Parent Entity to pay (or to make distributions to allow any of its direct or indirect parent entities to pay) fees and expenses related to any equity offering, debt offering or other non-ordinary course transaction not prohibited by this Agreement (whether or not such offering or other transaction is successful);

&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;Restricted Payments in an aggregate amount not to exceed, at the time of making any such Restricted Payment and when taken together with the aggregate amount of loans and advances to the Borrower (or any direct or indirect parent thereof) made pursuant to <u>Section 6.04(m)</u> in lieu of Restricted Payments permitted by this clause (viii), not to exceed the sum of (A) the greater of $90,000,000 and 75% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis plus (B) the Available Amount that is Not Otherwise Applied (<u>provided</u> that, with respect to any Restricted Payment made in reliance on clause (b) of the definition of "Available Amount" pursuant to this clause (B), no Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> shall be continuing or would result therefrom) plus (C) the Available Equity Amount that is 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;redemptions in whole or in part of any of its Equity Interests for another class of its Equity Interests or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests; <u>provided</u> that such new Equity Interests contain terms and provisions at least as advantageous to the Lenders in all respects material to their interests as those contained in the Equity Interests redeemed 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;(a) payments made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former employee, director, manager,

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consultant or other service provider and any repurchases of Equity Interests in consideration of such payments including deemed repurchases, in each case, in connection with the exercise of equity options and the vesting of restricted equity and restricted equity units and (b) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, equity option plan or any other similar employee benefit plan, agreement or arrangement in connection with any 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may (a) pay cash in lieu of fractional Equity Interests in connection with any dividend, split or combination thereof or any Permitted Acquisition (or other similar Investment) and (b) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Indebtedness 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;following consummation of an IPO, Restricted Payments in an annual amount not to exceed the sum of (a) $10,000,000, plus (b) an amount equal to 7% of the net cash proceeds received by or contributed to the Borrower from such IPO and any follow on offerings, plus (c) an amount equal to 8% of the market capitalization of the IPO Entity at the time such Restricted Payment is declared;

&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;payments made or expected to be made by the Borrower or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, manager, consultant or other service provider (or their respective controlled Affiliates, Immediate Family Members or Permitted Transferees) and any repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants or required withholding or similar 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;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;additional Restricted Payments; <u>provided</u> that after giving effect to such Restricted Payment, on a Pro Forma Basis, the Total Leverage Ratio is less than or equal to 4.50 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments constituting or otherwise made in connection with or relating to any IPO Reorganization Transactions or Tax Restructuring;

&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;the distribution, by dividend or otherwise, of shares of Equity Interests of, or Indebtedness owed to the Borrower or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are Permitted Investments (except to the extent that such Permitted Investments constitute the proceeds of any sale of the assets or equity of any Unrestricted 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;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments to pay, for any taxable period for which the Borrower and/or any of its Subsidiaries are members of a consolidated, combined or unitary tax group for U.S. federal and/or applicable state, local or foreign income tax purposes, or are disregarded entities that are owned directly (or indirectly through other disregarded entities) by any such members of a consolidated, combined or unitary tax group, in each case for U.S. federal and/or applicable state, local or foreign income tax purposes, of which a direct or indirect parent of the Borrower is the common parent (any such group, a "<u>Tax Group</u>"), distributions in an amount not to

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exceed the portion of any U.S. federal, state, local or foreign taxes (as applicable), including estimated taxes, of such Tax Group for such taxable period that are attributable to the income of the Borrower and/or its Subsidiaries; <u>provided</u> that dividends or distributions made pursuant to this clause (I) shall not exceed the tax liability that the Borrower and/or its Subsidiaries (as applicable) would have incurred were such taxes determined as if such entity(ies) were a stand-alone taxpayer or a stand-alone group, (II) in respect of any taxes attributable to the income of any Unrestricted Subsidiaries, may be made only to the extent that such Unrestricted Subsidiaries have made cash payments for such purpose to the Borrower or its Restricted Subsidiaries, and (III) shall be reduced by any amounts paid by the Borrower or any of its Subsidiaries to the applicable Governmental Authority in respect of 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;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;payments or distributions of Securitization Fees and purchases of receivables in connection with any Qualified Securitization Facility or any repurchase obligation in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not, and will not permit any Subsidiary Loan Party to, make or pay, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of principal of or interest on any Junior Financing, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, prepayment, defeasance, acquisition, cancellation or termination of any Junior Financing more than one year prior to the scheduled maturity date thereof (any such payment, a "<u>Restricted Debt Payment</u>"), except:

&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;payment of regularly scheduled interest and principal payments as, in the form of payment and when due in respect of any Indebtedness, other than payments in respect of any Junior Financing prohibited by the subordination provisions 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;refinancings of Junior Financing Indebtedness with proceeds of, or in exchange for, other Junior Financing Indebtedness permitted to be incurred under <u>Section</u> <u>6.01</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;the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of the Borrower or any of its direct or indirect parent companies;

&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;Restricted Debt Payments in an aggregate amount not to exceed the sum of (A) an amount at the time of making any such Restricted Debt Payment and when taken together with the aggregate amount of loans and advances to the Borrower (or any direct or indirect parent thereof) made pursuant to <u>Section 6.04(m)</u> in lieu of Restricted Debt Payments permitted by this clause (iv) and any other Restricted Debt Payments made utilizing this subclause (A), the greater of $90,000,000 and 75% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis plus (B) an amount not to exceed the Available Amount that is Not Otherwise Applied plus (C) the Available Equity Amount that is Not Otherwise Applied plus (D) the then available Restricted Payment capacity under <u>Section 6.08(a)</u> in lieu of Restricted Payments permitted under <u>Section 6.08(a)</u> plus (E) the then available Investment capacity under <u>Section 6.04</u> in lieu of Investments permitted under <u>Section 6.04</u> (it being understood that such Restricted Debt Payment shall be deemed (a) a Restricted Payment for purposes of compliance with <u>Section 6.08(a)</u> or (b) an Investment for purposes of compliance with <u>Section 6.04</u>, as applicable); 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Debt Payments (including prior to their scheduled maturity); <u>provided</u> that after giving effect to such Restricted Debt Payment on a Pro Forma Basis, the Total Leverage Ratio is less than or equal to 4.50 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not, and will not permit any Restricted Subsidiary to, amend or modify any documentation governing any Junior Financing, if the effect of such amendment or modification (when taken as a whole) is materially adverse to the Lenders, other than in connection with (i) a Permitted Refinancing of any such Junior Financing or (ii) in a manner expressly permitted by, or that does not contravene, the applicable intercreditor or subordination terms or agreement(s) governing the relationship between the Lenders, on the one hand, and the lenders or purchasers of the applicable Junior Financing, on the other hand.

Notwithstanding anything herein to the contrary, the foregoing provisions of this <u>Section</u> <u>6.08</u> will not prohibit the payment of any Restricted Payment or Restricted Debt Payment within 60 days after the date of declaration thereof or the giving of such 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.

SECTION 6.09&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

SECTION 6.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Covenant</u>. Solely with respect to the Revolving Credit Facility, if on the last day of any Test Period, beginning with the Test Period ending March 31, 2026, if the aggregate principal amount of Revolving Loans then outstanding (other than (a) any Revolving Loans made on the Effective Date to finance the Transactions (including to pay Transaction Costs), (b) any Revolving Loans incurred in connection with any acquisitions, Investments, working capital or Capital Expenditures of the Borrower and its Restricted Subsidiaries and (c) Letters of Credit whether drawn or undrawn) exceeds the greater of (x) $30,000,000 and (y) 40% of the aggregate principal amount of Revolving Commitments then in effect (after giving effect to any Additional/Replacement Revolving Commitments or Incremental Revolving Commitment Increase) (the greater of the foregoing clauses (x) and (y), the "<u>Testing Threshold</u>"), the Borrower will not permit the First Lien Leverage Ratio to exceed 8.90 to 1.00, as of the last day of such Test Period.

ARTICLE VII

EVENTS OF DEFAULT

SECTION 7.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>. If any of the following events (any such event, an "<u>Event of Default</u>") shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Party shall fail to pay any principal of any Loan when and as the same shall become due and payable and in the currency required hereunder, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; <u>provided</u> that any such failure to pay or any shortfall in payment caused by administrative or technical error shall not constitute an Event of Default if payment is made within 10 Business Days of the discovery of such error by the Borrower or after notice of such error from the Administrative Agent to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Party shall fail to pay any interest on any Loan, or any reimbursement obligation in respect of any LC Disbursement or any fee or any other amount (other than an amount referred to in paragraph (a) of this Section) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of 10 Business Days; <u>provided</u> that any such failure to pay or any shortfall in payment caused by administrative or technical error shall not constitute an Event of Default if payment is made within 10 Business Days of the discovery of such error by the Borrower or after notice of such error from the Administrative Agent to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made or deemed made by or on behalf of the Borrower or any of the Restricted Subsidiaries in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made, and such incorrect representation or warranty (if curable, including by a restatement of any relevant financial statements) shall remain incorrect for a period of 30 days after notice thereof from the Administrative Agent to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower or any of the Restricted Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained in <u>Section 5.02(a)</u>, <u>5.04</u> (with respect to the existence of the Borrower) or in <u>Article VI</u>; <u>provided</u> that subsequent delivery of a notice of Default shall cure such Event of Default for failure to provide notice, unless a Responsible Officer of the Borrower had actual knowledge that such Default or Event of Default had occurred and was continuing and reasonably should have known in the course of his or her duties that the failure to provide such notice would constitute an Event of Default; <u>provided further</u> that (i) any Event of Default under <u>Section 6.10</u> is subject to cure as provided in <u>Section 7.02</u> and an Event of Default with respect to such Section shall not occur until the expiration of the 15th Business Day subsequent to the date on which the financial statements with respect to the applicable fiscal quarter (or the fiscal year ended on the last day of such fiscal quarter) are required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, (ii) a default under <u>Section 6.10</u> shall not constitute an Event of Default with respect to the Term Loans unless and until the Required Revolving Lenders shall have terminated their Revolving Commitments and declared all amounts under the Revolving Loans to be due and payable (such period commencing with a default under <u>Section 6.10</u> and ending on the date on which the Required Lenders with respect to the Revolving Credit Facility terminate and accelerate the Revolving Loans, the "<u>Standstill Period</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraph (a), (b) or (d) of this Section), and such failure shall continue unremedied for a period of 30 days (60 days (or, until the first anniversary of the Effective Date, 75 days) in the case of a default with respect to failure to deliver financial statements under <u>Section 5.01</u>) after notice thereof from the Administrative Agent to the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower or any of the Restricted Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any applicable grace period); <u>provided</u> that this clause (f) shall not apply to 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 Material Indebtedness, in the case of (I) and (II), prior to the acceleration of Loans pursuant to this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; <u>provided</u> that this paragraph (g) shall not apply to (i) 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), (ii) termination events or similar events occurring under any Swap Agreement that constitutes Material Indebtedness (it being understood that paragraph (f) of this Section will apply to any failure to make any payment required as a result of any such termination or similar event) or (iii) 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 Material Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, court protection, reorganization or other relief in respect of the Borrower or any Significant Subsidiary or its debts, or of a material part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, examiner, sequestrator, conservator or similar official for the Borrower or any Significant Subsidiary or for a material part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, court protection, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (h) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, examiner, custodian, sequestrator, conservator or similar official for the Borrower or any Significant Subsidiary or for a material part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;one or more enforceable judgments for the payment of money in an aggregate amount in excess of the greater of (a) $50,000,000 and (b) 40% of Consolidated EBITDA for the most recently ended Test Period as of such time determined on a Pro Forma Basis (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third

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party has not denied its obligation) shall be rendered against the Borrower, any of the Restricted Subsidiaries or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed, or any judgment creditor shall legally attach or levy upon assets of such Loan Party that are material to the businesses and operations of the Borrower and the Restricted Subsidiaries, taken as a whole, to enforce any such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;(i) an ERISA Event occurs that has resulted or would reasonably be expected to result in liability of any Loan Party under Title IV of ERISA in an aggregate amount that would reasonably be expected to result in a Material Adverse Effect, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan that has resulted or would reasonably be expected to result in liability of any Loan Party in an aggregate amount that would reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;to the extent unremedied for a period of 10 Business Days (in respect of a default under clause (x) only), any Lien purported to be created under any Security Document (x) shall cease to be, or (y) shall be asserted by any Loan Party not to be, a valid and perfected Lien on any material portion of the Collateral, except (i) as a result of the sale or other disposition of the applicable Collateral to a Person that is not a Loan Party in a transaction permitted under the Loan Documents, (ii) as a result of (A) the Collateral Agent no longer having possession of any stock certificates, promissory notes or other instruments delivered to it under the Security Documents or (B) Uniform Commercial Code filings not having been filed in a timely manner or (iii) as to Collateral consisting of real property, to the extent that such losses are covered by a lender's title insurance policy and such insurer has not denied coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;any material provision of any Loan Document or any Guarantee of the Loan Document Obligations shall for any reason be asserted by any Loan Party not to be a legal, valid and binding obligation of any Loan Party thereto other than as expressly permitted hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;any Guarantees of the Loan Document Obligations by the Borrower or Subsidiary Loan Party pursuant to the Guarantee Agreement shall cease to be in full force and effect (in each case, other than in accordance with the terms of the Loan Documents); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders (or, if an Event of Default resulting from a breach of the Financial Performance Covenant occurs and is continuing and prior to the expiration of the Standstill Period, at the request of the Required Revolving Lenders only, and in such case only with respect to the Revolving Commitments, Revolving Loans and any Letters of Credit), shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the applicable Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the applicable Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon

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the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately and (iii) require backstop arrangements with respect to LC Exposure or the deposit of cash collateral in respect of LC Exposure as provided in <u>Section 2.05(j)</u>, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in paragraph (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; <u>provided</u> that, notwithstanding any other provisions herein or in any Loan Document to the contrary, no action taken and publicly announced or otherwise reported to the Administrative Agent and the Lenders shall provide the basis for any Default or Event of Default more than one year after the date of such public announcement or report; <u>provided</u>, <u>further</u>, that such one year limitation shall not apply if the Administrative Agent has commenced any remedial action in respect of any such Event of Default.

Notwithstanding anything in this Agreement to the contrary, each Lender and the Administrative Agent hereby acknowledge and agree that (x) a restatement of historical financial statements shall not result in a Default hereunder (whether pursuant to <u>Section 7.01(c)</u> as it relates to a representation made with respect to such financial statements (including any interim unaudited financial statements) or pursuant to <u>Section 7.01(d)</u> as it relates to delivery requirements for financial statements pursuant to <u>Section 5.01</u>) to the extent that such restatement does not reveal any material adverse difference in the financial condition, results of operations or cash flows of the Borrower and its Restricted Subsidiaries in the previously reported information from actual results reflected in such restatement for any relevant prior period and (y) no Event of Default or breach of any representation or warranty in <u>Article III</u> or any covenant in <u>Article V</u> or <u>VI</u> shall constitute a Default or Event of Default if such Event of Default or breach of such representation or warranty in <u>Article III</u> or such covenant in <u>Article V</u> or <u>VI</u> would not have occurred but for a fluctuation (or other adverse change) in currency exchange rates.

Notwithstanding anything to the contrary in this Agreement, with respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default occurs due to (i) the failure by any Loan Party to take any action by a specified time, such Default or Event of Default shall be deemed to have been cured at the time, if any, that the applicable Loan Party takes such action or (ii) the taking of any action by any Loan Party that is not then permitted by the terms of this Agreement or any other Loan Document, such Default or Event of Default shall be deemed to be cured on the earlier to occur of (x) the date on which such action would be permitted at such time to be taken under this Agreement and the other Loan Documents and (y) the date on which such action is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time by this Agreement and the other Loan Documents. If any Default or Event of Default occurs that is subsequently cured (a "<u>Cured Default</u>"), any other Default or Event of Default resulting from the making or deemed making of any representation or warranty by any Loan Party or the taking of any action by any Loan Party or any Subsidiary of any Loan Party, in each case which subsequent Default or Event of Default would not have arisen had the Cured Default not occurred, shall be deemed to be cured automatically upon, and simultaneous with, the cure of

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the Cured Default. Notwithstanding anything to the contrary in this <u>Section 7.01</u>, an Event of Default (the "<u>Initial</u> <u>Default</u>") may not be cured pursuant to this <u>Section 7.01</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;if the taking of any action by any Loan Party or Subsidiary of a Loan Party that is not permitted during, and as a result of, the continuance of such Initial Default directly results in the cure of such Initial Default and the applicable Loan Party or Subsidiary had actual knowledge at the time of taking any such action that the Initial Default had occurred and was continuing;

&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 an Event of Default under <u>Section 7.01(l)</u> or <u>(m)</u> that directly results in material impairment of the rights and remedies of the Lenders, Collateral Agent and Administrative Agent under the Loan Documents and such material impairment is incapable of being cured;

&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 an Event of Default under <u>Section 7.01(e)</u> arising due to the failure to perform or observe <u>Section 5.07</u> that directly results in a material adverse effect on the ability of the Borrower and the other Loan Parties (taken as a whole) to perform their respective payment obligations under any Loan Document to which the Borrower or any of the other Loan Parties is a party; 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;in the case of an Initial Default for which (i) the Borrower failed to give notice to the Administrative Agent and the Lenders of such Initial Default in accordance with Section 5.02(a) of this Agreement and (ii) the Borrower had actual knowledge of such failure to give such notice and reasonably should have known in the course of his or her duties that the failure to provide such notice would constitute an Event of Default.

Notwithstanding anything herein to the contrary, the cure provisions in the immediately preceding paragraph do not apply to any Event of Default arising from the failure to perform or observe <u>Section 5.02(a)</u> (which instead is governed by <u>Section 7.01(d)</u>).

SECTION 7.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Cure</u>. Notwithstanding anything to the contrary contained in <u>Section 7.01</u>, in the event that the Borrower and its Restricted Subsidiaries fail to comply with the requirements of the Financial Performance Covenant as of the last day of any fiscal quarter of the Borrower, at any time after the beginning of such fiscal quarter until the expiration of the 15<sup>th</sup> Business Day following the date on which the financial statements with respect to such fiscal quarter (or the fiscal year ended on the last day of such fiscal quarter) are required to be delivered pursuant to <u>Section 5.01(a)</u> or <u>Section 5.01(b)</u>, as applicable, any Parent Entity thereof shall have the right to (x) issue Equity Interests for cash or otherwise receive cash contributions to the capital of any Parent Entity as cash common equity or other Equity Interests in a form reasonably acceptable to the Administrative Agent (which such Parent Entity shall contribute (through its Subsidiaries, if any, of which the Borrower is a Subsidiary) to the Borrower as cash common equity), the proceeds of which are Not Otherwise Applied and/or (y) with or without the use of proceeds from a concurrent equity investment (so long as not constituting Disqualified Equity Interests), repay Revolving Loans in an amount such that, after giving effect to such repayment, the Testing Threshold is no longer applicable (collectively, the "<u>Cure Right</u>"), and upon the receipt by the Borrower of the Net Proceeds of such issuance or contribution (the "<u>Cure</u> <u>Amount</u>") pursuant to the exercise by the Borrower of such Cure Right the Financial Performance Covenant shall be recalculated giving effect to the following pro forma adjustment:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;either (i) Consolidated EBITDA shall be increased with respect to such applicable fiscal quarter and any four fiscal quarter period that contains such fiscal quarter, solely for the purpose of measuring the Financial Performance Covenant and not for any other purpose under this Agreement, by an amount equal to the Cure Amount or (ii) Revolving Loans with respect to such applicable fiscal quarter shall be reduced to an amount below the Testing Threshold such that the Financial Performance Covenant would not have been required to have been tested on the last day of such fiscal quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if, after giving effect to the foregoing pro forma adjustment (without giving effect to any portion of the Cure Amount on the balance sheet of the Borrower and its Restricted Subsidiaries with respect to such fiscal quarter only but with giving pro forma effect to any portion of the Cure Amount applied to any repayment of any Indebtedness), the Borrower and its Restricted Subsidiaries shall then be in compliance with the requirements of the Financial Performance Covenant, the Borrower and its Restricted Subsidiaries shall be deemed to have satisfied the requirements of the Financial Performance Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Performance Covenant that had occurred shall be deemed cured for the purposes of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;notwithstanding anything herein to the contrary, (i) in each four consecutive fiscal quarter period of the Borrower there shall be at least two fiscal quarters in which the Cure Right is not exercised, (ii) during the term of this Agreement, the Cure Right shall not be exercised more than five times, (iii) the Cure Amount shall be no greater than the amount required for purposes of complying with the Financial Performance Covenant and any amounts in excess thereof shall not be deemed to be a Cure Amount, (iv) there shall be no pro forma reduction in Indebtedness (by netting or otherwise) with the proceeds of the Cure Amount for determining compliance with the Financial Performance Covenant for the fiscal quarter for which such Cure Right is exercised, except to the extent that such proceeds are actually applied to repay Indebtedness and (v) the Lenders shall not be required to make a Loan or issue, amend, renew or extend any Letter of Credit unless and until the Borrower has received the Cure Amount required to cause the Borrower and the Restricted Subsidiaries to be in compliance with the Financial Performance Covenant. Notwithstanding any other provision in this Agreement to the contrary, the Cure Amount received pursuant to any exercise of the Cure Right shall be disregarded for purposes of determining the Available Amount, the Available Equity Amount, any financial ratio-based conditions or tests, pricing or any available basket under <u>Article VI</u> of this Agreement.

SECTION 7.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Proceeds</u>. After the exercise of remedies provided for in <u>Section 7.01</u>, any amounts received on account of the Secured Obligations shall be applied by the Collateral Agent in accordance with Section 4.02 of the Collateral Agreement and/or the similar provisions in the other Security Documents. Notwithstanding the foregoing, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth in Section 4.02 of the Collateral Agreement and/or the similar provisions in the other Security Documents.

ARTICLE VIII

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THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT

Each of the Lenders and the Issuing Banks hereby irrevocably appoint JPMorgan Chase Bank, N.A. to serve as Administrative Agent and Collateral Agent under the Loan Documents, and authorize the Administrative Agent and Collateral Agent to take such actions and to exercise such powers as are delegated to the Administrative Agent and Collateral Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral Agent, the Lenders and the Issuing Banks, and none of the Borrower or any other Loan Party shall have any rights as a third party beneficiary of any such provisions. It is understood and agreed that the use of the term "agent" herein or in any other Loan Document (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

Each party to this Agreement acknowledges and agrees that the Administrative Agent may use an outside service provider for the tracking of all UCC financing statements required to be filed pursuant to the Loan Documents and notification to the Administrative Agent, of, among other things, the upcoming lapse or expiration thereof, and that any such service provider will be deemed to be acting at the request and on behalf of the Borrower and the other Loan Parties. No Agent shall be liable for any action taken or not taken by any such service provider.

Each Issuing Bank shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each Issuing Bank shall have all of the benefits and immunities (a) provided to the Agents in this <u>Article VIII</u> with respect to any acts taken or omissions suffered by such Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and documents pertaining to such Letters of Credit as fully as if the term "Agent" as used in this <u>Article VIII</u> and the definition of "Agent-Related Persons" included such Issuing Bank with respect to such acts or omissions, and (b) as additionally provided herein with respect to each Issuing Bank.

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender or an Issuing Bank as any other Lender or Issuing Bank and may exercise the same as though it were not the Administrative Agent, and such Person 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 the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

The Administrative Agent, the Joint Bookrunners or the Lead Arrangers, as applicable, shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent, the Joint Bookrunners or the Lead Arrangers, as applicable, (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) shall not have any duty to take any discretionary action or to exercise any discretionary power, except discretionary rights and powers expressly contemplated by the Loan Documents that the

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The Administrative Agent shall be entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person (including, if applicable, a Responsible Officer or Financial Officer of such Person). The Administrative Agent also may rely, and shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to be made by the proper Person (including, if applicable, a Financial Officer or a Responsible Officer of such Person). The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

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The Administrative Agent may perform any of and all its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of and all their duties and exercise their rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such subagent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign upon 30 days' notice to the Lenders, the Issuing Banks and the Borrower. If the Administrative Agent becomes a Defaulting Lender and is not performing its role hereunder as Administrative Agent, the Administrative Agent may be removed as the Administrative Agent hereunder at the request of the Borrower and the Required Lenders. Upon receipt of any such notice of resignation or upon such removal, the Required Lenders shall have the right, with the Borrower's consent (unless an Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> 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 Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the Issuing Banks, appoint on the Resignation Effective Date a successor Administrative Agent, which shall be an Approved Bank with an office in New York, New York, or an Affiliate of any such Approved Bank (the date upon which the retiring Administrative Agent is replaced, the "<u>Resignation Effective Date</u>").

If the Person serving as Administrative Agent is a Defaulting Lender, the Required Lenders and the Borrower may, to the extent permitted by applicable law, by notice in writing to such Person remove such Person as Administrative Agent and, with the consent of 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 "<u>Removal Effective Date</u>"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except (i) that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed and (ii) with respect to any outstanding payment obligations) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and Issuing Bank directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.

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Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder and under the other Loan Documents as set forth in this Section. The fees payable by the Borrower to a successor Administrative 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 Administrative Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 9.04 shall continue in effect for the benefit of such retiring or removed Administrative 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 Administrative Agent was acting as Administrative Agent.

Each Lender and each Issuing Bank expressly acknowledges that none of the Administrative Agent nor the Lead Arrangers or Joint Bookrunners has made any representation or warranty to it, and that no act by the Administrative Agent, the Lead Arrangers or Joint Bookrunners hereafter taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent, the Lead Arrangers or Joint Bookrunners to any Lender or any Issuing Bank as to any matter, including whether the Administrative Agent, the Lead Arrangers or Joint Bookrunners have disclosed material information in their (or their Related Parties') possession. Each Lender and each Issuing Bank represents to the Administrative Agent, the Lead Arrangers and the Joint Bookrunners that it has, independently and without reliance upon the Administrative Agent, the Lead Arrangers, the Joint Bookrunners, any other Lender or any Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Lead Arrangers, the Joint Bookrunners, any other Lender or any Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or Issuing Bank for the purpose of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such Lender or Issuing Bank, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing. Each Lender and each Issuing Bank represents and warrants that it is sophisticated with respect to decisions to make,

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acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.

Each Lender, by delivering its signature page to this Agreement and funding its Loans on the Effective Date, or delivering its signature page to an Assignment and Assumption, Incremental Facility Amendment, Refinancing Amendment or Loan Modification Agreement pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan or obligations in respect of the L/C Exposure 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 (but not obligated) by intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Loan Document 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 Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts due to the Lenders, the Issuing Banks and the Administrative Agent under Sections 2.12 and 9.03) allowed in such judicial proceeding; and (b) 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, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, 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 counsel, and any other amounts due the Administrative Agent under Sections 2.12 and 9.03.

Without limiting any other provision of this Article, none of the Agents in their respective capacities as such shall have or be deemed to have any fiduciary relationship with any Lender (including any Issuing Bank) or any other Person by reason of this Agreement or any other Loan Document.

Each Lender, each Issuing Bank and each Secured Party (and each Participant of any of the foregoing, by its acceptance of a Participation) hereby acknowledges and agrees that if the Administrative Agent notifies such Lender, Issuing Bank or Secured Party that the Administrative Agent has determined in its sole discretion that any funds (or any portion thereof) received by such Lender, Issuing Bank or Secured Party (any of the foregoing, a "<u>Payment</u> <u>Recipient</u>") from the Administrative Agent or any of its Affiliates were erroneously transmitted

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to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") and demands the return of such Payment (or portion thereof), such Payment Recipient shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent, in same day funds (in the currency so received), the amount of any such Payment (or portion thereof), together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules on interbank compensation from time to time in effect. To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to a Payment, and hereby waives, and is deemed to waive, 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 Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Payment Recipient under this <u>paragraph</u> shall be conclusive, absent manifest error.

Without limiting the immediately preceding paragraph, each Payment Recipient further acknowledges and agrees that if such Payment Recipient receives a Payment from the Administrative Agent (or any of its Affiliates) (x) that is in an amount, or on a date different from the amount and/or date specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>"), (y) that was not preceded or accompanied by a Payment Notice sent by the Administrative Agent (or any of its Affiliates) or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case, it understands and agrees at the time of receipt of such Payment that an error has been made (and that it is deemed to have knowledge of such error) with respect to such Payment. Each Payment Recipient agrees that, in each such case, it 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.

Any Payment required to be returned by a Payment Recipient under this Section shall be made in same-day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent 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. Each Payment Recipient hereby agrees that it shall not assert and, to the fullest extent permitted by applicable law, hereby waives, any right to retain such Payment, and any claim, counterclaim, defense or right of set-off or recoupment or similar right to any demand by the Administrative Agent for the return of any Payment received, including without limitation any defense based on "discharge for value" or any similar doctrine.

Each Payment Recipient hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under any of the immediately preceding three paragraphs or under the indemnification provisions of this Agreement.

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In the event that a Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), the Borrower and each other Loan Party hereby agrees that (x) the Administrative Agent shall be subrogated to all the rights of such Payment Recipient with respect to such amount (including, without limitation, the right to sell and assign the Loans (or any portion thereof), which were subject to the Erroneous Payment Return Deficiency) and (y) a Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Secured Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Payment is, and solely with respect to the amount of such Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for the purpose of making a payment to satisfy certain Obligations and is not otherwise repaid or returned to a Loan Party by the Administrative Agent, any Lender or any of their respective Affiliates, whether pursuant to a legal proceeding or otherwise. For the avoidance of doubt, no assignment of an Erroneous Payment Return Deficiency will reduce the Commitments of any Payment Recipient and such Commitment shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to the assignment of an Erroneous Payment Return Deficiency, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Payment Recipient under the Loan Documents with respect to each Erroneous Payment Return Deficiency.

Each party's obligations, agreements and waivers under this <u>Article VIII</u> shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Secured Obligations (or any portion thereof) under any Loan Document. Notwithstanding anything to the contrary herein or in any other Loan Document, this <u>Article VIII</u> will not create any additional Secured Obligations or otherwise increase or alter such Secured Obligations.

No Lender shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Lenders in accordance with the terms thereof. In the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative 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 Administrative Agent, as agent for and representative of the Lenders (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 Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Administrative Agent on behalf of the Lenders at such sale or other disposition. Each Lender, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Secured Obligations, to have agreed to the foregoing provisions.

Notwithstanding anything herein to the contrary, neither any Lead Arranger nor any Joint Bookrunner shall have any duties or obligations under this Agreement or any other Loan

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Document (except in its capacity, as applicable, as a Lender or an Issuing Bank), but all such Persons shall have the benefit of the indemnities provided for hereunder, including under <u>Section</u> <u>9.03</u>, fully as if named as an indemnitee or indemnified person therein and irrespective of whether the indemnified losses, claims, damages, liabilities and/or related expenses arise out of, in connection with or as a result of matters arising prior to, on or after the effective date of any Loan Document.

Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of the Borrower) on a pro rata basis (determined as of the time that the applicable payment is sought based on each Lender's ratable share at such time) and hold harmless each Agent-Related Person against any and all Indemnified Liabilities incurred by it; <u>provided</u> that (a) no Lender shall be liable for payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment of a court of competent jurisdiction to have resulted from such Agent-Related Person's own gross negligence or willful misconduct (and no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this paragraph) and (b) to the extent any Issuing Bank is entitled to indemnification under this paragraph solely in its capacity and role as an Issuing Bank, only the Revolving Lenders shall be required to indemnify such Issuing Bank in accordance with this paragraph (determined as of the time that the applicable payment is sought based on each Revolving Lender's Applicable Percentage thereof at such time). In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this paragraph 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 the Administrative Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including the fees, disbursements and other charges of counsel) incurred by the Administrative Agent in connection with preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights and responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such costs or expenses by or on behalf of the Borrower.

To the extent required by any applicable Requirements of Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of <u>Section 2.17</u>, each Lender shall indemnify the Administrative Agent against, and shall make payable in respect thereof within 30 days after demand therefor, all Taxes and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the U.S. Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate documentation was not delivered or not property executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective), whether or not such Tax was correctly or legally imposed or asserted. 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

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under this Agreement, any other Loan Document or otherwise against any amount due to the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all other obligations under any Loan Document. For the avoidance of doubt, the term "Lender" in this Article VIII shall include any Issuing Bank.

Each Lender party to this Agreement hereby appoints the Administrative Agent and Collateral Agent to act as its agent under and in connection with the relevant Security Documents.

The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders, Affiliated Lenders, Net Short Lenders or the TL Threshold. Without limiting the generality of the foregoing, the Administrative Agent shall not (a) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is a Disqualified Lender, Affiliated Lender, Net Short Lender or TL Threshold Lender or (b) have any liability with respect to or arising out of any assignment or participation of Loans or Commitments, or disclosure of confidential information, to any Disqualified Lender, Affiliated Lender or Net Short Lender or TL Threshold Lender.

All provisions of this <u>Article VIII</u> applicable to the Administrative Agent shall apply to the Collateral Agent and the Collateral Agent shall be entitled to all the benefits and indemnities applicable to the Administrative Agent under this Agreement.

ARTICLE IX

MISCELLANEOUS

SECTION 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, e-mail or other electronic transmission, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If to any Loan Party, to:

Entrata, Inc.

4205 Chapel Ridge Rd

Lehi, UT 84048

Attention: General Counsel

Email: legal@entrata.com

With copies to:

Silver Lake

55 Hudson Yards

550 West 34th Street, 40th Floor

New York, NY 10001

Attention: Justin Hamill

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Email: justin.hamill@silverlake.com

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Catherine Burns

Email: catherine.burns@stblaw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If to the Administrative Agent (including in connection with extensions of credit or payments made to the Administrative Agent and/or with respect to Letters of Credit with JPMorgan Chase Bank, N.A. as the Issuing Bank) or the Collateral Agent, to such recipients as notified to the Borrower on or about the date of this Agreement and as may be notified to the Borrower from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If to any other Issuing Bank, to it at its address (or fax number or email address) most recently specified by it in a notice delivered to the Administrative Agent, the Borrower (or, in the absence of any such notice, to the address (or fax number or email address) set forth in the Administrative Questionnaire of the Lender that is serving as such Issuing Bank or is an Affiliate thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If to any other Lender, to it at its address (or fax number or email address) set forth in its Administrative Questionnaire.

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by fax or other electronic transmission shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).

The Borrower may change its address, email or facsimile number for notices and other communications hereunder by notice to the Administrative Agent, the Administrative Agent may change its address, email or facsimile number for notices and other communications hereunder by notice to the Borrower and the Lenders may change their address, email or facsimile number for notices and other communications hereunder by notice to the Administrative Agent. Notices and other communications to the Lenders and the Issuing Banks hereunder may also be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures reasonably approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices to any Lender or Issuing Bank pursuant to <u>Article II</u> if such Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR

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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 "<u>Agent Parties</u>") have any liability to the Borrower, any Lender, any Issuing Bank 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, any Loan Party's or the Administrative Agent's transmission of Borrower Materials or notices through the Platform, any other electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses have resulted from the willful misconduct, bad faith or gross negligence of the Administrative Agent or any of its Related Parties, as applicable.

The Administrative Agent, the Issuing Banks and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices and Borrowing Requests) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. All telephonic notices to, and other telephonic communications with, the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

SECTION 9.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay by the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the issuance, amendment, renewal or extension of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, the Collateral Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, neither any Loan Document nor any provision thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower, the Administrative Agent (to the extent that such waiver, amendment or modification does not affect the rights, duties, privileges or obligations of the Administrative Agent under this Agreement, the

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Administrative Agent shall execute such waiver, amendment or other modification to the extent approved by the Required Lenders) and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent of the Required Lenders; <u>provided</u> that no such agreement 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;increase the Commitment of any Lender without the written consent of such Lender (but not the Required Lenders) (it being understood that a waiver of any condition precedent set forth in <u>Section 4.02</u> or the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an increase of any Commitment of any 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;reduce the principal amount of any Loan or LC Disbursement (it being understood that a waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute a reduction in principal) or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders) (it being understood that any change to the definition of "First Lien Leverage Ratio" or any other financial ratio or, in each case, the component definitions thereof shall not constitute a reduction of interest or fees); <u>provided</u> that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay default interest pursuant to <u>Section 2.13(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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;postpone the maturity of any Loan (it being understood that a waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension of any maturity date), or the date of any scheduled amortization payment of the principal amount of any Term Loan under <u>Section</u> <u>2.10</u> or the applicable Incremental Facility Amendment, Refinancing Amendment or Loan Modification Agreement, or the reimbursement date with respect to any LC Disbursement, or any date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby (but not the Required 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;change any of the provisions of this Section without the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders); <u>provided</u> that any such change which is in favor of a Class of Lenders holding Loans maturing after the maturity of other Classes of Lenders (and only takes effect after the maturity of such other Classes of Loans or Commitments) will require the written consent only of the Required Lenders with respect to each Class directly and adversely affected 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;lower the percentage set forth in the definition of "Required Lenders" or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (or each Lender of such Class, as the case may be) (but not the Required Lenders),

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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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;release all or substantially all the value of the Guarantees under the Guarantee Agreement (except as expressly provided in the Loan Documents) without the written consent of each Lender (other than a 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;release all or substantially all the Collateral from the Liens of the Security Documents, without the written consent of each Lender (other than a Defaulting Lender), except as expressly provided in the Loan 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;change the currency in which any Loan is denominated, without the written consent of each Lender directly affected thereby (but not the Required 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;change any of the provisions of Section 7.03, or Section 4.02 of the Collateral Agreement and/or the similar "waterfall" provisions in the other Security Documents referred to therein, without the written consent of each Lender directly and adversely affected thereby, 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;contractually subordinate (a) the Liens securing any of the Term Loans on all or substantially all of the Collateral to the liens securing any other Indebtedness for borrowed money or (b) any of the Term Loans in contractual right of payment to any other Indebtedness for borrowed money, in each case, without the written consent of each Lender directly and adversely affected thereby, except in the case of (x) any Indebtedness that is permitted by this Agreement as in effect on the Effective Date to rank senior in payment or lien priority to the Term Loans, (y) any "debtor in possession" facility (or similar facility under applicable law) or (z) any other Indebtedness (including to the extent exchanged for, or utilized to refinance, Term Loans) so long as each Term Lender was offered the opportunity to participate in such Indebtedness on a ratable basis;

<u>provided</u>, <u>further</u>, that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent or the Issuing Bank without the prior written consent of the Administrative Agent, Collateral Agent or the Issuing Bank, as the case may be, including, without limitation, any amendment of this Section, (B) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to cure any ambiguity, omission, mistake, error, defect or inconsistency, (C) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to (i) increase the interest rates (including any interest rate margins or interest rate floors), fees and other amounts payable to any Class or Classes of Lenders hereunder and/or (ii) add, increase, expand and/or extend call protection provisions and prepayment premiums and any "most favored nation" provisions benefiting any Class or Classes of Lenders hereunder, in each case of this clause (C), in connection with the issuance or incurrence of any Incremental Facilities or other Indebtedness permitted hereunder, where the terms of any such Incremental Facilities or other Indebtedness are more favorable to the lenders thereof than the corresponding terms applicable to other Loans or Commitments then existing hereunder, and it is intended that one or more then-existing Classes of Loans or Commitments under this Agreement share in the benefit of such more favorable terms in order to comply with the provisions hereof relating to the incurrence of such Incremental Facilities or other Indebtedness, (D) this Agreement and any other Loan Document may be amended solely with the consent of the Administrative Agent and

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the Borrower without the need to obtain the consent of any other Lender if such amendment is delivered in order to make the terms of this Agreement or any other Loan Document more restrictive (or otherwise less favorable) to the Borrower and its Restricted Subsidiaries (as determined by the Borrower) and (E) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into solely by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time ("<u>Required Class Lenders</u>"). Notwithstanding the foregoing, (a) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, the Borrower (i) 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 Loan Documents and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior to such inclusion, (b) this Agreement and other Loan Documents may be amended or supplemented by an agreement or agreements in writing entered into by the Administrative Agent and the Borrower or any Loan Party as to which such agreement or agreements is to apply, without the need to obtain the consent of any Lender, to include "parallel debt" or similar provisions, and any authorizations or granting of powers by the Lenders and the other Secured Parties in favor of the Collateral Agent, in each case required to create in favor of the Collateral Agent any security interest contemplated to be created under this Agreement, or to perfect any such security interest, where the Administrative Agent shall have been advised by its counsel that such provisions are necessary or advisable under local law for such purpose (with the Borrower hereby agreeing to, and to cause their subsidiaries to, enter into any such agreement or agreements upon reasonable request of the Administrative Agent promptly upon such request) and (c) upon notice thereof by the Borrower to the Administrative Agent with respect to the inclusion of any previously absent financial maintenance covenant or other covenant, this Agreement shall be amended by an agreement in writing entered into by the Borrower and the Administrative Agent without the need to obtain the consent of any Lender to include any such covenant and any related equity cure provision on the date of the incurrence of the applicable Indebtedness to the extent required by the terms of such definition or section. Notwithstanding the foregoing, amendments to or waivers of guarantees, collateral security documents and related documents in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and the Borrower and may be, together with this Agreement and the other Loan Documents, amended and waived with the consent of the Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local law or advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

Notwithstanding anything to the contrary contained herein, if any Lender does not accept or reject a written request by the Borrower for a consent, waiver, amendment of or in relation to any of the terms of the Loan Documents prior to 5:00 p.m. (New York time) on the date that is ten (10) Business Days following the date on which such written request is delivered to such

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Lender (or a longer time period agreed to by the Borrower), then at the option of the Borrower, such Lender's Commitments, Loans and/or participations shall not be included for the purpose of calculating the total Commitments, Loans or participations when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of total Commitments, Loans and/or participation has been obtained to approve that request (provided that for the avoidance of doubt, this sentence shall not apply to any request by the Borrower for a consent, waiver or amendment for which the consent of each Lender affected thereby, each Lender directly affected thereby or each Lender directly and adversely affected thereby, as the case may be, would otherwise be required pursuant to Section 9.02).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any proposed amendment, modification, waiver or termination (a "<u>Proposed</u> <u>Change</u>") requiring the consent of all Lenders (or all Lenders of a Class) or all directly and adversely affected Lenders (or all directly and adversely affected Lenders of a Class), if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is required and not obtained as described in paragraph (b) of this Section being referred to as a "<u>Non-Consenting Lender</u>"), then, the Borrower may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in <u>Section 9.04</u>), all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that (a) the Borrower shall have received the prior written consent of the Administrative Agent to the extent such consent would be required under <u>Section 9.04(b)</u> for an assignment of Loans or Commitments, as applicable (and, if a Revolving Commitment is being assigned, each Issuing Bank), which consent shall not unreasonably be withheld, (b) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding par principal amount of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts (including any amounts under <u>Section 2.11(a)(i)</u>), payable to it hereunder from or on behalf of the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (c) unless waived, the Borrower or such Eligible Assignee shall have paid to the Administrative Agent the processing and recordation fee specified in <u>Section 9.04(b)</u>. Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, Revolving Commitments, Revolving Exposure and Term Loans of any Lender that is at the time a Defaulting Lender shall not have any voting or approval rights under the Loan Documents and shall be excluded in determining whether all Lenders (or all Lenders of a Class), all affected Lenders (or all affected Lenders of a Class), Required Class Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to this <u>Section 9.02</u>); <u>provided</u> that (i) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender and (ii) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated Lender (other than an Affiliated Debt Fund) hereby agrees that, if a proceeding under the U.S. Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law shall be commenced by or against the Borrower or any other Loan Party at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the Loans held by such Affiliated Lender in any manner in the Administrative Agent's sole discretion, unless the Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Loans held by it as the Administrative Agent directs; <u>provided</u> that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) in connection with any plan of reorganization to the extent any such plan of reorganization proposes to treat any Secured Obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the proposed treatment of similar Secured Obligations held by Lenders that are not Affiliates of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Without any further consent of the Lenders, the Administrative Agent and the Collateral Agent shall be authorized to negotiate, execute and deliver on behalf of the Secured Parties any Intercreditor Agreement in a form substantially consistent with <u>Exhibit E</u> or <u>Exhibit F</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, only the Required Revolving Lenders shall have the ability to waive, amend, supplement or modify the covenant set forth in <u>Section 6.10</u>, <u>Article</u> <u>VII</u> (solely as it relates to <u>Section 6.10</u>) or any component definition of the covenant set forth in <u>Section 6.10</u> (solely as it relates to <u>Section 6.10</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, in connection with any determination as to whether the Required Lenders or Required Class Lenders have (A) consented (or not consented) to any amendment or waiver of any provision of this Agreement or any other Loan Document or any departure by any Loan Party therefrom, (B) otherwise acted on any matter related to any Loan Document or (C) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, any Lender that either (1) is a Net Short Lender, (2) a TL Threshold Lender or (3) has become aware of a Default or Event of Default (other than a Default or Event of Default with respect to which such awareness is the result of the Default or Event of Default having been (x) reported or otherwise notified to such Lender by the Borrower or (y) reported or notified to all Lenders in accordance with the terms of this Agreement) and failed to, promptly upon obtaining such awareness but in any event within 10 Business Days, notify the Administrative Agent of such Default or Event of Default (clauses (1), (2) and (3), collectively, "<u>Disregarded</u> <u>Lenders</u>"), in each case shall have no right to vote any of its Loans and Commitments and shall be deemed to have voted its interest as a Lender without discretion in the same proportion as the allocation of voting with respect to such matter by Lenders who are not Disregarded Lenders; <u>provided</u> that, with respect to any TL Threshold Lender, the foregoing shall only apply to the Term Loans of such Lender in excess of the TL Threshold; <u>provided</u>, <u>further</u>, that in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is a Disregarded Lender pursuant to clause (2) of the definition thereof. For purposes of determining whether a Lender has a "net short position" on any date of determination: (i) derivative contracts with respect to the Loans and Commitments and such contracts that are the functional equivalent thereof shall be counted at the notional amount thereof in dollars, (ii) the

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notional amounts in other currencies shall be converted to the Dollar Equivalent thereof by such Lender (or its applicable Affiliate) in a commercially reasonable manner consistent with generally accepted financial practices and based on the prevailing conversion rate (determined on a mid-market basis) on the date of determination, (iii) derivative contracts in respect of an index that includes any of the Borrower or other Loan Parties or any instrument issued or guaranteed by any of the Borrower or other Loan Parties shall not be deemed to create a short position with respect to the Loans and/or Commitments, so long as (x) such index is not created, designed, administered or requested by such Lender or its Affiliates and (y) the Borrower and the other Loan Parties and any instrument issued or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than five percent (5%) of the components of such index, (iv) derivative transactions that are documented using either the 2014 ISDA Credit Derivatives Definitions or the 2003 ISDA Credit Derivative Definitions (collectively, the "<u>ISDA CDS</u> <u>Definitions</u>") shall be deemed to create a short position with respect to the Loans and/or Commitments if such Lender (or its applicable Affiliate) is a protection buyer or the equivalent thereof for such derivative transaction and (x) the Loans or the Commitments are a "Reference Obligation" under the terms of such derivative transaction (whether specified by name in the related documentation, included as a "Standard Reference Obligation" on the most recent list published by Markit, if "Standard Reference Obligation" is specified as applicable in the relevant documentation or in any other manner), (y) the Loans or the Commitments would be a "Deliverable Obligation" under the terms of such derivative transaction or (z) any of the Borrower or other Loan Parties (or its successor) is designated as a "Reference Entity" under the terms of such derivative transaction, (v) credit derivative transactions or other derivatives transactions not documented using the ISDA CDS Definitions shall be deemed to create a short position with respect to the Loans and/or Commitments if such transactions are functionally equivalent to a transaction that offers the Lender (or its applicable Affiliate) protection in respect of the Loans or the Commitments, or as to the credit quality of any of the Borrower or other Loan Parties other than, in each case, as part of an index so long as (x) such index is not created, designed, administered or requested by such Lender (or its applicable Affiliate) and (y) the Borrower and other Loan Parties and any instrument issued or guaranteed by any of the Borrower or other Loan Parties, collectively, shall represent less than five percent (5%) of the components of such index and (vi) in connection with any such amendment, waiver, action or direction, each Lender shall reasonably inquire as to whether its Ethically Screened Affiliates have any interest in any Loans and Commitments and/or any applicable total return swap, total rate of return swap, credit default swap or other derivative contract, and any such interests therein shall only be included in determining whether such Lender (alone or together with its Affiliates) is a Net Short Lender to the extent determined from such reasonable inquiry (and any interests therein not so determinable shall be disregarded) (this clause (vi), the "<u>ESA Rule</u>"). In connection with any such determination, each Lender shall promptly notify the Administrative Agent in writing that it is a Net Short Lender, or shall otherwise be deemed to have represented and warranted to the Borrower and the Administrative Agent that it is not a Net Short Lender (it being understood and agreed that the Borrower and the Administrative Agent shall be entitled to rely on each such representation and deemed representation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Article VII for the benefit of all the Lenders, the Issuing Banks and the Secured Parties; <u>provided</u>, <u>however</u>, that the foregoing shall

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not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing Banks from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Bank, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with <u>Section 9.08</u> (subject to the terms of <u>Section 2.18</u>) or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and <u>provided</u>, <u>further</u>, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article VII and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to <u>Section 2.18</u>, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

SECTION 9.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses; Indemnity; Damage Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay, if the Effective Date occurs, (i) all reasonable and documented or invoiced out of pocket expenses incurred by the Administrative Agent, the Collateral Agent, the Lead Arrangers, the Joint Bookrunners and their Affiliates (without duplication), including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and to the extent reasonably determined by the Administrative Agent to be necessary one local counsel in each applicable jurisdiction or otherwise retained with the Borrower's consent, in each case for the Administrative Agent, the Collateral Agent, the Lead Arrangers and the Joint Bookrunners, and to the extent retained with the Borrower's consent, consultants, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof and (ii) all reasonable and documented or invoiced out-of-pocket expenses incurred by the Administrative Agent and the Collateral Agent, each Issuing Bank, the Lead Arrangers, the Joint Bookrunners or any Lender, including the fees, charges and disbursements of counsel for the Administrative Agent and the Collateral Agent, the Issuing Banks, the Lead Arrangers, the Joint Bookrunners and the Lenders, in connection with the enforcement or protection of their respective rights in connection with the Loan Documents, including their respective rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; <u>provided</u> that such counsel shall be limited to one lead counsel and one local counsel in each applicable jurisdiction and, in the case of a conflict of interest, one additional counsel per class of similarly situated affected parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall indemnify each Agent, each Issuing Bank, each Lender, the Lead Arrangers and the Joint Bookrunners and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented or invoiced out-of-pocket fees and expenses of one counsel and one local counsel in each applicable jurisdiction (and, in the case of a conflict of interest, where the Indemnitee affected by such conflict notifies the Borrower of the existence of such conflict and thereafter retains its own counsel, one additional counsel per class of similarly situated affected Indemnitees) for all Indemnitees (which may include a single special counsel acting in multiple jurisdictions),

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incurred by or asserted against any Indemnitee by any third party or by the Borrower or any Subsidiary arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any other agreement or instrument contemplated thereby, the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) to the extent in any way arising from or relating to any of the foregoing, any actual or alleged presence or Release of Hazardous Materials on, at or from any property currently or formerly owned or operated by the Borrower or any Restricted Subsidiary or any other Environmental Liability related to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any Subsidiary and regardless of whether any Indemnitee is a party thereto (collectively, "<u>Indemnified</u> <u>Liabilities</u>"); <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties or (ii) any dispute between or among Indemnitees not arising from an act or omission by the Borrower or any of the Restricted Subsidiaries except that each Agent, the Lead Arrangers and the Joint Bookrunners shall be indemnified in their capacities as such to the extent that none of the exceptions set forth in clause (i) applies to such Person at such time. This <u>Section 9.03(b)</u> shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert, and the Borrower and each Loan Party hereby waives, any claim against the Administrative Agent, any Lead Arranger, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "<u>Lender-Related Person</u>") for any losses, claims, damages, liabilities or related expenses arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet), other than losses, claims, damages, liabilities or related expenses resulting from the willful misconduct, bad faith or gross negligence of such Lender-Related Person or any of its Related Parties, and (ii) no party hereto shall assert, and each such party hereby waives, any losses, claims, damages, liabilities or related expenses against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; <u>provided</u> that, nothing in this <u>Section 9.03(c)</u> shall relieve the Borrower and each Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in <u>Section 9.03(b)</u>, against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral Agent or any Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, Collateral Agent or Issuing Bank, as the case may be, such Lender's pro rata share (determined as of the

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time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expenses, as the case may be, was incurred by or asserted against the Administrative Agent, Collateral Agent or Issuing Bank, in its capacity as such. For purposes hereof, a Lender's "pro rata share" shall be determined based upon its share of the aggregate Revolving Exposure, outstanding Term Loans and unused Commitments at the time. The obligations of the Lenders under this paragraph (c) are subject to the last sentence of <u>Section 2.02(a)</u> (which shall apply <u>mutatis mutandis</u> to the Lenders' obligations under this paragraph (c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable law, none of the Borrower shall assert, and each hereby waives, any claim against any Indemnitee for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet); <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such damages are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted from the gross negligence or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;All amounts due under this Section shall be payable not later than thirty (30) days after written demand therefor; <u>provided</u>, <u>however</u>, that any Indemnitee shall promptly refund an indemnification payment received hereunder to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such payment pursuant to this <u>Section 9.03</u>.

SECTION 9.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) except as set forth in <u>Section 6.03</u> (or in connection with any transaction that would be subject to, and permitted by, <u>Section 6.03</u> if it were structured as a merger, consolidation or amalgamation and otherwise complies with all requirements of <u>Section 6.03</u> applicable to mergers, consolidations and amalgamations), the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (ii) no assignment shall be made to any Defaulting Lender or any of its Subsidiaries, or any Persons who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (ii) and (iii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of the Issuing Bank that issued any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Bank and the Lenders) 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 paragraphs (b)(ii) and (g) below, any Lender may assign to one or more Eligible Assignees all or a portion of its rights and obligations

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under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent of (A) the Borrower (such consent (except with respect to assignments to competitors of the Borrower or any Subsidiary) not to be unreasonably withheld or delayed); <u>provided</u> that no consent of the Borrower shall be required for an assignment (1) by a Term Lender to any Lender or an Affiliate of any Lender so long as such assignee Lender, together with its Affiliates, will hold less than 20% of the then outstanding Term Loans of the applicable Class after giving effect to such assignment (this clause (1), the "<u>TL Threshold</u>", and any Lender holding Term Loans in excess of the TL Threshold without the consent (whether given prospectively or retroactively, but which consent may not be subsequently withdrawn once given) of the Borrower, a "<u>TL Threshold Lender</u>"), (2) by a Term Lender to an Approved Fund, (3) by a Revolving Lender to any other Revolving Lender, (4) if an Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> has occurred and is continuing unless, in the case of clause (4) above only, such assignment is to a competitor of the Borrower or any Subsidiary; and <u>provided</u>, <u>further</u>, that the Borrower shall have the right to withhold its consent to any assignment if, in order for such assignment to comply with applicable law, any Loan Party would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority, (B) the Administrative Agent (such consent not to be unreasonably withheld or delayed); <u>provided</u> that no consent of the Administrative Agent shall be required for an assignment of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund or to the Borrower or any Affiliate thereof or to an Affiliated Lender or Affiliated Debt Fund and (C) solely in the case of assignments of Revolving Loans and Revolving Commitments to an Eligible Assignee, each Issuing Bank (in each case, such consent not to be unreasonably withheld or delayed); <u>provided</u> that, for the avoidance of doubt, no consent of any Issuing Bank shall be required for an assignment of all or any portion of a Term Loan or Term Commitment. Notwithstanding anything in this <u>Section 9.04</u> to the contrary, if the consent of the Borrower is required by this paragraph with respect to any assignment of Term Loans and the Borrower has not given the Administrative Agent written notice of its objection to such assignment within ten (10) Business Days after written notice to the Borrower, the Borrower shall be deemed to have consented to such assignment. In connection with obtaining the Borrower's consent to assignments of Term Loans, Term Commitments, Revolving Loans and Revolving Commitments in accordance with this Section, (i) the Borrower shall be permitted to designate in writing to the Administrative Agent up to two additional individuals (which, for the avoidance of doubt, may include officers or employees of the Sponsor) who shall be copied on any such consent requests (or receive separate notice of such proposed assignments) from the Administrative Agent and (ii) any TL Threshold Lender requesting the Borrower's consent pursuant to the foregoing shall concurrently notify the Administrative Agent in writing of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Assignments shall be subject to the following additional conditions: (A) 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 trade date specified in the Assignment and Assumption with respect to such assignment or, if no trade date is so specified, as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than, in the case of a Revolving Loan or Revolving Commitment, $5,000,000 or, in the case of a Term Loan, $1,000,000, unless the Borrower and the Administrative Agent otherwise consent (such consent not to be unreasonably withheld or delayed); <u>provided</u> that no such

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consent of the Borrower shall be required if an Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> has occurred and is continuing; <u>provided</u>, further, that concurrent assignments to or from Affiliates and groups of funds will be aggregated and treated as a single assignment for purposes of determining whether such minimum amount has been met, (B) 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 subclause (B) shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans, (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption (which shall include a representation by the assignee that it meets all the requirements to be an Eligible Assignee), together (unless waived by the Administrative Agent) with a processing and recordation fee of $3,500; <u>provided</u> that assignments made pursuant to <u>Section 2.19(b</u>) or <u>Section 9.02(c)</u> shall not require the signature of the assigning Lender to become effective; and (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent any tax documentation required by <u>Section 2.17(e)</u> and an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws and (E) unless the Borrower otherwise consents, no assignment of all or any portion of the Revolving Commitment of a Lender that is also an Issuing Bank may be made unless (1) the assignee shall be or become an Issuing Bank and assume a ratable portion of the rights and obligations of such assignor in its capacity as Issuing Bank, or (2) the assignor agrees, in its discretion, to retain all of its rights with respect to and obligations to make or issue Letters of Credit hereunder in which case the Applicable Fronting Exposure of such assignor may exceed such assignor's Revolving Commitment for purposes of <u>Section</u> <u>2.05(b)</u> by an amount not to exceed the difference between the assignor's Revolving Commitment prior to such assignment and the assignor's Revolving Commitment following such assignment; <u>provided</u> that no such consent of the Borrower shall be required if an Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> has occurred and is continuing.

&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 paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, 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 Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption 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 (and subject to the obligations and limitations of) <u>Sections 2.15</u>, <u>2.17</u> and <u>9.03</u> and to any fees payable hereunder that have accrued for such Lender's account but have not yet been paid). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 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 paragraph (c)(i) of this Section.

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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 one of its offices a copy of each Assignment and Assumption delivered to it, each Affiliated Lender Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal and interest amounts of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks 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. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and, solely with respect to its Loans or Commitments, any Lender at any reasonable time and from time to time upon reasonable prior notice. Notwithstanding the foregoing, in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender or participant is an Affiliated Lender, nor shall the Administrative Agent be obligated to monitor the aggregate amount of the Loans or Incremental Term Loans held by Affiliated Lenders. The parties intend that any interest in or with respect to the Loans under this Agreement be treated as being issued and maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any regulations thereunder (and any successor provisions), including without limitation under United States Treasury Regulations Section 5f.103-1(c) and Proposed Regulations Section 1.163-5 (and any successor provisions), and the provisions of this Agreement shall be construed in a manner that gives effect to such intent. Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, if any Lender was a Disqualified Lender at the time of the assignment of any Loans or Commitments to such Lender, following written notice from the Borrower to such Lender and the Administrative Agent: (1) such Lender shall promptly assign all Loans and Commitments held by such Lender to an Eligible Assignee; <u>provided</u> that (A) the Administrative Agent shall not have any obligation to the Borrower, such Lender or any other Person to find such a replacement Lender, (B) the Borrower shall not have any obligation to such Disqualified Lender or any other Person to find such a replacement Lender or accept or consent to any such assignment to itself or any other Person subject to the Borrower's consent in accordance with <u>Section 9.04(b)(ii)</u> and (C) the assignment of such Loans and/or Commitments, as the case may be, shall be at the lesser of (x) the par principal amount of such Loans and/or Commitments at such time and (y) the amount paid by such Lender for such Loans and/or Commitments; (2) such Lender shall not have any voting or approval rights under the Loan Documents and shall be excluded in determining whether all Lenders (or all Lenders of any Class), all affected Lenders (or all affected Lenders of any Class), Required Class Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to <u>Section</u> <u>9.02</u>); <u>provided</u> that (x) the Commitment of any Disqualified Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Disqualified Lender adversely and in a manner that is disproportionate to other affected Lenders shall require the consent of such Disqualified Lender; and (3) no Disqualified Lender is entitled to receive information provided solely to Lenders by the Administrative Agent or any Lender or will be

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permitted to attend or participate in meetings attended solely by the Lenders and the Administrative Agent, other than the right to receive notices of Borrowings, notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</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;Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and any tax documentation required by <u>Section 2.17(e)</u> (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(ii) of this Section and any written consent to such assignment required by paragraph (b)(i) or (ii) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 9.20</u>, the words "execution," "signed," "signature" and words of like import in any Assignment and Assumption 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender may sell participations to one or more banks or other Persons (other than to a Person that is not an Eligible Assignee (<u>provided</u> that, for the purposes of this provision, Disqualified Lenders shall be deemed to be Eligible Assignees unless a list of Disqualified Lenders has been made available to all Lenders by the Borrower)) (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it) with, in the case of Revolving Loans and Revolving Commitments, the prior written consent of the Borrower (such consent (except with respect to participations to competitors of any Parent Entity, the Borrower or any Subsidiary) not to be unreasonably withheld or delayed); <u>provided</u> that no consent of the Borrower shall be required for a participation (1) by a Revolving Lender to any other Revolving Lender or (2) if an Event of Default under <u>Section 7.01(a)</u>, (b), (h) or (i) has occurred and is continuing unless, in the case of clause (2) above only, such participation is to a competitor of any Parent Entity, the Borrower or any Subsidiary; and <u>provided</u>, further, that the Borrower shall have the right to withhold its consent to any participation if, in order for such participation to comply with applicable law, any Loan Party would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority; <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 Issuing Banks 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. Notwithstanding anything in this <u>Section 9.04</u> to the contrary, if the consent of the Borrower is required by this paragraph with respect to any participation of Revolving Loans, any attempted participation without such consent shall be null and void ab initio. 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 the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; <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 the first proviso to <u>Section 9.02(b)</u> that directly and adversely affects such Participant. Subject to paragraph (c)(ii) of this Section, the

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Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.15</u> and <u>2.17</u> to the same extent as if it were a Lender (subject to the requirements and limitations thereof, it being understood that any tax documentation required by <u>Section 2.17(e)</u> shall be provided solely to the Lender that sold the participation) and had acquired its interest by assignment pursuant to paragraph (b) of this Section; <u>provided</u> that such Participant agrees to be subject to <u>Section 2.18</u> as though it were an assignee under paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 9.08</u> as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to <u>Section 2.18</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 2.15</u> or <u>Section 2.17</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent or such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.

&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 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 principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "<u>Participant Register</u>"); <u>provided</u> that 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 or its other obligations under any Loan Document) except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding to establish that such Commitment, Loan, or other obligation is in registered form under the Code or Treasury Regulations, including, without limitation, Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive (absent manifest error), and each Person whose name is recorded in the Participant Register pursuant to the terms hereof shall be treated as a Participant for all purposes of this Agreement, notwithstanding notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&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, and this Section 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;In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans

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previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, any Lender (a "<u>Granting Lender</u>") may grant to a special purpose funding vehicle (an "<u>SPV</u>"), 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 to 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, such party will 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 or any State thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 9.04</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 Administrative Agent) providing liquidity or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) 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. The Borrower agrees that each SPV shall be entitled to the benefits of <u>Sections</u> <u>2.15</u> and <u>2.17</u> to the same extent as if it were a Lender (subject to the requirements and limitations thereof, it being understood that any tax documentation required by <u>Section 2.17(e)</u> shall be provided solely to the Granting Lender) and had acquired its interest by assignment pursuant to paragraph (b) of this Section; <u>provided</u> that such SPV agrees to be subject to <u>Section</u> <u>2.18</u> as though it were an assignee under paragraph (b) of this Section; provided that an SPV shall not be entitled to receive any greater payment under <u>Section 2.15</u> or <u>Section 2.17</u> than the applicable Granting Lender would have been entitled to receive, unless the grant to such SPV is made with the Borrower's prior written consent (not to be unreasonably withheld, conditioned or delayed) or such entitlement to receive a greater payment results from a Change in Law that occurs after the SPV acquired the applicable grant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement to the Affiliated Lenders (and such Affiliated Lenders may contribute the same to the Borrower), subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Affiliated Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and will not be permitted to attend or participate in meetings attended solely by the Lenders and the Administrative Agent, other than the right to receive notices of Borrowings, notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to <u>Article II</u>; <u>provided</u>, <u>however</u>, that the foregoing provisions of this clause will not apply to any Affiliated Debt Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;for purposes of any amendment, waiver or modification of any Loan Document (including such modifications pursuant to <u>Section 9.02</u>), or, subject to <u>Section 9.02(e)</u>, any plan of reorganization or similar dispositive restructuring plan pursuant to the U.S. Bankruptcy Code, that in either case does not require the consent of each Lender or each affected Lender or does not adversely affect such Affiliated Lender in any material respect as compared to other Lenders, Affiliated Lenders will be deemed to have voted in the same proportion as the Lenders that are not Affiliated Lenders voting on such matter; and each Affiliated Lender hereby acknowledges, agrees and consents that if, for any reason, its vote to accept or reject any plan pursuant to the U.S. Bankruptcy Code is not deemed to have been so voted, then such vote will be (x) deemed not to be in good faith and (y) "designated" pursuant to Section 1126(e) of the U.S. Bankruptcy Code such that the vote is not counted in determining whether the applicable class has accepted or rejected such plan in accordance with Section 1126(c) of the U.S. Bankruptcy Code; <u>provided</u> that Affiliated Debt Funds will not be subject to such voting limitations and will be entitled to vote as any other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate principal amount of Term Loans purchased by assignment pursuant to this <u>Section 9.04</u> and held at any one time by Affiliated Lenders (other than Affiliated Debt Funds) may not exceed 30.0% of the outstanding principal amount of all Term Loans calculated at the time such Term Loans are purchased (such percentage, the "<u>Affiliated Lender Cap</u>"); <u>provided</u> that to the extent any assignment to an Affiliated Lender (other than Affiliated Debt Funds) would result in the aggregate principal amount of all Term Loans held by Affiliated Lenders (other than Affiliated Debt Funds) exceeding the Affiliated Lender Cap, the assignment of such excess amount will be void *ab initio*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Affiliated Lenders may not purchase Revolving Loans; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;the assigning Lender and the Affiliated Lender purchasing such Lender's Loans shall execute and deliver to the Administrative Agent an assignment agreement substantially in the form of <u>Exhibit B</u> hereto (an "<u>Affiliated</u> <u>Lender Assignment and Assumption</u>"); <u>provided</u> that each Affiliated Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within 10 Business Days) if it acquires any Person who is also a Lender,

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and each Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within 10 Business Days) if it becomes an Affiliated Lender.

Notwithstanding anything in <u>Section 9.02</u> or the definition of "Required Lenders" to the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative Agent, Collateral Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, the aggregate amount of Loans held by any Affiliated Debt Funds shall be deemed to be not outstanding to the extent in excess of 49.9% of the amount required for all purposes of calculating whether the Required Lenders have taken any actions.

Each Affiliated Lender by its acquisition of any Loans outstanding hereunder will be deemed to have waived any right it may otherwise have had to bring any action in connection with such Loans against the Administrative Agent, in its capacity as such, and will be deemed to have acknowledged and agreed that the Administrative Agent shall have no liability for any losses suffered by any Person as a result of any purported assignment to or from an Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Assignments of Term Loans to any Purchasing Borrower Party shall be permitted through (A) "Dutch auction" procedures open to all Term Lenders with respect to the applicable Class or (B) open market purchases or other purchases on a pro rata or non-pro rata basis, in each case so long as (i) no Event of Default has occurred and is continuing, (ii) the Term Loans purchased are immediately cancelled and (iii) no proceeds from any loan under the Revolving Credit Facility shall be used to fund such assignments. Purchasing Borrower Parties may not purchase Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Upon any contribution of Loans to the Borrower or any Restricted Subsidiary and upon any purchase of Loans by a Purchasing Borrower Party, (A) the aggregate principal amount (calculated on the face amount thereof) of such Loans shall automatically be cancelled and retired by the Borrower on the date of such contribution or purchase (and, if requested by the Administrative Agent, with respect to a contribution of Loans, any applicable contributing Lender shall execute and deliver to the Administrative Agent an Assignment and Assumption, or such other form as may be reasonably requested by the Administrative Agent, in respect thereof pursuant to which the respective Lender assigns its interest in such Loans to the Borrower for immediate cancellation) and (B) the Administrative Agent shall record such cancellation or retirement in the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Other than in respect of any assignment made in connection with the primary syndication of Term Loans to Eligible Assignees approved by the Borrower in writing, any request for consent of the Borrower pursuant to <u>Section 9.04(b)(i)</u> or <u>Section 9.04(c)(i)</u> and related communications shall be delivered by the Administrative Agent simultaneously to (A) any recipient that is an employee of the Borrower, as designated in writing to the Administrative Agent by the Borrower from time to time (if any), (B) the chief financial officer of the Borrower or any other Responsible Officer designated by the Borrower in writing to the Administrative Agent from time to time, (C) the Sponsor as specified on <u>Schedule 9.04</u> and (D) an employee of the Sponsor designated in writing to the Administrative Agent by the Sponsor from time to time.

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SECTION 9.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance, amendment, renewal, increase, or extension of any Letter of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding (without any drawing having been made thereunder that has not been rejected or honored) and all amounts drawn or paid thereunder having been reimbursed in full, and so long as the Commitments have not expired or terminated. The provisions of <u>Sections 2.15</u>, <u>2.17</u> and <u>9.03</u> and <u>Article VIII</u> shall survive and remain in full force and effect regardless of the occurrence of the Termination Date.

Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement, in the event that, in connection with the refinancing or repayment in full of the credit facilities provided for herein, an Issuing Bank shall have provided to the Administrative Agent a written consent to the release of the Revolving Lenders from their obligations hereunder with respect to any Letter of Credit issued by such Issuing Bank (whether as a result of the obligations of the Borrower (and any other account party) in respect of such Letter of Credit having been collateralized in full by a deposit of cash with such Issuing Bank or being supported by a letter of credit that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit shall cease to be a "Letter of Credit" outstanding hereunder for all purposes of this Agreement and the other Loan Documents, and the Revolving Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with respect thereto, under <u>Section 2.05(e)</u> or <u>Section 2.05(f)</u>.

SECTION 9.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Integration; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent and the Collateral Agent or the syndication of the Loans and Commitments constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4.01</u>, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to <u>Section</u> <u>9.20</u>, delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 9.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and

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enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of Setoff</u>. If an Event of Default under <u>Section 7.01(a)</u>, <u>(b)</u>, <u>(h)</u> or <u>(i)</u> shall have occurred and be continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or such Issuing Bank to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower then due and owing under this Agreement held by such Lender or Issuing Bank, irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement and although such obligations are owed to a branch or office of such Lender or Issuing Bank different from the branch or office holding such deposit or obligated on such Indebtedness; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.22</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The applicable Lender and applicable Issuing Bank shall notify the Borrower and the Administrative Agent of such setoff and application; <u>provided</u> that any failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section. The rights of each Lender and each Issuing Bank under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or such Issuing Bank may have. Notwithstanding the foregoing, no amount set off from any Guarantor shall be applied to any Excluded Swap Obligation of such Guarantor.

SECTION 9.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Jurisdiction; Consent to Service of Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in any Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise

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have to bring any action or proceeding relating to any Loan Document against the Borrower or any other Loan Party or their respective properties in the courts of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each of parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in <u>Section 9.01</u>. Nothing in any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to their and their Affiliates' directors, officers, employees, members, partners, trustees and agents, including accountants, legal counsel and other agents and advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and any failure of such Persons to comply with this <u>Section 9.12</u> shall constitute a breach of this <u>Section 9.12</u> by the Administrative Agent, the Collateral Agent, the relevant Issuing Bank, or the relevant Lender, as applicable), (b) (x) to the extent requested by any regulatory authority or required by applicable law or by any subpoena or similar legal process or (y) to the extent necessary in connection with the exercise of remedies; <u>provided</u> that, (i) in each case, unless specifically prohibited by applicable law or court order, each Lender and the Administrative Agent shall notify the Borrower of any request by any governmental agency or representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency or other routine examinations

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of such Lender by such governmental agency) for disclosure of any such non-public information prior to disclosure of such information and (ii) in the case of clause (y) only, each Lender and the Administrative Agent shall use its reasonable best efforts to ensure that such Information is kept confidential in connection with the exercise of such remedies, and <u>provided</u>, <u>further</u>, that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by the Borrower or any of their Subsidiaries, (c) to any other party to this Agreement, (d) subject to an agreement containing confidentiality undertakings substantially similar to those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any direct, actual or prospective counterparty (or its related parties and its advisors) to any Swap Agreement, securitization or other transactions under which payments are to be made or may be made relating to any Loan Party or their Subsidiaries and its obligations under the Loan Documents, (e) with the consent of the Borrower, in the case of Information provided by the Borrower or any Subsidiary, (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower or (g) to any ratings agency, insurance provider or broker or the CUSIP Service Bureau on a confidential basis. In addition, each of the Administrative Agent, the Collateral Agent and the Lenders may disclose the existence of this Agreement and publicly available information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments and the Borrowings hereunder. For the purposes of this Section, "<u>Information</u>" means all information received from the Borrower or any Subsidiary relating to the Borrower, any Subsidiary or their business, other than any such information that is available to the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN <u>SECTION 9.12(a)</u> FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT, WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH

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LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

SECTION 9.13&nbsp;&nbsp;&nbsp;&nbsp;<u>USA Patriot Act</u>. Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of Title III of the USA Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Title III of the USA Patriot Act and the Beneficial Ownership Regulation.

SECTION 9.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Judgment Currency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Borrower in respect of any sum due to any party hereto or any holder of any obligation owing hereunder (the "<u>Applicable Creditor</u>") shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than the currency in which such sum is stated to be due hereunder (the "<u>Agreement</u> <u>Currency</u>"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrower under this Section shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

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SECTION 9.16&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fiduciary Relationship</u>. The Borrower, on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower, the other Subsidiaries and their Affiliates, on the one hand, and the Agents, the Lenders and their respective Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agents, the Lenders or their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. The Borrower acknowledges that each Agent, Lender and their respective Affiliates may have economic interests that conflict with those of the Borrower, its Subsidiaries and Affiliates.

SECTION 9.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Limitation</u>. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "<u>Maximum Rate</u>"). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the obligations hereunder.

SECTION 9.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Consent to Bail-In of Affected Financial</u> <u>Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and

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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 party hereto 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 Loan Document; 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;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.

SECTION 9.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain ERISA Matters</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, 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 for purposes of Title I of ERISA or Section 4975 of the Code) 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 prohibited 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, and the conditions for exemptive relief from the prohibitions of Section 406 of ERISA and Section 4975 of the Code are satisfied thereunder in connection with 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

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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 sub-sections (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, the Borrower and such Lender (provided that the Borrower shall not unreasonably withhold its agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition, unless either (I) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (II) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), 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, that the Administrative Agent, the Lead Arrangers or any of their respective Affiliates 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 Loan Document or any documents related hereto or thereto).

SECTION 9.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Execution of Assignments and Certain Other</u> <u>Documents</u>. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to <u>Section 9.01</u>), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "<u>Ancillary</u> <u>Document</u>") 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 Loan 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 Loan 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>, further, 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 Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii)

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upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan Party hereby (A) 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, and the Borrower and the Loan Parties, 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 Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan 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), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) 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 losses, claims, damages, liabilities or related expenses arising as a result of the failure of the Borrower and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

SECTION 9.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit</u> <u>Support</u>", and each such QFC, a "<u>Supported QFC</u>"), 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>U.S.</u> <u>Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered</u> <u>Party</u>") 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 Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that

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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 Loan 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;As used in this <u>Section 9.21</u>, the following terms have the following meanings:

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Covered Entity</u>" means 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).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>QFC</u>" has 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).

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

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| | |
|:---|:---|
| ENTRATA, INC., as the Borrower | ENTRATA, INC., as the Borrower |
| By: | /s/ Chase Harrington |
|  | Name: Chase Harrington |
|  | Title: President |

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[Signature Page – Entrata Credit Agreement]

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A., as <br>Administrative Agent and Collateral Agent | JPMORGAN CHASE BANK, N.A., as <br>Administrative Agent and Collateral Agent |
| By: | /s/ Jared Friedberg |
|  | Name: Jared Friedberg |
|  | Title: Authorized Signor |

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[Signature Page – Entrata Credit Agreement]

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A.,<br>as a Term Lender, a Revolving Lender and an<br>Issuing Bank | JPMORGAN CHASE BANK, N.A.,<br>as a Term Lender, a Revolving Lender and an<br>Issuing Bank |
| By: | /s/ Jared Friedberg |
|  | Name: Jared Friedberg |
|  | Title: Authorized Signor |

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[Signature Page – Entrata Credit Agreement]

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| | |
|:---|:---|
| BARCLAYS BANK PLC,<br>as a Revolving Lender | BARCLAYS BANK PLC,<br>as a Revolving Lender |
| By: | /s/ Adam E. Schroeder |
|  | Name: Adam E. Schroeder |
|  | Title: Vice President |

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[Signature Page – Entrata Credit Agreement]

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| | |
|:---|:---|
| GOLDMAN SACHS BANK USA,<br>as a Revolving Lender | GOLDMAN SACHS BANK USA,<br>as a Revolving Lender |
| By: | /s/ Thomas Manning |
|  | Name: Thomas Manning |
|  | Title: Authorized Signatory |

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[Signature Page – Entrata Credit Agreement]

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**Schedule 1.01(a)**

**Excluded Subsidiaries**

[\*\*\*]

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**Schedule 1.01(b)**

**Existing Letters of Credit**

[\*\*\*]

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**Schedule 2.01(a)**

**Term Commitments**

[\*\*\*]

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**Schedule 2.01(b)**

**Revolving Commitments**

[\*\*\*]

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**Schedule 3.12**

**Subsidiaries**

[\*\*\*]

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**Schedule 5.14**

**Certain Post-Closing Obligations**

[\*\*\*]

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**Schedule 5.18**

**Existing Transactions with Affiliates**

[\*\*\*]

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**Schedule 6.01**

**Existing Indebtedness**

[\*\*\*]

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**Schedule 6.02**

**Existing Liens**

[\*\*\*]

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**Schedule 6.04(f)**

**Existing Investments**

[\*\*\*]

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**Schedule 6.07**

**Existing Restrictions**

[\*\*\*]

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**Schedule 9.04**

**Notice Information for Assignments and Participations**

[\*\*\*]

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**EXHIBIT A**

**[FORM OF] ASSIGNMENT AND ASSUMPTION**

[\*\*\*]

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**EXHIBIT B**

**[FORM OF] AFFILIATED LENDER ASSIGNMENT AND ASSUMPTION**

[\*\*\*]

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**EXHIBIT C**

**FORM OF GUARANTEE AGREEMENT**

[\*\*\*]

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**EXHIBIT D**

**FORM OF COLLATERAL AGREEMENT**

[\*\*\*]

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**EXHIBIT E**

**FORM OF FIRST LIEN INTERCREDITOR AGREEMENT** 

[\*\*\*]

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**EXHIBIT F**

**FORM OF SECOND LIEN INTERCREDITOR AGREEMENT** 

[\*\*\*]

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**EXHIBIT G**

**FORM OF CLOSING CERTIFICATE** 

[\*\*\*]

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**EXHIBIT H**

**[FORM OF] INTERCOMPANY NOTE**

[\*\*\*]

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**EXHIBIT I**

**[FORM OF] SPECIFIED DISCOUNT PREPAYMENT NOTICE**

[\*\*\*]

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**EXHIBIT J**

**[FORM OF] SPECIFIED DISCOUNT PREPAYMENT RESPONSE**

[\*\*\*]

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**EXHIBIT K**

**[FORM OF] DISCOUNT RANGE PREPAYMENT NOTICE**

[\*\*\*]

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**EXHIBIT L**

**[FORM OF] DISCOUNT RANGE PREPAYMENT OFFER**

[\*\*\*]

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**EXHIBIT M**

**[FORM OF] SOLICITED DISCOUNTED PREPAYMENT NOTICE**

[\*\*\*]

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**EXHIBIT N**

**[FORM OF] SOLICITED DISCOUNTED PREPAYMENT OFFER**

[\*\*\*]

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**EXHIBIT O**

**[FORM OF] ACCEPTANCE AND PREPAYMENT NOTICE**

[\*\*\*]

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**EXHIBIT P-1**

**[FORM OF]**

**U.S. TAX COMPLIANCE CERTIFICATE**

**(For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)**

[\*\*\*]

P-1-1

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**EXHIBIT P-2**

**[FORM OF]**

**U.S. TAX COMPLIANCE CERTIFICATE**

**(For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)**

[\*\*\*]

P-2-1

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**EXHIBIT P-3**

**[FORM OF]**

**U.S. TAX COMPLIANCE CERTIFICATE**

**(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)**

[\*\*\*]

P-3-1

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**EXHIBIT P-4**

**[FORM OF]**

**U.S. TAX COMPLIANCE CERTIFICATE**

**(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)**

[\*\*\*]

P-4-1

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**EXHIBIT Q**

**[FORM OF] BORROWING REQUEST**

[\*\*\*]

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**EXHIBIT R**

**[FORM OF] INTEREST ELECTION REQUEST**

[\*\*\*]

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**EXHIBIT S**

**[FORM OF] NOTICE OF LOAN PREPAYMENT**

[\*\*\*]

## Exhibit 21.1

**Exhibit 21.1**

**<u>Subsidiaries of Entrata, Inc.</u>**

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| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation or Organization** |
| Colleen AI, LLC | Delaware |
| Colleen Technologies Ltd | Israel |
| Entrata Canada, Inc. | Canada |
| Entrata Europe, B.V. | Netherlands |
| Entrata India Private Limited Company | India |
| EntrataPay, LLC | Delaware |
| Entrata Utility, LLC | Utah |
| Homebody Insurance Agency, LLC | Utah |
| Resident Verify, LLC | Utah |
| Simplified Business Group, LLC, dba Rent Dynamics | Utah |

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