# EDGAR Filing Document

**Accession Number:** 0002028464
**File Stem:** 0001628280-26-042574
**Filing Date:** 2026-6
**Character Count:** 2083877
**Document Hash:** 67c2659534f5994a27f0a86a5d94e146
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-042574.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0001628280-26-042574

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

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20260611

**DATE AS OF CHANGE**: 20260611

**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:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296292
- **FILM NUMBER:** 261084212

**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 filed with the Securities and Exchange Commission on June 11, 2026.** 

**Registration No. 333-296292**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**AMENDMENT NO. 1 TO**

**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** |

---

**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_5001.jpg](entratalogo_5001.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 ten 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). 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."

At our request, the underwriters have reserved up to&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, or&nbsp;&nbsp;&nbsp;&nbsp; % of the shares of Class A common stock being offered pursuant to this prospectus (excluding the&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock that the underwriters have an option to purchase), for sale at the initial public offering price to certain of our directors, officers, certain employees, and other persons associated with us through a directed share program. See "Underwriting—Directed Share Program" for additional information.

**Investing in our Class A common stock involves risks. See "<u>[Risk Factors](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u>" beginning on page <u>[31](#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;  |

---

______________

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** | **J.P. Morgan** | **J.P. Morgan** | **Barclays** | **Barclays** |
| ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | | |
| **BofA Securities** | **Needham & Company** | **Raymond James** | **UBS Investment Bank** | **Wells Fargo Securities** | **William Blair** |
| ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** |
| **KeyBanc Capital Markets** | **KeyBanc Capital Markets** | **Stephens Inc.** | **Stephens Inc.** | **Truist Securities** | **Truist Securities** |
| ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** | ***(listed in alphabetical order)*** |

---

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

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![coverart2a.jpg](coverart2a.jpg)

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![coverart3a.jpg](coverart3a.jpg)

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![coverart4a.jpg](coverart4a.jpg)

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![coverart5b.jpg](coverart5b.jpg)

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![customerimpact_entrataa.jpg](customerimpact_entrataa.jpg)

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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>[31](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i6a196a47246c4bd9bad3dc0eaee81fbd_617)</u> | <u>[85](#i6a196a47246c4bd9bad3dc0eaee81fbd_617)</u> |
| <u>[INDUSTRY, MARKET](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)[,](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)[AND OTHER DATA](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)</u> | <u>[87](#i6a196a47246c4bd9bad3dc0eaee81fbd_765)</u> |
| <u>[USE OF PROCEEDS](#i6a196a47246c4bd9bad3dc0eaee81fbd_752)</u> | <u>[89](#i6a196a47246c4bd9bad3dc0eaee81fbd_752)</u> |
| <u>[DIVIDEND POLICY](#i6a196a47246c4bd9bad3dc0eaee81fbd_739)</u> | <u>[91](#i6a196a47246c4bd9bad3dc0eaee81fbd_739)</u> |
| <u>[CAPITALIZATION](#i6a196a47246c4bd9bad3dc0eaee81fbd_726)</u> | <u>[92](#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>[202](#i6a196a47246c4bd9bad3dc0eaee81fbd_882)</u> |
| <u>[PRINCIPAL STOCKHOLDERS](#i6a196a47246c4bd9bad3dc0eaee81fbd_869)</u> | <u>[209](#i6a196a47246c4bd9bad3dc0eaee81fbd_869)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i6a196a47246c4bd9bad3dc0eaee81fbd_856)</u> | <u>[212](#i6a196a47246c4bd9bad3dc0eaee81fbd_856)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i6a196a47246c4bd9bad3dc0eaee81fbd_843)</u> | <u>[220](#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>[223](#i6a196a47246c4bd9bad3dc0eaee81fbd_830)</u> |
| <u>[UNDERWRITING](#i6a196a47246c4bd9bad3dc0eaee81fbd_817)</u> | <u>[228](#i6a196a47246c4bd9bad3dc0eaee81fbd_817)</u> |
| <u>[LEGAL MATTERS](#i6a196a47246c4bd9bad3dc0eaee81fbd_804)</u> | <u>[236](#i6a196a47246c4bd9bad3dc0eaee81fbd_804)</u> |
| <u>[EXPERTS](#i6a196a47246c4bd9bad3dc0eaee81fbd_791)</u> | <u>[236](#i6a196a47246c4bd9bad3dc0eaee81fbd_791)</u> |
| <u>[WHERE YOU CAN FIND ADDITIONAL INFORMATION](#i6a196a47246c4bd9bad3dc0eaee81fbd_778)</u> | <u>[236](#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 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 of 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 agentic 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

<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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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, 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, 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:

<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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![business1bc.jpg](business1bc.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 December 31, 2025, we served 2.4 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.

![business3da.jpg](business3da.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, typically 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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![aiadvantage1a.jpg](aiadvantage1a.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.

![entrataosgraphic.jpg](entrataosgraphic.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 operators and residents benefit together, retention and satisfaction increase, driving portfolio consolidation onto our Operating System and expanding the overall network.

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![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.

**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.

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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 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)

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***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.

***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 10 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.

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

&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.

&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

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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.

&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 Class B Stockholders (as defined herein), 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.

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**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 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, including, among other things, to increase or reduce the size of our board of directors, terminate, hire, or appoint our chief executive officer, issue equity or enter into certain transactions above specified size thresholds or any transaction or agreement that results in a change in control, incur indebtedness above a specified threshold, declare dividends, amend our organizational documents, redeem or repurchase our equity securities, or adopt or approve any "poison pill," without the prior written consent of the Silver Lake Stockholders until the later of (i) the date the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) cease to beneficially own at least 10% of the number of shares of our common stock outstanding immediately prior to giving effect to the closing of this offering, and (ii) the Sunset Date (as defined herein). 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."

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**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.

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.

**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;

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

&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 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. |
| 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). 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." |

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|:---|:---|
| 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 ten 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 (the "Sunset Date") on which the number of shares of Class B common stock outstanding is less than 20% of the number of shares of our Class B common stock outstanding as of the date of the closing of this offering, after giving effect to the Class B Stock Exchange. |
|  | 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. |

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|:---|:---|
| Directed Share Program | At our request, the underwriters have reserved up to&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, or&nbsp;&nbsp;&nbsp;&nbsp; % of the shares of Class A common stock being offered pursuant to this prospectus (excluding the&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock that the underwriters have an option to purchase), for sale at the initial public offering price to certain of our directors, officers, certain employees, and other persons associated with us. The sales will be made by Goldman Sachs & Co. LLC, an underwriter of this offering, through a directed share program. The number of shares of our Class A common stock available for sale to the general public in this offering will be reduced to the extent these individuals and entities purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. See "Underwriting—Directed Share Program" for additional information. |
| Risk factors | You should carefully read the "<u>[Risk Factors](#i6a196a47246c4bd9bad3dc0eaee81fbd_590)</u>" section of this prospectus beginning on page <u>[31](#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 the Silver Lake Stockholders, Adam Edmunds, Chase Harrington, and certain of their affiliated entities and estate planning vehicles (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 an entity affiliated with Dragoneer Investment Group ("Dragoneer") (the "Class C Stockholder") for an equal number of shares of our Class C common stock 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,&nbsp;&nbsp;&nbsp;&nbsp; of which are RSUs which contain a "Good Leaver" provision ("Good Leaver RSUs") (see "Executive Compensation—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" for additional information related to Good Leaver 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 any reduction in shares issuable in settlement of certain Good Leaver RSUs resulting from the cap on their settlement value and 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

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estimated tax withholding and remittance obligations (each of which 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) (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;• 4,035,027 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 $5.85 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6,029,101 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $19.86 per share, which will vest 0% if our stock price is less than or equal to $25.24 and 100% if our stock price is $40.15 or greater as of specified vesting measurement dates and using volume weighted average trading prices of our Class A common stock over the 30 consecutive trading days preceding the applicable measurement date, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—2025 Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,818,775 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $16.98 per share, which will vest based on the achievement of certain actual or deemed per share returns to our sponsor group as of specified vesting measurement dates, with 0% vesting if such return is less than $27.32, 25% vesting such return is $27.32 and 100% if such return is $81.95 or greater, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" for additional information about these performance options), with 1,519,798 of these performance options being amended after March 31, 2026 to, among other things, change the return targets, as described in more detail in the Option Amendments discussed in "Executive Compensation—2026 IPO Equity Grants";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,092,118 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;• 3,200,000 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock granted after March 31, 2026 with an exercise price of $19.03 per share, which will vest based the achievement of target per share prices of our common stock on set measurement dates, with 0% of the shares vesting at a per share price equal to or less than $25.63 and 100% vesting at a per share price of $41.94 or greater, with linear interpolation between such thresholds (see "Executive Compensation—2026 IPO Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 988,399 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 Equity Incentive Plan (the "2026 Plan"), which will become effective prior to the completion of this offering; 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; 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;

&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;

&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no purchase of shares of our Class A common stock by certain of our directors, officers, certain employees, and other persons associated with us through a directed share program described in the section titled "Underwriting."

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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. Furthermore, the other Class B Stockholders that enter into the Stockholders Agreement, and 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 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

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accordance with the recommendations of our board of directors. The Stockholders Agreement will also specify that we will not take certain significant actions specified therein, including, among other things, to increase or reduce the size of our board of directors, terminate, hire, or appoint our chief executive officer, issue equity or enter into certain transactions above specified size thresholds or any transaction or agreement that results in a change in control, incur indebtedness above a specified threshold, declare dividends, amend our organizational documents, redeem or repurchase our equity securities, or adopt or approve any "poison pill," without the prior written consent of the Silver Lake Stockholders until the later of (i) the date the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) cease to beneficially own at least 10% of the number of shares of our common stock outstanding immediately prior to giving effect to the closing of this offering, and (ii) the Sunset Date. 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 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. 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 Class B Stockholders, 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 ten 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

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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 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

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operating performance. These fluctuations may cause you to lose all or part of your investment in our 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;

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

&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. Our amended and restated certificate of incorporation will explicitly exclude Silver Lake and its affiliates from the definition of "interested stockholder" for purposes of such provision. 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 until the later of (i) the date the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) cease to beneficially own at least 10% of the number of shares of our common stock outstanding immediately prior to giving effect to the closing of this offering, and (ii) the Sunset Date, the Silver Lake Stockholders' consent will be required for us to take certain significant actions specified therein including, among other things, to increase or reduce the size of our board of directors, terminate, hire, or appoint our chief executive officer, issue equity or enter into certain transactions above specified size thresholds or any transaction or agreement that results in a change in control, incur indebtedness above a specified threshold, declare dividends, amend our organizational documents, redeem or repurchase our equity securities, or adopt or approve any "poison pill." See "Certain Relationships and Related Party Transactions—Related Party Agreements Entered into in Connection with the Initial Public Offering—New Stockholders Agreement."

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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.

***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 Court of Chancery of the State of Delaware will be 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 directors, stockholders, or officers to us or our stockholders, (iii) any action or proceeding arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws, or (iv) any action or proceeding asserting a claim governed by the internal affairs doctrine; 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 the federal district court for the District of Delaware or other state courts of the State of Delaware.

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 provisions in the amended and restated bylaws. 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, or stockholders, which may discourage lawsuits with respect to such claims against us and our current and former directors, officers, or stockholders. 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 the Silver Lake Stockholders or their affiliates (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 2,000,000,000 shares of Class A common stock, 150,000,000 shares of Class B common stock, 150,000,000 shares of Class C common stock, and up to 100,000,000 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 | $119940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 389638 |  |  |
| 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 | 179 |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock, par value $0.001 per share: no shares authorized, issued, and outstanding, actual; 2,000,000,000 shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma; and 2,000,000,000 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; 150,000,000 shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma; and 150,000,000 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; 150,000,000 shares authorized,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and outstanding, pro forma; and 150,000,000 shares authorized,&nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro forma as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 574958 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 8201 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (526769) |  |  |
| Total stockholders' equity (deficit) | 56569 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | $446207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;• 4,035,027 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 $5.85 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6,029,101 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $19.86 per share, which will vest 0% if our stock price is less than or equal to $25.24 and 100% if our stock price is $40.15 or greater as of specified vesting measurement dates and using volume weighted average trading prices of our Class A common stock over the 30 consecutive trading days preceding the applicable measurement date, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—2025 Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,818,775 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $16.98 per share, which will vest based on the achievement of certain actual or deemed per share returns to our sponsor group as of specified vesting measurement dates, with 0% vesting if such return is less than $27.32, 25% vesting such return is $27.32 and 100% if such return is $81.95 or greater, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" for additional information about these performance options), with 1,519,798 of these performance options being amended after March 31, 2026 to, among other things, change the return targets, as described in more detail in the Option Amendments discussed in "Executive Compensation—2026 IPO Equity Grants";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,092,118 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;• 3,200,000 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock granted after March 31, 2026 with an exercise price of $19.03 per share, which will vest based the achievement of target per share prices of our common stock on set measurement dates, with 0% of the shares vesting at a per share price equal to or less than $25.63 and 100% vesting at a per share price of $41.94 or greater, with linear interpolation between such thresholds (see "Executive Compensation—2026 IPO Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 988,399 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.

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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;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock outstanding as of March 31, 2026, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,035,027 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 $5.85 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6,029,101 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $19.86 per share, which will vest 0% if our stock price is less

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than or equal to $25.24 and 100% if our stock price is $40.15 or greater as of specified vesting measurement dates and using volume weighted average trading prices of our Class A common stock over the 30 consecutive trading days preceding the applicable measurement date, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—2025 Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,818,775 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock outstanding as of March 31, 2026, with a weighted-average exercise price of $16.98 per share, which will vest based on the achievement of certain actual or deemed per share returns to our sponsor group as of specified vesting measurement dates, with 0% vesting if such return is less than $27.32, 25% vesting such return is $27.32 and 100% if such return is $81.95 or greater, with achievement between each stock price goal being determined based on linear interpolation (see "Executive Compensation—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" for additional information about these performance options), with 1,519,798 of these performance options being amended after March 31, 2026 to, among other things, change the return targets, as described in more detail in the Option Amendments discussed in "Executive Compensation—2026 IPO Equity Grants";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3,092,118 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;• 3,200,000 shares of our Class A common stock issuable upon the exercise of performance stock options to purchase shares of our common stock granted after March 31, 2026 with an exercise price of $19.03 per share, which will vest based the achievement of target per share prices of our common stock on set measurement dates, with 0% of the shares vesting at a per share price equal to or less than $25.63 and 100% vesting at a per share price of $41.94 or greater, with linear interpolation between such thresholds (see "Executive Compensation—2026 IPO Equity Grants" for additional information about these performance options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 988,399 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**

![timeline_500-entrata4.jpg](timeline_500-entrata4.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, 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.

![unitgrowth_entrataa.jpg](unitgrowth_entrataa.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 of 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.

![arrexpansion_entrataa.jpg](arrexpansion_entrataa.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 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 customers with ARR exceeding $500,000 represented 84% of total ARR as of December 31, 2025,

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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 markets. We view our international opportunity as a further means to grow with our customers and meet their broadening needs.

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***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 allocated based on headcount. Costs that are allocated include office facilities and information technology infrastructure.

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*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. Certain RSUs held by holders who terminate service as "Good Leavers" remain eligible to vest on a liquidity event but are subject to a cap that limits their ultimate settlement value to the fair value of the underlying shares on such holder's termination date. As a result, if the fair value of a share at settlement exceeds that cap, the number of shares we issue in settlement of such Good Leaver award is reduced below a one-for-one basis. 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

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and develop new content and features. Research and product development expenses may fluctuate as a 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% |

---

**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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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% |

---

**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

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of GAAP research and product development expense to non-GAAP research and product development expense for the periods presented (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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% |

---

**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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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

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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):

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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** |
| 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. 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):

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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** |
| 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***

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **(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% |

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**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,

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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***

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(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 |

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***Quarterly Consolidated Statements of Operations, as a Percentage of Revenue***

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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** |
| 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% |

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***Quarterly Disaggregated Revenue***

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(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 |

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***Units by Quarter***

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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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***ARPU by Quarter***

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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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**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 our 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.

**Recent 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:

![business1bc.jpg](business1bc.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 December 31, 2025, we served 2.4 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.

![business3da.jpg](business3da.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.

![aiadvantage1a.jpg](aiadvantage1a.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.

![entrataosgraphic.jpg](entrataosgraphic.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.

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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 10 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. For example, 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. For example, 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 June 6, 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 |
| 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:* |  |  |
| Adena Hefets | 39 | Director |
| 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 holds a B.S. in Computer Science from Brigham Young University.

**Non-Employee Directors**

***Adena Hefets.*** Adena Hefets has served as a member of our board of directors since June 2026. Ms. Hefets is a Member of Partnerships Staff at OpenAI, an AI research and deployment company, where she has worked since November 2025. Prior to joining OpenAI, Ms. Hefets served as Co-Founder of Endstate, Inc., an AI process documentation company, from September 2025 through November 2025. Prior to co-founding Endstate, Ms. Hefets served as Co-Founder and Chief Executive Officer of Divvy Homes, a financial technology company offering a rent-to-own homeownership platform, from July 2017 through March 2025. Ms. Hefets holds a B.S. in Policy Analysis and Management from Cornell University and an M.B.A. from Stanford University.

Ms. Hefets was selected to serve on our board of directors because of her leadership experience and her extensive background in property and AI technology.

***William Koefoed.*** William Koefoed has served as a member of our board of directors since January 2026. Mr. Koefoed has served as Chief Financial Officer of Harness, Inc., a software delivery platform, since April 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 holds a B.S. and M.B.A. 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.

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***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.

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

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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.

**Board of Directors** 

Our business and affairs are managed under the direction of our board of directors. Our board of directors currently consists of six 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 and Ms. Hefets were elected by holders of our common stock, and Mr. Koefoed and Ms. Hefets are non-employee Silver Lake Stockholders' designees; 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."

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**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. 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 exchange on which the Class A common stock is then listed, including any applicable general and heightened independence requirements.

***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 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. We intend to comply with the independence requirements of the New York Stock Exchange regarding the composition of our audit committee within the transition period specified above for newly public companies.

***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

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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 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 2012 Plan and 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 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 applicable restrictive covenants, including confidentiality, non-competition, and non-solicitation obligations.

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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.

**2026 IPO Equity Grants**

Our board of directors has approved a one-time equity refresh for certain key employees and our executive officers. One of our NEOs received the equity refresh and one performance-based option granted to our Chief Executive Officer in 2022 was amended. This refresh consists of all or certain of the following components: (i) new grants of performance-based nonstatutory stock options (the "New Performance Options"), (ii) amendments to certain previously granted performance-based options (the "Option Amendments"), and (iii) new grants of restricted stock units containing both service-based and liquidity-event vesting requirements (the "IPO RSUs" and, together with the New Performance Options and the Option Amendments, the "IPO Grants"). The IPO Grants have been made under our 2021 Plan, further described in the section titled "—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" below, effective on May 28, 2026.

The New Performance Options cover an aggregate of 3,200,000 shares of our common stock, have an exercise price of $19.03 per share (the fair market value of our common stock on the grant date, as determined by our board of directors based on an independent third-party valuation), and a ten-year term. The New Performance Options vest based on the achievement of target per share prices of our common stock on set measurement dates, with 0% of the shares vesting at a per share price equal to or less than $25.63 and 100% vesting at a per share price of $41.94 or greater, with linear interpolation between such thresholds. Any unvested portion will be forfeited upon the individual's termination of service for any reason, a restrictive covenant violation, or a failure to vest in connection with the final post-IPO measurement date or a change in control.

In addition, the performance-based options previously granted to certain of our executive officers, including the performance-based options granted to Messrs. Edmunds and Harrington on April 29, 2022 (in each case, as further described below under "Executive Compensation—Outstanding Equity Awards at 2025 Year-End"), have been amended so that they are subject to the same per share vesting threshold as the New Performance Options. Prior to this amendment, the per share return targets applicable to these options were $27.32 and $81.95, with vesting occurring from 25% to 100% on an interpolated basis between such per share return targets. Additionally, the performance-based options granted to certain of

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our executive officers in 2022, including those performance-based options granted to Messrs. Edmunds and Harrington in 2022, were amended such that vesting is measured on the first anniversary of the completion of this offering and again on the second anniversary of the completion of this offering (or a sooner change of control) rather than on the date that is 31 consecutive trading days following this offering and again on each of the first two six-month anniversaries of this offering.

The IPO RSUs cover an aggregate of 916,979 shares of our common stock, with an aggregate grant value of approximately $17.5 million, based on the $19.03 valuation referenced above. Each IPO RSU vests only upon satisfaction, on or before its expiration date, of both (i) a service-based requirement under which 1/12th of the IPO RSUs vest quarterly following the grant date, subject to the participant's continued service, and (ii) a liquidity event requirement under which no IPO RSUs will vest prior to the earliest of (a) a public listing, (b) a SPAC transaction (each as defined in the applicable award agreement; this offering will constitute a public listing), or (c) a change in control (as defined in the 2021 Plan). However, if the participant ceases to be a service provider for any reason before the liquidity event requirement is satisfied, or if the liquidity event requirement is not satisfied prior to the award's expiration date, all outstanding IPO RSUs (including those that have satisfied the service-based requirement) will be forfeited in full. The IPO RSUs do not contain a "Good Leaver" provision, as described below under "—2021 Equity Incentive Plan." If a holder of IPO RSUs ceases to be a service provider for any reason before the liquidity event requirement is satisfied, all outstanding IPO RSUs (including those that have satisfied the service-based requirement) will be forfeited in full.

The following table sets forth the IPO Grants to be awarded to our NEO and all other grantees, as a group:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Grantee** | **New Performance Options (shares)** | **Option Amendment (shares)** | **IPO RSUs (shares)** | **IPO RSU Grant Value** |
| Adam Edmunds |  | 480693 |  |  |
| Chase Harrington | 600000 | 108156 | 131372 | $2500000 |
| All other grantees | 2600000 | 930949 | 785607 | $14950000 |

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**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 ($)** | **Option Expiration Date** | **Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)**<sup>(2)</sup> | **Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)** |
| 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 Messrs. Edmunds and Harrington will be the one-year anniversary of the completion of the offering and the second anniversary of the completion of the 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 price targets applicable to this option as of December 31, 2025 were $27.32 and $81.95, with vesting occurring from 25% to 100% on an interpolated basis between such per share 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.

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**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. See below under "—Employee Benefit and Stock Plans—2021 Equity Incentive Plan" for additional information. All other RSUs will be forfeited.

In connection with the termination of Ms. Fumo's employment, which was 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 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

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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 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

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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," and the New Performance Options, which are described under "2026 IPO Equity Grants" (the performance options other than the Edmunds 2025 Performance Option and the New Performance Options, the "Legacy Performance Options") 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 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).

There were 2,818,775 shares of our Class A common stock issuable upon the exercise of Legacy Performance Options as of March 31, 2026, with a weighted-average exercise price of $16.98 per share, which will vest based on the achievement of certain actual or deemed per share returns to our sponsor group as of specified vesting measurement dates, with 0% vesting if such return is less than $27.32, 25% vesting if such return is $27.32 and 100% if such return is $81.95 or greater, with achievement between each per share return goal being determined based on linear interpolation. In connection with the 2025 Dividend discussed above under "—2025 Dividend," $1.99 per share was distributed to holders of our common stock, including our sponsor group, on a pro rata basis. Accordingly, after giving effect to these 2025 Dividend returns, our sponsor group needs to achieve an additional $25.33 per share return for holders of Legacy Performance Options to satisfy the 25% vesting threshold and $79.96 per share return for holders of Legacy Performance Options to satisfy the 100% vesting threshold. 1,519,798 of the Legacy Performance Options were amended after March 31, 2026 in the Option Amendments discussed in "Executive Compensation—2026 IPO Equity Grants."

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

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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.

Certain RSUs contain a "Good Leaver" provision (the "Good Leaver RSUs"). This clause allows a holder who leaves the Company in good standing prior to a liquidity event to receive value that is capped at the fair value of the underlying shares on such holder's service termination date. As a result, if the fair value of a share at settlement of the Good Leaver RSU exceeds the applicable value cap, the number of shares of Class A common stock we issue in settlement of such Good Leaver RSU is reduced such that fewer than one share of Class A common stock will be delivered per RSU. In connection with this offering, the holder of a Good Leaver RSU will settle into the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the number of shares that satisfied the service-based vesting condition of the Good Leaver RSU as of the date the applicable holder's service with us terminated, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the product of (a) the number of shares that satisfied the service-based vesting condition of the Good Leaver RSU as of the date of the applicable holder's service with us terminated and (b) the value cap applicable to such Good Leaver RSU, with such amount divided by the fair value of our Class A common stock on the settlement date, which we expect to be the initial public offering price on the cover of this prospectus.

There were 425,388 Good Leaver RSUs outstanding as of March 31, 2026. Of these Good Leaver RSUs, the lowest value cap was $18.21 of as March 31, 2026. The number of shares deliverable upon settlement of Good Leaver RSUs will be adjusted downward if the initial public offering price is above $18.21 in accordance with the formula set forth above. If the initial public offering price is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or $&nbsp;&nbsp;&nbsp;&nbsp; , then the number of shares of Class A common stock deliverable upon settlement of the Good Leaver RSUs is expected to be approximately&nbsp;&nbsp;&nbsp;&nbsp; ,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively.

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.

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<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.

*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 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 or a committee of non-employee directors within the meaning of Rule 16b-3 under the Exchange Act. 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. We currently expect that 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.

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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 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

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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 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 certain transactions, including 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 benefits or 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.

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*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 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 for U.S. employees. 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.

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*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, treasury 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 five months in a calendar year or are customarily scheduled to work less than 20 hours per week will 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,

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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 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.

Pursuant to their offer letters with us and in connection with their respective appointments to our board of directors, we agreed to grant each of Adena Hefets and William Koefoed an award of RSUs: (i) in January 2026, our board of directors granted Mr. Koefoed 47,326 RSUs and (ii) in June 2026, pursuant to her offer letter, Ms. Hefets is entitled to receive an RSU award with a grant date fair value of $1,000,000 following her appointment to our board of directors (together, the "Director RSUs"). The Director RSUs vest only upon satisfaction, on or before its expiration date, of both (a) a service-based requirement under which 1/3rd of the Director RSUs vest on the first anniversary of the grant date and 1/12th of the Director RSUs vest on each quarterly anniversary thereafter and (b) a liquidity event requirement under which no Director RSUs will vest prior to the earliest of (1) a public listing, (2) a SPAC transaction (each as defined in the applicable award agreement; this offering will constitute a public listing), or (3) a change in control (as defined in the 2021 Plan), in all cases, subject to the non-employee director's continued service on our board of directors through each condition set forth in the preceding clauses (a) and (b).

***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; .

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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 | 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 the Class B Stockholders. 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. Furthermore, if a Silver Lake Stockholders' designee ceases to serve on our board of directors, the Silver Lake Stockholders will have the right to designate a replacement, and we will take necessary action to have such replacement appointed to our board of directors. 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 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 without the prior written consent of the Silver Lake Stockholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into any transaction or agreement that results in a change in control;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain acquisitions, divestitures transactions for aggregate consideration in excess of $100 million, or entry into joint ventures or similar business alliances having, in each case, a fair market value of more than $100 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuing shares or equity securities other than pursuant to any equity compensation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurring, refinancing, redeeming, or repurchasing indebtedness in excess of $100 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing or reducing the size of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initiating any liquidation, dissolution, bankruptcy, or other insolvency proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminating, hiring or appointing our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any material change in the nature of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments to our certificate of incorporation and bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaration of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any redemption, repurchase, or other acquisition by us of our equity securities or any declaration thereof, with customary exceptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any adoption, approval or issuance of any "poison pill," stockholder, or similar rights plan by us or our subsidiaries;

until the later of (i) the date the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) cease to beneficially own at least 10% of the number of shares of our common stock outstanding immediately prior to giving effect to the closing of this offering, and (ii) the Sunset Date. The Silver Lake Stockholders may terminate some or all of the provisions of the Stockholders Agreement unilaterally as to themselves without terminating the Stockholders Agreement as a whole.

Furthermore, the other Class B Stockholders that will enter into 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 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 the Class B Stockholders and the Class C Stockholder, 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.

***Directed Share Program***

At our request, the underwriters have reserved for sale, at the initial public offering price, up to&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, or&nbsp;&nbsp;&nbsp;&nbsp; % of the shares of Class A common stock being offered pursuant to this prospectus (excluding the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional shares of Class A common stock that the underwriters have an option to purchase), to certain of our directors, officers, certain employees, and other persons associated with us through a directed share program. The directed share program will not limit the ability

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of our directors, officers and their family members, or holders of more than 5% of any class of our capital stock, to purchase more than $120,000 in value of our Class A common stock. We do not currently know the extent to which these related parties will participate in our directed share program, if at all, or the extent to which they will purchase more than $120,000 in value of our Class A common stock.

***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 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

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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. Our indemnification obligations under the indemnification agreement are primary to any similar rights to which any indemnitee may be entitled under any other agreement or document.

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, 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 May 31, 2026, 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 ten 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.

The following table does not reflect any shares of our Class A common stock that may be purchased pursuant to our directed share program described under "Underwriting—Directed Share Program." If any shares of our Class A common stock are purchased by our existing principal stockholders, directors, officers, or their affiliated entities, the number and percentage of shares of our Class A common stock beneficially owned by them after this offering will differ from those set forth in the following table.

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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** | **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** |<br>**%** | **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> |  |  |  |  |  |  |  |
| Adena Hefets |  |  |  |  |  |  |  |
| William Koefoed<sup>(4)</sup> |  |  |  |  |  |  |  |
| Kyle Paster |  |  |  |  |  |  |  |
| John Rudella |  |  |  |  |  |  |  |
| All executive officers and directors as a group (10 persons)<sup>(5)</sup> |  |  |  |  |  |  |  |
| **5% or Greater Stockholders:** |  |  |  |  |  |  |  |
| Entities affiliated with Silver Lake<sup>(6)</sup> |  |  |  |  |  |  |  |
| TPP Capital Advisors Ltd.<sup>(7)</sup> |  |  |  |  |  |  |  |
| Entities affiliated with Dragoneer Investment Group<sup>(8)</sup> |  |  |  |  |  |  |  |
| Entities affiliated with Blackstone<sup>(9)</sup> |  |  |  |  |  |  |  |
| HGGC Prop Holdings, LP<sup>(10)</sup> |  |  |  |  |  |  |  |

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\*Represents beneficial ownership of less than 1% of the outstanding shares of common stock.

(1)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock held by Mr. Edmunds, (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock held by Fast Cadence Entrata, LLC, for which Mr. Edmunds serves as manager, (iii) &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to stock options exercisable within 60 days of May 31, 2026, and (iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock subject to RSUs scheduled to vest within 60 days of May 31, 2026.

(2)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock held by Mr. Harrington, (ii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to stock options exercisable within 60 days of May 31, 2026, and (iii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to RSUs scheduled to vest within 60 days of May 31, 2026.

(3)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock, (ii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to stock options exercisable within 60 days of May 31, 2026, and (iii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to RSUs scheduled to vest within 60 days of May 31, 2026.

(4)Consists of&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock held by Koefoed Family Trust, for which Mr. Koefoed serves as trustee.

(5)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B Common Stock held, directly or indirectly, by our current executive officers and directors, (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock subject to stock options held by our current executive officers and directors exercisable within 60 days of May 31, 2026, and (iii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock subject to RSUs held by our current executive officers and directors scheduled to vest within 60 days of May 31, 2026.

(6)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class B common stock held by SLP Emblem Aggregator, L.P. and (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock held of record by SLP Emblem Aggregator II, L.P. SLP VI Aggregator GP, L.L.C. is the general partner of SLP Emblem Aggregator, L.P. and SLP Emblem Aggregator II, L.P. Silver Lake Technology

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Associates VI, L.P. is the managing member of SLP VI Aggregator GP, L.L.C. SLTA VI (GP), L.L.C. is the general partner of Silver Lake Technology Associates VI, L.P. Silver Lake Group, L.L.C., is the managing member of SLTA VI (GP), L.L.C. The managing members of Silver Lake Group, L.L.C. are Egon Durban, Kenneth Hao, Christian Lucas, Gregory Mondre, and Joseph Osnoss. The principal business address for each of the entities identified in this paragraph is c/o Silver Lake Group, L.L.C., 2775 Sand Hill Road, Suite 100, Menlo Park, CA 94025.

(7)Consists of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock. Nobutaka Mutaguchi is the owner of TPP Capital Advisors Ltd. ("TPP") and may be deemed to beneficially own the shares held by TPP. The principal business address for TPP is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(8)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock and &nbsp;&nbsp;&nbsp;&nbsp; shares of Class C common stock held by Entrance DF Holdings, LP, a limited partnership ("Entrance"), and (ii)&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock and&nbsp;&nbsp;&nbsp;&nbsp; shares of Class C common stock held by Entryway DF Holdings, LP, a limited partnership ("Entryway"). As general partner of each of Entrance and Entryway, Dragoneer CF GP, LLC, a Cayman Islands limited liability company, may also be deemed to beneficially own the shares of common stock directly held by each of Entrance and Entryway. Marc Stad is the sole member of Cardinal DIG CC, LLC and Dragoneer CF GP, LLC. Dragoneer Investment Group, LLC (the "Dragoneer Adviser") is a registered investment adviser under the Investment Advisers Act of 1940, as amended. Cardinal DIG CC, LLC is the managing member of Dragoneer Adviser. By virtue of these relationships, each of the aforementioned entities and person may be deemed to share beneficial ownership of the common stock of the Company. The principal business address for Marc Stad and Dragoneer Investment Group, LLC is One Letterman Dr., Bldg D, Ste M500, San Francisco, CA 94129.

(9)Consists of (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock held by Expedite Lux Holdco L.P. and (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock held by Expedite US Holdco L.P. The general partner of each of Expedite Lux Holdco L.P. and Expedite US Holdco L.P. is Blackstone Private Equity Strategies Associates L.P. The general partner of Blackstone Private Equity Strategies Associates L.P. is BXPEA L.L.C. The sole member of BXPEA L.L.C. is Blackstone Holdings II L.P. The general partner of Blackstone Holdings II L.P. is Blackstone Holdings I/II GP L.L.C. The sole member of Blackstone Holdings I/II GP L.L.C. is Blackstone Inc. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each of the Blackstone entities described in this footnote and Mr. Schwarzman (other than to the extent it or he directly holds securities as described herein) may be deemed to beneficially own the securities directly or indirectly controlled by such Blackstone entities or him, but each disclaims beneficial ownership of such securities. The address of each of such Blackstone entities and Mr. Schwarzman is c/o Blackstone Inc., 345 Park Avenue, New York, New York 10154.

(10)Consists of &nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock. HGGC Fund IV GP, L.P. is the general partner of HGGC Prop Holdings, L.P., and HGGC Fund IV GP, Ltd. is the general partner of HGGC Fund IV GP, L.P., and its investment committee exercises sole voting and investment discretion over the securities held by HGGC Prop Holdings, L.P. The members of the investment committee may be deemed to beneficially own the reported securities but disclaim such beneficial ownership. The address and principal business office for each of the entities identified is 1950 University Avenue, Suite 350, Palo Alto, CA 94303.

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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 2,400,000,000 shares of capital stock, $0.001 par value per share, of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,000,000,000 shares are designated as Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 150,000,000 shares are designated as Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 150,000,000 shares are designated as Class C common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100,000,000 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. The amended and restated certificate of incorporation provides that subject to limited exceptions, we may not issue any additional shares of Class B common stock following this offering and the Class B Stock Exchange.

**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 ten 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

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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 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 or with the approval of our board of directors. Shares of Class B common stock beneficially owned by Adam Edmunds and Chase Harrington may also be transferred to certain affiliated entities or estate planning vehicles over which they exercise exclusive voting control. 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 Sunset Date, which is the first date on which the number of shares of Class B common stock outstanding is less than 20% of the number of shares of our Class B common stock outstanding as of the date of the closing of this offering, after giving effect to the Class B Stock Exchange.

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 or with the approval of our board of directors.

***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.

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***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.

**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.

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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.

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 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. The Stockholders Agreement will also require the consent of the Silver Lake Stockholders to increase or decrease the size of our 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 50% 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.

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<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 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 Stockholders Agreement and 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

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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, 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 provisions regarding indemnification and advancement of expenses; 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 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock 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 until the later of (i) the date the Silver Lake Stockholders (including their affiliates and permitted transferees under the Stockholders Agreement) cease to beneficially own at least 10% of the number of shares of our common stock outstanding immediately prior to giving effect to the closing of this offering, and (ii) the Sunset Date, the Silver Lake Stockholders' consent will be required for us to take certain significant actions specified therein, including, among other things, to increase or reduce the size of our board of directors, terminate, hire, or appoint our chief executive officer, issue equity or enter into certain transactions above specified size thresholds or any transaction or agreement that results in a change in control, incur indebtedness above a specified threshold, declare dividends, amend our organizational documents, redeem or repurchase our equity

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securities, or adopt or approve any "poison pill." 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 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 Court of Chancery of the State of Delaware will be 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 directors, stockholders, or officers to us or our stockholders, (iii) any action or proceeding arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws, or (iv) any action or proceeding asserting a claim governed by the internal affairs doctrine; 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 the federal district court for the District of Delaware or other state courts of the State of Delaware. 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 cause 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."

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**Transfer Agent and Registrar** 

Upon the completion of this offering, the transfer agent and registrar for our common stock will be Computershare Trust Company, N.A. The transfer agent and registrar's address is 150 Royall Street, Canton, Massachusetts 02021.

**Limitations of Liability and Indemnification** 

See the section titled "Certain Relationships and Related Party Transactions—Limitation of Liability and Indemnification of Officers and Directors."

**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 the representatives 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 described in the section titled "Underwriting," 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

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required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required 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

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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. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares of Class A Common Stock** |
| Goldman Sachs & Co. LLC |  |
| J.P. Morgan Securities LLC |  |
| Barclays Capital Inc. |  |
| BofA Securities, Inc. |  |
| Needham & Company, LLC |  |
| Raymond James & Associates, Inc. |  |
| UBS Securities LLC |  |
| Wells Fargo Securities, LLC |  |
| William Blair & Company, L.L.C. |  |
| KeyBanc Capital Markets Inc. |  |
| Stephens Inc. |  |
| Truist Securities, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

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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 representatives 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.

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We and our officers, directors, holders of substantially all of our equity securities and substantially all of our option holders who are not also stockholders (the "lock-up parties") have agreed with the underwriters, subject to certain exceptions, not to (i) offer, sell, contract to sell, pledge, grant any option, right, or warrant to purchase, purchase any option or contract to sell, lend, or otherwise transfer or dispose of any shares of Class A common stock or any securities convertible into or exercisable or exchangeable for shares of Class A common stock (collectively, the "Common Stock"), or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock (such shares of Common Stock, options, rights, warrants, or other securities, collectively, "lock-up securities"), (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap, or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge, or other disposition (whether by the lock-up party or someone other than the lock-up party), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise, (iii) make any demand for or exercise any right with respect to the registration of any lock-up securities, or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction, or arrangement to do any of the foregoing, in each case for a period of 180 days after the date of this prospectus, except with the prior written consent of the representatives.

The foregoing restrictions on our officers, directors, and other securityholders do not apply to, among other things, and subject in certain cases to various conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the transfer (or, with respect to any Major Shareholder (as defined in the lock-up agreement) pledge pursuant to clause (11) below) the lock-up securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)as bona fide gifts or charitable contributions, or for bona fide estate planning purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)by will, testamentary document or intestate succession,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)to any immediate family member of the lock-up party or to any trust for the direct or indirect benefit of the lock-up party or its immediate family,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)to a partnership, limited liability company or other entity of which the lock-up party and its immediate family are the legal and beneficial owner,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (1) through (4) above or (6) below,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)(A) to a corporation, partner, limited liability company, trust, or other business entity that is an affiliate of the lock-up party or any direct or indirect general or limited partners, beneficiaries, members, managers, shareholders, or equityholders of the lock-up party, or to any investment fund or other entity that controls, is controlled by, or is under common control with the lock-up party, or (B) as part of a distribution to the lock-up party's stockholders, partners, beneficiaries, members, managers, shareholders, or other equityholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)by operation of law, such as pursuant to a qualified domestic order, divorce settlement, or other court order,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)to us from one of our employees upon death, disability, or termination of employment, including pursuant to a redemption or repurchase right arising in connection with such termination,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)if the lock-up party is not one of our officers or directors, in connection with a sale of the lock-up party's shares of Common Stock acquired (A) from the underwriters in the directed share program in connection with this offering or (B) in open market transactions after the closing date of this offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)to us in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or other rights to purchase shares of Common Stock that are scheduled to expire or automatically vest during the lock-up period, including any transfer to us or sale by the lock-up party or us on behalf of the lock-up party of shares of Common Stock for the payment of the exercise or conversion price or any tax withholdings or remittance payments due as a result of the vesting, settlement, or exercise of such securities, provided that any securities received upon such exercise or vesting will remain subject to the terms of the lock-up agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)with respect to any Major Shareholder, pursuant to a pledge, hypothecation, or other granting of a security interest in, or the transfer (including any transfer upon foreclosure on such Common Stock or such lock-up securities) of, lock-up securities to one or more lending institutions, in each case, in a bona fide transaction pursuant to lending or other arrangements between such lending institutions and the lock-up party and/or its affiliates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)with the prior written consent of the representatives on behalf of the underwriters;

provided that (A) in the case of clauses (1)-(6) above, such transfer or distribution will not involve a disposition for value, (B) in the case of clauses (1) and (3)-(6) above, the donee, devisee, transferee or distributee, as the case may be, signs and delivers a lock-up agreement to the underwriters (except, in the case of (5), if the underlying transaction would not have required such lock-up agreement), (C) in the case of clauses (4) (or (5) (with respect to a transfer that would be permissible under clause (4)) above, no filing by any party under the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of lock-up securities will be required or voluntarily made during the lock-up period other than a Schedule 13G, Schedule 13G/A, or Schedule 13F, each of which will, to the extent permitted, clearly indicate the nature and conditions of such transfer, and (D) in the case of clauses (1)-(3) and (6)-(10) above (or clause (5), for a transfer that would otherwise be permissible under clauses (1)-(3) and (6)), no filing under the Exchange Act or other public filing, report, or announcement will be voluntarily made, and if any such disclosure is legally required during the restricted period, such disclosure will clearly indicate the circumstances of such transfer or distribution and, as applicable, that transferee has agreed to be bound by a lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the establishment of a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act, provided that (i) no transfers occur under such plan during the restricted period and (ii) no public announcement, report or filing under the Exchange Act or otherwise will be voluntarily made regarding the establishment of such plan during the restricted period, and any disclosure that may be legally required during the restricted period will indicate that none of the securities subject to such plan may be transferred pursuant to such plan until after the expiration of the restricted period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)transfers pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction approved by our board of directors and made to all holders of our capital stock involving a change of control; provided that if such transaction is not completed, the lock-up party's lock-up securities will remain subject to the lock-up agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the conversion, exchange, or reclassification of any security outstanding on the date of this prospectus (including any automatic conversion of shares of Class B common stock or Class C

------

common stock to shares of Class A common stock pursuant to our amended and restated certificate of incorporation); provided that any shares of Common Stock received upon such conversion, exchange, or reclassification will remain subject to the lock-up agreement.

In addition, notwithstanding the foregoing, if any lock-up securities not to exceed 10% of the lock-up signatory's holdings, calculated on a fully diluted basis, as of the date of the consummation of this offering are transferred as a charitable contribution after December 15, 2026, the donee in such charitable contribution need not execute a lock-up agreement.

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 the New York Stock Exchange, 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.

**Directed Share Program**

At our request, the underwriters have reserved up to&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, or&nbsp;&nbsp;&nbsp;&nbsp; % of the shares of our Class A common stock being offered pursuant to this prospectus (excluding the&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock that the underwriters have an option to purchase), for sale at the initial public offering price to certain of our directors, officers, certain employees, and other persons associated with us. The sales will be made by Goldman Sachs & Co. LLC through a directed share program. If purchased by these persons or entities, these shares will not be subject to a lock-up restriction, except to the extent that the purchasers of such shares are our directors or officers. The number of shares of our Class A common stock available for sale to the general public in this offering will be reduced to the extent these individuals and entities purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Other than the underwriting discount described on the front cover of this prospectus, Goldman Sachs & Co. LLC will not be entitled to any commission with respect to shares of Class A common stock sold pursuant to the directed share program. We have agreed to indemnify Goldman Sachs & Co. LLC against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the shares sold through the directed share program.

**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 Act 2001 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> |

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**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 each of 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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

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**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)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2025** |
| &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 |

---

*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 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 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, 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, 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, 2024** | **December 31, 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** |

---

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.

------

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** |  |

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Intangible assets consisted of the following at December 31, 2025 (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 | $(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** |  |

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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** |

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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** |

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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% |

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<u>Summary of Stock Option Activity</u>

The following table summarizes stock option activity for the periods presented:

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| | | | |
|:---|:---|:---|:---|
| | **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.

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| | | | |
|:---|:---|:---|:---|
| | **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.

------

&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):

---

| | |
|:---|:---|
| **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** |

---

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.

------

***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):

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** |
| United States | $30714 | $55255 |
| Foreign | 3819 | 4661 |
| Income before tax | $34533 | $59916 |

---

------

The components of income tax expense were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **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 |

---

---

| | | |
|:---|:---|:---|
| **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 |

---

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):

---

| | |
|:---|:---|
| | **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.*

------

**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 |

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*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 |

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***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

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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):

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| | | |
|:---|:---|:---|
|  | **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** |

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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):

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| | | | |
|:---|:---|:---|:---|
| | **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 |

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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):

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **March 31, 2026** |
| Contract acquisition costs – current | $11352 | $10704 |
| Contract acquisition costs – noncurrent | 7416 | 7031 |
| Total  | $**18768** | $**17735** |

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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):

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| | | |
|:---|:---|:---|
|  | **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):

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| | | |
|:---|:---|:---|
|  | **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** |

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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>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** |

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**Note 4. Property, Equipment, and Software, Net**

Property, equipment, and software, net consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **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** |

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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):

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| | |
|:---|:---|
| Balance December 31, 2025 | $192409 |
| Impact of foreign currency adjustments | 262 |
| Balance at March 31, 2026 | $192671 |

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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):

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| | | | |
|:---|:---|:---|:---|
|  | **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** |

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Intangible assets consisted of the following at March 31, 2026 (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **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** |

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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):

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **March 31, 2026** |
| Principal | $400000 | $399000 |
| Unamortized debt financing costs | (9750) | (9362) |
| **Net carrying amount**  | $**390250** | $**389638** |

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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

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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** |

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| | | | |
|:---|:---|:---|:---|
| | **Number of Shares** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Life (Years)** |
| Exercisable as of March 31, 2026 | 3439023 | $3.43 | 5.3 |

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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

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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>

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| | | |
|:---|:---|:---|
| | **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** |

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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.

------

The maturities of the Company's operating lease liabilities were as follows as of March 31, 2026 (in thousands):

---

| | |
|:---|:---|
| **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).

------

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 |

---

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.

In May 2026, the Company approved certain equity compensation grants and modifications under its 2021 Equity Incentive Plan.

The Company granted performance stock options covering an aggregate of 3,200,000 shares of common stock with an exercise price of $19.03 per share, which represented the fair value of the Company's common stock on the grant date. The options are subject to service-based, performance-based, and market-based vesting conditions. Estimated unrecognized compensation expense associated with these performance options was $17.7 million as of the grant date and will be recognized over an estimated two-year service period following a liquidity event. Upon the occurrence of a liquidity event, the Company will recognize compensation expense for service rendered through that date, with the remaining expense recognized over the subsequent service period.

The Company also granted 988,399 RSUs. The RSUs are subject to both service-based and performance-based vesting conditions. Estimated unrecognized compensation expense associated with these RSUs was $18.8 million as of the grant date and will be recognized over a service period of approximately three years following a liquidity event.

In addition, the Company modified certain previously granted performance stock options covering 1,519,798 shares of common stock by revising certain market-based vesting conditions. Estimated unrecognized compensation expense associated with these modified performance options was $8.5 million as of the modification date and will be recognized over an estimated two-year service period following a liquidity event. Upon the occurrence of a liquidity event, the Company will recognize compensation expense for service rendered through that date, with the remaining expense recognized over the subsequent service period.

------

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

![entratalogo_500.jpg](entratalogo_500.jpg)

**Entrata, Inc.** 

Class A Common Stock

**Prospectus**

------

**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.

---

| | |
|:---|:---|
| | **Amount to be Paid**  |
| SEC registration fee | $13810 |
| FINRA filing fee | 15500 |
| 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; \* |

---

_______________

\*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.

------

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.

------

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities.** 

Since June 10, 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 June 10, 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 9,780,789 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 June 10, 2023 through the date of this registration statement, we granted to our directors, officers, employees, consultants, and other service providers an aggregate of 4,448,732 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.

------

**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.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| 3.1# | <u>[Amended and Restated Certificate of Incorporation of the registrant, as currently in effect.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit31-sx1.htm)</u> |
| 3.2 | <u>[Form of Amended and Restated Certificate of Incorporation of the registrant, to be in effect upon completion of this offering.](exhibit32-sx1a1.htm)</u> |
| 3.3# | <u>[Bylaws of the registrant,](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit33-sx1.htm)[as currently in effect.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit33-sx1.htm)</u> |
| 3.4 | <u>[Form of Amended and Restated Bylaws of the registrant, to be in effect upon completion of this offering.](exhibit34-sx1a1.htm)</u> |
| 4.1 | <u>[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).](exhibit41-sx1a1.htm)</u> |
| 4.2 | <u>[S](exhibit42-sx1a1.htm)[tockholders Agreement among the registrant and ce](exhibit42-sx1a1.htm)[rtain holders of its capital stock, to be in effect upon completion of this off](exhibit42-sx1a1.htm)[ering.](exhibit42-sx1a1.htm)</u> |
| 5.1\* | Opinion of Wilson Sonsini Goodrich & Rosati, P.C. |
| 10.1+ | <u>[Form of Indemnification Agreement between the registrant and each of its directors and executive officers.](exhibit101-sx1a1.htm)</u> |
| 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+# | <u>[Entrata, Inc. 2012 Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit104-sx1.htm)</u> |
| 10.5+# | <u>[Entrata, Inc. 2021 Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit105-sx1.htm)</u> |
| 10.6+\* | Non-Employee Director Compensation Policy. |
| 10.7+ | <u>[Offer Letter between the registrant and William Koefoed, dated as of January 11, 2026.](exhibit107-sx1a1.htm)</u> |
| 10.8+ | <u>[Offer Letter between the registrant and Adena Hefets, dated as of June](exhibit108-sx1a1.htm)[10](exhibit108-sx1a1.htm)[, 2026.](exhibit108-sx1a1.htm)</u> |
| 10.9+\* | Confirmatory Employment Agreement between the registrant and Adam Edmunds, dated as of&nbsp;&nbsp;&nbsp;&nbsp; , 2026. |
| 10.10+ | <u>[Separation and Release Agreement between the registrant and Amanda Fumo, dated March 30, 2026.](exhibit1010-sx1a1.htm)</u> |
| 10.11^† | <u>[Lease Agreement between the registrant and](exhibit1011-sx1a1.htm)[AREPIII](exhibit1011-sx1a1.htm)[ENTRA LLC](exhibit1011-sx1a1.htm)[,](exhibit1011-sx1a1.htm)[as](exhibit1011-sx1a1.htm)[successor-in-interest to](exhibit1011-sx1a1.htm)[Boyer Lehi Holdings, L.C., dated as of March 15, 2016, amended as of April 28, 2026.](exhibit1011-sx1a1.htm)</u> |
| 10.12†# | <u>[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.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit1011-sx1.htm)</u> |
| 21.1# | <u>[List of subsidiaries of the registrant.](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/exhibit211-sx1.htm)</u> |
| 23.1 | <u>[Consent of BDO USA, P.C., Independent Registered Public Accounting Firm.](exhibit231-sx1a1.htm)</u> |
| 23.2\* | Consent of Wilson Sonsini Goodrich & Rosati, P.C. (included in Exhibit 5.1). |
| 24.1# | <u>[P](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[ower of Attorney (included on page II-](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[6](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[of the original filing of the](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[r](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[egistration](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[s](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[tatement](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[on](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[Form S-1](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)[)](https://www.sec.gov/Archives/edgar/data/2028464/000162828026038608/entrata-sx1.htm#i6a196a47246c4bd9bad3dc0eaee81fbd_959)</u>. |
| 107.1# | <u>[Filing fee table.](https://www.sec.gov/ix?doc=/Archives/edgar/data/2028464/000162828026038608/entfilingfee.htm)</u> |

---

_______________

#&nbsp;&nbsp;&nbsp;&nbsp; Previously filed.

\*To be filed by amendment.

+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.

†&nbsp;&nbsp;&nbsp;&nbsp;Certain exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). We agree to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request.

------

**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 11th day of June, 2026.

---

| | |
|:---|:---|
| **ENTRATA, INC.** | **ENTRATA, INC.** |
| By: | /s/ Adam Edmunds |
|  | Adam Edmunds |
|  | Chief Executive Officer and Director |

---

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** |
| /s/ Adam Edmunds | Chief Executive Officer and Director<br>(*Principal Executive Officer)* | June 11, 2026 |
| Adam Edmunds | Chief Executive Officer and Director<br>(*Principal Executive Officer)* | June 11, 2026 |
| /s/ Mark Hansen | Chief Financial Officer<br>(*Principal Financial and Accounting Officer)* | June 11, 2026 |
| Mark Hansen | Chief Financial Officer<br>(*Principal Financial and Accounting Officer)* | June 11, 2026 |
| \* | Director | June 11, 2026 |
| Chase Harrington | Director | June 11, 2026 |
|  | Director |  |
| Adena Hefets | Director |  |
| \* | Director | June 11, 2026 |
| William Koefoed | Director | June 11, 2026 |
| \* | Director | June 11, 2026 |
| Kyle Paster | Director | June 11, 2026 |
| \* | Director | June 11, 2026 |
| John Rudella  | Director | June 11, 2026 |

---

\*By: <u>/s/ Adam Edmunds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp; Adam Edmunds

&nbsp;&nbsp;&nbsp;&nbsp; Attorney-in-Fact

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**ENTRATA, INC.**

Entrata, Inc. (the "<u>Corporation</u>"), a corporation organized and existing under the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The name of the Corporation is Entrata, Inc. The Corporation was incorporated under the name Property Solutions International, Inc. by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on July 11, 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;This Amended and Restated Certificate of Incorporation (the "<u>Certificate of</u> <u>Incorporation</u>"), which amends, restates, and further integrates the certificate of incorporation of the Corporation as heretofore in effect, has been approved by the Board of Directors of the Corporation (the "<u>Board of Directors</u>") in accordance with Sections 242 and 245 of the DGCL, and has been adopted by the written consent of the stockholders of the Corporation in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;The text of the certificate of incorporation of the Corporation, as heretofore amended, is hereby amended and restated by this Certificate of Incorporation to read in its entirety as set forth in <u>EXHIBIT A</u> attached hereto.

IN WITNESS WHEREOF, Entrata, Inc. has caused this Certificate of Incorporation to be signed by a duly authorized officer of the Corporation, on &nbsp;&nbsp;&nbsp;&nbsp; , 2026.

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|:---|
| **Entrata, Inc.**, a Delaware corporation |
| By: |
| Name: |
| Title: |

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**<u>EXHIBIT A</u>**

**ARTICLE I**

The name of the corporation is Entrata, Inc. (the "<u>Corporation</u>").

**ARTICLE II**

The address of the Corporation's registered office in the State of Delaware is 251 Little Falls Drive, in the City of Wilmington, County of New Castle, Delaware, 19808. The name of its registered agent at such address is Corporation Service Company.

**ARTICLE III**

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the "<u>DGCL</u>") as it now exists or may hereafter be amended and supplemented.

**ARTICLE IV**

The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 2,400,000,000 shares, consisting of 2,000,000,000 shares of Class A Common Stock, par value $0.001 per share ("<u>Class A Common Stock</u>"), 150,000,000 shares of Class B Common Stock, par value $0.001 per share ("<u>Class B Common Stock</u>"), 150,000,000 shares of Class C Common Stock, par value $0.001 per share ("<u>Class C Common Stock</u>" and together with the Class A Common Stock and Class B Common Stock, the "<u>Common Stock</u>"), and 100,000,000 shares of Preferred Stock, par value $0.001 per share ("<u>Preferred Stock</u>").

The number of authorized shares of Class A Common Stock, Class C Common Stock, or Preferred Stock may be increased or decreased (but not below (i) the number of shares thereof then outstanding and (ii) with respect to the Class A Common Stock, the number of shares of Class A Common Stock reserved pursuant to Section 7 of Part A of Article V) without a separate class vote, irrespective of the provisions of Section 242(b)(2) of the DGCL. The Corporation shall not, prior to the Sunset Date (as defined herein), without the prior affirmative vote of the holders of at least a majority of the then-outstanding shares of Class B Common Stock, voting separately as a class, increase or decrease the number of authorized shares of Class B Common Stock, in addition to any other vote required by a nonwaivable provision of the DGCL or this Certificate of Incorporation.

Upon the filing and effectiveness of this Certificate of Incorporation with the Secretary of State of the State of Delaware (the "<u>Effective Time</u>"), each share of common stock, par value $0.001 per share, issued and outstanding or held in treasury immediately prior to the Effective Time ("<u>Old Common Stock</u>") shall be automatically reclassified as, and shall become, one (1) validly issued, fully paid and non-assessable share of Class A Common Stock without any further action by the Corporation or the holder of such shares of Old Common Stock (the "<u>Reclassification</u>"). Each stock certificate representing shares of Old Common Stock (an "<u>Old</u> 

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<u>Certificate</u>") shall thereafter be deemed to represent the number of shares of Class A Common Stock as to which such shares have been reclassified pursuant to the Reclassification, until the same shall be surrendered to the Corporation. Any holder of an Old Certificate may surrender the Old Certificate to the Corporation and such holder's shares shall thereafter be issued in uncertificated form. The Reclassification shall also apply to any outstanding securities or rights convertible into, or exchangeable or exercisable for, Old Common Stock and all references to the Old Common Stock in agreements, arrangements, documents and plans relating thereto or any option or right to purchase or acquire shares of Old Common Stock shall be deemed to be references to the Class A Common Stock or options or rights to purchase or acquire shares of Class A Common Stock, as the case may be.

**ARTICLE V**

The designations and the powers, preferences, and rights, and the qualifications, limitations, or restrictions thereof in respect of each class of capital stock of the Corporation are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting</u>. Except as otherwise provided herein or expressly required by a nonwaivable provision of the DGCL, at all meetings of stockholders and on all matters submitted to a vote of stockholders of the Corporation generally, each holder of Class A Common Stock, as such, shall have one (1) vote per share of Class A Common Stock held of record by such holder, each holder of Class B Common Stock, as such, shall have ten (10) votes per share of Class B Common Stock held of record by such holder, and each holder of Class C Common Stock, as such, shall have no votes with respect to shares of Class C Common Stock held of record by such holder, in each case, as of the record date for determining stockholders entitled to vote at such meeting or on such matter; *provided*, *however*, that, except as otherwise required by law, holders of Class A Common Stock and Class B Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any Certificate of Designation (as defined below)) that relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any Certificate of Designation (as defined herein)) or pursuant to the DGCL. Except as otherwise provided herein or required by a nonwaivable provision of the DGCL, the holders of shares of Class A Common Stock and Class B Common Stock shall at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the stockholders of the Corporation generally. Prior to the Sunset Date, the Corporation shall not, without the prior affirmative vote of the holders of Class B Common Stock representing a majority of the then-outstanding shares of Class B Common Stock, voting as a separate class, in addition to any other vote required by applicable law or this Certificate of Incorporation, amend or repeal, or adopt any provision of this Certificate of Incorporation inconsistent with, or otherwise alter, any provision of this Certificate of Incorporation relating to the voting, conversion or other rights, powers or restrictions of the Class B Common Stock,

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reclassify any outstanding shares of Class A Common Stock or Class C Common Stock into shares having rights as to dividends or liquidation that are senior to the Class B Common Stock or, in the case of Class A Common Stock, the right to have more than one (1) vote per share and, in the case of Class C Common Stock, the right to have any vote per share, except as required by a nonwaivable provision of the DGCL. There shall be no cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Rights</u>. Subject to the preferential or other rights of any holders of Preferred Stock then outstanding, shares of Common Stock shall be treated equally, identically, and ratably, on a per share basis, with respect to any dividends as may be declared and paid from time to time by the Board of Directors out of any assets of the Corporation legally available therefor; *provided*, *however*, that in the event a dividend is paid in the form of shares of Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares), then holders of Class A Common Stock shall be entitled to receive shares of Class A Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), holders of Class B Common Stock shall be entitled to receive shares of Class B Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), and holders of Class C Common Stock shall be entitled to receive shares of Class C Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), with holders of shares of Class A Common Stock, Class B Common Stock, and Class C Common Stock receiving, on a per share basis, an identical number of shares of Class A Common Stock, Class B Common Stock, or Class C Common Stock (or rights to acquire, or securities convertible into or exchangeable for, such shares, as the case may be), as applicable. Notwithstanding the foregoing, the Board of Directors may pay or make a disparate dividend per share of Class A Common Stock, Class B Common Stock, or Class C Common Stock (whether in the amount of such dividend payable per share, the form in which such dividend is payable, the timing of the payment, or otherwise) if such disparate dividend is approved by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, Class B Common Stock, and Class C Common Stock, each voting separately as a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Subdivisions, Combinations, or Reclassifications</u>. Shares of Class A Common Stock, Class B Common Stock, or Class C Common Stock may not be subdivided, combined, or reclassified unless the shares of the other classes are concurrently therewith proportionately subdivided, combined, or reclassified in a manner that maintains the same proportionate equity ownership between the holders of the then-outstanding Class A Common Stock, Class B Common Stock, and Class C Common Stock on the record date for such subdivision, combination, or reclassification; *provided*, *however*, that shares of one such class may be subdivided, combined, or reclassified in a different or disproportionate manner if such subdivision, combination, or reclassification is approved by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, Class B Common Stock, and Class C Common Stock, each voting separately as a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation, Dissolution, or Winding Up</u>. Subject to the preferential or other rights of any holders of Preferred Stock then outstanding, upon the dissolution, liquidation, or winding up of the Corporation, whether voluntary or involuntary, holders of Common Stock

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will be entitled to receive ratably all assets of the Corporation available for distribution to its stockholders unless disparate or different treatment of the shares of each such class with respect to distributions upon any such liquidation, dissolution, or winding up is approved by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, Class B Common Stock, and Class C Common Stock, each voting separately as a class. A consolidation, reorganization, merger or conversion of the Corporation with any other Person or Persons (as defined below), or a sale of all or substantially all of the assets of the Corporation, shall not be considered to be a dissolution, liquidation or winding up of the Corporation within the meaning of this Section 4 of Part A of Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion</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;5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion of Class B Common Stock or Class C</u> <u>Common Stock</u>. Subject to the terms of Subsection 5.4 of this Part A of Article V as it relates to the optional conversion of Class C Common Stock, each share of Class B Common Stock and each share of Class C Common Stock shall be convertible into one (1) fully paid and nonassessable share of Class A Common Stock at the option of the holder thereof at any time upon written notice to the Corporation (an "<u>Optional Class A Conversion Event</u>"). Before any holder of Class B Common Stock or Class C Common Stock shall be entitled to convert any shares of Class B Common Stock or Class C Common Stock, as applicable, into shares of Class A Common Stock, such holder shall surrender the certificate or certificates therefor (if any), duly endorsed, at the principal corporate office of the Corporation or of any transfer agent for the Class B Common Stock or Class C Common Stock, as applicable, and shall provide written notice to the Corporation at its principal corporate office, of such conversion election and shall state therein the name or names (i) in which the certificate or certificates representing the shares of Class A Common Stock into which the shares of Class B Common Stock or Class C Common Stock, as applicable, are so converted are to be issued (if such shares of Class A Common Stock are certificated) or (ii) in which such shares of Class A Common Stock are to be registered in book-entry form (if such shares of Class A Common Stock are uncertificated). If the shares of Class A Common Stock into which the shares of Class B Common Stock or Class C Common Stock are to be converted are to be issued in a name or names other than the name of the holder of the shares of Class B Common Stock or Class C Common Stock, as applicable, being converted, such notice shall be accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the holder. The Corporation shall, as soon as practicable thereafter, issue and deliver at such office to such holder, or to the nominee or nominees of such holder, a certificate or certificates representing the number of shares of Class A Common Stock to which such holder shall be entitled upon such conversion (if such shares of Class A Common Stock are certificated) or shall register such shares of Class A Common Stock in book-entry form (if such shares of Class A Common Stock are uncertificated). Unless a later time and date, or a later event upon which such conversion shall be contingent, is otherwise specified by the holder in the written notice of conversion election as required by this Subsection 5.1 of Part A of Article V, such conversion shall be deemed to be effective immediately prior to the close of business on the date of receipt by the Corporation of such notice and, if applicable, certificates for the shares of Class B Common Stock or Class C Common Stock, as applicable, to be converted, the shares of Class A Common Stock issuable

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upon such conversion shall be deemed to be outstanding as of such time, and the Person or Persons entitled to receive the shares of Class A Common Stock issuable upon such conversion shall be deemed to be the record holder or holders of such shares of Class A Common Stock as of such time. Notwithstanding anything herein to the contrary, shares of Class B Common Stock or Class C Common Stock represented by a lost, stolen, or destroyed stock certificate may be converted pursuant to an Optional Class A Conversion Event if the holder thereof notifies the Corporation or its transfer agent that such certificate has been lost, stolen, or destroyed and makes an affidavit of that fact acceptable to the Corporation and executes an agreement acceptable to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sunset Date</u>. Each share of Class B Common Stock shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock (a "<u>Mandatory Class A Conversion Event</u>"), without further action by the Corporation or the holder thereof, at 5:00 p.m. Eastern Time (such time of conversion, the "<u>Sunset Date</u>") on the first date on which shares of Class B Common Stock outstanding on such date represent less than twenty percent (20%) of the number of shares of Class B Common Stock (as adjusted for any reclassification, split, subdivision or combination with respect to the Class B Common Stock) outstanding on the IPO Date after giving effect to the settlement of the exchange agreements (the "Class B Exchange") entered into in connection with the IPO and pursuant to which certain stockholders of the Corporation exchanged shares of Class A Common Stock for an equal number of shares of Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Conversion of Class B Common Stock and Class C</u> <u>Common Stock upon a Transfer</u>. Each share of Class B Common Stock and each share of Class C Common Stock shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock, without further action by the Corporation or the holder thereof, upon the occurrence of a Transfer (as defined in Section 9 of this Part A of Article V), other than to a Permitted Transferee (as defined in Section 9 of this Part A of Article V), of such share of Class B Common Stock or Class C Common Stock, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Class C Common Stock Beneficial Ownership Limitation</u>. Notwithstanding anything to the contrary herein, any purported optional conversion of Class C Common Stock pursuant to Subsection 5.1 of this Part A of Article V, and any purported delivery of shares of Class A Common Stock upon such conversion, shall be *void ab initio* and shall have no effect to the extent (but only to the extent) that such conversion and delivery would result in the beneficial owner of the Class C Common Stock subject to such conversion, taken together with any of its Attribution Parties, becoming the beneficial owner of shares of Class A Common Stock in excess of the Beneficial Ownership Limitation. The provisions of this Subsection 5.4 shall not apply to any automatic conversion of Class C Common Stock to Class A Common Stock upon a Transfer pursuant to Subsection 5.3 of this Part A of Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificates</u>. Each then-outstanding stock certificate (if shares are in certificated form) that, immediately prior to the occurrence of a Mandatory Class A Conversion Event, represented one or more shares of Class B Common Stock subject to such

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Mandatory Class A Conversion Event, shall, upon such Mandatory Class A Conversion Event, be deemed to represent an equal number of shares of Class A Common Stock, without the need for surrender or exchange thereof. The Corporation shall, upon the request of any holder whose shares of Class B Common Stock or Class C Common Stock have been converted into shares of Class A Common Stock as a result of an Optional Class A Conversion Event or Mandatory Class A Conversion Event (any of the foregoing, a "<u>Conversion Event</u>") and upon surrender by such holder to the Corporation of the outstanding certificate(s) formerly representing such holder's shares of Class B Common Stock or Class C Common Stock, if any (or, in the case of any lost, stolen, or destroyed certificate, upon such holder providing an affidavit of that fact acceptable to the Corporation and executing an agreement acceptable to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificate), issue and deliver to such holder (or such other Person specified pursuant to Subsection 5.1 of this Part A of Article V) certificate(s) representing the shares of Class A Common Stock into which such holder's shares of Class B Common Stock or Class C Common Stock, as applicable, were converted as a result of such Conversion Event (if such shares are certificated) or, if such shares are uncertificated, register such shares in book-entry form. Each share of Class B Common Stock or Class C Common Stock that is converted pursuant to Subsections 5.1, 5.2, or 5.3 of this Part A of Article V shall thereupon automatically be retired and shall not be available for reissuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Policies and Procedures</u>. The Corporation may, from time to time, establish such policies and procedures, not in violation of applicable law or the other provisions of this Certificate of Incorporation or the Bylaws of the Corporation (the "<u>Bylaws</u>"), relating to the conversion of the Class B Common Stock into Class A Common Stock and the conversion of the Class C Common Stock into Class A Common Stock, as it may deem necessary or advisable in connection therewith. If the Corporation has reason to believe that a Transfer or other Conversion Event giving rise to a conversion of shares of Class B Common Stock or Class C Common Stock into Class A Common Stock has occurred but has not theretofore been reflected on the books of the Corporation (or in book-entry as maintained by the transfer agent of the Corporation), or that such conversion was null and void as a result of Subsection 5.4 of this Part A of Article V, the Corporation may request that the holder of such shares furnish affidavits or other evidence to the Corporation as the Corporation deems necessary to determine whether a conversion of shares of Class B Common Stock or Class C Common Stock to Class A Common Stock has occurred, and if such holder does not within ten (10) days after the date of such request furnish sufficient evidence to the Corporation (in the manner provided in the request) to enable the Corporation to determine that no such conversion has occurred, any such shares of Class B Common Stock or Class C Common Stock, as applicable, to the extent not previously converted, shall be automatically, unless otherwise determined by the Corporation, converted into shares of Class A Common Stock and the same shall thereupon be registered on the books and records of the Corporation (or in book-entry as maintained by the transfer agent of the Corporation). To the fullest extent permitted by law, a determination by the Corporation as to whether or not a Transfer or other Conversion Event giving rise to a conversion of shares of Class B Common Stock or Class C Common Stock into Class A Common Stock has occurred shall be conclusive and binding. In connection with any action of stockholders taken at a meeting, the stock ledger of the Corporation (or in book-entry as maintained by the transfer agent of the Corporation) shall be presumptive evidence as to who are the stockholders entitled to vote in person or by proxy at any

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meeting of stockholders and the class or classes or series of shares held by each such stockholder and the number of shares of each class or classes or series held by such stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Further Issuance</u>. Except for the issuance of shares of Class B Common Stock in the Class B Exchange, in a dividend payable in accordance with Section 2 of this Part A of Article V, or in a reclassification, subdivision or combination in accordance with Section 3 of this Part A of Article V, the Corporation shall not at any time after the Effective Time issue any additional shares of Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation of Stock</u>. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of Class B Common Stock and Class C Common Stock, as applicable, such number of shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock and Class C Common Stock, as applicable, into shares of Class A Common Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock will not be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock and Class C Common Stock, as applicable, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock to such number of shares as will be sufficient for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Redemption</u>. The Common Stock is not redeemable at the option of the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>.

"<u>Affiliate</u>" means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified Person (other than the Corporation and any Person that is controlled by the Corporation), including, without limitation, any general partner, officer, director, or manager of such Person and any investment fund, vehicle, managed account or holding company now or hereafter existing that is under common investment management with such Person or its Affiliates, or where such Person or its Affiliate acts as general partner, managing member, discretionary manager or advisor, or in any such similar capacity with respect to such investment fund, vehicle, managed account or holding company.

"<u>Attribution Party</u>" means, with respect to any Person, (i) any Affiliate of such Person, (ii) any other Persons acting, or who could be deemed to be acting, as a Section 13(d) "group" together with such Person or any other Attribution Parties and (iii) any other Persons whose beneficial ownership of the Common Stock would or could be aggregated with such Person's beneficial ownership or any other Attribution Parties' beneficial ownership for purposes of Section 13(d) or Section 16 of the Exchange Act.

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"<u>beneficially own</u>" has the meaning set forth in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"); "<u>beneficially owns</u>," "<u>beneficially owned</u>," and "<u>beneficial ownership</u>" will have corresponding meanings.

"<u>Beneficial Ownership Limitation</u>" means, with respect to any event giving rise to the conversion of shares of Class C Common Stock beneficially owned by a Person, beneficial ownership by such Person, together with its Attribution Parties, of shares of Class A Common Stock in excess of 9.99% of the Corporation's then-outstanding shares of Class A Common Stock, immediately after giving effect to such conversion of shares of Class C Common Stock. For purposes of the foregoing sentence, the number of shares of Class A Common Stock beneficially owned by such Person and its Attribution Parties shall include the number of shares of Class A Common Stock issuable upon the conversion of Class C Common Stock with respect to which such determination is being made, but shall exclude the number of shares of Class A Common Stock which would be issuable upon (i) conversion of the remaining, non-converted portion of the shares of Class C Common Stock beneficially owned by such Person or its Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Corporation (including, without limitation, any equity awards, convertible notes, convertible preferred shares or warrants) beneficially owned by such Person or its Attribution Parties, but only to the extent subject to a limitation on conversion or exercise analogous to the limitation contained herein.

"<u>Business Day</u>" shall mean any day, other than a Saturday, Sunday, or a day on which commercial banks in the State of Delaware are authorized or required by law to remain closed.

"<u>Class B Qualified Stockholder</u>" shall mean (i) each of the Employee Class B Holders, (ii) the record holder of a share of Class B Common Stock as of the IPO Date, and after giving effect to the Class B Exchange and (iii) the initial registered holder of any shares of Class B Common Stock that are originally issued by the Corporation.

"<u>Class C Qualified Stockholder</u>" shall mean (i) the record holder of a share of Class C Common Stock as of the IPO Date, and after giving effect to the settlement of the exchange agreements entered into in connection with the IPO and pursuant to which certain stockholders of the Corporation exchanged shares of Class A Common Stock for an equal number of shares of Class C Common Stock and (ii) the initial registered holder of any shares of Class C Common Stock that are originally issued by the Corporation.

"<u>control</u>" as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of Voting Securities, by agreement, or otherwise. The terms "<u>controls</u>," "<u>controlled</u>," and "<u>controlling</u>" will have corresponding meanings.

"<u>Employee Class B Holders</u>" means each of Adam Edmunds and Chase Harrington.

"<u>Exclusive Voting Control</u>" means, with respect to a share of capital stock or other security, the exclusive power to vote or direct the voting of such security, including by proxy, voting agreement or otherwise. Notwithstanding anything to the contrary in this Certificate of

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Incorporation, an Employee Class B Holder shall not be deemed for purposes of this Certificate of Incorporation to cease to retain Exclusive Voting Control over the shares of capital stock or other securities held by a Class B Qualified Stockholder or its Permitted Transferees solely by reason of (a) having entered into a voting agreement with the Company or any Silver Lake Entity or (b) any activity described in (i) through (iii) of the second paragraph of the definition of "Transfer".

"<u>Family Member</u>" shall mean, with respect to any natural person, the spouse, domestic partner or spousal equivalent, parents, grandparents, lineal descendants, siblings, and lineal descendants of siblings of such natural person. Lineal descendants shall include adopted persons, but only so long as they are adopted while a minor. Family member shall further include any of such natural person's family members as defined in Rule 701 of the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

"<u>Governmental Authority</u>" shall mean any federal, state, tribal, local, or foreign governmental or quasi-governmental entity or municipality or subdivision thereof or any authority, administrative body, department, commission, board, bureau, agency, court, tribunal or instrumentality, arbitration panel, commission, or similar dispute resolving panel or body, or any applicable self-regulatory organization.

"Initial Silver Lake Stockholders" means each of SLP Emblem Aggregator II, L.P., a Delaware limited partnership, and SLP Emblem Aggregator, L.P., a Delaware limited partnership.

"<u>IPO</u>" means the Corporation's first firm commitment underwritten public offering of a class of its Common Stock on a national securities exchange pursuant to an effective registration statement under the Securities Act (other than a registration statement relating to the sale of securities to employees of the Corporation pursuant to its stock option, stock purchase, or similar plan).

"<u>IPO Date</u>" means &nbsp;&nbsp;&nbsp;&nbsp; , 2026.

"<u>Permitted Entity</u>" shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Class B Qualified Stockholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;other than for a Class B Qualified Stockholder that is an Employee Class B Holder or is controlled by an Employee Class B Holder, any Person (other than a natural person) that is an Affiliate of a Class B Qualified Stockholder (including, without limitation, for each of the Initial Silver Lake Stockholders, any Silver Lake Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a Permitted Trust solely for the benefit of (1) a Class B Qualified Stockholder, (2) one or more Family Members of an Employee Class B Holder, and/or (3) any other Permitted Entity of a Class B Qualified Stockholder; provided, for the avoidance of doubt, that to the extent any shares are deemed to be held by the trustee of such a Permitted Trust in the trustee's capacity as such, such trustee shall be deemed a Permitted Entity;

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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;a general partnership, limited partnership, limited liability company, corporation, or other entity that is directly or indirectly exclusively owned by a Class B Qualified Stockholder, one or more Family Members of an Employee Class B Holder and/or any other Permitted Entity of a Class B Qualified Stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a revocable living trust, which revocable living trust is itself a Permitted Trust;

*provided*, *however*, a Permitted Entity or a Permitted Trust of a Class B Qualified Stockholder that is an Employee Class B Holder or that is controlled by an Employee Class B Holder shall cease to be a Permitted Entity or a Permitted Trust of that Class B Qualified Stockholder as a result of the death of that Employee Class B Holder or as a result of that Employee Class B Holder ceasing to have Exclusive Voting Control over such Permitted Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Class C Qualified Stockholder, any Person (other than a natural person) that is an Affiliate of a Class C Qualified Stockholder.

"<u>Permitted Transferee</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) (a) for a Class B Qualified Stockholder, a Class B Qualified Stockholder or a Permitted Entity of a Class B Qualified Stockholder and (b) for a Class C Qualified Stockholder, a Class C Qualified Stockholder or a Permitted Entity of a Class C Qualified Stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Person approved by the Board of Directors.

"<u>Permitted Trust</u>" shall mean a bona fide trust where each trustee is (i) a Class B Qualified Stockholder, (ii) a Family Member of an Employee Class B Holder, or (iii) a professional in the business of providing trustee services, including private professional fiduciaries, trust companies, and bank trust departments.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable law, or any Governmental Authority or any department, agency, or political subdivision thereof.

"<u>Silver Lake Entity</u>" means (i) each of the Initial Silver Lake Stockholders, (ii) any of the Initial Silver Lake Stockholders' respective Permitted Transferees and any Permitted Transferees thereof and (iii) any Affiliate of any of the foregoing, until such time, in respect only of this clause (iii), as such Person is not an Affiliate of any of the foregoing. For the avoidance of doubt, references to the ownership or beneficial ownership of a Silver Lake Entity of any securities or control of any voting power will be deemed to refer to the ownership (whether of record or book-entry through a brokerage account held in the name of such Silver Lake Entity) or beneficial ownership of such securities or control of such voting power by the Silver Lake Entities collectively and determined pursuant to Rule 13d-3 under the Exchange Act.

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"<u>Transfer</u>" of a share of Class B Common Stock or Class C Common Stock shall mean any direct or indirect sale, exchange, redemption, assignment, distribution, encumbrance, hypothecation, gift, pledge, retirement, transfer, conveyance, or other disposition or alienation in any way (whether or not for value and whether voluntarily, involuntarily, or by operation of law), including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;assignments and distributions resulting from death, incompetency, bankruptcy, liquidation, and dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a transfer to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the transfer of, or entering into a binding agreement with respect to the transfer of, Voting Control (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;with respect to a Class B Qualified Stockholder that is an Employee Class B Holder or is controlled by an Employee Class B Holder, and any Permitted Entity of such Class B Qualified Stockholder, when such Employee Class B Holder is deceased or ceases to exert Exclusive Voting Control over the shares of Class B Common Stock held by the Class B Qualified Stockholder or a Permitted Entity of such Class B Qualified Stockholder.

Notwithstanding anything to the contrary herein, the term Transfer shall *not* include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the granting of a revocable proxy to officers or directors of the Corporation at the request of the Board of Directors in connection with actions to be taken at an annual or special meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;for stockholders who are holders of Class B Common Stock, entering into or amending a voting trust, agreement, or arrangement (with or without granting a proxy) solely with stockholders who are holders of Class B Common Stock, that (a) is disclosed in a Schedule 13D or Schedule 13G filed with the Securities and Exchange Commission or in writing to the Corporation, (b) either has a term not exceeding one (1) year or is terminable by the stockholder, and (c) does not involve the payment of cash, securities, property, or other consideration to the stockholder of the shares subject thereto, other than the mutual promise to vote shares in a designated manner; for the avoidance of doubt, any voting trust, agreement, or arrangement entered into on or prior to the IPO Date shall not constitute a Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;entering into a support, voting, tender or similar agreement (with or without granting a proxy) in connection with a transaction representing a change of control of the Corporation or any other proposal, in each case that has been approved by the Board of Directors or consummating the actions or transactions contemplated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;(a) the pledge of shares of Class B Common Stock or Class C Common Stock by a stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or other financing transaction, including, without limitation, any form of margin loan, or (b) a bona

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fide hedging or other derivative transaction (including without limitation a swap, option or forward transaction (or combination thereof) and any related pledge), in each case, for so long as such stockholder continues to exercise Voting Control over such shares; *provided*, *however*, that (x) a foreclosure on such shares or other similar action by the pledgee and (y) the settlement of any hedging or derivative transaction by delivery of shares of Class B Common Stock or Class C Common Stock shall constitute a Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;entering into a trading plan pursuant to Rule 10b5-1 under the Exchange Act, with a broker or other nominee; *provided*, *however*, that a sale of such shares of Class B Common Stock or Class C Common Stock pursuant to such plan shall constitute a Transfer at the time of such sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;any transfer, issuance, redemption, or other transaction involving equity or other interests in any Silver Lake Entity.

"<u>Voting Control</u>" means, with respect to a share of Class B Common Stock, the power (whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement, or otherwise.

"<u>Voting Securities</u>" means the Common Stock (excluding the Class C Common Stock) and any other securities of the Corporation entitled to vote generally in the election of directors of the Corporation. Every reference to a percentage of Voting Securities in this Certificate of Incorporation shall refer to such percentage of the votes of such Voting Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Stock</u>.

Shares of Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and in the resolution or resolutions providing for the creation and issuance of such series adopted by the Board of Directors as hereinafter provided. Any shares of Preferred Stock which may be redeemed, purchased, or acquired by the Corporation may be reissued except as otherwise provided by law.

Authority is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in connection with the creation of any such series, by adopting a resolution or resolutions providing for the issuance of the shares thereof and by filing a certificate of designation relating thereto in accordance with the DGCL (a "<u>Certificate of</u> <u>Designation</u>"), to determine and fix the number of shares of such series and such voting powers, full or limited, or no voting powers, and such designations, preferences, and relative participating, optional, or other special rights, and qualifications, limitations, or restrictions thereof, including without limitation thereof, dividend rights, conversion rights, redemption rights, and liquidation preferences, and to increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series as shall be stated and expressed in such resolutions, all to the fullest extent now or hereafter permitted by the DGCL. Without limiting the generality of the foregoing, the resolution or resolutions providing for the creation and issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted

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by law and this Certificate of Incorporation (including any Certificate of Designation). Except as otherwise required by law, holders of any series of Preferred Stock shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Certificate of Incorporation (including any Certificate of Designation).

**ARTICLE VI**

For the management of the business and for the conduct of the affairs of the Corporation it is further provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classified Board</u>. Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the directors of the Corporation shall be classified with respect to the time for which they severally hold office into three classes, designated as Class I, Class II and Class III. The initial Class I directors shall serve for a term expiring at the first annual meeting of stockholders following the IPO; the initial Class II directors shall serve for a term expiring at the second annual meeting of stockholders following the IPO; and the initial Class III directors shall serve for a term expiring at the third annual meeting of stockholders following the IPO. At each annual meeting of stockholders of the Corporation beginning with the first annual meeting of stockholders following the Effective Time, subject to any special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the successors of the class of directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. Each director shall hold office until his or her successor is duly elected and qualified or until his or her earlier death, resignation, disqualification or removal. No decrease in the number of directors shall shorten the term of any incumbent director. The Board of Directors is authorized to designate members of the Board of Directors already in office as Class I, Class II and Class III effective upon the initial classification of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Powers</u>. Except as otherwise expressly provided by the DGCL or this Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors; Election of Directors</u>. Subject to the rights of the holders of any series of Preferred Stock to elect directors, the number of directors which shall constitute the whole Board of Directors shall be fixed exclusively by one or more resolutions adopted from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation, Term, and Removal</u>. Subject to the rights of the holders of any series of Preferred Stock to elect directors, each director shall hold office until the expiration of the term of the class to which such director shall have been appointed and until his or her successor is duly elected and qualified, or until his or her earlier death, resignation, disqualification, or removal. No decrease in the number of directors shall shorten the term of any incumbent director. Subject to the rights of the holders of any series of Preferred Stock to elect directors, at any time when the Silver Lake Entities beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the

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Corporation, the Board of Directors or any individual director may be removed from office, with or without cause by the affirmative vote of the holders of capital stock representing a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class; *provided that* at any time when the Silver Lake Entities no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the Board of Directors or any individual director may be removed from office only for cause and only by the affirmative vote of the holders of capital stock representing at least sixty-six and two-thirds percent (66<sup>2</sup>⁄3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies and Newly Created Directorships</u>. Subject to the rights of the holders of any series of Preferred Stock to elect directors, any newly created directorship that results from an increase in the number of directors or any vacancy on the Board of Directors that results from the death, resignation, disqualification, or removal of any director or from any other cause shall be filled solely by the affirmative vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole remaining director, and (other than any directors elected by the separate vote of one or more outstanding series of Preferred Stock) shall not be filled by the stockholders unless the Board of Directors determines by resolution that any such vacancy or newly created directorship shall be filled by the stockholders. Any director elected to fill a newly created directorship or vacancy in accordance with the preceding sentence shall hold office until the expiration of the term of the class to which such director shall have been appointed, or until his or her earlier death, resignation, disqualification, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Stock Directors</u>. Whenever the holders of any series of Preferred Stock issued by the Corporation shall have the right as provided for herein (including any Certificate of Designation), voting separately as a series or separately as a class with one or more such other series, to elect directors, the election, term of office, removal, and other features of such directorships shall be governed by the terms of this Certificate of Incorporation (including any Certificate of Designation). Notwithstanding anything to the contrary in this Article VI, during the period when the holders of any series of Preferred Stock issued by the Corporation shall have the right to elect additional directors, the number of directors to be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed pursuant to Part C of this Article VI, and the total number of directors constituting the whole Board of Directors shall be automatically increased by such number of directors to be elected by the holders of any such series of Preferred Stock and each such additional director shall serve until such director's successor shall have been duly elected and qualified, or until such director's right to hold such office terminates pursuant to said provisions, whichever occurs earlier, subject to his or her earlier death, resignation, disqualification, or removal. Except as otherwise provided in the Certificate of Designation(s) in respect of any series of Preferred Stock, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of this Certificate of Incorporation (including any Certificate of Designation), the terms of office of all such additional directors elected by the holders of such series of Preferred Stock, or elected to fill any vacancies resulting from the death, resignation,

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disqualification, or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director) and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vote by Ballot</u>. The directors of the Corporation need not be elected by written ballot unless the Bylaws so provide.

**ARTICLE VII**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent of Stockholders In Lieu of Meeting</u>. Subject to the rights of the holders of any series of Preferred Stock and the last sentence of this Part A of Article VII, at any time when the Silver Lake Entities beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, any action required or permitted to be taken by the stockholders of the Corporation may be taken without a meeting, without prior notice, and without a vote, if a consent or consents, setting forth the action so taken, are (i) signed by the holders of the then-outstanding shares of the relevant class(es) or series of stock of the Corporation representing not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of stock of the Corporation then issued and outstanding entitled to vote thereon were present and voted, and (ii) delivered to the Corporation in accordance with applicable law; *provided*, *however*, that when stockholders seek to take action by consent in accordance with this Part A of Article VII, such stockholders shall give the Corporation written notice, setting forth in reasonable detail the action proposed to be taken, not less than ten (10) Business Days prior to the delivery of the consents taking such action to the Corporation in accordance with the DGCL. Subject to the rights of the holders of any series of Preferred Stock, at any time when the Silver Lake Entities no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, any action required or permitted to be taken by the stockholders of the Corporation must be effected at an annual or special meeting of stockholders of the Corporation, and shall not be taken by consent in lieu of a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings of Stockholders</u>. Special meetings of stockholders of the Corporation may be called, for any purpose or purposes, at any time, only by or at the direction of (i) the Chairperson of the Board of Directors (if any), (ii) the Chief Executive Officer, (iii) the Board of Directors pursuant to a resolution adopted by a majority of the whole Board of Directors, or (iv) at any time when the Silver Lake Entities beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the Secretary of the Corporation, following his or her receipt of one or more written demands to call a special meeting of stockholders from stockholders of record who hold, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, and shall not be called by any other Person or Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stockholder Nominations and Introduction of Business, Etc.</u> Advance notice of stockholder nominations for election of directors and other business to be brought by

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stockholders before a meeting of stockholders shall be given in the manner provided by the Bylaws.

**ARTICLE VIII**

No director or officer of the Corporation shall have any personal liability to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or hereafter may be amended. Any amendment, repeal, or elimination of this Article VIII, or the adoption of any provision of the Certificate of Incorporation inconsistent with this Article VIII, shall not adversely affect any right or protection of a director or officer of the Corporation with respect to any act or omission occurring prior to such amendment, repeal, elimination, or adoption. If the DGCL is amended after approval by the stockholders of this Article VIII to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended. All references in this Article VIII to a director shall also be deemed to refer to such other Person or Persons, if any, who, pursuant to a provision set forth or incorporated by reference in this Certificate of Incorporation in accordance with Section 141(a) of the DGCL, exercise or perform any of the powers or duties otherwise conferred or imposed upon the Board of Directors by the DGCL.

**ARTICLE IX**

The Corporation shall have the power to provide rights to indemnification and advancement of expenses to its current and former officers, directors, employees, and agents and to any Person who is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise.

**ARTICLE X**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Opportunities</u>. In recognition and anticipation that certain directors, principals, members, managers, officers, associated funds, employees and/or other representatives of the Silver Lake Entities (collectively, the "<u>Applicable Parties</u>") may serve as directors, officers, representatives or agents of the Corporation, and that, directly or indirectly, the Applicable Parties, and/or any members of the Board of Directors who are not employees of the Corporation ("<u>Non-Employee Directors</u>"), may now engage, may continue to engage or may in the future engage in (i) the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, (ii) transactions, dealings or other matters that may be an investment, corporate, business, strategic or other opportunity or offer a prospective economic or competitive interest, advantage or gain in which the Corporation or any of its Affiliates, directly or indirectly, could have or be deemed to have an interest or expectancy, (iii) business, investments or transactions with any potential or actual customer, partner, supplier or other business relation of the Corporation or any of its Affiliates, (iv) the employment of, or any other affiliation, relationship or engagement with,

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any officer, employee or other service provider of the Corporation or any of its Affiliates, or (v) business or other transactions or dealings with the Corporation and its Affiliates (each of (i)-(v) above, a "<u>Competitive Opportunity</u>"), the provisions of this Article X are set forth to regulate and define the conduct of certain affairs of the Corporation with respect to such Competitive Opportunities that may involve any Applicable Parties, Non-Employee Directors or their respective Affiliates or their and their Affiliates' respective directors, principals, members, managers, officers, associated funds, employees and/or other representatives, including any of the foregoing who serve as directors, officers, representatives or agents of the Corporation (each of the foregoing, an "<u>Identified Person</u>"), and the powers, rights, duties and liabilities of the Corporation and its directors, officers and stockholders in connection therewith. For the avoidance of doubt, this Part A of Article X is intended to disclaim and renounce, to the fullest extent permitted by applicable law and subject to the provisions of this Part A of Article X, any right of the Corporation or any of its subsidiaries with respect to the matters set forth herein, and this Part A of Article X shall be construed to effect such disclaimer and renunciation to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, no Identified Person shall have any duty whatsoever to refrain from directly or indirectly (1) participating or otherwise engaging in the same or similar business activities or lines of business in which the Corporation or any of its Affiliates now engages or proposes to engage, (2) considering, pursuing or entering into any Competitive Opportunity in which the Corporation or any of its Affiliates, directly or indirectly, could have an interest or expectancy or (3) otherwise competing, directly or indirectly, with the Corporation or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty, or otherwise, solely by reason of the fact that such Identified Person engages in any of the foregoing. To the fullest extent permitted by law, and except as provided in Section 3 of this Part A of Article X, the Corporation hereby renounces, in accordance with Section 122(17) of the DGCL, any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a Competitive Opportunity for an Identified Person and the Corporation or any of its Affiliates. Subject to Section 3 of this Part A of Article X, in the event that any Identified Person acquires knowledge of a potential transaction or other matter or business opportunity which may be a Competitive Opportunity for such Identified Person and the Corporation or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no fiduciary duty or other duty (contractual or otherwise) to communicate, present or offer such transaction or other business opportunity to the Corporation or any of its Affiliates and such Identified Person or any of its respective Affiliates may pursue, take or acquire any and all such transactions or opportunities for itself or offer such transactions or opportunities to any other Person. To the fullest extent permitted by law, no such Identified Person shall be liable to the Corporation or its stockholders or to any Affiliate of the Corporation for breach of any fiduciary duty or other duty (contractual or otherwise) as a stockholder, director or officer of the Corporation solely by reason of the fact that such Identified Person pursues, takes or acquires such corporate opportunity for such Identified Person or any of its Affiliates, or offers or directs such corporate opportunity to another Person, or does not present such corporate opportunity to the Corporation or any of its Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation and its Affiliates do not have any rights in and to the business ventures of any Identified Person, or the income or profits derived therefrom, and the Corporation agrees that each of the Identified Persons may do business with any potential or actual customer or supplier of the Corporation or may employ or otherwise engage any officer or employee of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Corporation does not renounce its interest in any Competitive Opportunity offered to any Identified Person if such Competitive Opportunity is expressly offered to such person solely in such Identified Person's capacity as a director or officer of the Corporation and not in any other capacity, and the provisions of Section 1 or 2 of this Part A of Article X shall not apply to any such Competitive Opportunity.

&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;In addition to and notwithstanding the foregoing provisions of this Part A of Article X, a corporate, business or other opportunity shall not be deemed to be a potential Competitive Opportunity for the Corporation if it is an opportunity that (i) the Corporation is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Corporation's business or is of no practical advantage to the Corporation or (iii) is one in which the Corporation has no interest or reasonable expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability Waiver</u>. To the fullest extent permitted by law, no stockholder and no director will be liable to the Corporation or its subsidiaries or stockholders for breach of any duty solely by reason of any activities or omissions of the types referred to in this Article X, except to the extent such actions or omissions are in breach of this Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to Article X</u>. Any amendment, repeal, or modification of this Article X, or the adoption of any provision of the Certificate of Incorporation inconsistent with this Article X, shall not adversely affect any right or protection of a director of the Corporation with respect to any act or omission occurring prior to such amendment, repeal, modification, or adoption.

**ARTICLE XI**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 203 of the DGCL</u>. The Corporation expressly elects not to be governed by Section 203 of the DGCL (or any successor provision thereto) ("<u>Section 203</u>"), and the restrictions contained in Section 203 shall not apply to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Business Combinations</u>. Notwithstanding the foregoing, the Corporation shall not engage in any Business Combination (as defined below), at any point in time at which any class of Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any Interested Stockholder (as defined below) for a period of three years following the time that such stockholder became an Interested Stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.prior to such time, the Board of Directors approved either the Business Combination or the transaction that resulted in the stockholder becoming an Interested Stockholder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.upon consummation of the transaction that resulted in the stockholder becoming an Interested Stockholder, the Interested Stockholder owned at least eighty-five percent (85%) of the Voting Securities of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the Voting Securities outstanding (but not the outstanding Voting Securities owned by the Interested Stockholder) those shares owned by (a) Persons who are directors and also officers and (b) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.at or subsequent to such time, the Business Combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least sixty-six and two-thirds percent (66<sup>2</sup>⁄3%) of the outstanding Voting Securities of the Corporation which is not owned by the Interested Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions to Prohibition on Interested Stockholder Transactions</u>. The restrictions contained in Part B of this Article XI shall not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.a stockholder becomes an Interested Stockholder inadvertently and (a) as soon as practicable divests itself of ownership of sufficient shares so that the stockholder ceases to be an Interested Stockholder and (b) would not, at any time, within the three-year period immediately prior to the Business Combination between the Corporation and such stockholder, have been an Interested Stockholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (a) constitutes one of the transactions described in the second sentence of this paragraph, (b) is with or by a Person who either was not an Interested Stockholder during the previous three years or who became an Interested Stockholder with the approval of the Board of Directors, and (c) is approved or not opposed by a majority of the directors then in office (but not less than one) who were directors prior to any Person becoming an Interested Stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to (x) a merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to Section 251(f) of the DGCL, no vote of the stockholders of the Corporation is required), (y) a sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation (other

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than to any direct or indirect wholly owned subsidiary or to the Corporation) having an aggregate market value equal to fifty percent (50%) or more of either that aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding capital stock of the Corporation, or (z) a proposed tender or exchange offer for fifty percent (50%) or more of the outstanding Voting Securities of the Corporation. The Corporation shall give not less than twenty (20) days' notice to all Interested Stockholders prior to the consummation of any of the transactions described in clause (x) or (y) of the second sentence of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. For purposes of this Article XI, references 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;1."<u>associate</u>," when used to indicate a relationship with any Person, means: (a) any corporation, partnership, unincorporated association, or other entity of which such Person is a director, officer, or partner or is, directly or indirectly, the owner of twenty percent (20%) or more of the voting power thereof; (b) any trust or other estate in which such Person has at least a twenty percent (20%) beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity; and (c) any relative or spouse of such Person, or any relative of such spouse, who has the same residence as such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2."<u>Business Combination</u>," when used in reference to the Corporation and any Interested Stockholder of the Corporation, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation (1) with the Interested Stockholder, or (2) with any other corporation, partnership, unincorporated association, or other entity if the merger or consolidation is caused by the Interested Stockholder and, as a result of such merger or consolidation, Part B of this Article XI is not applicable to the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the Interested Stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to ten percent (10%) or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding capital stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any capital stock of the Corporation or of such subsidiary to the Interested Stockholder, except: (1) pursuant to the exercise, exchange, or conversion of securities exercisable for, exchangeable for or convertible into capital stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the Interested Stockholder became such; (2) pursuant to a

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merger under Section 251(g) of the DGCL; (3) pursuant to a dividend or distribution paid or made, or the exercise, exchange, or conversion of securities exercisable for, exchangeable for, or convertible into capital stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of capital stock of the Corporation subsequent to the time the Interested Stockholder became such; (4) pursuant to an exchange offer by the Corporation to purchase capital stock made on the same terms to all holders of said capital stock; or (5) any issuance or transfer of capital stock by the Corporation; *provided*, *however*, that in no case under clauses (1) through (5) of this paragraph shall there be an increase in the Interested Stockholder's proportionate share of the capital stock of any class or series of the Corporation or of the Voting Securities of the Corporation (except as a result of immaterial changes due to fractional share adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the capital stock of any class or series, or securities convertible into the capital stock of any class or series, of the Corporation or of any such subsidiary which is owned by the Interested Stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of capital stock not caused, directly or indirectly, by the Interested Stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any receipt by the Interested Stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in paragraphs (a) through (d) above) provided by or through the Corporation or any direct or indirect majority-owned 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;3. "<u>Interested Stockholder</u>" means any Person (other than the Corporation or any direct or indirect majority-owned subsidiary of the Corporation) that (a) is the owner of fifteen percent (15%) or more of the outstanding Voting Securities of the Corporation, or (b) is an Affiliate or associate of the Corporation and was the owner of fifteen percent (15%) or more of the outstanding Voting Securities of the Corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such Person is an Interested Stockholder; and the Affiliates and associates of such Person; but "Interested Stockholder" shall not include (x) the Silver Lake Entities, or any other Person with whom any Silver Lake Entity is acting as a group or in concert for any purpose, including, without limitation, acquiring, holding, voting, or disposing of shares of Voting Securities of the Corporation; (y) any Person who would otherwise be an Interested Stockholder because of a direct or indirect transfer, sale, assignment, conveyance, hypothecation, encumbrance, or other disposition of five percent (5%) or more of the outstanding Voting Securities of the Corporation (in one transaction or a series of transactions) beneficially owned by any Silver Lake Entity (or any of its Permitted Transferees) to such Person; or (z) any Person whose ownership of shares in excess of the fifteen percent (15%) limitation

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set forth herein is the result of any action taken solely by the Corporation; *provided*, *further*, that in the case of clause (z) such Person shall be an Interested Stockholder if thereafter such Person acquires additional shares of Voting Securities of the Corporation, except as a result of further corporate action not caused, directly or indirectly, by such Person. For the purpose of determining whether a person is an Interested Stockholder, the Voting Securities of the Corporation deemed to be outstanding shall include capital stock deemed to be owned by the Person through application of the definition of "owner" below but shall not include any other unissued capital stock of the Corporation which may be issuable pursuant to any agreement, arrangement, or understanding, or upon exercise of conversion rights, warrants, or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "<u>owner</u>," including the terms "<u>own</u>" and "<u>owned</u>," when used with respect to any stock, means a Person that individually or with or through any of its Affiliates or associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;beneficially owns such stock, directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;has (1) the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement, or understanding, or upon the exercise of conversion rights, exchange rights, warrants, or options, or otherwise; *provided*, *however*, that a Person shall not be deemed the owner of stock tendered pursuant to a tender or exchange offer made by such Person or any of such Person's Affiliates or associates until such tendered stock is accepted for purchase or exchange; or (2) the right to vote such stock pursuant to any agreement, arrangement, or understanding; *provided*, *however*, that a Person shall not be deemed the owner of any stock because of such Person's right to vote such stock if the agreement, arrangement, or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to ten (10) or more Persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;has any agreement, arrangement, or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in clause (2) of paragraph (b) above), or disposing of such stock with any other Person that beneficially owns, or whose Affiliates or associates beneficially own, directly or indirectly, such stock.

**ARTICLE XII**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of the Certificate of Incorporation</u>. The Corporation reserves the right to amend, alter, change, adopt, or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation; *provided*, *however*, at any time when the Silver Lake Entities no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the Corporation shall not, without the prior affirmative vote of the holders of at least sixty-six and

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two-thirds percent (66<sup>2</sup>⁄3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, in addition to any other vote required by a nonwaivable provision of the DGCL or this Certificate of Incorporation, amend, alter, change, adopt, or repeal any provision inconsistent with Article V, Part A, Part D and Part E of Article VI, Articles VII, VIII, IX, X, XI, this proviso of this Part A of Article XII or Part B of Article XII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of Bylaws</u>. In furtherance and not in limitation of the powers conferred upon it by the DGCL, the Board of Directors shall have the power to amend, alter, change, adopt, or repeal the Bylaws. At any time when the Silver Lake Entities beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the stockholders shall have the power to amend, alter, change, adopt, or repeal the Bylaws by the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class; *provided that* at any time when the Silver Lake Entities no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the stockholders may not amend, alter, change, adopt, or repeal the Bylaws unless such action is approved, in addition to any other vote required by this Certificate of Incorporation, by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66<sup>2</sup>⁄3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision or provisions of this Certificate of Incorporation shall be held to be invalid, illegal, or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality, and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of Incorporation (including, without limitation, each portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal, or unenforceable that is not itself held to be invalid, illegal, or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby and (ii) to the fullest extent permitted by applicable law, the provisions of this Certificate of Incorporation (including, without limitation, each such portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid, illegal, or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees, and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

\* \* \* \* \*

## Exhibit 3.4

**Exhibit 3.4**

**Amended and Restated Bylaws of**

**Entrata, Inc.** 

**(a Delaware corporation)**

**as of** &nbsp;&nbsp;&nbsp;&nbsp; **, 2026**

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**Table of Contents**

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| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| Article I - Corporate Offices | Article I - Corporate Offices | 6 |
| 1.1 | Registered Office | 6 |
| 1.2 | Other Offices | 6 |
| Article II - Meetings of Stockholders | Article II - Meetings of Stockholders | 6 |
| 2.1 | Place of Meetings | 6 |
| 2.2 | Annual Meeting | 6 |
| 2.3 | Special Meeting | 6 |
| 2.4 | Notice of Business to be Brought before a Meeting | 7 |
| 2.5 | Notice of Nominations for Election to the Board of Directors. | 12 |
| 2.6 | Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors. | 15 |
| 2.7 | Notice of Stockholders' Meetings | 17 |
| 2.8 | Quorum | 17 |
| 2.9 | Adjourned Meeting; Notice | 17 |
| 2.10 | Conduct of Business | 18 |
| 2.11 | Voting | 18 |
| 2.12 | Record Date for Stockholder Meetings and Other Purposes | 19 |
| 2.13 | Proxies | 19 |
| 2.14 | List of Stockholders Entitled to Vote | 19 |
| 2.15 | Inspectors of Election | 20 |
| 2.16 | Delivery to the Corporation. | 20 |
| Article III - Directors | Article III - Directors | 21 |
| 3.1 | Powers | 21 |
| 3.2 | Number of Directors | 21 |
| 3.3 | Election, Qualification and Term of Office of Directors | 21 |
| 3.4 | Resignation and Vacancies | 21 |
| 3.5 | Place of Meetings; Meetings by Telephone | 22 |
| 3.6 | Regular Meetings | 22 |
| 3.7 | Special Meetings; Notice | 22 |
| 3.8 | Quorum | 22 |
| 3.9 | Board Action without a Meeting | 23 |
| 3.10 | Fees and Compensation of Directors | 23 |
| Article IV - Committees | Article IV - Committees | 23 |
| 4.1 | Committees of Directors | 23 |
| 4.2 | Committee Minutes | 23 |
| 4.3 | Meetings and Actions of Committees | 23 |
| 4.4 | Subcommittees. | 24 |
| Article V - Officers | Article V - Officers | 24 |
| 5.1 | Officers | 24 |
| 5.2 | Appointment of Officers | 24 |
| 5.3 | Subordinate Officers | 24 |
| 5.4 | Removal and Resignation of Officers | 25 |

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**TABLE OF CONTENTS**

**(continued)**

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| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| 5.5 | Vacancies in Offices | 25 |
| 5.6 | Representation of Shares of Other Corporations | 25 |
| 5.7 | Authority and Duties of Officers | 25 |
| 5.8 | Compensation. | 25 |
| Article VI - Records | Article VI - Records | 25 |
| Article VII - General Matters | Article VII - General Matters | 26 |
| 7.1 | Execution of Corporate Contracts and Instruments | 26 |
| 7.2 | Stock Certificates | 26 |
| 7.3 | Special Designation of Certificates. | 26 |
| 7.4 | Lost Certificates | 27 |
| 7.5 | Shares Without Certificates | 27 |
| 7.6 | Construction; Definitions | 27 |
| 7.7 | Dividends | 27 |
| 7.8 | Fiscal Year | 27 |
| 7.9 | Seal | 28 |
| 7.10 | Transfer of Stock | 28 |
| 7.11 | Stock Transfer Agreements | 28 |
| 7.12 | Registered Stockholders | 28 |
| 7.13 | Waiver of Notice | 28 |
| Article VIII - Notice | Article VIII - Notice | 29 |
| 8.1 | Delivery of Notice; Notice by Electronic Transmission | 29 |
| Article IX - Indemnification | Article IX - Indemnification | 30 |
| 9.1 | Indemnification of Directors and Officers | 30 |
| 9.2 | Indemnification of Others | 30 |
| 9.3 | Prepayment of Expenses | 30 |
| 9.4 | Determination; Claim | 30 |
| 9.5 | Non-Exclusivity of Rights | 31 |
| 9.6 | Insurance | 31 |
| 9.7 | Other Indemnification | 31 |
| 9.8 | Continuation of Indemnification | 31 |
| 9.9 | Amendment or Repeal; Interpretation | 31 |
| Article X - Amendments | Article X - Amendments | 32 |
| Article XI - Forum Selection | Article XI - Forum Selection | 32 |
| Article XII - Definitions | Article XII - Definitions | 33 |

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ii

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**Amended and Restated Bylaws of**

**Entrata, Inc.**

**Article I - Corporate Offices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Office</u>.

The address of the registered office of Entrata, Inc. (the "<u>Corporation</u>") in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Corporation's certificate of incorporation, as the same may be amended and/or restated from time to time (the "<u>Certificate of</u> <u>Incorporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Offices</u>.

The Corporation may have additional offices at any place or places, within or outside the State of Delaware, as the Corporation's board of directors (the "<u>Board</u>") may from time to time establish or as the business of the Corporation may require.

**Article II - Meetings of Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Meetings</u>.

Meetings of stockholders shall be held at any place within or outside the State of Delaware, designated by the Board. The Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Corporation's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meeting</u>.

The Board shall designate the date and time of the annual meeting of stockholders. At the annual meeting of stockholders, directors shall be elected and other proper business properly brought before the meeting in accordance with Section 2.4 of these bylaws may be transacted. The Board may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meeting</u>.

Special meetings of stockholders may be called only by such persons and only in such manner as set forth in the Certificate of Incorporation.

No business may be transacted at any special meeting of stockholders other than the business specified in the notice of such meeting. The Board may postpone, reschedule or cancel any previously scheduled special meeting of stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Business to be Brought before a Meeting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at the direction of the Board of Directors, (ii) if not specified in a notice of meeting, otherwise brought before the meeting by or at the direction of the Board of Directors or the Chairman of the Board or (iii) otherwise properly brought before the meeting by a stockholder present in person who (A) (1) was a record owner of shares of capital stock of the Corporation both at the time of giving the notice provided for in this Section 2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2.4 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the "*Exchange Act*"). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before an annual meeting of the stockholders. At any time when the Silver Lake Entity no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the only matters that may be brought before a special meeting are the matters specified in the notice of meeting given by or at the direction of the person calling the meeting pursuant to Section 2.3**,** and stockholders shall not be permitted to propose business to be brought before a special meeting of the stockholders. For purposes of this Section 2.4, "present in person" shall mean that the stockholder proposing that the business be brought before the annual meeting of the Corporation, or a qualified representative of such proposing stockholder, appear at such annual meeting, either in person or by means of remote communication. A "qualified representative" of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at or before the meeting of stockholders in writing or by electronic transmission. Stockholders seeking to nominate persons for election to the Board of Directors must comply with Section 2.5 and Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5 and Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b)&nbsp;&nbsp;&nbsp;&nbsp;**Without qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i) provide Timely Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder's notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation no later than 5:00 p.m. local time at the Corporation's headquarters, ninety (90) days nor earlier than 8:00 a.m., local time at the Corporation's headquarters, one hundred twenty (120) days prior to the one-year anniversary of the preceding year's annual meeting which, in the case of the first annual meeting of stockholders following the closing of the Corporation's initial underwritten public offering of common stock, the date of the preceding year's annual meeting shall be deemed to be &nbsp;&nbsp;&nbsp;&nbsp; , 2026; *provided, however*, that if the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, no earlier than 8:00 a.m., local time at the Corporation's headquarters, on the hundred twentieth (120<sup>th</sup>) day prior to such annual meeting and no later than 5:00 p.m., local time at the Corporation's headquarters, on (i) the ninetieth (90<sup>th</sup>) day prior to such annual meeting or, (ii) if later, the tenth (10<sup>th</sup>) day following the day on which public disclosure of the date of such annual meeting was first made by the Corporation (such notice within such time periods, "*Timely Notice*"). In no event shall any

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adjournment or postponement of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of Timely Notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;**To be in proper form for purposes of this Section 2.4, a stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;As to each Proposing Person (as defined below), (A) the name and address of such Proposing Person (including, if applicable, the name and address that appear on the Corporation's books and records), (B) the class or series and number of shares of capital stock of the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under the Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own any shares of any class or series of capital stock of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership at any time in the future, (C) the date or dates such shares were acquired, (D) the investment intent of such acquisition and (E) any pledge by such Proposing Person with respect to any of such shares (the disclosures to be made pursuant to the foregoing clauses (A) through (E) are referred to as "*Stockholder 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;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;**As to each Proposing Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** the material terms and conditions of any "derivative security" (as such term is defined in Rule 16a-1(c) under the Exchange Act) that constitutes a "call equivalent position" (as such term is defined in Rule 16a-1(b) under the Exchange Act) or a "put equivalent position" (as such term is defined in Rule 16a-1(h) under the Exchange Act) or other derivative or synthetic arrangement in respect of any class or series of shares of capital stock of the Corporation ("*Synthetic Equity Position*") that is, directly or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person, including, without limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** any option, warrant, convertible security, stock appreciation right, future or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of capital stock of the Corporation or with a value derived in whole or in part from the value of any shares of any class or series of shares of capital stock of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** any derivative or synthetic arrangement having the characteristics of a long position or a short position in any class or series of shares of capital stock of the Corporation, including, without limitation, a stock loan transaction, a stock borrow transaction, or a share repurchase transaction 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;**(3)** any contract, derivative, swap or other transaction or series of transactions designed to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of capital stock of the Corporation,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** mitigate any loss relating to, reduce the economic risk (of ownership or otherwise) of, or manage the risk of share price decrease in, any class or series of shares of capital stock of the Corporation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** increase or decrease the voting power in respect of any class or series of shares of capital stock of the Corporation held or maintained by, held for the benefit of, or involving such Proposing Person,

including, without limitation, due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series of shares of capital stock of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of capital stock of the Corporation, through the delivery of cash or other property, or otherwise, and without regard to whether the holder thereof may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the price or value of any shares of any class or series of shares of capital stock of the Corporation;

*provided that*, for the purposes of the definition of "Synthetic Equity Position," the term "derivative security" shall also include any security or instrument that would not otherwise constitute a "derivative security" as a result of any feature that would make any conversion, exercise or similar right or privilege of such security or instrument becoming determinable only at some future date or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such security or instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible or exercisable at the time of such determination; *and, provided, further, that* any Proposing Person satisfying the requirements of Rule 13d-1(b)(1) under the Exchange Act (other than a Proposing Person that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule 13d-1(b)(1)(ii)(E)) shall not be deemed to hold or maintain the notional amount of any securities that underly any Synthetic Equity Position that is, directly or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person as a hedge with respect to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such Proposing Person's business as a derivatives dealer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** any proxy, contract, arrangement, understanding or relationship pursuant to which such Proposing Person has a right to vote any shares of any security of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** a description of any agreement, arrangement or understanding with respect to any rights to dividends on the shares of any class or series of shares of capital stock of the Corporation owned beneficially by such Proposing Person that are separated or separable pursuant to such agreement, arrangement or understanding from the underlying shares of capital stock of the Corporation,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** any other material relationship between such Proposing Person, on the one hand, and the Corporation or any affiliate of the Corporation, on the other hand,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(F)** any direct or indirect material interest in any material contract or agreement of such Proposing Person with the Corporation, any affiliate of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(G)** any proportionate interest in shares of capital stock of the Corporation or a Synthetic Equity Position held, directly or indirectly, by a general or limited partnership, limited liability company or similar entity in which any such Proposing Person (1) is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership or (2) is the manager, managing member or, directly or indirectly, beneficially owns an interest in the manager or managing member of such limited liability company or similar 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;**(H)** a representation and undertaking that a Proposing Person intends or is part of a group that intends to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to approve or adopt the proposal or otherwise solicit proxies or votes from stockholders in support of such proposal,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(I)** any other information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act,

(the disclosures to be made pursuant to the foregoing clauses (A) through (I) are referred to as "*Disclosable Interests*"); *provided*, *however*, that Disclosable Interests shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)&nbsp;&nbsp;&nbsp;&nbsp;**As to each item of business that the stockholder proposes to bring before the annual meeting, (A) a brief description of the business desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material interest in such business of each Proposing Person, (B) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the Bylaws, the language of the proposed amendment), (C) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among any of the Proposing Persons or (y) between or among any Proposing Person and any other person or entity (including their names) in connection with the proposal of such business by such stockholder, and (D) any other information relating to such item of business that would be

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required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act; *provided*, *however*, that the disclosures required by this paragraph (iii) shall not include any disclosures with respect to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner.

For purposes of this Section 2.4, the term "*Proposing Person"* shall mean (i) the stockholder providing the notice of business proposed to be brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the business proposed to be brought before the annual meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;**The Board of Directors may request that any Proposing Person furnish such additional information as may be reasonably required by the Board of Directors. Such Proposing Person shall provide such additional information within ten (10) days after it has been requested by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;**A Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;**Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly brought before the meeting in accordance with this Section 2.4. The presiding officer of the meeting (or, in advance of any meeting of stockholders, the Board of Directors or an authorized committee thereof) shall, if the facts warrant, determine that the business was not properly brought before the meeting in accordance with this Section 2.4, and if he or she should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)&nbsp;&nbsp;&nbsp;&nbsp;**This Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders other than any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation's proxy statement. In addition to the

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requirements of this Section 2.4 with respect to any business proposed to be brought before an annual meeting, each Proposing Person shall comply with all applicable requirements of the Exchange Act with respect to any such business. Nothing in this Section 2.4 shall be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)&nbsp;&nbsp;&nbsp;&nbsp;**For purposes of these Bylaws, "*public disclosure*" shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Nominations for Election to the Board of Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**Nominations of any person for election to the Board of Directors at an annual meeting or at a special meeting (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting) may be made at such meeting only (i) by or at the direction of the Board of Directors, including by any committee or persons authorized to do so by the Board of Directors or these bylaws, or (ii) by a stockholder present in person who (A) was a record owner of shares of capital stock of the Corporation both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled to vote at the meeting, and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. For purposes of this Section 2.5, "present in person" shall mean that the stockholder nominating any person for election to the Board of Directors at the meeting of the Corporation, or a qualified representative of such stockholder, appear at such meeting, either in person or by means of remote communication. A "qualified representative" of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at or before the meeting of stockholders in writing or by electronic transmission. The foregoing clause (ii) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting or special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;(i)** Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to each Nominating Person (as defined below) and its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5 and Section 2.6 *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Without qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling a special meeting, then for a stockholder to make any nomination of a person or persons for election to the Board of Directors at a special meeting, the stockholder must (A) provide timely notice thereof in writing and in proper form to the Secretary of the Corporation at the principal executive offices of the Corporation, (B) provide the information with respect to each Nominating Person and its candidate for nomination as required by this Section 2.5 and Section 2.6 and (C) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5. To be timely, a stockholder's notice for nominations to be made at a special meeting must be delivered to, or mailed and

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received at, the principal executive offices of the Corporation no earlier than 8:00 a.m., local time at the Corporation's headquarters, on the one hundred twentieth (120<sup>th</sup>) day prior to such special meeting and not later than 5:00 p.m., local time at the Corporation's headquarters, on the ninetieth (90<sup>th</sup>) day prior to such special meeting or, if later, the tenth (10<sup>th</sup>) day following the day on which public disclosure (as defined in Section 2.4) of the date of such special meeting was first made (such notice within such time periods, "*Special Meeting Timely 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;**(iii)** In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** In no event may a Nominating Person deliver a notice of nomination, as applicable, with respect to a greater number of director candidates than are subject to election by stockholders at the applicable meeting. If the Corporation shall, subsequent to such notice, increase the number of directors subject to election at the meeting, such notice as to any additional nominees shall be due on the later of (i) the conclusion of the time period for Timely Notice or Special Meeting Timely Notice, as applicable, or (ii) 5:00 p.m., local time at the Corporation's headquarters, on the tenth day following the date of public disclosure (as defined in Section 2.4) of such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)&nbsp;&nbsp;&nbsp;&nbsp;**To be in proper form for purposes of this Section 2.5, a stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)**&nbsp;&nbsp;&nbsp;&nbsp;As to each Nominating Person, the Stockholder Information (as defined in Section 2.4(c)(i), except that for purposes of this Section 2.5 the term "Nominating Person" shall be substituted for the term "Proposing Person" in all places it appears in Section 2.4(c)(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;**(ii)&nbsp;&nbsp;&nbsp;&nbsp;**As to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(c)(ii), except that for purposes of this Section 2.5 the term "Nominating Person" shall be substituted for the term "Proposing Person" in all places it appears in Section 2.4(c)(ii) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(c)(ii) shall be made with respect to the nomination proposed to be made at the meeting); and provided that, in lieu of including the information set forth in Section 2.4(c)(ii)(G), the Nominating Person's notice for purposes of this Section 2.5 shall include a representation as to whether the Nominating Person intends or is part of a group that intends to deliver a proxy statement and solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the Corporation's nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)&nbsp;&nbsp;&nbsp;&nbsp;**As to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information relating to such candidate for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including such candidate's written consent to being named in a proxy statement and accompanying proxy card relating to the Corporation's next meeting of stockholders at which directors are to be elected and to serving as a director for a full term if elected), (B) a description of any direct or indirect material interest in any material contract or agreement between or among any Nominating Person, on the one hand, and each candidate for nomination or his or her respective associates (as defined in Rule 14a-1(a) promulgated under the

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Exchange Act) or any other participants (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) in such solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating Person were the "registrant" for purposes of such rule and the candidate for nomination were a director or executive officer of such registrant, and (C) a completed and signed questionnaire, representation and agreement as provided in Section 2.6(a).

For purposes of this Section 2.5, the term "*Nominating Person*" shall mean (i) the stockholder providing the notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;**The Board of Directors may request that any Nominating Person furnish such additional information as may be reasonably required by the Board of Directors. Such Nominating Person shall provide such additional information within ten (10) days after it has been requested by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;**A stockholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice or the materials delivered pursuant to this Section 2.5, as applicable, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.5 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination, including by changing or adding nominees, or to submit any new nomination, or submit any new proposal, matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)&nbsp;&nbsp;&nbsp;&nbsp;**In addition to the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating Person shall comply with all applicable requirements of the Exchange Act with respect to any such nominations. Notwithstanding the foregoing provisions of this Section 2.5, unless otherwise required by law, (i) no Nominating Person shall solicit proxies in support of director nominees other than the Corporation's nominees unless such Nominating Person has, or is part of a group that has, complied with Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder, in accordance with the time frames required in this Section 2.5 or by Rule 14a-19 promulgated under the Exchange Act, as applicable, and (ii) if (1) any Nominating Person provides notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act and (2) (x) such notice in accordance with Rule 14a-19(b) is not provided within the time period for Timely Notice or Special

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Meeting Timely Notice, as applicable, (y) such Nominating Person subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act or (z) such Nominating Person fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Nominating Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence, then the nomination of such Nominating Person's proposed nominees shall be disregarded, notwithstanding that each such nominee is included as a nominee in the Corporation's proxy statement, notice of meeting or other proxy materials for any meeting of stockholders (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). If any Nominating Person provides notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act, such Nominating Person shall deliver to the Corporation, no later than seven (7) business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if</u> <u>Elected, to be Seated as Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**To be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must be nominated in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board of Directors or by a stockholder of record, must have previously delivered**<u>,</u>** to the Secretary at the principal executive offices of the Corporation, (i) a completed written questionnaire (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor) with respect to the background, qualifications, stock ownership and independence of such proposed nominee and (ii) a written representation and agreement (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor) that such candidate for nomination (A) is not and, if elected as a director during his or her term of office, will not become a party to (1) any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a "*Voting Commitment*") or (2) any Voting Commitment that could limit or interfere with such proposed nominee's ability to comply, if elected as a director of the Corporation, with such proposed nominee's fiduciary duties under applicable law, (B) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation or reimbursement for service as a director that has not been disclosed to the Corporation**,** (C) if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate for nomination all such policies and guidelines then in effect), and (D) if elected as a director of the Corporation, intends to serve the entire term until the next meeting at which such candidate would face re-election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;**The Board of Directors may also require any proposed candidate for nomination as a director to furnish such other information related to such candidate's eligibility or qualification to serve as a director as may reasonably be requested by the Board of Directors in writing prior to the meeting of stockholders at which such candidate's nomination is to be acted upon. Without limiting the generality of the foregoing, the Board of Directors may request such other information in order for the Board of Directors to determine the eligibility of such candidate for nomination to be an independent director of the

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Corporation or to comply with the director qualification standards and additional selection criteria in accordance with the Corporation's Corporate Governance Guidelines. Such other information shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the request by the Board of Directors has been delivered to, or mailed and received by, the Nominating Person**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**&nbsp;&nbsp;&nbsp;&nbsp;A candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section 2.6, if necessary, so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit any new proposal, including by changing or adding nominees, matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**&nbsp;&nbsp;&nbsp;&nbsp;No candidate nominated pursuant to Section 2.5(a)(ii) shall be eligible for nomination as a director of the Corporation unless such candidate for nomination and the Nominating Person seeking to place such candidate's name in nomination has complied with Section 2.5 and this Section 2.6**,** as applicable. The presiding officer at the meeting shall, if the facts warrant, determine that a nomination was not properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should so determine, he or she shall so declare such determination to the meeting, the defective nomination shall be disregarded and any ballots cast for the candidate in question (but in the case of any form of ballot listing other qualified nominees, only the ballots cast for the nominee in question) shall be void and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)&nbsp;&nbsp;&nbsp;&nbsp;**Subject to Section 2.6(f), no candidate for nomination shall be eligible to be seated as a director of the Corporation unless nominated in accordance with Section 2.5 and this Section 2.6 and elected as a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in these Bylaws to the contrary, for so long as any party to that certain stockholders agreement, dated as of &nbsp;&nbsp;&nbsp;&nbsp; , 2026, by and among the Corporation, the Initial Silver Lake Stockholders, Adam Edmunds and Chase Harrington (the "*Stockholders Agreement*"), is entitled to designate a director of the Corporation pursuant to the Stockholders Agreement, such party shall not be subject to Section 2.5 or this Section 2.6 of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Stockholders' Meetings</u>.

Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the notice of any meeting of stockholders shall be sent or otherwise given in accordance with Section 8.1 of these

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bylaws not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting of stockholders, the purpose or purposes for which such meeting is called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>.

Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the holders of a majority in voting power of the stock issued and outstanding and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at any meeting of stockholders, then either (i) the person presiding over the meeting or (ii) a majority in voting power of the stockholders entitled to vote at the meeting, present in person, or by remote communication, if applicable, or represented by proxy, shall have power to recess the meeting or adjourn the meeting from time to time in the manner provided in Section 2.9 of these bylaws until a quorum is present or represented. At any recessed or adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjourned Meeting; Notice</u>.

When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken or are provided in any other manner permitted by the DGCL. At any adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed for notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Business</u>.

The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of

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business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting (including, without limitation, determinations with respect to the administration and/or interpretation of any of the rules, regulations or procedures of the meeting, whether adopted by the Board or prescribed by the person presiding over the meeting), shall, if the facts warrant, determine and declare to the meeting that a matter of business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting</u>.

Except as may be otherwise provided in the Certificate of Incorporation, these bylaws or the DGCL, each holder of Class A Common Stock shall be entitled to one (1) vote for each share of Class A Common Stock held by such stockholder, each holder of Class B Common Stock shall be entitled to ten (10) votes for each share of Class B Common Stock held by such stockholder and each holder of Class C Common Stock shall be entitled to no votes for each share of Class C Common Stock held by such stockholder.

Except as otherwise provided by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a quorum is present, for the election of directors, a plurality of the votes cast shall be sufficient to elect a director. Except as otherwise provided by the Certificate of Incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, each other matter presented to the stockholders at a duly called or convened meeting at which a quorum is present shall be decided by the affirmative vote of the holders of a majority in voting power of the votes cast (excluding abstentions and broker non-votes) on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Record Date for Stockholder Meetings and Other Purposes</u>.

In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty (60) days nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any

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adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of capital stock, or for the purposes of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies</u>.

Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by an instrument in writing or by a transmission permitted by law, including Rule 14a-19 promulgated under the Exchange Act, filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL. A proxy may be in the form of an electronic transmission which sets forth or is submitted with information from which it can be determined that the transmission was authorized by the stockholder.

Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>List of Stockholders Entitled to Vote</u>.

The Corporation shall prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, that if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of ten (10) days ending on the day before the meeting date: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation's principal executive office. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Such list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 2.14 or to vote in person or by proxy at any meeting of stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspectors of Election</u>.

Before any meeting of stockholders, the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If any person appointed as inspector or any alternate fails to appear or fails or refuses to act, then the person presiding over the meeting shall appoint a person to fill that vacancy.

Such inspectors 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;determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the validity of any proxies and ballots;

&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;count all votes or ballots;

&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;count and tabulate all votes;

&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;determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;certify its or their determination of the number of shares represented at the meeting and its or their count of all votes and ballots.

Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspection with strict impartiality and according to the best of such inspector's ability. Any report or certificate made by the inspectors of election is prima facie evidence of the facts stated therein. The inspectors of election may appoint such persons to assist them in performing their duties as they determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery to the Corporation.</u>

Whenever this Article II requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation or other document or agreement), such document or information shall be in writing exclusively (and not in an electronic transmission) and shall be delivered exclusively by hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested, and the Corporation shall not be required to accept delivery of any document not in such written form or so delivered. For the avoidance of doubt, the Corporation expressly opts out of Section 116 of the DGCL with respect to the delivery of information and documents to the Corporation required by this Article II.

**Article III - Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers</u>.

Except as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors</u>.

Subject to the Certificate of Incorporation, the total number of directors constituting the Board shall be determined from time to time by resolution of the Board. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Election, Qualification and Term of Office of Directors</u>.

The Board shall be classified in the manner provided in the Certificate of Incorporation. Except as provided in Section 3.4 of these bylaws, and subject to the Certificate of Incorporation, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term of the class, if any, for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation, disqualification or removal. Directors need not be stockholders. The Certificate of Incorporation or these bylaws may prescribe qualifications for directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Vacancies</u>.

Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation. The resignation shall take effect at the time specified therein or upon the happening of an event specified therein, and if no time or event is specified, at the time of its receipt. When one or more directors so resigns and the resignation is effective at a future date or upon the happening of an event to occur on a future date, a majority of the directors then in office including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in Section 3.3.

Unless otherwise provided in the Certificate of Incorporation or these bylaws, vacancies resulting from the death, resignation, disqualification or removal of any director, and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and (other than any directors elected by the separate vote of one or more outstanding series of Preferred Stock and, other than as provided in the Stockholders Agreement,) shall not be filled by the stockholders unless the Board of Directors determines by resolution that any such vacancy or newly created directorship shall be filled by the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Meetings; Meetings by Telephone</u>.

The Board may hold meetings, both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this bylaw shall constitute presence in person at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Regular Meetings</u>.

Regular meetings of the Board may be held within or outside the State of Delaware and at such time and at such place as which has been designated by the Board and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other means of electronic transmission. No further notice shall be required for regular meetings of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings; Notice</u>.

Special meetings of the Board for any purpose or purposes may be called at any time by the chairperson of the Board, the Chief Executive Officer, the President, the Secretary or a majority of the total number of directors constituting the Board.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;delivered personally by hand, by courier or by telephone;

&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;sent by United States first-class mail, postage prepaid;

&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;sent by facsimile or electronic mail; 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;sent by other means of electronic transmission,

directed to each director at that director's address, telephone number, facsimile number or electronic mail address, or other address for electronic transmission, as the case may be, as shown on the Corporation's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii) sent by other means of electronic transmission, it shall be delivered or sent at least twenty-four (24) hours before the time of the holding of the meeting. If the notice is sent by U.S. mail, it shall be deposited in the U.S. mail at least four (4) days before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation's principal executive office) nor the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>.

At all meetings of the Board, unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these bylaws. If a quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Action without a Meeting</u>.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in

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writing or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained. Such action by written consent or consent by electronic transmission shall have the same force and effect as a unanimous vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Compensation of Directors</u>.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, the Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity.

**Article IV - Committees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees of Directors</u>.

The Board may designate one (1) or more committees, each committee to consist of one (1) or more of the directors of the Corporation. The Board may designate one (1) or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board or in these bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Minutes</u>.

Each committee shall keep regular minutes of its meetings and report the same to the Board when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Meetings and Actions of Committees</u>.

Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 (place of meetings; meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&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;Section 3.6 (regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&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;Section 3.7 (special meetings; notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 (board action without a meeting); 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 (waiver of notice),

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with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the Board and its members. *However*:

&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 time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;special meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee pursuant to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Subcommittees.</u>

Unless otherwise provided in the Certificate of Incorporation, these bylaws or the resolutions of the Board designating the committee, a committee may create one (1) or more subcommittees, each subcommittee to consist of one (1) or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

**Article V - Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>.

The officers of the Corporation shall include a Chief Executive Officer, a President and a Secretary. The Corporation may also have, at the discretion of the Board, a Chairperson of the Board, a Vice Chairperson of the Board, a Chief Financial Officer, a Treasurer, one (1) or more Vice Presidents, one (1) or more Assistant Vice Presidents, one (1) or more Assistant Treasurers, one (1) or more Assistant Secretaries, and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person. No officer need be a stockholder or director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Officers</u>.

The Board shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Subordinate Officers</u>.

The Board may appoint, or empower the Chief Executive Officer or, in the absence of a Chief Executive Officer, the President, to appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board may from time to time determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal and Resignation of Officers</u>.

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board.

Any officer may resign at any time by giving written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies in Offices</u>.

Any vacancy occurring in any office of the Corporation shall be filled by the Board or as provided in Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Representation of Shares of Other Corporations</u>.

The Chairperson of the Board, the Chief Executive Officer, or the President of this Corporation, or any other person authorized by the Board, the Chief Executive Officer or the President, is authorized to vote, represent and exercise on behalf of this Corporation all rights incident to any and all shares or voting securities of any other corporation or other person standing in the name of this Corporation. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Authority and Duties of Officers</u>.

All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation.</u>

The compensation of the officers of the Corporation for their services as such shall be fixed from time to time by or at the direction of the Board. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation.

**Article VI - Records**

A stock ledger consisting of one or more records in which the names of all of the Corporation's stockholders of record, the address and number of shares registered in the name of each such stockholder, and all issuances and transfers of stock of the corporation are recorded in accordance with Section 224 of the DGCL shall be administered by or on behalf of the Corporation. Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible

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paper form within a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware.

**Article VII - General Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution of Corporate Contracts and Instruments</u>.

The Board, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Certificates</u>.

The shares of the Corporation shall be represented by certificates, provided that the Board by resolution may provide that some or all of the shares of any class or series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock, if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two officers authorized to sign stock certificates representing the number of shares registered in certificate form. The Chairperson or Vice Chairperson of the Board, Chief Executive Officer, the President, Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation shall be specifically authorized to sign stock certificates. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Designation of Certificates.</u>

If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or on the back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of uncertificated shares, set forth in a notice provided pursuant to Section 151 of the DGCL); provided, however, that except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of any uncertificated shares, included in the aforementioned notice) a statement that the Corporation will furnish without charge to each stockholder

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who so requests the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Certificates</u>.

Except as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Shares Without Certificates</u>

The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction; Definitions</u>.

Unless the context requires otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>.

The Board, subject to any restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and pay dividends upon the shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation's capital stock.

The Board may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and meeting contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Fiscal Year</u>.

The fiscal year of the Corporation shall be fixed by resolution of the Board and may be changed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Seal</u>.

The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Stock</u>.

Shares of the Corporation shall be transferable in the manner prescribed by law and in these bylaws. Shares of stock of the Corporation shall be transferred on the books of the Corporation only by the holder of record thereof or by such holder's attorney duly authorized in writing, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons (or by delivery of duly executed instructions with respect to uncertificated shares), with such evidence of the authenticity of such endorsement or execution, transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing the names of the persons from and to whom it was transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Transfer Agreements</u>.

The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Stockholders</u>.

The Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Notice</u>.

Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Certificate of Incorporation or these bylaws.

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**Article VIII - Notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Notice; Notice by Electronic Transmission</u>.

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provisions of the DGCL, the Certificate of Incorporation, or these bylaws may be given in writing directed to the stockholder's mailing address (or by electronic transmission directed to the stockholder's electronic mail address, as applicable) as it appears on the records of the Corporation and shall be given (1) if mailed, when the notice is deposited in the U.S. mail, postage prepaid, (2) if delivered by courier service, the earlier of when the notice is received or left at such stockholder's address or (3) if given by electronic mail, when directed to such stockholder's electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail. A notice by electronic mail must include a prominent legend that the communication is an important notice regarding the Corporation.

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic transmission to the Corporation. Notwithstanding the provisions of this paragraph, the Corporation may give a notice by electronic mail in accordance with the first paragraph of this section without obtaining the consent required by this paragraph.

Any notice given pursuant to the preceding paragraph shall be deemed given:

&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 by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;if by any other form of electronic transmission, when directed to the stockholder.

Notwithstanding the foregoing, a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable to deliver by such electronic transmission two (2) consecutive notices given by the Corporation and (2) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or other action.

An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

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**Article IX - Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Directors and Officers</u>.

The Corporation shall indemnify and hold harmless, to the fullest extent permitted by the DGCL as it presently exists or may hereafter be amended, any director or officer of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "<u>Proceeding</u>") by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while serving as a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership (a "covered person"), joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such person in connection with any such Proceeding. Notwithstanding the preceding sentence, except as otherwise provided in Section 9.4, the Corporation shall be required to indemnify a person in connection with a Proceeding initiated by such person only if the Proceeding was authorized in the specific case by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Others</u>.

The Corporation shall have the power to indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any employee or agent of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any Proceeding by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses reasonably incurred by such person in connection with any such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment of Expenses</u>.

The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by any covered person, and may pay the expenses incurred by any employee or agent of the Corporation, in defending any Proceeding in advance of its final disposition; provided, however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the person to repay all amounts advanced if it should be ultimately determined that the person is not entitled to be indemnified under this Article IX or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Determination; Claim</u>.

If a claim for indemnification (following the final disposition of such Proceeding) under this Article IX is not paid in full within sixty (60) days, or a claim for advancement of expenses under this Article IX is not paid in full within thirty (30) days, after a written claim therefor has been received by the Corporation the claimant may thereafter (but not before) file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by law. In any such action the Corporation shall have the burden of

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proving that the claimant was not entitled to the requested indemnification or payment of expenses under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Exclusivity of Rights</u>.

The rights conferred on any person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>.

The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or non-profit entity against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Indemnification</u>.

The Corporation's obligation, if any, to indemnify or advance expenses to any person who was or is serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or non-profit entity shall be reduced by any amount such person may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or non-profit entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Continuation of Indemnification</u>.

The rights to indemnification and to prepayment of expenses provided by, or granted pursuant to, this Article IX shall continue notwithstanding that the person has ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs, executors, administrators, legatees and distributees of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment or Repeal; Interpretation</u>.

The provisions of this Article IX shall constitute a contract between the Corporation, on the one hand, and, on the other hand, each individual who serves or has served as a director or officer of the Corporation (whether before or after the adoption of these bylaws), in consideration of such person's performance of such services, and pursuant to this Article IX the Corporation intends to be legally bound to each such current or former director or officer of the Corporation. With respect to current and former directors and officers of the Corporation, the rights conferred under this Article IX are present contractual rights and such rights are fully vested, and shall be deemed to have vested fully, immediately upon adoption of these bylaws. With respect to any directors or officers of the Corporation who commence service following adoption of these bylaws, the rights conferred under this provision shall be present contractual rights and such rights shall fully vest, and be deemed to have vested fully, immediately upon such director or officer commencing service as a director or officer of the Corporation. Any repeal or modification of the foregoing provisions of this Article IX shall not adversely affect any right or protection (i) hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification or (ii) under any agreement providing for indemnification or advancement of

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expenses to an officer or director of the Corporation in effect prior to the time of such repeal or modification.

Any reference to an officer of the Corporation in this Article IX shall be deemed to refer exclusively to the Chief Executive Officer, President, and Secretary, or other officer of the Corporation appointed by (x) the Board pursuant to Article V of these bylaws or (y) an officer to whom the Board has delegated the power to appoint officers pursuant to Article V of these bylaws, and any reference to an officer of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be deemed to refer exclusively to an officer appointed by the board of directors (or equivalent governing body) of such other entity pursuant to the certificate of incorporation and bylaws (or equivalent organizational documents) of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. The fact that any person who is or was an employee of the Corporation or an employee of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise has been given or has used the title of "Vice President" or any other title that could be construed to suggest or imply that such person is or may be an officer of the Corporation or of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall not result in such person being constituted as, or being deemed to be, an officer of the Corporation or of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for purposes of this Article IX.

**Article X - Amendments**

The Board is expressly empowered to adopt, amend or repeal the bylaws of the Corporation. At any time when the Silver Lake Entities beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the stockholders shall have the power to amend, alter, change, adopt, or repeal the bylaws by the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class; *provided that* at any time when the Silver Lake Entities no longer beneficially own, in the aggregate, at least fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation, the stockholders may not amend, alter, change, adopt, or repeal the bylaws unless such action is approved, in addition to any other vote required by the Certificate of Incorporation, by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66<sup>2</sup>⁄3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

**Article XI - Forum Selection**

Unless the Corporation consents in writing to the selection of an alternative forum, (i) the Court of Chancery (the "<u>Chancery Court</u>") of the State of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any derivative action, suit, or proceeding brought on behalf of the Corporation, (b) any action, suit, or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer, or stockholder of the Corporation to the Corporation or to the Corporation's stockholders, (c) any action, suit, or proceeding arising pursuant to any provision of the DGCL or these Bylaws or the Certificate of Incorporation (as either may be amended from time to time), or (d) any action, suit, or proceeding asserting a claim

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governed by the internal affairs doctrine; and (ii) subject to the preceding provisions of this Article XI, the federal district courts of the United States of America shall be the exclusive forum for the resolution of 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. If any action, the subject matter of which is within the scope of this Article XI, is filed in a court other than, in the case of clause (i) the courts located in the State of Delaware, and in the case of clause (ii) the federal district courts of the United States of America (a "<u>Foreign Action</u>") in the name of any stockholder, such stockholder shall be deemed to have consented to (x) the personal jurisdiction of the state and federal courts in the State of Delaware in connection with any action brought in any such court to enforce the provisions of this Article XI and (y) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

Any person purchasing or otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of and consented to this Article XI. This Article XI is intended to benefit and may be enforced by the Corporation, its officers and directors, the underwriters of, or financial advisors in connection with, any offering giving rise to such complaint, and any other professional or entity whose profession gives authority to a statement made by that person and who has prepared or certified any part of the documents underlying the offering.

**Article XII - Definitions**

As used in these bylaws, unless the context otherwise requires, the following terms shall have the following meanings:

The term "<u>affiliate</u>" means, with respect to any specified person, any other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person (other than the Corporation and any person that is controlled by the Corporation), including, without limitation, any general partner, officer, director, or manager of such person and any investment fund, vehicle, managed account or holding company now or hereafter existing that is under common investment management with such person or its affiliates, or where such person or its affiliate acts as general partner, managing member, discretionary manager or advisor, or in any such similar capacity with respect to such investment fund, vehicle, managed account or holding company.

An "<u>electronic transmission</u>" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

An "<u>electronic mail</u>" means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed to include any files attached thereto and any information hyperlinked to a website if such electronic mail includes the contact information of an officer or agent of the Corporation who is available to assist with accessing such files and information).

An "<u>electronic mail address</u>" means a destination, commonly expressed as a string of characters, consisting of a unique user name or mailbox (commonly referred to as the "local part" of the address) and a reference to an internet domain (commonly referred to as the "domain part" of the address), whether or not displayed, to which electronic mail can be sent or delivered.

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The term "<u>Initial Silver Lake Stockholder</u>" means, individually, each of SLP Emblem Aggregator II, L.P., a Delaware limited partnership, and SLP Emblem Aggregator, L.P., a Delaware limited partnership, and the term "<u>Initial Silver Lake Stockholders</u>" means the Initial Silver Lake Stockholders, collectively.

The term "<u>person</u>" means any individual, general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity.

"<u>Silver Lake Entity</u>" means (i) each Initial Silver Lake Stockholder, (ii) any of the Initial Silver Lake Stockholders' respective Permitted Transferees and any Permitted Transferees thereof and (iii) any affiliate of any of the foregoing, until such time as such person is not an affiliate of any of the foregoing. For the avoidance of doubt, references to the ownership or beneficial ownership of a Silver Lake Entity of any securities or control of any voting power will be deemed to refer to the ownership (whether of record or book-entry through a brokerage account held in the name of such Silver Lake Entity) or beneficial ownership of such securities or control of such voting power by the Silver Lake Entities collectively and determined pursuant to Rule 13d-3 under the Exchange Act.

## Exhibit 4.1

**ENTRATA, INC.**

**AMENDED AND RESTATED STOCKHOLDERS AGREEMENT**

Dated as of May 9, 2025

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
| | | **Page** |
| ARTICLE I<br>DEFINITIONS | ARTICLE I<br>DEFINITIONS | ARTICLE I<br>DEFINITIONS |
| Section 1.1. | Definitions | 2 |
| Section 1.2. | General Interpretive Principles | 13 |
| ARTICLE II<br>REPRESENTATIONS AND WARRANTIES | ARTICLE II<br>REPRESENTATIONS AND WARRANTIES | ARTICLE II<br>REPRESENTATIONS AND WARRANTIES |
| Section 2.1. | Representations and Warranties of the Stockholders | 13 |
| ARTICLE III<br>GOVERNANCE | ARTICLE III<br>GOVERNANCE | ARTICLE III<br>GOVERNANCE |
| Section 3.1. | Board | 15 |
| Section 3.2. | Information Rights | 20 |
| Section 3.3. | Confidentiality | 21 |
| Section 3.4. | Termination | 23 |
| ARTICLE IV<br>TRANSFERS | ARTICLE IV<br>TRANSFERS | ARTICLE IV<br>TRANSFERS |
| Section 4.1. | General Restrictions on Transfers | 23 |
| Section 4.2. | Specified Restrictions on Transfers | 27 |
| Section 4.3. | Permitted Transfers | 28 |
| Section 4.4. | Tag-Along Rights | 28 |
| Section 4.5. | Drag-Along Rights | 32 |
| Section 4.6. | Recapitalization Transactions | 35 |
| Section 4.7. | SL Liquidity Right | 37 |
| Section 4.8. | [Reserved]. | 38 |
| Section 4.9. | Preemptive Rights. | 38 |
| ARTICLE V<br>REGISTRATION RIGHTS | ARTICLE V<br>REGISTRATION RIGHTS | ARTICLE V<br>REGISTRATION RIGHTS |
| Section 5.1. | Certain Definitions | 41 |
| Section 5.2. | Shelf Registration | 44 |
| Section 5.3. | Demand Registration | 48 |
| Section 5.4. | Piggyback Registration | 50 |
| Section 5.5. | Expenses of Registration | 52 |
| Section 5.6. | Obligations of the Company | 52 |

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| | | |
|:---|:---|:---|
| Section 5.7. | Indemnification | 55 |
| Section 5.8. | Information by Holder | 57 |
| Section 5.9. | Transfer of Registration Rights | 57 |
| Section 5.10. | Delay of Registration | 57 |
| Section 5.11. | Limitations on Subsequent Registration Rights | 58 |
| Section 5.12. | Rule 144 Reporting | 58 |
| Section 5.13. | "Market Stand Off" Agreement | 58 |
| Section 5.14. | Termination of Registration Rights | 59 |
| ARTICLE VI<br>ADDITIONAL STOCKHOLDERS | ARTICLE VI<br>ADDITIONAL STOCKHOLDERS | ARTICLE VI<br>ADDITIONAL STOCKHOLDERS |
| Section 6.1. | Additional Stockholders | 59 |
| ARTICLE VII<br>INDEMNIFICATION; OTHER BUSINESSES; WAIVER OF CERTAIN DUTIES | ARTICLE VII<br>INDEMNIFICATION; OTHER BUSINESSES; WAIVER OF CERTAIN DUTIES | ARTICLE VII<br>INDEMNIFICATION; OTHER BUSINESSES; WAIVER OF CERTAIN DUTIES |
| Section 7.1. | Indemnification | 60 |
| Section 7.2. | Other Businesses; Waiver of Certain Duties | 62 |
| ARTICLE VIII<br>MISCELLANEOUS | ARTICLE VIII<br>MISCELLANEOUS | ARTICLE VIII<br>MISCELLANEOUS |
| Section 8.1. | Entire Agreement | 63 |
| Section 8.2. | Further Assurances | 63 |
| Section 8.3. | Use of Logo | 64 |
| Section 8.4. | Specific Performance | 64 |
| Section 8.5. | Governing Law | 64 |
| Section 8.6. | Submissions to Jurisdictions; WAIVER OF JURY TRIAL | 64 |
| Section 8.7. | Obligations | 66 |
| Section 8.8. | Consents, Approvals and Actions | 66 |
| Section 8.9. | Amendment; Waiver | 66 |
| Section 8.10. | Assignment of Rights by Stockholders | 67 |
| Section 8.11. | Binding Effect | 68 |
| Section 8.12. | Third Party Beneficiaries | 68 |
| Section 8.13. | Termination | 68 |
| Section 8.14. | Notices | 68 |
| Section 8.15. | No Third Party Liability | 69 |
| Section 8.16. | No Partnership | 70 |
| Section 8.17. | Aggregation; Beneficial Ownership | 70 |
| Section 8.18. | Counterparts | 70 |
| Section 8.19. | Severability | 70 |
| Section 8.20. | Public Company Information | 70 |

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| | | |
|:---|:---|:---|
| Section 8.21. | Publicity | 71 |
| Section 8.22. | Major Stockholder Dividend Consent | 71 |
| Section 8.23. | BX Stockholder Change of Control Protection | 71 |

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**<u>SCHEDULES, ANNEXES AND EXHIBITS</u>**

ANNEX A – FORM OF JOINDER AGREEMENT <br> ANNEX B – FORM OF SPOUSAL CONSENT

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**ENTRATA, INC.**

**AMENDED AND RESTATED STOCKHOLDERS AGREEMENT**

This AMENDED AND RESTATED STOCKHOLDERS AGREEMENT is made as of May 9, 2025, by and among Entrata, Inc., a Delaware corporation (together with its successors and assigns, the "<u>Company</u>"), and each of the following (hereinafter severally referred to as a "<u>Stockholder</u>" and collectively referred to as the "<u>Stockholders</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;SLP Emblem Aggregator, L.P., a Delaware limited partnership and SLP Emblem Aggregator II, L.P., a Delaware limited partnership (collectively, "<u>SL</u>" and together with their respective Permitted Transferees that acquire Shares, the "<u>SL Stockholders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;TPP Capital Advisors, Ltd., a British Virgin Islands company ("<u>TPP</u>" and together with its respective Permitted Transferees that acquire Shares, the "<u>TPP Stockholders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Entryway DF Holdings, LP, a Delaware limited partnership ("<u>DIG</u>" and together with its respective Permitted Transferees that acquire Shares, the "<u>DIG Stockholders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;HGGC Prop Holdings, LP, a Delaware limited partnership ("<u>HGGC</u>" and together with its respective Permitted Transferees that acquire Shares, the "<u>HGGC Stockholders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Expedite Lux Holdco L.P., a Delaware limited partnership, and Expedite US Holdco L.P., a Delaware limited partnership (collectively, "<u>BX</u>" and together with their respective Permitted Transferees that acquire Shares, the "<u>BX Stockholders</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Employee Stockholders (as defined herein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;any other Person (as defined herein) who becomes a party hereto.

WHEREAS, the Company, SL, DIG, HGGC and Aragonite Holdings LLC, a Puerto Rico limited liability company ("<u>Aragonite</u>") and the other parties thereto executed a Stock Purchase Agreement, dated as of March 13, 2022, (as amended, restated, supplemented or modified from time to time, the "<u>Purchase Agreement</u>"), pursuant to which SL, DIG and HGGC acquired shares of Common Stock (as defined therein) in the Company from Aragonite (the "<u>Sale</u>");

WHEREAS, the Company and certain Investors (the "<u>Prior Investors</u>") executed a Stockholders Agreement, dated as of May 3, 2022 (as amended, restated, supplemented or modified from time to time prior to the date hereof, the "<u>Prior Agreement</u>") to provide for the certain rights and obligations of the Stockholders generally and with respect to the ownership of Securities (as defined herein) by the Stockholders;

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WHEREAS, the Company proposes to sell shares of the Company's Common Stock to certain Investors pursuant to a Common Stock Purchase Agreement of even date herewith (as amended, restated, supplemented or modified from time to time, the "<u>Common Stock Purchase Agreement</u>");

WHEREAS, pursuant to Section 6.1 of the Prior Agreement, additional stockholders may be added as parties to the Prior Agreement and to the extent permitted under Section 8.9 of the Prior Agreement, amendments may be effected to the Prior Agreement reflecting such rights and obligations of such additional stockholders as the SL Stockholders and such additional stockholder may agree;

WHEREAS, pursuant to Section 8.9(a) of the Prior Agreement, the Prior Agreement may be amended with the prior written approval of the Company and the SL Stockholders; and

WHEREAS, the Company and the SL Stockholders wish to amend and restate the Prior Agreement and enter into this Agreement.

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Action</u>" has the meaning ascribed to such term in <u>Section 7.1(a)</u>.

"<u>Adverse Disclosure</u>" means public disclosure of material non-public information which, in the Board's good faith judgment after consultation with outside counsel; (i) would be required to be made in any report or Registration Statement filed with the SEC by the Company so that such report or Registration Statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such report or Registration Statement; and (iii) the Company has a good faith business purpose for not disclosing publicly.

"<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 "<u>control</u>" 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 "<u>controlled</u>" and "<u>controlling</u>" have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement, (i) the Company, its Subsidiaries and its other controlled Affiliates shall not be considered Affiliates of any of the SL Stockholders, DIG Stockholders, HGGC Stockholders, TPP Stockholders or BX Stockholders or

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any of such party's respective Affiliates, (ii) none of the SL Stockholders, the DIG Stockholders, the HGGC Stockholders, the TPP Stockholders and/or BX Stockholders shall be considered Affiliates of each other, (iii) except with respect to <u>Section 8.15</u>, none of the SL Stockholders, DIG Stockholders, HGGC Stockholders, TPP Stockholders or BX Stockholders shall be considered Affiliates of (x) any portfolio company in which any such party or any of their respective investment fund Affiliates have made a debt or equity investment (and vice versa) or (y) any limited partners, non-managing members or other similar direct or indirect investors in any such party or their respective affiliated investment funds and (iv) other than with respect to <u>Section 3.3</u>, <u>Section 5.7</u>, <u>Section 7.1</u>, <u>Section 7.2</u>, <u>Section 8.15</u> and the definition of "Representatives," a Continuation Fund of such Person or a successor Fund Vehicle of such person shall not be considered an "Affiliate" of such Person.

"<u>Agreement</u>" means this Amended and Restated Stockholders Agreement (including the schedules, annexes and exhibits attached hereto) as the same may be amended, restated, supplemented or modified from time to time.

"<u>Applicable Employee</u>" means (i) with respect to any Employee Stockholder that is or was an employee or consultant of the Company or any of its Subsidiaries, such employee or consultant and (ii) with respect to any Employee Stockholder that is not and was not an employee or consultant of the Company or any of its Subsidiaries, the current or former employee or consultant of the Company or any of its Subsidiaries with respect to whom such Employee Stockholder is an Affiliate or a Permitted Transferee on or after the date of this Agreement.

"<u>beneficial ownership</u>" and "<u>beneficially own</u>" and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act; <u>provided</u>, <u>however</u>, that (i) subject to <u>Section 8.17</u>, no party hereto shall be deemed to beneficially own any Securities held by any other party hereto solely by virtue of the provisions of this Agreement (other than this definition) or other similar agreement with the Company and/or its Subsidiaries, and (ii) with respect to any Securities held by a party hereto that are exercisable for, convertible into or exchangeable for Shares upon delivery of consideration to the Company or any of its Subsidiaries, such Shares shall not be deemed to be beneficially owned by such party unless, until and to the extent such Securities have been exercised, converted or exchanged and such consideration has been delivered by such party to the Company or such Subsidiary.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" means a day, other than a Saturday, Sunday or other day on which banks located in New York, New York or Salt Lake City, Utah are authorized or required by law to close.

"<u>BX Observer</u>" has the meaning ascribed to such term in <u>Section 3.1(j)(iii)</u>.

"<u>BX Stockholders</u>" has the meaning ascribed to such term in the Preamble.

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"<u>Change of Control</u>" means the occurrence of any one or more of the following events: (i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any "person" or "group" (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than to the SL Stockholders or any of their respective Affiliates or to any "group" in which any of the foregoing is a member; (ii) any "person" or "group" other than the SL Stockholders or any of their respective Affiliates or any "group" in which any of the foregoing is a member, is or becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the outstanding voting Shares of the Company, excluding as a result of any merger or consolidation that does not constitute a Change of Control pursuant to clause (iii); or (iii) any merger or consolidation of the Company with or into any other person unless the holders of voting Shares immediately prior to such merger or consolidation beneficially own a majority of the outstanding voting shares of the common stock (or equivalent voting securities) of the surviving or successor entity (or the parent entity thereof).

"<u>Closing</u>" has the meaning ascribed to such term in the Common Stock Purchase Agreement.

"<u>Closing Date</u>" has the meaning ascribed to such term in the Common Stock Purchase Agreement.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended.

"<u>Committee</u>" has the meaning ascribed to such term in <u>Section 3.1(e)</u>.

"<u>Common Stock</u>" means the Common Stock of the Company.

"<u>Common Stock Purchase Agreement</u>" has the meaning ascribed to such term in the Recitals.

"<u>Company</u>" has the meaning ascribed to such term in the Preamble.

"<u>Company Award</u>" means an agreement between the Company or any of its Subsidiaries, on the one hand, and any Employee Stockholder (or the Applicable Employee of such Employee Stockholder), on the other hand, under which the Company or any of its Subsidiaries issues Shares, Company Stock Options, stock appreciation rights or restricted stock units (including performance-based restricted stock units) that correspond to Common Stock and/or Company Stock Options or other Securities to such Employee Stockholder.

"<u>Company Option Plans</u>" has the meaning ascribed to such term in the Purchase Agreement and any other employee equity incentive plan adopted by the Company or any of its Subsidiaries.

"<u>Company Stock Option</u>" means an option to subscribe for, purchase or otherwise acquire shares of Common Stock.

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"<u>Competitor</u>" means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement), in any business that is substantially similar to the Company's business, but shall not include any venture capital, private equity or other financial investment firm or collective investment vehicle that, together with its Affiliates, holds the outstanding equity or debt of any Competitor or is otherwise affiliated with any "Competitor".

"<u>Confidential Information</u>" has the meaning ascribed to such term in <u>Section 3.3</u>.

"<u>Continuation Fund</u>" means any Fund Vehicle that is established to hold, directly or indirectly, investments in one or more portfolio companies that are acquired, in whole or in part, from any Person that controls, is controlled by, or is under common control with such Fund Vehicle.

"<u>Controlled Entity</u>" means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise controlled by the Company.

"<u>Convertible Notes</u>" means, collectively, (i) the Senior Convertible Note, by and between the Company and SLP Emblem Aggregator, L.P., dated July 2, 2021, (ii) the Senior Convertible Note, by and between the Company and Entrance DF Holdings, LP, dated July 2, 2021 and (iii) the Senior Convertible Note, by and between the Company and JAWS Equity Owner 178, LLC dated July 2, 2021.

"<u>Demand Delay</u>" has the meaning ascribed to such term in <u>Section 5.3(a)(ii)</u>.

"<u>Demand Period</u>" has the meaning ascribed to such term in <u>Section 5.3(c)</u>.

"<u>Demand Registration</u>" has the meaning ascribed to such term in <u>Section 5.3(a)</u>.

"<u>DGCL</u>" means the General Corporation Law of the State of Delaware.

"<u>DIG</u>" has the meaning ascribed to such term in the Preamble.

"<u>DIG Observer</u>" has the meaning ascribed to such term in <u>Section 3.1(j)(ii)</u>.

"<u>DIG Stockholders</u>" has the meaning ascribed to such term in the Preamble.

"<u>Director</u>" means a member of the Board, as constituted from time to time.

"<u>Disqualification Event</u>" has the meaning ascribed to such term in <u>Section 2.1(h)</u>.

"<u>Drag-Along Sale</u>" has the meaning ascribed to such term in <u>Section 4.5(a)</u>.

"<u>Drag-Along Sale Notice</u>" has the meaning ascribed to such term in <u>Section 4.5(a)</u>.

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"<u>Drag-Along Sale Percentage</u>" has the meaning ascribed to such term in <u>Section 4.5(a)</u>.

"<u>Drag-Along Sellers</u>" has the meaning ascribed to such term in <u>Section 4.5(a)</u>.

"<u>Dragged-Along Sellers</u>" has the meaning ascribed to such term in <u>Section 4.5(a)</u>.

"<u>Electing Tag-Along Sellers</u>" has the meaning ascribed to such term in <u>Section 4.4(b)</u>.

"<u>Electronic Transmission</u>" means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

"<u>Eligible Tag-Along Seller</u>" means the Stockholders and any of their respective Permitted Transferees that acquire Transferable Shares.

"<u>Employee Stockholders</u>" means each Person (other than the Company and the Major Stockholders) who (i) is or has become a party hereto pursuant to, and in accordance with, <u>Article VI</u> hereof and (ii) is a director, employee, consultant or other service provider of the Company or any of its Subsidiaries at the time he or she becomes a party to this Agreement for so long as he or she owns Securities or any rights to acquire Securities, and (iii) any Permitted Transferee of any of the Stockholders identified in the immediately foregoing clauses (i) and (ii) that own Securities and are or have become parties to this Agreement pursuant to <u>Article VI</u>. For the avoidance of doubt, each Employee Stockholder shall continue to be an Employee Stockholder notwithstanding the Applicable Employee of such Employee Stockholder no longer being employed with or providing services to the Company or any of its Affiliates.

"<u>ERISA</u>" means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated pursuant thereto.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated pursuant thereto.

"<u>Exempted Transfer</u>" has the meaning ascribed to such term in <u>Section 4.1(a)(i)</u>.

"<u>Fund Vehicle</u>" means (i) a private equity investment fund that makes investments in multiple portfolio companies and was not formed primarily to invest in the Company or any of its Subsidiaries, together with any alternative investment vehicles related to that private equity investment fund and (ii) any investment vehicle directly or indirectly wholly owned by the fund described in clause (i).

"<u>Governing Body</u>" has the meaning ascribed to such term in <u>Section 3.1(g)(i)</u>.

"<u>HGGC</u>" has the meaning ascribed to such term in the Preamble.

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"<u>HGGC Observer</u>" has the meaning ascribed to such term in <u>Section 3.1(j)(i)</u>.

"<u>HGGC Stockholders</u>" has the meaning ascribed to such term in the Preamble.

"<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 and (ii) the lineal descendants of each of the persons described in the immediately preceding clause (i).

"<u>Indemnification Sources</u>" has the meaning ascribed to such term in <u>Section 7.1(c)</u>.

"<u>Indemnified Liabilities</u>" has the meaning ascribed to such term in <u>Section 7.1(a)</u>.

"<u>Indemnified Party</u>" has the meaning ascribed to such term in <u>Section 5.7(c)</u>.

"<u>Indemnifying Party</u>" has the meaning ascribed to such term in <u>Section 5.7(c)</u>.

"<u>Indemnitee-Related Entities</u>" has the meaning ascribed to such term in <u>Section 7.1(c)</u>.

"<u>Indemnitees</u>" has the meaning ascribed to such term in <u>Section 7.1(a)</u>.

"<u>Independent Director</u>" means a natural person who is not a partner, officer or employee of any SL Stockholder.

"<u>Initiating Drag-Along Seller</u>" means any of the SL Stockholders.

"<u>Initiating Tag-Along Seller</u>" means any of (i) the SL Stockholders, (ii) any Major Stockholder, (iii) any Employee Stockholder and/or (iv) any other Stockholder that holds at least two (2%) percent of the outstanding Shares and is a party to this Agreement.

"<u>IPO</u>" means the consummation of (i) the initial underwritten public offering of Shares (or any other Securities or the equity securities of the IPO corporation as contemplated by <u>Section 4.6</u>) that is registered under the Securities Act or (ii) the initial voluntary listing of Shares (or any other Securities or the equity securities of the IPO corporation as contemplated by <u>Section 4.6</u>), 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.

"<u>Joinder Agreement</u>" means a joinder agreement substantially in the form of <u>Annex A</u> attached hereto.

"<u>Jointly Indemnifiable Claims</u>" has the meaning ascribed to such term in <u>Section 7.1(c)</u>.

"<u>Liquidity Event</u>" has the meaning ascribed to such term in <u>Section 4.7</u>.

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"<u>Listing Event</u>" means (i) the first sale or resale of the Common Stock to the general public in connection with a direct listing pursuant to an effective registration statement filed under the Securities Act, in each case, immediately after which such securities are registered on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange, (ii) a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act covering the offering and sale of the Common Stock and listed on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange, (iii) any merger, amalgamation, business combination or similar transaction between the Company (or any newly formed direct or indirect parent thereof or any direct or indirect subsidiary thereof) and a "blank-check" company or special purpose acquisition company that results in equity securities of such resulting entity being registered under the Securities Act and listed on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange, or (iv) a reverse merger into a publicly traded entity that has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

"<u>Major Stockholders</u>" means the (i) SL Stockholders, (ii) the TPP Stockholders, (iii) the HGGC Stockholders, (iv) the DIG Stockholders, (v) the BX Stockholders and (vi) any other Stockholder designated by SL.

"<u>Majority Shelf Holders</u>" has the meaning ascribed to such term in <u>Section 5.2(b)</u>.

"<u>Marketed Underwritten Shelf Take-Down</u>" has the meaning ascribed to such term in <u>Section 5.2(d)(iii)</u>.

"<u>Necessary Action</u>" means, with respect to a specified result, all actions (to the extent such actions are permitted by applicable law) necessary to cause such specified result, including (a) voting or providing a written consent or proxy with respect to a Stockholder's Shares (and other voting Securities, if any) whether at any annual or special meeting, by written consent or otherwise, (b) causing the adoption of stockholders' resolutions and amendments to the certificate of incorporation, bylaws or equivalent governing document, (c) causing members of the Board (to the extent such members were nominated or designated by the Person obligated to undertake the Necessary Action, and subject to any fiduciary duties that such members may have as Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (d) executing agreements and instruments necessary to achieve such specified result, and (e) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such specified result.

"<u>Organizational Documents</u>" means, with respect to any Person, the articles and/or memorandum of association, certificate of incorporation, certificate of organization, bylaws, partnership agreement, limited liability company agreement, operating agreement, certificate of formation, certificate of limited partnership and/or other organizational or governing documents of such Person.

"<u>Other Director</u>" has the meaning ascribed to such term in <u>Section 3.1(b)(iv)</u>.

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"<u>Participating Stockholder</u>" has the meaning ascribed to such term in <u>Section 4.9(a)</u>.

"<u>Permitted Disclosee</u>" has the meaning ascribed to such term in <u>Section 3.3</u>.

"<u>Permitted Transferee</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Employee Stockholder, the Applicable Employee of such Employee Stockholder, any family trusts and other estate-planning vehicles controlled solely by the Applicable Employee of such Employee Stockholder (unless otherwise determined by the Board) and, and with respect to which the sole beneficiaries are the Applicable Employee of such Employee Stockholder and/or such Applicable Employee's Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form of <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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Stockholder other than an Employee Stockholder that is a natural Person, any family trusts and other estate-planning vehicles controlled solely by such Stockholder (unless otherwise determined by the Board) and, with respect to which the sole beneficiaries are such Stockholder and/or his or her Immediate Family Members; <u>provided</u>, that any such transferee enters into a Joinder Agreement in the form of <u>Annex A</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;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 (1) any such transferee enters into a Joinder Agreement in the form of <u>Annex A</u> and (2) a Continuation Fund of such Stockholder or a successor Fund Vehicle of such Stockholder shall not be a "Permitted Transferee" of such Stockholder.

For the avoidance of doubt and other than in the case of a Continuation Fund of such Stockholder or a successor Fund Vehicle of such Stockholder, (v) each SL Stockholder will be a Permitted Transferee of each other SL Stockholder, (w) each TPP Stockholder will be a Permitted Transferee of each other TPP Stockholder, (x) each DIG Stockholder will be a Permitted Transferee of each other DIG Stockholder, (y) each HGGC Stockholder will be a Permitted Transferee of each other HGGC Stockholder and (z) each BX Stockholder will be a Permitted Transferee of each other BX Stockholder.

"<u>Person</u>" means an individual, any general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity, or a government or any agency or political subdivision thereof.

"<u>Pre-IPO Period</u>" has the meaning ascribed to such term in <u>Section 3.1(b)</u>.

"<u>Preemptive Percentage</u>" has the meaning ascribed to such term in <u>Section 4.9(b)</u>.

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"<u>Prior Agreement</u>" has the meaning ascribed to such term in the Recitals.

"<u>Prior Investors</u>" has the meaning ascribed to such term in the Recitals.

"<u>Public Company</u>" has the meaning ascribed to such term in <u>Section 8.20</u>.

"<u>Public Company Event</u>" means an IPO and/or SPAC Acquisition.

"<u>Public Company Information</u>" has the meaning ascribed to such term in <u>Section 8.20</u>.

"<u>Purchase Agreement</u>" has the meaning ascribed to such term in the Recitals.

"<u>Recapitalization Notice</u>" has the meaning ascribed to such term in <u>Section 4.6(b)</u>.

"<u>Recapitalization Transaction</u>" means any transaction, or series of related transactions, in which one or more classes of Securities, any newly formed direct or indirect parent thereof and/or any direct or indirect Subsidiary or investment holding vehicle with respect to any of the foregoing are, in whole or in part among some or all of the holders of such securities, converted into, or exchanged for, securities in another form issued by the Company, any newly formed direct or indirect parent thereof and/or any direct or indirect Subsidiary or investment holding vehicle with respect to any of the foregoing, and in each case, the holders of Securities immediately prior to such transaction hold securities immediately after such transaction that have the same relative rights, benefits and obligations (taking into account any difference in legal form of the applicable entities).

"<u>Representatives</u>" means, with respect to any Person, such Person's and its Affiliates' respective directors, officers, employees, trustees, partners, members, stockholders, controlling persons, investment committee, financial advisors, attorneys, consultants, accountants, agents and other representatives.

"<u>Restricted Period</u>" has the meaning ascribed to such term in <u>Section 4.2(a)</u>.

"<u>Restricted Shelf Take-Down</u>" has the meaning ascribed to such term in <u>Section 5.2(d)(iv)</u>.

"<u>Sale</u>" has the meaning ascribed to such term in the Recitals.

"<u>Sanctioned Country</u>" has the meaning ascribed to such term in <u>Section 2.1(i)</u>.

"<u>SDN</u>" has the meaning ascribed to such term in <u>Section 2.1(i)</u>.

"<u>SEC</u>" means the U. S. Securities and Exchange Commission or any successor agency.

"<u>Securities</u>" means any equity securities of the Company, including any Shares, debt securities exercisable or exchangeable for, or convertible into equity securities of the

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Company, or any option, warrant or other right to acquire any such equity securities or debt securities of the Company.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated pursuant thereto.

"<u>Shares</u>" means shares of Common Stock and another class or series of capital stock of the Company.

"<u>Shelf Holder</u>" has the meaning ascribed to such term in <u>Section 5.2(a)</u>.

"<u>Shelf Registration Notice</u>" has the meaning ascribed to such term in <u>Section 5.2(a)</u>.

"<u>Shelf Suspension</u>" has the meaning ascribed to such term in <u>Section 5.2(c)</u>.

"<u>Shelf Take-Down Initiating Holder</u>" has the meaning ascribed to such term in <u>Section 5.2(d)(i)</u>.

"<u>SL</u>" has the meaning ascribed to such term in the Preamble.

"<u>SL Director</u>" has the meaning ascribed to such term in <u>Section 3.1(b)(iv)</u>.

"<u>SL Liquidity Rights</u>" has the meaning ascribed to such term in <u>Section 4.7(a)</u>.

"<u>SL Nominees</u>" has the meaning ascribed to such term in <u>Section 3.1(c)</u>.

"<u>SPAC Acquisition</u>" means any merger, amalgamation, business combination or similar transaction between the Company (or any newly formed direct or indirect parent thereof or any direct or indirect subsidiary thereof) and a "blank-check" company or special purpose acquisition company (i.e., a "SPAC") that results in equity securities of such resulting entity being registered under the Securities Act and listed on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange or successor to the foregoing.

"<u>Specified Reps</u>" has the meaning ascribed to such term in <u>Section 4.4(b)(iv)</u>.

"<u>Spousal Consent</u>" has the meaning ascribed to such term in <u>Section 2.1(g)</u>.

"<u>Stockholders</u>" has the meaning ascribed to such term in the Preamble.

"<u>Subscription Period</u>" has the meaning ascribed to such term in <u>Section 4.9(a)</u>.

"<u>Subsidiary</u>" means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares of stock or equivalent ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that

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Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the total voting power of shares of stock or equivalent ownership interests of the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing member or general partner of such limited liability company, partnership, association or other business entity.

"<u>Subsidiary Board</u>" has the meaning ascribed to such term in <u>Section 3.1(d)</u>.

"<u>Tag-Along Buyer</u>" has the meaning ascribed to such term in <u>Section 4.4(a)</u>.

"<u>Tag-Along Participation Notice</u>" has the meaning ascribed to such term in <u>Section 4.4(b)</u>.

"<u>Tag-Along Sale</u>" has the meaning ascribed to such term in <u>Section 4.4(a)</u>.

"<u>Tag-Along Sale Notice</u>" has the meaning ascribed to such term in <u>Section 4.4(a)</u>.

"<u>Tag-Along Sale Percentage</u>" has the meaning ascribed to such term in <u>Section 4.4(a)</u>.

"<u>Tag-Along Sellers</u>" has the meaning ascribed to such term in <u>Section 4.4(b)</u>.

"<u>Tag-Along Shares</u>" has the meaning ascribed to such term in <u>Section 4.4(a)</u>.

"<u>Third Party Shelf Holder</u>" has the meaning ascribed to such term in <u>Section 5.2(a)</u>.

"<u>Top-Up Amount</u>" means an amount per share equal to: $23.12 x (1 + IRR Hurdle)<sup>(D / 365)</sup> *minus* any per share dividend or distribution paid on the shares of Common Stock prior to a Change of Control.

"<u>D</u>" means the lesser of (i) number of calendar days elapsed starting on the day after the Closing Date and ending on the closing date of the Change of Control and (ii) 912.

"<u>IRR Hurdle</u>" means 12.5%.

"<u>TPP</u>" has the meaning ascribed to such term in the Preamble.

"<u>TPP Stockholders</u>" has the meaning ascribed to such term in the Preamble.

"<u>transfer</u>" means a, direct or indirect, sale, exchange, assignment, pledge, hypothecation, mortgage, gift or other transfer, disposition or encumbrance, in each case,

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whether voluntary or involuntary or by operation of law (including by a direct or indirect transfer of equity, ownership or economic interests, or options, warrants or other contractual rights to acquire an equity, ownership or economic interest).

"<u>Transferable Shares</u>" means (i) Shares and (ii) solely with respect to <u>Section 4.4</u> and <u>Section 4.5</u>, the number of shares of Common Stock issuable upon exercise of Company Stock Options that are fully vested and exercisable as of the relevant date of determination; <u>provided</u>, that for the avoidance of doubt, Company Stock Options are not Transferable Shares.

"<u>Underwritten Shelf Take-Down</u>" has the meaning ascribed to such term in <u>Section 5.2(d)(ii)</u>.

"<u>Underwritten Shelf Take-Down Notice</u>" has the meaning ascribed to such term in <u>Section 5.2(d)(ii)</u>.

Section 1.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Interpretive Principles</u>. The name assigned to this Agreement and the section captions used herein are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms "hereof," "herein" and similar terms refer to this Agreement as a whole, and references herein to Articles or Sections refer to Articles or Sections of this Agreement. For purposes of this Agreement, the words, "include," "includes" and "including," when used herein, shall be deemed in each case to be followed by the words "without limitation." The terms "dollars" and "$" shall mean United States dollars. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. Furthermore, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application to the parties hereto and is expressly waived.

**ARTICLE II**

**REPRESENTATIONS AND WARRANTIES**

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Stockholders</u>. Each of the Stockholders hereby represents and warrants severally and not jointly to the Company on the date hereof (and in respect of (i) Persons who become a party to this Agreement after the date hereof and (ii) Persons who became a party to this Agreement prior to the date hereof and not executing this Agreement as of the date hereof, such Stockholder hereby represents and warrants to the Company on the date of its execution of a Joinder Agreement or when such Stockholder otherwise became party to this Agreement) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Such Stockholder, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under the laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to conduct its business as it is now being conducted and is proposed to be conducted.

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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;Such Stockholder has the full power, authority and legal right to execute, deliver and perform this Agreement. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action, corporate or otherwise, of such Stockholder. This Agreement has been duly executed and delivered by such Stockholder and constitutes its, his or her legal, valid and binding obligation, enforceable against it, him or her in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its, his or her obligations hereunder by such Stockholder does not and will not violate (i) in the case of Stockholders who are not individuals, any provision of its Organizational Documents, (ii) any provision of any material agreement to which it, he or she is a party or by which it, he or she is bound or (iii) any law, rule, regulation, judgment, order or decree to which it, he or she is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No notice, consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such Stockholder in connection with the execution, delivery or enforceability of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Such Stockholder is not currently in violation of any law, rule, regulation, judgment, order or decree, which violation could reasonably be expected at any time to have a material adverse effect upon such Stockholder's ability to enter into this Agreement or to perform its, his or her obligations 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;There is no pending legal action, suit or proceeding that would materially and adversely affect the ability of such Stockholder to enter into this Agreement or to perform its, his or her obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;If such Stockholder is an individual and married, he or she has delivered, or if such Stockholder is an individual and becomes married subsequent to the date hereof, will deliver, to the other Stockholders and the Company a duly executed copy of a Spousal Consent in the form attached hereto as <u>Annex B</u> (a "<u>Spousal Consent</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;Neither (i) such Stockholder, (ii) any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial owner of any of the Company's voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by such Stockholder is subject to any of the "bad actor" disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act (a "<u>Disqualification Event</u>"), except for Disqualification Events covered by Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed reasonably in advance of the date hereof in writing in reasonable detail to the Company. Such Stockholder covenants to provide such information to the Company as the Company may reasonably request in order to comply with the disclosure obligations set forth in Rule 506(e) 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;None of the Stockholders are, or for the past five (5) years has been: (1) located, organized, or resident in a country or territory that is, or whose government is, the

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subject of applicable laws and regulations that broadly prohibit dealings therein (currently, Cuba, Iran, North Korea, Russia, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine (each a "<u>Sanctioned Country</u>")); (2) owned or controlled by the government of a Sanctioned Country; or (3)(i) designated on an applicable government prohibited parties list, including, without limitation, the United States Department of the Treasury's Office of Foreign Assets Control's Specially Designated Nationals ("<u>SDN</u>") and Blocked Persons List, Sectoral Sanctions Identifications List, Non-SDN Menu-Based Sanctions List, or the Non-SDN Chinese Military-Industrial Complex Companies List; the European Union's Consolidated List of Sanctions; or Her Majesty's Treasury's Consolidated List of Financial Sanctions Targets; or (ii) directly or indirectly owned or controlled by such listed party.

**ARTICLE III**

**GOVERNANCE**

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Board</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>Board Size</u>. The size of the Board shall be determined in the manner set forth from time to time in the Company's certificate of incorporation and/or herein. The SL Stockholders shall have the right to increase or decrease the then current size of the Board by providing the Company written notice; <u>provided</u>, that, the SL Stockholders shall not be entitled to decrease the size of the Board if it would cause a director designated pursuant to <u>Section 3.1(b)(i)</u> and <u>Section 3.1(b)(ii)</u> to be removed from the Board. As of the date hereof, the Board shall consist of the following Directors: (i) Adam Edmunds, (ii) Chase Harrington, (iii) Nobu Mutaguchi, (iv) Kyle Paster (as, for the avoidance of doubt, an SL Director), (v) Todd Pedersen and (vi) John Rudella (as, for the avoidance of doubt, an SL Director).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Representation Prior to an IPO</u>. From the date of this Agreement until the consummation of an IPO (the "<u>Pre-IPO Period</u>"), each Stockholder will take all Necessary Action to elect and continue in office a Board consisting solely of the following Persons (subject to the other provisions of this <u>Section 3.1</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the CEO as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;one (1) Director designated by TPP, for so long as TPP holds at least thirty percent (30%) of the Shares it holds as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; two (2) Independent Directors designated by the SL Stockholders and approved by the vote of the holders of a majority of the Shares held by the Stockholders (other than the SL Stockholders) (<u>provided</u>, that, (A) in the event such approval is not obtained, such Director seats will remain vacant until a Director is designated and approved in accordance with this clause (iii) and (B) the two (2) Independent Director seats shall initially be vacant until filled in accordance with this clause (iii)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the remaining Directors designated by the SL Stockholders as either (A) an SL Director (each Director designated by the SL Stockholders as an SL

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Director, an "<u>SL Director</u>"), or (B) an Other Director (each Director designated by the SL Stockholders as an Other Director, an "<u>Other Director</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;<u>Post-IPO Board Designation Rights</u>. After the Pre-IPO Period, to the extent permitted by applicable law and the rules of the principal stock exchange or inter-dealer quotation system on which the Shares are then traded or listed, the SL Stockholders shall have the right to nominate a number of individuals for election to the Board equal to the product of the following (such individuals, the "<u>SL Nominees</u>"): (i) the percentage of the outstanding Securities beneficially owned by the SL Stockholders, taken together, multiplied by (ii) the number of directors then on the Board, rounded up to the nearest whole number; <u>provided</u>, that the SL Stockholders shall have the right to nominate at least one (1) SL Nominee for so long as the SL Stockholders beneficially own, in the aggregate, at least five percent (5%) of the then outstanding Securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For so long as the SL Stockholders have the right to nominate a SL Nominee for election pursuant to <u>Section 3.1(c)</u>, in connection with each election of Directors, the Company shall nominate each such SL Nominee for election as a Director as part of the slate that is included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election of Directors, and shall provide the highest level of support for the election of each SL Nominee as it provides to any other individual standing for election as a Director as part of the Company's slate of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any SL Nominee shall cease to serve as a Director for any reason (other than the failure of the Stockholders to elect such individual as a Director), the SL Stockholders shall have the right to appoint another SL Nominee to fill the vacancy resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Stockholder shall take all Necessary Action to effect the appointment of each SL Nominee nominated in accordance herewith, except to the extent the SL Stockholders may otherwise consent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiary Boards</u>. During the Pre-IPO Period, upon the written request of the SL Stockholders, to the extent possible under applicable law, the Company shall take all Necessary Action, and shall cause the Subsidiaries of the Company to take all Necessary Action, to cause the board of directors (or equivalent governing body) of any Subsidiary of the Company (such governing body, a "<u>Subsidiary Board</u>") to include the Directors designated by the Board of the Company, unless such Subsidiary of the Company is member-managed by its parent company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees</u>. The Board may establish such committees (each, a "<u>Committee</u>") as the Board shall approve, with such authority as the Board shall so determine from time to time. During the Pre-IPO Period, (i) the SL Stockholders shall be entitled to designate one or more SL Directors to be included on all Committees and (ii) the SL Stockholders shall be entitled to designate one or more members of each such Committee that are

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entitled, in the aggregate, to cast at least a majority of votes entitled to be cast by all members of each such Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation; Removal; Vacancies</u>. Any Director may resign at any time by delivering his or her resignation in writing or by Electronic Transmission to the Company, to take effect at the time specified in the resignation. The acceptance of a resignation, unless required by its terms, shall not be necessary to make it effective. In addition, any Director designated pursuant to <u>Section 3.1(b)</u> may be removed (with or without cause) from time to time and at any time only by the applicable Stockholder that designated such Director. Any vacancy on the Board in respect of a Director designated pursuant to <u>Section 3.1(b)</u> due to such Director's resignation, removal, death or disqualification may only be filled by the applicable Stockholders that have the right to designate such Director in accordance with <u>Section 3.1(b)</u> (but only for so long as such Stockholders maintain the right to designate such Director) and only in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum; Manner of Acting</u>. During the Pre-IPO 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;in order to establish a quorum of any meeting of the Board, any Subsidiary Board or any Committee (each, a "<u>Governing Body</u>"), as applicable, there shall be present (x) a majority of the aggregate voting power of all members of the Governing Body, as applicable and (y) at least one (1) SL Director (to the extent an SL Director is a member of such Governing Body); 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 accordance with and as permitted by, Section 141(d) of the DGCL, at any meeting of a Governing Body or with respect to any written consent in lieu of such meeting: (x) each Director, other than any SL Director but including any Other Director, shall be entitled to cast one (1) vote; and (y) each SL Director (or, if the SL Stockholders shall designate in writing a specific SL Director as having the "supermajority voting" power, such designated SL Director) shall be entitled to cast in any vote or written consent, a number of votes equal to the quotient obtained by dividing (x) the sum of (A) one, plus (B) the aggregate number of votes that all Directors then in office who are not SL Directors are entitled to cast at such meeting or with respect to such written consent, by (y) the number of SL Directors then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Meetings; Action Without a Meeting</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>Place of Meetings</u>. Meetings of the Board may be held at any place within or outside of the State of Delaware, as may from time to time be fixed by resolution of the Board, or as may be specified in the notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participation by Conference Call</u>. Any or all members of the Board, any Subsidiary Board or any Committee may participate in a meeting of the Board, such Subsidiary Board or such Committee by means of a conference telephone or other communications equipment allowing all Persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at the meeting.

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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;<u>Regular Meetings</u>. Regular meetings of the Board may be held at such times and places as the Board reasonably determines, upon written notice to all of the Directors of the Board, such notice including the place, date and time and the purpose or purposes of each regular meeting of the Board and delivered by mail or email, or transmitted via other electronic means, at least two (2) Business Days before such regular meeting, or by delivering the same personally at least two (2) Business Days before such regular meeting. Notice of any regular meeting of the Board need not be given to any Director of the Board, however, if waived by him or her in writing whether before or after such meeting is held, or if he or she shall be present at such meeting, and any meeting of the Board shall be a legal meeting without any notice thereof having been given, if all the Director of the Board then in office are present; except when one or more Director(s) of the board attends a meeting solely for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Special Meetings</u>. Special meetings of the Board may be called by the Directors having a majority of the total voting power of the Board. A notice of the place, date and time and the purpose or purposes of each special meeting of the Board shall be given to each Director of the Board by mail or email, or transmitted via other electronic means, at least forty-eight (48) hours before such special meeting, or by delivering the same personally at least forty-eight (48) hours before such special meeting. Notice of any special meeting of the Board need not be given to any Director of the Board, however, if waived by him or her in writing whether before or after such meeting is held, or if he or she shall be present at such meeting, and any such meeting of the Board shall be a legal meeting without any notice thereof having been given, if all the Directors of the Board then in office are present, except, in any such case, when one or more Director(s) of the Board attends a meeting solely for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not called or convened in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Action Without a Meeting</u>. Any action required or permitted to be taken by the Board, any Subsidiary Board or any Committee may be taken without a meeting if all of the members of the Board, such Subsidiary Board or such Committee, as applicable, have consented in writing or by Electronic Transmission (including via email) to the adoption of a resolution authorizing the action. The resolutions, written consents or Electronic Transmissions of the members of the Board, Subsidiary Board or Committee, as applicable, shall be filed with the minutes of the proceedings of the Board, Subsidiary Board or Committee, as applicable. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

&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>Board Observers</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;For so long as the HGGC Stockholders hold at least fifty percent (50%) of the Shares held by the HGGC Stockholders as of March 13, 2022, the HGGC Stockholders shall have the right to designate one (1) non-voting board observer (the

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"<u>HGGC Observer</u>") who will be entitled to attend all meetings of the Board and any committees of the Board that include an SL Director and participate in all deliberations of the Board and such committees and, in this respect, shall receive copies of all notices, minutes, consents, and other materials provided to the directors at the same time and in the same manner as provided to such directors, <u>provided</u>, that such observer shall have no voting rights with respect to actions taken or elected not to be taken by the Board or any committee, and <u>provided</u>, <u>further</u>, that the Company shall be entitled to exclude such observer from such portions of a Board or committee meeting to the extent (A) such observer's presence would be reasonably likely to result in (1) the waiver of attorney-client privilege or (2) such meeting relates to transaction(s) between the HGGC Stockholders or their respective Affiliates, on the one hand, and the Company or any of its Subsidiaries, on the other hand, or (B) the removal of such observer is required under applicable Law or the rules of any stock exchange applicable to the Company. The initial HGGC Observer shall be Steve Young or, in the event that Steve Young cannot attend or participate in a meeting of the Board, the HGGC Observer shall be Steven Leistner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 so long as the DIG Stockholders hold at least fifty percent (50%) of the Shares held by the DIG Stockholders as of March 13, 2022, the DIG Stockholders shall have the right to designate one (1) non-voting board observer (the "<u>DIG Observer</u>") who will be entitled to attend all meetings of the Board and any committees of the Board that include an SL Director and participate in all deliberations of the Board and such committees and, in this respect, shall receive copies of all notices, minutes, consents, and other materials provided to the directors at the same time and in the same manner as provided to such directors, <u>provided</u>, that such observer shall have no voting rights with respect to actions taken or elected not to be taken by the Board or any committee, and <u>provided</u>, <u>further</u>, that the Company shall be entitled to exclude such observer from such portions of a Board or committee meeting to the extent (A) such observer's presence would be reasonably likely to result in (1) the waiver of attorney-client privilege or (2) such meeting relates to transaction(s) between the DIG Stockholders or their respective Affiliates, on the one hand, and the Company or any of its Subsidiaries, on the other hand, or (B) the removal of such observer is required under applicable Law or the rules of any stock exchange applicable to the Company. The initial DIG Observer shall be designated by the DIG Stockholders following the date hereof upon written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;For so long as the BX Stockholders hold at least fifty percent (50%) of the Shares held by the BX Stockholders as of the Closing Date, the BX Stockholders shall have the right to designate one (1) non-voting board observer (the "<u>BX Observer</u>") who will be entitled to attend all meetings of the Board and any committees of the Board that include an SL Director and participate in all deliberations of the Board and such committees and, in this respect, shall receive copies of all notices, minutes, consents, and other materials provided to the directors at the same time and in the same manner as provided to such directors, <u>provided</u>, that such observer shall have no voting rights with respect to actions taken or elected not to be taken by the Board or any committee, and <u>provided</u>, <u>further</u>, that the Company shall be entitled to exclude such

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observer from such portions of a Board or committee meeting to the extent (A) such observer's presence would be reasonably likely to result in (1) the waiver of attorney-client privilege or (2) such meeting relates to transaction(s) between the BX Stockholders or their respective Affiliates, on the one hand, and the Company or any of its Subsidiaries, on the other hand, or (B) the removal of such observer is required under applicable Law or the rules of any stock exchange applicable to the Company. The initial BX Observer shall be designated by the BX Stockholders following the date hereof upon written notice to the Company. The initial BX Observer shall be Brian Dunlap.

&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>Consultation Rights</u>. Until the earlier of the consummation of (i) a Public Company Event and (ii) a Change of Control, the Company and its Subsidiaries shall consult with each of the SL Stockholders and the DIG Stockholders prior to entering into any transaction, agreement or other understanding with any Seller Party (as defined in the Purchase 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expense Reimbursement</u>. Directors, the DIG Observer, the HGGC Observer and the BX Observer shall be reimbursed by the Company for all actual and reasonable out-of-pocket costs and expenses incurred by them in connection with their service on any Governing Body (including travel (which in the case of air travel shall be limited to travel by commercial airlines), lodging and meal expenses). In the case of a Director who is also an employee of the Company or any Subsidiary, the foregoing expense reimbursement shall not include any costs and expenses incurred by such director with respect to entering into an employment, equity, award, grant or other arrangements with the Company or any Subsidiary, except as otherwise agreed to in writing between the Company (and approved in advance by the Board) and any such Director.

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Rights</u>. Subject to <u>Section 3.3</u>, each of the Major Stockholders shall be entitled to receive information relating to the Company and its Subsidiaries, and the Company shall deliver to each Major Stockholder information, as set forth in this <u>Section 3.2</u>. Except as set forth in this <u>Section 3.2</u>, each Stockholder (other than the SL Stockholders, the HGGC Stockholders, the DIG Stockholders and the BX Stockholders) irrevocably and unconditionally waives and agrees not to assert any right to inspect the Company's or its direct or indirect Subsidiaries' books and records pursuant to Section 220 of the DGCL. In furtherance of the foregoing, the Company shall deliver to each Major Stockholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its Subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income, cash flows and stockholders' equity of the Company and its Subsidiaries, if any, in each case, audited and for such year, prepared in accordance with GAAP consistently 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year

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of the Company, an unaudited consolidated balance sheet of the Company and its Subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income, cash flows and stockholders' equity of the Company and its Subsidiaries, if any, for such period, prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Investors to calculate their respective percentage equity ownership in 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;within thirty (30) days of the end of each month, an unaudited income statement for such month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;prior to the end of each fiscal year, a budget and business plan for the next fiscal year, approved by the Board and prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;such other information relating to the financial condition, business or corporate affairs of the Company and/or its Subsidiaries as any Major Stockholder may from time to time reasonably 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder that is party to a Convertible Note and/or note purchase agreement hereby acknowledges and agrees that this <u>Section 3.2</u> supersedes and automatically terminates and replaces any information and inspection rights provided in such Convertible Note and/or note purchase agreement.

Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Without limiting the terms of any other agreement entered into by the Company or any Stockholder, the terms of this Agreement and any information, documents or other materials obtained hereunder, including pursuant to <u>Section 3.2</u>, or otherwise provided to any Stockholder shall be confidential and no party to this Agreement shall disclose to any Person not a party to this Agreement any of the terms of this Agreement or any information, documents or other materials obtained pursuant to <u>Section 3.2</u> or other information of the Company or its Subsidiaries otherwise obtained (collectively, the "<u>Confidential Information</u>"), other than (a) to its and its Affiliates' employees, auditors, investors, sources of financing, partners, members, creditors, advisors or counsel, in each case, to

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the extent such disclosure reasonably relates to the administration of the investment represented by the Securities and who are informed that such information is subject to the provisions of this <u>Section 3.3</u> and who enter into or are otherwise subject to confidentiality arrangements with such Stockholder in form and substance reasonably satisfactory to such Stockholder, (b) as may be (x) requested or required by applicable law, regulation (including under the Securities Act or the Exchange Act), this Agreement or exchange listing requirements or any regulatory or governmental authority, (y) disclosed to a regulatory or governmental authority with jurisdiction over such party who requests such disclosure; <u>provided</u>, that, such disclosing party agrees to (A) promptly notify the Company of the existence, terms and circumstances surrounding such request, unless prohibited from doing so by law or administrative order, (B) consult with the Company on the advisability of taking legally available steps to resist or narrow such request, (C) assist (at the Company's expense) the Company in seeking a protective order or other appropriate remedy, and (D) in the event that such protective order or other remedy is not obtained or that the Company waives compliance with the provisions hereof, such disclosing party, may disclose to any governmental authority only that portion of the Confidential Information which such disclosing party determines is required to be disclosed, and such disclosing party shall request that confidential treatment be accorded such Confidential Information or (z) necessary in connection with any litigation among the parties hereto or to negotiate and effect a transfer of Securities if and to the extent permitted under this Agreement, (c) the disclosure by any Major Stockholders and their respective Affiliates to their respective investors and prospective investors of information of the type that is customarily disclosed to investors and prospective limited partners of private equity or other investment funds, provided that such investors and prospective investors enter into or are otherwise subject to confidentiality arrangements with such Major Stockholders or such Affiliate, as applicable, (d) disclosure that is reasonably required or advisable with a tax audit involving the Company, a Stockholder or its Affiliates, and (e) to the extent the SL Stockholders consent in writing. For the avoidance of doubt, subject to <u>Section 7.2</u>, no Stockholder shall be permitted to disclose, divulge or use any Confidential Information to any Person if members of the Board not affiliated with such Stockholder have in good faith previously designated in writing that such Person is a Competitor. Even where any disclosure, divulgence or use of any Confidential Information is permitted pursuant hereto, each Stockholder agrees that it will not export or re-export any Confidential Information except in compliance with all U.S. and other export control laws and regulations. Each Stockholder further agrees to protect and maintain, and to cause each Person to whom Confidential Information is disclosed (any such Person, a "<u>Permitted Disclosee</u>") to protect and maintain, the confidentiality and security of, and to exercise the highest standard of care as it exercises to prevent the unauthorized disclosure or unauthorized use of its own proprietary information, which shall be no less than reasonable care, with respect to, the Confidential Information. Each Stockholder shall be liable for any disclosure or unauthorized use by the Permitted Disclosees or other representatives of such Stockholder in contravention of this <u>Section 3.3</u>. Each Stockholder further agrees to notify the Company in writing of any actual or suspected misuse, misappropriation or unauthorized disclosure of the Confidential Information, which may come to its attention.

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Section 3.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This <u>Article III</u> (other than <u>Section 3.1(c)</u>, <u>Section 3.1(l)</u> and <u>Section 3.3</u>) shall terminate and be of no further force and effect upon the earlier of the consummation of (i) a Public Company Event and (ii) a Change of Control.

**ARTICLE IV**

**TRANSFERS**

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Restrictions on Transfers</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>Generally</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;No Stockholder, except for the Major Stockholders after May 9, 2030, if a Change of Control or Public Company Event has not occurred on or prior to such date (such period, the "<u>MS Restricted Period</u>"), may directly or indirectly, transfer any Securities; <u>provided</u>, that a Stockholder may transfer (x) Transferable Shares, (y) to Permitted Transferees in accordance with <u>Section 4.3</u> or (z) solely with the prior written consent of the Board, other Securities, in each case if and only if (i) such transfer is made on the books and records of the Company and is in compliance with the provisions of this <u>Article IV</u> (including <u>Section 4.2</u>) and any other agreement applicable to the transfer of such Transferable Shares, (ii) the transferee (if other than (A) the Company or another Stockholder, (B) a transferee pursuant to an offer and sale registered under the Securities Act or, solely following an Public Company Event, (so long as the transferee is not an Affiliate or Permitted Transferee of a Stockholder) a transferee pursuant to Rule 144 under the Securities Act or (C) solely following an IPO, pursuant to a sale exempt from registration so long as the transferee is not an Affiliate or Permitted Transferee of a Stockholder and such transferee enters into a written agreement for the benefit of the IPO corporation confirming its agreement to comply with <u>Section 4.1(c)</u>) agrees to become a party to this Agreement pursuant to <u>Article VI</u> hereof and executes and delivers to the Company a Joinder Agreement in the form attached hereto as <u>Annex A</u> and (iii) in the case of a transfers to a natural person (if other than (A) another Stockholder, (B) a transferee pursuant to an offer and sale registered under the Securities Act or, solely following an IPO, (so long as the transferee is not an Affiliate or Permitted Transferee of a Stockholder) a transferee pursuant to Rule 144 under the Securities Act or (C) solely following an IPO, pursuant to a sale exempt from registration so long as the transferee is not an Affiliate or Permitted Transferee of a Stockholder and such transferee enters into a written agreement for the benefit of the IPO corporation confirming its agreement to comply with <u>Section 4.1(c)</u>), such natural person's spouse executes and delivers to the Company a Joinder Agreement in the form attached hereto as <u>Annex A</u> and a Spousal Consent in the form attached hereto as <u>Annex B</u>. Notwithstanding anything to the contrary in this Agreement, (1) a transfer of partnership interests, limited liability company interests, equity interests or similar interests in any of the SL Stockholders, DIG Stockholders, HGGC Stockholders, TPP Stockholders or BX Stockholders, any Fund Vehicle Affiliated with any such Person or any direct or indirect parent entity or investment holding vehicle with respect to any such Person or such Fund Vehicle, and/or (2) any pledge of Securities to secure any debt financing (and any foreclosure thereon), in

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each such case, shall not constitute a "transfer" for purposes of this Agreement (clauses (1) and (2), an "<u>Exempted Transfer</u>"). Prior to any pledge of Securities as contemplated by the definition of Exempted Transfer, the applicable Stockholder shall require that the Person (or Persons) that is the beneficiary of such pledge, and any other Person (or Persons) with the ability to foreclose on the applicable Securities pursuant to, or in connection with, the pledge, either (1) execute a joinder to this Agreement as a "Stockholder", with such joinder becoming automatically effective immediately prior to any foreclosure pursuant to, or otherwise related to, such pledge of Securities (any such foreclosure, a "Foreclosure") or (2) enter into an agreement with the Company satisfactory to the Board with respect to any Foreclosure. Any Stockholder who is the subject of a Foreclosure shall notify the Company in writing within ten (10) days of such Foreclosure. Such notice will be considered an irrevocable offer to the Company (or any assignee(s) of the Company as designated by the Company) to purchase all (or any portion) of the Securities subject to the Foreclosure (the "Foreclosure Securities") for a cash purchase price equal to the fair market value of the Foreclosure Securities (as determined in good faith by the Board) at the time of such Foreclosure, which offer can be accepted at any time following the receipt of such notice. On the closing of the purchase of Foreclosure Securities pursuant to this Section 4.1(a)(i), the Company (or any assignee(s) of the Company as designated by the Company) will deliver cash equal to the purchase price of the Foreclosure Securities that are being purchased and the Foreclosure Securities will be assigned, transferred and delivered to the Company (or any assignee(s) of the Company as designated by the Company) free and clear of all 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any purported transfer of Securities or any interest in any Securities by any Stockholder that is not in compliance with this Agreement shall be null and void, and the Company shall refuse to recognize any such transfer for any purpose and shall not reflect in its register of stockholders or otherwise any change in record ownership of Securities pursuant to any such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Expenses</u>. Except as otherwise provided herein or in any other applicable agreement between a Stockholder (or any of its Affiliates) and the Company, any Stockholder that proposes to transfer Transferable Shares in accordance with the terms and conditions hereof shall be responsible for any reasonable fees and expenses (including any stamp, transfer, recording or similar taxes) incurred by the Company in connection with such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Acknowledgement</u>. Each Stockholder acknowledges that the Common Stock has not been registered under the Securities Act and may not be transferred, except as otherwise provided herein, pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under the Securities Act. Each Stockholder agrees that it will not transfer any Common Stock at any time if such action would (i) constitute a violation of any securities laws of any applicable jurisdiction or a breach of the conditions to any exemption from registration of Common Stock under any such laws or a breach of any undertaking or agreement of such Stockholder entered into pursuant to such laws or in connection with obtaining an exemption thereunder, (ii) cause the Company to become subject to

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the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time, or (iii) be a non-exempt "prohibited transaction" under ERISA or Section 4975 of the Code or cause all or any portion of the assets of the Company to constitute "plan assets" for purposes of fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. Each Stockholder agrees it shall not be entitled to any certificate for any or all of the Common Stock, unless the Board shall otherwise 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend</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;Each certificate (or book-entry share) evidencing Shares shall bear the following restrictive legend, either as an endorsement or on the face thereof:

THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF AN AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, DATED AS OF MAY 9, 2025, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SUCH SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH STOCKHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 event that either or both of the paragraphs in the restrictive legend set forth in <u>Section 4.1(d)(i)</u> has ceased to be applicable, the Company shall provide any Stockholder, at his, her or its request, without any expense to such Stockholder (other than applicable transfer taxes and similar governmental charges, if any), with new certificates (or evidence of book-entry share) for such Securities of like tenor not bearing such paragraph(s) of the legend with respect to which the restriction has ceased and terminated (it being understood that the restriction referred to in the first paragraph of the legend in <u>Section 4.1(d)(i)</u> shall cease and terminate only upon the termination of this <u>Article IV</u> with respect to the Stockholder holding such Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Proxies or Voting Agreements</u>. No Stockholder shall grant any proxy or enter into or agree to be bound by any voting trust with respect to any Securities or enter into any agreements or arrangements of either kind with any person with respect to any

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Securities, including agreements or arrangements with respect to the acquisition, disposition or voting (if applicable) of any Securities, nor shall any Stockholder act, for any reason, as a member of a group or in concert with any other persons in connection with the acquisition, disposition or voting (if applicable) of any 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>. Each Stockholder acknowledges and agrees that the restrictions on transfer of Securities or any interest in Securities as set forth in this <u>Article IV</u> may adversely affect the proceeds received by such Stockholder in any sale, transfer or liquidation of any such Securities, and as a result of such restrictions on transfer, it may not be possible for such Stockholder to liquidate all or any part of such Stockholder's interest in Securities at the time of such Stockholder's choosing. Each Stockholder further acknowledges and agrees that none of the Company and/or the SL Stockholders shall have any liability to such Stockholder arising from, relating to or in connection with the restrictions on transfer of Securities or any interest in Securities as set forth in this <u>Article IV</u>, except to the extent the Company or such SL Stockholder fails to comply with its obligations to such Stockholder pursuant to this <u>Article IV</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;<u>Post-MS Restricted Period Transfers</u>. After the MS Restricted Period, each Major Stockholder or its Permitted Transferees shall have the right to Transfer all (but not less than all) of the Securities then held by such Major Stockholder (such securities, the "<u>MS Securities</u>"); <u>provided</u>, that such Major Stockholder must first offer the Company and the SL Stockholders the option to purchase all (but not less than all) of the MS Securities (such right, a "<u>Right of First Refusal</u>") pursuant to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Major Stockholder hereby unconditionally and irrevocably grants to the Company a Right of First Refusal to purchase all (but not less than all) of the MS Securities that such Major Stockholder may propose to Transfer, at the same price and on the same terms and conditions as those offered to any prospective transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Major Stockholder proposing to Transfer MS Securities must deliver a transfer notice (the "<u>Proposed Transfer Notice</u>") to the Company and the SL Stockholders not later than 21 days prior to the consummation of such proposed Transfer (such 21-day period, the "<u>ROFR Period</u>"). Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the proposed Transfer, the identity of the prospective transferee and the intended date of the proposed Transfer. To exercise its Right of First Refusal under this <u>Section 4.1(g)</u>, the Company must deliver a notice of the Company's intent to purchase the MS Securities (the "<u>Company Notice</u>") to the selling Major Stockholder and the SL Stockholders within 14 days after delivery of the Proposed Transfer Notice. If the Company does not provide the Company Notice exercising its Right of First Refusal with respect to the MS Securities subject to a proposed Transfer, the Company must deliver a notice (the "<u>Secondary Notice</u>") to the selling Major Stockholder and the SL Stockholders to that effect no later than 14 days after the date of delivery of the Proposed Transfer Notice to the Company. To exercise its secondary Right of First Refusal, the SL Stockholders must deliver a notice to the selling Major Stockholder and the Company within seven days

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after the Company's deadline for its delivery of the Secondary Notice as provided in the preceding 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Major Stockholders and the SL Stockholders agree that the terms and conditions of any proposed Transfer in accordance with this Section 4.1(g) will be memorialized in, and governed by, a written purchase and sale agreement with the prospective transferee, as the case may be, with customary terms and provisions for such a transaction. Any proposed Transfer not made in compliance with the requirements of this Section 4.1(g) shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, no Major Stockholder shall transfer any MS Securities to (a) any entity which, in the reasonable determination of the Board, competes directly with the Company (including any financial investment firm that holds a controlling stake in or has the power to direct the management and policies of a competitor through control of the board of directors); or (b) any person or entity to which dealings would be prohibited pursuant to applicable laws and regulations pertaining to trade and economic sanctions administered by the United States, European Union, or United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, to the extent there is any change to any material term (including, but not limited to, price or form of consideration) of the proposed Transfer during the ROFR Period, the selling Major Stockholder must restart the processes set forth in Section 4.1(g)(ii), including delivery of a new Proposed Transfer Notice.

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Specified Restrictions on Transfers</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>Restrictions on Transfers During Restricted Period</u>. Until the consummation of a Public Company Event (and subject to any applicable lock-up or transfer restrictions in connection with such Public Company Event) (the "<u>Restricted Period</u>"), no Stockholder (except for the SL Stockholders), including, for the avoidance of doubt, any Permitted Transferees of a Stockholder (except for the SL Stockholders), may transfer any Securities without the prior written consent of the SL Stockholders, except transfers 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;Transferable Shares to a Permitted Transferee of such Stockholder in compliance with <u>Section 4.3;</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Transferable Shares pursuant to the "tag-along" rights of the Stockholders under <u>Section 4.4</u> in respect of any Tag-Along Sale transaction (in each case, subject to the "tag-along" rights of the other Stockholders under <u>Section 4.4</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Transferable Shares pursuant to the "drag-along" rights pursuant to <u>Section 4.5</u> in connection with a Drag-Along Sale 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Securities pursuant to <u>Section 4.6</u> in connection with a Recapitalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Securities that are Convertible Notes pursuant to the terms of such Convertible Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Securities pursuant to any right of first refusal for the benefit of the Company and/or the Stockholders that exists as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Transferable Shares pursuant to the exercise of registration rights in accordance with <u>Article V</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;MS Securities pursuant to <u>Section 4.1(g)</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;<u>Restrictions on Transfers After Restricted Period</u>. From and after the expiration of the Restricted Period, no Stockholder (except the SL Stockholders), including, for the avoidance of doubt, any Permitted Transferees of a Stockholder (except the SL Stockholders), may transfer any Securities, except transfers of Securities in compliance with <u>Section 4.1</u>.

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Permitted Transfers</u>. Each Stockholder may transfer Securities, in each case that are held by him, her or it to a Permitted Transferee of such Stockholder without complying with the provisions of this <u>Article IV</u>, other than <u>Section 4.1</u>; <u>provided</u>, that (i) such Permitted Transferee shall have executed and delivered to the Company a Joinder Agreement as contemplated in <u>Section 4.1(a)</u> and <u>Article VI</u>, or otherwise agreed with the Board, in a written instrument reasonably satisfactory to the Board, that he, she or it will immediately convey record and beneficial ownership of all such Transferable Shares or other Securities (solely if permitted), as the case may be, and all rights and obligations hereunder to such Stockholder or another Permitted Transferee of such Stockholder if, and immediately prior to such time that, he, she or it ceases to be a Permitted Transferee of such Stockholder and (ii) in the case of a transfer of Transferable Shares or other Securities (solely if permitted), as the case may be, to a natural person, such natural person's spouse executes and delivers to the Company a Joinder Agreement and a Spousal Consent as contemplated in <u>Section 4.1(a)</u>.

Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tag-Along 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;Subject to Section 4.4(g), if any Initiating Tag-Along Seller enters into one or a series of related transactions (including any merger or consolidation) involving the transfer of Transferable Shares (other than to one or more Affiliates or Permitted Transferees of such Initiating Tag-Along Seller) that is permitted by this Agreement (a "Tag-Along Sale"), then the Initiating Tag-Along Seller shall give, or direct the Company to give and the Company shall so promptly give, written notice (a "Tag-Along Sale Notice") of such proposed transfer to all Eligible Tag-Along Sellers with respect to such Tag-Along Sale at least fifteen (15) days prior to the consummation of such proposed transfer setting forth (i) the number and type of each class of Transferable Shares proposed to be transferred, (ii) the consideration to be received for such Transferable Shares by such Initiating Tag-Along Seller, (iii) the identity of the purchaser (the

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"Tag-Along Buyer"), (iv) a detailed summary of all material terms and conditions of the proposed transfer, (v) the fraction, expressed as a percentage, determined by dividing the number of Transferable Shares to be purchased from the Initiating Tag-Along Seller and its Permitted Transferees by the total number of Transferable Shares held by such Initiating Tag-Along Seller and its Permitted Transferees (the "Tag-Along Sale Percentage") and (vi) an invitation to each Eligible Tag-Along Seller to irrevocably agree to include in the Tag-Along Sale a number of Transferable Shares held by such Eligible Tag-Along Seller equal to the product (rounded to the nearest whole Transferable Share) of the total number of Transferable Shares held by such Eligible Tag-Along Seller multiplied by the Tag-Along Sale Percentage, subject to adjustment in accordance with the terms of this Section 4.4(a) (such amount of Transferable Shares with respect to each Eligible Tag-Along Seller, such Eligible Tag-Along Seller's "Tag-Along Shares"); provided, that, any transfer of Transferable Shares (A) by an Initiating Tag-Along Seller that is not a Major Stockholder and (B) that involves a number of Transferable Shares equal to or less than one percent (1%) of the Fully Diluted Capitalization of the Company at the time of such Tag-Along Sale, in one or a series of related transactions within a 120-day period (including any merger or consolidation) shall not be deemed a "Tag Along Sale" and shall not be subject to the terms of Section 4.4. Notwithstanding anything to the contrary in this Agreement, any Securities convertible or exchangeable for Shares shall, as a condition to participating in any Tag-Along Sale, be converted to Shares prior to the consummation of such Tag-Along Sale. The Initiating Tag-Along Seller shall use commercially reasonable efforts to obtain the agreement of the prospective Tag-Along Buyer(s) to the participation of all Electing Tag-Along Sellers (as defined in Section 4.4(b)) in any contemplated Tag-Along Sale and the Initiating Tag-Along Seller will not transfer any of its Transferable Shares to the prospective Tag-Along Buyer(s) unless the prospective Tag-Along Buyer(s) agrees to allow the participation of the other Electing Tag-Along Sellers; provided, that, if the prospective Tag-Along Buyer(s) is unwilling to purchase all of the Transferable Shares proposed to be transferred by all Electing Tag-Along Sellers and the Initiating-Tag-Along Seller, then the Initiating Tag-Along Seller and each Electing Tag-Along Seller shall reduce the number of Transferable Shares that each such Electing Tag-Along Seller and Initiating Tag-Along Seller, as applicable, would have otherwise sold in such Tag-Along Sale so as to permit the Initiating Tag-Along Seller and each Electing Tag-Along Seller, as applicable, to transfer their Pro Rata Portion of the number of Transferable Shares that the prospective Tag-Along Buyer(s) is willing to purchase. For purposes of this Section 4.4(a), the "Pro Rata Portion" of an Electing Tag-Along Seller and an Initiating Tag-Along Seller is equal to the product (rounded to the nearest whole Transferable Share) obtained by multiplying (i) the aggregate number of Transferable Shares the prospective Tag-Along Buyer(s) is willing to purchase in the Tag-Along Sale by (ii) a fraction, the numerator of which is the number of its Transferable Shares the Initiating Tag-Along Seller or an Electing Tag-Along Seller, as applicable, proposed to be sold in the Tag-Along Sale and the denominator of which is the aggregate number of Transferable Shares proposed to be sold in the Tag-Along Sale by the Initiating Tag-Along Seller and all Electing Tag-Along Sellers. For purposes of this Section 4.4(a), "Fully Diluted Capitalization" means as of immediately prior to the consummation of a Tag-Along Sale, the sum of (i) the outstanding shares of Common Stock, (ii) the shares of Common Stock directly or indirectly issuable upon conversion, exchange or exercise, as applicable, of all outstanding Securities and (iii) the shares of Common Stock reserved, but neither issued nor the subject of outstanding awards, under any Company Option 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery of a Tag-Along Sale Notice, each Eligible Tag-Along Seller may elect to include such Eligible Tag-Along Seller's Tag-Along Shares in such Tag-Along Sale (Eligible Tag-Along Sellers who make such an election being an "<u>Electing Tag-Along Seller</u>" and, together with the Initiating Tag-Along Seller and all other Persons (other than any Affiliates of the Initiating Tag-Along Seller) who otherwise are transferring, or have exercised a contractual or other right to transfer, Transferable Shares in connection with such Tag-Along Sale, the "<u>Tag-Along Sellers</u>"), subject to <u>Section 4.4(c)</u> at the same price per Security and pursuant to the same terms and conditions as agreed to by the Initiating Tag-Along Seller and otherwise in accordance with this <u>Section 4.4</u>, by sending an irrevocable written notice (a "<u>Tag-Along Participation Notice</u>") to the Initiating Tag-Along Seller within ten (10) days of the date the Tag-Along Sale Notice is sent to such Eligible Tag-Along Seller, indicating such Electing Tag-Along Seller's irrevocable election, subject to <u>Section 4.4(c)</u>, to include its Tag-Along Shares in the Tag-Along Sale. Following such ten (10) day period, each Electing Tag-Along Seller that has delivered a Tag-Along Participation Notice shall be entitled to sell to such Proposed Transferee on the same terms and conditions as and, concurrently with, the other Electing Tag-Along Sellers and the Initiating Tag-Along Seller, such Electing Tag-Along Seller's Tag-Along Shares, which terms and conditions have been set forth in the Tag-Along Sale Notice. Each Eligible Tag-Along Seller who does not deliver a Tag-Along Participation Notice within such ten (10) day period shall be deemed to have waived all of such Eligible Tag-Along Seller's rights with respect to such Tag-Along Sale. For the avoidance of doubt, it is understood that in order to be entitled to exercise its right to include Tag-Along Shares in a Tag-Along Sale pursuant to this <u>Section 4.4</u>, each Electing Tag-Along Seller must agree to make the same representations and warranties, covenants, indemnities and agreements to the Tag-Along Buyer as made by the Initiating Tag-Along Seller and any Electing Tag-Along Seller in connection with the Tag-Along Sale (and shall be subject to the same escrow or other holdback arrangements as such Persons so long as such escrows or other holdbacks are proportionately based on the amount of consideration received for the sale of Securities in such Tag-Along Sale transaction); <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;each Electing Tag-Along Seller shall be entitled to receive its *pro rata* portion (based on the relative amount and type of Transferable Shares sold in such Tag-Along Sale transaction) of any deferred consideration, earnout, holdback, indemnity or escrow payments relating to such Tag-Along Sale (and bear its *pro rata* portion (based on the relative amount and type of Transferable Shares sold in such Tag-Along Sale transaction) of any deferred consideration, earnouts, holdbacks, indemnities or escrows);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 liability of each Electing Tag-Along Seller shall not exceed the proceeds received by such Electing Tag-Along Seller in such Tag-Along Sale (except with respect to claims related to fraud by such Electing Tag-Along Seller, the liability for which shall not be limited as to such Electing Tag-Along Seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all indemnification obligations (other than with respect to the matters referenced in <u>Section 4.4(b)(iv)</u>) shall be on a several and not joint basis to the

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Tag-Along Sellers *pro rata* (based on the amount of consideration received by each Tag-Along Seller in the Tag-Along Sale transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;no Electing Tag-Along Seller shall be responsible for any indemnification obligations and/or liabilities (except through escrow or holdback arrangements established to cover representations, warranties and covenants of the Company as well as a breach by any Electing Tag-Along Stockholder of any of identical representations, warranties and covenants provided by all Tag-Along Stockholders) for (A) breaches or inaccuracies of representations and warranties made with respect to any other Tag-Along Seller's (1) ownership of, and title to, and ability to convey Securities or (2) organization, conflicts and authority (the "<u>Specified Reps</u>") and/or (B) breaches of any covenant specifically relating to any other Tag-Along Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;an Electing Tag-Along Seller shall only be required to make representations and warranties that are Specified Reps; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;no Electing Tag-Along Seller shall be required to enter into any restrictive covenants (including any non-solicit, non-competition or non-interference obligations) other than releases of claims and confidentiality 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the delivery of any Tag-Along Sale Notice, all determinations as to whether to complete any Tag-Along Sale and as to the timing, manner, price and, subject to <u>Section 4.4(b)(i)</u> through <u>(iv)</u>, other terms and conditions of any such Tag-Along Sale shall be at the sole discretion of the Initiating Tag-Along Seller, and none of the Initiating Tag-Along Seller, its Affiliates and their respective Representatives shall have any liability to any Electing Tag-Along Seller arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Tag-Along Sale except to the extent such Initiating Tag-Along Seller failed to comply with the provisions of this <u>Section 4.4</u>. In the event the consideration to be paid in a Tag-Along Sale includes any securities, and the Initiating Tag-Along Seller has not been able to ascertain to its satisfaction (in their sole discretion) that any one or more of the Electing Tag-Along Sellers is an "accredited investor" as defined in Regulation D of the Securities Act, then the Initiating Tag-Along Seller shall have the right, but not the obligation, to cause any such Electing Tag-Along Seller to be paid, in lieu of such securities, an amount in cash equal to the fair market value of such securities (as determined in good faith by the Board) as of the date such securities otherwise would have been paid to such Electing Tag-Along Seller. In the event the consideration to be paid in a Tag-Along Sale includes any securities, the Initiating Tag-Along Seller may receive voting, governance and other similar rights that are not provided to other Electing Tag-Along Seller, and no Electing Tag-Along Seller shall be entitled to receive any such rights; <u>provided</u>, that the Initiating Tag-Along Seller shall not enter into any agreement with the buyer in such Tag-Along Sale that provides for any additional economic payment in respect of the Securities sold by the Initiating Tag-Along Seller in such Tag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this <u>Section 4.4</u> to the contrary, this <u>Section 4.4</u> shall not apply to (i) any transfers of Securities to a Permitted Transferee of the transferring Stockholder, (ii) any transfers of Securities by a Stockholder and/or their Permitted Transferees

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pursuant to <u>Section 4.5</u> or <u>Section 4.6</u> of this Agreement, (iii) any Transfer in connection with a tender offer that commences prior to the date that is sixty (60)-days following the date of this Agreement, (iv) any Exempted Transfer, (v) any SL Syndication and/or (vi) any transfer following the earlier of (A) subject to <u>Section 4.4(g)(ii)</u>, a Change of Control and (B) a Public Company 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;All reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and the SL Stockholders, in each case, in connection with such Tag-Along Sale shall be allocated and borne on a *pro rata* basis by the Initiating Tag-Along Seller and each Tag-Along Seller in accordance with the amount of consideration otherwise received by such Initiating Tag-Along Seller or Tag-Along Seller in such Tag-Along Sale. For the avoidance of doubt, it is understood that this <u>Section 4.4(e)</u> shall not prevent any Tag-Along Sale to be structured in a manner such that some or all of such costs and expenses result in a pro rata reduction in the consideration received by the Tag-Along Sellers in such Tag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Electing Tag-Along Seller shall take or cause to be taken all such actions as the Initiating Tag-Along Seller deems to be reasonably necessary or desirable in order to consummate expeditiously a Tag-Along Sale, including (i) voting (whether in person or by written consent) in favor of such Tag-Along Sale, (ii) executing, acknowledging and delivering consents, assignments, releases, waivers and other documents or instruments, (iii) filing applications, reports, returns, filings and other documents or instruments with governmental authorities and (iv) otherwise cooperating with such Initiating Tag-Along Seller and the Proposed Transferee, in each case, to the same extent as the Initiating Tag-Along Seller. Each Electing Tag-Along Seller acknowledges and agrees that in no event shall such Stockholder, and each such Stockholder irrevocably and unconditionally waives any and all right to, commence any lawsuit, litigation, legal proceeding, arbitration or other action of any kind and/or exercise any appraisal, quasi-appraisal, dissenters' or similar rights in connection with any Tag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;This <u>Section 4.4</u> automatically terminates without any further action upon the consummation of the earlier of (i) a Public Company Event and (ii) a Change of Control; <u>provided</u>, that, if any Major Stockholder does not dispose of 100% of its Shares for cash or publicly listed securities in such Change of Control, then, following such Change of Control in which this <u>Section 4.4</u> is terminated, each Major Stockholder shall have the right to sell its Shares (or equity securities in any acquiring or successor Person in such Change of Control) in connection with a third-party sale by the SL Stockholders of any of its Shares (or equity securities in any acquiring or successor Person in such Change of Control) in accordance with the procedures set forth in this <u>Section 4.4</u>.

Section 4.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Drag-Along 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;Subject to <u>Section 4.5(f)</u>, an Initiating Drag-Along Seller shall be entitled to give, or direct the Company to give and if so directed by the Initiating Drag-Along Seller the Company shall so promptly give, written notice (a "<u>Drag-Along Sale Notice</u>") to the Stockholders that such Initiating Drag-Along Seller or the Company desires to enter into, or cause the Company or the Dragged-Along Sellers to enter into, one or a series of related

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transactions that constitutes a bona fide Change of Control (whether as part of a single or "multi track" process) to any Person (other than the Company and its Subsidiaries, or one or more Affiliates or Permitted Transferees of such Initiating Drag-Along Seller) (a "<u>Drag-Along Sale</u>"), and that such Initiating Drag-Along Seller is requiring the Stockholders (all other Stockholders participating in a Drag-Along Sale pursuant to this <u>Section 4.5</u>, the "<u>Dragged-Along Sellers</u>", together with the Initiating Drag-Along Seller and all other Persons (other than any Affiliates of the Initiating Drag-Along Seller) who otherwise are transferring, have a contractual obligation, or have exercised a contractual or other right to transfer, Securities in connection with such Drag-Along Sale, the "<u>Drag-Along Sellers</u>") to participate, agree and take such actions reasonably necessary to sell in such Drag-Along Sale, on the same price, consideration, terms and conditions as the Initiating Drag-Along Seller and in the manner set forth in this <u>Section 4.5</u>, a number of Securities (excluding unvested Securities (after taking into account the applicable transaction)) held by such Dragged-Along Seller determined by multiplying (A) the number of Securities (excluding unvested Securities (after taking into account the applicable transaction)) held by such Dragged-Along Sellers at the time of the consummation of such Drag-Along Sale, by (B) a fraction, expressed as a percentage, the numerator of which is the number of Securities to be transferred by the Initiating Drag-Along Seller and its Permitted Transferees in such Drag-Along Sale and the denominator of which is the total number of Securities held at such time by the Initiating Drag-Along Seller and its Permitted Transferees (such fraction, the "<u>Drag-Along Sale Percentage</u>"). The Drag-Along Sale Notice shall be delivered to all Dragged-Along Sellers at least fifteen (15) days prior to each of the consummation of such Drag-Along Sale setting forth (i) the number and type of each class of Securities proposed to be transferred, (ii) the consideration to be received for such Securities, (iii) the identity of the other Person(s) party to the Drag-Along Sale, (iv) a detailed summary of all material terms and conditions of the proposed transfer, (v) the Drag-Along Sale Percentage, (vi) the date of the anticipated completion of the proposed Drag-Along Sale (which date shall not be less than fifteen (15) days after the delivery of such notice) and (vii) any action or actions required of the Dragged-Along Sellers in connection with the Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery of a Drag-Along Sale Notice, all Dragged-Along Sellers participating in a Drag-Along Sale pursuant to this <u>Section 4.5</u> shall be required to agree to make the same representations, warranties, covenants, indemnities and agreements as the applicable Initiating Drag-Along Seller and all other Drag-Along Sellers in such Drag-Along Sale (and shall be subject to the same escrow or other holdback arrangements as such Persons so long as such escrows or other holdbacks are proportionately based on the amount of consideration received for the sale of Securities in such Drag-Along Sale transaction); <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;each Dragged-Along Seller shall be entitled to receive its *pro rata* portion (based on the relative amount and type of Transferable Shares sold in such Drag-Along Sale transaction and allocated in accordance with the Company's certificate of incorporation) of any deferred consideration, earnout, holdback, indemnity or escrow payments relating to such Drag-Along Sale transaction (and bear its *pro rata* portion (based on the relative amount and type of Securities sold in such Drag-Along Sale transaction) of any deferred consideration, earnouts, holdbacks, indemnities or escrows) (<u>provided</u>, <u>however</u>, that, with respect to any unexercised Company Stock Options

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proposed to be transferred in such Drag-Along Sale by any Drag-Along Seller, the per share consideration in respect thereof shall be reduced by the exercise price of such options or, if required pursuant to the terms of such options or such Drag-Along Sale, such Drag-Along Seller must exercise the relevant option and transfer the relevant shares of Common Stock (rather than the option) (in each case, net of any amounts required to be withheld by the Company in connection with such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of liability of each Dragged-Along Seller shall not exceed the proceeds received by such Dragged-Along Seller in such Drag-Along Sale (except with respect to claims related to fraud by such Dragged-Along Seller, the liability for which shall not be limited as to such Dragged-Along Seller);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all indemnification obligations (other than with respect to the matters referenced in <u>Section 4.5(b)(iv)</u>) shall be on a several and not joint basis to the Drag-Along Sellers *pro rata* (based on the amount of consideration received by each Drag-Along Seller in the Drag-Along Sale transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;no Dragged-Along Seller shall be responsible for any indemnification obligations and/or liabilities (except through escrow or holdback arrangements established to cover representations, warranties and covenants of the Company as well as a breach by any Stockholder of any of identical representations, warranties and covenants provided by all Stockholders) for (A) breaches or inaccuracies of representations and warranties made with respect to any other Drag-Along Seller's Specified Reps and/or (B) breaches of any covenant specifically relating to any other Drag-Along Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Dragged-Along Seller shall only be required to make representations and warranties that are Specified Reps; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;no Dragged-Along Seller shall be required to enter into any restrictive covenants (including any non-solicit, non-competition or non-interference obligations) other than releases of claims and confidentiality 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;In connection with a Drag-Along Sale, at the request of the Initiating Drag-Along Seller or the Company (at the direction of the Initiating Drag-Along Seller), each Drag-Along Seller shall, subject to the limitations set forth in <u>Section 4.5(b)</u>, take or cause to be taken all such actions as the SL Stockholders deem to be reasonably necessary or desirable in order to consummate expeditiously a Drag-Along Sale, including (i) voting (whether in person or by written consent) in favor of such Drag-Along Sale, (ii) executing, acknowledging and delivering consents, assignments, releases, waivers and other documents or instruments, (iii) filing applications, reports, returns, filings and other documents or instruments with governmental authorities, (iv) appointing a stockholder representative with respect to matters affecting the Stockholders under the applicable definitive transaction agreements following consummation of such Drag-Along Sale, including consenting to (A) the appointment of such stockholder representative, (B) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations and (C) the payment of such

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Dragged-Along Seller's pro rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such stockholder representative and (v) otherwise cooperating with the SL Stockholders and the proposed transferee, in each case, to the same extent as the SL Stockholders. Each Dragged-Along Seller acknowledges and agrees that in no event shall such Stockholder, and each such Stockholder irrevocably and unconditionally waives any and all right to, commence any lawsuit, litigation, legal proceeding, arbitration or other action of any kind and/or exercise any appraisal, quasi-appraisal, dissenters' or similar rights in connection with any Drag-Along Sale. In the event the consideration to be paid in a Drag-Along Sale includes any securities, and the SL Stockholders have not been able to ascertain to their satisfaction (in their sole discretion) that any one or more of the Dragged-Along Seller is an "accredited investor" as defined in Regulation D of the Securities Act, then the SL Stockholders shall have the right, but not the obligation, to cause any such Dragged-Along Seller to be paid, in lieu of such securities, an amount in cash equal to the fair market value of such securities (as determined in good faith by the Board) as of the date such securities otherwise would have been paid to such Dragged-Along Seller. In the event the consideration to be paid in a Drag-Along Sale includes any securities, the SL Stockholders may receive voting, governance and other similar rights that are not provided to other Dragged-Along Seller, and no Dragged-Along Seller shall be entitled to receive any such rights; <u>provided</u>, that the SL Stockholders shall not enter into any agreement with the buyer in such Drag-Along Sale that provides for any additional economic payment in respect of the Securities sold by the SL Stockholders in such Drag-Along Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the delivery of any Drag-Along Sale Notice, all determinations as to whether to complete any Drag-Along Sale and as to the timing, manner, price and, subject to <u>Section 4.5(b)(i)</u> through <u>(iv)</u>, other terms and conditions of any such Drag-Along Sale shall be at the sole discretion of the Initiating Drag-Along Seller, and none of the Initiating Drag-Along Seller, its Affiliates and their respective Representatives shall have any liability to any Dragged-Along Seller arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Drag-Along Sale except to the extent such Initiating Drag-Along Seller failed to comply with the provisions of this <u>Section 4.5</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;All reasonable and documented out-of-pocket costs and expenses incurred by the Company, its Subsidiaries, any of the SL Stockholders and their Permitted Transferees, in each case, in connection with a Drag-Along Sale shall be borne in full 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;This <u>Section 4.5</u> automatically terminates without any further action upon consummation of the earlier of (i) a Public Company Event and (ii) a Change of Control.

Section 4.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Recapitalization Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>. Each Stockholder hereby agrees to exchange or convert any class or series of Securities held by such Stockholder in any Recapitalization Transaction in the manner and on the terms set forth in this <u>Section 4.6</u>. Notwithstanding anything in this <u>Section 4.6</u> to the contrary, this <u>Section 4.6</u> shall not be applicable to Company Stock Options in connection with any Recapitalization Transaction, which shall instead be governed by the

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Company Option Plans and any other written instruments applicable to the Company Stock Options with respect to such Recapitalization 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recapitalization Notice</u>. If, and only if requested by either (x) the Board (with the prior written consent of the SL Stockholders) or (y) the SL Stockholders, the Company shall furnish a written notice (the "<u>Recapitalization Notice</u>") to each applicable Stockholder with respect to such Recapitalization Transaction at least ten (10) days prior to the consummation of the Recapitalization Transaction. If the Company (solely at the direction of the SL Stockholders) elects to engage in a Recapitalization Transaction, subject to <u>Section 4.6(d)</u>, each of the Stockholders receiving a Recapitalization Notice shall be required to participate in the Recapitalization Transaction (except as otherwise provided in this <u>Section 4.6</u>). The Recapitalization Notice shall set forth (i) the number and class or series of Securities to be exchanged or converted in the Recapitalization Transaction, (ii) the percentage of each class or series of Securities that is to be exchanged or converted in the Recapitalization Transaction, (iii) the new class or series of securities to be received upon exchange or conversion of each class or series of Securities being exchanged or converted and (iv) the proposed conversion or exchange date. If the Recapitalization Transaction described in such Recapitalization Notice is consummated, each Stockholder receiving a Recapitalization Notice shall (subject to <u>Section 4.6(d)</u> under all circumstances), except as otherwise may be agreed in writing between such Stockholder and the SLP Stockholders, (1) be bound and obligated to convert or exchange the applicable percentage of such Stockholder's Securities of each class or series included in the proposed Recapitalization Transaction on the same terms and conditions set forth in such Recapitalization Notice; and (2) shall receive the securities and other consideration set forth in such Recapitalization Notice in respect of each of the Securities of such class or series exchanged or converted. The right of a holder of unvested Securities to receive securities or other consideration upon conversion or exchange of such unvested Securities pursuant to this <u>Section 4.6</u> shall be subject to the vesting and other terms of such unvested 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities as Consideration</u>. Notwithstanding anything to the contrary in this <u>Section 4.6</u>, in the event the SL Stockholders are not able to ascertain to their satisfaction (in their sole discretion) that any one or more of the Stockholders receiving a Recapitalization Notice is an "accredited investor" as defined in Regulation D of the Securities Act, then the SL Stockholders shall have the right, but not the obligation, to cause to be paid to all or any such particular Stockholder in lieu of such securities, against surrender of the Securities being exchanged or converted in such Recapitalization Transaction, an amount in cash equal to the fair market value (as determined in good faith by the Board) of such Securities as of the date such securities otherwise would have been issued in exchange for, or conversion of, such Securities in such Recapitalization 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations</u>. Notwithstanding anything to the contrary in this <u>Section 4.6</u>, if in connection with any Recapitalization Transaction any class or series of Securities held by the Stockholders (other than the SL Stockholders) will be treated in an adverse and disproportionate manner as compared to the treatment of the Securities of the same class or series held by the SL Stockholders, then the prior written consent of such Stockholders will be required for this <u>Section 4.6</u> to apply to such Stockholders in connection with such Recapitalization

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Transaction. Each Stockholder hereby agrees to execute organizational documents and/or governance arrangements that are substantially similar to this Agreement in connection with any such Recapitalization 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This <u>Section 4.6</u> automatically terminates without any further action upon consummation of the earlier of a (i) Public Company Event and (ii) a Change of Control.

Section 4.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>SL Liquidity Right</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>SL Stockholder Liquidity Rights</u>. The SL Stockholders may deliver to the Company one or more written notices requiring the Company to pursue and, subject to the approval of the SL Stockholders, enter into and consummate, at the SL Stockholders' election, a Public Company Event or a Change of Control (or to pursue a "multi track" process whereby the Company pursues both a Public Company Event and a Change of Control) (a "<u>Liquidity Event</u>") (such right, the "<u>SL Liquidity Rights</u>"). All determinations as to whether to pursue, complete or abandon a Liquidity Event initiated pursuant to this <u>Section 4.7(a)</u> and as to timing, manner, price and other terms and conditions of such Liquidity Event, including price, escrows, holdbacks, restrictive covenants and ongoing obligations of the transferring Stockholders that may arise with respect thereto, shall be at the sole discretion of the SL Stockholders. Notwithstanding anything to the contrary in this Agreement, a Liquidity Event initiated pursuant to this <u>Section 4.7(a)</u> shall not occur without the prior written consent of the SL 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Efforts</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;The Company shall, and shall cause each of its Subsidiaries, officers, employees, agents and representatives to, take all actions as may be requested by the Board or the SL Stockholders to give effect to a Liquidity Event as promptly as reasonably practicable and to satisfy the obligations under this <u>Section 4.7</u>, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the engagement by the Company or one of its Subsidiaries, promptly, of such financial advisors, consultants, accountants or attorneys and other advisors as may be determined by the Board or the SL Stockholders (and each of the Stockholders shall waive, and cause their Affiliates to waive, any conflicts of interest resulting from the engagement of such Persons by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;entering into confidentiality agreements with potential transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;participating in and otherwise facilitating any due diligence process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;in the event of the pursuit of a Change of Control, (1) preparing a customary confidential information memorandum and other marketing materials for any such sales process, (2) making members of the

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Company's and its Subsidiaries' senior management and other key employees available to meet with prospective transferees and participating in and otherwise cooperating and facilitating any due diligence process requested by prospective transferees, including setting up an online data room, (3) providing for prospective transferees' reasonable inspection of the Company's and its Subsidiaries' offices and facilities and reasonable access to the Company's and its Subsidiaries financial information and other books and records and (4) otherwise cooperating in any due diligence review of the Company and its Subsidiaries by prospective transferees, including facilitating the cooperation of the Company's counsel and independent public accountants with any such due diligence review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;in the event of the pursuit of a Public Company Event, (1) preparing, commenting on, revising or modifying the registration statement, prospectus, investor and/or rating agency materials, SEC correspondence and any other necessary documentation, including any amendments to any of the foregoing, in each case, as may be directed by the Board, (2) engaging and entering into appropriate documentation with one or more managing underwriters as may be determined by the SL Stockholders, and implementing all necessary corporate governance procedures and policies, including those related to whistleblowers, affiliate transactions, insider trading, Regulation FD, any listing or FINRA code of business conduct or ethics, (3) engaging a "big four" accounting firm and (4) participating in such number of rating agency meetings, road shows and any other investor presentations as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Stockholders agrees to promptly take all actions as may be reasonably requested by the Board or the SL Stockholders in connection with a Liquidity Event at the expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. All reasonable and documented out-of-pocket costs and expenses incurred by the SL Stockholders and their Affiliates in connection with a Liquidity Event shall be promptly reimbursed or paid by the Company upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This <u>Section 4.7</u> (other than <u>Section 4.7(c)</u>), shall terminate upon the earlier of a consummation of (i) a Public Company Event and (ii) a Change of Control.

Section 4.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>.

Section 4.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preemptive 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;Subject to the provisions of this <u>Section 4.9</u>, if the Company proposes to issue additional Securities or any Subsidiary of the Company proposes to issue additional Securities of such Subsidiary the Company shall deliver to each Major Stockholder (each, a "<u>Participating Stockholder</u>" or, collectively, the "<u>Participating Stockholders</u>") a written notice of such proposed issuance at least thirty (30) days prior to the date of the proposed issuance (the period from the effectiveness pursuant to <u>Section 8.14</u> of such notice until the expiration of such

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thirty (30) day period, the "<u>Subscription Period</u>"). Such notice shall include, to the extent applicable, (i) the identity of the issuer, (ii) the amount, kind and terms of the Securities to be included in the issuance, (iii) the price of the Securities to be included in the issuance and (iv) the proposed issuance date, if known. Each Stockholder that is party to a Convertible Note and/or note purchase agreement hereby acknowledges and agrees that this <u>Section 4.9</u> shall apply in lieu of the preemptive rights set forth in the note purchase agreement with respect to the Convertible Notes and any such Stockholder's Preemptive Percentage shall take into account its ownership of Convertible Notes on an as converted basis calculated in accordance with the applicable Convertible Note and/or note purchase 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;Each Participating Stockholder shall have the option, exercisable at any time during the first fifteen (15) days of the Subscription Period by delivering an irrevocable written notice to the Company (except as otherwise provided in this <u>Section 4.9</u>) and on the same terms and conditions as those of the proposed issuance of such additional Securities (including the number or amount, as applicable, of Securities issuable upon exercise or conversion of any Security), to irrevocably subscribe for such number or amount, as applicable, of Securities as is equal to the product of (A) the number or amount of any such additional Securities to be offered and (B) a fraction the numerator of which is the number of Securities (on an as-converted basis) owned by such Participating Stockholder and the denominator of which is the total number Securities (on an as-converted basis) owned by all Participating Stockholders (the "<u>Preemptive Percentage</u>"), in each case, on the same terms and conditions as are to be provided to the proposed purchaser in the issuance in question. Each Participating Stockholder who does not exercise such option in accordance with the above requirements shall be deemed to have waived all of such Participating Stockholder's rights with respect to such issuance. In the event that any Participating Stockholder does not elect to purchase its aggregate Preemptive Percentage of the additional Securities, the Company shall deliver to each Participating Stockholder (other than declining Participating Stockholders or Participating Stockholders who elect to purchase less than the full amount offered to it) a written notice thereof not later than the twentieth (20<sup>th</sup>) day of the Subscription Period, including the number or amount, as applicable, of equity securities which were subject to the purchase right of such declining Participating Stockholder(s), and each other Participating Stockholder may subscribe for not more than its Preemptive Percentage (calculated in this case as a fraction (expressed as a percentage) the numerator of which is the number of Shares owned by such Stockholder and the denominator of which is the total number of Shares owned by all non-declining Stockholders) of such declined Securities not later than the twenty-fifth (25<sup>th</sup>) day of the Subscription Period. Each Participating Stockholder may assign, in whole or in part, the right to subscribe for Securities pursuant to this <u>Section 4.9</u> to any of its Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary, the Company may in its sole discretion comply with its obligations under this <u>Section 4.9</u> with respect to one or more Participating Stockholders at any time within one hundred twenty (120) days after the consummation of the applicable issuance subject to this <u>Section 4.9</u>. The purchase of additional Securities by any Participating Stockholder pursuant to this <u>Section 4.9(c)</u> may be effected pursuant to a sale of Securities by the initial purchasers in such transaction, an issuance of additional Securities by the Company or its applicable Subsidiary, or otherwise. In the event that

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the Company, in its sole discretion, elects to comply with its obligations under this <u>Section 4.9</u> pursuant to this <u>Section 4.9(c)</u>, it shall (i) as promptly as practicable under the circumstances prior to any initial issuance give each Participating Stockholder notice of its intention to consummate such issuance and (ii) use commercially reasonable efforts to provide the Participating Stockholders an opportunity to participate (subject to the terms of this <u>Section 4.9</u> but without giving effect to any notice periods set forth in this <u>Section 4.9</u>) in such initial issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Participating Stockholder shall take or cause to be taken all such reasonable actions as may be necessary or reasonably desirable in order to expeditiously consummate each issuance pursuant to this <u>Section 4.9</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 provisions of this <u>Section 4.9</u> shall not apply to issuances by the Company or any Subsidiary of the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities to the Company or any wholly-owned Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities upon the exercise, exchange or conversion of any stock, options, warrants, convertible notes, other rights or convertible or exchangeable Securities outstanding on the date hereof or issued after the date hereof in a transaction that complied with the provisions of this <u>Section 4.9</u> with respect to the original issuance of such stock, options, warrants, other rights or convertible or exchangeable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities (including profits interests), options, warrants, other rights or convertible or exchangeable Securities to officers, employees, directors, managers or consultants of the Company or any of its Affiliates in connection with such Person's employment or consulting arrangements with the Company or any of its Affiliates, in each case to the extent approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities, in each case to the extent approved by the Board in compliance with <u>Article III</u>, (A) in connection with any direct or indirect business combination or acquisition transaction involving the Company or any of its Subsidiaries or (B) in connection with any joint venture or strategic partnership, in each case, entered into primarily for purposes other than raising capital (as determined by the Board), in each case, in which the SL Stockholders or any of their respective Affiliates, Continuation Funds or successor Fund Vehicles are not participating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities in connection with a Public Company Event, in which the SL Stockholders or any of their respective Affiliates, Continuation Funds or successor Fund Vehicles are not participating or are only participating to the extent permitted pursuant to a note purchase agreement to which the SL Stockholders are a party;

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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;any issuance of Securities in connection with a Tag-Along Sale, Drag-Along Sale or Recapitalization Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities as part of a bona fide debt financing transaction in which the SL Stockholders or any of their respective Affiliates, Continuation Funds or successor Fund Vehicles are not participating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities to a commercial counterparty in connection with the commercial relationship with such counterparty, in each case, entered into primarily for purposes other than raising capital (as determined by the Board) and in which the SL Stockholders or any of their respective Affiliates, Continuation Funds or successor Fund Vehicles are not participating; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any issuance of Securities in connection with any stock split, stock dividend or similar transaction paid on a proportionate basis to all holders of the affected class or series of equity interest or recapitalization approved by the Board in compliance with <u>Article III</u>.

**ARTICLE V**

**REGISTRATION RIGHTS**

The Company hereby grants to each of the Holders (as defined below) the registration rights set forth in this <u>Article V</u>, with respect to the Registrable Securities (as defined below) owned by such Holders.

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Definitions</u>. As used in this <u>Article V</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>Automatic Shelf Registration Statement</u>" shall have the meaning ascribed to such term in Rule 405 (or any successor provision) 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;"<u>Certificate</u>" means a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company stating that, in the good faith judgment of the Board, the filing, effectiveness or continued use of the Shelf Registration Statement or Registration Statement, as applicable, would require the Company to make an Adverse Disclosure.

&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>Delay Requirements</u>" means in the case of a Shelf Suspension or a Demand Delay, as applicable, the requirement for each Shelf Holder (in the case of a Shelf Suspension) or Holder (in the case of a Demand Delay) to keep confidential the fact that a Shelf Suspension or Demand Delay is in effect, the Certificate and its contents for the permitted duration of the Shelf Suspension or Demand Delay or until otherwise notified by the Company, except (A) for disclosure to such Person's employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep such information confidential and (C) as required by 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Eligible Take-Down Holders</u>" means the SL Stockholders, the other Major Stockholders and any other Stockholder designated by the SL Stockholders as an "Eligible Take-Down Holder", in each case, so long as they hold Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" (collectively, "<u>Holders</u>") means any Major Stockholder (and any transferee pursuant to <u>Section 5.9</u> below) holding Registrable Securities, securities exercisable or convertible into Registrable Securities or securities exercisable for securities convertible into Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Initiating Holder</u>" means any of the SL Initiating Holders or the Other Initiating Holders.

&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>Marketed</u>" means the use or involvement of a customary "road show" (including an "electronic road show") or other substantial marketing effort by underwriters over a period of at least forty-eight (48) hours.

&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>Other Initiating Holders</u>" means the Major Stockholders (other than the SL Stockholders) and any assignee to whom they have transferred rights as a Major Stockholder pursuant to <u>Section 5.9</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Prospectus</u>" means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"<u>register</u>", "<u>registered</u>" and "<u>registration</u>" means a registration effected pursuant to a registration statement filed with the SEC (the "<u>Registration Statement</u>") in compliance with the Securities Act, and the declaration or ordering by the SEC of the effectiveness of such Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registrable Securities</u>" means (i) Shares held (whether now held or hereafter acquired) by a Stockholder or any transferee to the extent permitted by <u>Section 5.9</u> below and (ii) any Shares issued as (or, as of any such date of determination, then currently issuable upon the conversion, exchange or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such Shares contemplated by the immediately foregoing clause (i); <u>provided</u>, <u>however</u>, that Shares shall cease to be treated as Registrable Securities if (a) a Registration Statement covering such securities has been declared effective by the SEC and such security has been disposed of pursuant to such effective Registration Statement, (b) a Registration Statement on Form S-8 (or any successor form) covering such securities is effective, (c) such security is sold pursuant to Rule 144 or 145 promulgated under the Securities Act (or another exemption from the registration requirements of the Securities Act), (d) such security ceases to be outstanding or (e) the Holder thereof, together with his, her or its Permitted Transferees, beneficially owns (excluding any securities covered by the foregoing clause (b)) less than one percent (1%) of the Shares that are outstanding at such time and such Holder is able to dispose of all of its Registrable Securities in any ninety (90) day period pursuant to Rule 144 or 145 (or any similar or analogous rule) promulgated under the Securities Act. For the avoidance of doubt, it is

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understood that, with respect to any Registrable Securities for which a Holder holds vested but unexercised Company Stock Options or other Securities exercisable for, convertible into or exchangeable for Registrable Securities, to the extent that such Registrable Securities are to be sold pursuant to this <u>Article V</u>, such Holder must exercise the relevant Company Stock Option or other Security (which may include an exercise conditional upon the effectiveness of the applicable Registration Statement and effected on a "net exercise" basis regardless of whether the Stockholder's option agreement provides for such exercise) or exercise, convert or exchange such other relevant Security and transfer the relevant underlying securities that are Registrable Securities (rather than the Company Stock Option or other Security) (in each case, net of any amounts required to be withheld by the Company in connection with such 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Expenses</u>" means any and all expenses incident to the performance by the Company of its obligations under this <u>Article V</u>, including (i) all SEC or stock exchange registration and filing fees (including, if applicable, the fees and expenses of any "qualified independent underwriter," as such term is defined in Rule 5121 of FINRA (or any successor provision), and of its counsel), (ii) all fees and expenses of complying with securities or "blue sky" laws (including fees and disbursements of counsel for the underwriters in connection with "blue sky" qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange and all rating agency fees, (v) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (vi) any fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (vii) the fees and out-of-pocket expenses of not more than one law firm (as selected by the holders of a majority of the Registrable Securities included in such registration) incurred by all the Holders in connection with the registration, (viii) the costs and expenses of the Company relating to analyst and investor presentations or any "road show" undertaken in connection with the registration and/or marketing of the Registrable Securities (including the reasonable out-of-pocket expenses of the Holders) (ix) the fees and out-of-pocket expenses incurred by the SL Stockholders in connection with the transfer or other disposition or distribution of Registrable Securities by any of the SL Stockholders from and after the consummation of an IPO, in each case except to the extent such fees and expenses are borne by the Company as a Registration Expense in the foregoing clauses (i) to (viii) and (x) any other fees and disbursements customarily paid by the issuers of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shelf Registration Statement</u>" means a Registration Statement of the Company filed with the SEC on Form S-3 (or any successor form) or on Form S-1 (or any successor form) for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering the Registrable Securities, as applicable.

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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;"<u>Shelf Take-Down</u>" means any offering or sale of Registrable Securities by a Shelf Holder pursuant to a Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>SL Initiating Holders</u>" means the SL Stockholders and any assignee to whom they have transferred rights as an SL Stockholder pursuant to <u>Section 5.9</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Third Party Holder</u>" means any holder (other than a Holder) of Securities who exercises contractual rights to participate in a registered offering of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Well-Known Seasoned Issuer</u>" has the meaning ascribed to such term in Rule 405 (or any successor provision) of the Securities Act.

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shelf Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Filing</u>. Following an IPO, subject to the Company's rights under <u>Section 5.2(c)</u> and the limitations set forth in <u>Section 5.2(d)</u>, the Company shall (i) no later than fifteen (15) Business Days prior to the date such Shelf Registration Statement is declared effective, give written notice (a "<u>Shelf Registration Notice</u>") of the proposed registration to all Holders and (ii) use its reasonable best efforts to (A) file with the SEC no later than the first day on which such filing can be made with the SEC following the twelfth (12<sup>th</sup>) full calendar month after the consummation of an IPO a Shelf Registration Statement (which shall be designated by the Company as an Automatic Shelf Registration Statement if the Company is a Well-Known Seasoned Issuer at the time of filing such Shelf Registration Statement with the SEC) or upon an earlier demand by the SL Initiating Holders, as will permit or facilitate the sale and distribution of all Registrable Securities held by the SL Stockholders (or if the SL Stockholders determine to not include all of their Registrable Securities therein, such lesser amount as such Holder shall request to the Company in writing) together with (x) all or such portion of the Registrable Securities of any Holder or Holders as are specified in a written notice received by the Company within ten (10) Business Days after such Shelf Registration Notice has been given (each such SL Stockholders and other Holder, a "<u>Shelf Holder</u>") (such amount not to exceed the total Registrable Securities held by such Shelf Holder as of the date of such written notice) and (y) all or such portion of the shares of any Third Party Holder that the Company determines may join in such registration (each such Third Party Holder, a "<u>Third Party Shelf Holder</u>"); <u>provided</u>, <u>however</u>, that if the Company is permitted by applicable law, rule or regulation to add selling securityholders to a Shelf Registration Statement without filing a post-effective amendment, a Holder may request the inclusion of such Holder's Registrable Securities in such Shelf Registration Statement at any time or from time to time, and the Company shall add such Registrable Securities to the Shelf Registration Statement as promptly as reasonably practicable, and such Holder shall be deemed a Shelf Holder and (B) cause to be declared effective under the Securities Act such Registration Statement as soon as possible thereafter. If, on the date the Company is required to file a Shelf Registration Statement as contemplated in this <u>Section 5.2(a)</u> or on the date of any demand by the SL Initiating Holders for the Company to file a Shelf Registration Statement, the Company does not qualify to file a Shelf Registration Statement, then (1) the Company shall not have any obligations pursuant to this <u>Section 5.2</u> until such time as the Company shall be so qualified (in which case, the Company shall then use its reasonable best efforts to file such Shelf Registration Statement and cause it to be declared effective under the

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Securities Act as promptly as practicable thereafter) and (2) the provisions of <u>Section 5.3</u> hereof shall apply. In no event shall the Company be required to file, and maintain effectiveness pursuant to <u>Section 5.2(b)</u> of, more than one Shelf Registration Statement at any one time pursuant to this <u>Section 5.2</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;<u>Continued Effectiveness</u>. Expect as otherwise agreed by the SL Initiating Holders, the Company shall use its reasonable best efforts to keep such Shelf Registration Statement filed pursuant to this <u>Section 5.2</u> continuously effective under the Securities Act (including by filing and having declared effective an additional Shelf Registration Statement if the then effective Shelf Registration Statement is not permitted to be used pursuant to Rule 415(a)(5) under the Securities Act) in order to permit the Prospectus forming a part thereof to be usable by the Shelf Holders until the earlier of (i) the date as of which all Registrable Securities registered by such Shelf Registration Statement have been sold and (ii) such shorter period as the Shelf Holders of a majority of the Registrable Securities that are registered on such Shelf Registration Statement (the "<u>Majority Shelf Holders</u>") may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Suspension of Filing or Registration</u>. If the Company shall furnish to the Shelf Holders a Certificate, then the Company shall have a period of not more than sixty (60) days or such longer period as the Majority Shelf Holders shall consent to in writing, within which to delay the filing or effectiveness (but not the preparation) of such Shelf Registration Statement or, in the case of a Shelf Registration Statement that has been declared effective, to suspend the use by Shelf Holders of such Shelf Registration Statement (in each case, a "<u>Shelf Suspension</u>"); <u>provided</u>, <u>however</u>, that, unless consented to in writing by the Majority Shelf Holders, the Company shall not be permitted to exercise more than two (2) Shelf Suspensions pursuant to this <u>Section 5.2(c)</u> and Demand Delays pursuant to <u>Section 5.3(a)(ii)</u> in the aggregate, or aggregate Shelf Suspensions pursuant to this <u>Section 5.2(c)</u> and Demand Delays pursuant to <u>Section 5.3(a)(ii)</u> of more than ninety (90) days, in each case, during any twelve (12) month period. Each Shelf Holder shall comply with the Delay Requirements. In the case of a Shelf Suspension that occurs after the effectiveness of the Shelf Registration Statement, the Shelf Holders agree to suspend use of the applicable Prospectus for the permitted duration of such Shelf Suspension in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the Certificate referred to above. The Company shall immediately notify the Shelf Holders upon the termination of any Shelf Suspension, and (i) in the case of a Shelf Registration Statement that has not been declared effective, shall promptly thereafter file the Shelf Registration Statement and use its reasonable best efforts to have such Shelf Registration Statement declared effective under the Securities Act and (ii) in the case of an effective Shelf Registration Statement, shall amend or supplement the Prospectus, if necessary, so it does not contain any material misstatement or omission prior to the expiration of the Shelf Suspension and furnish to the Shelf Holders such numbers of copies of the Prospectus as so amended or supplemented as the Shelf Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Majority Shelf Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Shelf Take-Downs</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>Initiation of Shelf Take-Downs</u>. If a Shelf Registration Statement has been filed and is effective, then, subject to the terms and provisions of this <u>Article V</u>, a Shelf Take-Down may only be initiated by an SL Initiating Holder or an Other Initiating Holder (each, a "<u>Shelf Take-Down Initiating Holder</u>") and any such Shelf Take-Down may or may not be underwritten and/or Marketed, in each case, as shall be specified in the written demand delivered to the Company by the applicable Shelf Take-Down Initiating Holder that has initiated such Shelf Take-Down pursuant to the provisions of this <u>Section 5.2(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Underwritten Shelf Take-Downs</u>. A Shelf Take-Down Initiating Holder (and not any other Shelf Holder) may elect in a written demand delivered to the Company (an "<u>Underwritten Shelf Take-Down Notice</u>") for any Shelf Take-Down that it has initiated to be in the form of an underwritten offering (an "<u>Underwritten Shelf Take-Down</u>"), and the Company shall, if so requested, file and effect an amendment or supplement of the Shelf Registration Statement for such purpose as soon as practicable; <u>provided</u>, that any such Underwritten Shelf Take-Down must comply with the minimum size requirements of a Demand Registration set forth in <u>Section 5.3(a)</u>. The applicable Shelf Take-Down Initiating Holder shall have the right to select the underwriter or underwriters to administer such Underwritten Shelf Take-Down; <u>provided</u>, that such underwriter or underwriters shall be reasonably acceptable to the Company. With respect to any Underwritten Shelf Take-Down (including any Marketed Underwritten Shelf Take-Down), in the event that a Shelf Holder is entitled to participate in such Underwritten Shelf Take-Down pursuant to this <u>Section 5.2(d)</u>, the right of such Shelf Holder to participate in such Underwritten Shelf Take-Down shall be conditioned upon such Shelf Holder's participation in such underwriting and the inclusion of such Shelf Holder's Registrable Securities in the underwriting to the extent provided herein. The Company shall, together with all Shelf Holders and Third Party Shelf Holders of Registrable Securities of the Company that are proposing to distribute their securities through such Underwritten Shelf Take-Down, enter into an underwriting agreement in customary form with the underwriter or underwriters selected in accordance with this <u>Section 5.2(d)(ii)</u>. Notwithstanding any other provision of this <u>Section 5.2</u>, if the underwriter shall advise the Company that marketing factors (including an adverse effect on the per share offering price) require a limitation of the number of Registrable Securities to be underwritten in an Underwritten Shelf Take-Down, then the Company shall so advise all Shelf Holders and Third Party Shelf Holders of Registrable Securities that are permitted to, and have requested to, participate in such Underwritten Shelf Take-Down, and the number of Registrable Securities that may be included in such Underwritten Shelf Take-Down shall be allocated pro rata among such Shelf Holders and Third Party Shelf Holders thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Shelf Holders and Third Party Shelf Holders at the time of such Underwritten Shelf Take-Down; <u>provided</u>, that any Registrable Securities thereby allocated to a Shelf Holder or Third Party Shelf Holder that exceeds such Shelf Holder's or Third Party Shelf Holder's request shall be reallocated

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among the remaining Shelf Holders and Third Party Shelf Holders in like manner. No Registrable Securities excluded from an Underwritten Shelf Take-Down by reason of the underwriter's marketing limitation shall be included in such underwritten offering. Notwithstanding anything herein to the contrary, in connection with any Shelf Take-Down, whether initiated by the SL Initiating Holders or the Other Initiating Holders, without the prior written consent of the SL Stockholder, the SL Stockholders shall be permitted to sell in any such offering a number of Registrable Securities that is equal to (i) the total number of Registrable Securities sold in such Shelf Take-Down multiplied by (ii) a fraction, the numerator of which is the number of Registrable Securities owned by the SL Stockholders immediately prior to the consummation of such Shelf Take-Down and the denominator of which is the number of Registrable Securities owned by all Shelf Holders immediately prior to the consummation of such Shelf Take-Down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Marketed Underwritten Shelf Take-Downs</u>. The Shelf Take-Down Initiating Holder submitting an Underwritten Shelf Take-Down Notice to the Company pursuant to <u>Section 5.2(d)(ii)</u> shall indicate in such notice whether it intends for such Underwritten Shelf Take-Down to be Marketed (a "<u>Marketed Underwritten Shelf Take-Down</u>"); <u>provided</u>, that any such Marketed Underwritten Shelf Take-Down shall be deemed to be, for purposes of <u>Section 5.3(a)</u>, a Demand Registration and must comply with the minimum size requirements set forth therein. Upon receipt of an Underwritten Shelf Take-Down Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf Take-Down, the Company shall promptly (but in any event no later than ten (10) days prior to the expected date of such Marketed Underwritten Shelf Take-Down) give written notice of such Marketed Underwritten Shelf Take-Down to all other Shelf Holders of Registrable Securities under such Shelf Registration Statement and any such Shelf Holders requesting inclusion in such Marketed Underwritten Shelf Take-Down must respond in writing within five (5) days after the receipt of such notice. Each such Shelf Holder that timely delivers any such request shall be permitted to sell in such Marketed Underwritten Shelf Take-Down subject to the terms and conditions of <u>Section 5.2(d)(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Marketed Underwritten Shelf Take-Downs</u>. With respect to each Underwritten Shelf Take-Down by a Shelf Take-Down Initiating Holder that is not a Marketed Underwritten Shelf Take-Down (a "<u>Restricted Shelf Take-Down</u>"), the Shelf Take-Down Initiating Holder initiating such Restricted Shelf Take-Down shall not be required to provide written notice of such Restricted Shelf Take-Down to the other Shelf Holders and no other Shelf Holders will have the right to participate in any other Shelf Take-Down Initiating Holder's Restricted Shelf Take-Down; <u>provided</u>, that, if a Restricted Shelf Take-Down is the first opportunity for an Eligible Take-Down Holder to sell Registrable Securities pursuant to a Registration Statement, each Eligible Take-Down Holder shall have the ability to participate in such Restricted Shelf Take-Down pursuant to the procedures for participation in <u>Section 5.2(d)(iii)</u> (but the reference to (A) ten (10) days in <u>Section 5.2(d)(iii)</u> shall be two (2) days as applied to this <u>Section 5.2(d)(iv)</u> and (B) five (5) days in <u>Section 5.2(d)(iii)</u> shall be one (1) day as applied to this <u>Section 5.2(d)(iv)</u>).

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Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Holders' Demand for Registration</u>. If the Company shall receive from (x) the SL Stockholders seeking to compel an IPO (it being understood and agreed that the SL Stockholders shall have the right to compel the Company to effect an IPO at any time) or (y) at any time after an IPO one or more Initiating Holders, a written demand that the Company effect any registration (a "<u>Demand Registration</u>") of Registrable Securities held by such Holders having a reasonably anticipated net aggregate offering price (after deduction of underwriter commissions and offering expenses) of at least $50,000,000, the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;promptly (but in any event within ten (10) days prior to the date such registration becomes effective under the Securities Act) give written notice of the proposed registration to all other Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best efforts to effect such registration as soon as practicable as will permit or facilitate the sale and distribution of all or such portion of such Initiating Holders' Registrable Securities as are specified in such demand, together with all or such portion of the Registrable Securities of any other Holders joining in such demand as are specified in a written demand received by the Company within five (5) days after such written notice is given; <u>provided</u>, that the Company shall not be obligated to file any Registration Statement or other disclosure document pursuant to this <u>Section 5.3</u> (but shall be obligated to continue to prepare such Registration Statement or other disclosure document) if the Company shall furnish to such Holders a Certificate, in which case the Company shall have an additional period (each, a "<u>Demand Delay</u>") of not more than sixty (60) days (or such longer period as may be agreed upon by the Initiating Holders) within which to file such Registration Statement; <u>provided</u>, <u>however</u>, that the Company shall not exercise more than two (2) Demand Delays pursuant to this <u>Section 5.3(a)(ii)</u> and Shelf Suspensions pursuant to <u>Section 5.2(c)</u> in the aggregate, or aggregate Demand Delays pursuant to this <u>Section 5.3(a)(ii)</u> and Shelf Suspensions pursuant to <u>Section 5.2(c)</u> of more than ninety (90) days, in each case, during any twelve (12) month period. Each Holder shall comply with the Delay Requirements. In the event of a Demand Delay with respect to a Demand Registration, the Initiating Holder who requested the Demand Registration shall have the right to withdraw such request for registration by giving written notice to the Company within five (5) Business Days after receipt of the certificate with respect to such Demand Delay, and in the event of such withdrawal, such request shall not be counted for purposes of the number of Demand Registrations to which such Holder is entitled pursuant to the terms of this <u>Section 5.3</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;<u>Underwriting</u>. If the Initiating Holders intend to distribute the Registrable Securities covered by their demand by means of an underwritten offering, they shall so advise the Company as part of their demand made pursuant to this <u>Section 5.3</u>, and the Company shall include such information in the written notice referred to in <u>Section 5.3(a)(i)</u>. In such event, the right of any Holder to registration pursuant to this <u>Section 5.3</u> shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein. The Company shall, together with

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all holders of Registrable Securities of the Company proposing to distribute their securities through such underwriting, enter into an underwriting agreement in customary form with the underwriter or underwriters selected by a majority-in-interest of the Initiating Holders and reasonably satisfactory to the Company. Notwithstanding any other provision of this <u>Section 5.3</u>, if the underwriter shall advise the Company that marketing factors (including an adverse effect on the per share offering price) require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities that have requested to participate in such offering, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated pro rata among such Holders thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders at the time of filing the Registration Statement; <u>provided</u> that any Registrable Securities thereby allocated to any such person that exceed such person's request shall be reallocated among the remaining requesting Holders and other requesting holders of Registrable Securities in like manner; <u>provided</u>, <u>further</u>, that the number of Registrable Securities to be included in such underwriting shall not be reduced unless all other Securities are first entirely excluded from the underwriting. No Registrable Securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such registration. If the underwriter has not limited the number of Registrable Securities to be underwritten, the Company may include securities for its own account (or for the account of any other Persons) in such registration if the underwriter so agrees and if the number of Registrable Securities would not thereby be limited. Notwithstanding anything herein to the contrary, in connection with any Demand Registration, whether initiated by the SL Initiating Holders or the Other Initiating Holders, the SL Stockholders shall be permitted to sell in any such offering a number of Registrable Securities that is equal to (i) the total number of Registrable Securities sold in such Demand Registration *multiplied* by (ii) a fraction, the numerator of which is the number of Registrable Securities owned by the SL Stockholders immediately prior to the consummation of such Demand Registration and the denominator of which is the number of Registrable Securities owned by all Holders immediately prior to the consummation of such Demand Registration.

&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>Effective Registration</u>. The Company shall be deemed to have effected a Demand Registration if the Registration Statement pursuant to such registration is declared effective by the SEC and remains effective for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable Securities covered by such Registration Statement have been sold or withdrawn), or, if such Registration Statement relates to an underwritten offering, such longer period as, in the opinion of counsel for the underwriters, a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer (the applicable period, the "<u>Demand Period</u>"). No Demand Registration shall be deemed to have been effected if (i) during the Demand Period such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court or (ii) the conditions specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by a participating Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Registration</u>. Notwithstanding the rights and obligations set forth in <u>Section 5.2</u> or this <u>Section 5.3</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 no event shall the Company be obligated to take any action to effect more than four (4) Demand Registrations (but not including any Underwritten Shelf Take Down that is not a Marketed Underwritten Shelf Take Down) in any twelve (12) month 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in no event shall the Company be obligated to take any action to effect a Demand Registration initiated by any Other Initiating Holder after such time as such Other Initiating Holder have initiated (A) one (1) Demand Registration (with respect to each Other Initiating Holder other than the DIG Stockholders) or (B) three (3) Demand Registrations (with respect to the DIG Stockholders) (including Marketed Underwritten Shelf Take Downs, but, for the avoidance of doubt, excluding all Shelf Take-Downs that are not Marketed Underwritten Shelf Take-Downs) that have been effected. A Demand Registration requested by an Other Initiating Holder shall not be counted as "effected" and shall not be considered a Demand Registration by such Other Initiating Holder if, as a result of a reduction in the number of Registrable Securities that may be sold by such Other Initiating Holders in an underwritten offering pursuant to <u>Section 5.2(d)(ii)</u> or <u>Section 5.3(a)(i)</u>, fewer than a majority of the total number of Registrable Securities that such Other Initiating Holder have requested to be included in such underwritten offering are actually included therein.

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Piggyback Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If at any time or from time to time the Company shall determine to register any of its equity securities, either for its own account or for the account of security holders (other than (1) in a registration relating solely to employee benefit plans, (2) a Registration Statement on Form S-4 or S-8 (or such other similar successor forms then in effect under the Securities Act), (3) a registration pursuant to which the Company is offering to exchange its own securities for other securities, (4) a Registration Statement relating solely to dividend reinvestment or similar plans, (5) a Shelf Registration Statement pursuant to which only the initial purchasers and subsequent transferees of debt securities or preferred stock of the Company or any Subsidiary that are convertible or exchangeable for Securities and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provision) of the Securities Act may resell such notes or preferred stock and sell the Securities into which such notes or preferred stock may be converted or exchanged or (6) a registration pursuant to <u>Section 5.2</u> or <u>Section 5.3</u> hereof), the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;promptly (but in no event less than ten (10) days before the effective date of the relevant Registration Statement) give to each Holder written notice thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;include in such registration (and any related qualification under state securities laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests made within five (5)

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days after receipt of such written notice from the Company by any Holder or Holders, except as set forth in <u>Section 5.4(b)</u> below.

Notwithstanding the foregoing, this <u>Section 5.4</u> shall not apply in respect of any Holder (i) in an IPO unless (x) one or more of the SL Stockholders elect to participate in such registration or (y) the SL Stockholders, in their sole discretion, elect by written notice to the Company for this <u>Section 5.4</u> to apply to the Registrable Securities of any one or more other Holders specified in such notice; <u>provided</u>, that, if the SL Stockholders make such election with respect to any Major Stockholder, it shall automatically apply proportionately to each other Major Stockholder and/or (ii) to any Shelf Take-Down irrespective of whether such Shelf Take-Down is an Underwritten Shelf Take-Down or not an Underwritten Shelf Take-Down.

&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>Underwriting</u>. If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to <u>Section 5.4(a)(i)</u>. In such event, the right of any Holder to registration pursuant to this <u>Section 5.4</u> shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to dispose of their Registrable Securities through such underwriting, together with the Company and the other parties distributing their securities through such underwriting, shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this <u>Section 5.4</u>, if the underwriters shall advise the Company that marketing factors (including, without limitation, an adverse effect on the per share offering price) require a limitation of the number of shares to be underwritten, then the Company may limit the number of Registrable Securities to be included in the registration and underwriting, subject to the terms of this <u>Section 5.4</u>. The Company shall so advise all Holders of Registrable Securities that have requested to participate in such offering, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated in the following manner: first, to the Company and second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; <u>provided</u>, that any Registrable Securities thereby allocated to any such person that exceed such person's request shall be reallocated among the remaining requesting Holders and other requesting holders of Registrable Securities in like manner. No such reduction shall (i) reduce the securities being offered by the Company for its own account to be included in the registration and underwriting, or (ii) reduce the amount of securities of the selling Holders included in the registration below twenty-five percent (25%) of the total amount of Registrable Securities included in such registration, unless such offering does not include Registrable Securities of any other selling security holders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding sentence. No Registrable Securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such registration. For the avoidance of doubt, nothing in this <u>Section 5.4(b)</u> is intended to diminish the number of Registrable Securities to be included by the Company in the underwriting. Notwithstanding anything herein to the contrary, in connection with any registered offering subject to this <u>Section 5.4</u>, without the prior written consent of the SL Stockholders, solely after taking into account the Registrable Securities

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sold by the Company first, the SL Stockholders shall be permitted to sell in any such offering a number of Registrable Securities that is equal to (i) the total number of Registrable Securities sold by Holders in such registered offering subject to this <u>Section 5.4</u> multiplied by (ii) a fraction, the numerator of which is the number of Registrable Securities owned by the SL Stockholders immediately prior to such registered offering subject to this <u>Section 5.4</u> and the denominator of which is the number of Registrable Securities owned by all Holders immediately prior to the consummation of such registered offering subject to this <u>Section 5.4</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Terminate Registration</u>. The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Section 5.4</u> prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration.

Section 5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses of Registration</u>. All Registration Expenses incurred in connection with all registrations effected pursuant to <u>Section 5.2</u>, <u>Section 5.3</u> or <u>Section 5.4</u>, shall be borne by the Company; <u>provided</u>, <u>however</u>, that the Company shall not be required to pay stock transfer taxes or underwriters' discounts or selling commissions relating to Registrable Securities.

Section 5.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations of the Company</u>. Whenever required under this <u>Article V</u> to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective, and keep such Registration Statement effective for (x) the lesser of one hundred eighty (180) days or until the Holder or Holders have completed the distribution relating thereto or (y) for such longer period as may be prescribed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement in accordance with the intended methods of disposition by sellers thereof set forth in such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;permit any Holder that (in the good faith reasonable judgment of such Holder) might be deemed to be a controlling person of the Company to participate in good faith in the preparation of such Registration Statement and to cooperate in good faith to include therein material, furnished to the Company in writing, that in the reasonable judgment of such Holder and its counsel should be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;furnish to the Holders such numbers of copies of the Registration Statement and the related Prospectus, including all exhibits thereto and documents incorporated by reference therein and a preliminary prospectus, in conformity with the requirements of the

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Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;notify each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably possible after notice thereof is received by the Company of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement or such prospectus or for additional 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;notify each Holder of Registrable Securities covered by such Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

&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;notify each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably practicable after notice thereof is received by the Company of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final prospectus or the initiation or threatening of any proceedings for such purposes, or any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of any Registration Statement or of any order preventing or suspending the use of any preliminary or final prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;make available for inspection by each Holder including Registrable Securities in such registration, any underwriter participating in any distribution pursuant to such registration, and any attorney, accountant or other agent retained by such Holder or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as such parties may reasonably request, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in connection with such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best efforts to register or qualify, and cooperate with the Holders of Registrable Securities covered by such Registration Statement, the underwriters, if any, and their respective counsel, in connection with the registration or qualification of such

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Registrable Securities for offer and sale under "blue sky" or securities laws of each state and other jurisdiction of the United States as any such Holder or underwriters, if any, or their respective counsel reasonably request in writing, and do any and all other things reasonably necessary or advisable to keep such registration or qualification in effect for such period as required by <u>Section 5.2(b)</u> and <u>Section 5.2(c)</u>, as applicable; <u>provided</u>, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or take any action which would subject it to taxation service of process in any such jurisdiction where it is not then so subject;

&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;obtain for delivery to the Holders of Registrable Securities covered by such Registration Statement and to the underwriters, if any, an opinion or opinions from counsel for the Company, dated the effective date of the Registration Statement or, in the event of an underwritten offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such holders or underwriters, as the case may be, and their respective counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an underwritten offering, obtain for delivery to the Company and the underwriters, with copies to the Holders of Registrable Securities included in such registration, a cold comfort letter from the Company's independent certified public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best efforts to list the Registrable Securities that are Securities covered by such Registration Statement with any securities exchange or automated quotation system on which the Securities are then listed;

&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;provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;cooperate with Holders including Registrable Securities in such registration and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such Holders or the managing underwriters may request at least two (2) Business Days prior to any sale of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable best efforts to comply with all applicable securities laws and make available to its Holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an underwritten offering, cause the senior executive officers of the Company to participate in the customary "road show" presentations that may be reasonably requested by the underwriters and otherwise to facilitate, cooperate with and

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participate in each proposed offering contemplated herein and customary selling efforts related thereto.

Section 5.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company will, and does hereby undertake to, indemnify and hold harmless each Holder of Registrable Securities and each of such Holder's officers, directors, trustees, employees, partners, managers, members, stockholders, beneficiaries, affiliates and agents and each Person, if any, who controls such Holder, within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, with respect to any registration, qualification, compliance or sale effected pursuant to this <u>Article V</u>, and each underwriter, if any, and each Person who controls any underwriter, of the Registrable Securities held by or issuable to such Holder, against all claims, losses, damages and liabilities (or actions in respect thereto) to which they may become subject under the Securities Act, the Exchange Act, or other federal or state law arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular, free writing prospectus or other similar document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, compliance or sale effected pursuant to this <u>Article V</u>, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, (B) any violation or alleged violation by the Company of any federal, state or common law rule or regulation applicable to the Company in connection with any such registration, qualification, compliance or sale, or (C) any failure to register or qualify Registrable Securities in any state where the Company or its agents have affirmatively undertaken or agreed in writing (including pursuant to <u>Section 5.6(k)</u>) that the Company (the undertaking of any underwriter being attributed to the Company) will undertake such registration or qualification on behalf of the Holders of such Registrable Securities (<u>provided</u>, that in such instance the Company shall not be so liable if it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities) and will reimburse, as incurred, each such Holder, each such underwriter and each such director, officer, trustee, employee, partner, manager, member, stockholder, beneficiary, affiliate, agent and controlling person, for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Section 5.7(a)</u> shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder or underwriter expressly for use 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Holder (if Registrable Securities held by or issuable to such Holder are included in such registration, qualification, compliance or sale pursuant to this <u>Article V</u>) does hereby undertake, severally and not jointly, to indemnify and hold harmless the Company, each of its officers, directors, employees, stockholders, affiliates and agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or

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Section 20 of the Exchange Act, each underwriter, if any, and each Person who controls any underwriter, of the Company's securities covered by such a Registration Statement, and each other Holder, each of such other Holder's officers, directors, employees, partners, stockholders, affiliates and agents and each Person, if any, who controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, prospectus, offering circular, free writing prospectus or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, and will reimburse, as incurred, the Company, each such underwriter, each such other Holder, and each such officer, director, trustee, employee, partner, stockholder, beneficiary, affiliate, agent and controlling person of the foregoing, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in such Registration Statement, prospectus, offering circular, free writing prospectus or other document, in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use therein; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Section 5.7(b)</u> shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and <u>provided</u>, <u>further</u>, that the aggregate liability of each Holder hereunder shall be limited to the gross proceeds after underwriting discounts and commissions received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation, except in the case of fraud or willful misconduct by such Holder. It is understood and agreed that the indemnification obligations of each Holder pursuant to any underwriting agreement entered into in connection with any Registration Statement shall be limited to the obligations contained in this <u>Section 5.7(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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each party entitled to indemnification under this <u>Section 5.7</u> (the "<u>Indemnified Party</u>") shall give notice to the party required to provide such indemnification (the "<u>Indemnifying Party</u>") of any claim as to which indemnification may be sought promptly after such Indemnified Party has actual knowledge thereof, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; <u>provided</u>, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be subject to approval by the Indemnified Party (whose approval shall not be unreasonably withheld) and the Indemnified Party may participate in such defense at the Indemnifying Party's expense if representation of such Indemnified Party would be inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding; and <u>provided</u>, <u>further</u>, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this <u>Article V</u>, except to the extent that such failure to give notice materially prejudices the Indemnifying Party in the defense of any such claim or any such litigation. An Indemnifying Party, in the defense of any such claim or litigation, may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that (i) includes

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as a term thereof the giving by the claimant or plaintiff therein to such Indemnified Party of an unconditional release from all liability with respect to such claim or litigation and (ii) does not include any recovery (including a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Indemnified Party) other than monetary damages, and provided that any sums payable in connection with such settlement are paid in full by the Indemnifying 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;In order to provide for just and equitable contribution in case indemnification is prohibited or limited by law, the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and such Party's relative intent, knowledge, access to information and opportunity to correct or prevent such actions; <u>provided</u>, <u>however</u>, that in any case, (i) no Holder will be required to contribute any amount in excess of the gross proceeds after underwriting discounts and commissions received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <u>provided</u>, <u>further</u>, that in no event shall a Holder's liability pursuant to this <u>Section 5.7(d)</u>, when combined with the amounts paid or payable by such Holder pursuant to <u>Section 5.7(b)</u>, exceed the proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The indemnities provided in this <u>Section 5.7</u> shall survive the transfer of any Registrable Securities by such Holder.

Section 5.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information by Holder</u>. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this <u>Article V</u>.

Section 5.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Registration Rights</u>. The rights contained in this <u>Article V</u> with respect to the registration of the Registrable Securities may be assigned or otherwise conveyed by a Holder pursuant to a transfer permitted under this <u>Article V</u>.

Section 5.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delay of Registration</u>. No Holder shall have any right to obtain, and hereby waives any right to seek, an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this <u>Article V</u>.

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Section 5.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Subsequent Registration Rights</u>. From and after the date of the Closing, the Company shall not, without the prior written consent of the SL Stockholders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to (i) require the Company to effect a registration or (ii) include any securities in any registration filed under <u>Section 5.2</u>, <u>Section 5.3</u> or <u>Section 5.4</u> hereof, unless, in each case, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not diminish the amount of Registrable Securities that are included in such registration.

Section 5.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rule 144 Reporting</u>. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, the Company, following an IPO, agrees to use its reasonable best efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;make and keep current public information available, within the meaning of Rule 144, at all times after it has become subject to the reporting requirements of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;file with the SEC, in a timely manner, all reports and other documents required of the Company under the Securities Act and Exchange Act (after it has become subject to such reporting requirements); 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;so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time commencing ninety (90) days after the effective date of the first registration filed by the Company for an offering of its securities to the general public), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration.

Section 5.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>"Market Stand Off" Agreement</u>. Each Holder hereby agrees that during (i) such period following the effective date (which period shall in no event exceed one hundred eighty (180) days) of a Registration Statement of the Company filed in connection with an IPO (other than IPO pursuant to clause (ii) of the definition thereof) as the SL Stockholders may agree to with the underwriter or underwriters of such underwritten offering, (ii) during such period following the effective date of a SPAC Acquisition as the SL Stockholders may agree to in connection with such SPAC Acquisition (which period shall in no event exceed one hundred eighty (180) days) or (iii) with respect to underwritten offerings only, such period (which period shall in no event exceed ninety (90) days) following the effective date of a Registration Statement of the Company filed under the Securities Act subsequent to an IPO as the SL Stockholders may agree to with the underwriter or underwriters of such underwritten offering, such Holder or its Affiliates shall not, to the extent requested by the Company and/or any underwriter, sell, pledge, hypothecate, transfer, make any short sale of, loan, grant any option or

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right to purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Securities held by it at any time during such period, except Securities included in such registration. The Company and each applicable Holder shall, and the Company agrees to cause its and its directors and executive officers to, deliver to the underwriter or underwriters of any offering to which this <u>Section 5.13</u> is applicable a customary agreement reflecting its agreement set forth in this <u>Section 5.13</u>. All discretionary waivers or early release of this provision for the benefit of any Stockholder, shall automatically and without any further action of any party be applied to the other Stockholders on a pro-rata basis (e.g., if the SL Stockholders are released to sell 10% of their Registrable Securities, the other Stockholders shall be released to sell 10% of their Registrable Securities). Notwithstanding anything herein to the contrary, the Major Stockholders shall not be subject to the restrictions contemplated by clause (iii) of the first sentence of this <u>Section 5.13</u> if such Major Stockholder does not participate in such underwritten offering subsequent to an IPO.

Section 5.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Registration Rights</u>. The rights of any particular Holder to cause the Company to register securities under <u>Section 5.2</u>, <u>Section 5.3</u> or <u>Section 5.4</u> hereof shall terminate as to any Holder on the date such Holder, together with his or her Permitted Transferees (if such Holder is an Employee Stockholder) or its Affiliates (with respect to an SL Stockholder or any other Major Stockholder), beneficially owns less than one percent (1%) of the Securities that are outstanding at such time and such Holder is able to dispose of all of its Registrable Securities in any ninety (90) day period pursuant to Rule 144 or 145 (or any similar or analogous rule) promulgated under the Securities Act. Each Stockholder that is party to a Convertible Note and/or note purchase agreement hereby acknowledges and agrees that this <u>Article V</u> supersedes and automatically terminates and replaces any obligation to provide such Stockholder registration rights pursuant to such Convertible Note or note purchase agreement.

**ARTICLE VI**

**ADDITIONAL STOCKHOLDERS**

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Additional Stockholders may be added as parties to, be bound by and receive the benefits afforded by, and be subject to the obligations provided by, this Agreement upon the execution and delivery of a Joinder Agreement in the form attached hereto as <u>Annex A</u> by such additional Stockholder to the Company and the acceptance thereof 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by <u>Section 8.9</u>, amendments may be effected to this Agreement reflecting such rights and obligations, consistent with the terms of this Agreement, of such additional Stockholder as the SL Stockholders and such additional Stockholder may agree.

&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 connection with any transfer or issuance of Securities from and after the date of this Agreement, the Company shall require that any Person who acquires Securities in any such transaction execute and deliver to the Company a Joinder Agreement in the form attached hereto as <u>Annex A</u>.

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**ARTICLE VII**

**INDEMNIFICATION; OTHER BUSINESSES; WAIVER OF CERTAIN DUTIES**

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company will, and will cause its Subsidiaries to, jointly and severally, indemnify, exonerate and hold each Major Stockholder and each of their respective partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the "<u>Indemnitees</u>") free and harmless from and against any and all liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnitees or any of them before or after the Closing Date (collectively, the "<u>Indemnified Liabilities</u>"), arising out of any action, cause of action, suit, litigation, investigation, inquiry, arbitration or claim (each, an "<u>Action</u>") arising directly or indirectly out of, or in any way relating to, (i) such Stockholder's or its Affiliates' ownership of Securities or such Stockholder's or its Affiliates' control or ability to influence the Company or any of its Subsidiaries (other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any breach of this Agreement or any other agreement by such Indemnitee or its Affiliates or other related Persons or the breach of any fiduciary or other duty or obligation of such Indemnitee to its direct or indirect equity holders, creditors or Affiliates or (y) to the extent such control or the ability to control the Company or any of its Subsidiaries derives from such Stockholder's or its Affiliates' capacity as an officer or director of the Company or any of its Subsidiaries) or (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its Subsidiaries; <u>provided</u>, <u>however</u>, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company will, and will cause its Subsidiaries to, jointly and severally make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. For the purposes of this <u>Section 7.1</u>, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company, then such payments shall be promptly repaid by such Indemnitee to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company will, and will cause their respective Subsidiaries to, jointly and severally, reimburse any Indemnitee for all reasonable costs and expenses (including reasonable attorneys' fees and expenses and any other litigation-related expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any Action for which the Indemnitee would be entitled to indemnification under the terms of this <u>Article VII</u>, or any action or proceeding arising therefrom, whether or not such Indemnitee is a party thereto. The Company or its Subsidiaries, in the defense of any Action for which an Indemnitee would be entitled to indemnification under the terms of this <u>Article VII</u>,

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may, without the consent of such Indemnitee, consent to entry of any judgment or enter into any settlement if and only if it (i) includes as a term thereof the giving by the claimant or plaintiff therein to such Indemnitee of an unconditional release from all liability with respect to such Action, (ii) does not impose any limitations (equitable or otherwise) on such Indemnitee, and (iii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Indemnitee, and provided that the only penalty imposed in connection with such settlement is a monetary payment that will be paid in full by the Company or its respective 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;The Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance with (as applicable) the terms of (i) the DGCL, (ii) the certificate of incorporation, as amended, of the Company, (iii) the bylaws, as amended, of the Company (iv) any director indemnification agreement, (v) this Agreement, (vi) any other agreement between the Company or any Controlled Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, (vii) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (viii) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Controlled Entity ((i) through (viii) collectively, the "<u>Indemnification Sources</u>"), irrespective of any right of recovery the Indemnitee may have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity) from whom an Indemnitee may be entitled to indemnification with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification obligation (collectively, the "<u>Indemnitee-Related Entities</u>"). Under no circumstance shall the Company or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by the Company and/or any Controlled Entity pursuant to clause (x), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any Controlled Entity, as applicable, and (z) Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and Indemnitees agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this <u>Section</u> 

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<u>7.1(c)</u>, entitled to enforce this <u>Section 7.1(c)</u> as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled Entities to perform the terms and obligations of this <u>Section 7.1(c)</u> as though each such Controlled Entity was a party to this Agreement. For purposes of this <u>Section 7.1(c)</u>, the term "<u>Jointly Indemnifiable Claims</u>" shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (1) the Company and/or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The rights of any Indemnitee to indemnification pursuant to this <u>Section 7.1</u> will be in addition to any other rights any such Person may have under any other Section of this Agreement or any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the certificate of incorporation or bylaws of the Company, any newly formed direct or indirect parent or any direct or indirect Subsidiary or investment holding vehicle with respect to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other indemnification rights the members of the Board have pursuant to the Organizational Documents of the Company and any agreement with the Company, the Company shall enter into with each member of the Board a customary indemnification agreement in form and substance approved by the Board, which indemnification agreement shall be the same for all directors of the Board.

Section 7.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Businesses; Waiver of Certain Duties</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 parties expressly acknowledge and agree that to the fullest extent permitted by applicable law, each of the Major Stockholders (including (A) their respective Affiliates, (B) any portfolio company in which they or any of their respective Affiliates have made an investment or (C) any of their respective limited partners, non-managing members or other similar direct or indirect investors) and the directors of the Company or any of its Subsidiaries appointed by any of the Major 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;have the right to, and shall have no duty (fiduciary, contractual or otherwise) not to, directly or indirectly engage in and possess interests in other business ventures of every type and description, including those engaged in the same or similar business activities or lines of business as the Company or any of its Subsidiaries or deemed to be competing with the Company or any of its Subsidiaries, on its own account, or in partnership with, or as an employee, officer, director or shareholder of any other Person, with no obligation to offer to the Company or any of its Subsidiaries or any Stockholder of the Company or any of its Subsidiaries the right to participate therein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;may invest in, or provide services to, any Person that directly or indirectly competes with the Company or any of its 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;shall have no duty (fiduciary, contractual or otherwise) to communicate or present any knowledge of a potential transaction or matter that may be a corporate or other business opportunity for the Company or any of its Subsidiaries to the Company or any of its Subsidiaries or any Stockholder of the Company or any of its Subsidiaries, and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or any of its Subsidiaries or any Stockholder of the Company or any of its Subsidiaries (or their respective Affiliates) for breach of any duty (fiduciary, contractual or otherwise) by reason of the fact that such Person, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person or does not present such opportunity to the Company or any of its Subsidiaries or any Stockholder of the Company or any of its Subsidiaries (or their respective Affiliates).

For the avoidance of doubt, the parties acknowledge that this paragraph is intended to disclaim and renounce, to the fullest extent permitted by applicable law, any right of the Company or any of its Subsidiaries with respect to the matters set forth herein, and this paragraph shall be construed to effect such disclaimer and renunciation to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 7.2</u>, to the extent that they restrict the duties and liabilities of any of the Major Stockholders or any director of the Company appointed by any of the Major Stockholders otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of the Major Stockholders, as applicable, or any such director of the Company appointed by any of the Major Stockholders, as applicable, to the fullest extent permitted by applicable law.

**ARTICLE VIII**

**MISCELLANEOUS**

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement (together with (i) any Company Award between the Company and an Applicable Employee for any Employee Stockholder, (ii) any management rights letters with any Major Stockholders and (iii) any Convertible Notes and the related documents thereto) constitutes the entire understanding and agreement between the parties and supersedes and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto. Each of the parties hereto shall exercise all voting and other rights and powers available to it so as to give effect to the provisions of this Agreement and, if necessary, to procure (so far as it is able to do so) any required amendment to the Company's and/or its Subsidiaries' Organizational Documents, in order to cure any inconsistency between this Agreement and the Company's and/or its Subsidiaries' Organizational Documents.

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. From time to time, at the reasonable request of the SL Stockholders and without further consideration, each other Stockholder (including the Employee Stockholders) shall execute and deliver such additional documents and take all such

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further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Logo</u>. The Company hereby irrevocably consents to the use of its and its direct and indirect Subsidiaries' logos and trade names by the Major Stockholders in relation to its investment business, including in reports to investors and potential investors, on its website or other online fora or media, and/or in offering memoranda and other marketing materials for its related investment funds or Affiliates. This <u>Section 8.3</u> shall survive the termination of this Agreement.

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. The parties hereto agree that the obligations imposed on them in this Agreement are special, unique and of an extraordinary character, and that, in the event of breach by any party, damages would not be an adequate remedy and each of the other parties shall be entitled to specific performance and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity. The parties hereto further agree to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief.

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement and all claims or causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws.

Section 8.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Submissions to Jurisdictions; WAIVER OF JURY TRIAL</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;Each of the parties hereto hereby irrevocably acknowledges and consents that any legal action or proceeding brought with respect to this Agreement or any of the obligations arising under or relating to this Agreement shall be brought and determined exclusively in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and each of the parties hereto hereby irrevocably submits to and accepts with regard to any such action or proceeding, for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware). Each party hereby further irrevocably waives any claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) lacks jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement or the transactions contemplated hereby brought in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept

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jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), that any such court lacks jurisdiction over such 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each party irrevocably consents to the service of process in any legal action or proceeding brought with respect to this Agreement or any of the obligations arising under or relating to this Agreement by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party, at its address for notices as provided in <u>Section 8.14</u> of this Agreement, such service to become effective ten (10) days after such mailing. Each party hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other documents contemplated hereby, that service of process was in any way invalid or ineffective. Subject to <u>Section 8.6(c)</u>, the foregoing shall not limit the rights of any party to serve process in any other manner permitted by applicable law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of Delaware for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto hereby waives any right it may have under the laws of any jurisdiction to commence by publication any legal action or proceeding with respect to this Agreement or any of the obligations under or relating to this Agreement. To the fullest extent permitted by applicable law, each of the parties hereto hereby irrevocably waives the objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding with respect to this Agreement or any of the obligations arising under or relating to this Agreement in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and hereby further irrevocably waives and agrees not to plead or claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) is not a convenient forum for any such suit, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that any judgment obtained by any party hereto or its successors or assigns in any action, suit or proceeding referred to above may, in the discretion of such party (or its successors or assigns), be enforced in any jurisdiction, 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES (I) 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 ANY SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II)

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ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 8.6(e)</u>.

Section 8.7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations</u>. All obligations hereunder shall be satisfied in full without set-off, defense or counterclaim.

Section 8.8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consents, Approvals and Actions</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>SL Stockholders</u>. All actions required to be taken by, or approvals or consents of, the SL Stockholders under this Agreement shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the SL Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the SL 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>TPP Stockholders</u>. All actions required to be taken by, or approvals or consents of, the TPP Stockholders under this Agreement shall be taken by consent or approval by, or agreement of, Nobu Mutaguchi or his permitted assignee; <u>provided</u>, that upon the occurrence and during the continuation of a Disabling Event, such approval or consent shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the TPP Stockholders, and in each case, such consent, approval or agreement shall constitute the necessary action, approval or consent by the TPP Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>DIG Stockholders</u>. All actions required to be taken by, or approvals or consents of, the DIG Stockholders under this Agreement shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the DIG Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the DIG 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>HGGC Stockholders</u>. All actions required to be taken by, or approvals or consents of, the HGGC Stockholders under this Agreement shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the HGGC Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the HGGC 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>BX Stockholders</u>. All actions required to be taken by, or approvals or consents of, the BX Stockholders under this Agreement shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the BX Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the BX Stockholders.

Section 8.9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment; Waiver</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;Except as set forth below, any amendment, waiver or modification of any provision of this Agreement shall require the prior written approval of the Company and the SL

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Stockholders; <u>provided</u>, that (i) any adverse and disproportionate amendment, waiver or modification of any provision of this Agreement shall require the prior written approval of the Stockholders holding a majority of the Shares held by such adversely and disproportionately affected Stockholders and (ii) any adverse amendment, waiver or modification of the rights of a Major Stockholder pursuant to <u>Section 3.2,</u> <u>Section 4.4</u>, <u>Section 4.9</u>, <u>Article V</u> or this <u>Section 8.9(a)</u> (and, for the avoidance of doubt, any definitions used in the foregoing provisions to the extent an amendment or modification of such definitions modifies the substances of the foregoing provisions), shall require the prior written approval of such adversely affected Major Stockholder (<u>provided</u>, <u>further</u>, that any such amendment, waiver or modification of the rights of a Major Stockholder pursuant to <u>Section 3.2,</u> <u>Section 4.4</u>, <u>Section 4.9</u>, <u>Article V</u> or this <u>Section 8.9(a)</u> to provide additional Persons with such rights or to designate additional Major Stockholders shall not be adverse to any Major Stockholder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any failure by the Company or any SL Stockholder at any time to enforce any of the provisions of this Agreement shall not be construed a waiver of such provision or any other provisions hereof. The waiver by the Company or any SL Stockholder of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of the Company or any SL Stockholder to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by the Company or any SL Stockholder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this <u>Section 8.9</u>, in addition to other amendments or modifications authorized herein, amendments or modifications may be made to this Agreement from time to time by the SL Stockholders without the consent of any other Stockholder to correct typographical or ministerial errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall provide prompt and reasonable prior notice of all amendments or waivers pursuant to this <u>Section 8.9</u> to the Major Stockholders. Except as otherwise provided herein or in the Services Agreement by and between Affiliates of the SL Stockholders and the Company, no Stockholder shall receive any monitoring, transaction or similar fees from the Company or any of its Subsidiaries.

Section 8.10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment of Rights by Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No Stockholder (other than the SL Stockholders) may assign or transfer its rights or obligations under this Agreement except with the prior consent of the SL Stockholders other than assignments or transfers to a Permitted Transferee. Any purported assignment of rights or obligations under this Agreement in derogation of this <u>Section 8.10</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, the SL Stockholders may assign any or all of their rights and obligations, in whole or in part, under this Agreement to any Person or Persons.

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Section 8.11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties' successors and permitted assigns.

Section 8.12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Beneficiaries</u>. Except for <u>Section 8.15</u> (which will be for the benefit of the Persons set forth therein, and any such Person will have the rights provided for therein), this Agreement does not create any rights, claims or benefits inuring to any Person that is not a party hereto, and it does not create or establish any third party beneficiary hereto.

Section 8.13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement shall terminate only by written consent of the Company and each of the Major Stockholders that hold any Shares; <u>provided</u>, that, the SL Stockholders may elect (in their sole discretion and without the consent of the Company or any other Major Stockholder) to terminate this Agreement in connection with (i) a Change of Control; <u>provided</u>, that, if any Major Stockholder does not dispose of 100% of its Shares for cash or publicly listed securities in such Change of Control, then, following such Change of Control in which this Agreement is terminated, each Major Stockholder shall have the right to sell its Shares (or equity securities in any acquiring or successor Person in such Change of Control) in connection with a third-party sale by the SL Stockholders of any of its Shares (or equity securities in any acquiring or successor Person in such Change of Control) in accordance with the procedures set forth in <u>Section 4.4</u> and/or (ii) a Public Company Event (<u>provided</u>, that, <u>Section 3.1(c)</u> (*Post-IPO Board Designation Rights*), <u>Section 3.1(l)</u> (*Expense Reimbursement*), <u>Section 3.3</u> (*Confidentiality*), <u>Article V</u> (*Registration Rights*), <u>Article VII</u> (*Indemnification; Other Business; Waiver of Certain Duties*), <u>Article VIII</u> (*Miscellaneous*) (other than <u>Section 8.20</u> (*Public Company Information*), and the definitions related to each of the foregoing Sections), in each case, shall survive the termination of this Agreement in connection with a Public Company Event).

Section 8.14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any and all notices, designations, offers, acceptances or other communications provided for herein shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (with written confirmation of transmission), e-mail (with written confirmation of transmission) or nationally-recognized overnight courier, which shall be addressed:

&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 the Company, to the following address or email address:

Entrata, Inc.

4205 Chapel Ridge Road

Lehi, UT 84043

Attention: Adam Edmunds

E-mail: adam@entrata.com

with a copy (which shall not constitute actual or constructive notice) to:

Wilson Sonsini Goodrich & Rosati, P.C.

650 Page Mill Road

Palo Alto, CA 94304

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Attention: Rezwan Pavri

Email: rpavri@wsgr.com

&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 the SL Stockholders, to the following addresses or e-mail addresses:

c/o Silver Lake Partners

55 Hudson Yards

550 West 34<sup>th</sup> Street

40<sup>th</sup> Floor

New York, NY 10001

Attention: Andrew J. Schader; Jennifer Gautier

E-mail: andy.schader@silverlake.com; jennifer.gautier@silverlake.com

with a copy (which shall not constitute actual or constructive notice) to:

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Attention: Atif Azher; Mark Myott

Email: [\*\*\*]; [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If to any other Stockholder, to the address or e-mail address appearing in the books and records of the Company or its Subsidiaries on the signature pages hereto and/or Joinder Agreement (if applicable) of such Stockholder.

Any and all notices, designations, offers, acceptances or other communications shall be conclusively deemed to have been given, delivered or received (i) in the case of personal delivery, on the day of actual delivery thereof, (ii) in the case of e-mail, on the day of transmittal thereof if given during the normal business hours of the recipient, and on the Business Day during which such normal business hours next occur if not given during such hours on any day and (iii) in the case of dispatch by nationally-recognized overnight courier, on the next Business Day following the disposition with such nationally-recognized overnight courier. By notice complying with the foregoing provisions of this <u>Section 8.14</u>, each party shall have the right to change its mailing address or e-mail address for the notices and communications to such party. The Stockholders hereby consent to the delivery of any and all notices, designations, offers, acceptances or other communications provided for herein by Electronic Transmission addressed to the email address of such Stockholder as provided herein.

Section 8.15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Third Party Liability</u>. This Agreement may only be enforced against the named parties hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the

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entities that are expressly identified as parties hereto; and no past, present or future director, officer, employee, incorporator, member, partner, stockholder, Affiliate, portfolio company in which any such party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or representative of any party hereto (including any Person negotiating or executing this Agreement on behalf of a party hereto), unless party to this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any claim or cause of action (whether in contract or tort) that may arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement).

Section 8.16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Partnership</u>. Nothing in this Agreement and no actions taken by the parties under this Agreement shall constitute a partnership, association or other co-operative entity between any of the parties or constitute any party the agent of any other party for any purpose.

Section 8.17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Aggregation; Beneficial Ownership</u>. All Securities held or acquired by any Major Stockholder and its Affiliates and Permitted Transferees shall be aggregated together for the purpose of determining the availability of any rights under and application of any limitations under this Agreement, and such Major Stockholder and its Affiliates may apportion such rights as among themselves in any manner they deem appropriate.

Section 8.18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts (which delivery may be via facsimile transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument.

Section 8.19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any portion of this Agreement shall be declared void or unenforceable by any court or administrative body of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all respects valid and enforceable.

Section 8.20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Public Company Information</u>. The Company understands and acknowledges that in the regular course of the DIG Stockholders' business, the DIG Stockholders may invest in companies that have issued securities that are publicly traded (each, a "<u>Public Company</u>"). Accordingly, the Company covenants and agrees that before providing material non-public information about a Public Company ("<u>Public Company Information</u>") to the DIG Stockholders in writing, the Company will provide prior written notice to the DIG Stockholders' Chief Compliance Officer at michael@dragoneer.com describing such information in reasonable detail. The Company shall not disclose in writing Public Company Information to the DIG Stockholders without written authorization from the DIG Stockholders' compliance personnel, <u>provided</u>, <u>however</u>, that the Company will be permitted to disclose agreements entered into with Public Companies in the ordinary course of business, such as routine customer, supplier, advertising and publishing agreements without such written authorization. Notwithstanding the foregoing, this <u>Section 8.20</u> shall not apply with respect to any information provided to the DIG Observer.

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Section 8.21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Publicity</u>. The Company's public disclosure of (a) the name or brand of any of the SL Stockholders, HGGC Stockholders, DIG Stockholders or BX Stockholders or (b) the purchase of any Securities of the Company by any of the SL Stockholders, HGGC Stockholders, DIG Stockholders or BX Stockholders, as the case may be, will require the prior written consent of such respective party, as the case may be; <u>provided</u>, that the exceptions set forth in clauses (a) – (e) of <u>Section 3.3</u> shall also apply to disclosures under this <u>Section 8.21</u>.

Section 8.22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Major Stockholder Dividend Consent</u>. Any dividend or distribution that is not paid to all holders of Common Stock on a pro rata fully-diluted basis (assuming conversion of all outstanding convertible securities, except that stock options and other derivatives may instead be subject to equitable adjustment in lieu of a payment) shall require the prior written approval or affirmative vote of any Major Stockholder that would not receive at a minimum their pro rata portion of such dividend or distribution (the "<u>Requisite Holders</u>"); *provided*, *however*, that nothing in the foregoing shall require approval of the Requisite Holders in the event of payment or declaration of dividends or distributions pursuant to the terms of any security of the Company or contract related to such security.

Section 8.23.&nbsp;&nbsp;&nbsp;&nbsp;<u>BX Stockholder Change of Control Protection</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;Upon a Change of Control within three years after the Closing Date in which the consideration payable to the Stockholders is solely in the form of cash, and the gross cash consideration per share the BX Stockholders would receive in exchange for their Shares outstanding in such Change of Control (based on the consideration per share agreed to in such Change of Control and including any consideration placed into escrow or retained as a holdback to be available upon satisfaction of certain conditions) (the "**Per Share Transaction Consideration**") is less than the Top-Up Amount, the Company agrees to issue to each BX Stockholder, immediately prior to the closing of such Change of Control, that number of additional shares of Common Stock computed using the following formula:

X = <u>Y(A-B)</u>

B

Where:

X = the aggregate number of shares of Common Stock issuable to such BX Stockholder in connection with the Change of Control transaction, rounded down to the nearest whole share (which, for the avoidance of doubt, will be zero if "B" is greater than "A")

Y = the number of outstanding shares of Common Stock held by such BX Stockholder immediately prior to the closing of the Change of Control transaction

A = the Top-Up Amount

B = the Per Share Transaction Consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon a Change of Control within three years after the Closing Date in which the consideration payable to the Stockholders is in the form of a combination of cash and

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securities, and the gross consideration per share the BX Stockholders would receive in exchange for their Shares outstanding in such Change of Control (based on the consideration per share agreed to in such Change of Control and including any consideration placed into escrow or retained as a holdback to be available upon satisfaction of certain conditions) is less than the Top-Up Amount, the BX Stockholders (acting unanimously) shall have the option (but not the obligation) to receive the consideration payable to the BX Stockholders in such Change of Control in the form of securities issued in such Change of Control (based on the consideration per share agreed to in such Change of Control and including any consideration placed into escrow or retained as a holdback to be available upon satisfaction of certain conditions). The Company agrees to use its reasonable best efforts to take all corporate action as may be reasonably necessary to allow the BX Stockholders to receive 100% of the consideration to be received by the BX Stockholders in such Change of Control in the form of securities issued in such Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The rights set forth in this <u>Section 8.23</u> shall terminate upon the earlier of (i) such time as the BX Stockholders (or their respective Affiliates) hold fewer than fifty percent (50%) of the Shares purchased by the BX Stockholders pursuant to the Common Stock Purchase Agreement, (ii) the three-year anniversary of the Closing Date, (iii) the consummation of a Listing Event or (iv) the consummation of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The rights set forth in this <u>Section 8.23</u> shall not be assignable or transferrable, unless otherwise approved in writing by the Company 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;References herein to a number of shares, price per share, or similar concept, shall be on an as-adjusted basis for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof.

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| ENTRATA, INC. | ENTRATA, INC. |
| By: | /s/ Adam Edmunds |
| Name: Adam Edmunds | Name: Adam Edmunds |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **SL STOCKHOLDERS:** | **SL STOCKHOLDERS:** |
| SLP EMBLEM AGGREGATOR, L.P. | SLP EMBLEM AGGREGATOR, L.P. |
| By: SLP VI Aggregator GP, L.L.C., its general partner | By: SLP VI Aggregator GP, L.L.C., its general partner |
| By: Silver Lake Technology Associates VI, L.P., its managing member | By: Silver Lake Technology Associates VI, L.P., its managing member |
| By: SLTA VI (GP), L.L.C., its general partner | By: SLTA VI (GP), L.L.C., its general partner |
| By: Silver Lake Group, L.L.C., its managing member | By: Silver Lake Group, L.L.C., its managing member |
| By: | /s/ Kyle Paster |
| Name: Kyle Paster | Name: Kyle Paster |
| Title: Managing Director | Title: Managing Director |
| SLP EMBLEM AGGREGATOR II, L.P. | SLP EMBLEM AGGREGATOR II, L.P. |
| By: SLP VI Aggregator GP, L.L.C., its general partner | By: SLP VI Aggregator GP, L.L.C., its general partner |
| By: Silver Lake Technology Associates VI, L.P., its managing member | By: Silver Lake Technology Associates VI, L.P., its managing member |
| By: SLTA VI (GP), L.L.C., its general partner | By: SLTA VI (GP), L.L.C., its general partner |
| By: Silver Lake Group, L.L.C., its managing member | By: Silver Lake Group, L.L.C., its managing member |
| By: | /s/ Kyle Paster |
| Name: Kyle Paster | Name: Kyle Paster |
| Title: Managing Director | Title: Managing Director |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **TPP STOCKHOLDERS:** | **TPP STOCKHOLDERS:** |
| TPP Capital Advisors, Ltd. | TPP Capital Advisors, Ltd. |
| By: | /s/ Nobutaka Mutaguchi |
| Name: Nobutaka Mutaguchi | Name: Nobutaka Mutaguchi |
| Title: Director | Title: Director |
| **Address:** | **Address:** |
| [\*\*\*] | [\*\*\*] |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **HGGC STOCKHOLDERS:** | **HGGC STOCKHOLDERS:** |
| HGGC Prop Holdings, LP | HGGC Prop Holdings, LP |
| By: | /s/ Kurt A. Krieger |
| Name: Kurt A. Krieger | Name: Kurt A. Krieger |
| Title: Authorized Signer | Title: Authorized Signer |
| **Address:** | **Address:** |
| [\*\*\*] | [\*\*\*] |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **DIG STOCKHOLDERS:** | **DIG STOCKHOLDERS:** |
| Entryway DF Holdings, LP | Entryway DF Holdings, LP |
| By: | /s/ Michael Dimitruk |
| Name: Michael Dimitruk | Name: Michael Dimitruk |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Address:** | **Address:** |
| [\*\*\*] | [\*\*\*] |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **DIG STOCKHOLDERS:** | **DIG STOCKHOLDERS:** |
| Entrance DF Holdings, LP | Entrance DF Holdings, LP |
| By: | /s/ Michael Dimitruk |
| Name: Michael Dimitruk | Name: Michael Dimitruk |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **Address:** | **Address:** |
| [\*\*\*] | [\*\*\*] |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **JAWS Equity Owner 178, LLC** | **JAWS Equity Owner 178, LLC** |
| By: | /s/ Michael Racich |
| Name: Michael Racich | Name: Michael Racich |
| Title: Vice President | Title: Vice President |
| **Address:** | **Address:** |
| [\*\*\*] | [\*\*\*] |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **Charles Thayne Capital SPV II LP** | **Charles Thayne Capital SPV II LP** |
| By: | /s/ Brian Gornick |
| Name: Brian Gornick | Name: Brian Gornick |
| Title: Manager | Title: Manager |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **GRACEWALK, LLC** | **GRACEWALK, LLC** |
| By: | /s/ Ryan Smith |
| Name: Ryan Smith | Name: Ryan Smith |
| Title: Investor | Title: Investor |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **JA CROPSTON LLC** | **JA CROPSTON LLC** |
| By: | /s/ Jeremy Andrus |
| Name: Jeremy Andrus | Name: Jeremy Andrus |
| Title: Manager | Title: Manager |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **PA MAC FUND, L.P. (ON BEHALF OF THE PELION SERIES I)** | **PA MAC FUND, L.P. (ON BEHALF OF THE PELION SERIES I)** |
| By: PA MAC GP, LLC | By: PA MAC GP, LLC |
| Its: General Partner | Its: General Partner |
| By: | /s/ John Kyles |
| Name: John Kyles | Name: John Kyles |
| Title: Managing Member | Title: Managing Member |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **PELION VENTURES VII, L.P.** | **PELION VENTURES VII, L.P.** |
| By: | /s/ Blake Modersitzki |
| Name: Blake Modersitzki | Name: Blake Modersitzki |
| Title: General Partner | Title: General Partner |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **PELION VENTURES VII-A, L.P.** | **PELION VENTURES VII-A, L.P.** |
| By: | /s/ Blake Modersitzki |
| Name: Blake Modersitzki | Name: Blake Modersitzki |
| Title: General Partner | Title: General Partner |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **PELION VENTURES VII-ENTREPRENEURS FUND, L.P.** | **PELION VENTURES VII-ENTREPRENEURS FUND, L.P.** |
| By: | /s/ Blake Modersitzki |
| Name: Blake Modersitzki | Name: Blake Modersitzki |
| Title: General Partner | Title: General Partner |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **SEDDIE LLC** | **SEDDIE LLC** |
| By: | /s/ Todd Pedersen |
| Name: Todd Pedersen | Name: Todd Pedersen |
| Title: Manager | Title: Manager |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **SORMANO LLC** | **SORMANO LLC** |
| By: | /s/ Curt Doman |
| Name: Curt Doman | Name: Curt Doman |
| Title: Manager | Title: Manager |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **SOUTHSWELL INVESTMENTS, LLC** | **SOUTHSWELL INVESTMENTS, LLC** |
| By: | /s/ Aaron DeRose |
| Name: Aaron DeRose | Name: Aaron DeRose |
| Title: Manager | Title: Manager |

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*Signature Page to Amended and Restated Stockholders Agreement*

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IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Stockholders Agreement to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **BX STOCKHOLDERS** | **BX STOCKHOLDERS** |
| EXPEDITE US HOLDCO L.P. | EXPEDITE US HOLDCO L.P. |
| By: Blackstone Private Equity Strategies<br>&nbsp;&nbsp;&nbsp;&nbsp; Associates L.P., its general partner | By: Blackstone Private Equity Strategies<br>&nbsp;&nbsp;&nbsp;&nbsp; Associates L.P., its general partner |
| By: BXPEA L.L.C., its general partner | By: BXPEA L.L.C., its general partner |
| By: | /s/ Viral Patel |
| Name: Viral Patel | Name: Viral Patel |
| Title: Senior Managing Director | Title: Senior Managing Director |
| EXPEDITE LUX HOLDCO L.P. | EXPEDITE LUX HOLDCO L.P. |
| By: Blackstone Private Equity Strategies<br>&nbsp;&nbsp;&nbsp;&nbsp; Associates L.P., its general partner | By: Blackstone Private Equity Strategies<br>&nbsp;&nbsp;&nbsp;&nbsp; Associates L.P., its general partner |
| By: BXPEA L.L.C., its general partner | By: BXPEA L.L.C., its general partner |
| By: | /s/ Viral Patel |
| Name: Viral Patel | Name: Viral Patel |
| Title: Senior Managing Director | Title: Senior Managing Director |

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*Signature Page to Amended and Restated Stockholders Agreement*

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**<u>Annex A</u>**

**FORM OF** 

**JOINDER AGREEMENT**

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Amended and Restated Stockholders Agreement, dated as of May 9, 2025 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "<u>Stockholders Agreement</u>") 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, Expedite Lux Holdco L.P., and Expedite US Holdco L.P. 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 transferee of Securities, to become a party as a Stockholder to, and to be bound by and comply with the provisions of, the Stockholders Agreement applicable to a Stockholder in the same manner as if the undersigned were an original signatory to the Stockholders Agreement.

[The undersigned hereby represents and warrants that, pursuant to this Joinder Agreement and the Stockholders Agreement, it is a Permitted Transferee of [●] and will be the lawful record owner of [●] shares of Common Stock of the Company as of the date hereof. The undersigned hereby covenants and agrees that it will take all such actions as required of a Permitted Transferee as set forth in the Stockholders Agreement, including but not limited to conveying its record and beneficial ownership of any Securities and all rights, title and obligations thereunder back to the initial transferor Stockholder or to another Permitted Transferee of the original transferor Stockholder, as the case may be, immediately prior to such time that the undersigned no longer meets the qualifications of a Permitted Transferee as set forth in the Stockholders Agreement.]<sup>1</sup>

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]

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;<u>Note to Draft</u>: To be included for transfers of Transferable Shares to Permitted Transferees.

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Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the __ day of ____________, _____.

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| |
|:---|
| Signature |
| Print Name |
| Address: |
| Telephone: |
| Facsimile: |
| Email: |

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AGREED AND ACCEPTED

as of the ____ day of ____________, _____.

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| | |
|:---|:---|
| ENTRATA, INC. | ENTRATA, INC. |
| By: |  |
|  | Name: |
|  | Title: |

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**FORM OF** 

**SPOUSAL CONSENT**

In consideration of the execution of that certain Amended and Restated Stockholders Agreement, dated as of May 9, 2025 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the "<u>Stockholders Agreement</u>") 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, Expedite Lux Holdco L.P., and Expedite US Holdco L.P., and any other Persons who become a party thereto in accordance with the thereof, I, ______________________________, the spouse of ___________________________, who is a party to the Stockholders Agreement, do hereby join with my spouse in executing the foregoing Stockholders Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration of the issuance, acquisition or receipt of Securities and all other interests I may have in the shares and securities subject thereto, whether the interest may be pursuant to community property laws or similar laws relating to marital property in effect in the state or province of my or our residence as of the date of signing this consent. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Stockholders Agreement.

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| | |
|:---|:---|
| Dated as of _______ __, ____ | |
| | (Signature of Spouse) |
| | (Print Name of Spouse) |

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**SCHEDULE A**

**SCHEDULE OF STOCKHOLDERS TO JOINDER AGREEMENT**

Aaron Meador

Aaron Reimschiissel

Aaron Smith

Abhijit Raval

Abin Thomas

Abraham Kashiwagi

Abraham Richards

Adam Argyle

Adam Cowan

Adam Curletti

Adam Edmunds

Adam Gundersen

Adam Provance

Aditi Behere

Adrian Landicho

Aimee Summers

Album Entrata LLC

Alefiya Kagalwala

Alex Buchanan

Alex Lanin in IBI Trust

Alexander Gibson

Alexander Robinson

Alexander Sessions

Alexis Yules

Alicia Moss

Alisa Baker

Allan Stewart

Allen Li

Allison Routson

Alok Tiwari

Alon Yeroushalmi in IBI Trust

Alysha Nielson

Alyssa Schroeder

Alyssa Widdison

Amanda Bean

Amanda Fults

Amanda Fumo

Amaris Potts

AmberLee Lavery

Amit Alon in IBI Trust

Amiteshwar Prasad

Amy Halstead-Alvarez

Amy Roos

Andrea Boker in IBI Trust

Andrea Castillo

Andres Balas

Andrew Casillas

Andrew DaBell

Andrew Goes

Angela Kavanaugh

Angela Keebler

Angela Wirick

Angelena Marinaccio

Angelic Estrada

Anissa Leon

Anjali Wadhwa

Ann Ogami

Annalakshmidevi Devasundaram

Annie Slater

Annie Wouden

Anthony Fulton

April Hanson

Arienne Haywood

Arrie Strom

Ashlee Cowley

Ashley Bird

Ashley Carson

Ashley Kearns

Ashutosh Durugkar

Ashutosh Shidid

Austin Berenyi

Austin Cannon

Austin Miller

Austin Wheeler

Avinash Sangolkar

Ayelet Agiv

Bar Shein

Barbara Markovic

Basile Marinelis

Belvan Oben

Benjamin Blaker

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Benjamin Brown

Benjamin Kattenburg

Benjamin Stenquist

Bhimrao Gadge

Blake Buchanan

Bradee Markham

Bradley Anderson

Bradley Traylor

Brandon Arnold

Brandon Breivik

Brandon Bussey

Brandon Fairbanks

Brandon Fish

Brandon Griffeth

Brandon Schank

Braydon Lowry

Breana Anderson

Breann Albrecht

Breezy Boseman

Brett Hopkins

Brett Lyman

Brett Stewart

Brett Weber

Brian Blood

Brian Broderick

Brian Doherty

Brian Dunleavy

Brian Jepperson

Brian Loomis

Brian Pye

Brian Smith

Brian Spittler

Brigham Shipley

Brittany Guerrero

Brittany Parker

Britten Roe

Britton Pederson

Brody Brimley

Brooke Johnson

Bryan Wade

Bryce Nelson

Bryce Shaffer

Bryce Smalley

Bryson Loughmiller

Caitlin Garrison

Caleb Harris

Callin Baker

Cameron Barajas

Cameron Brown

Camille Nicholson

Camilynn Krueger

Can Ulker

Cannon Cottle

Carl Lawson

Carla Maretick-Gulick

Carlie Inama

Carlos Claus-Rangel

Caroline Lamph

Carter Rees

Casey Keele

Cassandra Stetler

Cassie Thomas

Catherine Wong

Cecille Tynes

Chad Skinner

Chandler Tidwell

Chant Duplantier

Charles Blake Webster

Charles Jacobsen

Charles Thayne Capital SPV II LP

Charles Webster

Charlynne Marie Edmunds

Charmaine Keck

Chase Harrington

Chase Hughes

Chase Peterson

Chase Pierce

Chaz Green

Cherish Moore

Cheryl Boden

Chetan Gadgilwar

Chris Finken

Chris Hulford

Christian Allred

Christian Mercado

Christian Nye

Christina Perez

Christopher Adams

Christopher Baiocco

Christopher Bills

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Christopher Boen

Christopher Boggs

Christopher Booth

Christopher Error

Christopher Harrington

Christopher Heuer

Christopher Lander

Christopher Martin

Christopher Smith

Clint Huffman

Cody Duke

Cody Kimball

Cody Powers

Cody Smith

Colin Heller

Collin Gingrich

Collin Perry

Colton Hirst

Conner Dalton

Cory Peterson

Craig Condie

Craig Earnshaw

Crystal Vivian

Curtis Jones

Dakshata Tari

Dallas Doane

Dallas Jensen

Dallin Nitta

Dana Hoffman in IBI Trust

Danahy Rios

Daniel Denney

Daniel Graham

Daniel Jacox

Daniel Jones

Daniel Manion

Daniel Petersen

Daniel Romero

Daniel Sampson

Daniel Telschow

Daniel Williams

Daniel Worwood

Daniele Miller

Danielle Lowe

Danner Banks

Daren Reschke

Darren Faulkner

Darrin Perry

David Eliason

David Gines

David Hall

David Heard

David Luke

David Merriman

David Mickelson

David Osborn

David Robbins

David Witt

Daxton Self

DeAysia Douglas

Debora Barbosa

Delphi Peskin in IBI Trust

Demi Stone

Dennis Beatty

Derek Hornberger

Devin Brown

Devin DeHart

Devin Solace

Devon Christensen

Dharmesh Shroff

Dhruv Hemmady

Doron Feder in IBI Trust

Dror Kliger in IBI Trust

Dustin Loftus

Edward Ovey

Eitan Torf in IBI Trust

Elad Assis in IBI Trust

Elena Melian Puigventos

Elijah Moller

Elior Tsitli in IBI Trust

Eliza Moody

Elizebeth Kiel

Elton Yang

Emily Frisina

Emily Graham

Emily Lariscy

Emily McBrier

Emily Vonbartheld

Emma Stanford

Emmanuel Rivas

Eran Ohavi in IBI Trust

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Eran Zehavi

Eric Bjornn

Eric Davis

Eric Donohue

Eric Dummer

Eric Hanson

Eric Ludwig

Eric Perkins

Eric Rios

Eric Watson

Eric Zimmerman

Erick Perez

Erik Bowen

Erik Knighton

Erika Bronson

Erin Goodsell

Erin Roberts

Ethan Clemence

Ethan Daley

Ethan Maughan

Ether Ling

Falise Platt

Fast Cadence Entrata, LLC

FCT Fund, LTD.

Felicia Cox

FNU Manish Ranjan

Gabriel Fitzgarrald

Gardner Nielson

Garrett Johnson

Gavin Leonard

Geku Maniyara

George Shafer

Gerry Crooks

Giancarlo Santa Cruz Cruz

Gilbert Thomas

Gonny Graff

Gonny Graff in IBI Trust

Greg Ah Sue

Gregory Phillips

Guy Adika in IBI Trust

GW Investment Holdings, LLC

Haim Elbaz in IBI Trust

Hannah-Marie Evans

Hayden Johnsen

Hayden Patrick Barnes

Haylie Corbett

Heather Sanders

Heather Smith

Heather Tomlinson

Heather Warnat

Hunter Holt

Hyrum Balzer

Ian Bates

Ian Birch

Ian Nate

IBI Trust Management (in trust for Itamar Roth)

Isaac Carlisle

Itay Bahir in IBI Trust

JA Cropston LLC

Jackie Harms

Jaclyn Lloyd

Jacob Case

Jacob Dalton

Jacob Jones

Jacob Parry

Jacob Plaizier

Jacqueline Caputo

Jad Startin

Jae Lee

Jalindar Avhale

James Butterfield

James Harris

James Heninger

James Nelson

James Nyland

James Rex

James Scott

Jamie Spraberry

Jamis Gardner

Janet Settle

Jared Bristow

Jared Hall

Jarrett Foote

Jason Johnson

Jason Taylor

Jason Thomas

Jason van der Horst

Jay Rogers

Jayden Stinson

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Jeff Compton

Jefferson Liao

Jeffrey Duke

Jeffrey Greenland

Jeffrey Nicholson

Jeffrey Pease

Jeffrey Rowell

Jennifer Greenacre

Jennifer Loder

Jenny Mack

Jeremy Lemke

Jeremy Parkin

Jeremy Pulley

Jeremy Sheehan

Jerome Brooks

Jeron Molano

Jessica Eliason

Jessica Gibson

Jessica Miller

Jessica Robinson

Jillian Bass

Jim Gifford

Jim Rowley

Joe Crandall

Joe Wesemann

Joel White

John Braithwaite

John Dyer

John Mangum

John Stachura

John Williams

Jon Hellander

Jonathan Passey

Jonathan Stoltz

Jonathon Eyre

Jordan Fratto

Jordan Lewis

Jordan Mills

Jordan Quinn

Jorge Menendez

Joseph Jett

Joseph Martin

Joseph Ruiz

Joseph Swetel

Joseph Terpstra

Joseph Wilson

Josh Pugmire

Josh Tebbs

Joshua Brown

Joshua James

Joshua Mendenhall

Joshua Renberg

Joshua Selleneit

Jostlyn Cameron

Juan Cabrera

Justin Baker

Justin Lynn

Justin Maman

Justin Rico

Justin Stokes

Justin Thomas

Kaiden Redd

Karina Rico

Karissa Dickson

Karline Williams

Karthik Sankara Narayanan

Kassidy Mortimer

Kathleen Bernstein

Kathryn Salloum

Katie Branz

Katie Kerttula

Katie Ruch

Kayla Roche

Keenan Ryder

Kelly Canepa

Kelsey Jensen

Kenneth Jackson

Kevin Carlin

Kevin Crandell

Kevin Platt

Kevin Sanchez

Khalid Mohammed

Kimball High

Kimberly Halamicek

Kimberly Lang

Kimberly Moir

Kimberly Sorensen

Koefoed Family Trust

Kolten King

Krista Pappas

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Kristen Stewart

Kristen Streicher

Kristian Kolste

Kristin Teale

Kristina Nielsen

Kristine Sutherland

Kurt Radmall

Kurt Witt

Kyall Coburn

Kyle Ashby

Kyle Harris

Kyle Marin

Kyle Mosher

Kyle Rigby

Kyle Whittle

Kyle Woodard

Kyson Flake

Lance Wheeler

Landon Fowler

Landon Gilbert

LaTonia Johnson

Laura Butler

Laura Campbell

Laura Dessens

Laura Kearney

Laura Vazquez

Laureen Kautt

Lauren Chandler

Lauren Johnson

Lauren Meek

Leandro Vargas

Lehla Kisor

Leslie Eldredge

Levi Howa

Lisa Ward

Lise Turner

Logan Whittaker

Lourdes Gomez

Lutua Westley

Lydia McKenzie

Mac Sims

Madhurani Chavan

Madison Joosten

Madison Langford

Maliha Fawad

Mandar Joshi

Manish Choudhary

Manu Juyal

Maourice Gonzalez

Margaret Call

Maria McLeod

Mariah Ho

Marioly Alvarado

Mark Baer

Mark Coffman

Mark Delorey

Mark Freeman

Mark Groberg

Mark Hansen

Mark Larsen

Mark Larson

Marlena Pynn

Martha Mamo

Martin Milius

Mary Jane Isaacs

Mary Yama

Marysa Raymond

Mathias Goodwin

Matt Clyman

Matteous Cyr

Matthew Bond

Matthew Jones

Matthew Kenison

Matthew Nelson

Matthew Perry

Mattie Langford

Max Schreiner

Megan Esecson

Megan Hall

Megan Settles

Melinda Adamson

Melissa Mayr

Meng Tsou

Meredith Brooks

Micha Hawkins

Michael Branson

Michael Hermann

Michael Hincks

Michael Keightley

Michael Lewis

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Michael Masterson

Michael Piraino

Michael Ryan Byrd

Michael Schuetz

Michael Wilkes

Michael Winegar

Michelle Akpala

Michelle Eardley

Michelle Hardwick

Michelle Jolley

Michelle Max

Miguel Jimenez

Mihir Gupta

Mika Ozer in IBI Trust

Mike Breitenbeker

Mike Wolber

Mikelle Pouwer

Mohan Muddanna

Molly Patterson

Monica Sisouphanh

Mora Sweeny

Myria Koko

Naga Deepthi Tanamala

Natalie Birrell

Nathan Lott

Nathan Slater

Nathan Smileye

Nathaniel Gray

Nechama Karelitz

Nechama Karelitz in IBI Trust

Neeta Neti

Neil Rasmussen

Nia Gray

Nicholas Dickey

Nicholas McQueen

Nicholas Miller

Nicholas Seeley

Nick Uremovich

Nico Dato

Nicolas Wysozeck in IBI Trust

Nicole Brannen

Nicole Lant

Nilesh Kulkarni

Nils Kolste

Nir Huri in IBI Trust

Nisheet Kumar

Nufar Kalay in IBI Trust

Oliver Morgan

Omer Clos in IBI Trust

Owen Hansen

Paige Aston

Pallavi Mudaliar

Pankaj Jhamb

Pat Wright

Patrick Barnes

Patrick Hendry

Patrick Muir

Patrick Rader

Paul Berrett

Paul Dunford

Paul Johnston

Paul Reeder

PENSCO Trust Company LLC FBO Michael Levinthal IRA

Peter Quintiliani

Peter Taylor

Philip Burns

Prafull Jaiswal

Prateek Meshram

Pratik Pandit

Preetam Yadav

Puneet Kathuria

Quincy Rich

Quinten Seegmiller

Rachel Allen

Rahul Waghmare

Rajkumar Mohite

Rakesh Ramchandani

Raman Ghadge

Raviteja Ambati

Rebecca Anthony

Rebecca Jordan

Rebecca Salisbury

Regan Fackrell

Ritwik Mitra

Rob Rorick

Robert Duclos

Robert Felt

Robert Jones

Robert Olson

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Rohit Chaudhary

Rohit Shukla

Rohit Taneja

Rohitsing Pardeshi

Ronald Orcutt

Roque Allen

Roxanne Ransom

Roy Alon in IBI Trust

Roy Rothman in IBI Trust

Ruhina Shaikh

Rujuta Gadre

Russell Jensen

Rustin Fairbanks

Ryan Curtis

Ryan Swanson

Ryan Tyson

s20 SPV I, LLC

Sabrina Jindra

Sachinkumar Durge

Safarali Ramazonov

Samantha Bohm

Samantha Shuey

Samina Begum

Samuel Parr

Samuel Plothow

Sandeep Chavhan

Sandeep Garud

Sanjay Bagul

Sanjay Bhatia

Santosh Harnekar

Sara Lencheck

Sara Leon

Sara Sharpe

Sara Watts

Sarah Borden

Sarfraj Mulani

Savan Kumar Muniraju

Scott Allan

Scott Collins

Scott Erickson

Scott Knudson

Scott Mark

Scott Snyder

Sean Rockwood

Sean Sullivan

Selma Hemingway

Seth Davis

Shachar Bahir in IBI Trust

Shaked Adam in IBI Trust

Shaked Liebermann in IBI Trust

Sham Shriwastav

Shani Toledano in IBI Trust

Shannon Hylton

Shaun Assner-Alvey

Shaunak Sontakke

Shivraj Parshene

Shombree Jackson

Shrikant Kapare

Shriram Bhandari

Shriram Kalimuthan

Shrishail Swami

Shruthi Mahadevan

Simon Cascante

Simon Paterson

Sivan Bernsohn in IBI Trust

Sjon von Bose

Somnath Ghadge

Sonam Samdupkhangsar

Sophia Ormiston

Sourabh Kulkarni

Spencer Carlson

Spencer Tahan

Stacey Harrison

Stephanie Fuhrman

Stephanie Gomez

Stephen Anderson

Stephen Dangerfield

Sterling Snow

Steven Brimhall

Steven Carter

Steven Erekson

Stuart Goodman

Sumit Ghosal

Swapnil Wawge

Tabatha Saldivar

Tamalyn Booth

Tamar Kosovsky in IBI Trust

Tamera Donavon

Tanner Camp

Tanner Flake

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Tanner White

Tanya Garcia

Tapan Bhatt

Tatiana Santos

Tawni Achimon

Taylor Liddell

Ted Tronson

Terrance Peck

Terry Sharp

Tessa Allen

The Amanda Bateman Trust

The CT Harrington Family Trust

The Silver Oak Trust

The Zimmer Irrevocable Trust

Thomas Buttars

Thomas Golson

Thomas Haak

Timothy Andrus

Timothy Avery

Timothy Greenfield

Timothy McFall

Todd Schwartzman

Tomer Dagul in IBI Trust

Torrey Rawlings

Travis Elnicky

Trena King

Trenton Whitney

Trevor Delaney

Trevor Jones

Trevor Riley

Trevor Wagner

Troy Davidson

Troy Watson

Trudy Fegel

Tyler Andersen

Tyler Burke

Tyler Larrabee

Tyler Mundy

Tyler Olpin

Tyler Small

Tyler Spencer

Tyler Toone

Tyrus Strange

UDR, Inc.

Valerie Weber

Vanessa Linegar

Vatsala Sharma

Vijay Nagle

Vincent Bria

Vincent King

Vinod Jadhao

Virginia Love

Virginia Tory

Vishal Kale

Vitaliy Turechykov

Vivek Kulkarni

Wenyun Fang

Weston Bell

Wheeler Stanley

Will Ascend LLC

William Doherty

William Mungovan

William Prendergast

William Robertshaw

WTP LLC

Wyatt Moore

Yamen El-Alam

Yoav Karsenty in IBI Trust

Yusuf Poonawala

Yvette Contreras

Zachary Hansen

Zachary Melton

Zachary Parker

Zachary Passey

Zachary Summers

Zachoria Hollard

Zack Walker

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**ENTRATA, INC.**

**AMENDMENT TO STOCKHOLDERS AGREEMENT**

This AMENDMENT (this "<u>Amendment</u>") to that certain AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, dated as of May 9, 2025 (the "<u>Stockholders</u> <u>Agreement</u>") by and among Entrata, Inc., a Delaware corporation (together with its successors and assigns, the "<u>Company</u>"), and the other Stockholders party thereto, is made as of this , 2026. Capitalized terms used in this Amendment but not defined herein shall have the meanings ascribed to such terms in the Stockholders Agreement.

**RECITALS**

**WHEREAS,** the Company and the Stockholders entered into the Stockholders Agreement to provide certain rights and obligations of the stockholders of the Company party thereto as described therein;

**WHEREAS,** the board of directors (the "<u>Board</u>") of the Company has determined that it is advisable and in the best interests of the Company and its stockholders to amend certain terms of the Stockholders Agreement;

**WHEREAS,** pursuant to <u>Section 8.9(a)</u> of the Stockholders Agreement, the Company and the SL Stockholders may enter into an amendment to the Stockholders Agreement; provided, prior written approval is required for any adverse and disproportionate amendment, waiver or modification of the Stockholders Agreement from Stockholders holding a majority of the Shares held by such adversely and disproportionately affected Stockholders;

**WHEREAS,** such prior approval was obtained pursuant to the stockholder written consent dated , 2026; and

**WHEREAS,** the Company and the SL Stockholders desire to enter into this Amendment to amend the Stockholders Agreement as set forth below.

**AMENDMENT**

**NOW, THEREFORE, BE IT RESOLVED,**

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to Section 4.6(d)</u>. Notwithstanding anything to the contrary in <u>Section 4.6(d)</u> of the Stockholders Agreement, no Recapitalization Transaction that results in the SL Stockholders receiving a class of common stock (or the right to exchange their shares into such class of common stock) with voting power that is disproportionate to the class received by the other Stockholders will require the prior written consent of Stockholders for such Recapitalization Transaction to apply to such Stockholders.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect</u>. This Amendment shall form a part of the Stockholders Agreement for all purposes, and each party thereto and hereto shall be bound hereby. This Amendment shall be deemed to be in full force and effect from and after the execution of this Amendment by the

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parties hereto. Except as specifically amended as set forth herein, each term and condition of the Stockholders Agreement shall continue in full force and effect.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Amendment and all claims or causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of or relate to this Amendment or the negotiation, execution or performance of this Amendment (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts (which delivery may be via facsimile transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Amendment, together with the Stockholders Agreement, constitutes the entire understanding and agreement among the parties with respect to the subject matter hereof and supersedes and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto.

[Remainder of page intentionally left blank]

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**IN WITNESS WHEREOF,** the undersigned have caused this Amendment to be executed by its duly authorized representative(s), as of the date first written above.

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| | |
|:---|:---|
| **ENTRATA, INC.** | **ENTRATA, INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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*Signature Page to Amendment to Stockholders Agreement*

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| | |
|:---|:---|
| **SLP EMBLEM AGGREGATOR II, L.P.** | **SLP EMBLEM AGGREGATOR II, L.P.** |
| By: | SLP VI Aggregator GP, L.L.C., its general partner |
| By: | Silver Lake Technology Associates VI, L.P., its managing member |
| By: | SLTA VI (GP), L.L.C., its general partner |
| By: | Silver Lake Group, L.L.C., its managing member |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| **SLP EMBLEM AGGREGATOR, L.P.** | **SLP EMBLEM AGGREGATOR, L.P.** |
| By: | SLP VI Aggregator GP, L.L.C., its general partner |
| By: | Silver Lake Technology Associates VI, L.P., its management member |
| By: | SLTA VI (GP), L.L.C., its general partner |
| By: | Silver Lake Group, L.L.C., its managing member |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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*Signature Page to Amendment to Stockholders Agreement*

## Exhibit 4.2

**Exhibit 4.2**

**STOCKHOLDERS' AGREEMENT**

**of**

**ENTRATA, INC.**

**Dated as of** &nbsp;&nbsp;&nbsp;&nbsp; **, 2026**

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**STOCKHOLDERS' AGREEMENT**

**OF**

**ENTRATA, INC.**

THIS STOCKHOLDERS' AGREEMENT (as the same may be amended from time to time in accordance with its terms, the "<u>Agreement</u>") is entered into as of &nbsp;&nbsp;&nbsp;&nbsp; , 2026 by and among ENTRATA, INC., a Delaware corporation (the "<u>Company</u>"), and each of the stockholders of the Company whose name appears on the signature pages hereto (each, a "<u>Stockholder</u>" and collectively, the "<u>Stockholders</u>").

**RECITALS:**

**WHEREAS**, the Stockholders were party to that certain Amended and Restated Stockholders Agreement, dated as of May 9, 2025 (the "<u>Prior Stockholders Agreement</u>") among the Company and the parties thereto;

**WHEREAS**, the Prior Stockholders Agreement was terminated by SLP Emblem Aggregator II, L.P., a Delaware limited partnership and SLP Emblem Aggregator, L.P., a Delaware limited partnership (each, a "<u>Silver Lake Stockholder</u>" and, collectively, the "<u>Silver</u> <u>Lake Stockholders</u>"), in accordance with the terms thereof, in connection with the initial public offering (the "<u>IPO</u>") of the Company's Class A Common Stock; and

**WHEREAS**, in connection with, and effective upon, the Initial Effective Time (as defined herein), the parties hereto desire to enter into this Agreement that governs certain of their rights, duties and obligations with respect to their ownership of Equity Securities after the closing of the IPO.

**AGREEMENT:**

**NOW**, **THEREFORE**, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree hereto as follows:

ARTICLE 1. GENERAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Agreement the following terms shall have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Stockholder</u>" means a stockholder added to this Agreement pursuant to Section 5.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Affiliate</u>" means (i) with respect to any Person (other than a Stockholder), an "affiliate" as defined in Rule 405 of the regulations promulgated under the Securities Act, and (ii) with respect to a Stockholder, an "affiliate" as defined in Rule 405 of the regulations promulgated under the Securities Act and any investment fund, vehicle or holding company of

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which such Stockholder or an Affiliate of such Stockholder serves as the general partner, managing member or discretionary manager or advisor; *provided*, *however*, that notwithstanding the foregoing, (x) an Affiliate of a Stockholder shall not include any Portfolio Company of such Stockholder or any limited partners of such Stockholder and (y) a Stockholder or any of its Affiliates shall not be considered an Affiliate of the other Stockholders solely by virtue of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Exchange</u>" means the primary stock exchange, including without limitation the New York Stock Exchange or the NASDAQ Stock Market, upon which the Common Stock is listed, as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&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;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means a day, other than a Saturday, Sunday or other day on which banks located in New York, New York or Salt Lake City, Utah are authorized or required by law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bylaws</u>" means the Amended and Restated Bylaws of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Change in Control</u>" means (i) the sale, lease or other disposition in a transaction or series of related transactions of all or substantially all of the assets of the Company to a Person that is not the Silver Lake Group (or any member(s) thereof) or a Silver Lake Affiliate or (ii) an acquisition of the Company by another Person by stock sale, consolidation, merger or other reorganization in a transaction or series of related transactions following which any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), other than the Silver Lake Group or any member(s) thereof, beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) more than fifty percent (50%) of the voting power of the Company; *provided*, that (x) a merger effected exclusively for the purpose of changing the domicile of the Company and (y) a stock sale, consolidation, merger or other reorganization in a transaction or series of related transactions with the Silver Lake Group (or any member(s) thereof) or a Silver Lake Affiliate shall not constitute a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Charter</u>" means the Amended and Restated Certificate of Incorporation of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class A Common Stock</u>" means the Class A common stock, $0.001 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class B Common Stock</u>" means the Class B common stock, $0.001 par value per share, of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class C Common Stock</u>" means the Class C common stock, $0.001 par value per share, of the Company.

"<u>Common Stock</u>" means, collectively, the Class A Common Stock, the Class B Common Stock and the Class C Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Securities</u>" means (i) any Common Stock or preferred stock of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock or preferred stock of the Company (including any option to purchase such a security), (iii) any Common Stock underlying any security referred to in clause (ii), (iv) any security carrying any option, warrant or right to subscribe to or purchase any Common Stock or preferred stock of the Company or other security referred to in clause (ii), or (v) any such option, warrant or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&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;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governmental Authority</u>" means any: (i) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (ii) U.S. and other federal, state, local, municipal, foreign or other government; or (iii) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Immediate Family</u>" means with respect to an individual, any spouse, domestic partner designated in good faith by such individual, sibling, parent or child of such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Initial Effective Time</u>" means the date and time that the SEC declared effective the registration statement pursuant to which Common Stock was sold in the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Law</u>" means any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Management Stockholders</u>" mean the Stockholders listed on Exhibit A hereto and their Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Necessary Action</u>" means, with respect to a specified result, all actions necessary to cause such result, including (i) calling special Board and stockholders meetings, (ii) voting or providing a written consent or proxy with respect to the Equity Securities, whether at any annual or special meeting, by written consent or otherwise, (iii) causing the adoption of stockholders' resolutions and amendments to organizational documents of the Company or its Subsidiaries, (iv) causing members of the Board to act (subject to any applicable fiduciary duties) in a certain manner or causing them to be removed in the event they do not act in such a manner, (v) executing agreements and instruments, (vi) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result and (vii) nominating or appointing, or taking steps to cause the

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nomination or appointment of, certain Persons (including to fill vacancies) and providing the highest level of support for the election or appointment of such Persons to the Board or any committee thereof, including in connection with the annual or special meeting of stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Permitted Transfer</u>" means a Transfer by a Person that is (i) an individual Transferring to a trust or estate planning vehicle of such individual that is solely controlled by such individual and the beneficiaries of which are comprised solely of such individual and/or the members of the Immediate Family of such individual; *provided*, that any such Transfer is for bona fide inheritance or estate planning purposes or (ii) a member of the Silver Lake Transferee Group Transferring to any Person in a transaction or series of related transactions not involving a public offering unless the Silver Lake Transferee Group elects in writing not to deem such transferee to be a "Silver Lake Transferee" for purposes of this Agreement; *provided*, *in each case*, that the transferee (other than a transferee that already is party to this Agreement) will agree to be subject to the terms of this Agreement (subject to any limitation on the assignment of rights by such Person to the transferee in connection with such Transfer) by executing and delivering a joinder agreement, substantially in the form of Exhibit B-1 hereto (in the case of a Transfer by a Management Stockholder) or Exhibit B-2 hereto (in the case of a Transfer by any member of the Silver Lake Transferee Group).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Permitted Transferee</u>" shall mean any Person who acquires Equity Securities pursuant to a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" shall mean an individual, partnership, corporation, limited liability company, unincorporated organization, trust, joint venture, government agency, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Portfolio Company</u>" shall mean, with respect to any Person that is a private equity sponsor, an operating company the voting stock of which is held, directly or indirectly, by such Person or one of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>SEC</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&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;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Silver Lake</u>" means the Silver Lake Stockholders and their affiliated management companies and investment vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Silver Lake Affiliate</u>" means any other Person with regard to which Silver Lake, directly or indirectly, controls, is controlled by or is commonly controlled. For purposes of the preceding sentence, "control" shall mean the power to direct the principal business management and activities of a Person, whether through ownership of voting securities, by agreement (including, without limitation, in connection with any voting trust, proxy arrangement or similar device), or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Silver Lake Transferee</u>" means each and every direct and indirect transferee of any Silver Lake Stockholder (including transferees of shares from any member of the Silver

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Lake Transferee Group so long as such shares were originally held by a Silver Lake Stockholder at the time of the closing of the IPO), in each case, pursuant to clause (ii) of the definition of "Permitted Transfer" other than a Person the Silver Lake Transferee Group elects in writing not to be a Silver Lake Transferee pursuant to clause (ii) of the definition of "Permitted Transferee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Silver Lake Transferee Group</u>" means each of the Silver Lake Stockholders and each and every Silver Lake Transferee. Unless the Company is otherwise notified in writing by Silver Lake, Silver Lake shall at all times serve as the designated representative to act on behalf of the Silver Lake Transferee Group for purposes of this Agreement and shall have the sole power and authority to bind the Silver Lake Transferee Group with respect to all provisions of this Agreement; *provided*, *however*, that if Silver Lake chooses to cease to serve as the designated representative of the Silver Lake Transferee Group, then Silver Lake or, in the absence of Silver Lake doing so, a majority in interest of the members of the Silver Lake Transferee Group at such time shall designate and appoint one member of the Silver Lake Transferee Group to serve as the designated representative of the Silver Lake Transferee Group for purposes of this Agreement, which designee (and any successor thereafter designated and appointed) shall have the sole power and authority to bind the Silver Lake Transferee Group with respect to all provisions of this Agreement. The Company and the Stockholders shall be entitled to rely on all actions taken by Silver Lake or such designee on behalf of the Silver Lake Transferee Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned by that Person or one or more of the other Subsidiaries of such Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing member, general partner or analogous controlling Person of such limited liability company, partnership, association or other business entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Transfer</u>" means any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by request, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of Law, directly or indirectly, of any Equity Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules of Construction</u>. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the terms defined in this Agreement have the meanings assigned to them in this Agreement, and words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"including" means including without limitation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;references to numbers of shares in this Agreement, shall be appropriately adjusted to reflect any stock dividend, stock split, combination or other recapitalization or reclassification of shares by the Company occurring after the date of this Agreement.

ARTICLE 2. CORPORATE GOVERNANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Silver Lake Designees to be Nominated for Election of Directors</u>. The Silver Lake Transferee Group shall have the right, but not the obligation, to designate for nomination by the Board (and any committee thereof) to be elected to the Board a number of individuals equal to the percentage of the issued and outstanding Common Stock beneficially owned by the Silver Lake Transferee Group multiplied by the total number of authorized directors of the Board, rounded up to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Director Independence</u>. Notwithstanding anything to the contrary in Section 2.1, if the Company ceases to qualify as a "controlled company" (or such similar term) under the rules of the Applicable Exchange (or the rules of any other exchange on which the Common Stock is listed), the Silver Lake Transferee Group shall, if necessary, within one (1) year after the Company ceases to qualify as such, cause a sufficient number of their respective designees to qualify as "independent directors" under such rules to ensure that the Board complies with applicable independence rules. To the extent permitted by the Charter then in effect, the Company shall be permitted, if necessary, and the Silver Lake Transferee Group shall take all Necessary Action within its control, to increase the number of authorized directors and cause the

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newly created directorships resulting therefrom to be filled so as to comply with applicable independence rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Necessary Actions</u>. Except as otherwise prohibited by applicable Law or the Company's Charter or Bylaws then in effect, the Company shall take all Necessary Action to cause each such nominee or designee to the Board that is permitted to be nominated or designated in accordance with Section 2.1 or 2.2 to be (x) included in the Board's slate of nominees to the stockholders of the Company for each election of directors (to the extent that directors of such nominee's class are to be elected at such meeting for so long as the Board is classified) and (y) included in the proxy statement (if any) prepared by the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. If at any time the Silver Lake Transferee Group has nominated or appointed fewer than the total number of individuals that it is then entitled to nominate or appoint pursuant to Section 2.1, the Silver Lake Transferee Group shall have the right, at any time and from time to time, to nominate or appoint or cause to be nominated or appointed to the Board as directors an additional number of individuals up to the difference between the total number of individuals that the Silver Lake Transferee Group is then entitled to nominate or appoint and the number of individuals theretofore nominated or appointed by the Silver Lake Transferee Group and who are then serving on the Board. Upon the election of the Silver Lake Transferee Group to nominate or appoint or cause the nomination or appointment of any individual pursuant to this Section 2.5, the total number of directors shall be automatically increased to enable the appointment of such individual as a nominee of the Silver Lake Transferee Group and the Company shall, to the extent required, take all Necessary Action to cause to cause such individual to be elected or appointed to the Board. The Company will ensure at all times during the term of this Agreement that its Certificate of Incorporation and Bylaws will not contain any limitation on the number of authorized directors that would prevent it from complying with the foregoing sentence and, if it is determined that any provision of the Certificate of Incorporation or Bylaws would impose any such limitation, the Company will take all Necessary Action to revise such provision such that the Company is not prevented from complying with the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Elections</u>. The failure of the stockholders of the Company to elect any nominee of the Silver Lake Transferee Group shall not affect the right of the Silver Lake Transferee Group to exercise its rights under Section 2.1, including its right to designate a nominee for election pursuant to Section 2.1 in connection with any future election of directors of the Company or to designate a replacement nominee for election or to fill a vacancy on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Withdrawal of Nominees or Designees</u>. Notwithstanding the other provisions of this Article 2, the Company shall not be obligated to cause to be nominated for election to the Board (or to be included in the Board's slate of nominees to the Company's stockholders or any proxy statement prepared by the Company in connection with soliciting proxies for every

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meeting of the stockholders of the Company called with respect to the election of members of the Board) or recommend to the Company's stockholders the election of any nominee or designee in the event that (i) the Board determines in good faith, based on the advice of reputable outside legal counsel, that such action would constitute a breach of its fiduciary duties or (ii) the Company objects to such nominee or designee because such nominee or designee has been involved in any of the events enumerated in Item 2(d) or (e) of Schedule 13D under the Exchange Act or such person is currently the target of an investigation by any governmental authority or agency relating to felonious criminal activity or is subject to any order, decree, or judgment of any court or agency prohibiting service as a director of any public company or providing investment or financial advisory services. In the event of any such non-approval, the Silver Lake Transferee Group shall withdraw the nomination or designation of such proposed nominee or designee and specify a replacement therefor (which replacement nominee or designee shall also be subject to the requirements of this Section 2.7). The Company shall promptly notify the Silver Lake Transferee Group in writing of any objection to a nominee or designee in advance of the date on which proxy materials are mailed by the Company in connection with such election of directors, and the Company shall use its reasonable best efforts to enable the Silver Lake Transferee Group to promptly propose a replacement nominee or designee in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation</u>. If the Silver Lake Transferee Group Transfers Common Stock such that it would be entitled to designate a lesser number of directors pursuant to Section 2.1 than it has so designated at such time, the Silver Lake Transferee Group shall use its reasonable best efforts to cause such number of its director nominees and/or designees to offer to resign as a director effective as of the Company's next annual meeting of stockholders so that the number of its director nominees and designees, as of such meeting and assuming the acceptance of such resignation, would not exceed the number it is entitled to pursuant to Section 2.1; provided, that, for the avoidance of doubt, such resignation may be made effective as of the last day of the then-current term of such director. Notwithstanding the foregoing, neither the Company nor the Board shall be required to accept any such resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Director's Expense Reimbursement</u>. All directors will be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board (including any committee thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees</u>. For so long as the Silver Lake Transferee Group has the right to designate at least one (1) director to the Board pursuant to Section 2.1, the Silver Lake Transferee Group shall have the right, but not the obligation, to designate one (1) director designated to the Board pursuant to Section 2.1 to serve as a member on any then-existing committee of the Board; *provided*, that the right of any director to serve on a committee shall be subject to applicable Law and the Company's obligation to comply with any applicable independence requirements of the Applicable Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent Rights</u>. Until the later of (i) the date the Silver Lake Transferee Group and their Affiliates cease to beneficially own at least 10% of the number of shares of Common Stock outstanding immediately prior to giving effect to the closing of the IPO, and (ii) the Sunset

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Date (as defined in the Charter), the following actions by the Company or any of its Subsidiaries shall require the approval, in addition to any approval by the stockholders of the Company or the Board's approval (or the approval of the required governing body of any Subsidiary of the Company), of the Silver Lake Transferee Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;entering into or effecting a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;entering into, or materially amending, any agreement providing for the acquisition or divestiture of assets or Equity Securities of any Person, in each case providing for aggregate consideration in excess of $100 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;entering into, or materially amending, any joint venture or similar business alliance having a fair market value as of the date of formation thereof (as reasonably determined by the Board) in excess of $100 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;issuing, or materially amending the terms of, Equity Securities, other than issuances made under or pursuant to the Entrata, Inc. 2026 Equity Incentive Plan, the Entrata, Inc. 2026 Employee Stock Purchase Plan and such other equity incentive plans that have been duly approved and adopted by stockholders holding a majority of the Common Stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;incurring indebtedness for borrowed money (including through capital leases, incurrence of loans, issuance of debt securities or guarantee of indebtedness of another Person) in an aggregate principal amount in excess of $100 million or materially amending the terms thereof, other than (x) the incurrence of trade payables arising in the ordinary course of business of the Company and its Subsidiaries or (y) borrowings under the Company's revolving credit facility (or amendments, extensions, or replacements thereof); *provided*, that the initial entry into the revolving credit facility and any increase in borrowing capacity thereunder in excess of such amount above shall be subject to approval as set forth in this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;increasing or reducing the size of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;initiating any liquidation, dissolution, bankruptcy or other insolvency proceeding involving the Company or any of its significant subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;terminating the employment of the Chief Executive Officer of the Company or hiring a new Chief Executive Officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;making any material change in the nature of the business conducted by the Company or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;paying or declaring of any dividend or distribution on any Equity Securities of the Company or any of its non-wholly-owned Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;any amendment, restatement or modification of the Charter or Bylaws of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;any redemption, repurchase or other acquisition by the Company of its Equity Securities or any declaration thereof, other than the redemption, repurchase or other acquisition by the Company of any Equity Securities of any director, officer, independent contractor or employee in connection with the termination of the employment or services of such director, officer, independent contractor or employee as contemplated by the applicable equity compensation plan or award agreement with respect to such Equity Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;any adoption, approval or issuance of any "poison pill," stockholder or similar rights plan by the Company or its Subsidiaries or any amendment, restatement, modification or waiver of such plan after the adoption thereof has been approved by the Silver Lake Transferee Group in accordance with this Section 2.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Agreement</u>. Each Management Stockholder party hereto agrees with the Company to take all Necessary Action reasonably available within their power, including casting all votes to which such party is entitled in respect of the Equity Securities such Management Stockholder beneficially owns, whether at any annual or special meeting, by written consent or otherwise, so as to vote such Equity Securities on all matters submitted to the stockholders of the Company in accordance with the recommendation of the Board, including without limitation with respect to the election of directors of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Permitted Disclosure</u>. Each Board nominee and designee of the Silver Lake Transferee Group is permitted to disclose confidential, non-public information about the Company and its Affiliates (including any materials received in their capacities as members of a Board or committee of the Company or any Subsidiary) that he or she receives as a result of being a director of the Board with the Silver Lake Affiliates and their respective Affiliates, limited partners, members and direct and indirect investors, in each case, on a confidential basis, subject to his or her fiduciary duties under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Policies</u>. For so long as a designee of the Silver Lake Transferee Group is serving or participating on the Board, (i) the Company shall not implement or maintain any trading policy, equity ownership guidelines (including with respect to the use of Rule 10b5-1 plans and preclearance or notification to the Company of any trades in the Company's securities) or similar guideline or policy with respect to the trading of securities of the Company that applies to any Stockholder in its capacity as such or any Stockholder's Affiliates (including a policy that limits, prohibits, or restricts any Stockholder or its Affiliates from entering into any hedging or derivative arrangements), in each case other than any director designee of such Stockholder (including a designee of the Silver Lake Transferee Group) solely in his or her individual capacity, (ii) any share ownership requirement for a designee of the Silver Lake Transferee Group serving on the Board will be deemed satisfied by the securities owned by Silver Lake and/or its Affiliates and under no circumstances shall any of such policies, procedures, processes, codes, rules, standards and guidelines impose any restrictions on the transfers of securities by Silver Lake or its Affiliates and (iii) under no circumstances shall any policy, procedure, code, rule, standard or guideline applicable to the Board be violated by a designee of the Silver Lake Transferee Group (x) accepting an invitation to serve on another board of directors of a company whose principal lines(s) of business do not compete with the principal line(s) of business of the

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Company or failing to notify an officer or director of the Company prior to doing so, (y) receiving compensation from Silver Lake or its Affiliates, or (z) failing to offer his or her resignation from the Board except as otherwise expressly provided in this Agreement, and, in each case of (i), (ii) and (iii), it is agreed that any such policies in effect from time to time that purport to impose terms inconsistent with this Section 2.14 shall not apply to the extent inconsistent with this Section 2.14.

ARTICLE 3. COVENANTS AND AGREEMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records; Access; Certain Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each of its Subsidiaries in accordance with generally accepted accounting principles. For so long as the Silver Lake Transferee Group has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall, and shall cause its Subsidiaries to, permit any member of the Silver Lake Transferee Group and its designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; *provided*, *however*, that the Company shall not be required to provide any information under this Section 3.1(a) to the extent, the Company reasonably believes, based on the advice of reputable outside legal counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;So long as the Silver Lake Transferee Group has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall deliver or cause to be delivered to the Silver Lake Transferee Group at its 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such other reports and information as may be reasonably requested by the Silver Lake Transferee Group;

*provided*, *however*, that the Company shall not be required to provide any information under this Section 3.1(b), to the extent, the Company reasonably believes, based on the advice of reputable outside legal counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each Stockholder agrees, for so long as such Stockholder owns any Equity Securities and for a period of two (2) years following the date upon which such Stockholder ceases to own any Equity Securities, to keep confidential, any non-public information provided to such Stockholder by the Company; provided, however, that nothing

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herein will limit the disclosure of any information (i) to the extent required by law, statute, rule, regulation, judicial process, subpoena or court order or required by any governmental agency, other regulatory authority or the Applicable Exchange (including, without limitation, by deposition, interrogatory, request for documents, oral questions, subpoena, civil investigative demand, administrative proceeding or similar process); (ii) that is in the public domain or becomes generally available to the public, in each case, other than as a result of the disclosure by the parties in violation of this Agreement; (iii) is or becomes available on a non-confidential basis to a Stockholder from a source other than the Company; provided that such source is not subject to any obligation of confidentiality to Company; (iv) is independently developed by Stockholder without violating this Agreement; (v) to a Stockholder's advisors, representatives and Affiliates (which for the Silver Lake Transferee Group shall include, directors, officers, employees, agents, consultants, financing sources and direct and indirect, current and prospective limited partners and investors in the ordinary course of their business); provided that such advisors, representatives and Affiliates shall have been advised of this Agreement and shall have been directed to comply with the confidentiality provisions hereof, or shall otherwise be bound by customary obligations of confidentiality, and the applicable Stockholder shall be responsible for any breach of or failure to comply with the provisions of this Section 3.2 applicable to Affiliates who receive confidential information about the Company from such Stockholder; or (vi) to any prospective purchaser of a Stockholder's Shares; provided that (A) such prospective purchaser shall have been advised of this Agreement and shall have expressly agreed to be bound by the confidentiality provisions hereof and (B) the prospective purchaser shall be responsible for any breach of or failure to comply with this Agreement by any of its Affiliates and such prospective purchaser agrees, at its sole expense, to take reasonable measures (including but not limited to court proceedings) to restrain its advisors, representatives and Affiliates from prohibited or unauthorized disclosure or use of any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Directors' Liability and Indemnification; Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On and after the Initial Effective Time, the Company's Charter and Bylaws shall provide (a) for elimination of the liability of directors to the maximum extent permitted by Law and (b) for indemnification of directors for acts on behalf of the Company (including, without limitation, the advancement of expenses (including attorney's fees) incurred in appearing at, participating in or defending any applicable proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses) to the maximum extent permitted by Law; *provided however* that except with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such director, the Company shall indemnify any such director in connection with a proceeding (or part thereof) initiated by such director only if such proceeding (or part thereof) was authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall at all times maintain a policy or policies of insurance providing directors' and officers' liability insurance to the extent reasonably satisfactory to the Silver Lake Transferee Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Spin-Offs and Split-Offs</u>. In the event that the Company effects the separation of any portion of its business into one or more entities (each, a "<u>NewCo</u>"), whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and any Stockholder will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such NewCo to enter into a stockholders agreement with the Stockholders that provides the Stockholders with rights and obligations vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Pledges</u>. Upon the request of any member of the Silver Lake Transferee Group that wishes to pledge, hypothecate or grant security interests in any or all of the shares of Common Stock held by it including to banks or other financial institutions as collateral or security for loans, advances or extensions of credit, the Company will provide the following cooperation: (i) subject to applicable law, using reasonable efforts to remove any restrictive legends on certificates representing pledged Common Stock and depositing such pledged Common Stock in book entry form on the books of The Depository Trust Company when eligible to do so, (ii) if so requested by such lender or counterparty, as applicable, using commercially reasonable efforts to re-issue the pledged Common Stock in book entry form on the books of the Company's transfer agent and/or the re-register the pledged Common Stock in the name of the relevant lender, counterparty, custodian or similar party, solely as securities intermediary and only to the extent a member of the Silver Lake Transferee Group continues to beneficially own such pledged Common Stock, (iii) entering into an issuer agreement which agreement shall include, without limitation, agreements and obligations of the Company relating to procedures and specified time periods for effecting transfers upon foreclosure, agreements to not hinder or delay exercises of remedies on foreclosure, acknowledgments regarding corporate policy, if applicable, certain acknowledgments regarding securities law status of the pledge arrangements, with such changes as are reasonably requested by such lender and customary for similar financings and not inconsistent with the Company's obligations under applicable law and (iv) such other cooperation and assistance as such member of the Silver Lake Transferee Group may reasonably request that will not unreasonably disrupt the operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Cooperation in connection with Transfers by Members of the Silver</u> <u>Lake Transferee Group</u>. In connection with a Transfer or proposed Transfer of Equity Securities by any member of the Silver Lake Transferee Group and if requested by such member of the Silver Lake Transferee Group, the Company shall use its reasonable best efforts to cooperate in such Transfer of Equity Securities, including, without limitation, by (i) providing such member of the Silver Lake Transferee Group, any potential transferee in a Permitted Transfer and their respective Representatives opportunities to conduct a reasonable investigation of the Company and making available for inspection all properties, facilities, material contracts and books and records, including financial statements, projections and accountants' work papers of the Company, as well as access to the officers, management, employees, financial advisors, attorneys, accountants, consultants, agents and other representatives of the Company and its Subsidiaries as may be required or requested in connection with such transaction, (ii) promptly furnishing to the transferor, transferee or acquiror and its or their advisors and representatives

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financial and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by the transferor and (iii) causing all of the Company's officers, directors and employees (and using its reasonable best efforts to cause its auditors) to supply all information reasonably requested by Silver Lake Transferee Group and/or such Transferee and their respective Representatives in connection with such Transfer, including by causing senior management, with appropriate seniority and expertise (and using its reasonable best efforts to cause its auditors), to participate in customary meetings, drafting sessions and due diligence sessions in connection with any such Transfer (subject to, if requested by the Company, each party referred to in this Section 3.6 entering into customary confidentiality agreements in a form reasonably acceptable to the Company); *provided*, *however*, that the Company shall not be required to provide any information under this Section 3.6 to the extent, the Company reasonably believes, based on the advice of reputable outside legal counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information. The Company shall assist the transferor and their advisors and/or representatives in the preparation and execution of any documents in connection with such sale or Transfer, each of subclauses (i) through (iii) to the extent reasonably requested and required for such sale or transfer to be effectuated, and agrees to provide, and shall cause its Subsidiaries and controlled Affiliates and its and their respective officers, employees, financial advisors, attorneys, accountants, consultants, agents and other representatives to provide, such cooperation as may reasonably be requested (including with respect to timeliness) in connection with and to assist in the structuring and/or facilitation of any such sale or Transfer. Without limiting the foregoing, no such information shall be used by such Person as the basis for any market transactions in securities of the Company in violation of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Opportunities</u>. The Charter shall provide for a renunciation by the Company of corporate opportunities presented to Silver Lake, any of the Company's non-employee directors (and their respective Affiliates and director designees) to the maximum extent permitted by Section 122(17) of the Delaware General Corporation Law and on the terms and conditions set forth in Article XI of the Charter to be entered into in connection with the IPO. The Management Stockholders each, individually, agree with the Company and the Company covenants to take all Necessary Action to ensure that the provisions in respect of corporate opportunities set forth in the Charter in the form proposed to be entered into in connection with the IPO are not amended, modified or supplemented in any manner, without the prior written consent of the Silver Lake Transferee Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 16 Matters</u>. If the Company becomes a party to a consolidation, merger or other similar transaction, or if the Company reasonably believes there is otherwise any event or circumstance that may result in Silver Lake, any Silver Lake Affiliate and/or any member of the Silver Lake Transferee Group being deemed to have made a disposition or acquisition of equity securities of the Company or derivatives thereof for purposes of Section 16 of the Exchange Act, and if one or more designees of the Silver Lake Transferee Group is serving or participating on the Board at such time or has served on the Board during the preceding six months, then upon request of the Silver Lake Transferee Group, (i) the Board or a committee composed solely of two or more "non-employee directors" as defined in Rule 16b-3 of the Exchange Act will pre-approve such acquisition or disposition of equity securities of the Company or derivatives thereof

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for the express purpose of exempting the interests of Silver Lake, any Silver Lake Affiliate, the Silver Lake Transferee Group (in each case, to the extent such persons may be deemed to be a director or "directors by deputization") and such Board designee(s) in such transaction from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder to the extent applicable and (ii) if the transaction involves (A) a merger or consolidation to which the Company is a party and the Company Capital Stock is, in whole or in part, converted into or exchanged for equity securities of a different issuer, (B) a potential acquisition or deemed acquisition, or disposition or deemed disposition, by Silver Lake, any Silver Lake Affiliate and/or any member of the Silver Lake Transferee Group or any such Board designee of equity securities of such other issuer or derivatives thereof and (C) such other issuer of which a designee of Silver Lake, any Silver Lake Affiliate and/or any member of the Silver Lake Transferee Group serves as a member of its board of directors (or its equivalent), then the Company shall require that such other issuer pre-approve any such acquisitions of equity securities or derivatives thereof for the express purpose of exempting the interests of Silver Lake, such Silver Lake Affiliate, the Silver Lake Transferee Group (in each case, to the extent such persons may be deemed to be a director or "directors by deputization" of such other issuer) or any such member in such transactions from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder to the extent applicable.

ARTICLE 4. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction</u>. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court (or in the event, but only in the event, that such court does not have subject matter jurisdiction over such action or proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the action or proceeding is vested exclusively in the federal courts of the United States of America, the United States District Court for the District of Delaware) and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.13 shall be deemed effective service of process on such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF,

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DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. Each of the parties acknowledges and agrees that the other parties would be damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, to the fullest extent permitted by Law, each of the parties agrees that, without posting bond or other undertaking, the other parties will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in any action, claim or suit in addition to any other remedy to which it may be entitled, at law or in equity. Each party further agrees that, in the event of any action for specific performance in respect of such breach or violation, it will not assert the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns; Mergers and Reorganization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Management Stockholder shall assign all or any part of this Agreement, unless in connection with a Permitted Transfer, without the prior written consent of the Company and the Silver Lake Transferee Group. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators (including, for the avoidance of doubt, any Person that is the parent company of such entity); *provided*, *however*, that prior to the receipt by the Company of adequate written notice of the Permitted Transfer in accordance with the provisions of this Agreement and specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Company (i) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger; or (ii) shall transfer all or substantially all of its properties and assets to any Person, then, in each case of clauses (i) and (ii), the Company shall cause such Person that is the surviving entity or acquirer of the assets of the Company (and any Person that is the parent company of such surviving entity or acquirer in which a Stockholder receives securities in connection with such transaction) to execute a stockholders agreement with terms that are substantially equivalent to the terms of this Agreement, applied *mutatis mutandis* to such Person and its securities, such that such Person shall assume all of the obligations of the Company set forth in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement and the Exhibits and Schedules hereto (and, with respect to any Management Stockholder, the equity incentive plans of the Company, any award agreements relating thereto and any agreement relating to the employment or compensation of such Management Stockholder entered into with the Company, in each case, to the extent any Equity Securities held by Management Stockholders were issued pursuant thereto), in addition to the services agreement, dated March 13, 2022, between Silver Lake Management Company IV, L.L.C. and the Company, as amended, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Waiver</u>. Except as otherwise expressly provided, this Agreement may be amended, modified or waived only upon the written consent of the Company and the Silver Lake Transferee Group. Notwithstanding anything herein to the contrary, any provision hereof may be waived by any waiving party on such party's own behalf, without the consent of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. Except with respect to Article 1 (General), Section 3.7 (Corporate Opportunity Waiver) and this Article 4 (Miscellaneous), this Agreement shall continue in full force and effect from the date hereof through the earlier of the following dates, on which date it shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Section 2.1 through Section 2.10, the date that the Silver Lake Transferee Group owns less than 5% of the issued and outstanding Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Management Stockholder and its Permitted Transferees, the date that such Management Stockholder and its Permitted Transferees no longer beneficially own any Equity Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the date specified in writing by (i) the Company and (ii) the Silver Lake Transferee Group

; *provided* that the Silver Lake Transferee Group may also, without terminating this Agreement or the application of this Agreement to the other parties hereto, terminate the application of all or any part of this Agreement as to the members of the Silver Lake Transferee Group, at any time by written notice to the Company, and, if the Silver Lake Transferee Group so elects in such notice, the Silver Lake Transferee Group shall thereafter cease to be a party to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, including facsimile counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Delays or Omissions</u>. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party's part of any breach, default or noncompliance under the Agreement or any waiver on such party's part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Several and Not Joint</u>. The obligations of each Stockholder and each Silver Lake Transferee are several and not joint. In addition, the obligations of the Silver Lake Group, on the one hand, and each Silver Lake Transferee, on the other hand, are several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail (provided no bounce-back or error message is received by the sender) if sent during normal business hours of the recipient; if not, then on the next Business Day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or the signature pages to the joinder agreement substantially in the form of Exhibit B-1 or B-2 hereto or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Subtitles</u>. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Pronouns</u>. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Agreements</u>. The Company has entered into and shall at all times maintain in effect an indemnification agreement with each director designated and elected to the Board pursuant to Section 2.1 hereof, in such form as has been previously agreed to by each of the Company and Silver Lake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of the Silver Lake Transferee Group</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable law, the Company will, and will cause each of its Subsidiaries and any other exempted companies, corporations, limited liability companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises

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controlled by the Company (collectively, the "<u>Controlled Entities</u>") to, indemnify, exonerate and hold the Silver Lake Transferee Group and each of their respective partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, shareholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the "<u>Indemnitees</u>") free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement (collectively, the "<u>Indemnified Liabilities</u>"), arising out of any action, cause of action, suit, arbitration or claim arising directly or indirectly out of, or in any way relating to, (i) the Silver Lake Transferee Group's or its Affiliates' ownership of Equity Securities or the Silver Lake Transferee Group's or its Affiliates' control or ability to influence the Company or any of its Subsidiaries (other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any willful breach of this Agreement by such Indemnitee or its Affiliates or other related Persons or (y) without limiting any other rights to indemnification, to the extent such control or the ability to control the Company or any of its Subsidiaries derives from the Silver Lake Transferee Group's or its Affiliates' capacity as an officer or director of the Company or any of its Subsidiaries) or (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its Subsidiaries; *provided*, *however* that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company will, and will cause its Controlled Entities to, make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. For the purposes of this Section 4.17, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company or any of its Controlled Entities, then such payments shall be promptly repaid by such Indemnitee to the Company and its Controlled Entities, as applicable. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the articles and/or memorandum of association, certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents (the "<u>Organizational Documents</u>") of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible (i.e., as the indemnitor of first resort) for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of (i) applicable law, (ii) the Articles, (iii) any director indemnification agreements, (iv) this Agreement, (v) any other agreement between the Company or any Controlled Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, (vi) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (vii) the

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Organizational Documents of any Controlled Entity ((i) through (vii) collectively, the "<u>Indemnification Sources</u>"), irrespective of any right of recovery the Indemnitee may have from any Indemnitee-Related Parties. Under no circumstance shall the Company or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Parties and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Parties shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Parties shall make any payment to the Indemnitee in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the Indemnitee-Related Party making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Party, (y) to the extent not previously and fully reimbursed by the Company and/or any Controlled Entity pursuant to clause (x), the Indemnitee-Related Party making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any Controlled Entity, as applicable, and (z) Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Parties effectively to bring suit to enforce such rights. For purposes of this Section 4.17(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Indemnitee-Related Party</u>" means any Person (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification or advancement obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Jointly Indemnifiable Claims</u>" shall be broadly construed and shall include, without limitation, any Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (1) the Company and/or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (2) any Indemnitee-Related Party pursuant to any other agreement between any Indemnitee-Related Party and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Party and/or the Organizational Documents of any Indemnitee-Related Party, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that each of the Indemnitees and Indemnitee-Related Parties shall be third-party beneficiaries with respect to this Section 4.17, entitled to enforce this Section 4.17 as though each such Indemnitees and Indemnitee-Related Party were a party to this Agreement. The Company shall cause each of the Controlled Entities to perform the terms and obligations of this Section 4.17 as though each such Controlled Entity was a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18&nbsp;&nbsp;&nbsp;&nbsp;<u>No Recourse</u>. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may only be made against, the entities

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that are expressly identified as parties hereto, including entities that become parties hereto after the date hereof or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the Stockholders, and no former, current or future equityholders, controlling persons, directors, officers, employees, agents or affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer, employee, general or limited partner, member, manager, advisor, agent or affiliates of any of the foregoing (each, a "<u>Non-Recourse Party</u>") shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith. Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from any Non-Recourse Party.

*[Signature Pages Follow]* 

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IN WITNESS WHEREOF, the parties hereto have executed this STOCKHOLDERS' AGREEMENT as of the date set forth in the first paragraph hereof.

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| |
|:---|
| **ENTRATA, INC.** |
| By: |
| Name: |
| Title: |

---

[SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT]

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---

| |
|:---|
| **SLP EMBLEM AGGREGATOR II, L.P.** |
| By: SLP VI Aggregator GP, L.L.C., its general partner |
| By: Silver Lake Technology Associates VI, L.P., its managing member |
| By: SLTA VI (GP), L.L.C., its general partner |
| By: Silver Lake Group, L.L.C., its managing member |
| By: |
| Name: |
| Title: |
| Address for Notices: |
| E-mail Address for Notices: |
| **SLP EMBLEM AGGREGATOR, L.P.** |
| By: SLP VI Aggregator GP, L.L.C., its general partner |
| By: Silver Lake Technology Associates VI, L.P., its managing member |
| By: SLTA VI (GP), L.L.C., its general partner |
| By: Silver Lake Group, L.L.C., its managing member |
| By: |
| Name: |
| Title: |
| Address for Notices: |
| E-mail Address for Notices: |

---

[SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT]

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---

| |
|:---|
| **MANAGEMENT STOCKHOLDERS** |
| Name: Adam Edmunds |
| Address for Notices: |
| E-mail Address for Notices: |
| Name: Chase Harrington |
| Address for Notices: |
| E-mail Address for Notices: |

---

[SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT]

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**EXHIBIT A**

**MANAGEMENT STOCKHOLDERS**

1.&nbsp;&nbsp;&nbsp;&nbsp;Adam Edmunds

2.&nbsp;&nbsp;&nbsp;&nbsp;Chase Harrington

3.&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]

A-1-1

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**EXHIBIT B-1**

**FORM OF JOINDER AGREEMENT FOR AN ADDITIONAL STOCKHOLDER** 

This JOINDER AGREEMENT (this "<u>Joinder Agreement</u>") is executed pursuant to the terms of the Stockholders' Agreement, dated as of &nbsp;&nbsp;&nbsp;&nbsp; , 2026, by and among Entrata, Inc., a Delaware corporation (the "<u>Company</u>"), and the other parties from time to time parties thereto, a copy of which is attached hereto and is incorporated herein by reference (the "<u>Stockholders'</u> <u>Agreement</u>"), by the undersigned (the "<u>Additional Stockholder</u>"). Capitalized terms used but not defined herein have the meanings set forth in the Stockholders' Agreement. By execution and delivery of this Joinder Agreement, the Additional Stockholder agrees as follows:

SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment</u>. The Additional Stockholder acknowledges that such Additional Stockholder has acquired Equity Securities from [ &nbsp;&nbsp;&nbsp;&nbsp; ] pursuant to a Permitted Transfer.

SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement</u>. The Additional Stockholder (a) agrees that the Equity Securities it owns shall be bound by and subject to the terms of the Stockholders' Agreement to the same extent as if such Additional Stockholder were an original Management Stockholder, (b) hereby adopts the Stockholders' Agreement with the same force and effect as if it were originally a Management Stockholder thereto and (c) shall constitute a "Management Stockholder" under the Stockholders' Agreement.

SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice required to be provided by the Stockholders' Agreement shall be given to the Additional Stockholder at the address listed beside such Additional Stockholder's signature below.

SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Joinder Agreement and the rights of the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

B-1-1

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---

| |
|:---|
| Executed and dated this day of . |
| Additional Stockholder: |
| By: |
| Address for Notices: |
| E-mail Address for Notices: |

---

B-1-2

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**EXHIBIT B-2**

**FORM OF JOINDER AGREEMENT FOR A TRANSFER BY A MEMBER OF THE** 

**SILVER LAKE TRANSFEREE GROUP** 

This JOINDER AGREEMENT (this "<u>Joinder Agreement</u>") is executed pursuant to the terms of the Stockholders' Agreement, dated as of &nbsp;&nbsp;&nbsp;&nbsp; , 2026, by and among Entrata, Inc., a Delaware corporation (the "<u>Company</u>"), and the other parties from time to time parties thereto, a copy of which is attached hereto and is incorporated herein by reference (the "<u>Stockholders'</u> <u>Agreement</u>"), by the undersigned (the "<u>Additional Silver Lake Transferee Group Member</u>"). Capitalized terms used but not defined herein have the meanings set forth in the Stockholders' Agreement. By execution and delivery of this Joinder Agreement, the Additional Silver Lake Transferee Group Member agrees as follows:

SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment</u>. The Additional Silver Lake Transferee Group Member acknowledges that such Additional Silver Lake Transferee Group Member has acquired Equity Securities from a member of the Silver Lake Transferee Group (the "<u>Transferor</u>") pursuant to a Permitted Transfer.

SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>. In connection with such Permitted Transfer, the Transferor has assigned its rights and obligations set forth in [Section[s] [ ] of] the Stockholders' Agreement to the Additional Silver Lake Transferee Group Member.

SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement</u>. The Additional Silver Lake Transferee Group Member (a) agrees that the Equity Securities it owns shall be bound by and subject to the terms of the Stockholders' Agreement to the same extent as if such Additional Silver Lake Transferee Group Member were a member of the Silver Lake Transferee Group [(subject to any limitations on the assignment of such rights as set forth in Section 2 above)], (b) hereby adopts the Stockholders' Agreement with the same force and effect as if it were originally a member of the Silver Lake Transferee Group [(subject to any limitations on the assignment of such rights as set forth in Section 2 above)] and (c) shall constitute a member of the "Silver Lake Transferee Group" under the Stockholders' Agreement.

SECTION 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice required to be provided by the Stockholders' Agreement shall be given to the Additional Silver Lake Transferee Group Member at the address listed beside such Additional Silver Lake Transferee Group Member's signature below.

SECTION 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Joinder Agreement and the rights of the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.

B-2-1

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---

| |
|:---|
| Executed and dated this day of . |
| Additional Silver Lake Transferee Group Member: |
| By: |
| Address for Notices: |
| E-mail Address for Notices: |
| Acknowledged and Agreed to by |
| [SILVER LAKE TRANSFEREE GROUP TRANSFERRING MEMBER] |
| By: |
| [Title] |

---

B-2-2

## Exhibit 10.1

**Exhibit 10.1**

**<u>INDEMNIFICATION AND ADVANCEMENT AGREEMENT</u>**

This Indemnification and Advancement Agreement ("Agreement") is made as of [ ], by and between Entrata, Inc., a Delaware corporation (the "Company"), and [ ], [a member of the Board of Directors and an officer][a member of the Board of Directors][an officer] ("Indemnitee"). This Agreement supersedes and replaces any and all previous agreements between the Company and Indemnitee covering indemnification and advancement of expenses.

**RECITALS**

WHEREAS, the Board of Directors of the Company (the "Board") believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Company's Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") and Amended and Restated Bylaws (the "Bylaws") require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the "DGCL"). The Bylaws, the Certificate of Incorporation, and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and its directors, officers, and other persons with respect to indemnification and advancement of expenses;

WHEREAS, the uncertainties relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

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WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

WHEREAS, this Agreement is a supplement to, and in furtherance of, the Bylaws, the Certificate of Incorporation and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee under any directors' and officers' liability insurance policy, and is not a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder; and

WHEREAS, Indemnitee does not regard the protection available under the Bylaws, the Certificate of Incorporation, and available insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as [a/an] [officer/director] without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Services to the Company.</u> Indemnitee agrees to serve as [a/an] [director/officer] of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions.</u> As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"Affiliate" means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified Person (other than the Company and any Person that is controlled by the Company), including, without limitation, any general partner, officer, director, or manager of such Person and any investment fund, vehicle, managed account or holding company now or hereafter existing that is under common investment management with such Person or its Affiliates, or where such Person or its Affiliate acts as general partner, managing member, discretionary manager or advisor, or in any such similar capacity with respect to such investment fund, vehicle, managed account or holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;"Agent" means any person who is or was a director, officer or employee of the Company or an Enterprise or other person authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

&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;"Beneficial Owner" has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person

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otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;"Change in Control" occurs upon the earliest to occur after the date of this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Acquisition of Stock by Third Party. Any Person (as defined below), other than the Sponsor Entities (as defined below), becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company's then outstanding voting securities unless the change in relative beneficial ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(d)(i), 2(d)(iii) or 2(d)(iv) of this Agreement) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; 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;Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;"Corporate Status" describes the status of a person who is or was acting as a director, trustee, partner, managing member, officer, employee, fiduciary or Agent of the Company or an Enterprise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"Disinterested Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&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;"Enterprise" means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee or 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;"Exchange Act" means the Securities Exchange Act of 1934, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;"Expenses" includes all reasonable attorneys' fees, retainers, court costs, transcript costs, fees and other costs of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, excise taxes and penalties under the Employee Retirement Income Security Act of 1974, as amended, and all other disbursements, obligations, or expenses of the types customarily incurred in connection with preparing for or participating in a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) of this Agreement only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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;"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the five years prior to its selection or appointment has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"Person" has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"Proceeding" includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, regulatory, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is, or will be involved as a party, potential party, non-party witness, or otherwise by reason of Indemnitee's Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee's part while acting pursuant to Indemnitee's Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to, or culminate in, the institution of a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"Sponsor Entities" means SLP Emblem Aggregator II, L.P., a Delaware limited partnership, SLP Emblem Aggregator, L.P., a Delaware limited partnership, or any of the respective Affiliates of the foregoing, as applicable.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity in Third-Party Proceedings.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all loss and liability suffered, Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with, or in respect of, such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, Indemnitee had no reasonable cause to believe that Indemnitee's conduct was unlawful.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity in Proceedings by or in the Right of the Company.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue, or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Court of Chancery of the State of Delaware (the "Delaware Court") or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication

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of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification for Expenses of a Party Who is Wholly or Partly</u> <u>Successful.</u> Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding to the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification for Expenses of a Witness.</u> Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate or provide information.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Indemnification.</u> If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Indemnification.</u> Notwithstanding any limitation in Sections 3, 4, or 5 of this Agreement, the Company will hold harmless and indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company's ability to indemnify its officers, directors, employees or Agents) if Indemnitee is a party to, or threatened to be made a party to or a participant in, any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor).

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusions.</u> Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to indemnify Indemnitee for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any amount actually paid to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

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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;an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law;

&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;reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Proceeding initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to indemnification or advancement, of Expenses, under this Agreement, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances of Expenses.</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 Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Proceeding (or any part of any Proceeding) not initiated by Indemnitee; 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;ii.&nbsp;&nbsp;&nbsp;&nbsp;any Proceeding (or any part of any Proceeding) initiated by Indemnitee if

1&nbsp;&nbsp;&nbsp;&nbsp;the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to obtain indemnification or advancement of Expenses under this Agreement from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 of this Agreement, or

2&nbsp;&nbsp;&nbsp;&nbsp;the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.

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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;The Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding eligible for advancement of 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Advances will be unsecured and interest free. Indemnitee hereby undertakes to repay any amounts so advanced (without interest) to the extent that it is ultimately determined by a Delaware Court in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking is required by the Indemnitee other than the execution of this Agreement. The Company will make advances without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement.

Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure for Notification of Claim for Indemnification or Advancement.</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;Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written notification to the Company a description of the nature of the Proceeding and the allegations underlying the Proceeding and provide such documentation and information as is reasonably requested by the Company and available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee's failure to so notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay or defect in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification or advancement of Expenses hereunder, advise the Board in writing that Indemnitee has requested indemnification or advancement of Expenses 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Indemnitee shall have the right to select defense counsel and control the defense in connection with any Proceeding against or otherwise involving Indemnitee. The Company will be entitled to participate in the Proceeding at its own expense.

Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure Upon Application for Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless a Change in Control has occurred, the determination of Indemnitee's entitlement to indemnification will 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;i.&nbsp;&nbsp;&nbsp;&nbsp;by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

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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;if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;if so directed by the Board, by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Change in Control has occurred, the determination of Indemnitee's entitlement to indemnification will be made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such selection; <u>provided</u>, <u>however</u>, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) of this Agreement and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to such selection has not been resolved, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates. The Company will retain and pay the reasonable fees and expenses incurred by Independent Counsel so selected or appointed. Upon the due commencement of any judicial proceeding pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&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;Indemnitee will reasonably cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons, or entity following reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination irrespective of the determination as to Indemnitee's entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has

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been denied and providing a copy of any written opinion provided to the Board by Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.

Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Presumptions and Effect of Certain Proceedings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In making a determination with respect to entitlement to indemnification under this Agreement, the person, persons, or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper under the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the determination of the Indemnitee's entitlement to indemnification has not been made pursuant to Section 12 of this Agreement within sixty (60) days after the later of (i) receipt by the Company of Indemnitee's request for indemnification pursuant to Section 11(a) of this Agreement and (ii) the final disposition of the Proceeding for which Indemnitee requested indemnification (the "Determination Period"), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period will not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel.

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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;The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement or conviction, or upon a plea of <u>nolo</u> <u>contendere</u> or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful.

&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;For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on (i) the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, (ii) information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, (iii) the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or (iv) information or records given or reports made to the Company, its subsidiaries, or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner "not opposed to the best interests of the Company," as referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) are not exclusive and do not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The knowledge and/or actions, or failure to act, of any other person affiliated with the Company, a Sponsor Entity or an Enterprise (including, but not limited to, a director, officer, trustee, partner, managing member, Agent or employee) may not be imputed to Indemnitee for purposes of determining Indemnitee's right to indemnification under this Agreement.

Section 14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies of Indemnitee.</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;Indemnitee may commence litigation against the Company in the Delaware Court to obtain indemnification or advancement of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not timely advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding

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designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder. Indemnitee must commence such Proceeding seeking an adjudication within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this Section 14(a); <u>provided</u>, <u>however</u>, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee's rights under Section 5 of this Agreement. The Company will not oppose Indemnitee's right to seek any such adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 14 will be conducted in all respects as a *de novo* trial on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding commenced pursuant to this Section 14 unless (i) Indemnitee made a misstatement of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with Indemnitees' request for indemnification, or (ii) the Company is prohibited from indemnifying Indemnitee under 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding, or enforceable and will stipulate in any such court that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement, or defense of Indemnitee's rights under this Agreement, by litigation or otherwise, because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee under this Agreement. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with a Proceeding concerning this Agreement, Indemnitee's other rights to indemnification or advancement of Expenses from the Company, or concerning any directors' and officers' liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that Indemnitee's claims in such Proceeding were made in bad faith or frivolous, or that the Company is prohibited by law from indemnifying Indemnitee for such Expenses.

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Section 15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-exclusivity; Survival of Rights; Insurance; Subrogation.</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 indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of the board of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee's Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws, the Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

&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 Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities). The relationship between the Company and such other Persons, other than an Enterprise, with respect to Indemnitee's rights to indemnification, advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 15 with respect to a Proceeding concerning Indemnitee's Corporate Status with an Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company hereby acknowledges and agrees:

1)&nbsp;&nbsp;&nbsp;&nbsp;the Company's obligations to Indemnitee are primary and any obligation of any other Persons, other than an Enterprise, are secondary (i.e., the Company is the indemnitor of first resort) with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding;

3)&nbsp;&nbsp;&nbsp;&nbsp;any obligation of any other Persons with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the Company's obligations; and

4)&nbsp;&nbsp;&nbsp;&nbsp;the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to any

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rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated (including, any Sponsor Entities) or an insurer of any such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B) any right to participate in any claim or remedy of Indemnitee against any Person (including, without limitation, any Sponsor Entities), whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Person (including, without limitation, any Sponsor Entities), directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;In the event any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) or their insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company's obligation to indemnify or advance Expenses to any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;Any indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated (including, without limitation, any Sponsor Entities) is specifically in excess over the Company's obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or Agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has directors' and officers' liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to make reasonable efforts to assist the Company's efforts to cause the insurers to pay such amounts

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and will comply with the terms of such policies, including selection of approved panel counsel, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee's Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise. The Company's obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to, or arising from, Indemnitee's Corporate Status with such Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any Enterprise or its insurance carrier. Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

Section 16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration of Agreement.</u> The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement (i) are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), (ii) continue as to an Indemnitee who has ceased to be a director, trustee, partner, managing member, officer, employee or Agent of the Company or of any other Enterprise, and (iii) inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

Section 17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability.</u> If any provision or provisions of this Agreement is or are held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and will remain enforceable to the fullest extent permitted by law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

Section 18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this

------

Agreement provide to the fullest extent permitted by law for indemnification and advancement of Expenses in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company's stockholders or disinterested directors, or applicable law.

Section 19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement.</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 Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee, or Agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as director, officer, employee, or Agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws, any directors' and officers' liability insurance maintained by the Company, and applicable law, is not a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder.

Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification and Waiver.</u> No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be valid unless executed in writing by the party entitled to enforce the provision to be waived and any such waiver will not be deemed to constitute a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver.

Section 21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice by Indemnitee.</u> Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise.

Section 22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices.</u> All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If to the Company to:

Entrata, Inc.

Attention: [ ]

Email: [ ]

or to any other address as may have been furnished to Indemnitee by the Company.

Section 23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Contribution.</u> To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its directors, officers, employees and Agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section 24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Law and Consent to Jurisdiction.</u> This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action, claim, or proceeding between the parties arising out of or in connection with this Agreement may be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action, claim, or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action, claim, or proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action, claim, or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Identical Counterparts.</u> This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitute one and the same Agreement. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Third Party Beneficiaries.</u> The Sponsor Entities are intended third party beneficiaries of this Agreement.

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Section 27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings.</u> The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof.

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

---

| | |
|:---|:---|
| ENTRATA, INC. | INDEMNITEE |
| By: |  |
| Name: | Name: |
| Office: | Address: |

---

## Exhibit 10.7

![logob.jpg](logob.jpg)

**Exhibit 10.7**

![entratab.jpg](entratab.jpg)<br>

Dear Bill,

**Congratulations!** We are thrilled to invite you to join our Board of Directors as an independent director and Audit

Committee Chair, marking the beginning of an exciting journey with us as we prepare for a potential initial public

offering ("IPO"). Your appointment will be effective January 11, 2026, subject to (i) final approval by the Board, (ii)

completion of customary independence, conflicts, and diligence processes, and (iii) your execution of the Company's

directors and officers ("D&O") questionnaire.

**Role & Expectations**

As Audit Committee Chair, you will work closely with the Board, management, internal finance leadership, and

Entrata's independent auditors to provide oversight of:

• Financial reporting, risk management, cybersecurity, compliance, and ethics programs

• Internal financial controls and processes

• The external auditor relationship including appointment, compensation, the audit plan, audit quality, and

auditor independence

• Pre-IPO readiness items (including governance, financial policies, and public-company controls maturation)

• Quarterly and annual required filings including 10-Qs and 10-Ks, as well as financial reporting requirements

post-IPO

You will coordinate with Silver Lake and the broader Board of Directors, and will have access to members of

management as needed to fulfill committee responsibilities. The anticipated time commitment includes regular Board

meetings, Audit Committee meetings, and reasonable ad hoc sessions in connection with the IPO readiness process

and quarterly/year-end reporting cycles.

**Compensation**

In consideration for your Board and Audit Committee Chair service, you will receive the following compensation (the

"Director Compensation"):

• **You will receive $1,000,000 in time-based RSUs in a Pre-IPO grant.** Time-based RSUs vest over three

years with 33.33% vesting after one year and then 8.33% per quarter thereafter. In addition to time vesting,

full vesting of time-based RSUs is contingent on (i) occurrence of a Liquidity Event (change of control or

IPO) and (ii) continued service through such Liquidity Event. If you leave prior to a Liquidity Event and are

considered a "good leaver", your RSUs which were time-vested as of the date of termination fully vest at the

Liquidity Event. If you cease to be a Director following the Liquidity Event but before the three-year time-

based vesting schedule is fully satisfied, the RSUs which are not time-vested at such termination will be

immediately forfeited. On a good leaver termination, the value of time-vested RSUs shall be capped at the

value of common stock at the time service ceases

• **Compensation prior to the completion of an IPO will be entirely in equity**. At a future date, following an

IPO, we will evaluate our compensation program, including cash-based retainers as well as eligibility to

participate in an annual equity program.

![logob.jpg](logob.jpg)

**Independence; Conflicts; Background Checks**

Your appointment and continued service are conditioned on your ability to satisfy applicable independence

requirements (including those expected to apply in connection with a future IPO), as determined by the Board in good

faith. You agree to promptly disclose any actual or potential conflicts of interest and to comply with the Company's

policies regarding related-party transactions.

This offer is contingent upon successful completion of customary background and diligence checks and receipt of

satisfactory references, as determined by the Company at its discretion. This letter encapsulates the entirety of our

offer. Verbal or written agreements, promises, or representations not explicitly stated in this offer are non-binding

upon Entrata.

We are excited about the possibility of you joining us at Entrata. Your acceptance will mark the beginning of an

exciting journey as part of our team.

Sincerely,

**Adam Edmunds**

Chief Executive Officer

I accept your offer to join the Board of Directors as Audit Committee Chair. I understand that my role is "at will" and

that either you or I can terminate the relationship at any time, for any reason. No verbal contracts or commitments

have been made concerning my appointment.

I acknowledge that I may have, before my service with Entrata, engaged in discussions and received documents with

confidential and proprietary information of the previous companies I have worked for, with the understanding that I

would preserve its confidentiality. I acknowledge that I will comply with my continuing obligations to protect the

confidential and proprietary information of any past employer. Entrata respects these confidential matters and I agree

not to disclose to anyone at Entrata the confidential and proprietary information which belongs to another company. I

acknowledge that failure to comply with any confidentiality agreement with a prior employer is grounds for disciplinary

action, up to and including immediate termination.

---

| |
|:---|
| /s/ William Koefoed |
| Signature |
| 1/11/2026 |
| Date |

---

## Exhibit 10.8

![logoa.jpg](logoa.jpg)

**Exhibit 10.8**

![entrataa.jpg](entrataa.jpg)<br>

Dear Adena Hefets,

**Congratulations!** We are thrilled to invite you to join our board of directors ("Board") as our new independent

director. Your appointment will be effective as soon as possible, subject to (i) final approval by the Board, (ii)

completion of customary independence, conflicts, and diligence processes, including your completion of a customary

director questionnaire, and (iii) your execution of any other director onboarding documents reasonably requested by

the Company and consistent with requests made of other independent directors (collectively, the "Appointment

Conditions"). This offer and your appointment as a director are not contingent upon an IPO by the Company.

**Role & Expectations**

As an independent director, you will work closely with the Board & management to assist with:

• Strategic oversight of the Company's business plan, long-range strategy, and material corporate

transactions

• Corporate governance and risk oversight, including board composition, succession planning, ESG

matters, and the Company's enterprise risk framework

• Management accountability, including evaluation of the CEO and senior leadership, executive

compensation, and alignment of incentives with shareholder interests

• The matters applicable to the Board committees on which you serve, including the Audit Committee as

described below

We would also like to invite you sit on the Audit Committee as an independent director that satisfies the heightened

independence and financial literacy requirements under applicable NYSE and SEC governance rules. As part of the

Audit Committee, including before an IPO, we will look to you, in collaboration with the current Audit Committee Chair,

to provide oversight of matters identified in the Company's Audit Committee Charter, including:

• Financial reporting, risk management, cybersecurity, compliance, and ethics programs

• Internal financial controls and processes

• The external auditor relationship including appointment, compensation, the audit plan, audit quality, and auditor

independence

• Quarterly and annual required filings including 10-Qs and 10-Ks, as well as financial reporting

requirements, in each case post-IPO

You will coordinate with Silver Lake and the broader Board, and will have access to members of management as

needed to fulfill committee responsibilities. The anticipated time commitment is expected to include regular Board

meetings, Audit Committee meetings, and reasonable ad hoc sessions in connection with post-IPO quarterly/year-end

reporting cycles and other Company matters.

**Compensation**

In consideration for your Board and Audit Committee service, you will receive the following compensation upon the

effectiveness of your appointment to our Board:

• **You will receive $1,000,000 in time-based RSUs in a pre-IPO grant.** Time-based RSUs vest over three

years with 33.33% vesting after one year and then 8.33% per quarter thereafter. In addition to time

vesting, full vesting of time-based RSUs is contingent on (i) occurrence of a Liquidity Event (change of

control or IPO) and (ii) continued service as a director through such Liquidity Event. The quantity of your

RSUs will be determined by taking the RSU value indicated divided by the fair market value of Entrata's

common stock as determined by the Board on the date of grant.

![logoa.jpg](logoa.jpg)

• **Compensation for CY26 will be entirely in equity**. At a future date, we will evaluate our non-employee

director compensation policy, including cash based retainers as well as customary non-employee director

equity compensation.

**Independence; Conflicts; Background Checks**

Your appointment and continued service are conditioned on your ability to satisfy applicable independence

requirements of the NYSE and the heightened independence standards of that exchange and the SEC that apply to

members of Audit Committees, as determined by the Board in good faith. You agree to promptly disclose any actual

or potential conflicts of interest and to comply with the Company's policies regarding related-party transactions.

This offer is contingent upon satisfaction of the Appointment Conditions, but not an IPO. This letter encapsulates the

entirety of our offer. Verbal or written agreements, promises, or representations not explicitly stated in this offer are

non-binding upon Entrata. If you find alignment with the terms presented above, we eagerly anticipate your signed,

dated, and returned offer letter. Your acceptance will mark the beginning of an exciting journey as part of our team.

Sincerely,

**Adam Edmunds**

Chief Executive Officer

I accept your offer to serve on the Board and Audit Committee, subject to satisfaction of the Appointment Conditions.

---

| | |
|:---|:---|
| /s/ Adena Hefets | /s/ Adena Hefets |
| Signature | Signature |
|  | 6/10/2026 |
| Date | Date |

---

## Exhibit 10.10

**Exhibit 10.10**

**SEPARATION AGREEMENT AND RELEASE**

This Separation Agreement and Release ("Agreement") is made by and between Amanda Kathleen Torie ("Employee") and Entrata, Inc., a Delaware corporation (the "Company") (collectively referred to as the "Parties" or individually referred to as a "Party").

**RECITALS**

WHEREAS, Employee is employed by the Company;

WHEREAS, Employee signed Employee Confidential Information, Inventions Assignment, Non-Solicitation Agreement with the Company on March 2, 2023 (the "Confidentiality Agreement");

WHEREAS, the Company and Employee have entered into a Stock Option Agreements in connection with equity granted on February 9, 2023, equity granted on February 21, 2025 (granting ISO options), and equity granted on February 21, 2025 (granting NQ options), granting Employee the option to purchase shares of the Company's common stock, subject to the terms and conditions of the Company's Equity Incentive Plan and the Stock Option Agreement; and Restricted Stock Unit Agreements in connection with equity granted on February 9, 2023 and February 21, 2025, granting Employee the right to receive an award of RSUs, subject to the terms and conditions of the Company's 2021 Equity Incentive Plan and the Restricted Stock Unit Agreement (collectively the "Stock Agreements");

WHEREAS, Employee will separate from employment with the Company effective May 1, 2026 (the "Separation Date"); and

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Employee's employment with or separation from the Company.

NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

**COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>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;a.&nbsp;&nbsp;&nbsp;&nbsp;*Payment*. The Company agrees to pay Employee a total of One Hundred Fifty Thousand Dollars ($150,000.00), less applicable withholdings, within ten (10) business days after the Separation 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;b.&nbsp;&nbsp;&nbsp;&nbsp;*COBRA*. The Company shall pay the COBRA administrator for Employee's COBRA coverage for a period of four (4) months, or until Employee has secured health insurance coverage through another employer, whichever occurs first, provided Employee timely elects and pays for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act

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of 1985, as amended ("COBRA"), within the time period prescribed pursuant to COBRA. Notwithstanding the preceding, if the Company determines in its sole discretion that it cannot provide COBRA payments without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will instead provide the Employee a taxable payment in an amount equal to the monthly COBRA premium that the Employee would be required to pay to continue the Employee's group health coverage in effect on the date of termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether the Employee elects COBRA continuation coverage and will commence in the month following the month of the Separation Date and continue for the period of months indicated in this section.

&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;*Outside Inquiries.* The Company agrees that in the event that any potential future employer contacts the Company's human resources department and requests information about Employee's employment, the Company shall provide the dates of employment but not the reason for separation.

&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;*Acknowledgement*. Employee acknowledges that without this Agreement, Employee is otherwise not entitled to the consideration listed in this section 1. Employee further acknowledges and agrees that this Agreement is a negotiated severance agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Garden Leave.</u> Effective April 1, 2026 ("Garden Leave Date"), and ending on the Separation Date, Employee agrees to work remotely only, unless requested to come into the office. As part of Garden Leave, Employee further agrees to be on call for any questions or meetings as needed for facilitating the transfer of knowledge, contacts, relationships, and otherwise assist with the transition as needed. During the Garden Leave, the Company may require Employee to resign from any position with the Company and/or remove any or all of Employee's duties or responsibilities, which will not be considered a violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;During the Garden Leave, Employee will continue to be paid regular salary.

&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;Employee agrees not to commence employment with any other individual or entity during or in connection with the commencement of the Garden Leave unless the parties mutually agree to allow Employee to commence other employment.

&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 at any time during the Garden Leave Employee violates any part of this Agreement or restrictive covenants contained in the Confidentiality Agreement or Stock Agreements, the Company shall have no obligation to pay Employee the severance benefits described above. Restrictive covenants include, but are not limited to, a duty to not engage in any activity contrary to the best interest of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock</u>. The Parties agree that for purposes of determining the number of shares of the Company's common stock that Employee is entitled to purchase from the Company, pursuant to the exercise of outstanding options, or any restricted stock units ("RSU") Employee has been awarded, Employee will be considered to have vested only up to the Separation Date, and all unvested equity will be forfeited as of the Separation Date. The Parties acknowledge that Employee currently owns 18,275 shares of the Company's common stock represented by

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certificate number CS-1672. In connection with the RSU's granted on February 9, 2023 and February 21, 2025, however, the parties agree that Employee has met the time-based requirement for 235,560 RSUs (comprising 188,334 from the 2023 grant and 47,226 from the 2025 grant), which are still subject to the liquidity-event requirement and the Value Cap, as that term is defined in the Restricted Stock Unit Agreement, prior to vesting. Beyond that, Employee acknowledges that as of the Separation Date, Employee will have vested in 47,225 total options (consisting of 10,074 Incentive Stock Options and 37,151 Non-Qualified Stock Options granted on February 21, 2025), and no more. Employee further acknowledges that zero shares have vested under the stock options granted on February 9, 2023. The exercise of Employee's vested options and shares, or receipt of RSU's, shall continue to be governed by the terms and conditions of the Company's Stock Agreements, including the 90-day exercise period for vested options following the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits</u>. Employee's health insurance benefits shall cease on May 31, 2026, subject to Employee's right to continue Employee's health insurance under COBRA. Employee's participation in all benefits and incidents of employment, including, but not limited to, vesting in stock options or RSU's, and the accrual of bonuses, vacation, and paid time off, ceased as of the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Salary and Receipt of All Benefits</u>. Employee acknowledges and represents that, other than the consideration set forth in this Agreement and any wages to be paid as part of Employee's last paycheck, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee. No commissions will be earned or paid during or after the Garden Leave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Claims</u>. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, professional employer organization or co-employer, insurers, trustees, divisions, subsidiaries, predecessor and successor corporations, and assigns (collectively, the "Releasees"). Employee, on Employee's own behalf and on behalf of Employee's respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Employee signs this Agreement, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims relating to or arising from Employee's employment relationship with the Company and the termination of that relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims relating to, or arising from, Employee's right to purchase, or actual purchase of shares of stock of the Company, including, without limitation,

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any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims for wrongful discharge of employment, termination in violation of public policy, discrimination, harassment, retaliation, breach of contract (both express and implied), breach of covenant of good faith and fair dealing (both express and implied), promissory estoppel, negligent or intentional infliction of emotional distress, fraud, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, and disability benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Equal Pay Act, the Fair Labor Standards Act, the Fair Credit Reporting Act, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Immigration Reform and Control Act, the Utah Antidiscrimination Act, the Utah Minimum Wage Act, the Utah Wage Payment Law, the Utah Genetic Testing Privacy Act, the Internet Employment Privacy Act, the Utah Right to Work Law, the Utah Public Order and Decency Law, the Employment Relations and Collective Bargaining Act, the Protection of Activities in Private Vehicles Act, the Employment Selection Procedures Act, and the Utah Occupational Safety and Health 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;e.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims for violation of the federal or any state constitution;

&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 and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;&nbsp;&nbsp;&nbsp;any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.&nbsp;&nbsp;&nbsp;&nbsp;any and all claims for attorneys' fees and costs.

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law. Any and all disputed wage claims that are released herein shall be subject to binding arbitration in accordance with this Agreement, except as required by applicable law. This release does not extend to any right Employee may have to unemployment compensation benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Unknown Claims</u>. Employee acknowledges that Employee has been advised to consult with legal counsel and that Employee is familiar with the principle that a general release

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does not extend to claims that the releaser does not know or suspect to exist in Employee's favor at the time of executing the release, which, if known by Employee, would have materially affected Employee's settlement with the Releasees. Employee, being aware of said principle, agrees to expressly waive any rights Employee may have to that effect, as well as under any other statute or common law principles of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Pending or Future Lawsuits</u>. Employee represents that Employee has no lawsuits, claims, or actions pending in Employee's name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that Employee does not intend to bring any claims on Employee's own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Application for Employment</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee understands and agrees that, as a condition of this Agreement, Employee shall not be entitled to any employment with the Company, and Employee hereby waives any right, or alleged right, of employment or re-employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Subject to the Protected Activity provision, Employee agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as "Separation Information"). Except as required by law, Employee may disclose Separation Information only to Employee's immediate family members, the Court in any proceedings to enforce the terms of this Agreement, Employee's attorney(s), and Employee's accountant(s) and any professional tax advisor(s) to the extent that they need to know the Separation Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Employee agrees that Employee will not publicize, directly or indirectly, any Separation Information.

Employee acknowledges and agrees that the confidentiality of the Separation Information is <u>of the essence</u>. The Parties agree that if the Company proves that Employee breached this Confidentiality provision, the Company shall be entitled to an award of its costs spent enforcing this provision, including all reasonable attorneys' fees associated with the enforcement action, without regard to whether the Company can establish actual damages from Employee's breach. Any such individual breach or disclosure shall not excuse Employee from Employee's obligations hereunder, nor permit Employee to make additional disclosures. &nbsp;&nbsp;&nbsp;&nbsp; Employee warrants that Employee has not disclosed, orally or in writing, directly or indirectly, any of the Separation Information to any unauthorized party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Trade Secrets and Confidential Information/Company Property</u>. Employee acknowledges that, separate from this Agreement, Employee remains under continuing obligations to the Company under the Confidentiality Agreement, including the provisions therein regarding nondisclosure of the Company's trade secrets and confidential and proprietary information. Employee's signature below constitutes Employee's certification under penalty of perjury that Employee has returned all documents and other items provided to Employee by the Company (with the exception of a copy of the Employee Handbook and personnel documents specifically relating to Employee), developed or obtained by Employee in

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connection with Employee's employment with the Company, or otherwise belonging to the Company. If, however, Employee was expressly permitted to retain any Company hardware, such as a monitor or keyboard, Employee agrees that Entrata is no longer liable or responsible for hardware performance, updates, or other maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Cooperation</u>. Subject to the Protected Activity provision, Employee agrees that Employee will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or upon written request from an administrative agency or the legislature. Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order or written request from an administrative agency or the legislature, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order or written request from an administrative agency or the legislature. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Employee shall state no more than that Employee cannot provide counsel or assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protected Activity Not Prohibited</u>. Employee understands that nothing in this Agreement shall in any way limit or prohibit Employee from engaging in any Protected Activity. Protected Activity includes filing and/or pursuing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board ("Government Agencies"). Employee understands that in connection with such Protected Activity, Employee is permitted to disclose documents or other information as permitted by law, without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Employee agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement in any manner not protected by applicable law. Employee further understands that "Protected Activity" does not include the disclosure of any Company attorney-client privileged communications or attorney work product. Additionally, nothing in this Agreement constitutes a waiver of any rights Employee may have under the Sarbanes-Oxley Act or Section 7 of the National Labor Relations Act, and nothing in this Agreement including any provisions addressing non-disparagement and confidentiality provisions shall impair Employee in assisting other Company employees and/or former employees in exercising their rights under Section 7 of the National Labor Relations Act. Any language in the Confidentiality Agreement regarding Employee's right to engage in Protected Activity that conflicts with, or is contrary to, this section is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Employee is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney *solely* for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is

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made under seal. In addition, 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 individual's attorney 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;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nondisparagement</u>. Employee agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees. Employee shall direct any inquiries by potential future employers to the Company's human resources department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Breach</u>. In addition to the rights provided in the "Attorneys' Fees" section below, Employee acknowledges and agrees that any material breach of this Agreement or of any provision of the Confidentiality Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Admission of Liability</u>. Employee understands and acknowledges that with respect to all claims released herein, this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee unless such claims were explicitly not released by the release in this Agreement. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Costs</u>. The Parties shall each bear their own costs, attorneys' fees, and other fees incurred in connection with the preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>ARBITRATION</u>. EXCEPT AS PROHIBITED BY LAW, THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, THEIR INTERPRETATION, EMPLOYEE'S EMPLOYMENT WITH THE COMPANY OR THE TERMS THEREOF, OR ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT (THE "FAA") AND THAT THE FAA INCLUDING ITS PROCEDURAL PROVISIONS, SHALL GOVERN AND APPLY TO THIS ARBITRATION AGREEMENT WITH FULL FORCE AND EFFECT. EMPLOYEE AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, EMPLOYEE MAY BRING ANY SUCH ARBITRATION PROCEEDING ONLY IN EMPLOYEE'S INDIVIDUAL CAPACITY. ANY ARBITRATION WILL OCCUR IN SALT LAKE COUNTY, UTAH, BEFORE JAMS, PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES ("JAMS RULES"), EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION. THE PARTIES AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, AND MOTIONS TO DISMISS AND DEMURRERS, APPLYING THE STANDARDS SET FORTH UNDER THE UTAH CODE OF CIVIL PROCEDURE. THE PARTIES AGREE THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. THE PARTIES ALSO AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR MAY AWARD ATTORNEYS' FEES AND COSTS TO THE PREVAILING PARTY, WHERE PERMITTED BY

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APPLICABLE LAW. THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR MAY AWARD ATTORNEYS' FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT AND THE AGREEMENTS INCORPORATED HEREIN BY REFERENCE. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS SECTION CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, INCLUDING, BUT NOT LIMITED TO THE ARBITRATION SECTION OF THE CONFIDENTIALITY AGREEMENT, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT IN THIS SECTION SHALL GOVERN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>. The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration provided to Employee or made on Employee's behalf under the terms of this Agreement. Employee agrees and understands that Employee is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Releasees harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employee's failure to pay or delayed payment of federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, including attorneys' fees and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A.</u> It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and official guidance thereunder ("Section 409A") and any ambiguities herein will be interpreted to so comply and/or be exempt from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Payments under Section 1 of this Agreement will be made no later than March 15th of the calendar year following the year in which the Effective Date occurs. The Company and Employee will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to Employee under Section 409A. In no event will the Releasees reimburse Employee for any taxes that may be imposed on Employee as a result of Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>21.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Authority</u>. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that Employee has the capacity to act on Employee's own behalf and on behalf of all who might claim through Employee to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>22.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>23.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorneys' Fees</u>. In the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys' fees incurred in connection with such an action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>24.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employee's employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Employee's relationship with the Company, with the exception of the Confidentiality Agreement and the Stock Agreements, except as otherwise modified or superseded herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>25.</u>&nbsp;&nbsp;&nbsp;&nbsp; <u>No Oral Modification</u>. This Agreement may only be amended in a writing signed by Employee and the Company's Chief People Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>26.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by the laws of the State of Utah, without regard for choice-of-law provisions, except that any dispute regarding the enforceability of the arbitration section of this Agreement shall be governed by the FAA. Employee consents to personal and exclusive jurisdiction and venue in the State of Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>27.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. Employee understands that this Agreement shall be null and void if not executed by Employee within seven (7) days. This Agreement will become effective on the date it has been signed by both Parties (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>28.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in counterparts and each counterpart shall be deemed an original and all of which counterparts taken together shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. The counterparts of this Agreement may be executed and delivered by facsimile, photo, email PDF, or other electronic transmission or signature.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Execution of Agreement</u>.&nbsp;&nbsp;&nbsp;&nbsp; Employee understands and agrees that Employee executed this Agreement voluntarily and without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Employee's claims against the Company and any of the other Releasees. Employee acknowledges 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)Employee has read this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Employee has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Employee's own choice or has elected not to retain legal counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Employee understands the terms and consequences of this Agreement and of the releases it contains;

&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)Employee is fully aware of the legal and binding effect of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Employee has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

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| | | | |
|:---|:---|:---|:---|
| | | Amanda Kathleen Torie, an individual | Amanda Kathleen Torie, an individual |
| Dated: | 3/30/2026 |  |  |
|  |  | /s/ Amanda Torie | /s/ Amanda Torie |
|  |  | Amanda Kathleen Torie | Amanda Kathleen Torie |
|  |  | Entrata, Inc. | Entrata, Inc. |
| Dated: | 3/30/2026 | By | /s/ Dustin Loftus |
|  |  |  | Dustin Loftus |
|  |  |  | Chief People Officer |

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## Exhibit 10.11

**Exhibit 10.11**

**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.**

**LEASE AGREEMENT**

**LANDLORD: BOYER LEHI HOLDINGS, L.C.**

**TENANT: ENTRATA, INC.**

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**LEASE SUMMARY**

1."Landlord": BOYER LEHI HOLDINGS, L.C., a Utah limited liability company.

2."Tenant": ENTRATA, INC., a Delaware corporation.

3."Rentable Square Feet": the area determined by measuring to the outside finished surface of permanent outer building walls and including all enclosed floors including multiple story lobbies or open space within the Building, without any deductions for vertical penetrations other than mechanical shafts. The terms "RSF" and "rentable square foot" shall have corollary meanings. "Useable Square Feet": the amount of square footage in the Leased Premises actually available to Tenant for Tenant's use.

4."Leased Premises": All floors within the Building (defined below). The Leased Premises contains approximately 106,000 Rentable Square Feet and 95,400 Useable Square Feet of space, subject to expansion pursuant to Section 1.2(b) below and subject to final measurement pursuant as outlined in Section 1.4.

5."Parking": Approximately 555 stalls, subject to adjustment as provided in Section 20.3 of the Lease.

6."Term": One Hundred Thirty Two (132) full calendar months, plus the partial calendar month, if any, occurring after the Commencement Date if the Commencement Date occurs other than on the first day of a calendar month, and including any Extension Period (defined below) exercised pursuant to an Extension Option (defined below).

7."Commencement Date": See Section 2.2.

8."Tenant Improvement Allowance": Fifty dollars ($50.00) per Useable Square Foot of the Leased Premises, plus an additional Six Hundred Thirty Thousand Dollars ($630,000.00) to be used towards the Tenant Assumed Buildout (as more particularly set forth in the Work Letter (defined below). Tenant may, at its sole discretion, elect to increase the Tenant Improvement Allowance by an amount not to exceed fifteen dollars ($15.00) per Useable Square Foot (the "Tenant Improvement Allowance Increase") (for an aggregate amount of up to sixty-five dollars ($65.00) per Useable Square Foot) by delivering written notice to Landlord on or before the date of Substantial Completion. For each one dollar ($1.00) Tenant Improvement Allowance Increase up to and including the first ten dollars ($10.00) per Useable Square Foot, the Basic Annual Rent shall be increased by an amount equal to ten cents ($0.10) per Rentable Square Foot per annum as of the Commencement Date, and for each one dollar ($1.00) Tenant Improvement Allowance Increase after the first ten dollars ($10.00) per Useable Square Foot and up to and including ($15.00) per Useable Square Foot,

i

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the Basic Annual Rent shall be increased by an amount equal to fourteen cents ($0.14) per Rentable Square Foot per annum as of the Commencement Date.

9."Basic Annual Rent": Initially, Twenty-Four and 85/100 dollars ($24.85) per Rentable Square Foot of the Leased Premises, subject to annual increases at the Escalation Rate commencing on the first anniversary of the Rent Commencement Date.

10."Escalation Rate": two and one-half percent (2.5%) per year on a cumulative basis,

11."Estimated Costs": See Section 4.1.

12."Tenant's Proportionate Share": See Section 4.1.

13."Landlord's address for notice":

Boyer Lehi Holdings, L.C,

Attention: Jacob Royer

101 South 200 East, Suite 200

Salt Lake City, Utah 84111

or at such other place as Landlord may hereafter designate in writing.

14."Tenant's address for notice (if other than the Leased Premises)":

Pre Commencement Date (as provided in the Work Letter)

Following the Commencement Date:

4205 Chapel Ridge Road

Lehi, Utah Attn: [\*\*\*]

Email: [\*\*\*]

With a required copy to:

Dorsey & Whitney

136 South Main Street, Suite 1000

Salt Lake City, Utah 84101

Attn: Mark B. Durrant

15."Broker(s)": Tenant's Broker: Woodley Real Estate

Landlord's Broker: Coldwell Banker CBC Advisors

ii

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**LEASE AGREEMENT**

THIS LEASE AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Lease</u>") is made and entered into as of this 15<sup>th</sup> day of March, 2016 (the "<u>Execution Date</u>"), by and between BOYER LEHI HOLDINGS, L.C., a Utah limited liability company (the "<u>Landlord</u>"), and ENTRATA, INC., a Delaware corporation (the "<u>Tenant</u>").

For and in consideration of the rental to be paid and of the covenants and agreements set forth below to be kept and performed by Tenant, Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Leased Premises (as hereafter defined) and certain other areas, rights and privileges for the Term, at the rental rate and subject to and upon all of the terms, covenants and agreements hereinafter set forth.

I.LEASED PREMISES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Description of Leased Premises</u>. Landlord does hereby demise, lease and let unto Tenant, and Tenant does hereby take and receive from Landlord 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)That certain floor area containing approximately 106,000 Rentable Square Feet (the "<u>Leased Premis</u>es") in a to-be-built office building containing approximately 106,000 Rentable Square Feet (the "<u>Building</u>"), located at approximately 4205 Chapel Ridge Road, Lehi, Utah, on the real property more particularly described on Exhibit "A" attached hereto and by this reference incorporated herein (the "<u>Property</u>"). The Leased Premises is depicted on the floor plan shown on Exhibit "B" which is attached hereto and by this reference incorporated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A non-exclusive right during the term of this Lease to use the Common Areas (as defined in Section 20.1 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)A non-exclusive right during the term of this Lease to use such rights-of-way, easements and similar rights with respect to the Building and Property as may be reasonably necessary for access to and egress from the Leased Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)A non-exclusive right during the term of this Lease to use those areas designated and suitable for vehicular parking as set forth in Section 20.3 below.

Notwithstanding the foregoing to the contrary, Landlord intends to subdivide the Property as described on Exhibit "A" into two separate parcels of real property generally as depicted on Exhibit "A-1." Tenant's consent shall not be required for Landlord to subdivide the Property. Any such subdivision will be conditioned on Landlord obtaining all applicable governmental approvals and confirming such subdivision complies with all

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matters of record. At such time as the Landlord subdivides the Property, the area approximately shown on Exhibit "A-1" as "future subdivision parcel" (the "<u>Adjacent</u> <u>Subdivided Property</u>") will automatically be excluded from the definition of Property for all purposes under this Lease and will be conveyed to an affiliate of Landlord (the "<u>Adjacent Property Owner</u>"). Concurrently with the subdivision of the Adjacent Subdivided Property from the Property, Landlord and the Adjacent Property Owner will enter into a cross access and casement agreement (the "<u>Property Access Agreement</u>") pursuant to which (i) the Property and the Adjacent Subdivided Property shall have appurtenant non-exclusive rights to pedestrian and vehicular ingress and egress in the areas designated for vehicular and pedestrian use over the other parcel, (b) the Property shall be granted an appurtenant right, until such time as Tenant may elect to cause the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property, to an exclusive right to park in the parking areas constructed on the Adjacent Subdivided Property (which areas will be constructed as part of Landlord's Improvements), (c) until such time as Tenant may elect to cause the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property, the parking spaces on the Adjacent Subdivided Property as of the Commencement Date shall not, unless required by applicable law or as a result of a condemnation, be permanently reduced by more than ten percent (10%), and (d) until such time as Tenant may elect to cause the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property, Landlord shall be required to maintain, repair, replace and insure all improvements on the Adjacent Subdivided Property, and pay all property taxes with respect to the Adjacent Subdivided Property, and, until such time as Tenant may elect to cause the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property the areas on the Adjacent Property shall otherwise be deemed to be Common Areas for all purposes under this Lease. All amounts incurred by Landlord under the Property Access Agreement shall be included as Common Area Expenses for all purposes under this Lease. At such time as Tenant elects to cause the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property, Tenant shall no longer have right use any parking spaces on the Adjacent Subdivided Property and all cost to maintain, repair, replace and insure all improvements on the Adjacent Subdivided Property, and pay all property taxes with respect to the Adjacent Subdivided Property, shall no longer be required to be paid by Landlord or included as Operating Expenses under this Lease. Upon the consummation of the subdivision of the Property, Tenant shall enter into an amendment to this Lease as may be required by Landlord to reflect the provisions of this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Landlord and Tenant's Construction 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)The Leased Premises and the Building in which the Leased Premises are located are under construction as of the Execution Date. The obligation of Landlord and Tenant to perform the work and supply the necessary materials and labor to prepare the Leased Premises for occupancy is described in detail in the work letter attached hereto as Exhibit "C" and by reference incorporated herein (the "<u>Work Letter</u>"). Landlord and Tenant shall expend all funds and do all acts required of them as described in the Work Letter and shall perform or have the work performed promptly and diligently in a first class and workmanlike manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Expansion Rights</u>. Tenant may elect, by delivering written notice (the "<u>First Floor Expansion Notice</u>") to Landlord on or before March 15, 2017 (the "<u>Expansion Deadline</u>"), to require Landlord to construct an additional 14,000 Rentable Square Feet as an addition to the first floor of the Building (the "<u>First Floor Expansion</u> <u>Premises</u>"). If Tenant fails to deliver the First Floor Expansion Notice by the Expansion Deadline, Tenant's rights under this Section 1.2(b)(i) shall be deemed terminated. If Tenant timely delivers the First Floor Expansion Notice, the Leased Premises shall be deemed to include the First Floor Expansion Premises, and Tenant shall execute such additional documents as may be required by Landlord to amend this Lease to reflect the inclusion of the First Floor Expansion Premises within the Leased Premises and all other terms of this Lease shall apply with respect to the First Floor Expansion Premises, including provisions for a Tenant Improvement Allowance in an amount equal to fifty dollars ($50.00) per Useable Square Foot of the First Floor Expansion Premises, but excluding the provisions related to Abated Rent in Section 3.2 unless the First Floor Expansion Premises is completed within the Rental Abatement Period. In addition, Basic Annual Rent shall not be payable with respect to the First Floor Expansion Premises until Substantial Completion (as defined in the Work Letter) has occurred with respect to the First Floor Expansion Premises, at which time Tenant will be required to pay Basic Annual Rent for the First Floor Expansion Premises at the rates then payable with respect to the remaining Leased Premises, provided, Tenant shall continue to be required to pay Basic Annual Rent for the remaining Leased Premises on the terms provided in this Lease. In order to construct the First Floor Expansion Premises, Landlord will be required to modify the Landlord Improvement Plans to reflect the First Floor Expansion Premises, which modifications will not be reflected in the Landlord Improvement Plans as described in the Work Letter and shall be modified and approved in accordance with the Work Letter. Landlord's obligation to construct the First Floor Expansion Premises is conditioned on Landlord obtaining all permits necessary to construct the First Floor Expansion Premises, which Landlord agrees to use commercially reasonable efforts to

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obtain. In the event Tenant delivers the First Floor Expansion Notice at such point that the First Floor Expansion Premises cannot simultaneously be completed with the remaining portions of the Building, Tenant shall not be entitled to claim or be allowed any damages for injury, eviction (constructive or actual) or inconvenience occasioned by the construction of the First Floor Expansion Premises and shall not be entitled to terminate this Lease or receive an abatement of any amounts payable under this Lease or to remedies under Sections 1.2(c) and (d) with respect to the First Floor Expansion Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that Landlord has not achieved Substantial Completion (as defined in the Work Letter) for the Leased Premises by August 15, 2016, as such date may be extended for Construction Delays (as defined in the Work Letter)) (the "<u>Turnover</u> <u>Condition Deadline</u>") Tenant shall be entitled to receive from Landlord, as liquidated damages, and as Tenant's sole remedy, as a credit against Basic Annual Rent, an amount equal to two (2) days of Basic Annual Rent payable as of the Rent Commencement Date for each day the Leased Premises is not Substantially Complete after the Turnover Condition Deadline (as may be extended). In the event that Landlord has not achieved Substantial Completion by October 1, 2016, as such date may be extended for Construction Delays (the "<u>Outside Turnover Condition Deadline</u>"), Tenant shall be entitled to receive from Landlord, as additional liquidated damages and, subject to the provisions of Section 1.2(d) below, as Tenant's sole remedy, as a credit against Basic Annual Rent, a one-time credit in an amount equal to $50,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that Landlord has not achieved Substantial Completion for the Leased Premises by the Outside Turnover Condition Deadline, Tenant shall have the option, in its sole discretion, either to (i) continue to receive the liquidated damages specified in Section 1.2(c) above, or (ii) terminate this Lease by delivering written notice to Landlord (the "<u>Termination Notice</u>") which Termination Notice must be delivered prior to the Substantial Completion being satisfied; provided, however, if Substantial Completion occurs within the one hundred twenty (120) day period after Tenant's delivery of a Termination Notice, Tenant's termination notice shall be deemed null and void. In the event (x) Tenant elects to terminate this Lease pursuant to this Section 1.2(d) and this Lease is actually terminated as a consequence, or (y) Tenant elects to terminate the Lease, but this Lease is not terminated as a result of Substantial Completion being satisfied within the one hundred twenty (120) day period after Tenant delivers a Termination Notice, Tenant shall not be entitled to any further remedies against Landlord with respect to the termination of this Lease under this Section 1.2(d) or Landlord's failure to achieve the Substantial Completion by the Outside Turnover Condition Deadline, provided, Tenant shall be entitled to receive, and Landlord shall pay to Tenant

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within 30 days after (A) the termination of the Lease, if this Lease is terminated under this Section 1.2(d), or (B) the date Substantial Completion occurs, if this Lease is not terminated as a result of Substantial Completion being satisfied within the one hundred twenty (120) day period after Tenant delivers a Termination Notice, all payments owing under Section 1.2(c) accrued through the effective 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;1.3<u>Changes to Building</u>. Landlord hereby reserves the right at any time and from time to time to make changes or alterations to the Building or to the Property provided, except to the extent required by applicable law, such changes or alterations do not materially interfere with Tenant's ability to conduct business or materially adversely affect Tenant's rights hereunder. Tenant shall not, in such event, claim or be allowed any damages for injury, eviction (constructive or actual) or inconvenience occasioned thereby and shall not be entitled to terminate this Lease or receive an abatement of any amounts payable under this Lease. In connection with any of the foregoing activities of Landlord, Landlord shall use reasonable efforts while conducting such activities to minimize any interference with Tenant's use of the Leased Premises provided, however, that in the event Landlord makes changes or alterations to the Building which are not a result of (a) a requirement of applicable law, (b) Tenant's breach of this Lease or (c) a request by Tenant (including changes for the First Floor Expansion Premises and a request by Tenant for the Adjacent Property Owner to construct a building on the Adjacent Subdivided Property), and if such changes materially adversely interfere with Tenant's access to or use of the Leased Premises for a period of at least three (3) consecutive business days, Basic Annual Rent shall thereafter be proportionately abated during the period of such interference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4<u>Rentable Square Feet</u>. Landlord shall measure the Rentable Square Feet and Useable Square Feet of the Leased Premises within thirty (30) days of the Commencement Date. Landlord will notify Tenant when Landlord has completed its proposed final measurement of the Rentable Square Feet and Useable Square Feet of the Leased Premises. Tenant may, at any time within thirty (30) days following Landlord's delivery of notice of the final Landlord measurement of the Leased Premises, elect to have the Leased Premises measured, at Tenant's sole cost and expense, by an architect selected by Tenant and by giving Landlord written notice of such election (the "<u>Measurement Notice</u>"). If Tenant fails to deliver a Measurement Notice, the Rentable Square Feet and Useable Square Feet shall be deemed to be the amount set forth in Landlord's notice effective (retroactively if applicable) as of the Commencement Dat. Within thirty (30) days following Tenant's delivery to Landlord of the Measurement Notice, Tenant shall deliver the results of Tenant's measurements to Landlord. If Landlord agrees with such measurements, the re-measured and re-determined Rentable

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Square Feet and Useable Square Feet calculation for the Leased Premises as determined by Tenant shall then become the Rentable Square Feet and Useable Square Feet of the Leased Premises, effective (retroactively if applicable) as of the Commencement Date. If Landlord disagrees with Tenant's measurements, Landlord shall send Tenant written notice of such disagreement within thirty (30) days of Landlord's receipt of Tenant's measurements, specify in reasonable detail the basis for such disagreement, and Landlord and Tenant shall then work in good faith to resolve such dispute; provided, if Landlord and Tenant cannot resolve such dispute within thirty (30) days of Landlord's notice to Tenant that Landlord disputes Tenants measurements (the "<u>Measurement Dispute</u> <u>Period</u>"), then Tenant's architect and Landlord's architect shall within ten (10) days following the expiration of the Measurement Dispute Period, select a third independent architect which has at least ten (10) years of experience in the measurement of commercial office buildings in the Utah County area using measurement standards similar to the standards set forth in the definition of "Rentable Square Feet". The fees for such third party independent architect shall be shared equally by Landlord and Tenant. The measurements of the third architect shall be completed within thirty (30) days of the selection of such third architect and shall be binding on Landlord and Tenant. Upon the final resolution or determination of the measurement for the Leased Premises, the re-measured and re-determined Rentable Square Feet and Useable Square Feet shall then become the Rentable Square Feet and Useable Square Feet of the Leased Premises, effective as of the date of the Commencement Date, in which case the Basic Annual Rent, the Additional Rent, the Tenant Improvement Allowance, and any other terms or conditions in this Lease that are based on the Rentable Square Feet and Useable Square Feet of the Leased Premises, as applicable, shall be proportionately adjusted (retroactively, if necessary).

II.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;2.1<u>Length of Term</u>. The initial Term of this Lease shall be for a period of one hundred thirty two (132) full calendar months plus the partial calendar month, if any, occurring after the Commencement Date if the Commencement Date occurs other than on the first day of a calendar month (the "<u>Term</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Commencement Date</u>. The Term of this Lease and Tenant's obligation to pay rent hereunder shall commence on the first to occur of the following dates (the "<u>Commencement 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;(a)The date Tenant first takes possession of the Leased Premises for the purpose of conducting business operations; 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;(b)The date Landlord delivers the Leased Premises to Tenant in the Turnover Condition.

Tenant shall have the right to early entry into the Leased Premises as more particularly set forth in Section 10 of the Work Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Tenant Improvement Allowance</u>. Landlord shall provide a tenant improvement allowance (the "<u>Tenant Improvement Allowance</u>") to Tenant as provided in the Work Letter. In no event shall the Tenant Improvement Allowance be used to reimburse Tenant for any special decorator items, equipment, furniture, or furnishings (the "<u>FF&E</u>"), provided, however, that Tenant may use the Tenant Improvement Allowance for all interior build out, architectural, engineering, permits, signage, data cabling and AV if desired by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Amendment to Lease Recognizing the Commencement Date</u>. At any time after the occurrence of the Commencement Date (if any), Landlord or Tenant may request that the other party enter into an amendment to this Lease in the form attached hereto as Exhibit "E" whereby the actual Commencement Date and Rentable Square Feet and Useable Square Feet are memorialized, in which case each party shall execute and deliver an amendment to this Lease in the form Exhibit "E" within ten (10) business days after the request by the other 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;2.5<u>Extension of Lease</u>. So long as Tenant is not then in default (beyond any applicable notice and cure period) under any term or covenant of this Lease at the time Tenant delivers an Exercise Notice (as defined below) or as of the first day of the Extension Period, Tenant is hereby granted the right (each such right, an "<u>Extension</u> <u>Option</u>") to renew the Term for two (2) additional periods of three (3) years each (each such period, an "<u>Extension Period</u>"), Tenant may elect to exercise an Extension Option by delivering written notice to Landlord (the "<u>Exercise Notice</u>") indicating that Tenant elects to exercise such Extension Option, which notice must be delivered to Landlord at least six (6) months prior the expiration of the then applicable Term. In the event Tenant exercises an Extension Option in accordance with the immediately preceding sentence, all terms and conditions set forth in this Lease shall continue to apply during the Extension Period, except that Basic Annual Rent applicable to the first year of such Extension Period shall be equal to Basic Annual Rent payable in the year prior the Extension Period increased by two percent (2.0%), and on each anniversary of the commencement of the Extension Period shall be increased by two percent (2.0%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6<u>Early Termination</u>. In the event Tenant has not received approval to obtain certain tax incentives from the Governor's Office of Economic Development on or before

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April 15, 2016, Tenant may elect, by delivering written notice to Landlord on or before April 22, 2016, to terminate this Lease, in which event this Lease, and all of Landlord's and Tenant's rights and obligations hereunder, shall terminate except for those obligations which survive the termination of the Lease. Tenant's notice hereunder shall include a certificate that Tenant has not obtained tax incentives from the Governor's Office of Economic Development on or before April 15, 2016. Tenant agrees to make all submittals necessary to obtain, and use commercially reasonable efforts to obtain, such approval on or before April 15, 2016. In the event Tenant fails to deliver written notice to Landlord terminating this Lease pursuant to this Section 2.6 by April 22, 2016, the provisions of this Section 2.6 shall be null and void. As a condition to the termination of this Lease under this Section 2.6, Tenant shall be required to pay to Landlord all documented out of pocket costs and expenses incurred by Landlord in entering into and performing its obligations under this Lease, including amounts required to be paid by Landlord to terminate any contracts relating to the construction of the Tenant Improvements, which amounts shall be paid by Tenant to Landlord within thirty (30) days of Landlord's written demand therefore which demand shall include a reasonably detailed description of such costs and expenses. The provisions of this Section 2.6 shall survive the termination of the Lease.

III.BASIC RENTAL 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;3.1<u>Basic Annual Rent</u>. Commencing on the date which is the first anniversary of the Commencement Date (the "<u>Rent Commencement Date</u>"), Tenant agrees to pay to Landlord as basic annual rent for the Leased Premises at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever, except as expressly permitted herein, the sum of Twenty-Four and 85/100 dollars ($24.85) per Rentable Square Foot of the Leased Premises. The amounts payable by Tenant hereunder are referred to herein as "<u>Basic Annual Rent</u>." The Basic Annual Rent shall be due and payable in twelve (12) equal monthly installments to be paid in advance on or before the first day of each calendar month during the Term. Commencing on the first anniversary of the Rent Commencement Date and on each anniversary of the Commencement Date thereafter, Basic Annual Rent shall escalate by the Escalation Rate. In the event the Rent Commencement Date occurs on a day other than the first day of a calendar month, then rent shall be paid on the Rent Commencement Date for the initial fractional calendar month prorated on a per diem basis (based upon a thirty (30) day month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Rent Abatement</u>. Tenant's obligation to pay Basic Annual Rent for the Leased Premises shall be abated for the period between the Commencement Date and the Rent Commencement Date (the "<u>Rental Abatement Period</u>"). The Basic Annual Rent

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abated during this period is referred to herein as the "<u>Abated Rent</u>." Notwithstanding the provisions of Article IV to the contrary, commencing on Commencement Date and continuing during the Rental Abatement Period, Tenant shall pay to Landlord during the Rent Abatement Period an amount equal to six and 50/100 dollars ($6.50) per Rentable Square Foot as a reimbursement for Common Area Expenses, which amount shall be a fixed amount and not subject to adjustment. If the Commencement Date does not start on the first day of a calendar month, such Rent Abatement Period shall be adjusted in the first and last month of such period so that Tenant receives twelve, and only twelve, months of abated Basic Annual Rent. On the Rent Commencement Date, Tenant shall commence paying Basic Annual Rent in accordance with Section 3.1 of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Additional Monetary Obligations</u>. Tenant shall also pay as rent (in addition to the Basic Annual Rent) all other sums of money as shall become due and payable by Tenant to Landlord under this Lease, Landlord shall have the same remedies in the case of a default in the payment of said other sums of money as are available in the case of a default in the payment of one or more installments of Basic Annual Rent,

IV.ADDITIONAL RENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Definitions</u>. For purposes of this Lease, the terms set forth below shall mean 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)"<u>Actual Operating Expense Increase</u>" means the amount of the increase in Common Area Expenses in a particular calendar year over Common Area Expenses for the Base Year, excluding the costs of any utilities which are separately metered and paid directly by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Additional Ren</u>t" shall mean the sum of Tenant's Proportionate Share of the Actual Operating Expense Increase plus all other amounts due and payable by Tenant under this Lease other than Basic Annual Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Base Year</u>" shall mean the 2017 calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Common Area Expenses</u>" shall mean all actual costs and expenses incurred by Landlord in connection with the ownership, operation, management and maintenance of the Common Areas, the Building, Property, and related improvements located thereon (the "<u>Improvements</u>"). Common Area Expenses include, but are not limited to, all expenses incurred by Landlord as a result of Landlord's compliance with any and all of its obligations under this Lease (or under similar leases with other tenants) other than the performance of its work under <u>Section 2.3</u> of this Lease or similar provisions of leases with other tenants. Common Area Expenses do not included

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Common Area Expenses Exclusions. In explanation of the foregoing, and not in limitation thereof, Common Area Expenses shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all real and personal property taxes, local improvement rates, and other ad valorem assessments (whether general or special, known or unknown, foreseen or unforeseen) and any tax or assessment levied or charged in lieu thereof, whether assessed against Landlord and/or Tenant and whether collected from Landlord and/or Tenant, including, without limitation, any privilege or excise tax, provided, however that Common Expenses shall not include any income, franchise or corporate tax, sales, capital levy, capital stock, excess profits, transfer, revenue, or any other tax, assessment or charge upon or measured by rent payable to Landlord, unless such amounts payable on rents are assessed in lieu of real and personal property 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;(ii)the cost of all insurance maintained by Landlord on or with respect to the Building, the Improvements, the Common Areas or the Property, including, without limitation, casualty insurance, liability insurance, rental interruption, workers compensation, any insurance required to be maintained by Landlord's lender, and any deductible applicable to any claims made by Landlord under such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)snow removal, trash removal, cost of services of independent contractors, cost of compensation (including employment taxes and fringe benefits) of all persons who perform regular and recurring duties connected with day-to-day operation, maintenance, repair, and replacement of the .Building, the Improvements, the Common Areas or the Property, its equipment and the adjacent walk and landscaped area (including, but not limited to janitorial, scavenger, gardening, parking, elevator, painting, plumbing, electrical, mechanical, carpentry, window washing, structural and roof repairs and reserves, signing and advertising), but excluding persons performing services not uniformly available to or performed for substantially all Building tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)costs of all gas, water, sewer, electricity and other utilities used in the maintenance, operation or use of the Building (except to the extent separately metered or sub-metered to Tenant and billed to Tenant directly as permitted hereunder), the Improvements, the Property and the Common Areas, cost of equipment or devices used to conserve or monitor energy consumption, supplies, licenses, permits and inspection fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)accounting and legal fees;

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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)the cost of capital improvements as permitted by Section 4.1(c)(viii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Property management fees not to exceed four percent (4.0%) of all revenues (including Basic Annual Rent and Common Area Expenses reimbursements) received from the Building, the Improvements and the Common Areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)payments required to be made in connection with the maintenance or operation of any easement or right of way or other instrument through which Landlord claims title in the Property or to which Landlord's title in the Property is subject, including, without limitation, all amounts payable by Landlord under the Property Access 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)"<u>Common Area Expenses Exclusions</u>" means each of the following expenses incurred by Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)depreciation and amortization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)expenses incurred by Landlord to prepare, renovate, repaint, redecorate, or perform any other work in any space leased to an existing tenant or prospective tenant of a Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)expenses incurred by Landlord for repairs or other work occasioned by fire, windstorm, or other insurable casualty or condemnation (other than deductibles under such insurance which deductible shall not exceed $25,000 per occurrence);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)expenses incurred by Landlord to lease space to new tenants or to retain existing tenants, including leasing commissions, advertising, and promotional expenditures, including tenant appreciation gifts or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)expenses incurred by Landlord to resolve disputes, enforce, or negotiate lease terms with prospective or existing tenants, or in connection with any financing, sale, or syndication of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)interest, principal, points and fees, amortization, or other costs associated with any debt and rent payable under any lease to which this Lease is subject and all costs and expenses associated with any such debt or lease and any ground lease rent, irrespective of whether this Lease is subject or subordinate thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)expenses incurred for the repair, maintenance, or operation of any pay parking garage not associated with the Building, including but not limited to salaries and benefits of any attendants, electricity, insurance, and 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;(viii)cost of alterations, capital improvements, equipment replacement, and other items which under generally accepted accounting principles are property classified as capital expenditures, except for (a) capital repairs (such as parking lot resurfacing and roof repairs), and (b) capital improvements which decrease the Common Area Expenses, provided, however, the amount included as Common Area Expenses shall be amortized on a straight-line basis over the useful life of such capital improvements and provided such capital improvements actually decrease the Common Area 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)expenses for the replacement of any item covered under warranty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)cost to correct any penalty or fine incurred by Landlord due to Landlord's (but not Tenant's) violation of any federal, state, or local law or regulation and any interest or penalties due for late payment by Landlord of any of the Common Area Expenses except to the extent Tenant did not timely reimburse Landlord for Tenant's Proportionate Share of Common Area Expenses to the extent required by this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)cost of repairs necessitated by Landlord's negligence or willful misconduct, or of correcting any latent defects or original design defects in the Building's construction, materials, or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)expenses for any item or service which Tenant pays directly to a third party or separately reimburses Landlord and expenses incurred by Landlord to the extent the same are reimbursable or reimbursed from any other tenants, occupants of the property, or third parties (other than as reimbursement as Common Area 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)expenses for any item or service not provided to Tenant but exclusively to certain other tenants in the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)management costs or fees in excess of four percent (4.0%) of all rent received from the operation of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)salaries of employees above the grade of building superintendent or building manager, and the portion of employee expenses for employees whose time is not spent directly and solely in the operation of the Building;

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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;(xvi)Landlord's general corporate overhead and administrative expenses including travel of ownership to the Building or any tenant appreciation events or gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)expenses incurred by Landlord in order for the Building and Property to comply with all present laws, ordinances, requirements, orders, directives, rules, and regulations of federal, state, county, and city governments and of all other governmental authorities having or claiming jurisdiction over the Building, including without limitation the Americans with Disabilities Act of 1990 (as amended), the Federal Occupational Safety and Health Act of 1970 (as amended), the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (as amended), and any of said laws, rules, and regulations relating to environmental, health, or safety matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)replacement reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)except as contemplated by subsection (xiv) above, fees paid by Landlord or affiliates of Landlord to the extent that such fees exceed the customary amount charged for the services provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Common Area Expenses incurred by Landlord relative to retail stores, hotels, and any specialty services in the Building which are not conducted by Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)Landlord's cost of electricity and other services that are sold to tenants or for which Landlord is entitled to be reimbursed by tenants or other parties (other than as a reimbursement of Common Area 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)all costs incurred by Landlord for alterations, repairs, and replacements which have a useful life of more than one (1) year but such costs may be amortized over the useful life of such replacement and such amortization shall be included as a Common Area Expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)all costs incurred due to violation by Landlord or any tenant, other than Tenant, of the terms and conditions of any lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)costs and expenses due to termination or under-funding of any plan under ERISA or any other law or regulation governing employee pension plans or other benefits;

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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;(xxv)HVAC modifications and replacement obligations necessary to comply with any Clean Air Act requirements, including ASHRAE standards, for the following but not limited to: maintenance, fresh air, chlorofluorocarbons (CFCs), and hydro chlorofluorocarbons (HCFCs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)cost of sculptures, paintings, and other objects of art;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)cost of gifts arising from Landlord's charitable or political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)travel and entertainment 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;(xxix)late fees assessed for Landlord's failure to timely make any payment except to the extent Tenant did not timely reimburse Landlord for Tenant's Proportionate Share of Common Area Expenses to the extent required by this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)costs associated with the removal of substances considered to be detrimental to the environment or the health of occupants of the Building (other than costs for substances brought onto the Leased Premises by Tenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)allowances specified in Exhibit "C" for expenses incurred by Landlord for improvements to the Leased Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)the excess cost of any work or service performed for or facilities furnished to any tenant to a substantially greater extent or in a manner materially more favorable to such tenant than that performed for or furnished to Tenant hereunder, but only to the extent of such more favorable services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) sums which constitute insured repairs or other work necessitated by fire or other casualty (other than the deductible for such insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) expenditures paid to a related corporation, entity or persons which are in excess of the amount which would be paid in an arm's-length transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv)expenditures resulting from the relocation or moving of tenants in the Building to another location; 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;(xxxvi) Controllable Common Area Expenses to the extent such Controllable Common Area Expenses are increased by more than four percent (4%) over the Common Area Expenses incurred in the prior year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Common Areas</u>" is defined in Section 20.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Controllable Common Area Expenses</u>" shall mean all Common Area Expenses that are within the reasonable control and influence of Landlord by use of commercially reasonable, good faith efforts, but shall not include taxes, insurance, utilities and snow removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Estimated Costs</u>" shall mean Landlord's estimate of Tenant's Proportionate Share of the Actual Operating Expense Increase for a particular calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Tenant's Proportionate Share</u>" shall mean the percentage derived from the fraction, the numerator of which is the Rentable Square Footage of the Leased Premises, the denominator of which is the Rentable Square Footage of the Building. In this Lease, Tenant's Proportionate Share is 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Payment of Additional Rent</u>. Additional Rent shall be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to the beginning of a calendar year following the Base Year, Landlord shall deliver to Tenant a statement showing the Estimated Costs for such calendar year. If Landlord fails to deliver such statement prior to January 1 of the applicable year, until the delivery of such statement, tenant's Estimated Costs shall be deemed to be the same amount of the Estimated Costs for the prior year; provided, however, if Landlord subsequently furnishes to Tenant a statement of such Estimated Costs, to the extent such Estimated Costs are greater than or less than the Estimated Costs paid on a year to date basis, Tenant shall either receive a credit or make a payment, in the amount of such difference on the next date on which Tenant makes a Basic Annual Rent payment 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;(b)Concurrent with each monthly payment of Basic Annual Rent due pursuant to <u>Section 3.1</u> above, Tenant shall pay to Landlord, without offset or deduction, one-twelfth (1/12th) of the Estimated Costs, plus all other amounts due and owing by Tenant under this Lease which are not included as part of Estimated Costs (e.g., late payment charges).

&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)Notwithstanding anything in this Lease to the contrary, in the event the insurance maintained by Landlord is increased as a result of Domestic Animals (defined below) brought onto the Property by Tenant, or Tenants operation of a child care facility within the Leased Premises, Tenant shall be responsible for the amount of the increase in Landlord's insurance as a result of such activities, and such amounts shall not be included in, but shall be paid in addition to, Tenant's Proportionate Share of the Actual Operating

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Expense Increase and which amounts shall be payable at the times provided in Sections 4.2(a) and (b) 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;4.3<u>Report of Common Area Expenses and Statement of Estimated Costs</u>. Within one hundred twenty (120) days after each calendar year occurring during the Term, Landlord shall furnish Tenant with a written reconciliation statement (the "<u>Landlord's Statement</u>") comparing the Actual Common Area Expense Increase payable during the previous calendar year against the amounts actually paid by Tenant during the previous calendar year pursuant to <u>Section 4.2</u> above. If the annual reconciliation statement of costs indicates that the Estimated Costs paid by Tenant for any year exceeded the Actual Common Area Expense Increase, Landlord, at its election, shall either (a) within thirty (30) days of Tenant's receipt of such reconciliation statement, pay the amount of such excess to Tenant, or (b) apply such excess against the next installment of Basic Annual Rental or Additional Rent due hereunder. If the annual reconciliation statement of costs indicates that Estimated Costs paid by Tenant for any year are less than the actual amounts of Actual Common Area Expense Increased Cost for such calendar year, Tenant shall pay to Landlord any such deficiency within thirty (30) days of Tenant's receipt of such reconciliation statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Audit Rights</u>. Every statement given by Landlord pursuant to Section 4.3 shall be conclusive and binding upon Tenant unless within 120 days after the receipt of such statement Tenant shall notify Landlord that it disputes the correctness thereof. During the period of 120 days after receipt of Landlord's Statement, Tenant's advisor (which must be a real estate professional who is in the business of reviewing reconciliation statements on behalf of third party tenants) or certified public accountant which, in either case, is not compensated on a contingency basis may, for the purpose of verifying the Common Area Expenses, inspect the records of the material reflected in Landlord's Statement, including such materials and statements for previous years, as applicable, at a reasonable time mutually-agreeable to Landlord and Tenant. Such material shall include but not be limited to the general ledger of the Common Area Expenses on a line item basis. The audit shall be concluded within thirty (30) days of the commencement of such audit and Tenant shall provide Landlord with the results of such audit within sixty (60) days of the conclusion of such audit. The parties recognize the confidential nature of Landlord's books and records and hence agree that before Landlord shall afford Tenant's advisor or its certified public accountant reasonable access to Landlord's books and records, including the copying of said material in order to complete a thorough analysis of the expenses, Tenant and its advisor or certified public accountant shall enter into a confidentiality agreement in form and substance reasonably satisfactory to Landlord, whereby Tenant and its advisor or certified public accountant shall agree, as

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a condition precedent to their review of such books and records, not to disclose any of the information disclosed in connection with such review to any third party (subject to standard nondisclosure exceptions, including without limitation, disclosures ordered by a court or otherwise required to comply with applicable law). Failure of Tenant to challenge any item in Landlord's Statement within one hundred twenty (120) days after Tenant's receipt of Landlord's Statement shall be construed as a waiver of Tenant's right to challenge such item for such year and such determination shall be conclusive for both Landlord and Tenant. In the event Tenant's audit of Landlord's Statement discloses discrepancies, Tenant shall disclose the results of such audit to Landlord. Landlord shall have a period of thirty (30) days to review Tenant's audit reports and determine if Landlord disputes such reports. If Landlord disputes the results of Tenant's audit reports, Landlord shall give written notice of such disputes within such thirty (30) day period. Landlord and Tenant shall work in good faith to resolve any disagreements resulting from Tenant's audit, If Landlord and Tenant cannot resolve such disputes within thirty (30) days of the date Landlord gives notice to Tenant of Landlord's dispute, either party may refer the decision of the issues raised, if any, to a reputable, nationally-recognized independent firm of certified public accountants (or other organization whose core competency is deemed to be within this specialty area) selected by Tenant and reasonably approved by Landlord. The selected firm shall be deemed to be acting as an expert and not as an arbitrator, and a determination signed by the selected expert shall be final and binding on both Landlord and Tenant, Landlord shall afford such accountants/specialists reasonable access to Landlord's books and records to the extent such accountants/specialists deem necessary in order to reach their decision. In connection therewith, Tenant and such accountants/specialists shall execute and deliver to Landlord a confidentiality agreement, in form and substance reasonably satisfactory to Landlord, whereby such parties shall agree not to disclose any of the information disclosed in connection with such review to any third party (subject to standard nondisclosure exceptions, including without limitation, disclosures ordered by a court or otherwise required to comply with applicable law). Notwithstanding the foregoing, in the event such certified public accountant/specialists shall determine that Landlord's Statement for the subject year or any previous years, if applicable, has overcharged Tenant for Common Area Expenses (and such determination is not successfully challenged by Landlord), then Landlord shall refund or credit to Tenant the amount of the overcharge. If such audit shall determine that Landlord has overstated actual Common Area Expenses by more than five percent (5%), Landlord shall, in addition, reimburse Tenant for the reasonable out-of-pocket expenses incurred by Tenant in connection with such audit (including the out of pocket costs of retaining its advisor) and, if applicable, expert review. If such audit and, if applicable, expert review, shall determine that (1) Landlord has not overstated actual Common Area Expenses, or (2) has overstated actual Common Area Expenses by less

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than five percent (5%) then, Tenant shall pay the costs of such audit (including the out of pocket costs of retaining its advisor) and, if applicable, the expert review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5<u>Limitations</u>. Nothing contained in this Part IV shall be construed at any time so as to reduce the monthly installments of Basic Annual Rent payable hereunder below the amount set forth in Section 3.1 of this Lease.

V.SECURITY DEPOSIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Deposit</u>. Tenant has deposited with Landlord the sum of Two Hundred Sixty Eight Thousand and no/100 Dollars ($268,000) as security for the performance by Tenant of all of the terms, covenants, and conditions required to be performed hereunder. If Tenant has performed all such terms, covenants, and conditions of this Lease, such sum shall be returned to Tenant within thirty (30) days after the expiration of the Term of this Lease and delivery of possession of the Leased Premises to Landlord. Prior to the time that Tenant is entitled to any return of the security deposit, Landlord may intermingle such deposit with its own funds and use such sum for such purposes as Landlord may determine. Tenant shall not be entitled to any interest on the security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Application of Security Deposit</u>. In the event of default by Tenant in respect to any of its obligations under this Lease, including, but not limited to, the payment of Basic Annual Rent or Additional Rent, Landlord may use, apply, or retain all or any part of the security deposit for the satisfaction of any unpaid Basic Annual Rent or Additional Rent. Landlord may apply the security deposit to any expenses incurred by reason of the default of Tenant, including any damages or deficiency in the reletting of the Leased Premises, regardless of whether the accrual of such damages or deficiency occurs before or after an eviction or a portion of the security deposit is so used or applied. Tenant shall, upon five (5) days written demand, deposit cash with landlord in an amount sufficient to restore the security deposit to its original amount.

VI.USE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Use of Leased Premises</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Leased Premises shall be used and occupied by Tenant for general office purposes consistent with a Class "A" office building, including, but not limited to, software research and development, recruiting, a call center, a child-care facility solely for dependents of Tenant's employees and their spouses, partners and significant others and solely as ancillary to the office uses, and any uses ancillary or incidental to the foregoing, and for no other purpose whatsoever without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)So long as Tenant is leasing the entire Building, Tenant's employees will have the right to bring licensed, housetrained and domestic dogs, cats and birds (the "<u>Domestic Animals</u>") into the Leased Premises at any time. All such Domestic Animals shall be kept on a leash or confined to such employees work space. Tenant shall require each of its employees to promptly clean up and dispose of all urine and feces from such Domestic Animals. Such Domestic Animals shall be kept reasonably quiet and shall not permitted to be tethered to any structure, improvement or landscaping located outside of the Building. Tenant shall be responsible, at its sole cost and expense, for any damage or injury to person or property caused by the presence of such Domestic Animals, Without limiting the generality of the foregoing, Tenant shall protect, defend, indemnify and hold harmless Landlord and its affiliates against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys' fees and costs of litigation), resulting from or incurred by Landlord or any affiliate of Landlord on account of any Domestic Animals, including, without limitation, any claims resulting from a bite or attack from such Domestic Animals. In addition, in the event Landlord's insurance is increased as a result of the presence of such Domestic Animals, such increase shall be paid directly by Tenant (and such increase shall not be included as part of Common Area Expense).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Prohibition of Certain Activities or Uses</u>. Tenant shall not do or permit anything to be done in or about, or bring or keep anything in, the Leased Premises or the Property which is prohibited by this Lease or will, in any way or to any extent:

&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)adversely affect any fire, liability, or other insurance policy carried with respect to the Building, the Improvements, the Common Areas, the Property, or any of the contents of the foregoing (except with Landlord's express written permission, which will not be unreasonably withheld, but which maybe contingent upon Tenant's agreement to bear any additional costs, expenses or liability for risk that may be involved);

&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)materially obstruct, interfere with any right of, or injure any other tenant or occupant of the Building, the Common Areas, the Improvements, or the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)conflict with or violate any law, statute, ordinance, rule, regulation or requirement of any governmental unit, agency, or authority (whether existing or enacted in the future, known or unknown, foreseen or unforeseen);

&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)adversely overload the floors or otherwise damage the structural soundness of the Leased Premises or the Building, or any part thereof (except with Landlord's express written permission, which will not be unreasonably withheld, but

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which may be contingent upon Tenant's agreement to bear any additional costs, expenses, or liability for risk that may be involved); 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;(e)take any action which causes a violation of any restrictive covenants or any other instrument of record applying to the Property, provided such records have been provided to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Affirmative Obligations with Respect to Use</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except with respect to Landlord's obligations hereunder, Tenant will (i) comply with all governmental laws, ordinances, regulations, and requirements, now in force or which hereafter may be in force, of any lawful governmental body or authorities having jurisdiction over the Leased Premises; (ii) keep the Leased Premises and every part thereof in a clean, neat, and orderly condition, free of objectionable noise, odors, or nuisances; (iii) in all respects and at all times fully comply with all health and policy regulations; and (iv) not suffer, permit, or commit any waste. Without limiting the generality of the foregoing, Tenant shall be solely responsible for obtaining and maintaining all permits and licensing requirements required to maintain a day-care 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;(b)Except with respect to Landlord's obligations hereunder, at all times during the Term hereof, Tenant shall, at Tenant's sole cost and expense, comply with all statutes, ordinances, laws, orders, rules, regulations, and requirements of all applicable federal, state, county, municipal and other agencies or authorities, now in effect or which may hereafter become effective, which shall impose any duty upon Landlord or Tenant with respect to the use, occupation or alterations of the Leased Premises, including the presences of animals within the Leased Premises (including, without limitation, all applicable requirements of the Americans with Disabilities Act of 1990 and all other applicable laws relating to persons with disabilities, and all rules and regulations which may be promulgated thereunder from time to time and whether relating to barrier removal, providing auxiliary aids and services or otherwise (the "<u>ADA</u>")) and upon request of Landlord shall deliver evidence thereof to Landlord. Notwithstanding the foregoing, Tenant shall only be obligated to comply with laws which require improvements, modifications or alterations to the Leased Premises if and to the extent such compliance obligation is implicated by Tenant's specific or unique use of the Leased Premises (including the use of the Leased Premises as a child care facility) or alterations or additions made to the Leased Premises by Tenant, and not such laws as are applicable to all users of office space. Except where the obligation to comply with applicable law is Tenant's obligation hereunder, Landlord shall be responsible for compliance with all laws applicable to the Leased Premises, the Building, the Common Areas and the Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4<u>Suitability</u>. Tenant acknowledges that except as expressly set forth in this Lease, neither Landlord nor any other person has made any representation or warranty with respect to the Leased Premises or any other portion of the Building, the Common Areas, or the Improvements and that no representation has been made or relied upon with respect to the suitability of the Leased Premises or any other portion of the Building, the Common Areas, or Improvements for the conduct of Tenant's business. Except as expressly provided herein, the Leased Premises, Building, and Improvements (and each and every part thereof) shall be deemed to be in satisfactory condition unless, within one hundred twenty (120) days after the Commencement Date, Tenant shall give Landlord written notice specifying, in reasonable detail, the respects in which the Leased Premises, Building, or Improvements are not in satisfactory 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;6.5<u>Taxes</u>. Tenant shall pay all taxes, assessments, charges, and fees which during the Term hereof may be imposed, assessed, or levied by any governmental or public authority against or upon Tenant's use of the Leased Premises or any personal property or fixture kept or installed therein by Tenant and on the value of leasehold improvements to the extent that the same exceeds Building allowances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6<u>Landlord's Representations and Warranties</u>. Notwithstanding anything in this Lease to the contrary, Landlord represents that, to its knowledge, upon occupancy, the Building will be in compliance with the requirements of the ADA, Landlord further represents that, to its knowledge, the Building is in compliance with all (a) judicial decisions, orders, injunctions, writs, statutes, rulings, rules, regulations, promulgations, directives, permits, certificates or ordinances of any governmental authority in any way applicable to Tenant or the Building, including but not limited to the Rules and Regulations, zoning, environmental and utility conservation matters, (b) requirements imposed on Landlord by any Landlord's mortgagee, (c) insurance requirements, and (d) other documents, instruments or agreements relating to the Building or to which the Building may be bound or encumbered. In addition, Landlord hereby covenants and agrees that for a period of one (1 year after the Commencement Date (the "<u>Warranty</u> <u>Period</u>"), the Building systems ("<u>Systems</u>") shall be in good working order and condition. At any time prior to the expiration of the Warranty Period, Tenant shall have the right to notify Landlord, in writing (a "<u>Systems Notice</u>"), of any deficiencies in the Systems, which deficiencies shall be promptly repaired or replaced by Landlord, at Landlord's sole cost and expense; provided, however, that if any such deficiencies are as a result of the negligence or misconduct of Tenant or any Tenant Parties or the misuse of the Leased Premises or the Property by Tenant or the Tenant Parties, Tenant shall reimburse Landlord for all reasonable costs incurred by Landlord to remedy such deficiencies upon demand as Additional Rent From and after the expiration of the Warranty Period, repairs

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and replacements to the Systems shall be governed by Section 4.1 (except for any repairs that are necessary as set forth in a Systems Notice delivered to Landlord prior to the expiration of the Warranty Period).

VII.UTILITIES AND 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;7.1<u>Obligations of Landlord</u>. During the Term, Landlord agrees to cause to be furnished to the Leased Premises at all times the following utilities and services, the cost and expense of which shall be included in Common Area Expenses except to the extent any such utilities are separately metered or sub-metered and billed directly to Tenant as 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;(a)Electricity, water, gas and sewer service. The electrical service shall provide 3.5 watts per Rentable Square Foot of space within the Leased Premises for Tenant's anticipated use.

&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)Telephone and data connection, but not including telephone stations or telephone or data equipment (it being expressly understood and agreed that Tenant shall be responsible for the ordering and installation of telephone lines and telephone and data equipment which pertain to the Leased Premises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Heat and air-conditioning' necessary to maintain the Leased Premises between 69 degrees Fahrenheit to 75 degrees Fahrenheit subject however to any limitations imposed by any government agency. The parties agree and understand that the above heat and air-conditioning will be provided Monday through Friday from 7:00 a.m. to 7:00 p.m. and Saturday from 9:00 a.m. to 1:00 p.m. (excluding New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day) ("<u>Normal Business Hours</u>"). Fresh air levels shall be maintained in accordance with ASHRAE 62-2010 standards (ventilation for acceptable indoor air quality). The Landlord shall also provide adequate thermal environmental comfort and air velocity limits in accordance with ASHRAE-55-2010 standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Janitorial service in accordance with Exhibit "H".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)A card-access security system ("<u>Building Card-Access Security System</u>") with card readers at all exterior Building entries and exits, all elevators, and all fire stairway entries and exits. Landlord shall furnish Tenant, at Landlord's expense, with up to six (6) access cards per 1,000 Rentable Square Feet in the Leased Premises, and at Tenant's expense with such additional keys and access cards as Tenant may request, to unlock or allow access to the Building and each corridor door entering the Leased Premises, Landlord will provide Tenant with access to the Building Card-Access Security

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System to modify access cards for Tenant's employees (but not Landlord's access cards). Upon the expiration or termination of the Term, Tenant shall surrender all such keys and access cards to Landlord. In the event Tenant fails to return all access cards, or in the event Tenant requires a replacement access cards, Tenant shall pay an amount equal to $10.00 for each access card not returned to Landlord or replaced by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Exterior security lighting around the Building and in the parking areas, consistent with other Class A Office Building in the Utah County Metropolitan area.

&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)Snow removal 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;(h)Landscaping and grounds keeping 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;(i)Access to the Leased Premises, including elevator service twenty-four (24) hours a 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;7.2<u>Tenant's Obligations</u>. Tenant shall arrange for and shall pay the entire cost and expense of all telephone stations, telephone and data equipment and use charges, any above-standard electric light bulbs and all other materials and services not expressly required to be provided and paid for pursuant to the provisions of Section 7.1 above. In connection with Tenant's rights hereunder, Tenant shall have the exclusive right, free of charge, to (i) use all existing electronic, fiber, phone and data cabling and related equipment in the Building; (ii) use all risers, chase ways, pathways, and spaces within the Building ("**Pathways**") and to (iii) install, maintain, repair, replace, or remove communications or computer wires and cables which service the Leased Premises ("**Lines**"), all as necessary to connect Tenant's telecommunications, data and cable networks/services to the telecommunications, data and cable networks/services found within the Building or to Tenant's telecommunications, data and cable networks/services providers, provided, Tenant's use of any Lines or Pathway shall not materially and adversely impact, alter, affect, prohibit, or interfere with the operations and performance of the Building. If Tenant wishes to contract with or obtain service from any provider which does not currently serve the Building and such proposed additional provider requires the installation of additional equipment or infrastructure such provider must, prior to providing service, enter into a commercially reasonable written agreement with Landlord setting forth the terms and conditions of the access to be granted to such provider, which shall be acceptable to Landlord in its reasonable discretion. Landlord shall not be obligated for any additional costs or liabilities in connection with the installation or delivery of telecommunication services or facilities at the Property beyond what was originally provided under the Work Letter. All installations within the Lines and Pathways shall be subject to Landlord's prior approval, not to be unreasonably

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withheld, conditioned, or delayed, and such installation shall be performed in accordance with Section 8.3. Tenant agrees that Landlord may accompany Tenant and its telecommunications and media service providers in connection with any work being performed on the common Lines and Pathways in order to monitor and inspect such work and to assure compliance with the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Additional Limitations</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)Tenant will not, without the written consent of Landlord, which shall not be unreasonably withheld, use any apparatus or device in the Leased Premises (including but without limitation thereto, electronic data processing machines, servers or supplemental heating or cooling systems) which will in any way or to any extent increase the amount of electricity or water usually furnished or supplied for use on the Leased Premises for the use designated in Section 6.1 above, nor connect with either electrical current (except through existing electrical outlets in the Leased Premises), water pipes, or any apparatus or device, for the purposes of using electric current or water. Without limiting the generality of the foregoing, any uses for utilities which are in excess of normal operating uses for offices, including, without limitation, those relating to supplemental heating or cooling requirements, may, at Landlord's option, be sub-metered and billed separately to Tenant and shall not be included as part of Common Area 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;(b)If Tenant shall require water or electric current in excess of that usually furnished or supplied for use of the Leased Premises and such excess requires supplemental heating or cooling systems, or for purposes other than those designated in Section 6.1 above, Tenant shall first procure the consent of Landlord for the use thereof, which consent Landlord shall not be unreasonably withheld, conditioned or delayed. Landlord may cause a water meter, gas meter or electric current meter to be installed in the Leased Premises, so as to measure the amount of water, gas and/or electric current consumed for any such use. Tenant shall pay for the cost of such meters and of installation maintenance and repair thereof. Tenant agrees to pay Landlord promptly upon demand for all such water and electric current consumed as shown by said meters at the rates charged for such service either by the city or county in which the Building is located or by the local public utility, as the case may be, furnishing the same together with any additional expense incurred in keeping account of the water and electric current so consumed.

&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)If and where heat generating machines are used in the Leased Premises which affect the temperature otherwise maintained by the air conditioning system, Landlord reserves the right to install additional or supplementary air conditioning units

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for the Leased Premises. The entire cost of installing, operating, maintaining and repairing the same shall be paid by Tenant to Landlord upon demand,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that Tenant requires the use of ventilation/air conditioning before or after Normal Business Hours, the costs and expenses incurred in connection with such ventilation/air conditioning by Tenant during such after-hours use shall be billed to Tenant at a rate of $25.00 per floor per hour of use, and such costs shall be excluded from Common Area Expenses but payable in addition to Common Area Expenses payable by Tenant, if any. Notwithstanding the foregoing, Tenant may designate a zone on a floor not to exceed 7,500 Usable Square Feet for use by Tenant's development team, which zone shall be separately metered (the "<u>Development Team</u> <u>Zone</u>"), Tenant shall only be charged for after-hours rates in the Development Team Zone if such after-hours on a particular day exceeds four (4) hours of after-hours use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Limitation on Landlord's Liability</u>. Except as set forth in this Section 7.4, Landlord shall not be liable for any failure to provide or furnish any of the foregoing utilities or services if such failure was reasonably beyond the control of Landlord and Tenant shall not be entitled to terminate this Lease or to effectuate any abatement or reduction of rent by reason of any such failure. If utilities and services are interrupted for more than three (3) consecutive calendar days as a result of Landlord's acts or omissions (other than a sublessee or assignee of Tenant), and not a result of Tenant's or its employees, agents, contractors, subtenants or invitees acts or omissions, then Tenant shall have the right to cease payment of Basic Annual Rent and Tenant's Proportionate Share of the Common Area Expenses beginning with the day of interruption pro-rated until such service is reinstated. If such interruption shall continue for sixty (60) consecutive days, Tenant shall have the right, in its sole discretion and in addition to any other remedies available to Tenant, to terminate this Lease by delivering written notice to Landlord at any time prior to the date such utilities are restored. In no event shall Landlord be liable for loss or injury to persons or property, however, arising or occurring in connection with or attributable to any failure to furnish such utilities or services even if within the control of Landlord, provided, however that Landlord shall use reasonable diligence to promptly restore the same.

VIII.MAINTENANCE AND REPAIRS; ALTERATIONS; ACCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>Maintenance and Repairs by Landlord</u>. Landlord shall maintain in good order, condition, and repair the Building, the Common Areas, and the Improvements except the Leased Premises. Such maintenance and repair obligations shall include, but shall not be limited to, maintaining and making necessary foundational, roof and structural repairs and repairs to plumbing, sewer, septic, electrical, mechanical and

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heating, ventilation or air conditioning equipment servicing the Leased Premises. If Landlord is required to repair or replace any damage to the Building, the Common Areas, the Improvements or the Leased Premises occasioned by the willful misconduct or negligent acts of Tenant or the Tenant Related Parties (as defined in Section 10.1 below), Landlord shall replace or repair such damage at Tenant's sole cost and expense, provided if the damage is in excess of $100,000 and is covered by Landlord's insurance, and provided Tenant is not in default beyond all applicable notice and cure periods under its Lease, Landlord agrees to submit such claim on such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Maintenance and Repairs by Tenant</u>. Tenant, at Tenant's sole cost and expense and without prior demand being made, shall maintain the Leased Premises in good order, condition and repair, and will be responsible for the painting, carpeting, or other interior design work of the Leased Premises beyond the initial construction phase as specified in Section 2.3 and Exhibit "C" of this Lease and shall maintain all equipment and fixtures installed by Tenant. Tenant shall in a good and Workmanlike manner repair or replace any damage to the Leased Premises occasioned by the willful misconduct or negligent acts of Tenant or the Tenant Related Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3<u>Alterations</u>. Except as set forth on Exhibit "C" attached hereto, Tenant shall not without first obtaining Landlord's written approval: (a) make or cause to be made any permanent alterations, additions, or improvements to the Leased Premises (collectively, "<u>Alterations</u>") (b) install or cause to be installed any fixtures, signs, floor coverings, interior or exterior lighting, plumbing fixtures, shades or awnings; or (c) make any other Alterations to the Leased Premises without first obtaining Landlord's written approval. The foregoing notwithstanding, if the proposed Alterations are, in Landlord's judgment, likely to affect the structure of the Building or the electrical, plumbing, life safety or HVAC systems or otherwise adversely impacts the value of the Building, such consent may be withheld at the sale and absolute discretion of Landlord; except for the foregoing, Landlord's approval shall not be unreasonably withheld. Tenant shall present to Landlord plans and specifications for all Alterations at the time approval is sought. In the event Landlord consents to the making of any Alterations to the Leased Premises by Tenant, the same shall be made by Tenant at Tenant's sole cost and expense. All such work shall be done only by contractors or mechanics approved by Landlord, which approval shall not be unreasonably withheld. All such work with respect to any Alterations shall be done lien free and in a good and workmanlike manner and diligently prosecuted to completion such that, except as absolutely necessary during the course of such work, the Leased Premises shall at all times be a complete operating unit. In performing such work, Tenant shall at all times comply with all provisions of this Lease, including, without limitation, Section 14.2 of this Lease. Any such Alterations shall be

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performed and done strictly in accordance with all laws and ordinances relating thereto and in compliance with all matters of record. In performing the work or any such Alterations Tenant shall have the same performed in such a manner as not to obstruct access to any portion of the Building. Any Alterations to or of the Leased Premises, including, but not limited to, wallcovering, paneling, and built-in cabinet work, but excepting movable furniture and equipment, shall, if elected by Landlord at the time of consent, become a part of the realty and shall be surrendered with the Leased Premises, unless Landlord otherwise elects at the time permission is granted to Tenant to install such items. Notwithstanding anything herein to the contrary, with respect to any non-structural alteration which (i) does not affect any Building system or any portion of the Building outside the Leased Premises and (ii) does not cost more than $25,000 in the aggregate in a twelve (12) month period, the consent of Landlord will not be required, provided Landlord receives at least 10 days advance notice 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;8.4<u>Landlord's Access to Leased Premises</u>. Landlord shall have the right to place, maintain, and repair all utility equipment of any kind in, upon, and under the Leased Premises as may be necessary for the servicing of the Leased Premises and other portions of the Building. Upon providing at least 48 hours' prior notice to Tenant, except in the event of an emergency in which case no notice shall be required, Landlord shall also have the right to enter the Leased Premises at all times to inspect or to exhibit the same to prospective purchasers and mortgagees, and to make such repairs, additions, alterations, or improvements as Landlord may deem desirable. Landlord shall be allowed to take all material upon said Leased Premises that may be required therefor without the same constituting an actual or constructive eviction of Tenant in whole or in part, the rents reserved herein shall in no wise abate while said work is in progress by reason of loss or interruption of Tenant's business or otherwise, and Tenant shall have no claim for damages. During the six (6) month period prior to expiration of this Lease or of any renewal term, Landlord may exhibit the Leased Premises to prospective tenants or lessees and may place upon the Leased Premises reasonable "For Lease" or "For Sale" signs which Tenant shall permit to remain thereon. In connection with any of the foregoing activities of Landlord, Landlord shall use commercially reasonable efforts while conducting such activities to minimize any interference with Tenant's use of that eased Premises.

IX.ASSIGNMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<u>Definitions</u>. As used in this Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Pledge</u>" means to pledge, encumber, mortgage, assign (whether as collateral or absolutely) or otherwise grant a lien or security interest in this Lease or any

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portion of the Leased Premises as security for, or to otherwise assure, performance of any obligation of Tenant or any other person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Sublease</u>" means to lease or enter into any other form of agreement with any other person, whether written or oral, which allows that person or any other person to occupy or possess any part of the Leased Premises for any period of time or for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Transfer</u>" means to sell, assign, transfer, exchange or otherwise dispose of or alienate any interest of Tenant in this Lease, whether voluntary or involuntary or by operation of law including, without limitation: (i) any such Transfer by death, incompetency, foreclosure sale, deed in lieu of foreclosure, levy or attachment; (ii) if Tenant is not a human being, any direct or indirect Transfer of fifty percent (50%) or more of any one of the voting, capital or profits interests in Tenant; and (iii) if Tenant is not a human being, any Transfer of this Lease from Tenant by merger, consolidation, transfer of assets, or liquidation or any similar transaction under any law pertaining to corporations, partnerships, limited liability companies or other forms of organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2<u>Transfers, Subleases and Pledges Prohibited</u>. Except with the prior written consent of Landlord in each instance, which shall not be unreasonably withheld conditioned or delayed, and except as permitted in Section 9.5, Tenant shall not Transfer or Pledge this Lease, or Sublease or Pledge all or any part of the Leased Premises, excluding Tenant's personal property. Consent of Landlord to any of the actions described in the previous sentence shall be deemed granted and delivered only if obtained strictly in accordance with and pursuant to the procedure set forth in Section 9.3 of this Lease and is memorialized in a writing signed by Landlord that refers on its face to Section 9.3 of this Lease. Any other purported Transfer, Sublease or Pledge shall be null and void, and shall constitute a default under this Lease which, if not cured within ten (10) days by Tenant, at the option and election of Landlord exercisable in writing at its sole discretion, shall result in the immediate termination of this Lease; provided, if Landlord does not terminate this Lease, it may exercise any other remedies available to it under this Lease or at law or equity. Consent by Landlord to any Transfer, Sublease or Pledge shall not operate as a waiver of the necessity for consent to any subsequent Transfer, Sublease or Pledge, and the terms of Landlord's written consent shall be binding upon any person holding by, under, or through Tenant. Except as provided in Section 9.5, Landlord's consent to a Transfer, Sublease or Pledge shall not relieve Tenant from any of its obligations under this Lease, all of which shall continue in full force and effect notwithstanding any assumption or agreement of the person to whom the Transfer, Sublease or Pledge pertains.

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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;9.3<u>Consent of Landlord Required</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If Tenant proposes to make any Transfer, Sublease or Pledge it shall promptly notify Landlord in writing of the details of the proposed Transfer, Sublease or Pledge, and shall also promptly furnish to Landlord sufficient written information and documentation reasonably required by Landlord to allow Landlord to assess the business to be conducted in the Leased Premises by the person to whom the Transfer, Sublease or Pledge is proposed to be made, the financial condition of such person and the nature of the transaction in which the Transfer, Sublease or Pledge is to occur, provided, that it shall be deemed unreasonable for Landlord to require more than three (3) years of financial information. If Landlord determines that the information furnished does not provide sufficient information, Landlord may demand that Tenant provide such additional information as Landlord may require in order to evaluate the proposed Transfer, Assignment or Pledge. In the event Landlord fails to disapprove of such Transfer, Sublease or Pledge within twenty (20) days of Landlord's receipt of the information required by this Section 9.3(a), Landlord shall be deemed to have approved of such Transfer, Sublease or Pledge. It shall be deemed reasonable for Landlord to withhold its consent to a Transfer or Sublease for any of the following reasons: (i) a proposed transferee has managerial skills, or an operational, business history or financial capacity inadequate with respect to the obligations under this Lease, as determined by Landlord in its reasonable discretion; and/or (ii) the character and reputation of the proposed transferee or sublessee is not reasonably satisfactory to Landlord; and/or (iii) the occupancy of the Leased Premises by the proposed transferee or sublessee would likely violate a provision of this Lease or any other lease or agreement in effect prior to the date of this Lease concerning the Building or the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Landlord shall have the absolute right to reject any proposed Transfer. Sublease or Pledge under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If, as a result of the Transfer, Sublease or Pledge, Landlord or the Leased Premises would be subject to compliance with any law, ordinance, regulation or similar governmental requirement to which Landlord or the Leased Premises were not previously subject, or as to which Landlord or the Leased Premises has a variance, exemption or similar right not to comply including, without limitation, that certain act commonly known as the "Americans with Disabilities Act of 1990", and any related rules or regulations, or similar state or local laws relating to persons with disabilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A Transfer, Sublease or Pledge to any other person which is the landlord or sublandlord under any leases or subleases for office space within a ten (10) mile radius of the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)A Transfer, Sublease or Pledge to any other person which is at that time has an enforceable lease for any other space in the Building or any prospective tenant with whom Landlord has, in the prior six (6) months entered into a letter of intent or responded to a request for proposal, and provided Landlord has space in the Building to accommodate such persons request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)A sublease of less than all of the Leased Premises where the configuration or location of the subleased premises might reasonably be determined by Landlord to have any adverse effect on the ability of Landlord to lease remainder of the Leased Premises if Landlord were to terminate this Lease but agree to be bound by the Sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The person to whom the Transfer, Sublease or Pledge is to be made will not agree in writing to be bound by the terms and conditions of this Lease; provided that this Lease shall not be enforceable against person to whom this Lease or Leased Premises is to be Pledged until after the foreclosure or other realization upon its lien or security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as set forth in Section 9.3(b), Landlord's consent shall not be unreasonably withheld, provided that: (i) Tenant promptly provides to Landlord all information requested by Landlord pursuant to Section 9.3(a) and Landlord determines that such information is sufficient to allow Landlord to accurately evaluate the financial condition of the person to whom the Transfer, Sublease or Pledge is to be made; and (ii) Tenant and the person to whom the Transfer, Sublease or Pledge is to be made agree in writing to all of the rights of Landlord set forth in Section 9.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4<u>Landlord's Right in Event of Assignment or Sublease</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)If Landlord consents in writing to any Transfer or any Sublease, Landlord may collect rent and other charges and amounts due under this Lease from the person to whom the Transfer was made or under the sublease from any person who entered into the Sublease, and Landlord shall apply all such amounts collected to the rent and other charges to be paid by Tenant under this Lease. If Landlord consents in writing to any Pledge of this Lease or any portion of the Leased Premises, and the person to whom the Pledge was made forecloses or otherwise realizes upon any interest in this Lease or in any portion of the Leased Premises, Landlord may collect rent and other charges and amounts

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due under this Lease from such person, and Landlord shall apply the amount collected to the rent and other charges and amounts to be paid by Tenant under this Lease, Such collection, however, shall not constitute consent or waiver of the necessity of written consent to such Transfer, Sublease or Pledge, nor shall such collection constitute the recognition of such person or any other person as the "Tenant" under this Lease or constitute or result in a release of Tenant from the further performance of all of the covenants and obligations pursuant to this Lease, including the obligation to pay rent and other charges and other amounts due under this Lease. No Transfer, Sublease or Pledge, including a Permitted Transfer (defined below), shall constitute or result in a release of Tenant from the further performance of all of the covenants and obligations pursuant to this Lease, including the obligation to pay rent and other charges and other amounts due under this Lease, all of which Tenant shall continue to be liable for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that any rent and additional consideration payable after a Transfer exceed the rents and additional consideration payable under this Lease, Landlord and Tenant shall share equally in the amount of any profits. In the event that the rents and additional consideration payable under a Sublease exceed the rents and other consideration payable under this Lease (prorated to the space being subleased pursuant to the Sublease), Landlord and Tenant shall share equally in the amount of any profits. For the purposes set forth in this Section 9.4(b), the term "profits" shall mean the gross revenue received from the assignee or sublessee during the sublease term or during the assignment less: (i) the gross revenue (exclusive of any such profits) paid to Landlord by Tenant during the period of the sublease term or during the assignment for the space covered by the sublease or assignment ("Sublease Space"); (ii) any improvement allowance or other out of pocket economic expense (space planning allowance, moving expenses, etc.) paid by Tenant to sublessee or assignee; (iii) any broker's commission incurred by Tenant; (iv) reasonable out of pocket attorneys' fees incurred by Tenant; (v) any lease takeover costs; and (vi) costs of advertising and marketing such Sublease Space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that Tenant shall request that Landlord consent to a Transfer, Sublease or Pledge, Tenant and/or the person to whom the Transfer, Sublease or Pledge was made shall pay to Landlord reasonable legal fees and costs, not to exceed $2,500.00, incurred in connection with processing of documents necessary to effect the Transfer, Sublease or Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5<u>Permitted Transfer or Sublease</u>. Notwithstanding anything in this Lease to the contrary. Tenant shall have the right, without the prior consent of Landlord, to assign this Lease or sublet the whole or any part of the Leased Premises (a "<u>Permitted Transfer</u>") to a corporation or entity (a "<u>Related Entity</u>") which: (i) is Tenant's parent organization,

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or (ii) is a wholly-owned subsidiary of Tenant or Tenant's parent organization, or (iii) is an organization of which Tenant or Tenant's parent owns in excess of fifty percent (50%) of the outstanding capital stock or has in excess of fifty percent (50%) ownership or control interest, or (iv) is the result of a consolidation, merger or reorganization with Tenant and/or Tenant's parent organization, or (v) is the transferee of substantially all of Tenant's assets; provided, in the case of a Transfer which is permitted pursuant to clauses (iv) and (v) above, immediately after such Transfer, the successor Tenant must have a Tangible Net Worth (defined below) that is not less than $50,000,000 and annual revenues which are not less than $50,000,000. As used in this Lease, "Tangible Net Worth" means the sum of all of Tenant's assets, less liabilities and intangible assets, as determined by the use of generally accepted accounting principles.

In connection with a Transfer or Sublease permitted under this Section 9.5(b), Tenant shall (i) give Landlord fifteen (15) days prior written notice of such Transfer or Sublease, and (ii) deliver to Landlord copies of (x) an assignment and assumption of this Lease (in the case of a Transfer of the Lease), which shall be in form and substances satisfactory to Landlord in its reasonable discretion, and (y) the Sublease, which shall be subject and subordinate to this Lease.

Further, except in the case of any Permitted Transfer that is a Sublease, in the event of any Permitted Transfer under clauses (iv) and (v) of Section 9.5 above, Tenant shall be relieved of and released from all liability and obligations under this Lease accruing and/or arising from and after the effective date of such Permitted Transfer so long as immediately following such Permitted Transfer such transferee shall meet the financial requirements in Section 9.5 A release of Tenant from liability under this Lease, if any, shall be confirmed in a separate agreement signed by Landlord.

X.INDEMNITY AND HAZARDOUS MATERIALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1<u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Tenant's Indemnity</u>. Subject to the provisions of Section 11.5 below and to the fullest extent permitted by law, except to the extent caused by the gross negligence or willful misconduct of Landlord, Tenant shall protect, defend, indemnify and hold harmless Landlord and its affiliates against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys' fees and costs of litigation), resulting from or incurred by Landlord or any affiliate of Landlord on account of any of the following: (a) the use of the Leased Premises by Tenant or by its agents, contractors, employees, servants, invitees, licensees or concessionaires (the "<u>Tenant Related Parties</u>"), the

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conduct of its business or profession, or any other activity permitted or suffered by Tenant or the Tenant Related Parties within the Leased Premises; or (b) any breach by Tenant of this Lease. Tenant shall defend all suits brought upon such claims and pay all costs and expenses incidental thereto. Notwithstanding the foregoing, Landlord shall have the right, at its option and expense, to participate in the defense of any such suit without relieving Tenant of any obligation 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;(b)<u>Landlord's Indemnity</u>. Subject to the provisions of Section 11.5, below, and to the fullest extent permitted by law, Landlord shall protect, defend, indemnify and hold harmless Tenant and Tenant Related Parties against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys' fees and costs of litigation), resulting from or incurred by Tenant or any Tenant Related Parties on account of (a) the gross negligence or willful misconduct of Landlord or its agents, contractors, and employees (the "<u>Landlord Related Parties</u>"), or (b) any breach or default by Landlord in the performance of its obligations and covenants under this Lease. Landlord shall defend all suits brought upon such claims and pay all costs and expenses incidental thereto. Notwithstanding the foregoing, Tenant shall have the right, at its option and expense, to participate in the defense of any such suit without relieving Landlord of any obligation hereunder. Landlord shall have no obligation, duty or liability with respect to any Domestic Animals brought onto the Property by Tenant or its contractors, agents, invitees or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2<u>Notice</u>. Tenant shall give prompt notice to Landlord in case of fire or accidents in the Leased Premises or in the Building of which the Leased Premises are a part or of defects therein or in any fixtures or equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3<u>Environmental Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Tenant Indemnity, In addition to and without limiting the scope of any other indemnities provided under this Lease, Tenant shall indemnify, defend (with counsel reasonably acceptable to Landlord) and hold harmless Landlord from and against any and all demands, losses, costs, expenses, damages, bodily injury, wrongful death, property damage, claims, cross-claims, charges, action, lawsuits, liabilities, obligations, penalties, investigation costs, removal costs, response costs, remediation costs, natural resources damages, governmental administrative actions, and reasonable attorneys' and consultants' fees and expenses arising out of, directly or indirectly, in whole or in part, or relating to (i) the release of Hazardous Materials (as defined in Section 10.5 below) by Tenant or the Tenant Related Parties, (ii) the violation of any Hazardous Materials laws by Tenant or the Tenant Related Parties, or (iii) the use, storage, generation or disposal of Hazardous Materials in, on, about, or from the Property by Tenant or the Tenant Related

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Parties (the items listed in clauses (i) through and including (iii) being referred to herein individually as a "<u>Tenant Release</u>" and collectively as the "<u>Tenant Releases</u>"), provided, however, that the foregoing shall not prohibit the storage, use or disposal of cleaning materials, ink, toner and other typical office supplies that are stored in reasonable quantities and are transported, stored, used and disposed of in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Landlords Indemnity</u>. In addition to and without limiting the scope of any other indemnities provided under this Lease, Landlord shall indemnify, defend (with counsel reasonably acceptable to Tenant) and hold harmless Tenant from and against any and all demands, losses, costs, expenses, damages, bodily injury, wrongful death, property damage, claims, cross-claims, charges, action, lawsuits, liabilities, obligations, penalties, investigation costs, removal costs, response costs, remediation costs, natural resources damages, governmental administrative actions, and reasonable attorneys' and consultants' fees and expenses arising out of, directly or indirectly, in whole or in part, or relating to (i) the release of Hazardous Materials (as defined in Section 10.4, below) by Landlord or the Landlord Related Parties, (ii) the violation of any Hazardous Materials laws by Landlord or the Landlord Related Parties, or (iii) the use, storage, generation or disposal of Hazardous Materials in, on, about, or from the Property by Landlord or the Landlord Related Parties (the items listed in clauses (i) through and including (iii) being referred to herein individually as a "<u>Landlord Release</u>" and collectively as the "<u>Landlord Releases</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4<u>Definition of Hazardous Materials</u>. The term "Hazardous Materials" shall mean any substance:

&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)which is flammable, explosive, radioactive, toxic, corrosive, infectious, carcinogenic, mutagenic, or otherwise hazardous and which is or becomes regulated by any governmental authority, agency, department, commission, board or instrumentality of the United States, the state in which the Property is located or any political subdivision 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)which contains asbestos, organic compounds known as polychlorinated biphenyls; chemicals known to cause cancer or reproductive toxicity or petroleum, including crude oil or any fraction thereof; or which is or becomes defined as a pollutant, contaminant, hazardous waste, hazardous substance, hazardous material or toxic substance under the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901-6992k; the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. §§ 9601-9657; the Hazardous Materials Transportation Authorization Act of 1994, 49 U.S.C. §§5101-5127; the Clean Water Act, 33 U.S.C. §§

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1251-1387; the Clear Air Act, 42 U.S.C. §§ 7401-7671q; the Toxic Substances Control Act, 15 U.S.C. §§ 2601-2692; the Safe Drinking Water Act, 42 U.S.C. §§ 300f to 300j-26; the Emergency Planning and Community Right-To-Know Act of 1986, 42 U.S.C. §§ 11001-11050; and title 19, chapter 6 of the Utah Code, as any of the same have been or from time to time may be amended; and any similar federal, state and local laws, statutes, ordinances, codes, rules, regulations, orders or decrees relating to environmental conditions, industrial hygiene or Hazardous Materials on the Property, including all interpretations, policies, guidelines and/or directives of the various governmental authorities responsible for administering any of the foregoing, now in effect or hereafter adopted, published and/or promulgated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the presence of which on the Property requires investigation or remediation under any federal, state, or local statute, regulation, ordinance, order, action, policy, or common law; 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)the presence of which on the Property causes or threatens to cause a nuisance on the Property or to adjacent properties or poses a hazard to the health and safety of persons on or about the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5<u>Use of Hazardous Materials</u>. Tenant shall not, and shall not permit any Tenant Related Parties to use, store, generate, release, or dispose of Hazardous Materials in, on, about, or from the Property except those typically used in an office building and otherwise in full compliance with all applicable laws. Landlord shall not, and shall not permit any Landlord Related Parties to use, store, generate, release, or dispose of Hazardous Materials in, on, about, or from the Property except those typically used in an office building and otherwise in full compliance with all 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;10.6<u>Release of Hazardous Materials</u>. If Tenant discovers that any spill, leak, or release of any quantity of any Hazardous Materials has occurred on, in or under the Property, Tenant shall promptly notify Landlord. In the event such release is a Tenant Release, Tenant shall (or shall cause others to) promptly and fully investigate, cleanup, remediate and remove all such Hazardous Materials as may remain and so much of any portion of the environment as shall have become contaminated, all in accordance with applicable government requirements, and shall replace any removed portion of the environment (such as soil) with uncontaminated material of the same character as existed prior to contamination. In the event such release is caused by Landlord or its contractor's, agents or employees, Landlord shall (or shall cause others to) promptly and fully investigate, cleanup, remediate and remove all such Hazardous Materials as may remain and so much of any portion of the environment as shall have become contaminated, all in accordance with applicable government requirements, and shall replace any removed

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portion of the environment (such as soil) with uncontaminated material of the same character as existed prior to contamination. Within twenty (20) days after any such spill, leak, or release, the party responsible for the remediation of such release shall give the other party a detailed written description of the event and of such responsible parties investigation and remediation efforts to date. Within twenty (20) days after receipt, such responsible party shall provide the other party with a copy of any report or analytical results relating to any such spill, leak, or release. In the event of a release of Hazardous Material in, on, or under the Property by the Tenant Related Parties, Tenant shall not be entitled to an abatement of Rent during any period of remediation, provided, however, that in the event a Landlord Release causes the Leased Premises to be untenantable for a period of three (3) consecutive business days, Basic Annual Rent shall be thereafter be abated during the period which the Leased Premises are untenantable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7<u>Release of Landlord</u>. Except as expressly provided herein and except resulting from the gross negligence or willful misconduct of Landlord, Landlord shall not be responsible or liable at any time for any loss or damage to Tenant's personal property or to Tenant's business, including any loss or damage to either the person or property of Tenant or Tenant Related Parties that may be occasioned by or through the acts or omissions of persons occupying adjacent, connecting, or adjoining space. Except as expressly provided in this Lease, Tenant shall store its property in and shall use and enjoy the Leased Premises and all other portions of the Building and Improvements at its own risk, and hereby releases Landlord, to the fullest extent permitted by law, from all claims of every kind resulting in loss of life, personal or bodily injury, or property damage unless resulting from the gross negligence or willful misconduct of Landlord.

XI.INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1<u>Insurance on Tenant's Personal Property and fixtures</u>. At all times during the Term of this Lease, Tenant shall keep in force at its sole cost and expense with insurance companies acceptable to Landlord, hazard insurance on an ["**all-risk type**"] or equivalent policy form, and shall include fire, theft, extended coverages, vandalism, and malicious mischief, Coverage shall be equal to 100% of the Replacement Cost value of Tenant's contents, fixtures, furnishings, equipment, and all improvements or additions (excluding the initial Tenant Improvements) made by Tenant to the Leased Premises. The deductible under such insurance coverage shall not exceed $10,000.00. Such policy shall name Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance. The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice.

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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;11.2<u>Property Coverage</u>. At all times during the Term, Landlord shall obtain and maintain in force an "all-risk type" or equivalent policy form for the full replacement value of the Building, Landlord's Improvements and personal property owned by Landlord, as the values may exist from time to time, and shall include fire, theft, extended coverages, vandalism, and malicious mischief on the Building during the Term and any extension thereof. Landlord may obtain, at Landlord's discretion, coverage for flood and earthquake if commercially available at reasonable rates. Such insurance shall also include coverage against loss of rental 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;11.3<u>Automobile</u>. At all times during the Term, Tenant shall maintain Commercial Automobile Liability insurance with limits of not less than One Million Dollars ($1,000,000) for any one accident and shall include owned, hired and non-owned automobiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4<u>Liability Insurance</u>. During the Term and at its sole cost and expense, Tenant shall keep in full force and effect with insurance companies acceptable to Landlord a policy of Commercial General Liability Insurance with limits of not less than $2,000,000 each Occurrence and $5,000,000 General Aggregate, and which coverage may be met through an umbrella insurance policy maintained by Tenant. The policy shall apply to the Leased Premises and all operations of Tenant's business and all claims and liabilities in connection with or arising as a result of Domestic Animals brought onto the Property by Tenant or any invitees or employees of Tenant and all claims relating to the operation of a day-care on within the Leased Premises. Such policy shall name Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance. The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice. Tenant shall provide Landlord with evidence of current insurance coverage, at least once annually during the Term, or otherwise within ten (10) days of Landlord's written request. All public liability, property damage, and other liability policies shall be written as primary policies, not contributing with coverage which Landlord may carry. All such policies shall contain a provision that Landlord, although named as an insured, shall nevertheless be entitled to recover under said policies for any loss occasioned to it, its servants, agents, and employees by reason of the negligence of Tenant. All such insurance shall specifically insure the performance by Tenant of the indemnity agreement as to liability for injury to or death of persons or injury or damage to property contained in Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5<u>Waiver of Subrogation</u>. Landlord and Tenant hereby waive all rights to recover against each other, against any other tenant or occupant of the Building, and against each other's officers, directors, shareholders, partners, joint venturers, employees,

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agents, customers, invitees or business visitors or of any other tenant or occupant of the Building, for any loss or damage arising from any cause covered by any insurance carried by the waiving party, to the extent that such loss or damage is actually covered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6<u>Lender</u>. Any mortgage lender interest in any part of the Building or Improvements may, at Landlord's option, be afforded coverage under any policy required to be secured by Tenant hereunder, by use of a mortgagee's endorsement to the policy concerned.

XII.DESTRUCTION

If the Leased Premises are partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of the improvements constructed by Landlord pursuant to the Work Letter which is damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premises are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord if any of the following occur; (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be materially damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the Term or of any renewal thereof, (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then-monetary value thereof, or (e the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender's election to apply such proceeds to the payment of the mortgage loan). Tenant's liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and remixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

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XIII.CONDEMNATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1<u>Total Condemnation</u>. If the whole of the Leased Premises shall be acquired or taken by Condemnation Proceeding, then this Lease shall cease and terminate as of the date of title vesting in such Condemnation Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2<u>Partial Condemnation</u>. If any part of the Leased Premises shall be taken as aforesaid, and such partial taking shall render the remaining portion unsuitable for Tenant's business, then this Lease shall cease and terminate as aforesaid. If the Leased Premises remain suitable for Tenant's business following such partial taking, then this Lease shall continue in effect except that the Basic Annual Rent and Additional Rent shall be reduced in the same proportion that the portion of the Leased Premises (including basement, if any) taken bears to the total area initially demised. Landlord shall, upon receipt of the award, make all necessary repairs or alterations to the Building in which the Leased Premises are located and otherwise constituting improvements constructed by Landlord pursuant to the Work Letter, provided that Landlord shall not be required to expend for such work an amount in excess of the amount received by Landlord as damages for the part of the Leased Premises so taken. "<u>Amount received by Landlord</u>" shall mean that part of the award from the Condemnation Proceeding, less any costs or expenses incurred by Landlord in the collection of the award, which is free and clear to Landlord of any collection by mortgage lenders for the value of the diminished fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3<u>Landlord's Option to Terminate</u>. If more than thirty percent (30%) of the Building shall be taken as aforesaid, Landlord may, by written notice to Tenant, terminate this Lease. If a portion of the Property or Common Areas is taken such that Tenant cannot, access the Leased Premises, or parking stalls are decreased by more than ten percent (10%) for a period in excess of one hundred eighty (180) days and Landlord has failed to provide reasonable alternative parking, Tenant may terminate this Lease by delivering written notice to Landlord within thirty (30) days of the date Tenant is given written notice of such taking by Landlord. If this Lease is terminated as provided in this Section, rent shall be paid up to the day that possession is so taken by public authority and Landlord shall make an equitable refund of any rent paid by Tenant in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4<u>Award</u>. Tenant shall not be entitled to and expressly waives all claim to any condemnation award for any taking, whether whole or partial and whether for diminution in value of the leasehold or to the fee. Tenant shall have the right to claim from the condemning party, but not from Landlord, such compensation as may be recoverable by Tenant in its own right, including, but not limited to, damages to Tenant's business and fixtures, to the extent that the same shall not reduce Landlord's award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5<u>Definition of Condemnation Proceeding</u>. As used in this Lease the term "Condemnation Proceeding" means any action or proceeding in which any interest in the Leased Premises is taken for any public or quasi-public purpose by any lawful authority through exercise of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof.

XIV.LANDLORD'S RIGHTS TO CURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1<u>General Right</u>. In the event of Landlord's breach, default, or noncompliance hereunder, Tenant shall, before exercising any right or remedy available to it, give Landlord written notice of the claimed breach, default, or noncompliance. If prior to its giving such notice Tenant has been notified in writing (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of a lender which has furnished any of the financing referred to in Part XV hereof, concurrently with giving the aforesaid notice to Landlord, Tenant shall, by certified mail, return receipt requested, transmit a copy thereof to such lender. For the thirty (30) days following the giving of the notice(s) required by the foregoing portion of this Section (or such longer period of time as may be reasonably required to cure a matter which, due to its nature, cannot reasonably be rectified within thirty (30) days), Landlord shall have the right to cure the breach, default, or noncompliance involved. If Landlord has failed to cure a default within said period, any such lender shall have an additional thirty (30) days within which to cure the same or, if such default cannot be cured within that period, such additional time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions or remedies necessary to cure the breach default, but in no event longer than one hundred twenty (120) days, or noncompliance involved (including, but not limited to, commencement and prosecution of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument, if necessary to effect such cure), in which event this Lease shall not be terminated by Tenant so long as such actions or remedies are being diligently pursued by said 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;14.2<u>Mechanic's Liens</u>. Should any mechanic's or other lien be filed against the Leased Premises or any part thereof by reason of Tenant's acts or omissions or because of a claim against Tenant, Tenant shall cause the same to be canceled and discharged of record by bond or otherwise within thirty (30) days after notice by Landlord, If Tenant fails to comply with its obligations in the immediately preceding sentence within such thirty (30) day period, Landlord may perform such obligations at Tenant's expenses, in which case all of Landlord's costs and expense in discharging shall be immediately due and payable by Tenant and shall bear interest at the rate set forth in Section 16.3 hereof. Tenant shall cause any person or entity directly or indirectly supplying work or materials to Tenant to acknowledge and agree, and Landlord hereby notifies any such contractor,

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that: (a) no agency relationship, whether express or implied, exists between Landlord and any contractor retained by Tenant; (b) all construction contracted for by Tenant is being done for the exclusive benefit of Tenant; and (c) Landlord neither has required nor obligated Tenant to make the improvements done by the contractor.

XV.FINANCING; SUBORDINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1<u>Subordination</u>. This Lease is and shall continue to be subordinate to any mortgage, deed of trust, or other security interest now existing or hereafter placed on Landlord's interest in the Property by a mortgage lender (as amended, restated, supplemented, or otherwise modified from time to time, including any refinancing thereof, a "**Mortgage**"); provided, however, such subordination is subject to the condition upon Landlord delivering an SNDA to Tenant. Landlord shall deliver to Tenant concurrently with the execution of this Lease by Landlord and Tenant, and Tenant shall execute, a Subordination, Non Disturbance, and Attornment Agreements in the form attached hereto as Exhibit "I" (an "**SNDA**"). If requested by a holder of the Mortgage, Tenant agrees at any time and from time to time to execute and deliver an SNDA in favor of such holder of the Mortgage. If elected by the holder of a Mortgage, this Lease shall be superior to such Mortgage, in which case Tenant shall execute and deliver an instrument confirming the same. Tenant's obligation to subordinate this Lease to the lien of any future loan or ground lease will be conditioned on receipt of an SNDA. Tenant shall not subordinate its interests hereunder or in the Leased Premises to any lien or encumbrance other than the Mortgages described in and specified pursuant to this Section 15.1 without the prior written consent of Landlord and of the lender interested under each Mortgage then affecting the Leased Premises. Any such unauthorized subordination by Tenant shall be void and of no force or effect 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;15.2<u>Amendment</u>. Tenant recognizes that Landlord's ability from time to time to obtain construction, acquisition, standing, and/or permanent mortgage loan financing for the Building and/or the Leased Premises may in part be dependent upon the acceptability of the terms of this Lease to the lender concerned. Accordingly, Tenant agrees that from time to time it shall, if so requested by Landlord and if doing so will not substantially and adversely affect Tenant's economic interests or rights hereunder, join with Landlord in amending this Lease so as to meet the commercially reasonable needs or requirements of any lender which is considering making or which has made a loan secured by a Mortgage affecting the Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3<u>Attornment</u>. Any sale, assignment, or transfer of Landlord's interest under this Lease or in the Leased Premises including any such disposition resulting from Landlord's default under a Mortgage, shall be subject to this Lease. Upon assumption by

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the transferee of Landlord's obligations under this Lease from and after the date of such assumption, Tenant shall attorn to Landlord's successor and assigns and shall recognize such successor or assigns as Landlord under this Lease, regardless of any rule of law to the contrary or absence of privity of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4<u>Financial Information</u>. As a condition to Landlord's acceptance of this Lease, Tenant shall provide upon request of Landlord Tenant's audited financial statements for Tenant's most recently completed fiscal year and a year to date balance sheet and income statement, to verify the financial condition of Tenant, its assignees or subtenants from time to time during the term of the Lease, provided, however, if and so long as Tenant is a public ally traded company, Tenant's obligations under this Section 15.4 shall be deemed satisfied so long as Tenant has made such statement available as required by applicable laws. Tenant shall not be required to provide such information more than one (1) time during any twelve (12) month period. Tenant hereby represents and warrants that such information, taken as a whole, will not contain any untrue statement of material fact, nor will any audited financial statements provided by Tenant omit any material fact necessary to make the statements contained therein not misleading. If required by Landlord's lender or a potential purchaser, Tenant shall cause such financial statements to be certified by Tenant's chief financial officer, solely in his or her capacity as chief financial officer, that such financial statements do not contain any untrue statement of material fact, nor do any audited financial statements provided by Tenant omit any material fact necessary to make the statements contained therein not misleading.

XVI.EVENTS OF DEFAULT; REMEDIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1<u>Default by Tenant</u>. Upon the occurrence of any of the following events (each an "<u>Event of Default</u>"), Landlord shall have the remedies set forth in Section 16.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Tenant fails to pay any installment of Basic Annual Rent or Additional Rent or any other sum due hereunder within five (5) days after such Rent is due after written notice from Landlord of such failure; provided, however, Landlord shall not be required to provide a written notice of such monetary default more than one (1) time in any twelve (12) month 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;(b)Tenant fails to perform any other term, condition, or covenant to be performed by it pursuant to this Lease within thirty (30) days after written notice that such performance is due shall have been given to Tenant by Landlord or; provided, if cure of any nonmonetary default would reasonably require more than thirty (30) days to complete, if Tenant fails to commence performance within the thirty (30) day period or,

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after timely commencing, fails diligently to pursue such cure to completion but in no event to exceed ninety (90) 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;(c)Tenant or any guarantor of this Lease shall become bankrupt or insolvent or file any debtor proceedings or have taken against such party in any court pursuant to state or federal statute, a petition in bankruptcy or insolvency, reorganization, or appointment of a receiver or trustee; or Tenant petitions for or enters into a voluntary arrangement under applicable bankruptcy law; or suffers this Lease to be taken under a writ of execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2<u>Remedies</u>. Subject to applicable Utah law, in the event of any default by Tenant hereunder beyond any applicable notice and cure periods, Landlord may at any time, without waiving or limiting any other right or remedy available to it, terminate Tenant's rights under this Lease by written notice, reenter and take possession of the Leased Premises by any lawful means (with or without terminating this Lease), or pursue any other remedy allowed by law. Tenant agrees to pay to Landlord the actual and reasonable cost of recovering possession of the Leased Premises, all actual and reasonable costs of reletting, and all other actual and reasonable costs and damages arising out of Tenant's default, including attorneys' fees. Notwithstanding any reentry, the liability of Tenant for the rent reserved herein shall not be extinguished for the balance of the Term, and Tenant agrees to compensate Landlord upon demand for any deficiency arising from reletting the Leased Premises at a lesser rent than applies under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the occurrence of any Default, if Landlord elects to terminate this Lease and Tenant's right to possession of the Leased Premises, Landlord may recover from Tenant an award of damages equal to the sum of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The worth at the time of award of the rent which had been earned at the time of termination and an amount equal to the Abated Rent which has not been amortized over the initial Term as determined on a straight line 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;(ii)The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;

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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;(iv)Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; 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)All such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time under applicable law.

The "worth at the time of award" of the amounts referred to in parts (i) and (ii) above, shall be computed by allowing interest at the Default Interest Rate. The "worth at the time of award" of the amount referred to in part (iii), above, shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3<u>Past Due Sums</u>. If Tenant fails to pay, when the same is due and payable, any Basic Annual Rent, Additional Rent, or other sum required to be paid by it hereunder, such unpaid amounts shall bear interest from the due date thereof to the date of payment at a fluctuating rate equal to ten percent (10%) per annum (the "<u>Default</u> <u>Interest Rate</u>"). In addition thereto, Tenant shall pay a sum of five percent (5%) of such unpaid amounts as a service fee; provided, however, such service fee shall not be required unless Tenant shall fail make a payment required hereunder within five (5) days after written notice from Landlord, provided, further, Landlord shall not be required to deliver written notice more than one (1) time in any twelve (12) month period prior to the service fee being due and payable. Notwithstanding the foregoing, however, Landlord's right concerning such interest and service fee shall be limited by the maximum amount which may property be charged by Landlord for such purposes under 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;16.4<u>Default by Landlord</u>. Landlord shall be in default of the performance of its obligations under this Lease if Landlord defaults in the performance or observation of any agreement, liability, or obligation imposed on it by this Lease and Landlord fails to cure such default within thirty (30) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation; provided, however, that if the nature of Landlord's obligations is such that more than thirty (30) days are required for performance then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently and continuously prosecutes the same to completion (a "<u>Landlord's Default</u>"). Upon the occurrence of a Landlord's Default under this Lease, Tenant, at its option, without further notice or demand, and without limiting its right to receive any late delivery payments in connection with Landlord's delivery of the Leased Premises as specified above, may: (a) pursue the remedy of specific performance or injunction; (b) seek declaratory relief; (c) pursue an

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action for actual and direct damages for loss; and (d) unless such Landlord's Default results from Landlord's failure to perform any construction obligations hereunder, but including without limitation repair and maintenance obligations of Landlord, take reasonable measures to cure such Landlord's Default to the extent relating to the repair or maintenance of the Leased Premises on Landlord's account, in which event Landlord shall reimburse Tenant for any actual out-of-pocket reasonable costs or contractual liability incurred by Tenant in connection with such cure (including reasonable attorneys' fees) within thirty (30) days of Landlord's receipt of a written demand, statement or invoice, including reasonable back-up documentation; provided that Tenant shall have the right to withhold from its payments of Basic Annual Rent and Additional Rent any such amounts that remain unreimbursed by Landlord beyond such thirty (30) day period until all such amounts have been fully reimbursed, and any such amounts not paid to Tenant when due shall accrue interest thereafter at the Default Interest Rate.

XVII.PROVISIONS APPLICABLE AT TERMINATION OF LEASE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1<u>Surrender of Leased Premises</u>. At the expiration of this Lease, except for changes made by Tenant that were approved by Landlord and the initial Tenant Improvements, Tenant shall surrender the Leased Premises in the same condition, less reasonable wear and tear, as they were in upon delivery of possession thereto under this Lease and shall deliver all keys to Landlord. Before surrendering the Leased Premises, Tenant shall remove all of its personal property and trade fixtures and such property ortho removal thereof shall in no way damage the Leased Premises, and Tenant shall be responsible for all costs, expenses and damages incurred in the removal thereof If Tenant fails to remove its personal property and fixtures upon the expiration of this Lease, the same shall be deemed abandoned and shall become the property of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2<u>Holding Over</u>. Any holding over after the expiration of the term hereof or of any renewal term with the prior written consent of Landlord shall be construed to be a tenancy from month to month except that Basic Annual Rent shall be increased to an amount equal to 125% of the then Basic Annual Rent plus, and in addition to the Basic Annual Rent, all other sums of money as shall become due and payable by Tenant to Landlord under this Lease and on the terms herein specified so far as possible. Such month-to-month tenancy shall be subject to every other term, covenant, and agreement contained in this Lease. Nothing contained in this Section 17.2 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Leased Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this Section 17.2 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Landlord has delivered

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to Tenant notice of a termination of a month-to-month holdover and Tenant continues to holdover thereafter, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys' fees) and liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender, and any lost profits to Landlord resulting therefrom.

XVIII.ATTORNEYS' FEES

In the event that at any time during the Term either Landlord or Tenant institutes any action or proceeding against the other relating to the provisions of this Lease or any default hereunder, then the unsuccessful party in such action or proceeding agrees to reimburse the successful party for the reasonable expenses of such action including reasonable attorneys'<sup>1</sup> fees, incurred therein by the successful party.

XIX.ESTOPPEL CERTIFICATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1<u>Estoppel Certificate</u>. Each party shall, within fifteen (15) days after the other party's request, execute and deliver to such requesting party a written declaration, in form and substance similar to Exhibit "D", plus such additional other information as the requesting party may reasonably request. Landlord's mortgage lenders and/or purchasers shall be entitled to rely upon such declaration,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2<u>Effect of Failure to Provide Estoppel Certificate</u>. Tenant's failure to furnish any estoppel certificate as required pursuant to Section 19.1 within fifteen (15) days after request therefor shall be deemed a default hereunder and, moreover, it shall be conclusively presumed that: (a) this Lease is in full force and effect without modification in accordance with the terms set forth in the request; (b) that there are no unusual breaches or defaults on the part of Landlord; and (c) no more than one (1) month's rent has been paid in advance.

XX.COMMON AREAS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1<u>Definition of Common Areas</u>. "Common Areas" means all areas, space, equipment, and special services provided for the joint or common use and benefit of the tenants or occupants of the Building, the Improvements, and Property or portions thereof, and their employees, agents, servants, patients, customers, and other invitees (collectively referred to herein as "Occupants") including, without limitation, parking, access roads, driveways, retaining walls, landscaped areas, service ways, loading docks, pedestrian walks; courts, stairs, ramps, and sidewalks; common corridors, rooms and restrooms; air-

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conditioning, fan, janitorial, electrical, and telephone rooms or closets; and all other areas within the Building which are not specified for exclusive use or occupancy by Landlord or any tenant (whether or not they are leased or occupied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2<u>Use of Common Areas</u>. The Common Areas shall be available for the common use of all Occupants. If the amount of such areas shall be changed or diminished, Landlord shall not be subject to any liability nor shall Tenant be entitled to any compensation or diminution or abatement of rent nor shall revocation or diminution of such areas be deemed constructive or actual eviction, provided, however, that if such changes are performed at the option of Landlord, such changes or diminishment of the Common Areas shall not materially adversely affect Tenant's rights under this Lease. All Common Areas shall be subject to the exclusive control and management of Landlord. Landlord shall have the right (a) to construct, maintain, and operate lighting and other facilities on all said areas and improvements; (b) to police the same; (c) to change the area, level, location, and arrangement of parking areas and other facilities, provided, Landlord shall not make changes to the parking areas which decreases the stalls by more than ten percent (10%) below those required under this Lease without Tenant's prior written approval; (d) to close all or any portion of said areas or facilities to such extent as may be legally sufficient to prevent a dedication thereof or the accrual of any right to any person or the public therein; and (e) to close temporarily all or any portion of the parking areas or facilities to discourage non-occupant parking. Landlord shall operate and maintain the Common Areas in such manner as Landlord in its reasonable discretion shall determine, shall have full right and authority to employ and discharge all personnel with respect thereto, and shall have the right, through reasonable rules, regulations, and/or restrictive covenants promulgated by it from time to time, to control the use and operation of the Common Areas in order that the same may occur in a proper and orderly fashion, provided that such rules, regulations and restrictive covenants shall not materially adversely affect Tenant's rights under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3<u>Parking</u>. Landlord shall provide approximately 555 parking stalls in the areas shown on the site plan attached hereto as Exhibit A-1 (the "<u>Site Plan</u>"), of which, approximately 127 parking stalls are included on the Adjacent Subdivided Property. A1 such time as Tenant elects to cause the Adjacent Property Owner to build a building on the Adjacent Subdivided Property, Landlord's obligation to provide approximately 555 parking stalls shall be modified to provide Landlord shall only be required to provide the number of parking stalls then located on the Property (as such stalls may be further reduced as provided in this Lease). At least fifteen (15) stalls shall be covered parking which shall be constructed as provided in the Landlord Improvement Plans and which stalls may be marked reserved by Tenant. The parking areas shown on the site plan are

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estimates only and may decrease based on changes requested by Tenant in which event Landlord's obligation to provide such stalls shall also be reduced on a space by space basis. In addition in the event Tenant elects to expand the Leased Premises by the First Floor Expansion Premises, the parking stalls required to be provided by Landlord shall be further reduced, in addition to other reductions under this Section 20.3, based on the area required to be taken by the Expansion Premises. Automobiles of Tenant and all Occupants (as defined above) associated with Tenant shall be parked only within parking areas. Landlord or its agents shall, without any liability to Tenant or its Occupants, have the right to cause to be removed any automobile that may be wrongfully parked in a prohibited or reserved parking area, and Tenant agrees to indemnify, defend, and hold Landlord harmless from and against any and all claims, losses, demands, damages and liabilities asserted or arising with respect to or in connection with any such removal of an automobile, If requested by Tenant, and subject to complying with all applicable laws and matters of record, food trucks serving Tenant's occupants may be parked on the Property in areas reasonably designated by Landlord, provided, however, Tenant shall be responsible for any repairs or maintenance required as a result of such food trucks entry onto the Property, and Tenant shall protect, defend, indemnify and hold harmless Landlord and its affiliates against and from any and all claims, demands, actions, losses, damages, orders, judgments, and any and all costs and expenses (including, without limitation, attorneys' fees and costs of litigation), resulting from or incurred by Landlord or any affiliate of Landlord on account of such food truck's entry onto and use of the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4<u>Generator</u>. Landlord shall, at its sole cost and expense, provide a 350 KW generator for the building services and the life safety systems of the Building ("<u>Landlord's Generator</u>"). Landlord grants to Tenant the right to connect into Landlord's Generator for any of Tenant's uses hereunder, including emergency purposes.

XXI.SIGNS, AWNINGS, AND CANOPIES

Tenant shall have the right to install all signage on and within the Building at Tenant's sole cost and expenses, provided such signage must comply with all applicable laws and all matters of record. Landlord agrees to reasonably cooperate with Tenant to obtain all approvals required to install Tenant's signage, provided the foregoing shall not require Landlord to incur out of pocket cost and expense. Tenant shall install, operate and maintain all such sign, awning, canopy, decoration, lettering, advertising matter, or other things, as may be approved, in good condition and repair at all times. Landlord may, at Tenant's cost, and without liability to Tenant, enter the Leased Premises and remove any item erected in violation of this Section. Landlord agrees to construct, at Tenant's request, a monument sign at the Property and provide Tenant an amount equal to twenty

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thousand ($20,000,00) to reimburse Tenant for the construction of such monument sign on the Property. Notwithstanding anything herein to the contrary, but subject to compliance with applicable laws and matters of record, at a minimum, Tenant shall have a night to the signage noted on Exhibit "F", and a lit monument sign of 12 x 14 [2] sided, with up to 144 sf of signage per side.

XXII.MISCELLANEOUS PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1<u>No Partnership</u>. Nothing contained herein shall be deemed or construed by the parties hereto, or by any third party, as creating the relationship of principal and agent, or of partnership, or of joint venture between the parties hereto, it being understood and agreed that neither the method of computation of rent nor any other provision contained herein, nor any acts of the parties hereto, shall be deemed to create any relationship between the parties hereto other than the relationship of landlord and tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2<u>Force Majeure</u>. Either party shall be excused for the period of any delay in the performance of any obligations hereunder (other than payment of Basic Rental), when prevented from so doing by cause or causes beyond such party's control, including, without limitation, labor disputes, civil commotion, war, governmental regulations or controls, fire or other casualty, inability to obtain any material or service, or acts of God, or the acts or omissions of the other party or the such other party's Related Parties (a "Force Majeure 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;22.3<u>No Waiver</u>. Failure of either party to insist upon the strict performance of any provision or to exercise any option hereunder shall not be deemed a waiver of such breach. No provision of this Lease shall be deemed to have been waived unless such waiver be in writing signed by the party against whom it is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4<u>Notices</u>. All notices, requests, and demands to be made under this Lease to Landlord or Tenant shall be in writing (at the addresses set forth in this Lease Summary) and shall be given by any of the following means: (a) personal service; (b) electronic communication, whether by e-mail, telex, telegram, or facsimile (provided that a hard-copy of such notice is given in any other manner permitted hereunder within three (3) days after the date of such electronic transmission); (c) certified first class mail, return receipt requested; or (d) a nationally recognized overnight service. Such addresses may be changed by notice to Landlord and/or Tenant, as applicable, given in the same manner as provided above. Any notice, demand, or request sent pursuant to either clause (a) or clause (b) hereof shall be deemed received one (1 business day after personal service or one (1) business day after delivery by electronic means, if sent pursuant to clause (c) shall be deemed received three (3) business days following deposit in the mail, and if sent

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pursuant to clause (d) shall be deemed received one (1) business day following deposit with the overnight 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;22.5<u>Captions; Attachments; Defined Terms</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)The captions to the Section of this Lease are for convenience of reference only and shall not be deemed relevant in resolving questions of construction or interpretation under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Exhibits referred to in this Lease, and any addendums and schedules attached to this Lease shall be deemed to be incorporated in this Lease as though part 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;22.6<u>Recording</u>. Tenant may not record this Lease or a memorandum thereof without the written consent of Landlord, which consent shall not be unreasonably withheld, Landlord, at its option and at any time, may file this Lease for record with the Recorder of the County in which the Building 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;22.7<u>Partial Invalidity</u>. If any provision of this Lease or the application thereof to any person or circumstance shall to any extent be invalid, the remainder of this Lease or the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby and each provision of this Lease shall be valid and enforced to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8<u>Broker's Commissions</u>. Tenant represents and warrants that, except for Tenant's Broker, there are no claims for brokerage commissions or finder's fees in connection with this Lease and agrees to indemnify Landlord against and hold it harmless from all liabilities arising from such claims, including any attorneys' fees connected therewith. Landlord agrees to pay Tenant's Broker a commission pursuant to a separate agreement between Landlord and Tenant's Broker. Tenant and Landlord hereby warrant and represent unto the other that it has not incurred or authorized any brokerage commission, finder's fees or similar payments in connection with this Lease, other than as provided in this Section 22.8 above. Each party shall defend, indemnify and hold the other harmless from and against any claim for brokerage commission, finder's fees or similar payment arising by virtue of authorization of such party, or any affiliate of such party, in connection with this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9<u>Tenant Defined; Use of Pronouns</u>. The word "Tenant" shall be deemed and taken to mean each and every person or party executing this document as a Tenant herein. If there is more than one person or organization set forth on the signature line as Tenant, their liability hereunder shall be joint and several. If there is more than one

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Tenant, any notice required or permitted by the terms of this Lease may be given by or to any one thereof, and shall have the same force and effect as if given by or to all thereof. The use of the neuter singular pronoun to refer to Landlord or Tenant shall be deemed a proper reference even though Landlord or Tenant may be an individual, a partnership, a corporation, or a group of two or more individuals or corporations. The necessary grammatical changes required to make the provisions of this Lease apply in the plural sense where there is more than one Landlord or Tenant and to corporations, associations, partnerships, or individuals, males or females, shall in all instances be assumed as though in each case fully expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10<u>Provisions Binding, Etc</u>. Except as otherwise expressly set forth herein including, specifically and without limitation, Section 9, all provisions herein shall be binding upon and shall inure to the benefit of the parties, their legal representatives, heirs, successors, and assigns. Each provision to be performed by Tenant shall be construed to be both a covenant and a condition, and if there shall be more than one Tenant, they shall all be bound, jointly and severally, by such provisions. In the event of any sale or assignment (except for purposes of security or collateral) by Landlord of the Building, the Leased Premises or this Lease, Landlord shall, from and after the Commencement Date (irrespective of when such sale or assignment occurs), be entirely relieved of all of its obligations hereunder upon assumption by the transferee of Landlord's obligations under this Lease from and after the date of such transfer. Nothing set forth herein shall require Landlord to obtain Tenant's consent to any assignment, transfer or other encumbrance of any of Landlord's interest in the Property, the Leased Premises, the Improvements or the Common Areas. Landlord agrees to not sale the Property to Yardi Systems, Inc., Real Page, Inc., or MRI Software LLC, or any wholly owned subsidiary or corporation or any entity that that has managerial control over such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11<u>Entire Agreement, Etc</u>. This Lease and the Exhibits, Riders, and/or Addenda, if any, attached hereto, constitute the entire agreement between the parties. Any guaranty attached hereto is an integral part of this Lease and constitutes consideration given to Landlord to enter in this Lease. Any prior conversations or writings are merged herein and extinguished. No subsequent amendment to this Lease shall be binding upon Landlord or Tenant unless reduced to writing and signed. Submission of this Lease for examination does not constitute an option for the Leased Premises and becomes effective as a lease only upon execution and delivery thereof by Landlord to Tenant. If any provision contained in the rider or addenda is inconsistent with a provision in the body of this Lease, the provision contained in said rider or addenda shall control. It is hereby agreed that this Lease contains no restrictive covenants or exclusives in favor of Tenant. The captions and Section numbers appearing

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herein are inserted only as a matter of convenience and are not intended to define, limit, construe, or describe the scope or intent of any Section or paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12<u>Governing Law</u>. The interpretation of this Lease shall be governed by the laws of the State of Utah. Tenant hereby expressly and irrevocably agrees that Landlord may bring any action or claim to enforce the provisions of this Lease in the State of Utah, County of Salt Lake, and Tenant irrevocably consents to personal jurisdiction in the State of Utah for the purposes of any such action or claim. Tenant further irrevocably consents to service of process in accordance with the provisions of the laws of the State of Utah,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13<u>Recourse by Tenant</u>. Anything in this Lease to the contrary notwithstanding, Tenant agrees that it shall look solely to the estate and property of Landlord in the land, Building and Improvements and any income derived therefrom, and subject to prior rights of any mortgagee, for the collection of any judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms, covenants, and conditions of this Lease to be observed and/or performed by Landlord, and no other assets of Landlord or any of its partners, shareholders, successors, or assigns shall be subject to levy, execution, or other procedures for the satisfaction of Tenant's remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14<u>Rules and Regulations</u>. Tenant and the Tenant Related Parties shall faithfully observe and comply with all of the rules and regulations set forth on the attached Exhibit "G", and Landlord may from time to time reasonably amend, modify or make additions to or deletions from such rules and regulations, provided, such modifications shall not materially adversely affect Tenant's rights under this Lease. Such amendments, modifications, additions and deletions shall be effective upon thirty (30) days' prior written notice to Tenant. Upon any breach of any of such rules and regulations, Landlord may exercise any or all of the remedies provided in this Lease on a default by Tenant under this Lease and may, in addition, exercise any remedies available at law or in equity including the right to enjoin any breach of such rules and regulations. Landlord shall not be responsible to Tenant for the failure of any other tenant or person to observe any such rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15<u>Tenant's Representations and Warranties</u>. Tenant represents and warrants to Landlord as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Tenant is duly organized and validly existing under the laws of the state of its formation and has full power and authority to enter into this Lease, without the consent, joinder or approval of any other person or entity, including, without limitation, any mortgagee(s). This Lease has been validly executed and delivered by Tenant and

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constitutes the legal, valid and binding obligations of Tenant, enforceable against Tenant 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;(b)Tenant is not a party to any agreement or litigation which, if adversely determined, could reasonably be expected to materially adversely affect the ability of Tenant to perform its obligations under this Lease or which would constitute a default on the part of Tenant under this Lease, or otherwise materially adversely affect Landlord's rights or entitlements under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.16<u>No Construction Against Preparer</u>. This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional advisors. Landlord, Tenant and their separate advisors believe that this Lease is the product of their joint efforts, that it expresses their agreement, and that it should not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in its preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.17<u>Number and Gender</u>. The terms "Landlord" and "Tenant," wherever used herein, shall be applicable to one or more persons or entities, as the case may be, and the singular shall include the plural and the neuter shall include the masculine and feminine and, if there be more than one person or entity with respect to either party, the obligations hereof of such party shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.18<u>Counterparts</u>. This Lease may be executed and delivered in counterparts for the convenience of the parties, each of which shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19<u>Waiver of Trial by Jury</u>. Landlord and Tenant hereby waive trial by jury in any action, proceeding or counterclaim brought by either against the other, upon any matters whatsoever arising out of or in any way connected with this Lease, Tenant's use or-occupancy of the Leased Premises, and/or any claim of injury or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.20<u>Merger</u>. If both Landlord's and Tenant's estates in the Leased Premises have both become vested in the same owner, this Lease shall nevertheless not be terminated by application of a doctrine of merger unless agreed in writing by Landlord, Tenant and any holder of a Mortgage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.21<u>Quiet Enjoyment</u>. Provided Tenant pays the rent and observes and performs all other terms, covenants and conditions on Tenant's part to be observed and performed under this Lease, Landlord agrees to defend Tenant's right to quiet enjoyment of the Property for the Lease Term against any party claiming by, through or under Landlord, subject to the provisions of this Lease.

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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;22.22<u>Confidentiality</u>. Each party agrees to keep the terms of this lease and all other confidential information, including financial information of the other party, confidential and shall cause its employees, contractors and agents to do so and each party and its agents shall not disclose same to any other person not a party hereto without the prior written consent of the other party (including without limitation, posting the terms of this lease or any part thereof on the internet or in any mailing or providing a copy to third parties via electronic mail), provided that each party may disclose the terms hereof (i) to such party's accountants, attorneys, employees, lenders, potential purchasers and others in privity with such party to the extent reasonably necessary for such party's business purposes without such prior consent but subject to the confidentiality requirement hereof and (ii) pursuant to government order or court order without the other party's prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.23<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)After the date hereof and while a Lease is in full force and effect, and provided there exists no default by Tenant hereunder, if (i) Landlord shall receive a bona fide offer from any third party for the purchase the Property which offer Landlord desires to accept, or (ii) if Landlord desires to sell or make a bona fide offer to sell the Property to a third party, then Landlord shall deliver to Tenant a written notice setting forth the economic terms and conditions of the proposed transaction, and if available, a copy of such offer (the "<u>Written Notice of Proposed Sale</u>"). Tenant may, within ten (10) days after Landlord's delivery of the Written Notice of Proposed Sale, elect, by delivering written notice to Landlord within such ten (10) day period ("<u>Tenant's Acceptance</u> <u>Notice</u>"), to purchase the Property on the same terms and conditions as those set forth in the Written Notice of Proposed Sale. In the event Tenant timely delivers Tenant's Acceptance Notice, Landlord and Tenant shall, within thirty (30) days of Tenant's delivery of Tenant's Acceptance Notice, enter into a purchase contract for the Property setting forth the terms of the Written Notice of Proposed Sale, with such additional terms and conditions as may be agreed to by Landlord and Tenant (the "<u>Purchase Agreement</u>"). If Tenant does not deliver Tenant's Acceptance Notice within such ten (10) day period, Tenant shall be deemed to have elected to not elect to purchase the Property, or the event Tenant does not desire to purchase the Property on the terms set forth in the Written Notice of Proposed Sale, Tenant agrees to deliver to Landlord a written notice indicating that Tenant is not exercising its rights as provided in this Section 22.22, provided, Tenant's failure to deliver such notice shall not in any way extend such five (5) business day period. If Tenant fails to deliver Tenant's Acceptance Notice and Landlord thereafter conveys the Property to a third party, or if Tenant delivers Tenant's Acceptance Notice but thereafter fails to enter into the Purchase Agreement within such thirty (30) day

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period or thereafter terminates the Purchase Agreement for any reason (other than a default by Landlord), Tenant's rights under this Section 22.22 shall be forever terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the consideration to be paid pursuant to any acceptable third party offer to purchase the Property or otherwise acquire the same from Landlord, or any other transaction subject to this right of first refusal shall include consideration other than cash, Tenant may exercise its right of first refusal with respect to such transaction and shall pay as consideration therefor the same amount of cash and the same consideration as set forth in the proposed offer, or an all cash purchase price in an amount equal to the sum of the cash portion of the consideration, plus the fair cash value of the other consideration which the offeror proposed to exchange for the Property. If any acceptable third party offer to Landlord shall include other property owned by Landlord, Tenant's rights under this Section 22.22 shall apply only to the Property for the purchase price allocated to the Property by Landlord and such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The rights granted to Tenant in this Section 22.22 shall not apply to a granting of a Mortgage or to the foreclosure, delivery of a deed in lieu of foreclosure or similar action a mortgage, deed of trust or other security interest in the Property, or to the first sale following a foreclosure, delivery of deed in lieu of foreclosure or similar action relating to a Mortgage.

&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)If Tenant does not timely exercise the right of first refusal, the same shall lapse and Landlord shall be free to sell the Property to the third party submitting the third-party offer, provided that the Purchase Contract is entered into within two hundred seventy (270) days after the last day of Tenant's acceptance period, on substantially the same terms and conditions as are contained the Written Proposal to Sale. In the event the terms and conditions of the third-party offer are materially changed or modified, Landlord shall promptly provide Tenant with written notification of such changes or modifications. If Tenant fails to or elects not to exercise the right of first refusal and the third party submitting the third-party offer does not purchase the Property, the Property shall remain subject to the right of first offer as to any subsequent third-party offer submitted to Landlord.

[SIGNATURE PAGE IMMEDIATELY FOLLOWS]

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IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease on the date first set forth above.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LANDLORD:** | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company |
|  | By: | The Boyer Company, L.C., a Utah <br>limited liability company | The Boyer Company, L.C., a Utah <br>limited liability company |
|  |  | By: | /s/ Jacob L. Boyer |
|  |  |  | Name: Jacob L. Boyer |
|  |  |  | Title: Manager |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TENANT:** | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation |
|  | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Bateman | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Bateman |
|  | Its: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

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**EXHIBIT "A"**

**<u>LEGAL DESCRIPTION OF PROPERTY</u>**

[\*\*\*]

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**EXHIBIT "A-1"**

**<u>POTENTIAL SUBDIVISION OF PROPERTY</u>**

[\*\*\*]

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**EXHIBIT "B"**

**DEPICTION OF LEASED PREMISES**

[\*\*\*]

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**EXHIBIT "C"**

**<u>WORK LETTER</u>**

[\*\*\*]

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**EXHIBIT "D"**

**<u>ACKNOWLEDGMENT OF COMMENCEMENT DATE</u>**

**<u>AND TENANT ESTOPPEL CERTIFICATE</u>**

[\*\*\*]

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**<u>EXHIBIT "E"</u>**

FIRST AMENDMENT TO LEASE AGREEMENT

[\*\*\*]

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**EXHIBIT "F"**

**<u>INTENTIONALLY DELETED</u>**

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**EXHIBIT "G"**

**<u>RULES AND REGULATIONS</u>**

[\*\*\*]

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**EXHIBIT "H"**

**<u>DESCRIPTION OF JANITORIAL SERVICE</u>**

[\*\*\*]

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**EXHIBIT "I"**

**<u>FROM OF SNDA</u>**

[\*\*\*]

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**AGREEMENT REGARDING ADJACENT PROPERTY**

THIS AGREEMENT REGARDING ADJACENT PROPERTY (this "<u>Agreement</u>") is entered into this 15th day of March, 2016 by and between ENTRATA, INC., a Delaware corporation ("<u>Tenant</u>") and BOYER PROJECT COMPANY, L.C., a Utah limited liability company ("<u>Boyer</u>"). Tenant and Boyer are sometimes referred to herein, collectively, as the "<u>Parties</u>" and, separately, a "<u>Party</u>".

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.As of the date hereof, Tenant and Boyer Lehi Holdings, L.C., a Utah limited liability company (the "<u>Landlord</u>"), an affiliate of Boyer, have entered into a lease (the "<u>Lease</u>") for certain space in a building being constructed on real property located in Lehi, Utah (the "<u>Existing Property</u>"). Capitalized terms used but not otherwise defined herein shall have their meanings set forth in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Tenant has requested that Boyer enter into this Agreement with regards to certain real property adjacent to the Existing Property which is not owned by Boyer or any affiliate of Boyer and which is depicted on Exhibit "A" attached hereto (the "<u>Adjacent Property</u>") and the Adjacent Subdivided Property (as defined in the Lease).

AGREEMENT

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Adjacent Property</u>. During the term of the Lease, and so long as Tenant is not in default under the Lease, Boyer agrees, if requested by Tenant, that Boyer shall use good faith commercially reasonable efforts to acquire, or cause one of its affiliates to acquire, the Adjacent Property for the purposes of constructing an additional building thereon which will be leased to Tenant. Boyer cannot guaranty that Boyer will be able to acquire the Adjacent Property or that the owner of the Adjacent Property will be willing to sell the Adjacent Property. As a condition to incurring any out of pocket costs in acquiring the Adjacent Property, Boyer shall have the right to require Tenant to enter into a new lease for the Adjacent Property which shall be on terms consistent with the Lease, except that the financial terms and conditions of such new lease shall be modified to be acceptable to Boyer and Tenant their sole discretion (the "<u>New Lease</u>") and such New Lease shall include such additional changes as are necessary to reflect different building sizes, locations etc. If Boyer and Tenant are unable to agree on the terms of such New Lease, either Party may terminate this Agreement. The obligations of Tenant and Boyer under such New Lease shall be conditioned on Boyer acquiring the Adjacent Property. In the event Boyer determines for any reason, that Boyer is unable to acquire the Adjacent Property, including Boyer's determination that the development of the property is not feasible, the results of any studies by Boyer are not acceptable to Boyer, or the then current owner of the Adjacent Property is unwilling to sell the Adjacent Property on terms acceptable to Boyer, Boyer shall have the right by delivering written notice to Tenant to terminate this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Alternate Lease Space</u>. In the event Substantial Completion (as defined in the Lease) has not occurred by the Outside Turnover Condition Deadline (as defined in the Lease) and Tenant has not elected to terminate the Lease pursuant to Section 1.2(d) of the Lease, Landlord shall use good faith commercially reasonable efforts to cooperate with Tenant in identifying temporary office space in buildings owned by Landlord's affiliates that can be used until Substantial Completion occurs. Landlord cannot guaranty that any such space will be available to Tenant for the use as temporary offices and nothing herein constitutes a covenant that such affiliate will not lease space in such affiliates building to any other party and on any other terms as such affiliate may deem appropriate. Tenant's use of such space shall be subject to negotiation of a short term lease for such space by Tenant and such affiliate which shall not require (a) the payment of basic monthly rent by Tenant, though Tenant may be required to reimburse the applicable landlord for a proportionate share of common area expenses, or (b) the payment of a tenant improvement allowance by such affiliate, and shall otherwise be on terms acceptable to Tenant and such affiliate. Upon the occurrence of Substantial Completion, this Section 2 shall be deemed terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Adjacent Property Expansion</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)Pursuant to the Lease, Landlord will seek to subdivide the Adjacent Subdivided Property from the Property, which subdivision is conditioned on obtaining all appropriate governmental approvals and complying with all matters of record. In the event such subdivision is not approved by applicable governmental authorities or does not comply with matters of record, the provisions of this Section 3 shall terminate. At such time as the subdivision is complete, the Adjacent Subdivided Property will be conveyed to Boyer or an affiliate of Boyer (the "<u>Adjacent Property Owner</u>"). If the Adjacent Property Owner is not Boyer, the Adjacent Property Owner shall assume the obligations under this Section 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)So long as Tenant is not in default beyond all applicable notice and cure periods under the Lease, Tenant may elect, by delivering written notice (the "<u>Adjacent Property Expansion Notice</u>") to the Adjacent Property Owner on or before March 15, 2021 (the "<u>Adjacent Property Expansion Deadline</u>"), to require the Adjacent Property Owner to construct a multi-story building on the Adjacent Property containing between 10,000 and 50,000 Rentable Square Feet (the "<u>Adjacent Property Expansion Premises</u>"), as determined by Tenant, provided, however, the size of the Adjacent Property Expansion Premises shall be limited to a size permitted by applicable law, including, taking into account limitations on a size necessary to provide parking for the Adjacent Property Expansion Premises on the Adjacent Property. If Tenant fails to deliver the Adjacent Property Expansion Notice by the Adjacent Property Expansion Deadline, Tenant's rights under this Section 3 shall be deemed terminated.

&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)If Tenant timely delivers the Adjacent Property Expansion Notice, within thirty (30) days of Tenant's delivery of the Adjacent Property Expansion Notice, the Adjacent Property Owner and Tenant shall enter into a lease for the Adjacent Property Expansion Premises (the "<u>Adjacent Property Lease</u>") which shall be on substantially the

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same terms as the Lease except that (a) the initial term of the Adjacent Property Lease shall be for a period of ten (10) years, (b) Basic Annual Rent under the Adjacent Property Lease be payable with respect to Adjacent Property Expansion Premises when substantial completion has occurred with respect to the Adjacent Property Expansion Premises (the "<u>Adjacent Property Rent Commencement Date</u>"), (c) Basic Annual Rent for the Adjacent Property Expansion Premises shall be based on an amount equal to the product of [\*\*\*] percent ([\*\*\*]%) multiplied by the Costs of Construction (defined below) for the Adjacent Property Expansion Premises, which amounts shall be increased by [\*\*\*] percent ([\*\*\*]%) on each anniversary of the Adjacent Property Rent Commencement Date, (d) Common Area Expenses for the Adjacent Property shall be paid by Tenant on a NNN basis and shall not be subject to the Base Year limitation, (e) Tenant will receive a Tenant Improvement Allowance for the Adjacent Property Leased Premises in an amount equal to [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Adjacent Property Leased Premises, (f) Tenant shall not be entitled to abated rent for the Adjacent Property Expansion Premises unless the Adjacent Property Expansion Premises is completed during the Rental Abatement Period specified in the Lease (in which case Tenant may receive abated rent only during the Rental Abatement Period specified in the Lease), (g) Tenant shall not be entitled to exercise remedies under Sections 1.2(c) and (d) with respect to the Adjacent Property Expansion Premises, (h) the Landlord will complete the Adjacent Property Expansion Period within twelve (12) months of the execution of the Adjacent Property Lease subject to Construction Delays, and (i) Tenant shall not have any additional expansion rights with respect to the Adjacent Property Leased Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For purposes hereof, the term "Costs of Construction means any and all "hard" and "soft" costs and expenditures incurred by Landlord in connection with the construction of the Adjacent Property Expansion Premises, including, without limitation: (i) all the amounts paid to the general contractors and subcontractors, (ii) all permit and license fees and other charges of governmental authorities; (iii) the Tenant Improvement Allowance payable with respect to the Adjacent Property Expansion Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Assignment</u>. Notwithstanding anything contained herein to the contrary, the rights granted to Tenant under this Agreement are personal to the ENTRATA, INC., a Delaware corporation, and the rights of Tenant under this Agreement may not be assigned, sold, pledge, encumbered, conveyed or otherwise transferred (whether directly, indirectly or as security) to any party without the prior written consent of Boyer in each instance, which approval may be withheld at Boyer's sole and absolute discretion. In the event the Lease is assigned or terminated, this Agreement shall terminate. Any assignment that is not permitted by this Agreement is and shall be null and void for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Notices</u>. Any notice given by any Party under this Agreement shall be effective only upon its receipt by the other party and only if (a) given in writing and (b) personally delivered or sent by United States mail, postage prepaid, and addressed to (i) Boyer at the address for the "Landlord" as set forth in the Lease, or (ii) Tenant at its address for notice indicated in the Lease. Boyer and Tenant may change the place to which notices, requests, and other communications are to be sent to them by giving written notice of such change to the other.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Miscellaneous Provisions</u>. This Agreement shall inure to the benefit of and be binding on, the parties and their respective successors and assigns. Each individual executing this Agreement represents and warrants that such individual has been duly authorized to execute and deliver this Agreement in the capacity and for the entity set forth where he or she signs. The parties to this Agreement agree to sign any additional documents and perform any additional acts as may be reasonably necessary to effectuate the intent and purpose of this Agreement, This Agreement may be executed by the parties in any number of counterparts, each of which shall be deemed an original instrument, but all of which together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission (including a PDF file via email) shall be equally effective as delivery of a manually executed counterpart of this Agreement or any such document, and the failure to deliver a manually executed counterpart shall not affect the validity, enforceability or binding effect of this Agreement or any such document. No default, breach, or other failure on the part of either Party under this Agreement shall be a default, or create any claim or right under the Lease.

[Signatures Follow]

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above:

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| | | |
|:---|:---|:---|
| **TENENAT:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ENTRATA, INC**., a Delaware corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ENTRATA, INC**., a Delaware corporation |
|  | By:  | /s/ David Bateman |
|  | Its:  |  |
| **BOYER:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BOYER PROJECT COMPANY, L.C.**, a Utah limited liability company, by its manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BOYER PROJECT COMPANY, L.C.**, a Utah limited liability company, by its manager |
|  | The Boyer Company, L.C., a Utah limited liability company | The Boyer Company, L.C., a Utah limited liability company |
|  | By:  | /s/ Jacob L. Boyer |
|  | Name: Jacob L. Boyer | Name: Jacob L. Boyer |
|  | Title: Manager | Title: Manager |

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FIRST AMENDMENT TO LEASE AGREEMENT

This First Amendment to Lease Agreement (this "<u>Amendment</u>") is made and entered into as of this 4th day of August, 2016, by and among **BOYER LEHI HOLDINGS, L.C.,** a Utah limited liability company (the "<u>Landlord</u>"), and **ENTRATA INC.,** a Delaware corporation (the "<u>Tenant</u>").

RECITALS

WHEREAS, on March 15, 2016, Landlord and Tenant entered into that certain Lease Agreement (the "<u>Lease</u>") pursuant to which Landlord agreed to lease to Tenant, and Tenant agreed to lease from Landlord, the Leased Premises (as defined in the Lease). Capitalized terms used but not defined herein shall have their respective meanings set forth in the Lease.

WHEREAS, pursuant to the Lease, Tenant had the option to increase the Tenant Improvement Allowance up to an amount equal to $[\*\*\*] per Useable Square Foot, provided such increase would result in an increase in Basic Annual Rent.

WHEREAS, Tenant elected to increase the Tenant Improvement Allowance to an amount equal to $[\*\*\*] per Useable Square Foot and Landlord and Tenant are entering into this Amendment for purposes of confirming such increase and increase in Basic Annual Rent.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Amendment to Lease Summary</u>. The defined terms "Tenant Improvement Allowance" and "Basic Annual Rent" as set forth in the Lease Summary are hereby deleted and replaced with the following:

"Tenant Improvement Allowance": [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Leased Premises, plus an additional [\*\*\*] dollars ($[\*\*\*]) to be used towards the Tenant Assumed Buildout (as more particularly set forth in the Work Letter (defined below). For purposes of Section 1.2(b), the Tenant Improvement Allowance shall be an amount equal to [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the First Floor Expansion Premises.

"Basic Annual Rent": Initially, [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises, commencing on the first anniversary of the Rent Commencement Date, and thereafter subject to annual increases at the Escalation Rate. If the amount of the Tenant Improvement Allowance that Tenant uses is (a) less than [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Leased Premises but greater than [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Leased Premises, the Basic Annual Rent shall

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be decreased on the Commencement Date by an amount equal to [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises for each whole dollar decrease in the Tenant Improvement Allowance used by Tenant measures on a per Useable Square Foot basis, and (b) less than or equal to [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Leased Premises but greater than [\*\*\*] dollars ($[\*\*\*]) per Useable Square Foot of the Leased Premises, in addition to the decrease pursuant to clause (a) above, the Basic Annual Rent shall be decreased on the Commencement Date by an amount equal to [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises for each whole dollar decrease in the Tenant Improvement Allowance used by Tenant measures on a per Useable Square Foot basis, provided, however, in no event shall Basic Annual Rent for the Leased Premises decrease to less than [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment to Section 3.1 (a)</u>. Section 3.1(a) of the Lease is hereby deleted in its entirety and replaced with the following:

"3.1 <u>Basic Annual Rent</u>. Commencing on the date which is the first anniversary of the Commencement Date (the "<u>Rent Commencement Date</u>"), Tenant agrees to pay to Landlord as basic annual rent for the Leased Premises at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever, except as expressly permitted herein, the sum of [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises. The amounts payable by Tenant hereunder are referred to herein as "<u>Basic Annual Rent</u>." The Basic Annual Rent shall be due and payable in twelve (12) equal monthly installments to be paid in advance on or before the first day of each calendar month during the Term. Commencing on the first anniversary of the Rent Commencement Date and on each anniversary of the Commencement Date thereafter, Basic Annual Rent shall escalate by the Escalation Rate. In the event the Rent Commencement Date occurs on a day other than the first day of a calendar month, then rent shall be paid on the Rent Commencement Date for the initial fractional calendar month prorated on a per diem basis (based upon a thirty (30) day month)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Omnibus Amendment</u>. Any and all other terms and provisions of the Lease are hereby amended and modified wherever necessary, and even though not specifically addressed herein, so as to conform to the amendments set forth in the preceding paragraph. Except as expressly modified and amended hereby, all other terms and conditions of the Lease shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Entire Agreement</u>. This Amendment contains the entire understanding of Tenant and Landlord and supersedes all prior oral or written understandings relating to the subject matter set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be deemed an original. An executed counterpart of this Amendment transmitted by facsimile shall be equally as effective as a manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Successors and Assigns</u>. This Amendment shall inure to the benefit of and shall be binding on each of the parties hereto and their respective successors and/or assigns.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, Landlord and Tenant have entered into this Amendment as of the date first set forth above.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LANDLORD:** | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company |
|  | By: THE BOYER COMPANY, L.C., a Utah Limited company | By: THE BOYER COMPANY, L.C., a Utah Limited company | By: THE BOYER COMPANY, L.C., a Utah Limited company |
|  |  | By:  | /s/ Jacob L. Boyer |
|  |  | Name: | Jacob L. Boyer |
|  |  | Title: | Manager |
| **TENANT:** | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation |
|  | By:  | /s/ Jared Hunsaker | /s/ Jared Hunsaker |
|  | Its: | Chief Legal Counsel | Chief Legal Counsel |

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**SECOND AMENDMENT TO LEASE AGREEMENT**

This Second Amendment to Lease Agreement (this "<u>Amendment</u>") is made and entered into as of this 7th day of November, 2016, by and among **BOYER LEHI HOLDINGS, L.C.,** a Utah limited liability company (the "<u>Landlord</u>"), and **ENTRATA INC.,** a Delaware corporation (the "<u>Tenant</u>").

RECITALS

WHEREAS, on March 15, 2016, Landlord and Tenant entered into that certain Lease Agreement, as amended by that certain First Amendment to Lease Agreement dated August 4, 2016 (the "<u>Lease</u>") pursuant to which Landlord agreed to lease to Tenant, and Tenant agreed to lease from Landlord, the Leased Premises (as defined in the Lease). Capitalized terms used but not defined herein shall have their respective meanings set forth in the Lease.

WHEREAS, in accordance with Section 2.4 of the Lease, Landlord and Tenant agreed to enter into this Amendment.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Amendment to Lease Summary</u>. The defined terms "Basic Annual Rent" as set forth in the Lease Summary are hereby deleted and replaced with the following:

"Basic Annual Rent": Initially, [\*\*\*] dollars ($[\*\*\*]) per Rentable Square Foot of the Leased Premises, commencing on the first anniversary of the Rent Commencement Date, and thereafter subject to annual increases at the Escalation Rate."

"Parking" Approximately 535 stalls, subject to adjustment as provided in Section 20.3 of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment to Section 2.2</u>. Section 2.2 of the Lease is hereby deleted in its entirety and replaced with the following:

"2.2 <u>Commencement Date</u>. The term of this Lease and Tenant's obligation to pay rent hereunder shall commence on November 1, 2016 (the "<u>Commencement Date</u>")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Amendment to Section 20.3</u>. The first two sentences of Section 20.3 of the Lease are hereby deleted in their entirety and replaced with the following:

"Landlord shall provide approximately 535 parking stalls in the areas shown on the site plan attached hereto as Exhibit A-1 (the "<u>Site Plan</u>"), of which, approximately 127 parking stalls are included on the Adjacent Subdivided Property. At such time as Tenant

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elects to cause the Adjacent Property Owner to build a building on the Adjacent Subdivided Property, Landlord's obligation to provide approximately 535 parking stalls shall be modified to provide Landlord shall only be required to provide the number of parking stalls then located on the Property (as such stalls may be further reduced as provided in this Lease)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Rent Credit</u>. Landlord and Tenant have agreed that pursuant to Section 1.2(c) of the Lease, Tenant is entitled to receive a credit against Basic Annual Rent in the amount of eighty-two (82) days of Basic Annual Rent, for a total amount of $[\*\*\*] (the "<u>Rent Credit</u>"). The Rent Credit will be credited against to the first amounts of Basic Annual Rent becoming due under the Lease commencing on the Rent Commencement Date and continuing until the Rent Credit has been fully applied against Basic Annual Rent owing under the Lease. Except for the Rent Credit, Tenant shall have no additional rights or remedies under Section 1.2(c) or (d) of the Lease, all of which are hereby expressly waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Omnibus Amendment</u>. Any and all other terms and provisions of the Lease are hereby amended and modified wherever necessary, and even though not specifically addressed herein, so as to conform to the amendments set forth in the preceding paragraph. Except as expressly modified and amended hereby, all other terms and conditions of the Lease shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Entire Agreement</u>. This Amendment contains the entire understanding of Tenant and Landlord and supersedes all prior oral or written understandings relating to the subject matter set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Counterparts</u>. This Amendment may be executed in counterparts, each of which shall be deemed an original. An executed counterpart of this Amendment transmitted by facsimile shall be equally as effective as a manually executed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Successors and Assigns</u>. This Amendment shall inure to the benefit of and shall be binding on each of the parties hereto and their respective successors and/or assigns.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, Landlord and Tenant have entered into this Amendment as of the date first set forth above.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LANDLORD:** | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company | BOYER LEHI HOLDINGS, L.C., a Utah limited liability company |
|  | By: THE BOYER COMPANY, L.C., a Utah Limited company | By: THE BOYER COMPANY, L.C., a Utah Limited company | By: THE BOYER COMPANY, L.C., a Utah Limited company |
|  |  | By:  | /s/ Jacob L. Boyer |
|  |  | Name: | Jacob L. Boyer |
|  |  | Title: | Manager |
| **TENANT:** | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation | ENTRATA, INC., a Delaware corporation |
|  | By:  | /s/ Jared Hunsaker | /s/ Jared Hunsaker |
|  | Its: | Chief Legal Counsel | Chief Legal Counsel |

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**THIRD AMENDMENT TO LEASE**

THIS THIRD AMENDMENT TO LEASE (this "**Amendment**") is made and entered into effective as of April 28, 2026 (the "**3A Effective Date**"), by and between AREPIII ENTRA, LLC, a Delaware limited liability company ("**Landlord**"), successor-in-interest to Boyer Lehi Holdings, L.C., and ENTRATA, INC., a Delaware corporation ("**Tenant**").

**RECITALS**

A.Landlord and Tenant are parties to that certain Lease Agreement dated March 15, 2016, as amended by First Amendment to Lease Agreement dated August 4, 2016, Second Amendment to Lease dated November 7, 2016, letter agreement dated March 13, 2022 and letter agreement dated November 17, 2023 (collectively, the "**Existing Lease**"), whereby Landlord leases to Tenant, and Tenant leases from Landlord, approximately 106,000 Rentable Square Feet (the "**Leased Premises**") being the entire rentable area in the building located at 4205 Chapel Ridge Road, Lehi, Utah (the "**Building**"), for a Term expiring October 31, 2027 (the "**Existing Term**").

B.Landlord and Tenant desire to extend the Existing Term, on the terms and conditions set forth below.

**NOW, THEREFORE,** in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

1.<u>Incorporation of Recitals; Capitalized Terms</u>. The above recitals are incorporated herein by reference as if fully set forth in the body of this Amendment. Each capitalized term not defined in this Amendment shall have the meaning given to it in the Existing Lease, unless the context clearly requires otherwise. Section references without reference to a document shall mean the applicable Section of this Amendment. The Existing Lease as modified by this Amendment shall be referred to as the "**Lease**".

2.<u>Term</u>.

The Existing Term is hereby reduced such that the Existing Term shall expire as of 11:59 on February 28, 2026 (the "**Existing Term Expiration Date**"), and the Existing Term as so reduced is hereby extended for a period of twelve (12) years (the "**Extension Term**"), commencing March 1, 2026 (the "**Extension Commencement Date**") and expiring February 28, 2038 (the "**Expiration Date**"). Tenant accepts possession of the Leased Premises in its "as is" condition as of the Extension Commencement Date, without requiring any alterations or installations to be made by Landlord or at Landlord's

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expense. The Existing Term as extended by the Extension Term shall be referred to as the "**Term**".

3.<u>Basic Annual Rent</u>.

3.01Tenant's obligation to pay the Basic Annual Rent for the Leased Premises through the Existing Term Expiration Date shall remain in full force and effect and unmodified as set forth in the Existing Lease.

3.02The Basic Annual Rent for the Leased Premises during the Extension Term shall be as set forth in the following rent chart.

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| | | |
|:---|:---|:---|
| **Period** | **Basic Annual Rental**<br>**Rate Per Rentable**<br>**Square Foot** | **Monthly Installment**<br>**of Basic Annual Rent** |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |
| [\*\*\*] - [\*\*\*] | $[\*\*\*] | $[\*\*\*] |

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3.03Notwithstanding the foregoing provisions of this <u>Section 3,</u> so long as there is no uncured Event of Default (as defined in <u>Section 16.1</u> of the Lease) under the Lease, Landlord hereby grants to Tenant (i) a tenant improvement allowance in the amount of [\*\*\*] dollars ($[\*\*\*]) (the "**Tenant Improvement Allowance**") and (ii) an abatement of Basic Annual Rent in the amount of [\*\*\*] dollars ($[\*\*\*]) (the "**Concession Rent Abatement**"). Landlord shall provide the Tenant Improvement Allowance in the form of a partial abatement of Basic Annual Rent in the amount of [\*\*\*] dollars ($[\*\*\*]) for each monthly installment of Basic Annual Rent for the thirty (36) month period from January 1, 2027 through December 31, 2029 (the "**Monthly TIA Rent Abatement**"). Landlord shall provide the Concession Rent Abatement in the form of a partial abatement of Basic Annual Rent in the amount of [\*\*\*] dollars ($[\*\*\*]) for each monthly installment of Basic Annual Rent for the thirty (36) month period from January 1, 2027 through December 31, 2029 (the "**Monthly Concession Rent Abatement**"). The Monthly TIA Rent Abatement and the Monthly Concession Rent Abatement shall be collectively

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referred to as the "**Partial Rent Abatement**", and such thirty six (36) month period shall be referred to as the "**Rent Abatement Period**". During the Rent Abatement Period, only monthly installments of Basic Annual Rent shall be partially abated, and Tenant shall pay in full all Additional Rent due and payable as set forth in the Existing Lease as modified by this Amendment.

Notwithstanding the foregoing provisions of this <u>Section 3.03,</u> Landlord shall have the one-time right to either (a) elect to pay the Tenant Improvement Allowance (or remaining balance thereof not then yet received by Tenant via the Partial Rent Abatement) to Tenant (the "**TIA Payment**"), or (b) elect to make the TIA Payment **<u>and</u>** convert the Concession Rent Abatement (or the remaining balance thereof not then yet received by Tenant via the Partial Rent Abatement) to an abatement of the Basic Annual Rent for the seven (7) month period following delivery of the Concession Election Notice (the "**Rent Abatement Conversion**"), in either case by delivering written notice of such election (the "**Concession Election Notice**") to Tenant. The Concession Election Notice shall specify whether Landlord is electing the TIA Payment only or is electing both the TIA Payment and the Rent Abatement Conversion. If Landlord elects the TIA Payment only, then Landlord shall pay to Tenant the TIA Payment (or the remaining balance thereof) and the Partial Rent Abatement thereafter shall be the Monthly Concession Rent Abatement only (i.e., $[\*\*\*]). If Landlord elects both the TIA Payment and the Rent Abatement Conversion, then (i) Landlord shall pay to Tenant the TIA Payment (or the remaining balance thereof), and (ii) Landlord shall provide to Tenant the Basic Rent Abatement (or the remaining balance thereof) in equal monthly amounts for the seven (7) month period immediately following delivery of the Conversion Election Notice, in which case the Partial Rent Abatement shall be such monthly amount for such seven (7) month period, and the Rent Abatement Period shall be such seven (7) month period. For example, assume that on June 15, 2027, Landlord delivers to Tenant a Concession Election Notice for both the TIA Payment and the Rent Abatement Conversion. At such point, the remaining balance of the Tenant Improvement Allowance would be $[\*\*\*] and the remaining balance of the Concession Rent Abatement would be $[\*\*\*]. In such event, (a) Landlord would make the TIA Payment to Tenant in the amount of $[\*\*\*], and (b) the Partial Rent Abatement would be converted to $[\*\*\*] per month for the months of July, 2027 through January, 2028.

Further notwithstanding the foregoing provisions of this <u>Section 3.03,</u> if an Event of Default occurs prior to or during the Rent Abatement Period, then the Partial Rent Abatement shall be null and void, and thereafter Tenant shall pay each monthly installment of Basic Annual Rent in full.

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3.04All payments of Basic Annual Rent and Additional Rent shall be made in accordance with the terms of the Lease, except that Tenant shall pay rent as follows:

**AREPIII Entra**, **LLC - Operating Acct**

**Bank Name:** [\*\*\*]

**Bank City & State:** [\*\*\*]

**Wire Routing Number:** [\*\*\*]

**ACH Routing Number:** [\*\*\*]

**Account Number:** [\*\*\*]

**Account Name:** [\*\*\*]

or to such other address or as otherwise directed by Landlord upon delivering no less than thirty (30) days' prior written notice to Tenant.

4.<u>Additional Rent</u>. Tenant's obligation to pay Additional Rent for Actual Operating Expense Increase (including the monthly one-twelfth (1/12<sup>th</sup>) payments of Estimated Costs pursuant to <u>Section 4.2</u> of the Existing Lease), shall continue uninterrupted and without modification through the Existing Term Expiration Date. Commencing on the Extension Commencement Date and continuing during the Extension Term, Tenant shall pay Additional Rent for Actual Operating Expense Increase (including the one-twelfth (1/12 <sup>th</sup>) payments of Estimated Costs pursuant to <u>Section 4.2</u> of the Existing Lease) uninterrupted and unmodified, except that during the Extension Term, the "**Base Year**" shall mean the 2026 calendar year, and accordingly, Tenant's obligation to pay the one-twelfth (1/12<sup>th</sup>) payments of Estimated Costs during the Extension Term shall commence January 1, 2027. <u>Section 4.1(g)</u> of the Lease and clause (xxxi) of <u>Section 4.1(e)</u> of the Lease are deleted in their entirety.

5.<u>Alterations</u>. Any Alterations which Tenant desires to install shall be performed only in accordance with the provisions of the Existing Lease and the Construction Rules and Regulations attached hereto as <u>Exhibit A</u>.

6.<u>Option to Extend</u>.

6.01<u>Extension of Lease</u>. <u>Section 2.5</u> of the Existing Lease is deleted in its entirety.

6.02<u>Option to Extend</u>. Landlord hereby grants to Tenant one (1) option to extend the Term (the "**Option to Extend**") for a period of five (5) years (the "**Option Term**"), provided (i) on the date Tenant delivers the Option Notice, there is no uncured Event of Default and (ii) Tenant exercises the Option to Extend as set forth below. The Option Term, if exercised, shall commence on the day following the Expiration Date, with no gap.

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Tenant may exercise the Option to Extend only by delivering written notice of exercise ("**Option Notice**") to Landlord no later than six (6) months prior to the Expiration Date (the "**Exercise Deadline**").

6.03<u>Rent</u>. The Basic Annual Rent (and monthly installments thereof) for the Leased Premises during the Option Term shall be the greater of (i) the Fair Market Renewal Rent (as defined below), or (ii) the Basic Annual Rent in effect during the last calendar month of the Extension Term (adjusted, as required, to reflect a 2038 Base Year).

6.04<u>Fair Market Renewal Rent Determination</u>. During the thirty (30) day period following the Exercise Deadline (the "**Negotiation Period**"), Landlord and Tenant shall negotiate the Fair Market Renewal Rent for the Option Term. If Landlord and Tenant do not agree on the Fair Market Renewal Rent for the Option Term during the Negotiation Period, then the Fair Market Renewal Rent for the Option Term shall be determined as set forth herein. Tenant shall designate a broker by notice to Landlord within ten (10) days after the end of the Negotiation Period. Within ten (10) days thereafter, Landlord shall by written notice to Tenant designate a second (2nd) broker. Within fifteen (15) days after the second (2nd) broker's appointment, (i) each broker shall make an independent determination of the Fair Market Renewal Rent for the Option Term, specifying its determination of the prevailing market for concessions and allowances, and (ii) the two (2) brokers shall meet in an attempt to agree. If the two (2) brokers so appointed agree on the Fair Market Renewal Rent for the Option Term within twenty five (25) days after appointment of the second (2<sup>nd</sup>) broker, then the Basic Annual Rent for the Leased Premises during the Option Term shall be the greater of (i) the Fair Market Renewal Rent as agreed by the two (2) brokers, or (ii) the Basic Annual Rent in effect during the last calendar month of the Extension Term (adjusted, as required, to reflect a 2038 Base Year).

If the two (2) brokers so appointed do not agree on the Fair Market Renewal Rent for the Option Term within twenty-five (25) days after appointment of the second (2nd) broker, the two (2) brokers shall jointly appoint a third (3rd) broker no later than thirty (30) days after the appointment of the second (2nd) broker. If a third (3rd) broker is appointed, he or she shall within fifteen (15) days after his or her appointment, make his or her valuation and decide which one of the Fair Market Renewal Rents determined by the other two (2) brokers is closer to the Fair Market Renewal Rent for the Premises as of the first (1st) day of the Option Term, and the Basic Annual Rent for the Leased Premises during the Option Term shall be the greater of (i) the Fair Market Renewal Rent so selected by the third (3rd) broker or (ii) the Basic Annual Rent in effect during the last calendar month of the Extension Term (adjusted, as required, to reflect a 2038 Base Year). The brokers shall have no authority to modify or amend the terms of the Lease.

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6.05<u>Qualifications/Definition</u>. Each broker appointed pursuant to this <u>Section 6</u> shall be a disinterested person of recognized competence, duly licensed in the State of Utah, who has a minimum of fifteen (15) years' experience in the leasing of first class office space in the Salt Lake City metropolitan area, and has not represented either Landlord or Tenant during the previous three (3) years. All valuations of the Fair Market Renewal Rent for the Option Term shall be in writing and shall be expressed as an annual rate per rentable square foot of the Leased Premises. "<u>Fair Market Renewal Rent</u>" means the fair market base rental rate, annual escalations, rent abatement and construction allowance for comparable office lease renewal transactions in the Salt Lake City metropolitan area, with a 2038 Base Year, taking into account all relevant factors that would be contemplated by a willing landlord and a willing tenant in the negotiation of a lease renewal for the Leased Premises, i.e., Landlord shall provide all concessions, abatement, allowances and escalations used in determining the Fair Market Renewal Rent, or if it shall decline to do so or Tenant shall decline to accept the same, Fair Market Renewal Rent shall be adjusted by the brokers to reflect same.

6.06<u>Appointment of Broker</u>. The party appointing each broker shall be obligated, within three (3) business days after receipt of the valuation report prepared by the broker appointed by such party to deliver a copy thereof to the other party. If a third (3rd) broker is appointed, the third (3<sup>rd</sup>) broker shall be directed, at the time of his or her appointment, to deliver copies of his or her valuation report and Fair Market Renewal Rent selection to Landlord and Tenant within ten (10) days after his or her appointment, in the manner provided in the Lease for the giving of notices. The expenses of each of the initial two (2) brokers appointed pursuant to this <u>Section 6</u> shall be borne by the party appointing such broker. The expenses of the third (3<sup>rd</sup>) broker appointed pursuant hereto, if any, shall be paid one-half (1/2) by Landlord and one-half (1/2) by Tenant.

6.07<u>Miscellaneous</u>. Additional Rent for Actual Operating Expense Increase shall remain in effect and unmodified during the Option Term, except that during the Option Term the Base Year shall be calendar year 2038. All other terms and provisions of the Lease shall remain in full force and effect during the Option Term, except that during the Option Term, Tenant shall have no Option to Extend. Within ten (10) days after determination of the Fair Market Renewal Rent for the Option Term, Landlord and Tenant shall execute an amendment to the Lease confirming the terms thereof, provided that the failure of either party to execute such Lease amendment shall not affect the legally binding nature of the leasing of the Leased Premises for the Option Term and the rent therefor.

7.<u>Property Management Platform</u>. So long as AREPIII ENTRA, LLC is the Landlord, then in assessing Landlord's property management and lease administration platform for the Building, Landlord shall require its property manager for the Building to consider in good

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faith Entrata software as an alternative to its competitors for the Building, it being understood that neither Landlord nor its property manager shall be required to use same. At such time, if any, that AREPIII ENTRA, LLC is no longer the Landlord, then this <u>Section 7</u> shall be null and void and of no further force or effect.

8.<u>Right of Offer</u>.

8.01The parties acknowledge that pursuant to that certain Agreement Regarding Adjacent Property dated March 15, 2016 between Boyer Project Company, L.C. (and assigned to Landlord) and Tenant (the "**Adjacent Property Agreement**"), Tenant was obligated to exercise its rights, if at all, with respect to the Adjacent Property (as defined in the Adjacent Property Agreement) on or before March 15, 2021. Accordingly, neither Landlord nor Tenant have any rights or obligations with respect to the Adjacent Property pursuant to the Adjacent Property Agreement.

With respect to the Adjacent Subdivided Property, in lieu of any rights or obligations of Landlord and Tenant pursuant to the Adjacent Property Agreement, Landlord and Tenant agree that if Landlord elects to construct an additional office building on the Property (the "**Additional Building**"), then prior to commencement of vertical construction of the Additional Building, Landlord shall deliver written notice to Tenant of the availability of office space for lease in the Additional Building (the "**Availability Notice**"), which Availability Notice shall set forth the approximate size, location, number of floors and size of each office floor of the Additional Building. In such event, Tenant shall have the one-time right to lease one or more continuous full floors of office space (from either the top floor down, or from the first (1<sup>st</sup>) floor (or second (2<sup>nd</sup>) floor, if Landlord intends to lease some or all of the first (1<sup>st</sup>) floor for retail and/or other non-office use and specifies in the Availability Notice that no portion of the first (1<sup>st</sup>) floor may constitute the Offer Space) up) in the Additional Building (the "**Offer Space**") on the terms and conditions of this <u>Section 8,</u> but only by delivering to Landlord written notice of its exercise of this Right of Offer (the "**Exercise Notice**") within fifteen (15) days after delivery of the Availability Notice, which Exercise Notice shall specify which contiguous full floors shall constitute the Offer Space. In such event, during the thirty day (30) period following delivery of the Exercise Notice (the "**Economic Negotiation Period**"), Landlord and Tenant shall negotiate in good faith the economic terms for the Offer Space, which terms shall reflect all construction costs for the Additional Building, including the construction of structured parking and other site modifications. If during the Economic Negotiation Period Landlord and Tenant execute and deliver a non-binding letter of intent setting forth the agreed economic terms for the Offer Space, then during the sixty day (60) period following the Economic Negotiation Period (the "**Document Negotiation Period**"), Landlord and Tenant shall negotiate in good faith a legally

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binding amendment to this Lease for the leasing of the Offer Space. If Tenant does not timely deliver the Exercise Notice, or if Landlord and Tenant do not both execute and deliver a non-binding letter of intent during the Economic Negotiation Period and execute and deliver a legally binding lease amendment during the Document Negotiation Period, then this Right of Offer shall be null and void and of no further force or effect, and Landlord shall be free to lease space in the Additional Building to third parties.

If Landlord intends to lease some or all of the first (1<sup>st</sup>) floor of the Additional Building for retail and/or other non-office use, then Landlord may elect to exclude from the Offer Space either the entire first (1<sup>st</sup>) floor of the Additional Building or a portion of the first (1<sup>st</sup>) floor, the Availability Notice shall specify same, in which event the first (1<sup>st</sup>) floor or portion thereof excluded by Landlord shall not be included in the Offer Space. Such election by Landlord shall be determinative, whether or not such space is actually used for non-office purposes. If Landlord excludes only a portion of the first (1<sup>st</sup>) floor from the Offer Space, then for purposes of this Right of Offer, the portion not so excluded shall be deemed to be a "full floor".

9. Intentionally Omitted.

10.<u>Insurance</u>. <u>Section 11</u> of the Lease is deleted in its entirety and replaced with the following:

11.1<u>Insurance on Tenant's Personal Property and Fixtures</u>. At all times during the Term, Tenant at its expense shall keep in force at its sole cost and expense with insurance companies acceptable to Landlord, hazard insurance on an "Special Form" or equivalent policy form, and shall include fire, theft, extended coverages, vandalism, and malicious mischief. Coverage shall be equal to 100% of the Replacement Cost value of Tenant's contents, fixtures, furnishings, equipment, and all improvements or additions (excluding the initial Tenant Improvements) made by Tenant to the Leased Premises. The deductible under such insurance coverage shall not exceed $10,000.00. Such policy shall add Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance. The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice. If the carrier providing the coverage required herein is unable to provide Landlord with such notice directly, Tenant shall deliver to Landlord a copy of any such notice of cancellation immediately upon receipt by Tenant.

11.2<u>Property Coverage</u>. At all times during the Term, Landlord shall obtain and maintain in force an "all-risk type" or equivalent policy form for the full replacement value of the Building, Landlord's Improvements and personal property owned by Landlord, as the values may exist from time to time, and shall include fire, theft, extended coverages, vandalism, and malicious

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mischief on the Building during the Term and any extension thereof. Landlord may obtain, at Landlord's discretion, coverage for flood and earthquake if commercially available at reasonable rates. Such insurance shall also include coverage against loss of rental income.

11.3<u>Automobile</u>. At all times during the Term, Tenant at its expense shall maintain Commercial Automobile Liability insurance with limits of not less than One Million Dollars ($1,000,000) for anyone accident and shall include owned, hired and non-owned automobiles.

11.4<u>Liability Insurance</u>. At all times during the Term, Tenant at its expense shall keep in full force and effect with insurance companies acceptable to Landlord a policy of Commercial General Liability Insurance with limits of not less than $1,000.000 each Occurrence and $2,000,000 General Aggregate and which coverage may be met through an umbrella insurance policy maintained by Tenant. The policy shall apply to the Leased Premises and all operations of Tenant's business and all claims and liabilities in connection with or arising therefrom. Such policy shall add Landlord as Additional Insured and shall provide that coverage for the Additional Insured is primary and not contributory with other insurance. The policy shall provide that such policy not be cancelled or materially changed without first giving Landlord thirty (30) days written notice. If the carrier providing the coverage required herein is unable to provide Landlord with such notice directly, Tenant shall provide any such notice of cancellation immediately upon receipt to Landlord. Tenant shall provide Landlord with evidence of current insurance coverage, at least once annually during the Term, or otherwise within ten (10) days of Landlord's written request. All public liability, property damage, and other liability policies shall be written as primary policies, not contributing with coverage which Landlord may carry. All such policies shall contain a provision that Landlord, although named as an insured, shall nevertheless be entitled to recover under said policies for any loss occasioned to it, its servants, agents, and employees by reason of the negligence of Tenant. All such insurance shall specifically insure the performance by Tenant of the indemnity agreement as to liability for injury to or death of persons or injury or damage to property contained in Part X.

11.5<u>Waiver of Subrogation</u>. Landlord and Tenant each hereby waives all rights to recover against each other, against any other tenant or occupant of the Building, and against each other's officers, directors, shareholders, partners, joint venturers, employees, agents, customers, invitees or business visitors or of any other tenant or occupant of the Building, for any loss or damage arising from any cause covered by any insurance earned or required to be earned by the waiving party.

11.6<u>Lender</u>. Any mortgage provider interest in any part of the Building or Improvements may, at Landlord's option, be afforded coverage under any policy required to be secured by Tenant hereunder, by use of a mortgagee's endorsement to the policy concerned.

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11.7<u>Umbrella Liability</u>. Tenant shall also be required to cany an Umbrella Liability policy with limits of no less than $5,000,000 per location. Such coverage shall be in excess of the required Commercial General Liability and Automobile coverages, with such coverage being on a follow-form basis, and not more restrictive than underlying insurance.

11.<u>Miscellaneous</u>.

11.01Notices to Landlord pursuant to the Lease shall be delivered to:

AREPIII ENTRA, LLC

c/o The Arden Group, Inc.

1600 Market Street, Suite 2600

Philadelphia, PA 19103

Attn: Craig A. Spencer

Email: [\*\*\*]

Attn: Joseph S. Caruso

Email: [\*\*\*]

Notices to Tenant pursuant to the Lease shall be delivered to

Entrata Inc.

4205 Chapel Ridge Road

Lehi, UT

Attn: Erin Goodsell

Email: [\*\*\*]

or to such other address as Landlord or Tenant (as applicable) may hereinafter designate in writing. This Amendment and the attached exhibit, which is hereby incorporated into and made a part of this Amendment, set forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements with respect to the matters set forth herein. This Amendment shall inure only to the benefit of and be binding only upon Landlord and Tenant and their permitted successors and assigns. Under no circumstances shall Tenant be entitled to any rent abatement, improvement allowance, leasehold improvements, or other work to the Leased Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Existing Lease, unless specifically set forth in this Amendment.

11.02The following provisions of the Existing Lease are deleted in their entirety: Lease Summary <u>Section 8</u>, Lease Summary <u>Section 13,</u> Lease Summary <u>Section 15</u>, <u>Section 1.2,</u> <u>Section 1.4</u>, <u>Section 2.3</u>, <u>Section 2.6</u>, <u>Exhibit A-l</u> and <u>Exhibit C</u>. Except as

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herein expressly modified or amended by this Amendment, the provisions, conditions and terms of the Existing Lease shall remain unchanged and in full force and effect.

11.03In the case of any inconsistency between the provisions of the Existing Lease and this Amendment, the provisions of this Amendment shall govern and control. Time is of the essence with respect to all provisions of the Existing Lease and this Amendment.

11.04Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant. Neither Landlord nor Tenant shall be bound by this Amendment unless and until Landlord and Tenant each has executed and delivered the same to the other party.

11.05Tenant hereby represents to Landlord, and Landlord hereby represents to Tenant, that such party has dealt with no broker in connection with this Amendment, other than Woodley Real Estate, representing Tenant. Landlord agrees to pay such broker a commission pursuant to a separate agreement between Landlord and such broker. Each party shall indemnify, defend and hold the other harmless from any and all claims of any other broker claiming to have represented such indemnifying party in connection with this Amendment.

11.06Tenant and Landlord agree that the confidentiality covenants set forth in <u>Section 22.22</u> of the Lease shall have full force and effect with respect to this Amendment, as if fully restated herein and made applicable to this Amendment.

11.07Each party hereby represents to the other party: (a) that it has the authority and capacity to enter into this Amendment, (b) that the person executing this Amendment on its behalf is authorized to do so, and (c) that it is legally permitted to do business in the State of Utah.

11.08This Amendment shall be construed without regard to any presumption or other rule requiring construction against the party causing this Amendment to be drafted. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Execution and delivery of this Amendment by affixing its signature hereto by means of an electronic signature tool, application or software (such as pdf scan or DocuSign) shall have the same effect as delivery of an original signed instrument.

***[signature page follows]***

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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the day and year first above written. Landlord and Tenant intend to be legally bound by this Amendment as of the day and year first above written.

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| | |
|:---|:---|
| **LANDLORD:** | **LANDLORD:** |
| **AREPII ENTRA, LLC** | **AREPII ENTRA, LLC** |
| By: | /s/ Joe Caruso |
| Name: Joe Caruso | Name: Joe Caruso |
| Title: Vice President | Title: Vice President |
| **TENANT:** | **TENANT:** |
| **ENTRATA, INC.** | **ENTRATA, INC.** |
| By: | /s/ Mark Hansen |
| Name: Mark Hansen | Name: Mark Hansen |
| Title: CFO | Title: CFO |

---

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**<u>EXHIBIT A</u>**

**<u>CONSTRUCTION RULES AND REGULATIONS</u>**

[\*\*\*]

## Exhibit 23.1

**Exhibit 23.1**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated March 6, 2026, relating to the consolidated financial statements of Entrata, Inc. (the Company), which is contained in that Prospectus.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

/s/ BDO USA, P.C.

Salt Lake City, Utah

June 11, 2026

<br>