Document:

EX-10.2

 Exhibit 10.2 

INVESTMENT AGREEMENT 
 by and
between 
 SEARCHLIGHT II MLN, L.P. 

and 
 RINGCENTRAL, INC. 

Dated as of November 8, 2021 

STRICTLY PRIVATE AND CONFIDENTIAL DRAFT FOR DISCUSSION PURPOSES ONLY. CIRCULATION OF THIS DRAFT SHALL NOT GIVE RISE TO ANY DUTY TO NEGOTIATE
OR CREATE OR IMPLY ANY OTHER LEGAL OBLIGATION. NO LEGAL OBLIGATION OF ANY KIND WILL ARISE UNLESS AND UNTIL A DEFINITIVE WRITTEN AGREEMENT IS EXECUTED AND DELIVERED BY ALL PARTIES. 

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	 
				
		 	SECTION 1.01.	  	Definitions	  	 	1	 
		
	 ARTICLE II Purchase and Sale
	  	 	8	 
				
		 	SECTION 2.01.	  	Purchase and Sale	  	 	8	 
		 	SECTION 2.02.	  	Closing	  	 	8	 
		 	SECTION 2.03.	  	Restrictive Legends	  	 	9	 
		
	 ARTICLE III Representations and Warranties of the Company
	  	 	9	 
				
		 	SECTION 3.01.	  	Organization; Standing	  	 	9	 
		 	SECTION 3.02.	  	Capitalization	  	 	10	 
		 	SECTION 3.03.	  	Authority; Non-contravention	  	 	11	 
		 	SECTION 3.04.	  	Governmental Approvals	  	 	12	 
		 	SECTION 3.05.	  	Company SEC Documents; Undisclosed Liabilities	  	 	13	 
		 	SECTION 3.06.	  	Listing and Maintenance Requirements	  	 	15	 
		 	SECTION 3.07.	  	Compliance with Laws	  	 	15	 
		 	SECTION 3.08.	  	Taxes	  	 	16	 
		 	SECTION 3.09.	  	Employees	  	 	17	 
		 	SECTION 3.10.	  	Intellectual Property	  	 	17	 
		 	SECTION 3.11.	  	Legal Proceedings	  	 	18	 
		 	SECTION 3.12.	  	Related Party Transactions	  	 	18	 
		 	SECTION 3.13.	  	No Other Investor Representations or Warranties	  	 	18	 
		
	 ARTICLE IV Representations and Warranties of the Investor
	  	 	19	 
				
	    	 	SECTION 4.01.	  	Organization	  	 	19	 
		 	SECTION 4.02.	  	Authority	  	 	19	 
		 	SECTION 4.03.	  	Non-contravention	  	 	19	 
		 	SECTION 4.04.	  	Government Filings	  	 	19	 
		 	SECTION 4.05.	  	Purchase for Investment	  	 	19	 
		 	SECTION 4.06.	  	Independent Investigation	  	 	20	 
		 	SECTION 4.07.	  	Private Placement Consideration	  	 	20	 
		 	SECTION 4.08.	  	No Broker	  	 	20	 
		 	SECTION 4.09.	  	No Other Company Representations or Warranties	  	 	20	 
		
	 ARTICLE V Additional Agreements
	  	 	21	 
				
		 	SECTION 5.01.	  	Public Announcements	  	 	21	 
		 	SECTION 5.02.	  	Corporate Action	  	 	21	 
		 	SECTION 5.03.	  	NYSE Listing of Shares	  	 	21	 
		 	SECTION 5.04.	  	Expenses	  	 	21	 
		 	SECTION 5.05.	  	Certain Tax Matters	  	 	22	 
		
	 ARTICLE VI Survival; Remedies
	  	 	23	 

  
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		  	SECTION 6.01.	  	 Survival
	  	 	23	 
		  	SECTION 6.02.	  	 Limitation on Damages
	  	 	23	 
		  	SECTION 6.03.	  	 Non-Recourse
	  	 	23	 
		
	 ARTICLE VII Miscellaneous
	  	 	24	 
				
		  	SECTION 7.01.	  	 Notices
	  	 	24	 
		  	SECTION 7.02.	  	 Amendments, Waivers, etc.
	  	 	25	 
		  	SECTION 7.03.	  	 Counterparts and Facsimile
	  	 	25	 
	    	  	SECTION 7.04.	  	 Further Assurances
	  	 	25	 
		  	SECTION 7.05.	  	 Governing Law; Arbitration; Waiver of Jury Trial
	  	 	25	 
		  	SECTION 7.06.	  	 Specific Performance
	  	 	26	 
		  	SECTION 7.07.	  	 Interpretation
	  	 	27	 
		  	SECTION 7.08.	  	 Severability
	  	 	27	 
		  	SECTION 7.09.	  	 No Third-Party Beneficiaries
	  	 	27	 
		  	SECTION 7.10.	  	 Assignment
	  	 	28	 
		  	SECTION 7.11.	  	 Acknowledgment of Securities Laws
	  	 	28	 
		  	SECTION 7.12.	  	 Disclosure Schedule References
	  	 	28	 
		  	SECTION 7.13.	  	 Delays or Omissions
	  	 	28	 
		  	SECTION 7.14.	  	 Entire Agreement
	  	 	28	 

  

					
	 Exhibits
	  			
	 Certificate of Designations
	  	 	Exhibit A	 
	 Investor Rights Agreement
	  	 	Exhibit B	 

  

  
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 INVESTMENT AGREEMENT 

This INVESTMENT AGREEMENT, dated as of November 8, 2021 (this “Agreement”), is between RingCentral, Inc., a Delaware
corporation (the “Company”), and Searchlight II MLN, L.P. (the “Investor”). 
 WHEREAS, the Company
desires to issue, sell and deliver to the Investor, and the Investor desires to purchase and acquire from the Company, pursuant to the terms and subject to the conditions set forth in this Agreement, an aggregate of 200,000 shares of the
Company’s Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), having the powers, preferences and rights, and the qualifications, limitations and restrictions, as set forth in
the Certificate of Designations attached hereto as Exhibit A, which has been duly adopted and filed with the Secretary of State of the State of Delaware (the “Certificate of Designations”); and 

WHEREAS, at the Closing, in connection with the transactions contemplated hereby, the Company and the Investor are entering into the Investor
Rights Agreement attached hereto as Exhibit B (the “Investor Rights Agreement”) and the Registration Rights Agreement attached hereto as Exhibit C. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01. Definitions. 

(a) As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings: 

“Action” means any action, hearing, claim, demand, suit, litigation, subpoena or investigation or proceeding of any nature,
whether civil, criminal or regulatory, in law or in equity, or otherwise, by or before any Governmental Entity. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, directly or indirectly
controlled by, or under direct or indirect common control with, such Person or a member of such Person’s immediate family; provided that, with respect to the Investor and its Affiliates, “Affiliate” shall not include any
portfolio company or investment fund, vehicle or similar entity affiliated with Searchlight Capital Partners, L.P., other than for purposes of Section 7.10 (Assignment) or for purposes of uses of the term “Non-Recourse Parties” with respect to the Investor and its Affiliates; provided, further, that the preceding proviso shall not apply to MLN TopCo Ltd., Mitel Networks, Inc. and each of their
respective Subsidiaries; provided, further, that the Investor and its Affiliates shall be deemed not to be an Affiliate of the Company or any of its Subsidiaries and the Company and its Subsidiaries shall not be deemed to be Affiliates
of the Investor. For purposes of this definition, the term “control” (including the correlative terms “controlling”, “controlled by” and “under common control with”) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

 “Agreement” has the meaning set forth in the preamble hereto. 

“Anti-Corruption Laws” means the Foreign Corrupt Practices Act of 1977 (15 U.S.C.
§§ 78dd-1, et seq.), any rules or regulations thereunder, the U.S. Travel Act, the United Kingdom Bribery Act of 2010, the Organization of Economic Cooperation and Development Convention on
Combating Bribery of Foreign Public Officials in International Business Transactions, or any other Laws concerning anti-corruption, anti-bribery, or money laundering applicable to the Company or any of its Subsidiaries. 

“Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banking institutions in New York,
New York or San Francisco, California are authorized or required by law, regulation or executive order to be closed. 

“Bylaws” means the Amended and Restated Bylaws of the Company, as may be amended and restated from time to time. 

“Capitalization Date” has the meaning set forth in Section 3.02(a). 

“Certificate of Designations” has the meaning set forth in the recitals hereto. 

“Certificate of Incorporation” means the Second Amended and Restated Certificate of Incorporation of the Company, as may be
amended and restated from time to time. 
 “Class A Common Stock” means the Class A common stock,
par value $0.0001 per share, of the Company. 
 “Class B Common Stock” means the Class B common
stock, par value $0.0001 per share, of the Company. 
 “Closing” has the meaning set forth in
Section 2.02(a). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” means, collectively, the Class A Common Stock and the Class B Common Stock. 

“Company” has the meaning set forth in the preamble hereto. 

“Company Charter Documents” means the Certificate of Incorporation and the Bylaws. 

“Company Intellectual Property” means any Intellectual Property that is owned in whole or in part or purported to be owned in
whole or in part, by the Company or any of its Subsidiaries. 

  
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 “Company Equity Awards” means each compensatory equity award granted by the
Company, whether granted under a Company Stock Plan or otherwise, that relates to Class A Common Stock. 
 “Company Preferred
Stock” means the preferred stock, par value $0.0001 per share, of the Company. 
 “Company Registered Intellectual
Property” means all the Intellectual Property that is the subject of an application or registration issued, filed with, or recorded by any Governmental Entity or domain name registrar which is owned in whole or in part by, or with respect
to which a pending application has been filed by and in the name of, the Company or any of its Subsidiaries. 
 “Company
Securities” has the meaning set forth in Section 3.02(d). 
 “Company Stock Plan” means
the Company’s 2003 Equity Incentive Plan, the Company’s 2010 Equity Incentive Plan, the Company’s 2013 Incentive Equity Plan and the Company’s Amended and Restated Employee Stock Purchase Plan. 

“Contract” has the meaning set forth in Section 3.03(b). 

“Conversion Shares” means the Class A Common Stock issuable upon the conversion of the Preferred Shares. 

“COVID-19” means
SARS-CoV-2 or COVID-19, and any evolutions or variants thereof or related or associated epidemics, pandemics or disease
outbreaks. 
 “DGCL” means the General Corporation Law of the State of Delaware. 

“Enforceability Exceptions” has the meaning set forth in Section 3.03(a). 

“ERISA Affiliate” means, with respect to any entity, trade or business, any other entity, trade or business that is, or was
at the relevant time, a member of a group described in Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA that includes or included the first entity, trade or business, or that is, or was at the relevant time,
a member of the same “controlled group” as the first entity, trade or business pursuant to Section 4001(a)(14) of ERISA. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Fraud” means actual common law fraud in the making of a representation, warranty, or other statement committed by a Person
making such representation, warranty, or statement with the intent to deceive another Person, and to induce any Person to enter into this Agreement or any Related Agreement and requires (a) a false representation, warranty, or statement of
material fact; (b) actual knowledge or belief that such representation, warranty, or statement is false; (c) an intention to induce a such other Person to whom such representation, warranty, or statement was made to act or refrain from
acting in reliance upon it; (d) causing that Person, in justifiable reliance upon such false representation, warranty, or statement to take or refrain from taking 

  
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action; and (e) causing such Person or any party hereto to suffer damage by reason of such reliance. For clarity, a claim for Fraud may only be made against such Person committing such
Fraud, it being understood that if a Representative of a party commits Fraud, then such party shall be deemed to have committed such Fraud. 

“Fundamental Representations” means the representations and warranties of the Company contained in
Section 3.01, Section 3.02 and Section 3.03. 

“GAAP” means generally accepted accounting principles in the United States, consistently applied and as in effect from time
to time. 
 “Governmental Authorization” means any authorizations, approvals, licenses, franchises, clearances, permits,
certificates, waivers, consents, exemptions, variances, expirations and terminations of any waiting period requirements issued by or obtained from, and any notices, filings, registrations, qualifications, declarations and designations with, a
Governmental Entity. 
 “Governmental Entity” means any (a) nation, principality, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature, (b) federal, state, provincial, local, municipal, foreign or other government or supra national entity, regulatory or administrative authority, (c) governmental
or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or
entity and any court or other judicial, tribunal or arbitral body), or (d) organization, entity or body or individual exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or
taxing authority or power of any nature (including stock exchanges). 
 “Intellectual Property” means any rights
protectable by applicable Law, throughout the world, in or to the following: (i) patents, utility models and applications therefor, including any reissues, divisionals, continuations, continuations-in-part, provisionals, renewals and extensions and counterparts thereof (“Patents”); (ii) copyrights, including in works of authorship (including Software), copyright
registrations and applications therefor and any other rights thereto (“Copyrights”); (iii) trademarks, service marks, logos, trade names, trade dress rights and similar designation of origin and rights therein, and registrations and
applications (including intent-to-use applications) for registration thereof, together with all of the goodwill associated with any of the foregoing;
(iv) Copyrights or sui generis rights in databases and data collections (including knowledge databases, customer lists and customer databases); (v) domain names; (vi) social media usernames (e.g., Twitter handles) and the goodwill
associated with any of the forgoing; (vii) trade secrets, rights in confidential information and know-how (“Trade Secrets”); (viii) any registrations of or applications to register any of
the foregoing throughout the world; and (ix) all other intellectual property rights. 
 “Investor” has the meaning set
forth in the preamble hereto. 
 “Knowledge” of the Company, with respect to any matter in question, shall mean the actual
knowledge, as of the date of this Agreement, of Vlad Shmunis, Anand Eswaran, Mitesh Druv and John Marlow. 

  
 -4- 

 “Law” means any U.S. or non-U.S.
federal, state, provincial, local or other constitution, law, statute, ordinance, rule, regulation, published policy or requirement, or controlling principle of common law, or any order, in any case issued, enacted, adopted, promulgated, implemented
or otherwise put into legal effect by or under the authority of any Governmental Entity. 
 “Legal Proceeding” means any
litigation, investigation, suit, claim, charge, action, demand, complaint, citation, summons, subpoena, audit, hearing, inquiry, proceeding, or mediation of any nature, whether at law or equity, judicial or administrative, by or before any
Governmental Entity. 
 “Liens” means, with respect to any property or asset, any pledge, lien, charge, mortgage, deed of
trust, lease, sublease, license, restriction, hypothecation, right of first refusal or offer, conditional sales or other title retention agreement, adverse claim of ownership or use, easement, encroachment, right of way or other title defect,
encumbrance, option to purchase or lease or otherwise acquire any interest, and security interest of any kind or nature whatsoever. 

“Material Adverse Effect” means any change, event, development or occurrence (“Change”) that has a material
adverse effect on the business, financial condition or results of operations of the Company and its Subsidiaries, taken as a whole; provided that none of the following, and no Changes or effects arising out of or resulting from the following
(in each case, by itself or when aggregated) will be deemed to be or constitute a Material Adverse Effect or will be taken into account when determining whether a Material Adverse Effect has occurred or may, would or could occur (subject to the
limitations set forth below): 
 (i) Changes in general economic conditions, or Changes in conditions in the global or
international economy generally; 
 (ii) (A) Changes in conditions in the financial markets, credit markets or capital
markets, including changes in interest rates or credit ratings; (B) changes in exchange rates for the currencies of any country; or (C) any suspension of trading in securities (whether equity, debt, derivative or hybrid securities)
generally on any securities exchange or over the counter market; 
 (iii) Changes in conditions in the industries in which
the Company and its Subsidiaries conduct business; 
 (iv) Changes in regulatory, legislative or political conditions; 

(v) any acts of God, natural disasters, epidemics, pandemics or disease outbreaks (including
COVID-19) or any geopolitical conditions, outbreak of hostilities, acts of war (whether or not declared), sabotage, cyberterrorism (including by means of cyber-attack by or sponsored by a Governmental Entity),
terrorism or military actions (including any escalation or general worsening of any of the foregoing); 
 (vi) the
negotiation, execution or announcement of this Agreement or the pendency or consummation of the Transactions, including the impact thereof on the relationships, contractual or otherwise, of the Company and its Subsidiaries with customers, suppliers,
lenders, lessors, business partners, employees, regulators, 

  
 -5- 

 
Governmental Entities or vendors (it being understood and agreed that the foregoing shall not apply to any representation or warranty to the extent the purpose of such representation or warranty
is to address the consequences resulting from this Agreement or the consummation of the Transactions, including the representations and warranties contained in Section 3.03(b)); 

(vii) any action required to be taken pursuant to the express terms of this Agreement; 

(viii) changes or proposed changes in GAAP or other accounting standards or in any applicable Laws (or the enforcement or
interpretation of any of the foregoing); 
 (ix) changes in the price or trading volume of the Common Stock (provided
that the facts and circumstances giving rise to such changes may be taken into account in determining whether a Material Adverse Effect has occurred); and 

(x) any failure by the Company and its Subsidiaries to meet (A) any public estimates or expectations of the Company’s
revenue, earnings or other financial performance or results of operations for any period; or (B) any budgets, plans, projections or forecasts of its revenues, earnings or other financial performance or results of operations (provided
that the underlying cause of any such failure may be taken into consideration when determining whether a Material Adverse Effect has occurred). 

except, in the case of each of clauses (i), (ii), (iii), (iv), (v), and (viii), to the extent such
Change has had a disproportionate adverse effect on the Company and its Subsidiaries, taken as a whole, relative to other companies operating in the industries in which the Company and its Subsidiaries operate. 

“NYSE” means the New York Stock Exchange and its successors. 

“Patents” has the meaning set forth in the definition of Intellectual Property. 

“Permitted Liens” means any of the following: (i) liens for Taxes, assessments and governmental charges or levies either
not yet delinquent or that are being contested in good faith and by appropriate proceedings and for which adequate reserves have been established in the financial statements in accordance with GAAP; (ii) mechanics, carriers’,
workmen’s, warehouseman’s, repairmen’s, materialmen’s or other liens or security interests that are not yet due or that are being contested in good faith and by appropriate proceedings; (iii) recorded leases, subleases and
licenses (other than capital leases and leases underlying sale and leaseback transactions); (iv) pledges or deposits to secure obligations pursuant to workers’ compensation Law or similar legislation or to secure public or statutory
obligations; (v) pledges and deposits to secure the performance of bids, trade contracts, leases, surety and appeal bonds, performance bonds and other obligations of a similar nature, in each case in the ordinary course of business consistent
with past practice; (vi) defects, imperfections or irregularities in title, charges, easements, covenants and rights of way (unrecorded and of record) and other similar liens (or other encumbrances of any type), and zoning, building and other
similar codes or restrictions, in each case that, individually or in the aggregate, do not, and would not reasonably be expected to, impair in any material respect the current use of the applicable property; (vii) any non-exclusive 

  
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license to or covenant not to sue with respect to any Company Intellectual Property; (viii) liens pursuant to any Company indebtedness; and (ix) statutory, common law or contractual
liens, or other encumbrances, of record securing payments not yet due, including liens of landlords pursuant to the terms of any lease or liens against the interests of the landlord or owner of any leased real property unless caused by the Company
or any of its Subsidiaries. 
 “Person” means an individual or entity, including a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, a Governmental Entity (or any department, agency, or political subdivision thereof), or any syndicate or group that would be
deemed to be a Person under Section 13(d)(3) of the Exchange Act. 
 “Preferred Shares” has the meaning set forth in
Section 2.01. 
 “Purchase Price” has the meaning set forth in
Section 2.01 
 “Related Agreements” means the Certificate of Designations and the Investor
Rights Agreement. 
 “Representative” means, with respect to a Person, such Person’s Affiliates and the directors,
managers, members, officers, employees, agents, contractors, subcontractors, or other representatives of such Person and its Affiliates. 

“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002. 

“SEC” means the Securities and Exchange Commission. 

“SEC Reports” means all schedules, forms, reports, statements, certifications, prospectuses, registration statements and
documents with the SEC that have been required to be filed or furnished, as the case may be, by it pursuant to applicable Laws, together with all exhibits and schedules thereto and all information incorporated therein by reference. 

“Securities Act” means the Securities Act of 1933. 

“Series A Preferred Stock” has the meaning set forth in the recitals hereto. 

“Software” means any and all computer programs, including any and all application software (including mobile digital
applications), system software, firmware, middleware, assemblers, applets, compilers and binary libraries, and software implementations of algorithms, models and methodologies, whether in source code or object code form. 

“Subsidiary” means, with respect to any Person, any other Person (other than a natural Person) of which securities or other
ownership interests (i) having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions or (ii) representing more than 50% of such securities or ownership interests, in each case,
are at the time directly or indirectly owned by such first Person. 

  
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 “Tax” means any U.S. federal, state, local and non-U.S. taxes, including sales and use taxes, transaction privilege taxes, gross receipts taxes, income taxes, business and occupation taxes, social security taxes, payroll taxes, employment taxes, estimated taxes,
real property taxes, stamp taxes, franchise taxes, transfer taxes, value added taxes, withholding taxes, unemployment taxes, and other similar charges in the nature of tax imposed by any Governmental Entity, together with any interest, penalties and
additions to tax imposed thereon or with respect thereto. 
 “Tax Return” means any return, declaration, report, statement,
or information return filed or required to be filed with a Governmental Entity with respect to Taxes, including any forms, elections or declarations of estimated Tax, and including any schedule or attachment thereto and any amendment thereof. 

“Trade Secrets” has the meaning set forth in the definition of Intellectual Property. 

“Transactions” means the transactions contemplated by this Agreement and the Related Agreements. 

“Transfer Tax” has the meaning set forth in Section 5.05(b). 

ARTICLE II 
 Purchase and Sale

 SECTION 2.01. Purchase and Sale. On the terms and subject to the conditions set forth in this Agreement, the Investor
agrees to purchase and acquire from the Company, and the Company agrees to issue, sell and deliver to the Investor, at the Closing, free and clear of any Liens (other than generally applicable restrictions on transfer under applicable securities
Laws and restrictions contemplated under the Investor Rights Agreement), an aggregate of two-hundred thousand (200,000) shares of Series A Preferred Stock (the “Preferred Shares”) for a
purchase price per Preferred Share equal to one-thousand dollars ($1,000). The aggregate purchase price of the Preferred Shares shall be two-hundred million dollars
($200,000,000) (the “Purchase Price”), payable by the Investor against delivery of the Preferred Shares at the Closing, in accordance with Section 2.02. 

SECTION 2.02. Closing. 

(a) The closing of the purchase by the Investor of the Preferred Shares (the “Closing”) shall take place at 4:00 p.m.
(Prevailing Eastern Time) on November 9, 2021 by remote electronic exchange of documents or at such other time as shall be mutually agreed between the Company and the Investor. 

(b) At the Closing, to effect the purchase and sale of the Preferred Shares, (i) the Investor shall pay or cause to be paid to the
Company, by wire transfer to a bank account designated in writing by the Company prior to the date hereof, in immediately available funds, the Purchase Price for the Preferred Shares, (ii) the Company shall deliver to the Investor evidence of
the Preferred Shares in book entry, and (iii) each of the Company and the Investor shall execute and deliver to the other the Investor Rights Agreement. 

  
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 SECTION 2.03. Restrictive Legends. The book entry representing the Preferred
Shares purchased hereunder shall bear the following legends: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS WHICH IS AVAILABLE.” 
 “THE
SECURITIES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER PURSUANT TO THE PROVISIONS OF AN INVESTOR RIGHTS AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES DATED AS OF NOVEMBER 8, 2021. A COPY OF THE
INVESTOR RIGHTS AGREEMENT MAY BE OBTAINED FROM THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SECURITIES TO THE EXTENT PROVIDED THEREIN AND ANY TRANSFER IN VIOLATION OF THE INVESTOR RIGHTS AGREEMENT IS VOID AND OF NO
EFFECT.” 
 ARTICLE III 

Representations and Warranties of the Company 

Except as set forth in the Company SEC Reports filed on or after January 1, 2019 and at least two (2) Business Days prior to the
date of this Agreement (provided that in no event shall any disclosures contained under the captions “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk” that are not factual and/or historical in
nature, any disclosure set forth in any “forward-looking statements” disclaimer or any other disclosures that are predictive, cautionary or forward-looking in nature that are included in any part of any Company SEC Report be deemed to be
an exception to, or, as applicable, disclosure for purposes of, any representations and warranties of the Company contained in this Agreement) (it being agreed and understood that any matter disclosed in such Company SEC Report shall not be deemed
disclosed for the purposes of Section 3.01, Section 3.02 and Section 3.03), or, subject to Section 7.12, in a corresponding identified schedule
attached hereto (such schedules, collectively, the “Disclosure Schedules”), the Company represents and warrants to the Investor that: 

SECTION 3.01. Organization; Standing. 

(a) The Company is a corporation duly organized, validly existing and in good standing pursuant to the DGCL. The Company has the requisite
corporate power and authority to conduct its business as it is presently being conducted and to own, lease or operate its properties, assets and rights, except where the failure to have such power or authority has not had, and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company is duly qualified to do business and is in good standing in each 

  
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jurisdiction where the character of its properties owned or leased or the nature of its activities make such qualification necessary (with respect to jurisdictions that recognize the concept of
good standing), except where the failure to be so qualified or in good standing has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) The Company has made available to Investor true, correct and complete copies of the Company Charter Documents, each as amended to the date
hereof. The Company is not in violation of any provision of the Company Charter Documents. 
 (c) Each of the Subsidiaries of the Company is
duly organized, validly existing and in good standing (with respect to jurisdictions that recognize the concept of good standing) under the laws of the jurisdiction of its organization. Each of the Subsidiaries of the Company has the requisite
corporate power and authority to conduct its business as it is presently being conducted and to own, lease or operate its properties and assets, except, in each case, as has not had, and would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. Each of the Subsidiaries of the Company is duly qualified to do business and is in good standing in each jurisdiction where the character of its properties owned or leased or the nature of its activities
make such qualification necessary (with respect to jurisdictions that recognize the concept of good standing), except where the failure to be so qualified or in good standing has not had, and would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. 
 SECTION 3.02. Capitalization. 

(a) Capital Stock. The authorized capital stock of the Company consists of (i) 1,000,000,000 shares of Class A Common Stock,
(ii) 250,000,000 shares of Class B Common Stock, and (iii) 100,000,000 shares of Company Preferred Stock. As of September 23, 2021 (the “Capitalization Date”), there were (A) 82,087,514 shares of Class A Common Stock
issued and outstanding; (B) 10,073,998 shares of Class B Common Stock issued and outstanding; (C) no shares of Company Preferred Stock issued and outstanding; and (D) zero (0) shares of Common Stock held by the Company as treasury
shares. All issued and outstanding shares of Common Stock are validly issued, fully paid, nonassessable and free of any preemptive rights and were issued in compliance with all applicable securities Laws. 

(b) Series A Preferred Stock. Prior to the execution and delivery of this Agreement, the Company duly and validly adopted and filed the
Certificate of Designations with the Secretary of State of the State of Delaware. The Preferred Shares are, and the Conversion Shares will be, when issued, duly authorized, validly issued, fully paid, nonassessable and free of any preemptive
rights and issued in compliance with all applicable securities Laws. The Preferred Shares are, and the Conversion Shares, when issued, will have the terms and conditions and entitle the holders thereof to the rights set forth in the Company Charter
Documents, as amended by the Certificate of Designations. The shares of Class A Common Stock issuable upon conversion of the Preferred Shares have been duly reserved for issuance. 

(c) Stock Reservation, Awards, Warrants and Convertible Notes. As of the Capitalization Date, the Company has reserved 31,707,538
shares of Class A Common Stock for issuance pursuant to the Company Stock Plans and there are 3,915,372 shares of Class A Common Stock underlying outstanding Company Equity Awards. 

  
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 (d) Company Securities. Except as set forth in this
Section 3.02 (including, for the avoidance of doubt, under the Company Stock Plans or the Company Equity Awards), as of the Capitalization Date, there are (i) no issued and outstanding shares of capital stock of, or
other equity or voting interest in, the Company; (ii) no outstanding securities of the Company or any of its Subsidiaries convertible into or exchangeable or exercisable for shares of capital stock of, or other equity or voting interest
(including voting debt) in, the Company, other than the Company’s 0% convertible senior notes due 2025 and the Company’s 0% convertible senior notes due 2026; (iii) no outstanding options, warrants or other rights or binding arrangements
to acquire from the Company or any of its Subsidiaries, or that obligate the Company or any of its Subsidiaries to issue, any capital stock of, or other equity or voting interest in, or any securities convertible into or exchangeable or exercisable
for shares of capital stock of, or other equity or voting interest (including voting debt) in, the Company; (iv) no obligations of the Company or any of its Subsidiaries to grant, extend or enter into any subscription, warrant, right,
convertible, exchangeable or exercisable security, or other similar Contract relating to any capital stock of, or other equity or voting interest (including any voting debt) in, the Company; and (v) no outstanding restricted shares, restricted
share units, stock appreciation rights, performance shares, contingent value rights, “phantom” stock or similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price
of, any capital stock of, or other securities or ownership interests in, the Company (the items in clauses (i), (ii), (iii), (iv) and (v), collectively, the “Company Securities”). 

(e) Other Rights. There are no (i) voting trusts, proxies or similar arrangements or understandings to which the Company or any of
its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound with respect to the voting of any shares of capital stock of, or other equity or voting interest in, the Company; (ii) obligations or binding commitments of
any character to which the Company or any of its Subsidiaries is a party or by which it is bound (A) restricting the transfer of any shares of capital stock of, or other equity or voting interest in, the Company or (B) granting any
preemptive rights, anti-dilutive rights or rights of first refusal or other similar rights with respect to any Company Securities or (iii) other obligations by the Company or any of its Subsidiaries to make any payments based on the price or
value of any Company Securities. Neither the Company nor any of its Subsidiaries is a party to any Contract that obligates it to repurchase, redeem or otherwise acquire any Company Securities. There are no accrued and unpaid dividends with respect
to any outstanding shares of Common Stock. 
 SECTION 3.03. Authority;
Non-contravention. 
 (a) The Company has the requisite corporate power and authority to
(i) execute and deliver this Agreement and the Related Agreements; (ii) perform its covenants and obligations hereunder and thereunder; and (iii) consummate the Transactions. The execution and delivery of this Agreement and the
Related Agreements by the Company, the performance by the Company of its covenants and obligations hereunder and thereunder, and the consummation of the Transactions, have been duly authorized and approved by the Board, and no other corporate action
on the part of the Company is necessary to authorize the execution and delivery by the 

  
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Company of this Agreement and the Related Agreements, the performance by the Company of its covenants and obligations and the consummation of the Transactions. This Agreement and the Related
Agreements have been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by Investor, constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms, except that (A) such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally and
(B) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought (such exceptions in
clauses (A) and (B), the “Enforceability Exceptions”). 
 (b) The execution and delivery of this Agreement and the
Related Agreements by the Company, the performance by the Company of its covenants and obligations hereunder and thereunder, and the consummation of the Transactions do not and would not reasonably be expected to (i) violate or conflict with
any provision of the Company Charter Documents; (ii) violate, conflict with, result in the breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) pursuant to, result in the termination
of, accelerate the performance required by, or result in a right of termination or acceleration pursuant to any material loan or credit agreement, debenture, note, bond, mortgage, indenture, deed of trust, lease, sublease, license, contract or other
agreement, arrangement or understanding (each, a “Contract”) to which the Company or any of its Subsidiaries is a party; (iii) assuming the Governmental Authorizations referred to in Section 3.04 are
made and obtained, violate or conflict with any Law applicable to the Company or any of its Subsidiaries or by which any of their properties or assets are bound; or (iv) result in the creation of any Lien (other than Permitted Liens) upon any
of the properties or assets of the Company or any of its Subsidiaries, except in the case of each of clauses (ii), (iii) and (iv) for such violations, conflicts, breaches, defaults, terminations, accelerations or Liens that have not had, and
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or prevent or materially impede or delay the consummation of the Transactions. 

SECTION 3.04. Governmental Approvals. Except for (a) the approval of the Conversion Shares for listing on NYSE, subject to
official notice of issuance and (b) the filing with the SEC of such current reports and other documents, if any, required to be filed with the SEC under the Exchange Act or Securities Act in connection with the Transactions, no consent or
approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Entity are necessary for the execution and delivery of this Agreement and the Related Agreements by the Company, the performance by the
Company of its obligations hereunder and thereunder and the consummation by the Company of the Transactions, other than such consents, approvals, filings, licenses, permits, authorizations, declarations or registrations the failure of which to
obtain, make or give, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent or materially impede or delay the consummation of the Transactions. 

  
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 SECTION 3.05. Company SEC Documents; Undisclosed Liabilities. 

(a) Since January 1, 2020, the Company has timely filed or furnished all SEC Reports (“Company SEC Reports”). Each
Company SEC Report complied, as of its filing date (or, if amended or superseded by a filing prior to the date of this Agreement, on the date of such amended or superseding filing) or in the case of registration statements, on the date of
effectiveness thereof, in all material respects with the applicable requirements of the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and/or the listing standards and rules of the securities exchange on which the Company was listed at the
time of such filing, as the case may be, each as in effect on the date that such Company SEC Report was filed. As of its filing date (or, if amended or superseded by a filing prior to the date of this Agreement, on the date of such amended or
superseded filing), or in the case of registration statements, on the date of effectiveness thereof, each Company SEC Report did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not misleading. The Company is, and since January 1, 2020 has been, in compliance in all material respects with the applicable provisions and requirements of
the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the listing standards and rules of the securities exchange on which the Class A Common Stock traded. Since January 1, 2020, each principal executive officer and principal
financial officer of the Company, as applicable, has made all certifications required by Rules 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the
Sarbanes-Oxley Act and any related rules and regulations promulgated by the SEC and the statements contained in any such certifications are true, correct and complete. There are no outstanding or unresolved comments received from the SEC with
respect to the Company SEC Reports or any registration statement filed by the Company and, to the Knowledge of the Company, none of the Company SEC Reports is the subject of ongoing SEC review or investigation. No Subsidiary of the Company is, or
since January 1, 2020 has been, required to file any forms, reports or documents with the SEC. 
 (b) The consolidated financial
statements (including any related notes and schedules) of the Company and its Subsidiaries filed with the Company SEC Reports (i) complied, as of their respective dates of filing with the SEC, in all material respects with the published rules
and regulations of the SEC with respect thereto during the periods and at the dates indicated (except as may be indicated in the notes thereto or as otherwise permitted by Form 10-Q with respect to any
financial statements filed on Form 10-Q); (ii) were prepared in accordance with GAAP (except as may be indicated in the notes thereto or as otherwise permitted by Form
10-Q with respect to any financial statements filed on Form 10-Q) applied on a consistent basis during the periods involved; and (iii) fairly present, in all
material respects, the consolidated financial position and consolidated results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates thereof or for the periods then ended (subject, in the case of the
unaudited financial statements, to normal and recurring year-end adjustments described therein). None of the Company or its Subsidiaries is a party to, or has any obligation or other commitment to become a
party to, any “off balance sheet arrangement” (as defined in Item 303(a) of Regulation S-K promulgated by the SEC) that have not been so described in the Company SEC Reports. 

  
 -13- 

 (c) The Company has established and maintains “disclosure controls and procedures”
and “internal control over financial reporting” (in each case as defined pursuant to Rule 13a-15 and Rule 15d-15 promulgated under the Exchange Act). The
Company’s disclosure controls and procedures are reasonably designed to ensure that (i) all material information required to be disclosed by the Company in the reports and other documents that it files or furnishes pursuant to the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC; and (ii) such material information is accumulated and communicated to the Company’s management, including its
principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to make the certifications required under the Exchange Act and Sections 302 and
906 of the Sarbanes-Oxley Act. Since January 1, 2020, no events, facts or circumstances have occurred such that management would not be able to complete its assessment of the effectiveness of the Company’s internal control over financial
reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act when next due, and conclude, after such assessment, that such system was effective. Since January 1, 2020, the principal executive officer and principal
financial officer of the Company have made all certifications required by Rules 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley
Act, and the statements contained in any such certifications were true, correct and complete as of their filing dates. Neither the Company nor its principal executive officer or principal financial officer has received notice from any Governmental
Entity challenging or questioning the accuracy, completeness, form or manner of filing of such certifications. 
 (d) The Company has
established and maintains a system of internal controls over financial reporting that are designed to ensure reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP,
including policies and procedures that (i) require the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company and its Subsidiaries; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that receipts and expenditures of the Company and its Subsidiaries are being made only in accordance with
appropriate authorizations of the Company’s management and the Board; and (iii) provide assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of the Company and its Subsidiaries.
Since January 1, 2020, neither the Company nor, the Company’s independent registered public accounting firm has identified or been made aware of (x) any significant deficiency or material weakness in the system of internal control
over financial reporting, including the design and operation thereof, used by the Company and its Subsidiaries that has not been subsequently remediated; (y) any fraud or illegal act that involves the Company’s management or other
employees who have a role in the preparation of financial statements or the internal control over financial reporting utilized by the Company and its Subsidiaries; or (z) any claim or allegation regarding any of the foregoing. The
Company’s auditors and the audit committee of the Board have identified or have been made aware of all matters described by the immediately preceding clauses (x) through (z). 

(e) Neither the Company nor any of its Subsidiaries has any liabilities or obligations of any nature (whether accrued, absolute, contingent,
fixed or otherwise) required to be reflected or reserved against on a balance sheet prepared in accordance with GAAP or notes thereto, other than liabilities or obligations (i) reflected or otherwise adequately reserved against in the balance
sheet (or the notes thereto) of the Company and its Subsidiaries as of June 30, 2021 or in the consolidated financial statements of the Company and its Subsidiaries included in the Company 

  
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SEC Reports filed prior to the date of this Agreement or described in the notes thereto; (ii) arising pursuant to this Agreement or the Related Agreements or incurred in connection with the
Transactions; (iii) incurred in the ordinary course of business consistent with past practice on or after June 30, 2021; or (iv) that has not had, and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. 
 SECTION 3.06. Listing and Maintenance Requirements. The Class A Common Stock is registered
pursuant to Section 12(b) of the Exchange Act and listed on NYSE, and the Company has taken no action designed to (or which, to the Knowledge of the Company, is reasonably likely to) have the effect of, terminating the registration of the
Class A Common Stock under the Exchange Act or delisting the Class A Common Stock from NYSE, nor has the Company received any notification that the SEC or NYSE is contemplating terminating such registration or listing. 

SECTION 3.07. Compliance with Laws. 

(a) Since January 1, 2020, the Company and each of its Subsidiaries has been in compliance with all Laws that are applicable to the
Company and its Subsidiaries or to the conduct of the business or operations of the Company and its Subsidiaries, except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and
since, January 1, 2020, neither the Company nor any of its Subsidiaries has received any written or, to the Knowledge of the Company, oral notice of any conflict or non-compliance with, or default or
violation of, any applicable Laws by which it or any of its properties, assets, rights, employees, business or operations are or were bound or affected, except as has not had, and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) the Company and its Subsidiaries have all Governmental Authorizations
necessary for the ownership and operation of its business as presently conducted, and each such Governmental Authorization is in full force and effect or subject to renewal in the ordinary course of business; (ii) the Company and its
Subsidiaries are, and since January 1, 2020 have been, in compliance with the terms of all Governmental Authorizations necessary for the ownership and operation of its businesses; and (iii) since January 1, 2020, (A) neither the
Company nor any of its Subsidiaries has received written notice, or, to the Knowledge of the Company, oral notice from any Governmental Entity alleging any conflict with or breach of any such Governmental Authorization which remains unresolved and
(B) no suspension or cancellation of any of the Governmental Authorizations is pending or, to the Knowledge of the Company, threatened. 

(b) Since January 1, 2020, the Company, each of its Subsidiaries, each of its and their respective directors and officers, and to the
Company’s Knowledge, each of its and their respective employees, and agents, and all other Persons acting on its or their behalf, in each case in their capacity as such, is and has been in material compliance with Anti-Corruption Laws. Except
as has not been and would not reasonably be expected to be, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole, since January 1, 2020, none of the Company, any of its Subsidiaries, any of its or
their respective officers or directors, or to the Company’s Knowledge, each of its and their respective agents, employees or other Persons acting on their behalf, in each case in their capacity as such, has, directly or indirectly,

  
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(i) been charged with or convicted of violating any Anti-Corruption Laws; (ii) received any written notice, request or citation, or been made aware in writing of any allegation,
investigation (formal or informal), inquiry, action, charge or other Legal Proceeding with regard to a potential violation of any Anti-Corruption Law; (iii) established or maintained any unrecorded or improperly recorded fund of corporate
monies or other properties or assets or made any false entries on any books of account or other record for any purpose in violation of any Anti-Corruption Laws; (iv) used any corporate funds for unlawful contributions, gifts, entertainment or
other unlawful expenses relating to government officials or government employees in violation of any Anti-Corruption Laws; (v) made, offered or authorized any unlawful payment, or other thing of value, to foreign or domestic government
officials or government employees in violation of any Anti-Corruption Laws; or (vi) made, offered or authorized any unlawful bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment in violation of any
Anti-Corruption Laws. The Company and each of its Subsidiaries have developed and implemented an anti-corruption compliance program that includes internal controls and policies and procedures designed to reasonably promote compliance with all
applicable Anti-Corruption Laws. 
 (c) Since January 1, 2020, none of the Company, its Subsidiaries, or any of their respective
officers, directors, employees, agents, nor any other Person acting on their behalf, has violated, in any material respect, an applicable Law relating to economic or trade sanctions Laws, export, reexport, transfer, and import control Laws, or
antiboycott Laws administered or enforced by a Governmental Entity, including the U.S. government (such as those administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the Internal Revenue Service of
the U.S. Department of the Treasury, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, or Her Majesty’s Treasury (collectively,
“Trade Control Laws”). Since January 1, 2020, neither the Company, nor any of its Subsidiaries has (i) received from any Governmental Entity any written or, to the Company’s Knowledge, oral notice, inquiry, or
internal or external allegation related to Trade Control Laws; (ii) made any voluntary or involuntary disclosure to a Governmental Entity related to Trade Control Laws; or (iii) conducted any material internal investigation concerning any
actual or potential violation or wrongdoing related to the Trade Control Laws. None of the Company, its Subsidiaries, or, to the Company’s Knowledge, any of their respective officers, directors, employees, agents, nor any other Person acting on
their behalf, is a Person (A) that is organized, located or resident in a country or territory with which dealings are broadly prohibited under comprehensive U.S. sanctions (currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and
Syria); (B) with whom dealings are restricted or prohibited by, or are sanctionable under, any applicable economic or trade sanctions Law; (C) engaged in any unlawful transaction, directly or, knowingly, indirectly, with any Person who is the
target of any economic or trade sanctions Law; or (D) that is owned or controlled, directly or indirectly, by any Person identified in (A), (B), or (C). 

SECTION 3.08. Taxes. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect: 
 (a) each of the Company and its Subsidiaries has duly and timely filed (taking into account valid extensions)
all Tax Returns required to be filed by any of them and each such Tax 

  
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Return is true, correct and complete, and the Company and each of its Subsidiaries has timely and properly paid and remitted, or has adequately reserved and accrued (in accordance with GAAP on
the appropriate financial statements) for the payment and remittance of, all Taxes (whether or not shown as due on any such Tax Return) that are required to be paid or remitted by any of them (including any Taxes required to be withheld or collected
in connection with any amounts paid or owing to any Person); 
 (b) no audits, investigations, proceedings, actions or other examinations
with respect to Tax Returns or Taxes of the Company or any of its Subsidiaries are presently in progress or have been asserted, threatened or proposed in writing; 

(c) the Company is not and has not been within the time period specified in Section 897(c)(1A)(ii) of the Code a “United States real
property holding corporation” within the meaning of Section 897 of the Code and the Treasury Regulations promulgated thereunder; and 

(d) none of the Company or any of its Subsidiaries has engaged in a “listed transaction” as set forth in Treasury Regulation § 1.6011-4(b)(2) (or any similar provision of state, local or non-U.S. Law). 

SECTION 3.09. Employees. Neither the Company nor any of its ERISA Affiliates maintains, sponsors or contributes to or is obligated
to maintain, sponsor or contribute to, or has ever maintained, sponsored, or contributed to, or been obligated to maintain, sponsor or contribute to, (i) any plan that is subject to Section 302 or Title IV of ERISA or Section 412
or 4971 of the Code, (ii) any plan that is a “multiemployer plan” within the meaning of Section 3(37) of ERISA, or (iii) a plan that has two (2) or more contributing sponsors at least two (2) of whom are not under
common control, within the meaning of Section 4063 of ERISA. Neither the Company nor any of its ERISA Affiliates provides or has ever provided, or is obligated to provide or has ever been obligated to provide, retiree or other post-termination
medical or welfare benefits, except as required by Law. 
 SECTION 3.10. Intellectual Property. 

(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Company or one of its
Subsidiaries is the sole and exclusive owner of all of the Company Registered Intellectual Property free and clear of all Liens other than Permitted Liens. Each item of Company Registered Intellectual Property is subsisting and, to the Knowledge of
the Company, not invalid or unenforceable. 
 (b) Except as has not been and would not reasonably be expected to be, individually or in the
aggregate, a Material Adverse Effect, (i) since January 1, 2020, the Company and its Subsidiaries have taken commercially reasonable steps to maintain and protect the confidentiality of any material Trade Secrets included in the Company
Intellectual Property (other than Trade Secrets that the Company, in its business judgment, decided to no longer protect as confidential) and, (ii) to the Knowledge of the Company, there has been no material unauthorized disclosure of any
material Trade Secrets included in the Company Intellectual Property to any third party, except for any Trade Secrets whose disclosure would not reasonably be expected to material to the Company and its Subsidiaries, taken as a whole. 

  
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 (c) Except as has not been and would not reasonably be expected to be, individually or in
the aggregate, a Material Adverse Effect, to the Knowledge of the Company, (i) none of the Company Intellectual Property is subject to any judgment, injunction, settlement or order adversely affecting the use thereof or rights thereto by the
Company and its Subsidiaries; (ii) there is no opposition or cancellation Legal Proceeding pending against the Company and its Subsidiaries concerning the ownership, validity, or enforceability of any Company Registered Intellectual Property;
(iii) since January 1, 2020, neither the Company nor any of its Subsidiaries has made any written allegation against a third party of any infringement or misappropriation, or other violation of any material Company Intellectual Property;
and (iv) since January 1, 2020, neither the Company nor its Subsidiaries has received any written notice alleging that any of the operation of their businesses or any use of the Company Intellectual Property, Software or other technology
infringes, misappropriates, violates or otherwise conflicts with the Intellectual Property of any other Person. 
 (d) Notwithstanding
anything in this Agreement to the contrary, this Section 3.10 sets forth the sole and exclusive representations and warranties of the Company relating to Intellectual Property. 

SECTION 3.11. Legal Proceedings. Except as has not had, and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, there are no Legal Proceedings pending or, to the Knowledge of the Company, threatened against the Company, any of its Subsidiaries, any present or former officer or director of the Company or any of its
Subsidiaries in such individual’s capacity as such. 
 SECTION 3.12. Related Party Transactions. Except for compensation
and other employment arrangements entered into in the ordinary course of business consistent with past practice, there are no Contracts, transactions, arrangements or understandings between the Company or any of its Subsidiaries, on the one hand,
and any Affiliate (including any director or officer but not including any wholly owned Subsidiary) thereof, or any stockholder that, to the Knowledge of the Company, beneficially owns 5% or more of the Class A Common Stock, on the other hand,
that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC in the Company’s Form 10-K or proxy statement pertaining to an
annual meeting of stockholders. 
 SECTION 3.13. No Other Investor Representations or Warranties. Except for the representations
and warranties expressly set forth in ARTICLE IV, the Company hereby acknowledges that neither the Investor nor any of its Subsidiaries, nor any other Person, has made or is making any other express or implied representation or warranty with
respect to the Investor or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any information provided or made available to the Company
or any of its Representatives or any information developed by the Company or any of its Representatives. 

  
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 ARTICLE IV 

Representations and Warranties of the Investor 

The Investor represents and warrants to the Company: 

SECTION 4.01. Organization. Investor is duly organized, validly existing and in good standing pursuant to the Laws of its
jurisdiction of organization. 
 SECTION 4.02. Authority. Investor has the requisite corporate power and authority to
(a) execute and deliver this Agreement and the Related Agreements; (b) perform its covenants and obligations hereunder and thereunder; and (c) consummate the Transactions. The execution and delivery of this Agreement and the Related
Agreements by Investor, the performance by Investor of its covenants and obligations hereunder, and the consummation of the Transactions, have been duly authorized and approved by all necessary action on the part of Investor and no additional
actions on the part of Investor are necessary to authorize the execution and delivery of this Agreement and the Related Agreements by Investor, the performance by Investor of its respective covenants and obligations hereunder, and the consummation
of the Transactions. This Agreement and the Related Agreements have been duly executed and delivered by Investor and, assuming the due authorization, execution and delivery by the Company, constitute legal, valid and binding obligations of Investor,
enforceable against Investor in accordance with their terms, subject to the Enforceability Exceptions. 
 SECTION 4.03. Non-contravention. The execution and delivery of this Agreement and the Related Agreements by Investor, the performance by Investor of its covenants and obligations hereunder and thereunder, and the consummation
of the Transactions do not (a) violate or conflict with any provision of the organizational documents of Investor; (b) violate, conflict with, result in the breach of, constitute a default (or an event that, with notice or lapse of time or
both, would become a default) pursuant to, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration pursuant to any of the terms, conditions or provisions of any Contract or
other instrument or obligation to which Investor is a party; (c) violate or conflict with any Law applicable to Investor or by which any of its properties or assets are bound; or (d) result in the creation of any Lien (other than Permitted
Liens) upon any of the properties or assets of Investor, except in the case of each of clauses (b), (c) and (d) for such violations, conflicts, breaches, defaults, terminations, accelerations or Liens that would not, individually or in the
aggregate, prevent or materially delay the consummation of the Transactions. 
 SECTION 4.04. Government Filings. No consent or
approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Entity is necessary for the execution and delivery of this Agreement and the Related Agreements by the Investor, the performance by the
Investor of its obligations hereunder and thereunder and the consummation by the Investor of the Transactions, other than such other consents, approvals, filings, licenses, permits, authorizations, declarations or registrations that, if not
obtained, made or given, would not, individually or in the aggregate, be material to the Investor’s ability to consummate the Transactions. 

SECTION 4.05. Purchase for Investment. The Investor acknowledges that the Preferred Shares have not been registered under the
Securities Act or under any state or other applicable securities laws. The Investor (a) acknowledges that it is acquiring the Preferred Shares (and the Conversion Shares) pursuant to an exemption from registration under the Securities Act
solely for investment, and with no present intention or view to distribute any of the Preferred Shares (or the Conversion Shares) to any Person in violation of the Securities Act, 

  
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(b) will not sell or otherwise dispose of any of the Preferred Shares or the Conversion Shares, except in compliance with the registration requirements or exemption provisions of the Securities
Act and any other applicable state securities laws, (c) is knowledgeable, sophisticated and experienced in financial and business matters, fully understands the limitations on transfer and the restrictions on sales of such Preferred Shares and
Conversion Shares and is able to bear the economic risk of its investment and afford the complete loss of such investment and (d) is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under
the Securities Act). 
 SECTION 4.06. Independent Investigation. Without limiting the representations and warranties of the
Company in ARTICLE III, the Investor (a) is not relying on the Company for any legal, tax, investment, accounting or regulatory advice, (b) has consulted with its own advisors concerning such matters, and (c) shall be responsible for
making its own independent investigation and appraisal of the Transactions. 
 SECTION 4.07. Private Placement Consideration.
The Investor understands and acknowledges that: (a) its representations and warranties contained herein are being relied upon by the Company as a basis for availing itself of such exemption and other exemptions under the securities Laws of all
applicable states and for other purposes, (b) no U.S. state or federal agency has made any finding or determination as to the fairness of the terms of the sale of the Preferred Shares or any recommendation or endorsement thereof and
(c) the Preferred Shares are “restricted securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under applicable securities Laws such
Preferred Shares (and the Conversion Shares) may be resold without registration under the Securities Act only in accordance with an exemption therefrom. 

SECTION 4.08. No Broker. There is no financial advisor, investment banker, broker, finder, agent or other Person that has been
retained by or is authorized to act on behalf of Investor or any of its Affiliates who is entitled to any financial advisor’s, investment banking, brokerage, finder’s or other fee or commission for which the Company would be responsible in
connection with the Transactions. 
 SECTION 4.09. No Other Company Representations or Warranties. Except for the
representations and warranties expressly set forth in ARTICLE III, the Investor hereby acknowledges that neither the Company nor any of its Subsidiaries, nor any other Person, has made or is making any other express or implied representation
or warranty, at law or in equity, with respect to the Company or any of its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any information
provided or made available to the Investor or any of its Representatives, in each case, in order to induce Investor to purchase the Preferred Shares. Without limiting the generality of the foregoing, neither the Company nor any other Person makes or
has made any express or implied representation or warranty to Investor or any of its respective Representatives with respect to (a) any financial projection, forecast, estimate, or budget relating to the Company, any of its Subsidiaries or
their respective businesses or (b) except for the representations and warranties made by the Company in ARTICLE III, any oral or written information presented to Investor or any of its respective Representatives in the course of their
due diligence investigation of the Company, the negotiation of this Agreement or the course of the Transactions, in each case, in order to induce Investor to purchase the Preferred Shares. 

  
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 ARTICLE V 

Additional Agreements 

SECTION 5.01. Public Announcements. The Company and Investor shall consult with each other before issuing, and give each other the
opportunity to review and comment upon any press release or other public statements with respect to this Agreement or the Transactions and shall not issue any such press release or make any such public statement without the other party’s prior
written consent (which shall not be unreasonably, withheld, conditioned or delayed), except (a) as such party may reasonably conclude may be required by applicable Law, court process or by obligations pursuant to any listing agreement with any
national securities exchange or national securities quotation system (and then only after as much advance notice and consultation as is feasible) or (b) such public statements principally directed to employees, suppliers, customers, partners or
vendors that reconvey previous press releases or public statements. 
 SECTION 5.02. Corporate Action. At any time that any
Preferred Shares are outstanding, the Company shall at all times take all lawful action to reserve and keep available, free from preemptive rights, out of its authorized but unissued Class A Common Stock, the full number of shares of
Class A Common Stock then issuable upon conversion of the Preferred Shares. All shares of Class A Common Stock delivered upon conversion of the Preferred Shares shall be newly issued shares or shares held in treasury by the Company, shall
have been duly authorized and validly issued and shall be fully paid and nonassessable, and shall be free from preemptive rights and free of any Lien (other than generally applicable restrictions on transfer under applicable securities Laws and
restrictions contemplated under the Investor Rights Agreement). 
 SECTION 5.03. NYSE Listing of Shares. The Company shall
promptly apply to cause the Conversion Shares to be approved for listing on NYSE, subject to official notice of issuance. The Company shall not voluntarily delist the Class A Common Stock from NYSE. In the event that the Class A Common
Stock is delisted from NYSE, the Company shall use its reasonable best efforts to take, or cause to be taken, all actions necessary to have such shares of Class A Common Stock to be promptly listed for trading on any of Nasdaq, NYSE or any
other United States national securities exchange. 
 SECTION 5.04. Expenses. Except as otherwise expressly provided herein, all
costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses. 

  
 -21- 

 SECTION 5.05. Certain Tax Matters. 

(a) The Company and the Investor acknowledge and agree that for U.S. federal income Tax purposes: 

(i) the Series A Preferred Stock is not “preferred stock” within the meaning of Section 305 of the Code and the
Treasury Regulations promulgated thereunder; 
 (ii) no dividend shall be treated as accruing with respect to any Series A
Preferred Stock held by the Investor unless and until any amount is distributed in cash with respect to the Series A Preferred Stock; 

(iii) the Series A Preferred Stock shall not be treated as having been issued with a “redemption premium” or with a
difference between “redemption price” and “issue price,” in each case, treated (or to be treated) as a constructive distribution (or series of constructive distributions) under Section 305(c) of the Code, Treasury
Regulations Section 1.305-5 and/or Treasury Regulations Section 1.305-7; and 

(iv) the conversion of the Series A Preferred Stock into Conversion Shares shall be treated as a transaction pursuant to which
no gain or loss is recognized. 
 Except as otherwise required by a binding change in Law after the date hereof or a contrary “determination” as
defined in Section 1313(a) of the Code, the Investor and the Company shall take no position inconsistent with the treatment described in this Section 5.05(a) on any Tax Return, in any Tax Proceeding or otherwise. In
the event that the Company receives notice in writing or otherwise in the context of a pending or threatened Tax Proceeding from any Governmental Entity that any Tax treatment described in this Section 5.05(a) is or will be
challenged by any Governmental Entity or otherwise raised as an issue by any Governmental Entity in connection with any claim, audit, investigation, examination, assessment, suit, action, proceeding, or other dispute (each, a “Tax
Proceeding”), (x) the Company shall promptly provide written notice thereof to the Investor and (y) the Company shall control the defense of any such challenge or claim; provided, however, that the Investor shall be
entitled to participate in (but not control the conduct of), at its own expense, the defense of any such challenge or claim at its written election and the Company shall (and shall cause its counsel to) consult with, and provide information to, the
Investor as it reasonably requests in connection with any such challenge or claim, and the Company shall not settle or compromise such challenge or claim without the Investor’s prior written consent (not to be unreasonably withheld, conditioned
or delayed). 
 (b) The Company shall pay any and all documentary, stamp and similar issue or transfer Tax (“Transfer Tax”)
due on the issue of the Series A Preferred Stock or any Conversion Shares issued upon the conversion of any shares of Series A Preferred Stock. However, in the case of conversion of Series A Preferred Stock, the Company shall not be required to pay
any such Transfer Tax that may be payable in respect of any transfer involved in the issuance or delivery of shares of Series A Preferred Stock or shares of Common Stock to a beneficial owner other than the beneficial owner of the Series A Preferred
Stock immediately prior to such conversion, and shall not be required to make any such issuance or delivery unless and until the Person requesting such issuance or delivery has paid to the Company the amount of any such Transfer Tax or has
established, to the satisfaction of the Company, that such Transfer Tax has been paid or is not payable. 

  
 -22- 

 (c) In the event that any cash dividend is declared in respect of the Series A Preferred
Stock or a binding change in Law or a “determination” (as defined in Section 1313(a) of the Code) requires any amounts in respect of the Series A Preferred Stock to be treated as a dividend for U.S. federal income Tax purposes, the
Company shall reasonably cooperate with the Investor to mitigate or eliminate any applicable withholding Tax and provide the Investor with a reasonable opportunity (x) to provide additional information to mitigate or eliminate any applicable
withholding Tax and/or (y) to apply for an exemption from, or a reduced rate of, any applicable withholding Tax. 
 ARTICLE VI 

Survival; Remedies 

SECTION 6.01. Survival. All of the covenants or other agreements of the parties contained in this Agreement shall survive until
fully performed or fulfilled, unless and to the extent that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance. None of the representations and
warranties made herein shall survive the Closing, except for the Fundamental Representations, which shall survive the Closing and expire and terminate at 11:59 p.m. New York City time on the date that is twelve (12) months after the date
hereof; provided, however, that the foregoing shall not limit any claim of, or recourse for, Fraud with respect to any such representation or warranty. For the avoidance of doubt and notwithstanding anything to the contrary set forth
herein, it is the intention of the parties hereto that the expiration dates and survival periods set forth in this Section 6.01 supersede any applicable statutes of limitations that would otherwise apply to such
representations and warranties. 
 SECTION 6.02. Limitation on Damages. Notwithstanding any other provision of this Agreement,
no party shall have any liability to the other for breach of this Agreement in excess of the Purchase Price, and no party shall be liable for any speculative, consequential, special or punitive damages with respect to a breach of this Agreement.
Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall limit any claim or recourse under or in connection with any Related Agreement. 

SECTION 6.03. Non-Recourse This Agreement may only be enforced against, and any claims or
causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are signatories hereto, and no former, current or future
equityholders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer, employee, general or limited partner, member, manager,
advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim
(whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith, whether by or through attempted piercing
of the corporate, limited partnership or limited liability company veil, by or through a claim by or on behalf of the Company against the Investor or any Affiliate thereof, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute, regulation or applicable Law, or otherwise. Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against,
make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse Party in connection with this Agreement. 

  
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 ARTICLE VII 

Miscellaneous 

SECTION 7.01. Notices. All notices, requests, permissions, waivers or other communications required or permitted to be given under
this Agreement shall be in writing and shall be delivered by hand or sent by postage prepaid, by registered, certified or express mail or overnight courier service and shall be deemed given when so delivered by hand, or electronic mail (which is
confirmed), or if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

  

	 	(a)	 If to the Company: 

RingCentral, Inc. 
 20 Davis Drive

 Belmont, CA 94002 

	 	Attn:	 John Marlow, Chief Administrative Officer, General Counsel and 

Senior Vice President of Corporate Development 

	 	Email:	 johnm@ringcentral.com 

with a copy (which copy alone shall not constitute notice) to: 

Wilson Sonsini Goodrich & Rosati, P.C. 

650 Page Mill Road 
 Palo Alto, CA
94304 
 United States 

	 	Attn:	 Jeffrey D. Saper 

	 	Email:	 jsaper@wsgr.com 

and 
 Wilson Sonsini
Goodrich & Rosati, P.C. 
 One Market Plaza 

Spear Tower, Suite 3300 
 San
Francisco, CA 94105 
 United States 

	 	Attn:	 Mark Baudler & Rich Mullen 

	 	Email:	 mbaudler@wsgr.com & rich.mullen@wsgr.com 

 

	 	(b)	 If to the Investor: 

Searchlight II MLN, L.P. 
 c/o
Searchlight Capital Partners, L.P. 
 745 Fifth Avenue, 27th Floor 

	 	Attn:	 Nadir Nurmohamed 

	 	Email:	 nnurmohamed@searchlightcap.com 

  
 -24- 

 with a copy (which copy alone shall not constitute notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, NY 10019 

	 	Attn:	 Steven A. Cohen 

Victor Goldfeld 

	 	Email:	 SACohen@wlrk.com 

VGoldfeld@wlrk.com 

SECTION 7.02. Amendments, Waivers, etc. This Agreement may be amended or waived if, and only if, such amendment is in writing and
signed by both parties or such waiver is in writing and signed by the party against whom such waiver shall be enforced. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available in
respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, shall not constitute a waiver by such party of its right to exercise any such other right, power or remedy or to demand such
compliance. 
 SECTION 7.03. Counterparts and Facsimile. This Agreement may be executed in two or more identical counterparts
(including by facsimile or electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been
signed by each of the parties hereto and delivered (by facsimile, electronic transmission or otherwise) to the other parties. 

SECTION 7.04. Further Assurances. Each party hereto shall execute and deliver after the date hereof such further certificates,
agreements and other documents and take such other actions as any other party hereto may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and to consummate or implement the Transactions. 

SECTION 7.05. Governing Law; Arbitration; Waiver of Jury Trial. 

(a) This Agreement, and all claims, causes of action (whether in contract, tort or statute) or other matter that may result from, arise out
of, or be in connection with or relating to this Agreement, or the negotiation, administration, performance, or enforcement of this Agreement, including any claim or cause of action resulting from, arising out of, in connection with, or relating to
any representation or warranty made in connection with this Agreement (the “Relevant Matters”), shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, including its statutes of
limitations, regardless of the laws that might otherwise govern under any applicable principles of conflicts of laws that would result in the application of any such other law. For the avoidance of doubt, neither the U.N. Convention on Contracts for
the International Sale of Goods nor any international treaties that would require the application of the laws of any jurisdiction other than the State of Delaware shall be applicable to any Relevant Matter. 

  
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 (b) Any dispute, claim, or cause of action (whether based on contract, tort, or otherwise)
that may result from, arise out of, be in connection with or relating to any Relevant Matters shall be finally settled by binding arbitration in New York, New York and shall be administered by the Judicial Arbitration and Mediation Services, Inc.
pursuant to its Comprehensive Arbitration Rules and Procedures then in effect by three arbitrators, with each of the Company and the Investor being entitled to appoint one arbitrator, and the third arbitrator to be nominated by such first two
arbitrators (or, if such an agreement is not reached, with the third arbitrator (and any other arbitrator that a party fails to appoint) being appointed in accordance with such Rules). The language of the arbitration shall be English and all written
materials in connection with such arbitration, including but not limited to all pleadings and evidence, shall be in the English language. The arbitrators shall apply the laws of the State of Delaware to the merits of any such dispute, claim, or
cause of action (whether in contract, tort, or statute) in accordance with Section 7.05(a). The arbitrators shall have the power to decide all questions of arbitrability. The arbitrators shall have the authority to grant any equitable and legal
remedies that would be available in any judicial proceeding. At the request of either party, the arbitrators will enter an appropriate protective order to maintain the confidentiality of information produced or exchanged in the course of the
arbitration proceedings. The award must be in writing and state the reasons on which it is based. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. Notwithstanding anything to the contrary in
this Section 7.05(b), any party hereto may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other interim or conservatory relief without breach of this Section 7.05(b) and without
any abridgment of the powers of the arbitrators in the event of acts or breaches of this Agreement that such party believes may cause irreparable harm or with respect to which such party believes monetary damages would not provide adequate
compensation. 
 (c) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS, OR THE ACTIONS OF ANY PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF
THIS AGREEMENT, OR ANY OTHER RELEVANT MATTER. 
 (d) The arbitrators may award to the prevailing party, if any, as determined by the
arbitrators, its reasonable costs and fees incurred in connection with any arbitration or related judicial proceeding hereunder. Cost and fees awarded may include, without limitation, administrative fees, arbitrator fees, attorneys’ fees,
expert fees, witness fees, court costs, travel expenses, and out-of-pocket expenses (including, without limitation, such expenses as copying, telephone, facsimile,
postage, and courier fees). 
 SECTION 7.06. Specific Performance. The parties acknowledge and agree that (i) irreparable
damage would occur in the event of any breach or threatened breach by the other party of this Agreement, (ii) monetary damages, even if available, would not be an adequate remedy, (iii) the
non-breaching party shall be entitled, without any proof of actual damages (and in addition to any other remedy that may be available to it), to a decree or order of specific performance or mandamus to enforce
the observance and performance of such covenant, 

  
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obligation or other agreement and an injunction preventing or restraining such breach or threatened breach, and (iv) no party hereto shall be required to provide or post any bond or other
security or collateral in connection with any such decree, order or injunction or in connection with any related action or legal proceeding. Any and all remedies herein expressly conferred upon a party will be deemed cumulative with and not
exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. 

SECTION 7.07. Interpretation. When a reference is made in this Agreement to an Article or Section, such reference shall be to an
Article or Section of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “date hereof” shall refer to the date of this
Agreement. The word “or” shall not be exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and shall not simply mean “if”. Documents or
other information or materials will be deemed to have been “made available” by the Company if such documents, information or materials have been (i) posted to a virtual data room managed by the Company on or prior to the date hereof,
or (ii) filed or furnished to the SEC at least two (2) Business Days prior to the date hereof. All references to “$” mean the lawful currency of the United States of America. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Except as specifically stated herein, any statute defined or referred to herein means such statute
as from time to time amended, modified or supplemented, including by succession of comparable successor statutes. Except as otherwise specified herein, references to a Person are also to its successors and permitted assigns. Each of the parties
hereto has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. 
 SECTION 7.08.
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect to the extent that the economic or legal substance of the Transactions is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as
originally contemplated to the greatest extent possible. 
 SECTION 7.09. No Third-Party Beneficiaries. Notwithstanding anything
contained in this Agreement to the contrary, except as set forth in Section 6.03, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties any rights,

  
 -27- 

 
remedies, obligations or liabilities under or by reason of this Agreement, and no Person that is not a party to this Agreement (including any partner, member, stockholder, director, officer,
employee or other beneficial owner of any party, in its own capacity as such or in bringing a derivative action on behalf of a party) shall have any standing as third-party beneficiary with respect to this Agreement or the Transactions. 

SECTION 7.10. Assignment. Except as otherwise provided in this Agreement, the provisions of this Agreement shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties; provided, however, that neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned,
in whole or in part, by operation of Law or otherwise, by either of the parties without the prior written consent of the other party, except that the Investor may transfer or assign its rights and obligations under this Agreement, in whole or in
part, to one or more of its Affiliates at any time. 
 SECTION 7.11. Acknowledgment of Securities Laws. The Investor hereby
acknowledges that it is aware, and that it will advise its Affiliates and Representatives who are provided material non-public information concerning the Company or its securities, that the United States
securities Laws prohibit any Person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communication of such information to any other
Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities. 

SECTION 7.12. Disclosure Schedule References. The parties hereto agree that the disclosure set forth in any particular section or
subsection of the Disclosure Schedules shall be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties of the Company that are set forth in the corresponding section or subsection
of this Agreement; and (b) any other representations and warranties of the Company that are set forth in this Agreement, but in the case of this clause (b) only if the relevance of that disclosure as an exception to (or a disclosure for
purposes of) such other representations and warranties is reasonably apparent on the face of such disclosure. 
 SECTION 7.13.
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement shall impair any such right, power, or remedy of such party, nor shall it be construed to be a waiver of or
acquiescence to any breach or default, or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default. All remedies, either under this Agreement or by
Law or otherwise afforded to any holder, shall be cumulative and not alternative. 
 SECTION 7.14. Entire Agreement. This
Agreement (including the Exhibits hereto), together with the Related Agreements, constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, between the parties,
with respect to the subject matter hereof and thereof. 
 [Remainder of page intentionally left blank] 

  
 -28- 

 IN WITNESS WHEREOF, the parties hereto have executed this Investment Agreement as of the day
and year first above written. 
  

			
	SEARCHLIGHT II MLN, L.P.
		
	By	 	/s/
	Name:	 	Andrew Frey
	Title:	 	Authorized Person

  
 -29- 

 IN WITNESS WHEREOF, the parties hereto have executed this Investment Agreement as of the day
and year first above written. 
  

			
	RINGCENTRAL, INC.
		
	By	 	/s/
	Name:	 	John Marlow
	Title:	 	Chief Administrative Officer

  
 -30-EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 8, 2021 and
effective as of November 9, 2021 (the “Effective Date”), between RingCentral, Inc., a Delaware corporation (the “Company”), and Searchlight II MLN, L.P. (the “Investor”).

 WHEREAS, the Investor and the Company have entered into that certain Investment Agreement, (the “Investment
Agreement”), pursuant to which the Investor is purchasing an aggregate of 200,000 shares (the “Preferred Shares”) of Series A Convertible Preferred Stock, par value $0.0001 per share, of the Company (the
“Series A Preferred Stock”); and 
 WHEREAS, the parties desire to enter into this Agreement to
provide for certain rights and obligations of the parties following the consummation of the transactions contemplated by the Investment Agreement and the other Transaction Documents. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1.
Registration Rights. 
 (a) Shelf Registration. 

(i) Filing. The Company shall file at least 180 days prior to the expiration of the
Lock-Up Period (or if a later time for filing is requested by the Investor, at such later time) a Registration Statement for a Shelf Registration on Form S-3 (the
“Form S-3 Shelf”) (it being agreed that the Form S-3 Shelf shall be an Automatic Shelf Registration Statement if the Company is a Well-Known
Seasoned Issuer) or, if the Company is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1 Shelf” and, together with the Form S-3 Shelf (and any Subsequent Shelf Registration), the “Shelf”) covering the resale of the
Registrable Securities on a delayed or continuous basis. If such Shelf is not immediately effective, the Company shall use reasonable best efforts to cause the Shelf to promptly be declared or otherwise become effective under the Securities Act (and
in any event such Shelf shall be effective before the expiration of the Lock-Up Period). 

(ii) Subsequent Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any
time while Registrable Securities are still outstanding, the Company shall use reasonable efforts to as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt
withdrawal of any order suspending the effectiveness of such Shelf), and shall use reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending
the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”) registering the resale from time to time by the Investor thereof of all securities that
are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the 

 
Company shall use reasonable efforts to cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it
being agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration Statement if the Company is a Well-Known Seasoned Issuer). Any such Subsequent Shelf Registration shall be on Form
S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on Form S-1. 

(iii) The Shelf shall provide for the resale of Registrable Securities from time to time, and pursuant to any method or
combination of methods legally available to, and requested by, the Investor. The Company shall use reasonable efforts to keep the Shelf continuously effective and usable until there are no longer any Registrable Securities and maintain the Shelf in
accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep such Shelf effective and in compliance with the provisions of the Securities
Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf, the Company shall use its reasonable best efforts to convert the Form S-1 Shelf (including any Subsequent Shelf Registration that is a Form S-1 Shelf) to a Form S-3 Shelf as soon as practicable after the
Company is eligible to use Form S-3. At any time and from time to time after the Shelf has been declared effective by the SEC, the Investor may request to sell all or any portion of its Registrable Securities
in an offering or sale that is registered pursuant to the Shelf (each, a “Shelf Takedown”). 
 (iv)
Requests for Underwritten Shelf Takedowns. All requests for Shelf Takedowns that the Investor elects to take the form of an underwritten offering (each, an “Underwritten Shelf Takedown”) shall be made by giving written
notice to the Company (the “Underwritten Shelf Takedown Notice”). Notwithstanding anything to the contrary in this Agreement, the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall
include either (x) securities with a total offering price (before deduction of underwriting discounts) reasonably expected to exceed $50,000,000 or (y) all remaining Registrable Securities. Each Underwritten Shelf Takedown Notice shall
specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. The Investor shall have
the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s prior approval which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the delivery of any Underwritten
Shelf Takedown Notice, all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown shall be at the discretion of the Investor. Notwithstanding
the foregoing, the Investor shall be entitled to effectuate no more than two (2) Underwritten Shelf Takedowns pursuant to this Agreement. 

  
 -2- 

 (v) Requests for Non-Underwritten
Shelf Takedowns. If the Investor desires to effect a Shelf Takedown that does not constitute an Underwritten Shelf Takedown (a “Non-Underwritten Shelf Takedown”), the Investor shall
so indicate in a written request delivered to the Company no later than five (5) Business Days prior to the expected date of such Non-Underwritten Shelf Takedown (or such shorter period as the Company may
agree), which request shall include (i) the aggregate number and class or classes of Registrable Securities expected to be offered and sold in such Non-Underwritten Shelf Takedown, (ii) the expected
plan of distribution of such Non-Underwritten Shelf Takedown and (iii) the action or actions required (including the timing thereof) in connection with such
Non-Underwritten Shelf Takedown, and, if necessary, the Company shall use its reasonable best efforts to file and effect an amendment or supplement to its Shelf for such purpose as soon as is reasonably
practicable. 
 (b) Company Undertakings. Whenever Registrable Securities are registered or sold pursuant to this Agreement, the
Company shall use its reasonable efforts to effect the registration and the sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto the Company shall as
expeditiously as possible: 
 (i) at least ten (10) days but no more than fifteen (15) days before filing a
Registration Statement or Prospectus or any amendments or supplements thereto, at the Company’s expense, furnish to the Investor copies of all such documents, other than exhibits or documents that are incorporated by reference, proposed to be
filed and such other documents reasonably requested by the Investor and provide a reasonable opportunity for review and comment on such documents by the Investor (with respect to information regarding the Investor or the intended plan of
distribution); 
 (ii) use its commercially reasonable efforts to remain a Well-Known Seasoned Issuer (and not become an
ineligible issuer (as defined in Rule 405 under the Securities Act)); 
 (iii) notify the Investor in writing of the
effectiveness of each Registration Statement and prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective until the date on which all Registrable Securities have been sold under such Registration Statement or have otherwise ceased to be Registrable Securities, and comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement; 

(iv) furnish to the Investor, and the managing underwriters, without charge, such number of copies of the applicable
Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424,
Rule 430A or Rule 430B promulgated under the Securities Act and any Free Writing Prospectus)), all exhibits and other documents filed therewith and such other documents as such seller or such managing underwriters may reasonably request including in
order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any other Governmental Entity relating to
such offer; 

  
 -3- 

 (v) use all reasonable efforts (x) to register or qualify such
Registrable Securities under such other securities or blue sky laws of such jurisdictions as the Investor reasonably requests, (y) to keep such registration or qualification in effect for so long as such Registration Statement remains in
effect, and (z) to do any and all other acts and things which may be reasonably necessary or advisable to enable the Investor to consummate the disposition in such jurisdictions of the Registrable Securities owned by it (provided
that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (B) subject itself to taxation in any such jurisdiction or
(C) consent to general service of process in any such jurisdiction); 
 (vi) notify the Investor and its counsel and the
managing underwriters on a timely basis: (x) at any time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act, (A) upon discovery that, or upon the happening of any event
as a result of which, such Registration Statement, or the Prospectus or Free Writing Prospectus relating to such Registration Statement, or any document incorporated or deemed to be incorporated therein by reference contains an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements in the Registration Statement or the Prospectus or Free Writing Prospectus relating thereto not misleading or otherwise requires the
making of any changes in such Registration Statement, Prospectus, Free Writing Prospectus or document, and, at the request of the Investor, the Company shall promptly prepare a supplement or amendment to such Prospectus or Free Writing Prospectus,
furnish a reasonable number of copies of such supplement or amendment to the Investor, its counsel and the managing underwriters and file such supplement or amendment with the SEC so that, as thereafter delivered to the purchasers of such
Registrable Securities, such Prospectus or Free Writing Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, (B) as soon as the Company becomes aware of any comments or inquiries by the SEC or any requests by the SEC or any Federal or state Governmental Entity for amendments or supplements to a Registration Statement
or related Prospectus or Free Writing Prospectus covering Registrable Securities or for additional information relating thereto, (C) as soon as the Company becomes aware of the issuance or threatened issuance by the SEC of any stop order
suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities (and use its reasonable efforts to obtain the lifting of any such stop order as soon as reasonably practicable) or
(D) promptly upon the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of
any proceeding for such purpose; (y) when each Registration Statement or any amendment thereto has been filed with the SEC and when each Registration Statement or the related Prospectus or Free Writing Prospectus or any Prospectus supplement or
any post-effective amendment thereto has become effective; and (z) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement contemplated by
Section 1(b)(ix) below relating to any applicable offering cease to be true and correct; 

  
 -4- 

 (vii) use its reasonable best efforts to cause all such Registrable
Securities to be listed on the Principal Stock Exchange; 
 (viii) provide and cause to be maintained a transfer agent and
registrar for all such Registrable Securities from and after the effective date of the applicable Registration Statement and deliver to such transfer agent and registrar such customary forms, legal opinions from its outside or in-house legal counsel, agreements and other documentation as such transfer agent and/or registrar so request; 

(ix) enter into and perform under such customary agreements (including underwriting agreements in customary form, including
customary representations and warranties and provisions with respect to indemnification and contribution) as the Investor or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (and, without limiting the foregoing, the Company shall as expeditiously as possible enter into an agreement with respect to indemnification and contribution in connection with an offering of the type contemplated by
Section 1(h)); 
 (x) upon reasonable notice and during normal business hours, make available for
inspection and copying by the Investor and its counsel, any underwriter participating in any disposition pursuant to any Registration Statement or Shelf Takedown, and any other attorney, accountant or other agent retained by the Investor or
underwriter, all financial and other records and pertinent corporate documents of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information and participate in any due diligence
sessions reasonably requested by the Investor, underwriter, attorney, accountant or agent in connection with such Registration Statement or Shelf Takedown, as applicable; provided that recipients of such financial and other records and
pertinent corporate documents agree in writing to keep the confidentiality thereof pursuant to a written agreement reasonably acceptable to the Company and the applicable underwriter (which shall contain customary exceptions thereto); 

(xi) permit the Investor and its counsel, any underwriter participating in any disposition pursuant to a Registration
Statement, and any other attorney, accountant or other agent retained by the Investor or underwriter, to participate (including, but not limited to, reviewing, commenting on and attending all meetings) in the preparation of such Registration
Statement and any Prospectus supplements relating to a Shelf Takedown; 

  
 -5- 

 (xii) in the event of the issuance or threatened issuance of any stop order
suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any security included in such Registration Statement for sale in any
jurisdiction, the Company shall use all reasonable efforts promptly to (x) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (y) obtain the withdrawal of any order
suspending or preventing the use of any related Prospectus or Free Writing Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date;

 (xiii) obtain and furnish to the Investor a signed counterpart of (w) a customary cold comfort and bring down letter
from the Company’s independent public accountants, (x) a customary legal opinion of counsel to the Company addressed to the relevant underwriters and/or the Investor, in each case in customary form and covering such matters of the type
customarily covered by such letters as the managing underwriters and/or the Investor reasonably request, (y) a negative assurances letter of counsel to the Company in customary form and covering such matters of the type customarily covered by
such letters as the managing underwriters and/or the Investor, and (z) customary certificates executed by authorized officers of the Company as may be requested by the Investor or any underwriter of such Registrable Securities included in such
Shelf Takedown; 
 (xiv) with respect to each Free Writing Prospectus or other materials to be included in the Disclosure
Package, ensure that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Free Writing Prospectus or other materials without the prior written consent of the
Investor, which Free Writing Prospectuses or other materials shall be subject to the review of its counsel; 
 (xv) provide
or maintain a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including Registrable Securities; 

(xvi) promptly notify in writing the Investor, the sales or placement agent, if any, therefor and the managing underwriters of
the securities being sold, (x) when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration
Statement or any post-effective amendment, when the same has become effective and (y) of any written comments by the SEC and by the blue sky or securities commissioner or regulator of any state with respect thereto; 

(xvii) prepare and file with the SEC such amendments and supplements to each Registration Statement as (A) reasonably
requested by the Investor (to the extent such request related to information relating to it) or (B) may be necessary to comply with the provisions of the Securities Act, including post-effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement continuously effective for the applicable time period required hereunder, and if applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act;
(w) cause the related Prospectus to be supplemented by any required 

  
 -6- 

 
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (x) comply with the provisions
of the Securities Act and the Exchange Act and any applicable securities exchange or other recognized trading market with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the
intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; (y) provide additional information related to each Registration Statement as requested by,
and obtain any required approval necessary from, the SEC or any Federal or state Governmental Entity; and (z) respond promptly to any comments received from the SEC and request acceleration of effectiveness promptly after it learns that the SEC
will not review the Registration Statement or after it has satisfied comments received from the SEC; 
 (xviii) cooperate
with the Investor and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including using all reasonable efforts to obtain
FINRA’s pre-clearance and pre-approval of the Registration Statement and applicable Prospectus upon filing with the SEC; 

(xix) within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any
Registration Statement or Prospectus used under this Agreement (and any offering covered thereby); 
 (xx) if requested by
the Investor or the managing underwriters, promptly include in a Prospectus supplement or amendment such information as the Investor or managing underwriters may reasonably request, including in order to permit the intended method of distribution of
such securities, and make all required filings of such Prospectus supplement or such amendment as soon as reasonably practicable after the Company has received such request; 

(xxi) in the case of certificated Registrable Securities, cooperate with the Investor and the managing underwriters to
facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from the Investor that the Registrable Securities represented by the
certificates so delivered by the Investor will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the Investor or managing underwriters may
reasonably request at least two (2) Business Days prior to any sale of Registrable Securities; and 
 (xxii) use its
reasonable efforts to take all other actions necessary or customarily taken by issuers to effect the registration of, and its reasonable efforts to take all other actions necessary to effect the sale of, the Registrable Securities contemplated
hereby. 

  
 -7- 

 (c) Registration Expenses. All Registration Expenses shall be borne by the Company.
All Selling Expenses relating to Registrable Securities registered shall be borne by the Investor. 
 (d) Indemnification and
Contribution. 
 (i) Indemnification by the Company. The Company agrees to indemnify and hold harmless the
Investor and its Affiliates, directors, officers, employees, members, managers and agents and each Person who controls the Investor within the meaning of either the Securities Act or the Exchange Act, to the fullest extent permitted by applicable
Law, from and against any losses, claims, expenses, damages and liabilities of whatever kind (including legal or other expenses reasonably incurred in connection with investigating, preparing or defending same and the cost of enforcing any right to
indemnification hereunder) (collectively, “Losses”) to which they or any of them may become subject insofar as such Losses (or actions in respect thereof) arise out of or are based upon (x) any untrue statement or
alleged untrue statement of a material fact contained in a Registration Statement as originally filed or in any amendment thereof, or the Disclosure Package, or any preliminary, final or summary Prospectus or Free Writing Prospectus included in any
such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading or (y) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other federal Law, any state or foreign securities Law, or any rule or regulation promulgated under of the foregoing
Laws, relating to the offer or sale of the Registrable Securities, and in any such case, the Company agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with
investigating, preparing or defending any such Loss, claim, damage, liability, action or investigation (whether or not the indemnified party is a party to any proceeding); provided, however, that the Company will not be liable in any
case to the extent that any such Loss arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information relating to the
Investor furnished to the Company by or on behalf of the Investor specifically for inclusion therein, including any notice and questionnaire. This indemnity agreement will be in addition to any liability which the Company may otherwise have. 

(ii) Indemnification by the Investor. The Investor agrees to indemnify and hold harmless the Company and each of its
Affiliates, directors, employees, members, managers and agents and each Person who controls the Company within the meaning of either the Securities Act or the Exchange Act, to the fullest extent permitted by applicable Law, from and against any and
all Losses to which they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement as originally filed or in any
amendment thereof, or in the Disclosure Package or any Investor Free Writing Prospectus, preliminary, final or summary Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein 

  
 -8- 

 
a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent, but only to the extent, that any such untrue statement or alleged untrue
statement or omission or alleged omission is contained in any written information relating to the Investor furnished to the Company by or on behalf the Investor specifically for inclusion therein; provided, however, that the total
amount to be indemnified by the Investor pursuant to this Section 1(d)(ii) shall be limited to the net proceeds (after deducting underwriters’ discounts and commissions) received by the Investor in the offering to
which such Registration Statement or Prospectus relates; provided, further, that the Investor shall not be liable in any case to the extent that prior to the filing of any such Registration Statement or Disclosure Package, or any
amendment thereof or supplement thereto, it has furnished in writing to the Company, information expressly for use in, and within a reasonable period of time prior to the effectiveness of such Registration Statement or Disclosure Package, or any
amendment thereof or supplement thereto which corrected or made not misleading information previously provided to the Company. This indemnity agreement will be in addition to any liability which the Investor may otherwise have. 

(iii) Notification. If any Person shall be entitled to indemnification under this Section 1(d)
(each, an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of
any proceeding as to which indemnity is sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly as reasonably practicable after the receipt of written notice from such
Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying
Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this
Section 1(d)(iii)) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided,
however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party
shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified Party to give notice as provided
herein shall relieve an Indemnifying Party of its obligations under this Section 1(d) only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to
defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity
agreements contained in this Section 1(d) shall not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the

  
 -9- 

 
Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this Section 1(d) shall be in addition to any other
indemnification rights or agreements that an Indemnified Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect
to such claim. 
 (iv) Contribution. If the indemnification provided for in this
Section 1(d) is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the
limitations contained in this Section 1(d), the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Losses or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such
Losses or action, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or
such Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company and the Investor agree that it would not be just and equitable
if contribution pursuant to this Section 1(d)(iv) was determined solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding sentence of this Section 1(d)(iv). Notwithstanding the foregoing, the amount the Investor will be obligated to contribute pursuant to this Section 1(d)(iv) will be limited to
an amount equal to the net proceeds received by the Investor in respect of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(e) Rule 144. With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act, the
Company covenants that it will (x) make and keep available such information as is necessary to make Rule 144 available with respect to resales of the Registrable Securities under the Securities Act, at all times, (y) file with the
Commission in a timely manner all reports and other documents required of the Company under the Exchange Act and (z) take such further action as the Investor may reasonably request, all to the extent required from time to time to enable it to
sell Registrable Securities without registration under the Securities Act pursuant to the exemption provided by Rule 144 promulgated under the Securities Act, as such rule may be amended from time to time. Upon the reasonable request of the
Investor, the Company will deliver to it a written statement as to 

  
 -10- 

 
whether it has complied with such requirements, and, if not, the specific reasons for non-compliance. The Company shall, in connection with any request by
the Investor in connection with a sale, transfer or other disposition by the Investor of any Registrable Securities (whether pursuant to Rule 144 or in a registered offering) either currently or with unspecified timing, to promptly (and in no event
longer than five (5) Business Days after such request) (i) cause the removal of any restrictive legend or similar restriction on the Registrable Securities, and, in the case of book-entry shares, make or cause to be made appropriate
notifications on the books of the Company’s transfer agent for such number of shares and registered in such names as the Investor may reasonably request and (ii) provide a customary opinion of counsel and instruction letter required by the
Company’s transfer agent. 
 (f) Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a
Registration Statement or Prospectus contains a Misstatement, the Investor shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being
understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed. If
the filing, initial effectiveness or continued use of a Registration Statement at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are
unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Investor, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest period of time, but in no event more than 75 days, determined in good faith by the Board to be necessary for such purpose; provided that such right to delay or suspend shall be exercised by the Company not more than two
times, which may be consecutive, in any 12-month period, but shall not be for more than 120 days in the aggregate in any 12-month period. In the event the Company
exercises its rights under the preceding sentence, the Investor agrees to suspend, immediately upon their receipt of the notice referred to above, its use of the Prospectus relating to any sale or offer to sell Registrable Securities. The Company
shall immediately notify the holders of Registrable Securities of the expiration of any period during which it exercised its rights under this Section 1(f). 

(g) Restrictions on Transfer. In connection with any underwritten offering of equity securities of the Company (other than an offering
pursuant to this Agreement), the Investor agrees that it shall not, and it shall cause its Affiliates not to, transfer any equity securities of the Company, or any rights or interests therein, without the prior written consent of the Company, during
the seven days prior to and the 90-day period beginning on the date of pricing of such offering, except in the event the underwriter managing the offering otherwise agrees by written consent. The Investor
agrees to execute a customary lock-up agreement in favor of the underwriters of such offering to such effect. The Investor’s obligations under the foregoing provisions of this
Section 1(g) shall only apply for so long as the Investor (together with its Affiliates) holds at least 5% of the issued and outstanding shares of Common Stock (calculated on an as converted basis). The Investor shall not
be required to enter into any restriction on transfer under this Section 1(g) unless the Company’s shareholders holding more than 5% of the Common Stock and its officers and directors agree to restrictions on transfer
in connection with such offering that are at least as restrictive as those to be entered into by the Investor. In the event that the underwriter of such offering releases any other party from such restrictions on transfer prior to the expiration of
such restrictions, any restrictions on transfer entered into by the Investor pursuant to this Section 1(g) shall automatically terminate. 

  
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 (h) Broker-Assisted Offerings. Upon Investor’s request, any registered offering
involving a broker or other banking or financial institution or intermediary shall be treated as an underwritten offering hereunder whether or not such broker or other financial institution or intermediary is acting as an underwriter in connection
with such offering, in which case Investor shall have all the rights associated with underwritten offerings hereunder (and such broker or other banking or financial institution or intermediary shall be treated as an underwriter hereunder in
connection with such offering (each, a “Broker-Assisted Offering”), whether or not it is acting as an underwriter) in connection with such Broker-Assisted Offering ; provided, that, notwithstanding anything to the
contrary in this Agreement, the Investor shall be permitted to conduct up to one (1) Broker-Assisted Offering during each fiscal quarter; provided, further, that the Company shall not be required to provide the assistance in connection with a
Broker-Assisted Offering contemplated by this Section 1(h) that is a Block Trade (as defined in the Investor Rights Agreement) unless it is executed outside of the Company’s then generally applicable blackout period with respect to sales
of Company securities by the Company and its directors and officers. Upon request by the Investor, the Company shall use commercially reasonable efforts to prepare in advance of any Broker-Assisted Offering permitted hereunder and cooperate with
Investor and its broker or other banking or financial institution or intermediary so that offers and sales can commence promptly after notice of the intent to undertake such Broker-Assisted Offering is received from Investor. For the avoidance of
doubt, Section 1(g) shall not apply to any Broker-Assisted Offering requested by Investor. 
 (i) Termination. The right of
Investor to request registration or inclusion of Registrable Securities in any registration pursuant to this Section 1 shall terminate upon a Change of Control. 

Section 2. Definitions. 

“Activist” means, as of any date of determination, any Person identified on the most recently available
“SharkWatch 50” list (or, if “SharkWatch 50” is no longer available, then the prevailing comparable list as reasonably determined by the Company), or any Person who, to the knowledge of the Investor, after reasonable inquiry, is
an Affiliate of such Person. 
 “Adverse Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement
or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information
public. 

  
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 “Affiliate” means, with respect to any Person, any other Person
directly or indirectly controlling, directly or indirectly controlled by, or under direct or indirect common control with, such Person or a member of such Person’s immediate family; provided that, with respect to the Investor and its
Affiliates, “Affiliate” shall not include Searchlight Capital Partners, L.P. or any portfolio company (other than Mitel Networks (International) Limited and its Subsidiaries (collectively, the “Mitel
Entities”)) or investment fund, vehicle or similar entity affiliated with Searchlight Capital Partners, L.P., other than for purposes of Section 1(d) (Indemnification and Contribution),
Section 1(g) (Restrictions on Transfer), Section 8 (Specific Performance; Remedies), Section 12 (Assignment), or the definition of “Registrable Securities”;
provided, further, that the Investor and its Affiliates shall be deemed not to be an Affiliate of the Company or any of its Subsidiaries and the Company and its Subsidiaries shall not be deemed to be Affiliates of the Investor or any
of its Affiliates. For purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble hereto. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act. 
 “beneficially own” or “beneficial
ownership” have the meanings specified in Rule 13d-3 promulgated under the Exchange Act, including the provision that any member of a “group” will be deemed to have beneficial
ownership of all securities beneficially owned by other members of the group, and a Person’s beneficial ownership of securities will be calculated in accordance with the provisions of such Rule; provided, however, that a Person
will be deemed to be the beneficial owner of any security which may be acquired by such Person whether within sixty (60) days or thereafter, upon the conversion, exchange or exercise of any rights, options, warrants or similar securities to
subscribe for, purchase or otherwise acquire (x) capital stock of any Person or (y) securities directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock of such Person. 

“Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banking institutions in New
York, New York or San Francisco, California are authorized or required by law, regulation or executive order to be closed. 

“Certificate of Designations” means the Certificate of Designations for the Series A Preferred Stock. 

“Change of Control” means any transaction or series of related transactions involving (i) any direct or indirect
purchase or other acquisition by any un-Affiliated Person or the equityholders of such Person, whether from the Company or any other Person(s), of securities representing more than 50% of the total outstanding
voting power of the Company 

  
 -13- 

 
after giving effect to the consummation of such purchase or other acquisition, including pursuant to a tender offer or exchange offer by any Person that, if consummated in accordance with its
terms, would result in such Person beneficially owning more than 50% of the total outstanding voting power of the Company after giving effect to the consummation of such tender or exchange offer; (ii) any direct or indirect purchase or other
acquisition by, or license or grant of other quasi-ownership or similar interest to, any Person or the equityholders of such Person of, in, or to more than 50% of (a) the consolidated assets or (b) consolidated revenues, in each case, of
the Company and its Subsidiaries taken as a whole (measured by the fair market value thereof as of the date of such purchase or acquisition); or (iii) any merger, consolidation, business combination, recapitalization, reorganization, or other
transaction involving the Company or any of its Subsidiaries pursuant to which any Person would hold securities representing more than 50% of the total outstanding voting power of the Company or of the surviving or resulting entity of such
transaction after giving effect to the consummation of such transaction. 
 “Class A Common
Stock” means the Company’s Class A Common Stock, par value $0.0001 per share. 

“Class B Common Stock” means the Class B common stock, par value $0.0001 per
share, of the Company. 
 “Common Stock” means, collectively, the Class A Common Stock and the Class B
Common Stock. 
 “Company” has the meaning set forth in the preamble hereto. 

“Disclosure Package” means, with respect to any offering of securities, (i) the preliminary Prospectus,
(ii) the price to the public and the number of securities included in the offering, (iii) each Free Writing Prospectus and (iv) all other information that is deemed, under Rule 159 promulgated under the Securities Act, to have been
conveyed to purchasers of securities at the time of sale of such securities (including a contract of sale). 
 “Distressed
Investor” means (a) any Person known by Investor, after reasonable inquiry, to be a loan to own fund, vulture fund, distressed debt fund or any other entity (including a business group within a bank or financial institution) which
is established for the principal purpose of investing in, or which principally invests in, distressed debt and (b) any Person whose controlling Affiliate is known by Investor, after reasonable inquiry, to be a “Distressed Investor”
under clause (a) of this sentence. 
 “Effective Date” has the meaning set forth in the preamble hereto. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Form S-1 Shelf” has the meaning set forth in
Section 1(a)(i). 
 “Form S-3 Shelf” has the
meaning set forth in Section 1(a)(i). 

  
 -14- 

 “Free Writing Prospectus” means any “free writing
prospectus” as defined in Rule 405 promulgated under the Securities Act. 
 “Indemnified Party” has the meaning
set forth in Section 1(d)(iii). 
 “Indemnifying Party” has the meaning set forth in
Section 1(d)(iii). 
 “Investment Agreement” has the meaning set forth in the recitals
hereto. 
 “Investor” has the meaning set forth in the preamble hereto. 

“Investor Rights Agreement” means that certain Investor Rights Agreement, dated as of the date hereof, by and between
the Company and the Investor. 
 “Investor Free Writing Prospectus” means each Free Writing Prospectus prepared by
or on behalf of the Investor or used or referred to by the Investor in connection with the offering of Registrable Securities. 

“Joinder” has the meaning set forth in Section 12. 

“Law” means any federal, national, state, county, municipal, provincial, local, foreign or multinational, treaty,
statute, constitution, common law, ordinance, code, decree, order, judgment, rule, regulation, ruling, published policy or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any
Governmental Entity and any award, order or decision of an arbitrator or arbitration panel with jurisdiction over the parties and subject matter of the dispute. 

“Lock-Up Period” means the period commencing on the Effective Date and
continuing until the date that is eighteen (18) months following the Effective Date. 
 “Losses” has the
meaning set forth in Section 1(d)(i). 
 “Misstatement” means an untrue statement of a
material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances under which they
were made, not misleading. 
 “Mitel Entities” has the meaning set forth in the definition of “Affiliate”.

 “Non-Underwritten Shelf Takedown” has the meaning set forth in
Section 1(a)(v). 
 “NYSE” means the New York Stock Exchange. 

“Permitted Transferee” has the meaning set forth in the Investor Rights Agreement. 

  
 -15- 

 “Person” means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated organization or Governmental Entity or other entity. 

“Principal Stock Exchange” means the NYSE or, if the NYSE is not the principal market for the Class A Common
Stock, then the principal securities exchange or securities market on which the Class A Common Stock are then traded. 

“Prospectus” means the prospectus used in connection with a Registration Statement. 

“Registrable Securities” means, at any time, (i) any shares of Class A Common Stock issuable or issued upon
conversion of the Preferred Shares held or beneficially owned by the Investor, its Affiliates or its transferees in accordance with the Investor Rights Agreement and (ii) any securities issued as (or issuable upon the conversion or exercise of
any warrant, right or other security that is issued as) a dividend, stock split, recapitalization or other distribution with respect to, or in exchange for, or in replacement of, the Registrable Securities described in clause (i) above;
provided, however, that as to any Registrable Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur of: (i) the date on which such securities are disposed of pursuant to an
effective registration statement under the Securities Act; and (ii) the date on which such securities cease to be outstanding; provided, further, that Registrable Securities shall not include securities that may be resold without restriction
under Rule 144. 
 “Registration Expenses” means all expenses (other than underwriting discounts and commissions)
arising from or incident to the registration of Registrable Securities in compliance with this Agreement, including: 
 (i)
stock exchange, SEC, FINRA and other registration and filing fees, 
 (ii) all fees and expenses incurred in connection with
complying with any securities or blue sky laws (including fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), 

(iii) all printing, messenger and delivery expenses, 

(iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other
accounting and legal fees, charges and expenses incurred by the Company (including any expenses arising from any special audits or “comfort letters” required in connection with or incident to any sale of Registrable Securities
pursuant to a registration), 
 (v) the fees and expenses incurred in connection with the listing of the Registrable
Securities on the Principal Stock Exchange, 
 (vi) the fees and expenses incurred in connection with any “road
show” for underwritten offerings, including travel expenses, and 

  
 -16- 

 (vii) reasonable and documented out-of-pocket fees, charges and disbursements of one counsel to the Investor, including, for the avoidance of doubt, any expenses of counsel of the Investor in connection with the filing or amendment of any
Registration Statement, Prospectus or Free Writing Prospectus hereunder (provided that in no event shall such fees, charges and disbursements of counsel exceed $50,000); 

provided that in no instance shall Registration Expenses include Selling Expenses. 

“Registration Statement” means any registration statement filed hereunder. 

“Relevant Matters” has the meaning set forth in Section 7(a). 

“Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Selling Expenses” means the underwriting fees, discounts, selling commissions and stock transfer taxes applicable to
all Registrable Securities registered by the Investor and legal expenses not included within the definition of Registration Expenses. 

“Series A Preferred Stock” has the meaning set forth in the recitals hereto. 

“Shelf” has the meaning set forth in Section 1(a)(i). 

“Shelf Registration” means a registration of securities pursuant to a registration statement filed with the SEC in
accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect). 
 “Shelf
Takedown” has the meaning set forth in Section 1(a)(i). 
 “Subsequent Shelf
Registration” has the meaning set forth in Section 1(a)(ii). 
 “Subsidiary”
has the meaning set forth in the Investment Agreement. 
 “Transaction Documents” means this Agreement, the Investor
Rights Agreement, the Investment Agreement and the Certificate of Designations. 
 “Transfer” means any sale,
transfer, assignment, pledge, or other disposition of (whether with or without consideration and whether voluntary or involuntary or by operation of law). 

“Underwritten Shelf Takedown” has the meaning set forth in Section 1(a)(iii). 

“Underwritten Shelf Takedown Notice” has the meaning set forth in Section 1(a)(iii). 

  
 -17- 

 “Well-Known Seasoned Issuer” means a “well-known seasoned
issuer” as defined in Rule 405 promulgated under the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is a “well-known seasoned
issuer” under paragraph (1)(i)(B) of such definition and is also eligible to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act. 
 Section 3. Notices. All notices,
requests, permissions, waivers or other communications required or permitted to be given under this Agreement shall be in writing and shall be delivered by hand or sent by electronic mail, or sent, postage prepaid, by registered, certified or
express mail or overnight courier service and shall be deemed given when so delivered by hand, by electronic mail (which is confirmed), or if mailed, three days after mailing (one (1) Business Day in the case of express mail or overnight
courier service) to the parties at the following addresses (or at such other address or facsimile for a party as shall be specified by like notice). 
  

	 	(a)	 If to the Company: 

RingCentral, Inc. 
 20 Davis Drive

 Belmont, CA 94002 
 Attn:
    John Marlow, Chief Administrative Officer, General Counsel and Senior Vice President of Corporate Development 

Email:   johnm@ringcentral.com 

with a copy (which copy alone shall not constitute notice) to: 

Wilson Sonsini Goodrich & Rosati, P.C. 

650 Page Mill Road 
 Palo Alto, CA
94304 
 United States 
 Attn:
    Jeffrey D. Saper 
 Email:   jsaper@wsgr.com 

and 
 Wilson Sonsini
Goodrich & Rosati, P.C. 
 One Market Plaza 

Spear Tower, Suite 3300 
 San
Francisco, CA 94105 
 United States 

Attn: Mark Baudler & Rich Mullen 

Email: mbaudler@wsgr.com & rich.mullen@wsgr.com 

  
 -18- 

	 	(b)	 If to the Investor: 

Searchlight II MLN, L.P. 
 c/o
Searchlight Capital Partners, L.P. 
 745 Fifth Avenue, 27th Floor 

Attn: Nadir Nurmohamed 
 Email:
nnurmohamed@searchlightcap.com 
 with a copy (which copy alone shall not constitute notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, NY 10019 

Attn:   Steven A. Cohen 

  Victor Goldfeld 

Email: SACohen@wlrk.com 

  VGoldfeld@wlrk.com 

Section 4. Amendments, Waivers, etc. This Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed by the party against whom such amendment or waiver shall be enforced. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available in respect
hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, shall not constitute a waiver by such party of its right to exercise any such other right, power or remedy or to demand such
compliance. 
 Section 5. Counterparts and Facsimile. This Agreement may be executed in two or more
identical counterparts (including by facsimile or electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more
counterparts have been signed by each of the parties hereto and delivered (by facsimile, electronic transmission or otherwise) to the other parties. 

Section 6. Further Assurances. Each party hereto shall execute and deliver after the Effective Date
such further certificates, agreements and other documents and take such other actions as any other party hereto may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and to consummate or implement the
transactions contemplated by this Agreement. 
 Section 7. Applicable Law; Arbitration; Jury Waiver.

 (a) This Agreement, and all claims, causes of action (whether in contract, tort or statute) or other matter that may result from, arise
out of, or be in connection with or relating to this Agreement, or the negotiation, administration, performance, or enforcement of this Agreement, including any claim or cause of action resulting from, arising out of, in connection with, or relating
to any representation or warranty made in connection with this Agreement (the “Relevant Matters”), shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, including its statutes
of limitations, regardless of the laws that might otherwise govern under any applicable principles of conflicts of laws that would result in the application of any such other law. For the avoidance of doubt, neither the U.N. Convention on Contracts
for the International Sale of Goods nor any international treaties that would require the application of the laws of any jurisdiction other than the State of Delaware shall be applicable to any Relevant Matter. 

  
 -19- 

 (b) Any dispute, claim, or cause of action (whether based on contract, tort, or otherwise)
that may result from, arise out of, be in connection with or relating to any Relevant Matters shall be finally settled by binding arbitration in New York, New York and shall be administered by the Judicial Arbitration and Mediation Services, Inc.
pursuant to its Comprehensive Arbitration Rules and Procedures then in effect by three arbitrators, with each of the Company and the Investor being entitled to appoint one arbitrator, and the third arbitrator to be nominated by such first two
arbitrators (or, if such an agreement is not reached, with the third arbitrator (and any other arbitrator that a party fails to appoint) being appointed in accordance with such Rules). The language of the arbitration shall be English and all written
materials in connection with such arbitration, including but not limited to all pleadings and evidence, shall be in the English language. The arbitrators shall apply the laws of the State of Delaware to the merits of any such dispute, claim, or
cause of action (whether in contract, tort, or statute) in accordance with Section 7(a). The arbitrators shall have the power to decide all questions of arbitrability. The arbitrators shall have the authority to grant any equitable and legal
remedies that would be available in any judicial proceeding. At the request of either party, the arbitrators will enter an appropriate protective order to maintain the confidentiality of information produced or exchanged in the course of the
arbitration proceedings. The award must be in writing and state the reasons on which it is based. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. Notwithstanding anything to the contrary in
this Section 7(b), any party hereto may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction, or other interim or conservatory relief without breach of this Section 7(b) and without any
abridgment of the powers of the arbitrators in the event of acts or breaches of this Agreement that such party believes may cause irreparable harm or with respect to which such party believes monetary damages would not provide adequate compensation.

 (c) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS, OR THE ACTIONS OF ANY PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT, OR ANY
OTHER RELEVANT MATTER. 
 (d) The arbitrators may award to the prevailing party, if any, as determined by the arbitrators, its reasonable
costs and fees incurred in connection with any arbitration or related judicial proceeding hereunder. Cost and fees awarded may include, without limitation, administrative fees, arbitrator fees, attorneys’ fees, expert fees, witness fees, court
costs, travel expenses, and out-of-pocket expenses (including, without limitation, such expenses as copying, telephone, facsimile, postage, and courier fees). 

  
 -20- 

 Section 8. Specific Performance; Remedies. The
parties agree that, in the event of any breach or threatened breach by a party of this Agreement, (i) the other party shall be entitled, without proof of actual damages (and in addition to any other remedy that may be available to it), to a
decree or order of specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other agreement and an injunction preventing or restraining such breach or threatened breach, and (ii) no party shall
be required to provide or post any bond or other security or collateral in connection with any such decree, order or injunction or in connection with any related action or legal proceeding. Any and all remedies herein expressly conferred upon a
party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by Law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. Notwithstanding the
foregoing, this Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the
entities that are signatories hereto, and no former, current or future equityholders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person,
director, officer, employee, general or limited partner, member, manager, advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any
obligations or liabilities hereunder or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or any representations made or alleged to be made in connection herewith or
any breach of or failure to comply with this Agreement, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil, by or through a claim by or on behalf of the Company against the Investor or
any Non-Recourse Party, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Law, or otherwise. Without limiting the rights of any
party against the other parties hereto, in no event shall any party or any of its equityholders, controlling persons, directors, officers, employees, agents or Affiliates seek to enforce this Agreement against, make any claims for breach of this
Agreement against, or seek to recover monetary damages from, any Non-Recourse Party in connection with this Agreement. 

Section 9. Interpretation. When a reference is made in this Agreement to a Section, such reference
shall be to a Section of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “date hereof” shall refer to the date of this
Agreement. The word “or” shall not be exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and shall not simply mean “if”. All references
to “$” mean the lawful currency of the United States of America. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such term. Except as specifically stated herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from
time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and
instruments incorporated therein. Except as otherwise specified herein, references to a 

  
 -21- 

 
Person are also to its successors and permitted assigns. Each of the parties hereto has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or
interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

 Section 10. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced because of any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

Section 11. Third-Party Beneficiaries. Notwithstanding anything contained in this Agreement to the
contrary, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties any rights, remedies, obligations or liabilities under or by reason of this Agreement, and no Person that is not a party to this
Agreement (including any partner, member, stockholder, director, officer, employee or other beneficial owner of any party, in its own capacity as such or in bringing a derivative action on behalf of a party) shall have any standing as third-party
beneficiary with respect to this Agreement or the other Transaction Documents. 
 Section 12.
Assignment. Except as otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties;
provided, however, that neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of Law or otherwise, by either of the parties without the prior written
consent of the other party, except that the Investor may transfer or assign its rights under this Agreement, in whole or in part, to one or more of its Affiliates or other Permitted Transferees at any time in connection with any Transfer thereto
permitted under this Agreement or the Investor Rights Agreement; provided, that such Affiliate or other Permitted Transferee has delivered to the Company a written joinder in the form set forth in Exhibit A executed by such Person (a
“Joinder”). 
 Section 13. Entire Agreement. This Agreement, together with
the other Transaction Documents, constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with respect to the subject matter hereof and
thereof. The Company represents and warrants that it has not entered into, and agrees that it will not enter into, any agreement with respect to its securities that violates or is otherwise inconsistent with the rights granted to the Investor under
this Agreement. 

  
 -22- 

 Section 14. Acknowledgment of Securities Laws. The
Investor hereby acknowledges that it is aware, and that it will advise its Affiliates and Representatives who are provided material non-public information concerning the Company or its securities, that the
United States securities Laws prohibit any Person who has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communication of such information
to any other Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities. 

Section 15. Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing
to any party under this Agreement shall impair any such right, power, or remedy of such party, nor shall it be construed to be a waiver of or acquiescence to any breach or default, or in any similar breach or default thereafter occurring; nor shall
any waiver of any single breach or default be deemed a waiver of any other breach or default. All remedies, either under this Agreement or by law or otherwise afforded to the Investor, shall be cumulative and not alternative. 

[Remainder of page intentionally left blank] 

  
 -23- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written. 
  

			
	 Company:

	
	 RINGCENTRAL, INC.

		
	By:	 	/s/
	Name:	 	John Marlow
	Title:	 	Chief Administrative Officer

  

			
	 Investor:

	
	 SEARCHLIGHT II MLN, L.P.

		
	By:	 	/s/
	Name:	 	Andrew Frey
	Title:	 	Authorized Person

 Exhibit A 

Joinder 
 This
Joinder to the Registration Rights Agreement (this “Joinder”) is made as of _________________, ______ by and between RingCentral, Inc., a Delaware corporation (the “Company”) and
_____________________________________________ (the “Transferee”) pursuant to the terms of that certain Registration Rights Agreement, made and entered into as of November 8, 2021 and effective as of November 9,
2021, by and between the Company and Searchlight II MLN, L.P. (the “Investor”). Capitalized terms used and not otherwise defined in this Joinder shall have the respective meanings ascribed to them in the Registration Rights
Agreement. 
 1. Effect of Execution. By execution of this Joinder, the Transferee hereby: 

(a) acknowledges receipt and review of the Registration Rights Agreement; 

(b) represents that he, she or it has, or has had an opportunity to, consult with legal counsel and other advisors before entering into the
Registration Rights Agreement; 
 (c) adopts and agrees to become party to the Registration Rights Agreement and to be bound by all of the
terms and conditions set forth in the Registration Rights Agreement as the “Investor” with the same force and effect as if the undersigned were originally the “Investor” party thereto; provided, that, for purposes of the
definition of “Affiliate,” each reference to Searchlight Capital Partners, L.P. shall be deemed a reference to the Transferee; and 

(d) further authorizes the Company and the Investor to attach this Joinder to the Registration Rights Agreement and take such other actions as
necessary in order to make the undersigned a party to the Registration Rights Agreement. 
 2. Counterparts and Facsimile. This
Joinder may be executed in two or more identical counterparts (including by facsimile or electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and
shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (by facsimile, electronic transmission or otherwise) to the other parties. 

3. Notice. Any notice required or permitted by the Registration Rights Agreement shall be given to the undersigned at the address
listed beside the Transferee’s signature below. 
 4. Governing Law. This Joinder, and all rights, obligations, claims, causes
of action (whether in contract, tort or statute) or other matter that may result from, arise out of, be in connection with or relating to this Joinder, or the negotiation, administration, performance, or enforcement of this Joinder, shall be
governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof, including its statutes of
limitations. 
 [Signature page follows] 

 The parties hereto have executed this Joinder to the Registration Rights Agreement as of the
date set forth in the first paragraph hereof. 
  

			
	COMPANY:
	
	 RINGCENTRAL, INC.

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	TRANSFEREE:
		
	 By:
	 	 
		 	 (if applicable)

		
	 Its:
	 	 
		 	 (if applicable)

		
	 By:
	 	 
		 	 (signature)

  

	
	 Name: ____________________________________

	 Title: _____________________________________

	 Address: __________________________________

	               
___________________________________

	 Email: _____________________________________

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