Document:

Exhibit 10.11

Execution Version

 

Pareteum
Corporation

 

Senior Secured Bridge Note due 2022

 

THE ISSUANCE AND SALE THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION AND PROSPECTUS-DELIVERY
REQUIREMENTS OF THE SECURITIES ACT.

 

     

     

    

 

Pareteum
Corporation

 

Senior Secured Bridge Note due 2022

 

Certificate No.AA-1

 

Pareteum Corporation, a Delaware
corporation, for value received, promises to pay to Circles MVNE Pte. Ltd. (the “Holder”), or its registered assigns,
the principal sum of six million dollars ($6,000,000) (such principal sum, the “Principal Amount”) on October 31, 2022,
and to pay interest thereon, as provided in this Note, in each case as provided in and subject to the other provisions of this Note, including
the earlier redemption or repurchase of this Note.

 

Additional provisions of this
Note are set forth on the other side of this Note.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

     

     

    

 

 

IN WITNESS WHEREOF,
Pareteum Corporation has caused this instrument to be duly executed as of the date set forth below.

 

	 	Pareteum Corporation
	 	 
	 	 	 
	Date: April 25, 2022	By:	/s/ Alexander Korff
	 	 	Name: Alexander Korff
	 	 	Title: Corporate Secretary

 

 

 

    [Signature Page to Senior Secured Bridge Note due 2022, Certificate No. AA-1]

     

    

 

Pareteum
Corporation

Senior Secured Bridge Note due 2022

 

This Note (this “Note”
and, collectively with any Note issued in exchange therefor or in substitution thereof, the “Notes”) is issued by Pareteum
Corporation, a Delaware corporation (the “Company”), and designated as its “Senior Secured Bridge Note due
2022.”

 

Section
1.  Definitions.

 

“Affiliate”
has the meaning set forth in Rule 144.

 

“Approved Stock Plan”
means any employee benefit plan which has been approved by the Board of Directors of the Company prior to or subsequent to the date hereof
pursuant to which shares of Common Stock and standard options to purchase Common Stock may be issued to any employee, officer, director
or consultant for services provided to the Company in their capacity as such.

 

“Authorized Denomination”
means, with respect to the Notes, a Principal Amount thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof.

 

“Bankruptcy Law”
means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board.

 

“Business Combination
Event” has the meaning set forth in Section 10.

 

“Business Day”
means any day other than a Saturday, a Sunday or any day on which commercial banks in The City of New York are authorized or required
by law or executive order to close or be closed; provided, however, for clarification, commercial banks in
The City of New York shall not be deemed to be authorized or required by law or executive order to close or be closed due to “stay
at home,” “shelter-in-place,” “non-essential employee” or any other similar orders or restrictions or the
closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems
(including for wire transfers) of commercial banks in The City of New York are open for use by customers on such day.

 

“Capital Lease”
means, with respect to any Person, any leasing or similar arrangement conveying the right to use any property, whether real or personal
property, or a combination thereof, by that Person as lessee that, in conformity with GAAP, is required to be accounted for as a capital
lease on the balance sheet of such Person.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a Capital Lease that would at that time
be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the stated maturity thereof shall be the date of
the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the
lessee without payment of a penalty.

 

     

     

    

 

“Capital Stock”
of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents
of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity.

 

“Cash” means all cash and
liquid funds.

 

“Cash Equivalents” means,
as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed
as to interest and principal by the United States Government, or (ii) issued by any agency of the United States the obligations of which
are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable
direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality
thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at
least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s Investors Service; (C) commercial paper maturing
no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1
from Standard & Poor’s Corporation or at least P-1 from Moody’s Investors Service; (D) certificates of deposit or bankers’
acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the
United States of America or any State thereof or the District of Columbia that (i) is at least “adequately capitalized” (as
defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of
not less than $100,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously
in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $500,000,000, and (iii) has
the highest rating obtainable from either Standard & Poor’s Corporation or Moody’s Investors Service.

 

“Close of Business”
means 5:00 p.m., New York City time.

 

“Collateral”
has the meaning set forth in the Security Agreement.

 

“Collateral Agent”
means Circles MVNE Pte. Ltd., in its capacity as collateral agent for the Holder and each Other Holder, together with any successor thereto
in such capacity.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common Stock”
means the common stock, $0.001 par value per share, of the Company.

 

“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (A) any Indebtedness
or other obligations of another Person, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted
or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (B) any obligations
with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and (C)
all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar
agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates
or commodity prices; provided, however, that the term “Contingent Obligation” shall not include
endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to
be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good
faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations
under the guarantee or other support arrangement.

 

     

     

    

 

“Copyright License”
means any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by the
Company or in which the Company now holds or hereafter acquires any interest.

 

“Copyrights”
means all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any
other country.

 

“Default”
means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

 

“Default Interest”
has the meaning set forth in Section 4(B).

 

“Defaulted Amount”
has the meaning set forth in Section 4(B).

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable at the option of the holder) or upon the happening of any event:

 

(A) matures or is mandatorily
redeemable pursuant to a sinking fund obligation or otherwise;

 

(B) is convertible or exchangeable
for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely at the option of the issuer or a Subsidiary;
provided that any such conversion or exchange will be deemed an incurrence of Indebtedness or Disqualified Stock, as applicable);
or

 

(C) is redeemable at the option
of the holder thereof, in whole or in part,

 

in the case of each of clauses (A), (B)
and (C), at any point prior to the one hundred eighty-first (181st) day after the Maturity Date.

 

“DTC” means
The Depository Trust Company.

 

“Eligible Exchange”
means any of The New York Stock Exchange, The NYSE American, The Nasdaq Capital Market, The Nasdaq Global Market or The Nasdaq Global
Select Market (or any of their respective successors).

 

     

     

    

 

“Equipment” means all “equipment”
as defined in the UCC with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures,
goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“Event of Default”
has the meaning set forth in Section 11(A).

 

“Event of Default
Acceleration Amount” means, with respect to the delivery of a notice pursuant to Section 11(B)(ii) declaring this Note
to be due and payable immediately on account of an Event of Default, a cash amount equal to one hundred twenty percent (120%) of the then
outstanding Principal Amount of this Note plus accrued and unpaid interest on this Note.

 

“Event of Default
Notice” has the meaning set forth in Section 11(C).

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

 

“Existing Note Documents”
means, collectively, the First Lien Note Documents, the Second Lien Note Documents and the Unsecured Note Documents.

 

“Existing Notes”
means each promissory note of the Company issued pursuant to an Existing Note Document.

 

“First Lien Note
Documents” means that certain Securities Purchase Agreement dated as of June 8, 2020, among the Company and the buyers party
thereto, as amended, restated, supplemented or otherwise modified from time to time, and the promissory notes, warrants, security documents
and other transaction documents executed and delivered by the Company and its Subsidiaries pursuant to such agreements and any such transaction
documents.

 

“Fundamental Change”
means any of the following events:

 

(A)       a
 “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its
Wholly Owned Subsidiaries, or the employee benefit plans of the Company or its Wholly Owned Subsidiaries, files any report with the Commission
indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of
the Company’s common equity representing more than fifty percent (50%) of the voting power of all of the Company’s then-outstanding
common equity;

 

(B)       the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of
the assets of the Company and its Subsidiaries, taken as a whole, to any Person (other than solely to one or more of the Company’s
Wholly Owned Subsidiaries); or (ii) any transaction or series of related transactions in connection with which (whether by means of merger,
consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common
Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property
(other than a subdivision or combination, or solely a change in par value, of the Common Stock); provided, however,
that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly
 “beneficially owned” (as defined below) all classes of the Company’s common equity immediately before such transaction
directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes
of common equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially
the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change
pursuant to this clause (B);

 

     

     

    

 

(C)       the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(D)       the
Common Stock ceases to be listed on any Eligible Exchange.

 

For the purposes of this definition,
(x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above (without regard to the
proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether
a Person is a “beneficial owner” and whether shares are “beneficially owned” will be determined
in accordance with Rule 13d-3 under the Exchange Act.

 

“Fundamental Change
Base Repurchase Price” means, with respect to this Note (or any portion of this Note to be repurchased) upon a Repurchase Upon
Fundamental Change, a cash amount equal to (i) one hundred twenty percent (120%) of the then outstanding Principal Amount of this Note
(or portion thereof).

 

“Fundamental Change
Notice” has the meaning set forth in Section 6(C).

 

“Fundamental Change
Repurchase Date” means the date as of which this Note must be repurchased for cash in connection with a Fundamental Change,
as provided in Section 6(B).

 

“Fundamental Change
Repurchase Price” means the cash price payable by the Company to repurchase this Note (or any portion of this Note) upon its
Repurchase Upon Fundamental Change, calculated pursuant to Section 6(D).

 

“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time; provided
the definitions set forth in this Note and any financial calculations required by thereby shall be computed to exclude any change to lease
accounting rules from those in effect pursuant to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases)
and other related lease accounting guidance as in effect on the date hereof.

 

“Holder”
means the person in whose name this Note is registered on the books of the Company.

 

     

     

    

 

The term “including”
means “including without limitation,” unless the context provides otherwise.

 

“Indebtedness”
means, indebtedness of any kind, including, without duplication (A) all indebtedness for borrowed money or the deferred purchase price
of property or services, including reimbursement and other obligations with respect to surety bonds and letters of credit, (B) all obligations
evidenced by notes, bonds, debentures or similar instruments, (C) all Capital Lease Obligations, (D) all Contingent Obligations, and (E)
Disqualified Stock.

 

“Interest Payment
Date” means, with respect to a Note, the Maturity Date.

 

“Intellectual Property”
means all of the Company’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask works; the Company’s
applications therefor and reissues, extensions, or renewals thereof; and the Company’s goodwill associated with any of the foregoing,
together with the Company’s rights to sue for past, present and future infringement of Intellectual Property and the goodwill associated
therewith.

 

“Investment”
means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan,
advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person or the
purchase of any assets of another Person for greater than the fair market value of such assets to solely the extent of the amount in excess
of the fair market value.

 

“Issue Date”
means April 25, 2022.

 

“License”
means any Copyright License, Patent License, Trademark License or other license of rights or interests.

 

“Lien” means any mortgage,
deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind, whether
voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention
agreement, and any lease in the nature of a security interest; provided, that for the avoidance of doubt, licenses, strain
escrows and similar provisions in collaboration agreements, research and development agreements that do not create or purport to create
a security interest, encumbrance, levy, lien or charge of any kind shall not be deemed to be Liens for purposes of this Note.

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock
is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating
to the Common Stock.

 

     

     

    

 

“Maturity Date”
means October 31, 2022.

 

“Open of Business”
means 9:00 a.m., New York City time.

 

“Optional Redemption
Cash Payment Notice” has the meaning set forth in Section 5(C).

 

“Optional Redemption
Date” means, with respect to a Note, (A) October 31, 2022; (B) the first calendar day of each month following the applicable
date set forth in clause (A); and (C) if not otherwise included in clause (B), the Maturity Date.

 

“Optional Redemption
Payment” means, (A) with respect to each Optional Redemption Date, up to three million five hundred thousand dollars ($3,500,000),
as determined by the Holder in its sole discretion; provided, that, the Holder and the Company may agree to
increase the size of any Optional Redemption Payment by mutual written consent; and provided, further, that in no
event shall the amount of any Optional Redemption Payment exceed the then outstanding Principal Amount of this Note.

 

The term “or”
is not exclusive, unless the context expressly provides otherwise.

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

“Other Holder”
means any person in whose name any Other Note is registered on the books of the Company.

 

“Other Notes”
means any Notes that are of the same class as this Note and that are represented by one or more certificates other than the certificate
representing this Note.

 

“Pareteum Europe”
means Pareteum Europe B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), having its
corporate seat at Amsterdam.

 

“Pareteum Europe
Pledge Agreement” means that certain Deed of Pledge over Registered Shares, dated on or about June 10, 2020, among the Company,
the Collateral Agent and Pareteum Europe.

 

“Pareteum Europe
Security Agreement ” means a security agreement under the laws of the Netherlands acceptable to the Holder in its sole discretion,
pursuant to which Pareteum Europe will grant a security interest in favor of the Collateral Agent in substantially all of its assets (other
than leased real property and rights as to which the grant of a security interest would violate or invalidate any such contract or other
document or give any other party to such contract, instrument, license or other document the right to terminate its obligations thereunder).

 

“Patents”
means all letters patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings
thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country.

 

     

     

    

 

“Patent License”
means any written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application
is pending, in which agreement the Company now holds or hereafter acquires any interest.

 

“Permitted Indebtedness”
means (A) Indebtedness evidenced by this Note; (B) Indebtedness deemed to be disclosed pursuant to the Securities Purchase Agreement,
as in effect as of the Issue Date, including the Indebtedness under the Existing Note Documents and existing Disqualified Stock disclosed
therein; (C) Indebtedness to trade creditors, purchase money Indebtedness and Capital Leases incurred in the ordinary course of business,
including Indebtedness incurred in the ordinary course of business with corporate credit cards; (D) Indebtedness that also constitutes
a Permitted Investment; (E) Subordinated Indebtedness of the Company; (F) reimbursement obligations in connection with letters of credit
or similar instruments that are secured by Cash or Cash Equivalents and issued on behalf of the Company or a Subsidiary thereof in an
aggregate amount not to exceed five hundred thousand dollars ($500,000) at any time outstanding; (G) Indebtedness in respect of (1) advances
of payroll amounts in an aggregate principal amount not to exceed at any time $1,000,000 and (2) an aggregate principal amount of $2,500,000
in indebtedness resulting from certain unsecured loans made or to be made to the Company under the Paycheck Protection Program established
by the Coronavirus Aid, Relief, and Economic Security Act; (H) refinancings of items of Permitted Indebtedness so long as such refinanced
Permitted Indebtedness (i) does not have a final maturity date, amortization payment, sinking fund, mandatory redemption or other repurchase
obligation for cash or put right for cash at the option of the lender or holder of such Indebtedness prior to the earlier of (1) the final
maturity date of the Permitted Indebtedness being refinanced and (2) one hundred eighty-one (181) days following the Maturity Date, (ii)
does not impose materially more burdensome terms upon the Company or its Subsidiaries, (iii) does not increase the amount thereof other
than in respect of amounts accrued thereon to the date of such refinancing and (iv) is not otherwise materially adverse to the Holder;
and (I) Contingent Obligations that are guarantees of Indebtedness described in clauses (A) through (E) and (H).

 

“Permitted Intellectual
Property Licenses” means Intellectual Property (A) licenses in existence at the Issue Date and (B) non-perpetual licenses granted
in the ordinary course of business on arm’s length terms consisting of the licensing of technology, the development of technology
or the providing of technical support which may include licenses with unlimited renewal options solely to the extent such options require
mutual consent for renewal or are subject to financial or other conditions as to the ability of licensee to perform under the license;
provided such license was not entered into during continuance of a Default or an Event of Default.

 

“Permitted Investment”
means: (A) Investments deemed to be disclosed pursuant to the Securities Purchase Agreement, as in effect as of the Issue Date; (B)
(i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof
maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation
thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors
Service, (iii) certificates of deposit issued by any bank headquartered in the United States with assets of at least five billion dollars
$5,000,000,000 maturing no more than one year from the date of investment therein, and (iv) money market accounts; (C) Investments accepted
in connection with Permitted Transfers; (D) Investments (including debt obligations) received in connection with the bankruptcy or reorganization
of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the
ordinary course of the Company’s business; (E) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers in the ordinary course of business and consistent with past practice, provided that this clause
(E) shall not apply to Investments of the Company in any Subsidiary; (F) Investments consisting of loans not involving the net transfer
on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock
of the Company pursuant to an Approved Stock Plan; (G) Investments consisting of travel advances in the ordinary course of business; (H)
Investments in the Subsidiary Grantors and, from and after the execution of the Pareteum Europe Security Agreement, Pareteum Europe; (I)
Permitted Intellectual Property Licenses; and (J) additional Investments that do not exceed twenty-five thousand dollars ($25,000) in
the aggregate in any twelve (12) month period.

 

     

     

    

 

“Permitted Liens” means
any and all of the following: (A) Liens in favor of Holder or the Collateral Agent; (B) Liens deemed to be disclosed pursuant to the Securities
Purchase Exchange Agreement, as in effect as of the Issue Date, including Liens under the Existing Note Documents; (C) Liens for taxes,
fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings;
provided, that the Company maintains adequate reserves therefor in accordance with GAAP; (D) Liens securing claims or demands
of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of business;
provided, that the payment thereof is not yet required; (E) Liens arising from judgments, decrees or attachments in circumstances
which do not constitute a Default or an Event of Default hereunder; (F) the following deposits, to the extent made in the ordinary course
of business: deposits under workers’ compensation, unemployment insurance, social security and other similar laws, or to secure
the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or
other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory
obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance
or other similar bonds; (G) Liens on Equipment or software or other intellectual property constituting purchase money Liens and Liens
in connection with Capital Leases securing Indebtedness permitted in clause (C) of “Permitted Indebtedness”; (H) leasehold
interests in leases or subleases and licenses granted in the ordinary course of the Company’s business and not interfering in any
material respect with the business of the licensor; (I) Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of custom duties that are promptly paid on or before the date they become due; (J) Liens on insurance proceeds securing
the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend
only to such insurance proceeds and not to any other property or assets); (K) statutory and common law rights of set-off and other similar
rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; (L) easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so
long as they do not materially impair the value or marketability of the related property; and (M) Liens on Cash or Cash Equivalents securing
obligations permitted under clause (D) and (G) of the definition of Permitted Indebtedness.

 

     

     

    

 

“Permitted Transfers”
means (A) dispositions of inventory sold, and Permitted Intellectual Property Licenses entered into, in each case, in the ordinary course
of business, (B) dispositions of worn-out, obsolete or surplus property at fair market value in the ordinary course of business; (C) dispositions
of accounts or payment intangibles (each as defined in the UCC) resulting from the compromise or settlement thereof in the ordinary course
of business for less than the full amount thereof; (D) transfers consisting of Permitted Investments under clause (H) of Permitted
Investments; (E) other transfers of assets to any Person other than to a joint venture and which have a fair market value of not more
than twenty-five thousand dollars ($25,000) in the aggregate in any twelve (12) month period and (F) a restructuring, recapitalization,
sale or other transfer of all or substantially all of the equity securities or assets of iPass India Private Limited, including following
commencement of any proceedings under Bankruptcy Law or otherwise with respect to any such Subsidiary.

 

“Person”
or “person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate,
entity or government agency.

 

“Principal Amount”
has the meaning set forth in the cover page of this Note; provided, however, that the Principal Amount of
this Note will be subject to reduction (A) pursuant to Section 6, and Section 7 and (B) by an amount equal to (i) the sum
of all Optional Redemption Payments made prior to date of determination of the Principal Amount of the Note then outstanding.

 

“Related Party”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents and advisors of such Person and of such Person’s Affiliate.

 

“Repurchase Upon
Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 6.

 

“Rule 144”
means Rule 144 under the Securities Act.

 

“Second Lien Note
Documents” means that certain Securities Purchase Agreement dated February 22, 2021, between the Company and the initial buyer
party thereto, and that certain Securities Purchase Agreement dated April 13, 2021, among the Company and the buyers party thereto, each
as amended, restated, supplemented or otherwise modified from time to time, and the promissory notes, warrants, security documents and
other transaction documents executed and delivered by the Company and its Subsidiaries pursuant to such agreements and any such transaction
documents.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended.

 

“Securities Purchase
Agreement” means that certain Securities Purchase Agreement, dated as of April 25, 2022, between the Company and Circles MVNE
Pte. Ltd., providing for the issuance of this Note.

 

     

     

    

 

“Security Agreement”
means that certain Security Agreement, dated as of April 25, 2022, among the Company, certain of its Subsidiaries and the Collateral Agent.

 

“Security Document”
has the meaning set forth in the Security Agreement.

 

“Series C Preferred
Stock” means an aggregate of 148 shares of the Company’s 8% Series C Redeemable Preferred Stock, with the rights, powers
and preferences described in the Certificate of Designation, Preferences, and Rights of such Series C Preferred Stock filed by the Company
on December 10, 2019, as in effect on the date hereof.

 

“Significant Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that constitutes a “significant subsidiary” (as defined in
Rule 1-02(w) of Regulation S-X under the Exchange Act) of such Person.

 

“Stated Interest
Rate” means, as of any date, a rate per annum equal to 8.00%.

 

“Subordinated Indebtedness”
means Indebtedness subordinated to the Notes in amounts and on terms and conditions satisfactory to the Holder in its sole discretion.

 

“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited liability
company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence
of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting
power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity
is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership
or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and voting interests,
or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the form of membership, general,
special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other
Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company.

 

“Subsidiary Grantor”
means a Grantor (as defined in the Security Agreement) that is a Wholly Owned Subsidiary of the Company and Pareteum Europe.

 

“Successor Corporation”
has the meaning set forth in Section 10(A).

 

“Trademark License”
means any written agreement granting any right to use any Trademark or Trademark registration, now owned or hereafter acquired by the
Company or in which the Company now holds or hereafter acquires any interest.

 

     

     

    

 

“Trademarks”
means all trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings
and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof
or any other country or any political subdivision thereof.

 

“Trading Day”
means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange
on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock
is not so listed or traded, then “Trading Day” means a Business Day.

 

“Transaction Documents”
has the meaning set forth in the Securities Purchase Agreement.

 

“UCC” means
the Uniform Commercial Code as the same is, from time to time, in effect in the State of New York.

 

“Unsecured Note Documents”
means that certain Securities Purchase Agreement dated as of May 20, 2021, between the Company and Andre Koudstaal, as amended, restated,
supplemented or otherwise modified from time to time, and the promissory notes, warrants and other transaction documents to which the
Company is a party pursuant to such agreement.

 

“Wholly Owned Subsidiary”
of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person.

 

Section
2.   Persons
Deemed Owners.

 

The Holder of this Note will
be treated as the owner of this Note for all purposes.

 

Section
3.   Registered
Form.

 

This Note, and any Note issued
in exchange therefor or in substitution thereof, will be in registered form, without coupons.

 

Section
4.   Accrual
of Interest; Defaulted Amounts.

 

(A)   Accrual of Stated Interest. This Note will accrue interest (the “Stated Interest”) at a rate per annum
equal to the Stated Interest Rate. Stated Interest on this Note will (i) accrue on the Principal Amount of this Note; (ii) accrue from,
and including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore
been paid or duly provided for, the Issue Date) to, but excluding, the date of payment of such Stated Interest; (iii) be payable in arrears
on each Interest Payment Date and each Optional Redemption Date, as applicable; and (iv) be computed on the basis of a 360-day year comprised
of twelve 30-day months.

 

     

     

    

 

(B)    Defaulted Amounts. If (i) the Company fails to pay any amount payable on this Note on or before the due date therefor as
provided in this Note, then, regardless of whether such failure constitutes an Event of Default, or (ii) a Default or Event of Default
occurs (such amount payable or the Principal Amount outstanding as of such failure to pay or Default or Event of Default, (as applicable,
a “Defaulted Amount”)), then in each case, to the extent lawful, interest (“Default Interest”) will
accrue on such Defaulted Amount at a rate per annum equal to eighteen percent (18.0%), from, and including, such due date or the date
of such Default or Event of Default, as applicable, to, but excluding, the date such failure to pay or Default or Event of Default is
cured and all outstanding Default Interest under this Note has been paid, as applicable.

 

Section
5.   Method
of Payment; When Payment Date is Not a Business Day.

 

(A)  Method of Payment. The Company will pay all cash amounts due under this Note by wire transfer of immediately available funds
to the account or accounts specified by the Holder by written notice in advance of the date such amount is due, by wire transfer of immediately
available funds to such account or address set forth in such written notice, as applicable.

 

(B)   Delay of Payment when Payment Date is Not a Business Day. If the due date for a payment on this Note as provided in this
Note is not a Business Day, then, notwithstanding anything to the contrary in this Note, such payment may be made on the immediately following
Business Day and no interest will accrue on such payment as a result of the related delay.

 

Section
6.  Repurchase
of Note upon a Fundamental Change.

 

(A)   Repurchase Upon Fundamental Change. Subject to the other terms of this Section 6, if a Fundamental Change occurs,
then (i) the Holder will have the right to require the Company to repurchase this Note (or any portion of this Note in an Authorized Denomination)
and (ii) the Company will have the right to repurchase this Note, in each case on the Fundamental Change Repurchase Date for such Fundamental
Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

 

(B)    Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business
Day of the Holder’s choosing that is no more than twenty (20) Business Days after the later of (x) the date the Company delivers
to the Holder the related Fundamental Change Notice pursuant to Section 6(C); and (y) the effective date of such Fundamental Change.

 

(C)    Fundamental Change Notice. No later than the fifth (5th) Business Day before the occurrence of any Fundamental Change, the
Company will send to the Holder a written notice (the “Fundamental Change Notice”) thereof, stating the expected date
such Fundamental Change will occur and, if applicable, the Company’s election to repurchase this Note pursuant to Section 6(A).

 

(D)    Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for this Note (or any portion of this Note
to be repurchased) upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the Fundamental
Change Base Repurchase Price for such Fundamental Change plus accrued and unpaid interest on this Note (or such portion of this Note)
to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change. For the avoidance of doubt, if such Fundamental
Change Repurchase Date is on an Interest Payment Date, then the interest otherwise payable on this Note (or such portion of this Note)
on such Interest Payment Date will be paid as part of the Fundamental Change Repurchase Price, in satisfaction of the Company’s
obligation to pay such interest on such Interest Payment Date.

 

     

     

    

 

(E)   Effect of Repurchase. If this Note (or any portion of this Note) is to be repurchased upon a Repurchase Upon Fundamental
Change, then, from and after the date the related Fundamental Change Repurchase Price is paid in full, this Note (or such portion) will
cease to be outstanding and interest will cease to accrue on this Note (or such portion).

 

Section
7.   Optional
Redemption Payments; Holder Optional Redemption.

 

(A) Optional Redemption Payments. At the Holder’s election, in its sole discretion, the Company shall be required to redeem
a portion of this Note equal to the applicable Optional Redemption Payment on each Optional Redemption Date; provided, however,
that the Holder may, in its sole discretion, defer any Optional Redemption Payment (or any portion thereof) to any subsequent Optional
Redemption Date. The Holder shall deliver to the Company a written notice of any such election under this Section 7(A) at least
fifteen (15) Trading Days prior to the applicable Optional Redemption Date in order to make an effective election; provided,
however, that the Holder may, in its sole discretion, defer any Optional Redemption Payment (or any portion thereof) to
any subsequent Optional Redemption Date in accordance with the immediately preceding sentence at any time prior to the applicable Optional
Redemption Date.

 

(B)  Effect of Optional Redemption Payment. If this Note (or any portion of this Note) is redeemed pursuant to Section 7(A),
then, from and after the date the related Optional Redemption Payment is paid in full, this Note (or such portion) will cease to be outstanding
and interest will cease to accrue on this Note (or such portion).

 

Section
8.  [RESERVED].

 

Section
9.   Affirmative
and Negative Covenants.

 

(A)  Stay, Extension and Usury Laws. To the extent that it may lawfully do so, the Company (A) agrees that it will not at any
time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever
or whenever enacted or in force) that may affect the covenants or the performance of this Note; and (B) expressly waives all benefits
or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power
granted to the Holder by this Note, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

(B)   Corporate Existence. Subject to Section 9(A), Permitted Investments and Permitted Transfers, the Company will cause
to preserve and keep in full force and effect:

 

(i)  its corporate existence in accordance with the organizational documents of the Company; and

 

     

     

    

 

(ii)  the material rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries;

 

provided, however, that the Company
need not preserve or keep in full force and effect any such license or franchise if the Board of Directors determines in good faith that
(x) the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole;
and (y) the loss thereof is not, individually or in the aggregate, materially adverse to the Holder.

 

(C)  Ranking. All payments due under this Note shall rank senior to all other indebtedness of the Company to the extent of the
value of the Collateral and any Subordinated Indebtedness.

 

(D)  Indebtedness; Amendments to Indebtedness. The Company shall not and shall not permit any Subsidiary to: (a) create, incur,
assume, guarantee or be or remain liable with respect to any Indebtedness, other than Permitted Indebtedness; (b) prepay any Indebtedness
except by the conversion or exchange of Indebtedness into equity securities (other than Disqualified Stock) and the payment of cash in
lieu of fractional shares in connection with such conversion; or (c) amend or modify any documents or notes evidencing any Indebtedness
in any manner which shortens the maturity date or any amortization, redemption or interest payment date thereof or otherwise imposes materially
more burdensome terms upon the Company or its Subsidiaries than exist in such Indebtedness prior to such amendment or modification without
the prior written consent of Holder.

 

(E)   Liens. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume
or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens.

 

(F)   Investments. The Company shall not directly or indirectly acquire or own, or make any Investment in or to any Person,
or permit any of its Subsidiaries so to do, other than Permitted Investments.

 

(G)   Distributions. The Company shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of
stock or other equity interest other than repurchases or redemptions of the Series C Preferred Stock on the mandatory redemption date
for such Series C Preferred Stock or pursuant to employee, director or consultant repurchase plans or other similar agreements approved
by the Board of Directors, provided, however, in each case the repurchase or redemption price does not exceed the original consideration
paid for such stock or equity interest, except that the Company may exchange shares of Disqualified Stock for shares of Common Stock,
or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest other than mandatory
dividends or distributions on the Series C Preferred Stock, except that a Subsidiary may pay dividends or make distributions to the Company
or a parent company that is a Subsidiary of the Company), or (c) lend money to any employees, officers or directors (except as permitted
under clauses (F) or (G) of the definition of Permitted Investment), or guarantee the payment of any such loans granted by a third party
or (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors. Notwithstanding anything to the contrary
herein, the Company shall not, and shall not allow any Subsidiary to, repurchase or redeem any class of stock or other equity interest
(including the Series C Preferred Stock) or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or
other equity interest (including the Series C Preferred Stock) if any Event of Default has occurred hereunder.

 

     

     

    

 

(H)   Transfers. Except for Permitted Transfers and Permitted Investments, the Company shall not, and shall not allow any
Subsidiary to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial
or legal interest in any material portion of its assets.

 

(I)    Taxes. The Company and its Subsidiaries shall pay when due all taxes, fees or other charges of any nature whatsoever (together
with any related interest or penalties) now or hereafter imposed or assessed against the Company and its Subsidiaries or their respective
assets or upon their ownership, possession, use, operation or disposition thereof or upon their rents, receipts or earnings arising therefrom.
The Company and its Subsidiaries shall file on or before the due date therefor all personal property tax returns. Notwithstanding the
foregoing, the Company and its Subsidiaries may contest, in good faith and by appropriate proceedings, taxes for which they maintain adequate
reserves therefor in accordance with GAAP.

 

(J)    [Reserved].

 

(K)    [Reserved].

 

(L)    Change in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly contemplated
to be conducted by the Company and each of its Subsidiaries on the Issue Date or any business substantially related or incidental thereto.
The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their corporate
structure or purpose.

 

(M)  Maintenance of Properties, Etc. The Company shall maintain and preserve, and the Company shall cause each of its Subsidiaries
to maintain and preserve, all of its material properties which are necessary or useful (as determined by the Company in good faith) in
the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply at all times with
the provisions of all material leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss
or forfeiture thereof or thereunder.

 

(N)   Maintenance of Intellectual Property. The Company will take, and the Company shall cause each of its Subsidiaries to maintain,
all action necessary or advisable to maintain all of the Intellectual Property Rights (as defined in the Securities Purchase Agreement)
of the Company or such Subsidiary that are necessary or material (as determined by the Company in good faith) to the conduct of its business
in full force and effect.

 

(O)   Maintenance of Insurance. The Company shall maintain, and the Company shall cause each of its Subsidiaries to maintain,
insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability,
hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned by it)
and business, in such amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto
or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

 

     

     

    

 

(P)   Transactions with Affiliates. Neither the Company nor any of its Subsidiaries shall enter into, renew, extend or be a party
to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any affiliate (other than any wholly owned Subsidiary),
except transactions for fair consideration and on terms no less favorable to it than would be obtainable in a comparable arm’s length
transaction with a Person that is not an affiliate thereof.

 

(Q)  Restricted Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of
a majority in aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the Securities
Purchase Agreement and the Notes) or (ii) issue any other securities or incur any Indebtedness that would cause a breach or Default under
the Notes or that by its terms would prohibit or restrict the performance of any of the Company’s obligations under the Notes, including
without limitation, the payment of interest and principal thereon.

 

(R)  Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms
of this Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public
information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York city time on the Business
Day immediately following such notice delivery date, publicly disclose such material, non-public information on a Form 8-K or otherwise.
In the event that the Company believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries,
the Company so shall indicate to the Holder explicitly in writing in such notice (or immediately upon receipt of notice from the Holder,
as applicable), and in the absence of any such written indication in such notice (or notification from the Company immediately upon receipt
of notice from the Holder), the Holder shall be entitled to presume that information contained in the notice does not constitute material,
non-public information relating to the Company or any of its Subsidiaries. Nothing contained in this Section 9(R) shall limit any
obligations of the Company, or any rights of the Holder, under the Securities Purchase Agreement.

 

(S)  The Company acknowledges and agrees that the Holder is not a fiduciary or agent of the Company and that the Holder shall have no
obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain from trading any securities while
in possession of such information in the absence of a written non-disclosure agreement signed by an officer of the Holder that explicitly
provides for such confidentiality and trading restrictions, unless such trading is otherwise prohibited by law. In the absence of such
an executed, written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the
Company, may possess and use any information provided by the Company in connection with such trading activity, and may disclose any such
information to any third party.

 

(T)  On and after the date that is six (6) months following the Issue Date, this Note shall be eligible to be offered, sold or otherwise
transferred by the Holder pursuant to Rule 144, without any requirements as to volume, manner of sale, availability of current public
information (whether or not then satisfied) or notice under the Securities Act and without any requirement for registration under any
state securities or “blue sky” law.

 

     

     

    

 

(U)  The Company shall cause Pareteum Europe to execute and deliver the Pareteum Europe Security Agreement, the Security Agreement,
Subsidiary Guaranty (as defined in the Security Agreement) and each other applicable Security Document, and to perform all actions necessary
actions to perfect the Holder’s security interests under such documents.

 

(V)  The Company shall cause each domestic subsidiary of iPass Inc. (other than iPass IP LLC) to execute and deliver the Security Agreement,
Subsidiary Guaranty (as defined in the Security Agreement) and each other applicable Security Document, except to the extent that such
subsidiary has been dissolved or otherwise liquidated prior to such date, and to perform all actions necessary actions to perfect the
Holder’s security interests under such documents.

 

(W)   The Company shall cause Pareteum Europe to execute and deliver the Pareteum Europe Pledge Agreement, and to perform all actions
necessary to perfect the Holder’s security interest under such document.

 

Section
10.  Successors.

 

The Company will not consolidate
with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in
one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole,
to another Person, other than the Holder or any of its Affiliates (a “Business Combination Event”), unless:

 

(A)  the resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the “Successor
Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District
of Columbia that expressly assumes (by executing and delivering to the Holder, at or before the effective time of such Business Combination
Event, a supplement to this instrument) all of the Company’s obligations under this Note; and

 

(B)   immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing.

 

At the effective time of any
Business Combination Event, the Successor Corporation (if not the Company) will succeed to, and may exercise every right and power of,
the Company under this Note with the same effect as if such Successor Corporation had been named as the Company in this Note, and, except
in the case of a lease, the predecessor Company will be discharged from its obligations under this Note.

 

Section
11.   Defaults and Remedies

 

(A)  Events of Default. “Event of Default” means the occurrence of any of the following:

 

     

     

    

 

(i)    a default in the payment when due of the Principal Amount, Fundamental Change Repurchase Price or Optional Redemption Payment of
this Note;

 

(ii)   a default for three (3) Business Days in the payment when due of interest on this Note;

 

(iii)  [RESERVED];

 

(iv)  a default in the Company’s obligation to deliver a Fundamental Change Notice pursuant to Section 6(C), and such default
continues for two (2) Business Days;

 

(v)   a materially false or inaccurate certification (including a false or inaccurate deemed certification) by the Company as to whether
any Event of Default has occurred;

 

(vi)  a default in any of the Company’s obligations or agreements under this Note or the Transaction Documents (in each case, other
than a default set forth in clause (i), (ii) or (iii) of this Section 11(A)), or a breach of any representation
or warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which
may not be breached in any respect) of any Transaction Document; provided, however, that if such default or
breach can be cured, then such default or breach will not be an Event of Default unless the Company has failed to cure such default within
five (5) days after its occurrence;

 

(vii)  any provision of any Transaction Document at any time for any reason (other than pursuant to the express terms thereof) ceases
to be valid and binding on or enforceable against the parties thereto, or the validity or enforceability thereof is contested, directly
or indirectly, by the Company or any of its Subsidiaries, or a proceeding is commenced by the Company or any of its Subsidiaries or any
governmental authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof;

 

(viii)  any breach or default by the Company under Section 4(r) of the Securities Purchase Agreement;

 

(ix)   [RESERVED]

 

(x)    the Company fails to comply with Section 9(J), Section 9(R) Section 9(V), Section 9(W), or Section 9(X) of
this Note;

 

(xi)   the suspension from trading or failure of the Common Stock to be trading or listed on an Eligible Exchange for a period of three
(3) consecutive Trading Days;

 

(xii)  a default by the Company or any of its Subsidiaries with respect to any Indebtedness of at least one hundred thousand dollars ($100,000)
(or its foreign currency equivalent) in the aggregate of the Company or any of its Subsidiaries, whether such Indebtedness exists as of
the Issue Date or is thereafter created, and whether such default has been waived for any period of time or is subsequently cured;

 

     

     

    

 

(xiii)   one or more final judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could
result in a judgment, order or award) for the payment of at least two hundred fifty thousand dollars ($250,000) (or its foreign currency
equivalent) in the aggregate (excluding any amounts covered by insurance pursuant to which the insurer has been notified and has not denied
coverage), is rendered against the Company or any of its Subsidiaries and remains unsatisfied and (i) enforcement proceedings shall have
been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of ten (10) consecutive
Trading Days after entry thereof during which (A) a stay of enforcement thereof is not in effect or (B) the same is not vacated, discharged,
stayed or bonded pending appeal;

 

(xiv)   after October 31, 2022 (A) the Company fails to timely file its quarterly reports on Form 10-Q or its annual reports on Form 10-K
with the Commission in the manner and within the time periods required by the Exchange Act, or (B) the Company withdraws or restates any
such quarterly report or annual report previously filed with the Commission (except as contemplated by Section 11(A)(xv) below);

 

(xv)    [RESERVED]

 

(xvi)    any Security Document shall for any reason fail or cease to create a separate valid and perfected and, except to the extent permitted
by the terms hereof or thereof, first priority Lien on the Collateral in favor of the Collateral Agent subject only to Permitted Liens
or any material provision of any Security Document shall at any time for any reason cease to be valid and binding on or enforceable against
the Company or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by the
Company or any governmental authority having jurisdiction over the Company, seeking to establish the invalidity or unenforceability thereof;

 

(xvii)   any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor
dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than fifteen (15) consecutive days,
the cessation or substantial curtailment of revenue producing activities at any facility of the Company or any Subsidiary, if any such
event or circumstance could have a Material Adverse Effect (as defined in the Securities Purchase Agreement).

 

 

(xviii)  [RESERVED]

 

(xix)    [RESERVED]

 

 

(xx)    the Company or any of its Significant Subsidiaries (other than, for the avoidance of doubt, iPass India Private Limited, pursuant
to or within the meaning of any Bankruptcy Law, either:

 

(1)   commences a voluntary case or proceeding;

 

(2)   consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

     

     

    

 

(3)    consents to the appointment of a custodian of it or for any substantial part of its property;

 

(4)    makes a general assignment for the benefit of its creditors;

 

(5)    takes any comparable action under any foreign Bankruptcy Law; or

 

(6)    generally is not paying its debts as they become due; or

 

(xxi)   a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either:

 

(1)    is for relief against Company or any of its Significant Subsidiaries in an involuntary case or proceeding;

 

(2)    appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the
Company or any of its Significant Subsidiaries;

 

(3)    orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or

 

(4)    grants any similar relief under any foreign Bankruptcy Law, (in each case, other than with respect to iPass India Private Limited)
and, in each case under this Section 11(A)(xxi), such order or decree remains unstayed and in effect for at least thirty (30) days.

 

(B)   Acceleration.

 

(i)   Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 11(A)(xx) or (xxi)
occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the then-outstanding
portion of the Principal Amount of, and all accrued and unpaid interest on, this Note will immediately become due and payable without
any further action or notice by any Person.

 

(ii)  Optional Acceleration. If an Event of Default (other than an Event of Default set forth in Section 11(A)(xx) or (xxi)
with respect to the Company and not solely with respect to a Subsidiary of the Company) occurs and is continuing, then the Holder, by
notice to the Company, may declare this Note to become due and payable immediately for cash in an amount equal to the Event of Default
Acceleration Amount.

 

(C)   Notice of Events of Default. Promptly, but in no event later than two (2) Business Days after an Event of Default, the Company
will provide written notice of such Event of Default (an “Event of Default Notice”) to the Holder, which Event of Default
Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) a certification as to whether, in the opinion
of the Company, such Event of Default is capable of being cured and, if applicable, a reasonable description of any existing plans of
the Company to cure such Event of Default and (iii) a certification as to the date the Event of Default occurred and, if cured on or prior
to the date of such Event of Default Notice, the date of such cure.

 

     

     

    

 

Section
12.    Ranking.

 

All payments due under this
Note shall rank (i) pari passu with all Other Notes, (ii) Senior to all Existing Notes, (iii) effectively senior to all other indebtedness
of the Company to the extent of the value of the Collateral securing the Notes for so long as the Collateral so secures the Notes in accordance
with the terms hereof and (iv) senior to any Subordinated Indebtedness.

 

Section
13.    Replacement Notes.

 

If the Holder of this Note
claims that this Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver a replacement
Note upon surrender to the Company of such mutilated Note, or upon delivery to the Company of evidence of such loss, destruction or wrongful
taking reasonably satisfactory to the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company may require the
Holder to provide such security or an indemnity that is reasonably satisfactory to the Company to protect the Company from any loss that
it may suffer if this Note is replaced.

 

Section
14.    Notices.

 

Any notice or communication
to the Company will be deemed to have been duly given if in writing and delivered in person or by first class mail (registered or certified,
return receipt requested), facsimile transmission, electronic transmission (including e-mail) or other similar means of unsecured electronic
communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is as follows:

 

Pareteum Corporation

1185 Avenue of the Americas,
37th Floor

New York, NY 10036

Attention: Laura Thomas, Interim Chief
Financial Officer

Email address: laura.thomas@pareteum.com

 

The Company, by notice to
the Holder, may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to the Holder will be by email to its email address, which initially are as set forth in the Securities Purchase Agreement. The Holder,
by notice to the Company, may designate additional or different addresses for subsequent notices or communications.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee
receives it.

 

Section
15.  Successors.

 

All agreements of the Company
in this Note will bind its successors.

 

     

     

    

 

Section
16.    Severability.

 

If any provision of this Note
is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this Note will not
in any way be affected or impaired thereby.

 

Section
17.    Headings, Etc.

 

The headings of the Sections
of this Note have been inserted for convenience of reference only, are not to be considered a part of this Note and will in no way modify
or restrict any of the terms or provisions of this Note.

 

Section
18.    Amendments

 

This Note may not be amended
or modified unless in writing by the Company and the Required Holders (as defined in the Securities Purchase Agreement), and no condition
herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.

 

Section
19.    Governing Law; Waiver of
Jury Trial.

 

THE INTERNAL LAWS OF THE STATE
OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS NOTE. THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

 

Section
20.    Submission to Jurisdiction.

 

The Company (A) agrees that
any suit, action or proceeding against it arising out of or relating to this Note may be instituted in any U.S. federal court with applicable
subject matter jurisdiction or New York State court sitting in The City of New York; (B) waives, to the fullest extent permitted by applicable
law, (i) any objection that it may now or hereafter have to the laying of venue of any such suit, action or proceeding; and (ii) any claim
that it may now or hereafter have that any such suit, action or proceeding in such a court has been brought in an inconvenient forum;
and (C) submits to the nonexclusive jurisdiction of such courts in any such suit, action or proceeding.

 

Section
21.    Enforcement Fees.

 

The prevailing party shall
have the right to collect from the other all costs and expenses incurred by such prevailing party as a result of enforcement of this Note
and the collection of any amounts owed to such prevailing party hereunder (whether in cash or otherwise), including, without limitation,
reasonable attorneys’ fees and expenses.

 

     

     

    

 

Section
22.    Collateral Agent.

 

(A)    Appointment; Authorization.  The Holder hereby irrevocably appoints, designates and authorizes Circles MVNE Pte. Ltd. as
collateral agent to take such action on its behalf under the provisions of this Note and each Security Document and to exercise such powers
and perform such duties as are expressly delegated to it by the terms of each Security Document, together with such powers as are reasonably
incidental thereto. The provisions of this Section 22 are solely for the benefit of the Collateral Agent, and the Company shall
not have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any Security Document (or any other similar term) with reference to the Collateral Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties. Notwithstanding any
provision to the contrary contained elsewhere in this Note, any Security Document or any other agreement, instrument or document related
hereto or thereto, the Collateral Agent shall not have any duty or responsibility except those expressly set forth herein, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Note, any Security Document or any
other agreement, instrument or document related hereto or thereto or otherwise exist against the Collateral Agent.

 

(B)    Delegation of Duties. The Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any Security Document by or through any one or more sub-agents appointed by the Collateral Agent. The Collateral Agent and any
such sub-agent may perform any and all of its duties and exercise its rights and powers by or through its Affiliates, partners, directors,
officers, employees, agents, trustees, administrators, managers, advisors and representatives, or the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors and representatives of any of its Affiliates (collectively, the “Related
Parties”). The exculpatory provisions of this Section 22 shall apply to any such sub-agent and to the Related Parties
of the Collateral Agent and any such sub-agent. The Collateral Agent shall not be responsible for the negligence or misconduct of any
sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Collateral
Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

(C)    Exculpatory Provisions. 

 

(i)    The Collateral Agent shall not have any duties or obligations except those expressly set forth in the Security Documents, and its
duties shall be administrative in nature. Without limiting the generality of the foregoing, the Collateral Agent: (i) shall not be subject
to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing; (ii) shall
not have any duty to take any discretionary action or exercise any discretionary powers; and (iii) shall not, except as expressly set
forth in the Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Company or any of its Affiliates that is communicated to or obtained by the Collateral Agent or any of its Affiliates in any capacity.

 

(ii)   The Collateral Agent shall not be liable for any action taken or not taken by it in the absence of its own gross negligence or
willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Collateral Agent shall
be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default
is given to the Collateral Agent in writing by the Company.

 

     

     

    

 

(iii)   The Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (a) any statement, warranty or
representation made in or in connection with this Note, any Security Document or any other agreement, instrument or document related hereto
or thereto, (b) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith
or therewith, (c) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
or the occurrence of any Default or Event of Default, (d) the validity, enforceability, effectiveness or genuineness of this Note, any
Security Document or any other agreement, instrument or document related hereto or thereto, or (e) any failure of the Company or any other
party to this Note, any Security Agreement or any other agreement, instrument or document related hereto or thereto to perform its obligations
hereunder or thereunder. The Collateral Agent shall not be under any obligation to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Note, any Security Document or any other agreement, instrument or document
related hereto or thereto, or to inspect the properties, books or records of the Company or any Affiliate of the Company.

 

(D)   Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel,
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

(E)   Successor Agent. The Collateral Agent may resign as the Collateral Agent at any time upon ten (10) days’ prior notice
to the Holder and each Other Holder and the Company. If the Collateral Agent resigns under this Note, the Holder and each Other Holder
shall appoint a successor agent. If no successor agent is appointed prior to the effective date of the resignation of the Collateral Agent,
the Collateral Agent may appoint a successor Collateral Agent on behalf of the Holder and each Other Holder after consulting with the
Holder and each other Holder. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed
to all the rights, powers and duties of the retiring Collateral Agent and the term “the Collateral Agent” shall mean such
successor agent, and the retiring Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. After the
Collateral Agent’s resignation hereunder as the Collateral Agent, the provisions of this Section 21 shall continue to
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent. If no successor agent has
accepted appointment as the Collateral Agent by the date which is thirty (30) days following a retiring Collateral Agent’s notice
of resignation, a retiring Collateral Agent’s resignation shall nevertheless thereupon become effective and the Holder, together
with each Other Holder, shall perform all of the duties of the Collateral Agent hereunder until such time as the Holder and each Other
Holder shall appoint a successor agent as provided for above.

 

     

     

    

 

(F)   Non-Reliance on the Collateral Agent. The Holder acknowledges that it has, independently and without reliance upon the Collateral
Agent or any of its Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Note. The Holder also acknowledges that it will, independently and without reliance upon the Collateral
Agent or any of its Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Note, any Security Document or any related agreement
or any document furnished hereunder or thereunder.

 

(G)   Collateral Matters. The Holder irrevocably authorizes the Collateral Agent to release any Lien granted to or held by the
Collateral Agent under any Security Document (i) when all Obligations (as defined in the Security Agreement) have been paid in full; (ii)
constituting property sold or to be sold or disposed of as part of or in connection with any sale or other disposition permitted under
this Note and each other agreement, instrument or document related hereto (it being agreed and understood that the Collateral Agent may
conclusively rely without further inquiry on a certificate of an officer of the Company as to the sale or other disposition of property
being made in compliance with this Note and each other agreement, instrument or document related hereto); or (iii) if approved, authorized
or ratified in writing by the Holder and each Other Holder. The Collateral Agent shall have the right, in accordance with the Security
Documents to sell, lease or otherwise dispose of any Collateral (as defined in the Security Agreement) for cash, credit or any combination
thereof, and the Collateral Agent may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment
of the purchase price, may credit bid and setoff the amount of such price against the Obligations.

 

(H)     Reimbursement by Holder and Other Holders.  To the extent that the Company for any reason fails to indefeasibly pay any
amount required under the Securities Purchase Agreement to be paid by it to the Collateral Agent (or any sub-agent thereof) or any Related
Party of the Collateral Agent (or any sub-agent thereof), the Holder hereby agrees, jointly and severally with each Other Holder, to pay
to the Collateral Agent (or any such sub-agent) or such Related Party of the Collateral Agent (or any sub-agent thereof), as the case
may be, such unpaid amount.

 

(I)    Marshaling;
Payments Set Aside. Neither the Collateral Agent nor the Holder shall be under any obligation to marshal any assets in favor of
the Company or any other Person or against or in payment of any or all of the Obligations. To the extent that the Company makes a
payment or payments to the Collateral Agent, or the Collateral Agent enforces its Liens or exercises its rights of set-off, and such
payment or payments or the proceeds of such enforcement or set-off or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Collateral Agent in its
discretion) to be repaid to a trustee, receiver or any other party in connection with any bankruptcy, insolvency or similar
proceeding, or otherwise, then (i) to the extent of such recovery, the obligation hereunder or part thereof originally intended to
be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or
set-off had not occurred and (ii) the Holder agrees to pay to the Collateral Agent upon demand its share of the total amount so
recovered from or repaid by the Collateral Agent to the extent paid to the Holder.

 

 

 

* * *andeenietocpooffer112221

November 22, 2021 Andrea Nieto Delivered by email: andeen@xilinx.com Dear Andee: On behalf of Zendesk, Inc. (the “Company”), I am pleased to offer you employment with the Company, subject to approval by the Company’s Board of Directors (the “Board”). This letter outlines the terms for your employment. Position: Your initial position with the Company will be Chief People Officer. This is a regular full-time exempt position reporting to Mikkel Svane, Chief Executive Officer. Start Date: Unless we arrange separately, your first day of employment will be prior to or on January 24, 2022, subject to the satisfactory completion by the Company of your background check, credentials, references and the AMD transaction close. Additionally, as discussed, you will take a planned paid leave from January 24, 2022 thru February 28, 2022 with plans to return full-time on March 1, 2022. This timeframe is also contingent on the AMD transaction close. Salary: The Company will pay you an annual salary of $400,000, paid bi-weekly during your employment, and subject to periodic review and adjustments at the discretion of the Company. Your salary and other compensation will be subject to applicable deductions and withholdings. Bonus: You will be eligible to receive an annual target bonus of 60% of your Base Salary based upon the achievement of performance goals established separately (“Bonus”). The actual Bonus is discretionary and will be subject to the Company’s assessment of your performance, as well as business conditions at the Company. The Company also may make adjustments to the targeted amount of your Bonus, and the Bonus may be subject to approval by and adjustments at the discretion of the Board, a delegee of the Board, or the Company and subject to the terms of any applicable bonus plan separately delivered to you. Employees with a Start Date on or before September 30th are eligible for a prorated Bonus for the performance year in which they started, as determined by the Board and subject to the terms of any applicable bonus plan that will be separately delivered to you. The Bonus, if any, will be payable in the calendar year following the close of the performance year; provided that you are employed and in good standing with the Company through the date of payment and satisfy the terms and conditions of any applicable bonus plan. Sign-on Bonus: The company will provide you with a sign-on bonus of $250,000 subject to applicable taxes and withholdings (the “Sign-on Bonus”). The full amount of the Sign-on Bonus will be advanced to you on the next regularly scheduled payroll date after your Start Date. You will earn 989 Market St., San Francisco CA 94103 Zendesk, Inc DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

half of the Sign-on Bonus upon completing one year of employment with the Company after the Start Date, and you will earn the remaining half of the Sign-on Bonus on a pro rata monthly basis until you have completed two years of employment with the Company after the Start Date. In the event that your employment is terminated for Cause or you resign without Good Reason (as those terms are defined in the Company’s Change in Control Acceleration Plan (the “Acceleration Plan”)) within two years of the Start Date, you will be required to repay the unearned portion of the Sign-on Bonus to the Company. RSU Award: You will be eligible to participate in the Company’s equity incentive program, subject to approval by the Company’s Board of Directors (“Board”). We will recommend to the Board, or a delegate of the Board, that you be granted Restricted Stock Units (“RSUs”) for shares of the Company’s Common Stock representing a targeted current value of $3,000,000. The actual number of shares recommended to the Board will be based on the greater of the average closing market price of the Company’s common stock over the 30 trading day period preceding your Start Date or a floor price determined on a quarterly basis (the “Floor Price”). Your RSUs will vest over a four-year vesting schedule, subject to your continuous service to the Company through each vesting date. The terms and conditions associated with any RSUs granted to you, including vesting and other conditions, will be governed by the Company’s 2014 Stock Option and Incentive Plan (the “Plan”) and any associated restricted stock unit award agreement that you may be required to enter with the Company. Option Award:  In addition to RSUs, we believe that options provide an effective way to tie equity incentive compensation to stock price. We will recommend to the Board, or a delegate of the Board, that you be granted an option (“Option”) to purchase shares of the Company’s Common Stock representing a value of $3,000,000 (the “Option Value”). In determining the number of shares underlying the Option, our goal is to approximate the financial value of the Option over time. We do so by doubling the Option Value and then dividing the result by the greater of the average closing market price of the Company’s common stock over the 30 trading day period preceding your Start Date or the Floor Price. The exercise price per share of the Option will be the closing price of the Common Stock as listed on the New York Stock Exchange on the effective date of grant of the Option, as approved by the Board, or a delegate of the Board. Your Option will vest over a four-year vesting schedule, subject to your continuous service to the Company through each vesting date. The terms and conditions associated with any Option granted to you, including vesting and other conditions, will be governed by the Plan and any associated stock option agreement that you may be required to enter with the Company. Acceleration of the Vesting of Equity: You will be eligible to participate in the Company’s Acceleration Plan. The Acceleration Plan provides for the acceleration of the vesting of a participant’s RSUs and stock options in the event that the participant’s provision of services to the Company is terminated under certain circumstances following a change in control of the Company, subject to the terms and conditions set forth in the Acceleration Plan. The full text of the Acceleration Plan is available for your review. Benefits: You will be eligible to participate in the employee benefits and insurance programs generally made available to employees at your level, including health, dental, life and disability insurance, subject to the terms and conditions of those plans and programs, which may be modified from time to time. Details of these benefits programs, including mandatory employee contributions, DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

will be made available to you when you start. You may also participate in the Company’s 401(k) Retirement Plan and you will be eligible to participate in our “Take What You Need” Vacation Policy. The Company reserves the right to change and/or modify its benefits offerings at any time. Representation Regarding Other Obligations: This offer is contingent on your representation that you are not subject to any confidentiality, non-competition agreement or a similar type of restriction that may affect your ability to devote full time and attention to your work at Zendesk. If you have entered into any agreement that may limit your ability to work on behalf of the Company, please provide the Company with a copy of such agreement as soon as possible. Other Terms: Your employment with the Company shall be on an at-will basis. In other words, you or the Company may terminate employment for any reason and at any time, with or without notice. Similarly, the terms of employment outlined in this letter are subject to change at any time provided that the at-will nature of your employment may not be altered except by a formal writing signed by the Company’s Chief Executive Officer. By accepting this offer of employment, you agree that, throughout your employment with the Company, you will devote your entire working time for the benefit of the Company, perform your duties loyally and conscientiously, and to the full extent of your ability. You also agree to observe all rules and regulations that the Company has, or may establish, governing the conduct of its business or its employees. The Company is an equal opportunity employer, and prides itself and believes in the full worth and value of its diverse workforce. The Company does not tolerate any form of harassment, discrimination, or retaliation, and fully enforces its policies protecting all employees from such, including sexual harassment. Arbitration and Nondisclosure Agreements: This offer of employment is conditioned on you signing and returning the Company’s standard Confidentiality and Invention Assignment Agreement, attached as Exhibit A, and the Company's standard Mutual Agreement to Arbitrate Claims, attached as Exhibit B (collectively, “Employee Agreements”). You must return these signed documents to us before your first date of employment. Work Authorization: As with all employees, our offer to you is contingent on your submission of satisfactory proof of your identity and your legal authorization to work in the United States. You will be required to complete Form I-9 in accordance with the Immigration Reform and Control Act of 1986.  You are required to complete Section 1 of the Form I-9 on or before your first day of employment and to present, within 72 hours of hire, verification of your identity and legal right to work in the United States.  On your first day of employment, bring original documents to verify your employment eligibility - please refer to the I-9 form for the list of acceptable documents. This offer letter is governed by the law of the state where your job will be located. The terms set forth in this letter and in the enclosures are intended to and do supersede all and any prior employment agreements, understandings and verbal or written representations between the Company and you concerning the terms of your employment with the Company. All such prior agreements, understandings and promises are null and void. We are excited about the opportunity to work with you at Zendesk, Inc. If you have any questions about this information, please do not hesitate to call. Otherwise, please confirm your DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

acceptance of this offer of employment by signing below and returning a copy. We are confident that with your background and skills, you will have an immediate positive impact on our organization. Very truly yours, Mikkel Svane Chief Executive Officer I have reviewed this offer letter and accept its terms. I also have reviewed the Mutual Agreement to Arbitrate, and the Confidentiality and Invention Assignment Agreement. I also understand that either Zendesk, Inc. or I may end the employment relationship at any time, with or without cause, and with or without notice. Signature:________________________ ______________________________ Andrea Nieto Date DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 11/23/2021 

 

ZENDESK, INC. CHANGE IN CONTROL ACCELERATION PLAN Zendesk, Inc. (the “Company”) sets forth herein the terms of its Change in Control Acceleration Plan (the “Plan”) as follows as of May 12, 2015 (the “Effective Date”): SECTION 1. PURPOSE The Board of Directors of the Company (the “Board”) believes that it is in the best interests of the Company to encourage the continued dedication to the Company of certain of the Company’s and its Subsidiaries’ officers and employees in the face of potentially distracting circumstances arising from the possibility or occurrence of a change in control of the Company, and the Board has established the Plan for this purpose. The purpose of the Plan is to provide acceleration benefits in the event certain employees incur a Qualified Termination during the Change in Control Period. The adoption of this Plan in no event guarantees any employee acceleration benefits in the event she/he is terminated by the Company or the Employer prior to a Change in Control. SECTION 2. DEFINITIONS (a) “Board” means the Board of Directors of the Company. (b) “Cause” with respect to an Eligible Employee means a termination of employment based on a finding by the Employer, acting in good faith based upon the information then known to the Employer, of one of the following: (i) Eligible Employee’s gross neglect of, or willful failure or refusal to timely perform, not caused by Eligible Employee’s physical or mental disability and not solely based on Eligible Employee’s failure to accomplish any particular budgeted goal, the material duties of Eligible Employee’s employment following written notice and a reasonable opportunity (not to exceed 30 days) to cure, if such neglect, failure or refusal is capable of being cured; (ii) Eligible Employee’s material breach of the terms of any offer letter or employment agreement between the Eligible Employee and his or her Employer, or any other agreement (including the confidentiality agreement and/or proprietary information agreement entered into in connection with Eligible Employee’s employment) by and between the Eligible Employee and the Employer which causes demonstrable injury to the Employer provided that Eligible Employee has received written notice of the breach and a reasonable opportunity (not to exceed 30 days) to cure, if such breach is capable of being cured; or (iii) Eligible Employee’s commission of, or plea of guilty or nolo contender to, a crime involving moral turpitude, dishonesty, fraud or unethical business conduct, or any felony. A termination for Cause shall be deemed to occur on the date on which the Employer first delivers written notice to the Eligible Employee of a finding of termination for Cause.   1 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

(c) “Change in Control” means a Sale Event as defined in the Option Plan. (d) “Change in Control Period” means the period commencing upon the consummation of a Change in Control and ending 12 months after such Change in Control. (e) “Code” means Internal Revenue Code of 1986, as amended. (f) “Company” means Zendesk, Inc., a Delaware corporation, or, from and after a Change in Control, the successor to the Company in such Change in Control. (g) “Compensation Committee” means the Compensation Committee of the Board. (h) “Date of Termination” means, with respect to an Eligible Employee, the effective date of termination of the Eligible Employee’s employment with the Employer. (i) “Eligible Employee” means an employee of the Employer with a title of Vice President or higher that enters into an effective Participation Agreement with the Company as attached hereto as Exhibit A. (j) “Employer” means Zendesk, Inc. or another subsidiary that employs one or more Eligible Employees, or, from and after the Change in Control, any other subsidiaries of the successor to the Company that employ the Eligible Employees. (k) “Good Reason” means the Eligible Employee’s resignation from employment at the Employer within 30 days after a cure period of 30 days following Eligible Employee’s written notice to the Employer (or any successor) of any of the following circumstances: (i) Eligible Employee’s duties, authority and responsibility are materially reduced; (ii) Eligible Employee’s annual salary and target bonus are materially reduced or diminished other than in connection with a reduction in salary and bonus of all similarly situated executives that is equivalent on a percentage basis; (iii) the failure by the Employer to cause any successor­in­ interest to expressly assume and agree to perform the obligations of the Employer under this Plan; or (iv) the principal location at which Eligible Employee is expected to work is relocated to a location that is more than 35 miles from the then current principal location at which Eligible Employee is working without the Eligible Employee’s consent. (l) “Option Plan” means the Company’s 2014 Stock Option and Incentive Plan. (m) “Participation Agreement” means such agreement as attached hereto as Exhibit Abetween the Eligible Employee and the Company that provides that the Eligible Employee has agreed to the terms of the Plan. (n) “Qualified Termination” means (i) any termination of employment of an Eligible Employee by the Employer (other than for Cause or because of the Eligible Employee’s death or Total Disability) during a Change in Control Period, or (ii) any termination of employment by an Eligible Employee for Good Reason during a Change in Control Period. The mere occurrence of a Change in Control shall not be treated as a termination of an Eligible   2 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Employee’s employment for purposes of this Plan, nor shall the mere transfer of an Eligible Employee’s employment to and between the Employer and/or any of its Subsidiaries be treated as a termination of employment for purposes of this Plan. (o) “Subsidiary” means any direct or indirect subsidiary of the Company or, from and after the Change in Control, any other subsidiaries of the successor to the Company. (p) “Total Disability” means a “permanent and total disability” within the meaning of Section 22(a)(3) of the Code and such other disabilities, infirmities, afflictions or conditions as the Administrator by rule may include. SECTION 3. TERM This Plan shall be effective from the Effective Date through the end of the Change in Control Period; provided, however, that this initial term of the Plan shall be automatically extended, if necessary, so that this Plan remains in full force and effect until all benefits required to be made hereunder have been made. References herein to the term of this Plan shall include the initial term and any additional period for which this Plan is extended or renewed. SECTION 4. ACCELERATION BENEFITS FOLLOWING A CHANGE IN CONTROL (a) If an Eligible Employee suffers a Qualified Termination, the Eligible Employee shall be entitled to full (100%) vesting and/or exercisability of all then outstanding stock options, restricted stock, restricted stock units and any other outstanding equity awards held by the Eligible Employee that are subject to time­based vesting, effective as of the Date of Termination. Accelerated vesting of any such equity awards that are subject to performance­based vesting shall be subject to the terms and conditions of the plan governing such equity awards, as in effect at the time such equity awards were granted, or an award agreement governing such equity award. (b) Cause; Other Than for Good Reason. If an Eligible Employee’s employment is terminated for Cause, the Eligible Employee voluntarily terminates employment without Good Reason, the Eligible Employee’s employment terminates by reason of death or Total Disability, or the Eligible Employee’s employment terminates for any reason outside of the Change in Control Period, the Eligible Employee shall not be entitled to any acceleration benefits under this Plan (c) Replacement of Other Rights. Once an Eligible Employee signs an effective Participation Agreement, any rights to acceleration of vesting or exercisability previously granted to such Eligible Employee shall be extinguished and replaced by the rights under this Plan. SECTION 5. REDUCTION OF CERTAIN BENEFITS (a) Reduction in Benefits. Anything in this Plan to the contrary notwithstanding, in the event that the receipt of all payments or distributions by the Company or the Employer in the nature of compensation to or for the Eligible Employee’s benefit, whether paid or payable pursuant to this Plan or otherwise (a “Payment”), would subject the Eligible   3 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Employee to the excise tax under Section 4999 of the Code, the accounting firm which audited the Company prior to the corporate transaction which results in the application of such excise tax, or another nationally known accounting or employee benefits consulting firm selected by the Company prior to such corporate transaction (the “Accounting Firm”), shall determine whether to reduce any of the Payments to the Reduced Amount (as defined below). The Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the Eligible Employee would have a greater Net After­Tax Receipt (as defined below) of aggregate Payments if the Eligible Employee’s Payments were reduced to the Reduced Amount. If such a determination is not made by the Accounting Firm, the Eligible Employee shall receive all Payments to which Eligible Employee is entitled to receive. (b) Order of Reduction. If the Accounting Firm determines that Payments should be reduced to the Reduced Amount, the Company shall promptly give the Eligible Employee notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 5 shall be made as soon as reasonably practicable and in no event later than 60 days following the date of termination of employment or such earlier date as requested by the Company and the Eligible Employee. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding on the Company, its Subsidiaries and the Eligible Employee. For purposes of reducing the Payments to the Reduced Amount, the Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Payments that are to be paid or become vested the furthest in time from consummation of the Change in Control: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity­based payments and acceleration; and (4) non­cash forms of benefits; provided that all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G­1, Q&A­24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G­1, Q&A­24(b) or (c). (c) Reduced Amount and After­Tax Receipt. For purposes hereof, the following terms have the meanings set forth below: (i) “Reduced Amount” shall mean the greatest amount of Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Payments pursuant to this Section 12 and (ii) “Net After­Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Eligible Employee with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Eligible Employee’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Eligible Employee certifies, in the Eligible Employee’s sole discretion, as likely to apply to her/him in the relevant tax year(s). SECTION 6. WITHHOLDING Notwithstanding anything in this Plan to the contrary, to the extent that any acceleration hereunder results in a tax withholding obligation by an Employer, an Eligible Employee or her/his estate or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Employer reasonably may determine it should withhold pursuant to any applicable   4 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

law or regulation. In lieu of withholding such amounts, in whole or in part, the Employer may, in its sole discretion, accept other provisions for the payment of taxes and any withholdings as required by law, provided that the Employer is satisfied that all requirements of law affecting its responsibilities to withhold compensation have been satisfied. SECTION 7. NO DUTY TO MITIGATE An Eligible Employee’s benefits received hereunder shall be considered severance pay in consideration of past service, and entitlement thereto shall not be governed by any duty to mitigate damages by seeking further employment. SECTION 8. AMENDMENT, SUSPENSION OR TERMINATION Prior to a Change in Control, this Plan may be amended at any time by the Compensation Committee; provided, however, that, no amendment that negatively impacts the benefits of an Eligible Employee that is a participant in the Plan as of the time of such amendment shall be effective against such Eligible Employee without the consent of such Eligible Employee. SECTION 9. ADMINISTRATION The Plan shall be administered by either the Compensation Committee or the person(s) appointed by the Compensation Committee from time to time to administer the Plan (in either case, the “Administrator”). The Administrator shall have the power and authority to interpret the terms and provisions of the Plan, to make all determinations it deems advisable for the administration of the Plan, to decide all disputes arising in connection with the Plan and to otherwise supervise the administration of the Plan. All decisions and interpretations of the Administrator shall be binding on all persons. SECTION 10. GOVERNING LAW This Plan shall be governed by the laws of the United States to the extent applicable and otherwise by the laws of the State of California, excluding the choice of law rules thereof. SECTION 11. SEVERABILITY If any part of any provision of this Plan shall be invalid or unenforceable under applicable law, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Plan. SECTION 12. DISCLAIMER OF RIGHTS No provision in this Plan shall be construed to confer upon any individual the right to remain in the employ or service of the Employer, or to interfere in any way with any contractual or other right or authority of the Employer either to increase or decrease the compensation or other benefits to any individual at any time, to terminate any employment or other relationship between any individual and the Employer. The obligation of the Employer to provide any benefits pursuant to this Plan shall be interpreted as a contractual obligation to provide only   5 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Employer to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any participant or beneficiary under the terms of the Plan. SECTION 13. CAPTIONS The use of captions in this Plan is for the convenience of reference only and shall not affect the meaning of any provision of this Plan. SECTION 14. NUMBER AND GENDER With respect to words used in this Plan, the singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. SECTION 15. SECTION 409A (a) Anything in this Plan to the contrary notwithstanding, if at the time of the Eligible Employee’s “separation from service” within the meaning of Section 409A of the Code, the Company determines that the Eligible Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Eligible Employee becomes entitled to under this Plan on account of the Eligible Employee’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Eligible Employee’s separation from service, or (B) the Eligible Employee’s death. (b) The parties intend that this Plan will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Plan is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Plan may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. (c) To the extent that any payment or benefit described in this Plan constitutes “non­qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Eligible Employee’s termination of employment, then such payments or benefits shall be payable only upon the Eligible Employee’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A­1(h). (d) The Company makes no representation or warranty and shall have no liability to the Eligible Employee or any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.   6 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

* * * * * This Plan was duly adopted and approved by the Compensation Committee of the Board of Directors on the 12th day of May, 2015.   /s/ John Geschke John Geschke, Secretary of the Meeting   7 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Exhibit A   8 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

PARTICIPATION AGREEMENT This Participation Agreement (this “Agreement”) with respect to participation in the Zendesk, Inc. Change of Control Acceleration Plan (the “Plan”) is made as of                  , 20         by and between Zendesk, Inc., a Delaware corporation (the “Company”), and                     (“Participant”). Capitalized terms not otherwise defined herein will have the meanings given to them in the Plan. WHEREAS, the Company has adopted and sponsors the Plan; WHEREAS, it is expected that the Company from time to time will consider the possibility of an acquisition by another company or other Change of Control; and WHEREAS, the Company recognizes that such consideration can cause employees to consider alternative employment and service opportunities. NOW, THEREFORE, in consideration of the mutual promises made herein, the parties hereby agree as follows. 1. Grant of Participation. Participant is hereby granted the status of an Eligible Employee under the Plan, subject to the terms and conditions of the Plan. Participant hereby agrees to the terms and conditions of the Plan and acknowledges that the benefits provided pursuant to the Plan shall supersede and replace in their entirety any rights to acceleration of vesting and/or exercisability applicable to equity awards previously granted to the Participant by the Company and that the Plan shall further govern any rights to acceleration of vesting and/or exercisability applicable to equity awards that may be granted (if any) to Participant in the future. 2. Additional Provisions. (a) Severability. If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. (b) Integration; No Oral Modification. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements, written or oral. This Agreement may be amended pursuant to Section 8 of the Plan (which may include amendment without the consent of the Eligible Employee). (c) Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. Execution and delivery of this Agreement by exchange of facsimile copies bearing the facsimile signature of a party will constitute a valid and binding execution and delivery of the Agreement by such party. Such facsimile copies will constitute enforceable original documents. (d) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.   9 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

(e) Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). (f) Entire Agreement. This agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes and replaces in their entirety any prior agreements, discussions or arrangements concerning such subject matter. (g) Arbitration. Eligible Employee and the Company agree that any dispute arising out of or relating to this Plan or this Agreement will be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by Judicial Arbitration and Mediation Services (“JAMS”) under its then­existing rules and procedures. Eligible Employee acknowledges that by agreeing to this arbitration procedure, both the Eligible Employee and the Company waive the right to resolve any such dispute through a trial by jury or judge. In addition to and notwithstanding those rules, Eligible Employee and the Company agree that the arbitrator will: (1) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (2) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The Company will pay all of the JAMS arbitration fees in excess of those administrative fees Eligible Employee would be required to pay if the dispute were decided in a court of law. The venue for such arbitration will be in San Francisco County, California. To accept this Agreement, please sign and date this Agreement and return it to the Company on or before                                         . IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first set forth above.   ZENDESK, INC. PARTICIPANT By:       Name: Name: Title:   10 DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

EXHIBIT A   ZENDESK, INC.  Employee Confidentiality and Invention Assignment Agreement    I hereby agree to the following terms regarding my employment with Zendesk, Inc. (including any parent, subsidiary or affiliate,                                      “ ​Zendesk ​”). I enter this Agreement in consideration of my salary, wages and benefits paid to me, and my continuing employment, by                                          Zendesk, with the understanding that Zendesk only agrees to employ me (or continue employing me) subject to this Agreement.      1. Proprietary Information ​. I agree that all Proprietary              Information, whether or not in writing, that I develop, learn or                      obtain in connection with my employment and which Zendesk                  has not released to the general public, is and will be the                        exclusive property of Zendesk. For purposes of this                Agreement, “ ​Proprietary Information ​” shall mean all information              relating to a person or entity’s business, technology, customers,                  prospective customers, suppliers, prospective suppliers,          business relationships or financial affairs, including, without              limitation, (a) ​corporate information ​, including plans, strategies,              methods, policies, resolutions, negotiations or litigation; (b)              marketing information ​, including strategies, methods, customer            identities, or other information about customers, prospect              identities or other information about prospects, or market                analyses or projections; (c) ​financial information ​, including cost                and performance data, debt arrangements, equity structure,              investors and holdings, purchasing and sales data and price                  lists; (d) ​personal and/or confidential information, ​including              personally identifiable information, trade secrets and other              confidential information; (e) ​operational and technological            information ​, including plans, specifications, manuals, forms,            templates, software, designs, methods, procedures, formulas,            discoveries, inventions, improvements, concepts and ideas; (f)              personnel information ​, including personnel lists, reporting or              organizational structure, resumes, personnel data,          compensation structure, performance evaluations and          termination arrangements or documents; and (g) any              information received in confidence by Zendesk from customers,                suppliers or other third parties.  2. Recognition of Zendesk’s Rights; My Obligations ​. I              will not, at any time during or after my employment, without                      Zendesk’s prior written consent, disclose any Proprietary              Information to anyone outside of Zendesk, or use or permit to                      be used any Proprietary Information for any purpose other than                    the performance of my duties as an employee of Zendesk. I will                        cooperate with Zendesk and use my best efforts to prevent the                      unauthorized disclosure of any Proprietary Information. I will                deliver to Zendesk all copies of Proprietary Information in my                    possession or control upon the earlier of a request by Zendesk                      or termination of my employment. Without limiting the                foregoing in any way, I will not (at any time during or after my                            employment), directly or indirectly, use any Proprietary              Information to call upon, solicit, divert or take away any                    customers, prospective customers, suppliers, prospective          suppliers or business of Zendesk for any purpose (other than                    for the benefit of Zendesk during my employment).  3. Security Commitment ​. ​I understand that Zendesk is              committed to a rigorous data security program. I agree to (a) if                        requested by Zendesk, undergo relevant background checks as                part of my hiring process; (b) review and comply with Zendesk’s                      security policies; (c) complete Zendesk’s security awareness              training as required by Zendesk; (d) not disclose any Proprietary                    Information via systems or channels not approved by Zendesk;                  (d) notify Zendesk immediately upon becoming aware that a                  device containing Proprietary Information is lost, stolen or                otherwise compromised; (e) notify Zendesk immediately upon            finding any system or process that could violate Zendesk’s                  security policies; and (f) otherwise comply with Zendesk’s                security program during my employment and thereafter.   4. Compliance With Zendesk Policies ​. ​I agree to act                legally and ethically in the conduct of my duties as an employee                        of Zendesk, and to abide by all applicable laws and regulations,                      as well as the provisions of the Zendesk policies, procedures,                    standards, directives, and rules as may be adopted or modified                    by Zendesk (collectively, “ ​Policies​”) from time to time. I agree to                      review such Policies regularly and, as requested by Zendesk, to                    certify as to my understanding and compliance with such                  Policies. I agree to complete all required training in a timely                      manner. I agree to timely and properly report possible or actual                      illegal and unethical behavior to Zendesk when I become aware                    of it. I further agree to fully cooperate in investigations                    undertaken by Zendesk.  5. Publicity​. ​I agree that my name, voice, picture, and                  likeness may be used in Zendesk's advertising, training aids,                  and other materials without payment of separate compensation                to me. I will not issue or release any articles, advertising,                      publicity, or other matter relating to Zendesk, or provide any                    information regarding Zendesk to any other person intending to                  do so, without Zendesk's prior written consent.  6. Rights of Others ​. I understand that Zendesk is now                  and may hereafter be subject to non-disclosure or                confidentiality agreements with third persons which require              Zendesk to protect or refrain from use of Proprietary                  Information. I agree to be bound by all relevant terms of such                        agreements in the event I have access to such Proprietary                    Information.  7. Commitment to Zendesk; Conflict of Interest​. While              an employee of Zendesk, I will devote my full-time efforts to                      Zendesk’s business and I will not engage in any other business                      activity that conflicts with my duties to Zendesk. I will advise                      Zendesk at such time as any activity of either Zendesk or                      another business presents me with a conflict of interest or the                      appearance of a conflict of interest as an employee of Zendesk.                      I will take whatever reasonable action is requested of me by                      Zendesk to resolve any conflict or appearance of conflict which                    it, in good faith, finds to exist.   8. Developments ​. I will make full and prompt disclosure                to Zendesk of all inventions, discoveries, designs, designations,                developments, methods, modifications, improvements,        processes, algorithms, databases, computer programs,          formulae, techniques, trade secrets, graphics or images, and                audio or visual works and other works of authorship (collectively                    “ ​Developments ​”), whether or not patentable or copyrightable,              that are created, made, conceived or reduced to practice by me                      (alone or jointly with others) or under my direction in the course                        of my employment. Subject to the limitations below, I                  acknowledge that all work performed by me is on a “work for                        hire” basis, and I hereby do assign and transfer and, to the                        DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

extent any such assignment cannot be made at present, will                    assign and transfer, to Zendesk and its successors and assigns                    all my right, title and interest in all Developments that (a) relate                        to the business or research and development of Zendesk; (b)                    result from tasks assigned to me by, or work otherwise                    performed for, Zendesk; or (c) result from the use of Proprietary                      Information, premises or personal property (whether tangible or                intangible) owned, leased or contracted for by Zendesk                (“ ​Company-Related Developments ​”), and all related patents,            patent applications, trademarks and trademark applications,            copyrights and copyright applications, trade secret rights and                other intellectual property and proprietary rights in all countries                  and territories worldwide and under any applicable international                convention (“ ​Intellectual Property Rights ​”). I also hereby waive                all claims to any moral rights or other special rights which I may                          have or accrue in any Company-Related Developments.    To preclude any possible uncertainty, I have set forth                  on ​Attachment 1 attached hereto a complete list of                  Developments that I have, alone or jointly with others,                  conceived, developed or reduced to practice prior to the                  commencement of my employment with Zendesk that I wish to                    have excluded from the scope of this Agreement (“​Prior                  Inventions ​”). I have also listed on ​Attachment 1 all patents and                      patent applications in which I am named as an inventor, other                      than those which have been assigned to Zendesk (“ ​Other                  Patent Rights ​”). If no such disclosure is attached, I represent                    that there are no Prior Inventions or Other Patent Rights. If, in                        the course of my employment with Zendesk, I incorporate a                    Prior Invention into a Zendesk product, process or machine or                    other work done for Zendesk, I hereby grant to Zendesk a                      nonexclusive, royalty-free, paid-up, irrevocable, worldwide          license (with the full right to sublicense) to make, have made,                      modify, use, reproduce, sell, offer for sale, publicly display and                    perform, import and otherwise fully exercise and exploit such                  Prior Invention. Notwithstanding the foregoing, I will not                incorporate, or permit to be incorporated, Prior Inventions in                  any Company-Related Development without Zendesk’s prior            written consent. I will not incorporate into any Zendesk product                    or otherwise deliver to Zendesk any open source software                  except as allowed pursuant to Zendesk’s open source software                  policy, which is available on Zendesk’s intranet.  Subject to the requirements of applicable state law, if                  any, I understand that Company-Related Developments will not                include, and the provisions of this Agreement requiring                assignment thereof to Zendesk ​do not apply to, any invention                    which qualifies fully for exclusion under the provisions of                  applicable state law, if any, attached hereto as ​Attachment 2 ​.                    However, I will also promptly disclose to Zendesk any such                    Developments for the purpose of determining whether they                qualify for such exclusion.    9. Documents and Other Materials ​. I will keep and                maintain adequate and current records of all Proprietary                Information and Company-Related Developments developed by            me during my employment, which records will be available to                    and remain the sole property of Zendesk at all times. All files,                        letters, notes, memoranda, reports, records, data, sketches,              drawings, notebooks, layouts, charts, quotations and proposals,              specification sheets, program listings, blueprints, models,            prototypes, or other written, photographic or other tangible                material containing Proprietary Information, whether created by              me or others, which come into my custody or possession, are                      the exclusive property of Zendesk to be used by me only in the                          performance of my duties for Zendesk. Any property situated                  on Zendesk’s premises and owned by Zendesk, including                without limitation computers, disks and other storage media                (and whether or not password-protected), filing cabinets or                other work areas, is subject to inspection by Zendesk at any                      time with or without notice. In the event of the termination of                        my employment for any reason, I will deliver to Zendesk all files,                        letters, notes, memoranda, reports, records, data, sketches,              drawings, notebooks, layouts, charts, quotations and proposals,              specification sheets, program listings, blueprints, models,            prototypes, or other written, photographic or other tangible                material containing Proprietary Information, and other materials              of any nature pertaining to the Proprietary Information of                  Zendesk and to my work, and will not take or keep in my                          possession any of the foregoing or any copies.    10. Enforcement of Intellectual Property Rights ​. I will              cooperate fully with Zendesk, both during and after my                  employment with Zendesk, with respect to the procurement,                maintenance and enforcement of Intellectual Property Rights in                Company-Related Developments. I will sign, both during and                after the term of this Agreement, all papers, including without                    limitation copyright applications, patent applications,          declarations, oaths, assignments of priority rights, and powers                of attorney, which Zendesk may deem necessary or desirable in                    order to protect its rights and interests in any Company-Related                    Development. If Zendesk is unable, after reasonable effort, to                  secure my signature on any such papers, I hereby irrevocably                    designate and appoint each officer of Zendesk as my agent and                      attorney-in-fact to execute any such papers on my behalf, and                    to take any and all actions as Zendesk may deem necessary or                        desirable in order to protect its rights and interests in any                      Company-Related Development.  11. Non-Solicitation ​. During and for a period of twelve                (12) months following the end of my employment (the                  “Restricted Period”), I will not, directly or indirectly, in any                    manner, solicit, entice or attempt to persuade any other                  employee or consultant of Zendesk to leave the services of                    Zendesk for any reason. I acknowledge and agree that if I                      violate any of the provisions of this ​Section 11 ​, the running of the                          Restricted Period will be extended by the time during which I                      engage in such violation(s).  12. Prior Agreements ​. I hereby represent that, except as I                  have fully disclosed previously in writing to Zendesk, I am not                      bound by the terms of any agreement with any previous                    employer or other party to refrain from competing, directly or                    indirectly, with the business of such previous employer or any                    other party. I further represent that my performance of all the                      terms of this Agreement as an employee of Zendesk does not                      and will not breach any agreement to keep in confidence                    proprietary information, knowledge or data acquired by me in                  confidence or in trust prior to my employment with Zendesk. I                      will not disclose to Zendesk or induce Zendesk to use any                      confidential or proprietary information or material belonging to                any previous employer or others.   13. Remedies Upon Breach​. I understand that the                restrictions contained in this Agreement are necessary for the                  protection of the business and goodwill of Zendesk and I                    consider them to be reasonable for such purpose. Any breach                    of this Agreement is likely to cause Zendesk substantial and                    irrevocable damage and therefore, in the event of such breach,                    Zendesk, in addition to such other remedies which may be                    available, will be entitled to specific performance and other                  injunctive relief, and without the posting of any bond.  2  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

14. Publications and Public Statements ​. I will obtain              Zendesk’s written approval before publishing or submitting for                publication any material that incorporates or otherwise              discloses any Proprietary Information.  15. No Employment Obligation ​. I understand that this              Agreement does not create an obligation on Zendesk or any                    other person to continue my employment. I acknowledge that,                  unless otherwise agreed in a formal written employment                agreement signed on behalf of Zendesk by an authorized                  officer, my employment with Zendesk is at will and therefore                    may be terminated by Zendesk or me at any time with or                        without cause and for any reason.  16. Survival and Assignment by Zendesk ​. I understand              that my obligations under this Agreement will continue in                  accordance with its express terms regardless of any changes in                    my title, position, duties, salary, compensation or benefits or                  other terms and conditions of employment. I further understand                  that my obligations under this Agreement will continue                following the termination of my employment regardless of the                  manner of such termination and will be binding upon my heirs,                      executors and administrators. Zendesk will have the right to                  assign this Agreement to its affiliates, successors and assigns. I                    expressly consent to be bound by the provisions of this                    Agreement for the benefit of Zendesk or any parent, subsidiary                    or affiliate to whose employ I may be transferred without the                      necessity that this Agreement be resigned at the time of such                      transfer.  17. Exit Interview ​. If and when I depart from Zendesk, I                    may be required to and agree to attend an exit interview and                        sign an “Employee Exit Acknowledgement” to reaffirm my                acceptance and acknowledgement of the obligations set forth                in this Agreement.    18. Disclosure to Future Employers ​. I hereby grant              Zendesk the right to provide this Agreement in whole or in part                        to any future employer, partner, or co-venturer of mine to advise                      them of my obligations under this Agreement.  19. Severability ​. In case any provisions (or portions              thereof) contained in this Agreement shall, for any reason, be                    held invalid, illegal or unenforceable in any respect, such                  invalidity, illegality or unenforceability shall not affect the other                  provisions of this Agreement, and this Agreement shall be                  construed as if such invalid, illegal or unenforceable provision                  had never been contained herein. If, moreover, any one or                    more of the provisions contained in this Agreement shall for any                      reason be held to be excessively broad as to duration,                    geographical scope, activity or subject, it shall be construed by                    limiting and reducing it, so as to be enforceable to the extent                        compatible with the applicable law as it shall then appear.  20. Interpretation ​. This Agreement will be deemed to be                made and entered into in the State of California, and will in all                          respects be interpreted, enforced and governed under the laws                  of the State of California. I hereby agree to consent to personal                        jurisdiction of the state and federal courts situated within the                    greater San Francisco area, California for purposes of enforcing                  this Agreement, and waive any objection that I might have to                      personal jurisdiction or venue in those courts.  21. Protected Disclosures ​. ​I understand that nothing            contained in this Agreement limits my ability to communicate                  with any United States federal, state or local governmental                  agency or commission, including to provide documents or other                  information, without notice to Zendesk. I also understand that                  nothing in this Agreement limits my ability to share                  compensation information concerning myself or others, except              that this does not permit me to disclose compensation                  information concerning others that I obtain because my job                  responsibilities require or allow access to such information.  22. Defend Trade Secrets Act of 2016​. ​I understand that                  pursuant to the federal Defend Trade Secrets Act of 2016, I                      shall not be held criminally or civilly liable under any United                      States federal or state trade secret law for the disclosure of a                        trade secret that (a) is made (i) in confidence to a United States                          federal, state, or local government official, either directly or                  indirectly, or to an attorney; and (ii) solely for the purpose of                        reporting or investigating a suspected violation of law; or (b) is                      made in a complaint or other document filed in a lawsuit or                        other proceeding, if such filing is made under seal.      I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS.  BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT  CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY.  IN WITNESS WHEREOF, ​ ​the undersigned has executed this agreement as a sealed instrument as of the date set forth below.    Signed: ___________________________________________      Name: ___________________________________________      Date: ___________________________________________        3  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 11/23/2021 Andrea Nieto 

 

ATTACHMENT 1 TO EXHIBIT A    PRIOR INVENTIONS    ______    Answer YES or NO.  Do you have any inventions or improvements relevant to your employment by Zendesk that have been  made or conceived or first reduced to practice by yourself alone or jointly prior to your engagement by  Zendesk? If yes, please attach a separate summary to this ​Attachment 1​.    ______   Answer YES or NO.  Do you have any patents or patent applications in which you have been name as inventor?  If yes, please  attach a separate summary to this ​Attachment 1​.    IF EMPLOYEE CHECKED “YES” TO QUESTIONS REGARDING ANY PRIOR INVENTION / PATENTS  Employee should prepare and submit to People Ops    Signed: ___________________________________________      Name: ___________________________________________      Date: ___________________________________________    PRIOR INVENTIONS/PATENTS:      4  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 Andrea Nieto No 11/23/2021 N/A No 

 

ATTACHMENT 2 TO EXHIBIT A      For Employees in California, Section 2870 of the California Labor Code is as follows:  (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his  or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own  time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:  (1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual  or demonstrably anticipated research or development of the employer; or  (2) Result from any work performed by the employee for the employer.  (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention  otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is  unenforceable.    For Employees in Delaware, Title 19, Section 805 of the Delaware Code Ann. is as follows:   Any provision in an employment agreement which provides that the employee shall assign or offer to assign any of the employee's rights  in an invention to the employee's employer shall not apply to an invention that the employee developed entirely on the employee's own  time without using the employer's equipment, supplies, facility or trade secret information, except for those inventions that; (i) relate to the  employer's business or actual or demonstrably anticipated research or development, or (ii) result from any work performed by the  employee for the employer.  To the extent a provision in an employment agreement purports to apply to the type of invention described,  it is against the public policy of this State and is unenforceable.  An employer may not require a provision of an employment agreement  made unenforceable under this section as a condition of employment or continued employment.     For Employees in Illinois, Chapter 765, Section 1060/2 of the Illinois Compiled Statutes is as follows:  (1) A provision in an employment agreement which provides that an employee shall assign or offer to assign any of the employee's  rights in an invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret  information of the employer was used and which was developed entirely on the employee's own time, unless (a) the invention relates (i)  to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the invention  results from any work performed by the employee for the employer. Any provision which purports to apply to such an invention is to that  extent against the public policy of this State and is to that extent void and unenforceable. The employee shall bear the burden of proof in  establishing that his invention qualifies under this subsection.   (2) An employer shall not require a provision made void and unenforceable by subsection (1) of this Section as a condition of  employment or continuing employment. This Act shall not preempt existing common law applicable to any shop rights of employers with  respect to employees who have not signed an employment agreement.  (3) If an employment agreement entered into after January 1, 1984, contains a provision requiring the employee to assign any of the  employee's rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written  notification to the employee that the agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret  information of the employer was used and which was developed entirely on the employee's own time, unless (a) the invention relates (i)  to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the invention  results from any work performed by the employee for the employer.    For Employees in Kansas, Sections 44-130 of the Kansas Labor and Industries Code is as follows:  (a) Any provision in an employment agreement which provides that an employee shall assign or offer to assign any of the  employee's rights in an invention to the employer shall not apply to an invention for which no equipment, supplies, facilities or trade  secret information of the employer was used and which was developed entirely on the employee's own time, unless:  (1) The invention relates to the business of the employer or to the employer's actual or demonstrably anticipated research  or development; or  5  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

(2) The invention results from any work performed by the employee for the employer.  (b) Any provision in an employment agreement which purports to apply to an invention which it is prohibited from applying to under  subsection (a), is to that extent against the public policy of this state and is to that extent void and unenforceable. No employer shall  require a provision made void and unenforceable by this section as a condition of employment or continuing employment.  (c) If an employment agreement contains a provision requiring the employee to assign any of the employee's rights in any invention  to the employer, the employer shall provide, at the time the agreement is made, a written notification to the employee that the agreement  does not apply to an invention for which no equipment, supplies, facility or trade secret information of the employer was used and which  was developed entirely on the employee's own time, unless:  (1) The invention relates directly to the business of the employer or to the employer's actual or demonstrably anticipated  research or development; or  (2) The invention results from any work performed by the employee for the employer.  (d) Even though the employee meets the burden of proving the conditions specified in this section, the employee shall disclose, at  the time of employment or thereafter, all inventions being developed by the employee, for the purpose of determining employer and  employee rights in an invention.    For Employees in Minnesota, Section 181.78 of the Minnesota Labor, Industry Code is as follows:  Subdivision 1. Inventions not related to employment. Any provision in an employment agreement which provides that an employee shall  assign or offer to assign any of the employee's rights in an invention to the employer shall not apply to an invention for which no  equipment, supplies, facility or trade secret information of the employer was used and which was developed entirely on the employee's  own time, and (1) which does not relate (a) directly to the business of the employer or (b) to the employer's actual or demonstrably  anticipated research or development, or (2) which does not result from any work performed by the employee for the employer. Any  provision which purports to apply to such an invention is to that extent against the public policy of this state and is to that extent void and  unenforceable.  Subdivision 2. Effect of subdivision 1. No employer shall require a provision made void and unenforceable by subdivision 1 as a condition  of employment or continuing employment.  Subdivision 3. Notice to employee. If an employment agreement entered into after August 1, 1977 contains a provision requiring the  employee to assign or offer to assign any of the employee's rights in any invention to an employer, the employer must also, at the time  the agreement is made, provide a written notification to the employee that the agreement does not apply to an invention for which no  equipment, supplies, facility or trade secret information of the employer was used and which was developed entirely on the employee's  own time, and (1) which does not relate (a) directly to the business of the employer or (b) to the employer's actual or demonstrably  anticipated research or development, or (2) which does not result from any work performed by the employee for the employer.    For Employees in North Carolina, §§ 66-57.1 and 66-57.2 of the North Carolina Gen. Stat. is as follows:    § 6657.1.  Employee’s right to certain inventions.  Any provision in an employment agreement which provides that the employee shall assign or offer to assign any of his rights in an  invention to his employer shall not apply to an invention that the employee developed entirely on his own time without using the  employer’s equipment, supplies, facility or trade secret information except for those inventions that (i) relate to the employer’s business or  actual or demonstrably anticipated research or development, or (ii) result from any work performed by the employee for the employer.  To  the extent a provision in an employment agreement purports to apply to the type of invention described, it is against the public policy of  this State and is unenforceable.  The employee shall bear the burden of proof in establishing that his invention qualifies under this  section.   § 6657.2.  Employer’s rights.  An employer may not require a provision of an employment agreement made unenforceable under G.S. 6657.1 as a condition of  employment or continued employment.  An employer, in an employment agreement, may require that the employee report all inventions  developed by the employee, solely or jointly, during the term of his employment to the employer, including those asserted by the  employee as nonassignable, for the purpose of determining employee or employer rights.  If required by a contract between the  employer and the United States or its agencies, the employer may require that full title to certain patents and inventions be in the United  States.   6  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

      For Employees in Utah, Section 34-39-3 of Utah Code Ann. is as follows:  (1) An employment agreement between an employee and his employer is not enforceable against the employee to the extent that the  agreement requires the employee to assign or license, or to offer to assign or license, to the employer any right or intellectual property in  or to an invention that is:  (a) created by the employee entirely on his own time; and  (b) not an employment invention.  (2) An agreement between an employee and his employer may require the employee to assign or license, or to offer to assign or license,  to his employer any or all of his rights and intellectual property in or to an employment invention.  (3) Subsection (1) does not apply to:  (a) any right, intellectual property or invention that is required by law or by contract between the employer and the United States  government or a state or local government to be assigned or licensed to the United States; or  (b) an agreement between an employee and his employer which is not an employment agreement.  (4) Notwithstanding Subsection (1), an agreement is enforceable under Subsection (1) if the employee's employment or continuation of  employment is not conditioned on the employee's acceptance of such agreement and the employee receives a consideration under such  agreement which is not compensation for employment.  (5) Employment of the employee or the continuation of his employment is sufficient consideration to support the enforceability of an  agreement under Subsection (2) whether or not the agreement recites such consideration.  (6) An employer may require his employees to agree to an agreement within the scope of Subsection (2) as a condition of employment or  the continuation of employment.  (7) An employer may not require his employees to agree to anything unenforceable under Subsection (1) as a condition of employment or  the continuation of employment.  (8) Nothing in this chapter invalidates or renders unenforceable any employment agreement or provisions of an employment agreement  unrelated to employment inventions.    For Employees in Washington, Section 49.44.140 of the Revised Code of Washington is as follows:  (1) A provision in an employment agreement which provides that an employee shall assign or offer to assign any of the employee’s  rights in an invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret  information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i)  directly to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the  invention results from any work performed by the employee for the employer. Any provision which purports to apply to such an invention  is to that extent against the public policy of this state and is to that extent void and unenforceable.  (2) An employer shall not require a provision made void and unenforceable by subsection (1) of this section as a condition of  employment or continuing employment.  (3) If an employment agreement entered into after September 1, 1979, contains a provision requiring the employee to assign any of  the employee’s rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written  notification to the employee that the agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret  information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i)  directly to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development, or (b) the  invention results from any work performed by the employee for the employer.  7  DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

EXHIBIT B ZENDESK, INC. MUTUAL  AGREEMENT TO ARBITRATE CLAIMS   I recognize that differences may arise between Zendesk, Inc. (the “Company”) and me  during or following my employment with the Company. In consideration of my continued employment  with the Company, its promise to arbitrate all employment-related disputes, and my receipt of the  compensation, pay raises, and other benefits paid to me by the Company, at present and in the  future, I agree that any and all controversies, claims, or disputes with anyone (including the  Company and any employee, officer, director, shareholder, or benefit plan of the Company, in their  capacity as such or otherwise), arising out of, relating to, or resulting from my employment with the  Company or the termination of my employment with the Company, including any breach of this  Mutual Agreement to Arbitrate Claims (this “Arbitration Agreement”), shall be subject to binding  arbitration. Both parties agree that this Arbitration Agreement is enforceable under the Federal  Arbitration Act, 9 U.S.C. §1 et seq. (the “FAA”). If the FAA is found not to apply, then this Arbitration  Agreement is enforceable under the laws of the state in which I am or was employed at the time I  received this Arbitration Agreement. However, both parties agree that there will be no right to bring  any dispute covered by this Arbitration Agreement as a class or collective action, as specified in  Paragraphs 1 and 2 below.   1. Claims Covered by this Arbitration Agreement . To the maximum extent allowed by law,  the Company and I mutually consent to the resolution by binding arbitration of all claims or causes of  action that the Company may have against me or that I may have against the Company or the  Company’s current and former owners, partners, members, officers, directors, employees,  representatives and agents, all subsidiary and affiliated entities, all benefit plans, the benefit plans’  sponsors, fiduciaries, administrators, affiliates, and all successors and assigns of any of them  (“Arbitrable Disputes”). Arbitrable Disputes shall include any and all disputes not specifically  exempted from arbitration herein, including, but not limited to: any alleged violations of federal, state,  or local constitutions, statutes, laws, ordinances, regulations or common law; any claims of wrongful  termination, unlawful disparate treatment or disparate impact, or retaliation; any claims for breach of  any contractor covenant of good faith and fair dealing; tort claims; and any claims arising under the  Fair Labor Standards Act and similar state and local statutes. Nothing in this Arbitration Agreement  alters any obligation or prerequisite to exhaust administrative remedies before asserting a claim in  arbitration.   2. Claims Not Covered . Specifically excluded from this Arbitration Agreement are: (i) claims  that are not arbitrable by law, which include claims for workers’ compensation and unemployment  compensation benefits, and any claims which are expressly excluded from binding arbitration by  controlling law or public policy; (ii) claims under California's Labor Code Private Attorney General  Act, Labor Code §§ 2698 et seq. ("PAGA"), to the extent the operative law at the time a PAGA claim  is made precludes a pre-dispute waiver of the right to bring such claims on a representative basis (if  the operative law changes during the pendency of a PAGA claim, and pre-dispute waivers of the  right to bring PAGA claims on a representative basis become enforceable, then the parties intend  and agree that PAGA claims would become covered claims under this Agreement); and (iii) any  claims for unlawful harassment based on a protected   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

        Page 1 of 5  category under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age  Discrimination in Employment Act (as amended by the Older Workers Benefits Protection Act), the  California Fair Employment and Housing Act, and any other federal, state, or local statute similarly  prohibiting harassment based on enumerated protected categories or classifications; provided ,  however , that claims under such statutes are only excluded from the agreement to arbitrate to the  extent they allege harassment – as distinct from disparate treatment, wrongful termination, and/or  disparate impact (“Excluded Claims”). To the extent that the parties’ dispute involves Arbitrable  Disputes and Excluded Claims, the parties agree to bifurcate and stay the Excluded Claims pending  the resolution of the arbitration proceedings. Either party may apply to a court of competent  jurisdiction for temporary or preliminary injunctive relief in connection with an Arbitrable Dispute, but  only upon the ground that the award to which that party may be entitled may be rendered ineffectual  without such relief.   I understand that this Arbitration Agreement does not prohibit me from filing or maintaining an  administrative charge or complaint with a local, state, or federal administrative body that is  authorized to enforce or administer laws related to employment, including but not limited to the Equal  Employment Opportunity Commission, Department of Labor, or the National Labor Relations Board.  I understand that this Agreement does, however, preclude me from pursuing any court action  regarding any such claim, except as permitted by law. This Arbitration Agreement does not restrict  my rights to engage in concerted activities under Section 7 of the National Labor Relations Act. I  understand that I will not be retaliated against, disciplined or threatened with discipline as a result of  exercising my rights under Section 7 of the National Labor Relations Act by the filing of or  participation in a class or collective action in any forum.   3. Class Action Waiver . Except for Excluded Claims, the Company and I expressly intend  and agree that: (a) class action and representative action procedures are hereby waived and shall  not be asserted, nor will they apply, in any arbitration pursuant to this Agreement; (b) neither party  will assert class action or representative action claims against the other in arbitration or otherwise,  and (c) the arbitrator is not empowered to consolidate claims of different individuals into one  proceeding, or to hear an arbitration as a class arbitration (“Class Action Waiver”). To the extent a  court or the arbitrator determines that this Class Action Waiver is invalid, for any reason, it shall not  be severable from this Agreement and the class or collective claims will be considered Excluded  Claims that must be litigated in a civil court of competent jurisdiction. Notwithstanding any other  clause contained in this Arbitration Agreement, any claim that all or part of the Class Action Waiver  is invalid, unenforceable void or voidable may be determined only by a court of competent  jurisdiction and not by an arbitrator. The Class Action Waiver shall be severable when a dispute is  filed as an individual action and severance is necessary to ensure that the individual action proceeds  in arbitration.   4. Waiver of Right to Court or Jury Trial . I understand that, by signing this Arbitration  Agreement, both the Company and I are giving up any right we may have to a trial by jury and are  giving up rights of appeal following the rendering of a decision except as applicable law provides for  judicial review of arbitration decisions.   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Page 2 of 5   5. Arbitration Procedures . The Company and I agree that, except as provided in the  Arbitration Agreement, any arbitration shall be in accordance with and under the auspices and rules  of JAMS, Inc. (“JAMS”) for the resolution of employment disputes, pursuant to its employment  arbitration rules & procedures. The JAMS Employment Arbitration Rules and Procedures (the “JAMS  Rules”) are available at www.JAMSadr.com. Under no circumstances shall the JAMS Class Action  Procedures apply to any arbitration held pursuant to this Arbitration Agreement. Notwithstanding  anything in the JAMS Rules, the arbitrator will not have the authority to determine whether this  arbitration provision or any portion of it is enforceable, revocable or valid, the arbitrability of disputes,  or whether claims may be arbitrated on a class, collective, or representative basis.   The arbitrator shall apply the substantive state or federal law (and the law of remedies, if  applicable) as applicable to the claim(s) asserted. The arbitrator shall provide the Parties with a  written decision explaining his or her findings and conclusions. The Arbitrator's decision shall be final  and binding upon the Parties. The parties shall be entitled to conduct discovery to the full extent  authorized by governing law. 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, discovery motions, motions to dismiss, and demurrers prior to any arbitration hearing.  The Company and I agree that any arbitration under this Arbitration Agreement shall be conducted in  San Francisco County or the site of the closest JAMS office to my place of employment. The  arbitrator’s decision regarding the claims shall be final and binding upon the parties, and shall be  enforceable in any court having jurisdiction thereof. I agree that the arbitrator shall have the power to  award any remedies available under applicable law, and that the arbitrator shall award attorneys’  fees and costs to the prevailing party, except as prohibited by law.   6. Arbitration Fees and Costs . I agree that each party shall be responsible for paying such  party’s own attorneys’ fees and costs. To the extent I bring a claim against the Company, the  Company shall pay for the costs of arbitration, including any administrative or hearing fees charged  by the arbitrator or JAMS, except that I shall pay any filing fees associated with any arbitration that I  initiate, but only so much of the filing fees as I would have instead paid had I filed a complaint in a  court of law. To the extent any of the foregoing cost-splitting provisions are found not to comply with  such then-applicable law, the arbitrator shall reform this Arbitration Agreement such that it is  enforceable and consistent with then-applicable decisional or statutory law.   7. Modification/Entire Agreement . This Arbitration Agreement to arbitrate shall survive the  termination of my employment. It can only be revoked or modified by a writing signed by the parties  that specifically states an intent to revoke or modify this Arbitration Agreement. This is the complete  agreement of the parties on the subject of arbitration of disputes (except for any arbitration  agreement in connection with any pension or benefit plan). This Arbitration Agreement supersedes  any prior or contemporaneous oral or written understanding on the subject. No party is relying on  any representations, oral or written, on the subject of the effect, enforceability, or meaning of this  Arbitration Agreement, except as specifically set forth in this Arbitration Agreement. If any provision  of this Arbitration Agreement is found to be   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Page 3 of 5   unenforceable, in whole or in part, such finding shall not affect the validity of the remainder of this  Arbitration Agreement and this Arbitration Agreement shall be reformed to the greatest extent  possible to ensure that the resolution of all conflicts between the parties are resolved by neutral,  binding arbitration.   8. Violation of this Agreement . Should any party to this Arbitration Agreement pursue any  arbitrable dispute by any method other than arbitration, the responding party shall recover from the  initiating party all damages, costs, expenses and attorneys’ fees incurred as a result of such action.   9. Not an Employment Agreement . This Arbitration Agreement is not and shall not be  construed to create any contract of employment, express or implied. Nor does this Arbitration  Agreement alter the at-will status of any employment.   [Signatures to follow on the next page.]   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 

 

Page 4 of 5   I acknowledge that I have read this Agreement carefully and I understand and accept  the obligations which it imposes upon me without reservation. No promises or  representations have been made to me to induce me to sign this Agreement. I further  acknowledge that I have been given the opportunity to discuss this Agreement with my  private, legal counsel and have taken advantage of that opportunity to the extent I wanted to  do so.   Signed: ___________________________________________   Name: ___________________________________________   Date: ___________________________________________   Accepted and Agreed to:   Zendesk,  Inc.   ___________________________________________  Mikkel Svane Chief Executive Officer   Version  2019.03.15   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5 11/23/2021 Andrea Nieto 

 

Page 5 of 5   DocuSign Envelope ID: 3672B045-B7C0-46B7-BD1C-4EBFC42E65B5

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