Document:

Exhibit 4.2

 

 

SECURITY AGREEMENT

 

By

 

DISH WIRELESS HOLDING L.L.C.,

 

DISH ORBITAL CORPORATION

 

and

 

PARKERB.COM WIRELESS L.L.C.,

as Pledgors

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Collateral Agent

 

 

 

Dated as of November 15, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	PREAMBLE	1
	 	 	 
	RECITALS	1
	 	 	 
	AGREEMENT	2
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
    AND INTERPRETATION
	 	 	 
	SECTION 1.1.	Definitions	2
	SECTION 1.2.	Interpretation	13
	SECTION 1.3.	Resolution
    of Drafting Ambiguities	13
	SECTION 1.4.	Perfection
    Certificate	13
	 	 	 
	ARTICLE II
	 	 	 
	GRANT
    OF SECURITY AND SECURED OBLIGATIONS
	 	 	 
	SECTION 2.1.	Grant
    of Security Interest	14
	SECTION 2.2.	Filings	16
	 	 	 
	ARTICLE III
	 	 	 
	PERFECTION;
    SUPPLEMENTS; FURTHER ASSURANCES;
	USE
    OF PLEDGED COLLATERAL
	 	 	 
	SECTION 3.1.	Delivery
    of Certificated Securities Collateral	17
	SECTION 3.2.	Perfection
    of Uncertificated Securities Collateral	17
	SECTION 3.3.	Financing
    Statements and Other Filings; Maintenance of Perfected Security Interest	18
	SECTION 3.4.	Other
    Actions	18
	SECTION 3.5.	Joinder
    of Additional Guarantors	19
	SECTION 3.6.	Supplements;
    Further Assurances	20

 

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Page

 

	ARTICLE IV
	 	 	 
	REPRESENTATIONS,
    WARRANTIES AND COVENANTS
	 	 	 
	SECTION 4.1.	Title	20
	SECTION 4.2.	Validity
    of Security Interest	20
	SECTION 4.3.	Defense
    of Claims; Transferability of Pledged Collateral	21
	SECTION 4.4.	Other
    Financing Statements	21
	SECTION 4.5.	Chief
    Executive Office; Change of Name; Jurisdiction of Organization	21
	SECTION 4.6.	[Reserved].	22
	SECTION 4.7.	Due
    Authorization and Issuance	22
	SECTION 4.8.	Consents, etc.	22
	SECTION 4.9.	Pledged
    Collateral	22
	SECTION 4.10.	Insurance	22
	 	 	 
	ARTICLE V
	 	 	 
	CERTAIN
    PROVISIONS CONCERNING SECURITIES COLLATERAL
	 	 	 
	SECTION 5.1.	Pledge
    of Additional Securities Collateral	23
	SECTION 5.2.	Voting
    Rights; Distributions; etc.	23
	SECTION 5.3.	Defaults,
    etc	24
	SECTION 5.4.	Certain
    Agreements of Pledgors as Issuers and Holders of Equity Interests	25
	 	 	 
	ARTICLE VI
	 	 	 
	CERTAIN
    PROVISIONS CONCERNING INTELLECTUAL
	PROPERTY
    COLLATERAL
	 	 	 
	SECTION 6.1.	Grant
    of Intellectual Property License	25
	SECTION 6.2.	Protection
    of Collateral Agent’s Security	26
	SECTION 6.3.	After-Acquired
    Property	26
	SECTION 6.4.	Litigation	27
	 	 	 
	ARTICLE VII
	 	 	 
	CERTAIN
    PROVISIONS CONCERNING RECEIVABLES
	 	 	 
	SECTION 7.1.	Maintenance
    of Records	27
	SECTION 7.2.	Legend	28
	 	 	 
	ARTICLE VIII
	 	 	 
	TRANSFERS
	 	 	 
	SECTION 8.1.	Transfers
    of Pledged Collateral	28

 

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Page

 

	ARTICLE IX
	 	 	 
	REMEDIES
	 	 	 
	SECTION 9.1.	Remedies	28
	SECTION 9.2.	Notice
    of Sale	31
	SECTION 9.3.	Waiver
    of Notice and Claims	31
	SECTION 9.4.	Certain
    Sales of Pledged Collateral and Foreign Collateral	31
	SECTION 9.5.	No
    Waiver; Cumulative Remedies	32
	SECTION 9.6.	Certain
    Additional Actions Regarding Intellectual Property	33
	 	 	 
	ARTICLE X
	 	 	 
	PROCEEDS
    OF CASUALTY EVENTS AND COLLATERAL DISPOSITIONS; Application of Proceeds
	 	 	 
	SECTION 10.1.	Application
    of Proceeds	33
	 	 	 
	ARTICLE XI
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 11.1.	Concerning
    Collateral Agent	35
	SECTION 11.2.	Collateral
    Agent May Perform; Collateral Agent Appointed Attorney-in-Fact	37
	SECTION 11.3.	Continuing
    Security Interest; Assignment	38
	SECTION 11.4.	Termination;
    Release	38
	SECTION 11.5.	Modification
    in Writing	38
	SECTION 11.6.	Notices	39
	SECTION 11.7.	Governing
    Law	39
	SECTION 11.8.	Severability
    of Provisions	39
	SECTION 11.9.	Execution
    in Counterparts	39
	SECTION 11.10.	Business
    Days	39
	SECTION 11.11.	No
    Credit for Payment of Taxes or Imposition	39
	SECTION 11.12.	No
    Claims Against Collateral Agent	39
	SECTION 11.13.	No
    Release	40
	SECTION 11.14.	FCC
    Matters	40

 

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Page

 

	ARTICLE XII
	 	 	 
	ADDITIONAL
    SECURED OBLIGATIONS
	 	 	 
	SECTION 12.1.	Additional
    Secured Obligations	41

 

	SIGNATURES	S-1 
	 	 	 
	EXHIBIT 1	Form of
    Issuer’s Acknowledgment	 
	EXHIBIT 2	Form of
    Securities Pledge Amendment	 
	EXHIBIT 3	Form of
    Joinder Agreement	 
	EXHIBIT 4	Form of
    Copyright Security Agreement	 
	EXHIBIT 5	Form of
    Patent Security Agreement	 
	EXHIBIT 6	Form of
    Trademark Security Agreement	 
	EXHIBIT 7	Form of
    Additional Secured Party Joinder	 
	 	 	 
	Schedule
    1	Equity
    Collateral	 
	Schedule
    2	Commercial
    Tort Claims	 

 

    -iv-

     

    

 

SECURITY AGREEMENT

 

This
SECURITY AGREEMENT dated as of November 15, 2022 (as amended, amended and restated, supplemented or otherwise modified from time
to time in accordance with the provisions hereof, this “Agreement”) made by DISH Wireless Holding L.L.C., a Colorado
limited liability company, DISH Orbital Corporation, a Colorado corporation, ParkerB.com Wireless L.L.C., a Colorado limited liability
company, and the additional Secured Guarantors and the Issuer (if it becomes a party hereto) from time to time party hereto, as pledgors,
assignors and debtors (in such capacities and together with any successors in such capacities, the “Pledgors,” and
each, a “Pledgor”), in favor of U.S. Bank Trust Company, National Association,
in its capacity as collateral agent, as pledgee, assignee and secured party (in such capacities together with any successors in such
capacities, the “Collateral Agent”) for the benefit of the Secured Parties (as defined below), and acknowledged and
agreed to by (i) U.S. Bank Trust Company, National Association,
on its behalf solely in its capacity as trustee (the “Trustee”) and on behalf of the Holders of the Notes (as defined
below) and (ii) each other Authorized Representative (as hereinafter defined), from time to time, for any Additional Secured Obligations
with respect to which an Additional Secured Party Joinder has been delivered to the Collateral Agent and the other Authorized Representatives
in accordance with Section 12.1.

 

R
E C I T A L S :

 

A.            Pursuant
to that certain secured indenture (the “Indenture”) dated as of November 15,
2022 by and among DISH Network Corporation (the “Issuer”), the Pledgors, as secured guarantors, the other Guarantors
party thereto, the Trustee and the Collateral Agent, the Issuer is issuing $2,000,000,000 aggregate
principal amount of its 11.750% Senior Secured Notes due 2027 (together
with any Additional Notes issued pursuant to the Indenture, the “Notes”).

 

B.            Each
Pledgor has, pursuant to the Indenture, unconditionally guaranteed on a senior secured basis to the Secured Parties the payment when
due of all Notes Obligations (as defined below).

 

C.            From
time to time after the date hereof, the Issuer may, subject to the terms and conditions of the Indenture and the Security Documents,
incur additional Indebtedness, which is pari passu in right of payment to the Notes, that the Issuer and the Pledgors desire to
secure on a pari passu basis with the Notes.

 

D.            The
Pledgors will receive substantial benefits from the execution, delivery and performance of the obligations under the Indenture, the Security
Documents and the Notes and each is, therefore, willing to enter into this Agreement.

 

E.            This
Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to
secure the payment and performance of all of the Secured Obligations.

 

     

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F.            It
is a condition to the issuance of the Notes that each Pledgor execute and deliver the applicable Security Documents, including this Agreement.

 

A
G R E E M E N T :

 

NOW THEREFORE, in consideration
of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Pledgor and the Collateral Agent hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS
AND INTERPRETATION

 

SECTION 1.1.        Definitions.

 

(a)            Unless
otherwise defined herein or in the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned
to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC:

 

“Accounts”;
 “Bank”; “Chattel Paper”; “Commercial Tort Claim”; “Commodity Account”;
 “Commodity Contract”; “Commodity Intermediary”; “Documents”; “Electronic
Chattel Paper”; “Entitlement Order”; “Equipment”; “Financial Asset”;
 “Goods”, “Inventory”; “Letter-of-Credit Rights”; “Letters of Credit”;
 “Money”; “Payment Intangibles”; “Proceeds”; “ Records”; “Securities
Account”; “Securities Intermediary”; “Security Entitlement”; “Supporting Obligations”;
and “Tangible Chattel Paper.”

 

(b)            Terms
used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture.

 

(c)            The
following terms shall have the following meanings:

 

“Additional Notes”
shall mean additional notes as may be issued from time to time under the Secured Indenture pursuant to the terms thereof.

 

“Additional Secured
Agent” shall mean the Person appointed to act as trustee, agent or representative for the holders of Additional Secured Obligations
pursuant to any Additional Secured Agreement.

 

“Additional Secured
Agreement” shall mean the indenture, credit agreement or other agreement under which any Additional Secured Obligations (other
than Additional Notes) are incurred and any notes or other instruments representing such Additional Secured Obligations.

 

     

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“Additional Secured
Debt Documents” means any document or instrument executed and delivered with respect to any Additional Secured Obligations.

 

“Additional Secured
Obligations” means Obligations (including, without limitation, principal, premium and/or interest (including, without limitation,
all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization
or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not such claim for post-petition
interest is allowed in any such proceeding)) designated as Additional Secured Obligations pursuant to Section 12.1 hereof.

 

“Additional Secured
Parties” shall mean the holders from time to time of Additional Secured Obligations and the Authorized Representative for any
such Additional Secured Obligations.

 

“Additional Secured
Party Joinder” shall mean a completed additional secured party joinder in the form of Exhibit 7 hereto.

 

“Agreement”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Authorized Representative”
shall mean (i) the Trustee for so long as any of the Notes are Secured Obligations hereunder and (ii) any other trustee, agent
or representative designated as an “Authorized Representative” for any Additional Secured Parties in an Additional Secured
Party Joinder delivered to the Collateral Agent and the other Authorized Representatives in accordance with Section 12.1
for so long as the Additional Secured Obligations for which such party is serving in such capacity constitutes Secured Obligations hereunder;
provided that so long as there are no Additional Secured Obligations, the Collateral Agent will be deemed to be the only Authorized
Representative for the Secured Parties.

 

“Code” shall
mean the Internal Revenue Code of 1986, as amended.

 

“Collateral”
shall have the meaning assigned to such term in Section 2.1 hereof.

 

“Collateral Agent”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Collateral Support”
shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged Collateral and shall include any
security agreement or other agreement granting a Lien or security interest in such real or personal property.

 

“Contracts”
shall mean, collectively, with respect to each Pledgor, the Acquisition Documents, all sale, service, performance, equipment or property
lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third
party or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements, supplements, extensions,
renewals, replacements or modifications thereof.

 

     

    -4-

    

 

“Control”
shall mean (i) in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of the
UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC,
and (iii) in the case of any Commodity Contract, “control,” as such term is defined in Section 9-106 of the UCC.

 

“Copyrights”
shall mean, collectively, with respect to each Spectrum Pledgor, all copyrights (whether statutory or common law, established or registered
in the United States or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and
all copyright registrations and applications made by such Pledgor in the United States, in each case, whether now or hereafter owned
by such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s
use of such copyrights, (ii) reissues and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages,
claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future
infringements thereof.

 

“Copyright Security
Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto.

 

“Default”
or “Event of Default” shall mean a “default” or “event of default” under the Indenture or
under any Additional Secured Debt Document..

 

“Deposit Accounts”
shall mean, collectively, with respect to each Spectrum Pledgor, (i) all “deposit accounts” as such term is defined
in the UCC and in any event shall include all accounts and sub-accounts of such Pledgor relating to any of the foregoing accounts and
(ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described
in clause (i) of this definition.

 

“DISH DBS Corporation”
shall mean DISH DBS Corporation, a Colorado corporation.

 

“Distributions”
shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights, instruments, distributions, returns
of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result
of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise
distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or, with respect to each Spectrum Pledgor, Intercompany
Notes.

 

“Equity Collateral”
shall have the meaning assigned to such term in Section 2.1 hereof.

 

     

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“Equity Pledgor”
shall mean any Pledgor that is an Equity Pledge Secured Guarantor pursuant to the terms of the Indenture. As of the Issue Date, the Equity
Pledgors are DISH Wireless Holding L.L.C. and DISH Orbital Corporation.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“Excluded Accounts”
shall mean:

 

(i) any Deposit Accounts,
Commodities Accounts and Securities Accounts with an average daily balance of less than $20,000,000 individually;

 

(ii)  any Deposit Accounts,
Commodities Accounts and Securities Accounts of which all of the funds on deposit are used exclusively for funding (a) payroll,
(b) 401(k) and other retirement plans and employee benefits, or (c) health care benefits;

 

(iii) any Deposit Accounts,
Commodities Accounts and Securities Accounts that solely contain property not beneficially owned by any Pledgor, including any escrow
accounts; and

 

(iv) any Deposit Accounts,
Commodities Accounts and Securities Accounts that have a zero balance at the end of each business day.

 

“Excluded Assets”
shall mean:

 

(a)            any
permit or license issued by a Governmental Authority or otherwise to a Spectrum Pledgor (other than any FCC Licenses, which are subject
to Sections 2.1(b)(xiii) and 11.14) or any agreement to which a Spectrum Pledgor is a party or in which it has an interest, in each
case, only to the extent and for so long as: (x) the terms of such permit, license or agreement or any Requirement of Law applicable
thereto prohibit the creation by such Spectrum Pledgor of a security interest in such permit, license or agreement in favor of the Collateral
Agent, (y) the terms of such permit, license or agreement require any consent not obtained thereunder in order for a Spectrum Pledgor
to create a security interest therein or (z) the creation by such Spectrum Pledgor of a security interest in such permit, license
or agreement would constitute or result in the abandonment, invalidation or unenforceability of such permit, license or agreement or
breach of, termination of or default under such permit, license or agreement, in each case pursuant to the terms thereof (after giving
effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other
applicable law (including the Bankruptcy Code) or principles of equity);

 

(b)            assets
owned by any Spectrum Pledgor on the date hereof or hereafter acquired and any proceeds thereof that are subject to a Lien securing a
Purchase Money Indebtedness or Capital Lease Obligation permitted to be incurred pursuant to the provisions of the Indenture to the extent
and for so long as the contract or other agreement in which such Lien is granted (or the documentation providing for such Purchase Money
Indebtedness or Capital Lease Obligation) prohibits the creation of any other Lien on such assets and proceeds;

 

     

    -6-

    

 

(c)            any
property of a Person existing at the time such Person is acquired or merged with or into or consolidated with a Spectrum Pledgor that
is subject to a Lien permitted pursuant to clause (i) of the definition of Permitted Liens in the Indenture to the extent and for
so long as the contract or other agreement in which such Lien is granted prohibits the creation of any other Lien on such property;

 

(d)            the
Equity Interests of a Foreign Subsidiary to the extent such pledge would constitute an investment of earnings in U.S. property under
Section 956 (or a successor provision) of the IRS Internal Revenue Code of 1986, as amended (the “Code”); provided
that it is agreed that, absent a change in applicable law or regulations, a pledge would not be treated as constituting an investment
of earnings for purposes of this clause (d) to the extent that the pledge is of (i) voting stock of any Subsidiary which is
a first-tier controlled foreign corporation (as defined in Section 957(a) of the Code) representing 66% of the total voting
power of all outstanding voting stock of such Subsidiary and (ii) 100% of the Equity Interests not constituting voting stock of
any such Subsidiary, except that any such Equity Interests constituting “stock entitled to vote” within the meaning of Treasury
Regulation Section 1.956-2(c)(2) shall be treated as voting stock for purposes of this clause (d);

 

(e)            any
intent-to-use trademark application to the extent such security interest would result in the loss by the applicable Spectrum Pledgor
of any rights therein;

 

(f)            any
property or asset only to the extent and for so long as the grant of a security interest in such property or asset is prohibited by any
applicable law, requires a consent not obtained of any Governmental Authority pursuant to applicable law (other than any FCC Licenses)
or requires any other consent pursuant to applicable law not obtained in order for the Spectrum Pledgor to create a security interest
therein;

 

(g)            Capital
Stock of any Person (other than a Wholly Owned Subsidiary) the pledge of which is prohibited by Organizational Documents of such Person
or a contractual obligation to the owners of such Capital Stock of such Person not owned by a Spectrum Pledgor that is binding on or
relating to such Capital Stock; (viii)

 

(h)            any
Real Property and any leasehold interest in Real Property;

 

(i)            assets
subject to Liens permitted pursuant to clause (e) of the definition of Permitted Liens, to the extent the documents relating to
such Liens would not permit such assets to be subject to the security interest created by this Agreement;

 

(j)            the
property credited to and the accounts described in clauses (ii) and (iii) of the definition of “Excluded Accounts,”
except to the extent such property constitutes identifiable proceeds of Collateral;

 

     

    -7-

    

 

(k)            motor
vehicles (other than to the extent that a security interest therein can be perfected by the filing of a financing statement under the
Uniform Commercial Code of any applicable jurisdiction);

 

(l)            Letter-of-Credit
Rights (other than to the extent that a security interest therein can be perfected by the filing of a financing statement under the Uniform
Commercial Code of any applicable jurisdiction);

 

(m)            Commercial
Tort Claims and Chattel Paper (in each case other than to the extent that a security interest therein can be perfected by the filing
of a financing statement under the Uniform Commercial Code of any applicable jurisdiction); and

 

(n)            any
property owned by any Spectrum Pledgor on the date hereof that is primarily used (or intended to be used) in connection with, or reasonably
related to, the Retail Wireless Business, as determined in good faith by the Spectrum Pledgor, other than any such property that constitutes
Spectrum Collateral (as such term is defined in the Indenture).

 

provided, however, that Excluded
Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in clauses (a) through (n) (unless
such Proceeds, substitutions or replacements would constitute Excluded Assets referred to in clauses (a) through (n)).

 

“FCC” means
the Federal Communications Commission, including without limitation a bureau or division thereof acting under delegated authority, and
any substitute or successor agency.

 

“FCC Licenses”
means licenses, authorizations and permits held or to be held by the Issuer, any Subsidiary, Northstar Spectrum, LLC, Northstar Wireless
L.L.C., SNR Wireless HoldCo, LLC or SNR Wireless LicenseCo, LLC, which are issued from time to time by the FCC.

 

“Foreign Collateral”
shall mean the Collateral of any Pledgor located outside the United States; provided that Equity Interests of any Person organized
under the laws of the United States or any State thereof or the District of Columbia owned by any Pledgor shall not in any event constitute
Foreign Collateral.

 

“Foreign Subsidiary”
shall mean (i) any entity organized outside the United States of America, that is treated as a corporation for United States federal
income tax purposes, (ii) any entity treated as a disregarded entity or partnership for United States federal income tax purposes
that owns an interest in a Foreign Subsidiary or (iii) any entity treated as a corporation for United States federal income tax
purposes that owns an interest in a Foreign Subsidiary and does not own any material assets other than interests in Foreign Subsidiaries.

 

     

    -8-

    

 

“General Intangibles”
shall mean, collectively, with respect to each Spectrum Pledgor, all “general intangibles,” as such term is defined in the
UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under
all Contracts, including but not limited to Intellectual Property Licenses, and insurance policies (including all rights and remedies
relating to monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in
respect of any Contract), (ii) all know-how and warranties relating to any of the Collateral, (iii) any and all other rights,
claims, choses-in-action and causes of action of such Pledgor against any other Person and the benefits of any and all collateral or
other security given by any other Person in connection therewith, (iv) all guarantees, endorsements and indemnifications on, or
of, any of the Collateral, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in printed form or
stored electronically), tapes and other papers or materials containing information relating to any of the Collateral, including all customer
or tenant lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge,
surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research
data, computer and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such
Pledgor’s operations or any of the Collateral and all media in which or on which any of the information or knowledge or data or
records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records
or data, (vi) all licenses, consents, permits, variances, certifications, authorizations and approvals, however characterized, now
or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial
permits or licenses and certificates of operation and (vii) all rights to reserves, deferred payments, deposits, refunds, indemnification
of claims and claims for tax or other refunds against any Governmental Authority.

 

“Indenture”
shall have the meaning assigned to such term in Recital A hereof.

 

“Instruments”
shall mean, collectively, with respect to each Spectrum Pledgor, all “instruments,” as such term is defined in Article 9,
rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances.

 

“Intellectual Property
Collateral” shall mean, collectively, the Patents, Trademarks and Copyrights.

 

“Intellectual Property
Licenses” shall mean, collectively, with respect to each Spectrum Pledgor, all license agreements with, and covenants not to
sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, where such Pledgor
is a licensor or licensee under any such license agreement, together with any and all (i) renewals, extensions, and amendments thereof,
(ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and with respect thereto,
and (iii) rights to sue for past, present and future violations thereof.

 

“Intercompany Notes”
shall mean, with respect to each Spectrum Pledgor, all intercompany notes currently held or hereafter acquired by such Pledgor and all
certificates, instruments or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements,
extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof.

 

     

    -9-

    

 

“Investment Property”
shall mean a security, whether certificated or uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity
Account, excluding, however, the Securities Collateral.

 

“Issuer”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Joinder Agreement”
shall mean an agreement substantially in the form of Exhibit 3 hereto.

 

“Leases”
shall mean any and all leases, subleases, tenancies, options, concession agreements, rental agreements, occupancy agreements, franchise
agreements, access agreements and any other agreements (including all amendments, extensions, replacements, renewals, modifications and/or
guarantees thereof), whether or not of record and whether now in existence or hereinafter entered into, affecting the use or occupancy
of all or any portion of any Real Property.

 

“Material Intellectual
Property Collateral” shall mean any Intellectual Property Collateral that is material (i) to the use and operation of
the Pledged Collateral or (ii) to the business, results of operations, prospects or condition, financial or otherwise, of any Spectrum
Pledgor.

 

“Notes”
shall have the meaning assigned to such term in Recital A hereof.

 

“Notes Obligations”
shall mean all (i) obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest (including,
without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or
not such claim for post-petition interest is allowed in any such proceeding)) owing to the Collateral Agent, the Trustee and the Notes
Secured Parties, under the Notes, the Indenture, the Note Guarantees and the Security Documents and the due performance and compliance
by the Pledgors with all of the terms, conditions and agreements contained in the Notes, the Note Guarantees, the Indenture and the Security
Documents, (ii) any and all sums advanced by the Collateral Agent in accordance with the Indenture or any of the Security Documents
in order to preserve the Pledged Collateral or Foreign Collateral or preserve its security interest in, or Lien on, the Pledged Collateral
or Foreign Collateral and (iii) in the event of any proceedings for the collection or enforcement of any indebtedness, obligations
or liabilities of the Pledgors referred to in clause (i) above, the reasonable expenses of retaking, holding, preparing for sale
or lease, selling or otherwise disposing of or realizing on the Pledged Collateral or Foreign Collateral, or of any exercise by the Collateral
Agent of its rights hereunder, or under any other Security Document, together with reasonable attorneys’ fees and expenses and
court costs.

 

     

    -10-

    

 

“Notes Secured Parties”
shall mean the Holders of the Notes and the Trustee.

 

“Ordinary Course of
Business” shall mean, in respect of any transaction involving any Pledgor, the ordinary course of such Pledgor’s business,
as undertaken by such Pledgor in good faith and not for purposes of evading any covenant or restriction in this Agreement, the Indenture
or the Notes.

 

“Organizational Documents”
shall mean, with respect to any Person, (i) in the case of any corporation, the certificate of incorporation and by-laws (or similar
documents) of such Person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement
(or similar documents) of such Person, (iii) in the case of any limited partnership, the certificate of formation and limited partnership
agreement (or similar documents) of such Person, (iv) in the case of any general partnership, the partnership agreement (or similar
document) of such Person and (v) in any other case, the functional equivalent of the foregoing.

 

“Patents”
shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and registrations
made by, such Pledgor, that are established or registered or recorded in the United States or any political subdivision thereof, together
with any and all (i) rights and privileges arising under applicable law with respect to such patents, (ii) inventions and improvements
described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof
and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder
and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding
thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof.

 

“Patent Security Agreement”
shall mean an agreement substantially in the form of Exhibit 5 hereto.

 

“Perfection Certificate”
shall mean that certain perfection certificate dated as of the Issue Date, executed and delivered by each Pledgor in favor of the Collateral
Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and substance reasonably
acceptable to the Collateral Agent) executed and delivered by the applicable Pledgor in favor of the Collateral Agent for the benefit
of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with Section 3.5
hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance
with the Indenture or any Additional Secured Agreement or upon the request of the Collateral Agent.

 

“Permitted Liens”
shall mean Liens permitted under the Indenture and not prohibited by any Additional Secured Agreement.

 

“Pledge Amendment”
shall have the meaning assigned to such term in Section 5.1 hereof.

 

     

    -11-

    

 

“Pledged Collateral”
shall mean all Collateral other than Foreign Collateral.

 

“Pledged Securities”
shall mean, collectively,

 

(i) with respect to each
Equity Pledgor, all issued and outstanding Equity Interests of each Spectrum Collateral Guarantor and DISH DBS Corporation, as set forth
on Schedule 1 hereto, as may be amended from time to time in accordance with the terms hereof, and all options, warrants, rights,
agreements and additional Equity Interests of whatever class of any Spectrum Collateral Guarantor or DISH DBS Corporation acquired by
such Equity Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Equity Pledgor relating
to such Equity Interests in each such issuer or under any Organizational Document of each such issuer, the certificates, instruments
and agreements representing such Equity Interests, any and all interest of such Equity Pledgor in the entries on the books of any financial
intermediary pertaining to such Equity Interests and all Equity Interests issued in respect of the Equity Interests referred to in this
clause (i) upon any consolidation or merger of any issuer of such Equity Interests; and

 

(ii) with respect to each
Spectrum Pledgor, all issued and outstanding Equity Interests of each issuer set forth Schedules 8(a) and 8(b) to
the Perfection Certificate as being owned by such Spectrum Pledgor and all Equity Interests of any issuer, which Equity Interests are
hereafter acquired by such Spectrum Pledgor (including by issuance), and all options, warrants, rights, agreements and additional Equity
Interests of whatever class of any such issuer acquired by such Spectrum Pledgor (including by issuance), together with all rights, privileges,
authority and powers of such Spectrum Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document
of each such issuer, the certificates, instruments and agreements representing such Equity Interests, any and all interest of such Spectrum
Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by
such Pledgor in any manner, and all Equity Interests issued in respect of the Equity Interests referred to in this clause (ii) upon
any consolidation or merger of any issuer of such Equity Interests;

 

provided, however,
that Pledged Securities shall not include any Excluded Assets.

 

“Pledgor”
shall have the meaning assigned to such term in the Preamble hereof.

 

“Real Property”
shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels
of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in
each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment,
all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof.

 

“Receivables”
shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment Intangibles, (iv) General Intangibles, (v) Instruments
and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed,
assigned or otherwise disposed of, or services rendered or to be rendered, regardless of how classified under the UCC together with all
of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and
Supporting Obligations related thereto and all Records relating thereto.

 

     

    -12-

    

 

“Requirements of Law”
shall mean, collectively, any and all applicable requirements of any Governmental Authority including any and all laws, judgments, orders,
executive orders, decrees, ordinances, rules, regulations, statutes or case law.

 

“SEC” shall
mean the Securities and Exchange Commission.

 

“Secured Agreements”
shall mean the Indenture, the Notes, the Notes Guarantees and the Additional Secured Debt Documents.

 

“Secured
Obligations” shall mean (i) the Note Obligations and (ii) if any Additional Secured Obligations are incurred, all
obligations, liabilities and indebtedness (including, without limitation, principal, premium and/or interest (including, without limitation,
all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization
or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not such claim for post-petition
interest is allowed in any such proceeding) owing to any holder of Additional Secured Obligations (that has been designated as Additional
Secured Obligations pursuant to Section 12.1) under any Additional Secured Documents; provided that no obligations
in respect of Additional Secured Obligations shall constitute “Secured Obligations” unless the Additional Secured Agent for
the holders of such Additional Secured Obligations has executed an Additional Secured Party Joinder in the form of Exhibit 7
hereto.

 

“Secured Parties”
shall mean, collectively, the Collateral Agent, the Notes Secured Parties and any Additional Secured Parties.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Securities Collateral”
shall mean, collectively, (i) with respect to an Equity Pledgor, the Pledged Securities and any Distributions with respect thereto
(ii) with respect to a Spectrum Pledgor, the Pledged Securities and Intercompany Notes, and any Distributions with respect thereto.

 

“Spectrum Collateral”
shall have the meaning assigned to such term in Section 2.1 hereof.

 

“Security Documents”
shall mean, collectively:

 

(1)            this
Agreement; and

 

(2)            all
other Security Documents, security agreements, pledge agreements, mortgages, deeds of trust, deeds to secure debt, pledges, collateral
assignments and other agreements or instruments evidencing or creating any security interest or Lien in favor of the Collateral Agent
for its benefit and the benefit of the Secured Parties.

 

     

    -13-

    

 

“Spectrum Pledgor”
shall mean any Pledgor that is a Spectrum Collateral Guarantor pursuant to the terms of the Indenture. As of the Issue Date, the Spectrum
Pledgor is ParkerB.com Wireless L.L.C.

 

“Trademarks”
shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans, logos, certification marks,
trade dress, uniform resource locators (URL’s), domain names, corporate names and trade names, whether registered or unregistered,
owned by or assigned to such Pledgor and all registrations and applications for the foregoing (whether statutory or common law that is
established or registered in the United States or any political subdivision thereof), together with any and all (i) rights and privileges
arising under applicable law with respect to such trademarks, (ii) renewals thereof, (iii) income, fees, royalties, damages
and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past,
present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past,
present and future infringements thereof.

 

“Trademark Security
Agreement” shall mean an agreement substantially in the form of Exhibit 6 hereto.

 

“Trustee”
shall have the meaning assigned to such term in the Preamble hereof.

 

“UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any
time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured
Parties’ security interest in any item or portion of the Pledged Collateral or Foreign Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code
as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority
and for purposes of definitions relating to such provisions.

 

SECTION 1.2.        Interpretation.
The rules of interpretation specified in Indenture (including Section 1.04 thereof) shall be applicable to this Agreement.

 

SECTION 1.3.        Resolution
of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution
and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of
construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent) shall not
be employed in the interpretation hereof.

 

SECTION 1.4.        Perfection
Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral,
schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement.

 

     

    -14-

    

 

ARTICLE II

 

GRANT OF SECURITY AND SECURED OBLIGATIONS

 

SECTION 2.1.        Grant
of Security Interest.

 

(a)            As
collateral security for the payment and performance in full of all the Secured Obligations, each Equity Pledgor hereby pledges and grants
to the Collateral Agent for the benefit of the Secured Parties, a Lien on and security interest in all of the right, title and interest
of such Equity Pledgor in, to and under such Equity Pledgor’s Securities Collateral and all Proceeds thereof, subject to Section 11.14,
wherever located, and whether now existing or hereafter arising or acquired from time to time (the “Equity Collateral”).
For the avoidance of doubt, nothing herein shall create any security interest in any securities or other assets of the Equity Pledgors
other than the Securities Collateral unless and until such security interest is expressly created pursuant to the terms of this Agreement
or by a duly authorized supplement or amendment hereto.

 

(b)            As
collateral security for the payment and performance in full of all the Secured Obligations, each Spectrum Pledgor hereby pledges and
grants to the Collateral Agent for the benefit of the Secured Parties, a Lien on and security interest in all of the right, title and
interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter arising or
acquired from time to time (collectively, the “Spectrum Collateral” and, together with the Equity Collateral, the
 “Collateral”):

 

		(i)	 	all of such Spectrum Pledgor’s Accounts;

 

		(ii)	 	all of such Spectrum Pledgor’s Equipment, Goods and Inventory;

 

		(iii)	 	all of such Spectrum Pledgor’s rights in respect of Documents
                                        and Instruments;

 

		(iv)	 	all of such Spectrum Pledgor’s interests in respect of
                                        Chattel Paper to the extent that a security interest therein can be perfected by the filing of
                                        a financing statement under the UCC;

 

		(v)	 	all of such Spectrum Pledgor’s Securities Collateral, subject
                                        to Section 11.14;

 

		(vi)	 	all of such Spectrum Pledgor’s Investment Property;

 

		(vii)	 	all Intellectual Property Collateral;

 

		(viii)	 	all of such Spectrum Pledgor’s interests in respect of
                                        Commercial Tort Claims described on Schedule 2 hereto to the extent that a security interest
                                        therein can be perfected by the filing of a financing statement under the UCC;

 

     

    -15-

    

 

		(ix)	 	all of such Spectrum Pledgor’s General Intangibles;

 

		(x)	 	all of such Spectrum Pledgor’s Money and all Deposit Accounts;

 

		(xi)	 	all of such Spectrum Pledgor’s Supporting Obligations;

 

		(xii)	 	all of such Spectrum Pledgor’s books and records relating
                                        to the Spectrum Collateral;

 

		(xiii)	 	to the maximum extent permitted by law, all rights of such Spectrum
                                        Pledgor against third parties, in each case, in, under or relating to the FCC Licenses and the
                                        proceeds of any FCC Licenses, subject to Section 11.14; provided that such
                                        security interest does not include at any time any FCC Licenses to the extent (but only to the
                                        extent) that at such time the Collateral Agent may not validly possess a security interest therein
                                        pursuant to the Communications Act of 1934, as amended, and the regulations promulgated thereunder,
                                        as in effect at such time, but such security interest does include, to the maximum extent permitted
                                        by law, all rights against third parties incident to the FCC Licenses, subject to Section 11.14,
                                        and the right to receive all proceeds derived from or in connection with the sale, assignment
                                        or transfer of the FCC Licenses;

 

		(xiv)	 	to the extent not covered by clauses (i) through (xiii) of
                                        this sentence, all other personal property of such Spectrum Pledgor, whether tangible or intangible,
                                        and all Proceeds and products of each of the foregoing and all accessions to, substitutions and
                                        replacements for products of, each of the foregoing, any and all Proceeds of any insurance, indemnity,
                                        warranty or guaranty payable to such Spectrum Pledgor from time to time with respect to any of
                                        the foregoing.

 

(c)            Notwithstanding
anything to the contrary contained in this Section 2.1, the security interest created by this Agreement shall not extend
to, and the term “Collateral” shall not include, any Excluded Assets.

 

(d)            Notwithstanding
anything to the contrary herein, no Pledgor shall be required to take any actions, other than the filings of the UCC-1 financing statements
with respect to any Pledgor in the United States pursuant to Section 2.2(a) and delivery of certificates, agreements
or instruments evidencing any Pledged Securities pursuant to Section 3.1 and 3.2, to perfect, preserve or protect
the security interest in Foreign Collateral located outside of the United States, including for the avoidance of doubt, perfection in,
preservation of or protection of any Intellectual Property Collateral, Intellectual Property Licenses or proprietary rights of any
type or nature that are registered or exist outside of the United States and no representation, warranty or covenant relating thereto
shall apply to any such Foreign Collateral.

 

     

    -16-

    

 

(e)            Any
Pledgor, current or future, may, by execution of a supplement or amendment to this Agreement or in a Joinder Agreement pursuant to Section 3.5,
pledge additional specified assets while remaining an Equity Pledgor or Spectrum Pledgor, as the case may be, for purposes of this Agreement.
No Pledgor shall be a Spectrum Pledgor unless expressly agreed to in writing by such Pledgor.

 

SECTION 2.2.        Filings.
(a)  Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction
any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable
jurisdiction for the filing of any financing statement or amendment relating to the Collateral, including (i) whether such Pledgor
is an organization, the type of organization and any organizational identification number issued to such Pledgor and (ii) any financing
or continuation statements or other documents without the signature of such Pledgor where permitted by law, including, with respect to
any Spectrum Pledgor, the filing of a financing statement describing the Collateral as “all assets now owned or hereafter acquired
by the Pledgor or in which Pledgor otherwise has rights”. Each Pledgor agrees to provide all information described in the immediately
preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent.

 

(a)            Each
Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements relating
to the Collateral if filed prior to the date hereof.

 

(b)            Each
Spectrum Pledgor hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office or any similar office in any other country), including this Agreement, a Copyright
Security Agreement, a Patent Security Agreement and/or a Trademark Security Agreement, or other documents for the purpose of perfecting,
confirming, continuing, enforcing or protecting the security interest granted by such Spectrum Pledgor hereunder, without the signature
of such Spectrum Pledgor, and naming such Spectrum Pledgor, as debtor, and the Collateral Agent, as secured party.

 

(c)            Notwithstanding
the foregoing authorizations, in no event shall the Collateral Agent be obligated to prepare or file any financing statements whatsoever,
or to maintain the perfection of the security interest granted hereunder. Each Pledgor agrees to prepare, record and file, at its own
expense, financing statements (and amendments or continuation statements when applicable) with respect to the Collateral now existing
or hereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect
and maintain perfected the Collateral, and to deliver a file stamped copy of each such financing statement or other evidence of filing
to the Collateral Agent. Neither the Trustee nor the Collateral Agent shall be under any obligation whatsoever to file any such financing
or continuation statements or to make any other filing under the UCC in connection with this Agreement.

 

     

    -17-

    

 

ARTICLE III

 

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL

 

SECTION 3.1.        Delivery
of Certificated Securities Collateral. Each Pledgor represents and warrants that the Collateral Agent has a perfected first priority
security interest in all Pledged Securities (in the case of Foreign Collateral, solely to the extent the UCC is applicable thereto) represented
or evidenced by certificates, agreements or instruments in existence on the date hereof and pledged by it hereunder. Each Pledgor hereby
agrees to promptly (but in any event within thirty (30) days of the execution and delivery of this Agreement or such longer period as
the Collateral Agent may agree in its reasonable discretion) deliver to the Collateral Agent all certificates, agreements or instruments
representing or evidencing the Securities Collateral (other than any Pledged Security credited on the books of a Clearing Corporation
or a Securities Intermediary) in existence on the date hereof in suitable form for transfer by delivery or accompanied by duly executed
instruments of transfer or assignment in blank. Each Pledgor hereby agrees that all certificates, agreements or instruments representing
or evidencing Securities Collateral (other than any Pledged Security credited on the books of a Clearing Corporation or a Securities
Intermediary) acquired by such Pledgor after the date hereof shall promptly (but in any event within thirty (30) days after receipt thereof
by such Pledgor or such longer period as the Collateral Agent may agree in its reasonable discretion) be delivered to and held by or
on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in suitable form for transfer by delivery
or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory
to the Collateral Agent. The Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any
Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees
or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject
to the security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Collateral
Agent shall have the right at any time to exchange certificates representing or evidencing Securities Collateral for certificates of
smaller or larger denominations.

 

SECTION 3.2.        Perfection
of Uncertificated Securities Collateral. Each Pledgor represents and warrants that the Collateral Agent has a perfected first priority
security interest in all uncertificated Pledged Securities (in the case of Foreign Collateral, solely to the extent the UCC is applicable
thereto) pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the Pledged Securities
are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable
law, (i) cause, or with respect to any issuer other than a Subsidiary of the Issuer, use commercially reasonable efforts to cause,
the issuer to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such Pledged Securities substantially in
the form of Exhibit 1 hereto or such other form that is reasonably satisfactory to the Collateral Agent, (ii) if necessary
to perfect a security interest in such Pledged Securities, use commercially reasonable efforts to cause such pledge to be recorded on
the equityholder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate
to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms hereof upon an Event
of Default, and (iii) after the occurrence and during the continuance of any Event of Default upon the reasonable request of the
Collateral Agent, as directed by the applicable Secured Parties, cause, or with respect to any issuer other than a Subsidiary of the
Issuer, use commercially reasonable efforts to cause, (A) the Organizational Documents of each such issuer that is a Subsidiary
of the Issuer to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the
UCC and (B) such Pledged Securities to become certificated and delivered to the Collateral Agent in accordance with the provisions
of Section 3.1; provided, however, that with respect to any issuer other than a Subsidiary of the Issuer such
commercially reasonable efforts shall not require any Pledgor to make out-of-pocket expenditures (other than reasonable attorney’s
fees and any other reasonable and customary costs required to satisfy the items set forth in clauses (i), (ii) and (iii) of
this Section 3.2, but specifically excluding the payment of any consideration or other compensation to any issuer or any
other Person).

 

     

    -18-

    

 

SECTION 3.3.        Financing
Statements and Other Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants that all financing
statements, agreements, instruments and other documents necessary to perfect the security
interest granted by it to the Collateral Agent in respect of the Pledged Collateral have
been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each
governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. Each Pledgor agrees that at its
sole cost and expense, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected
first priority security interest subject only to Permitted Liens and file all UCC-3 continuations statements necessary to continue the
perfection of the security interest created by this Agreement.

 

SECTION 3.4.        Other
Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce,
the Collateral Agent’s security interest in the Pledged Collateral, each Spectrum Pledgor represents and warrants (as to itself)
as follows and agrees, in each case at such Spectrum Pledgor’s own expense, to take the following actions with respect to the following
Pledged Collateral:

 

(a)            Instruments.
If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument, and such amount,
together with all amounts payable evidenced by any Instrument outstanding at such time (other than checks and other payment instruments
received and collected in the Ordinary Course of Business) and not previously delivered to the Collateral Agent exceeds $15,000,000
in the aggregate for all Spectrum Pledgors, the Spectrum Pledgor acquiring such
Instrument shall promptly (but in any event within thirty (30) days after receipt thereof) endorse, assign and deliver the same to the
Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time
to time specify.

 

(b)            [Reserved].

 

     

    -19-

    

 

(c)            [Reserved].

 

(d)            Commercial
Tort Claims. As of the date hereof, each Spectrum Pledgor hereby represents and warrants that it hold no Commercial Tort Claims in
an amount in excess of $50,000,000 individually other than those listed in the Schedule 2 hereto. If any Spectrum Pledgor shall
at any time hold or acquire a Commercial Tort Claim in an amount in excess of $20,000,000, such Spectrum Pledgor shall promptly (in any
event within thirty (30) days after acquisition thereof) notify the Collateral Agent in writing signed by such Spectrum Pledgor of the
brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all
upon the terms of this Agreement, with such writing to be in such form and substance as is reasonably necessary to grant a security interest
in such Commercial Tort Claim.

 

(e)            Insurance.
In the event a Spectrum Pledgor acquires any material asset other than the Spectrum Collateral that is covered by the material property
and liability policies maintained by or on behalf of such Spectrum Pledgor, such Spectrum Pledgor shall take commercially reasonable
efforts to promptly (but in any event within ninety (90) days thereafter or as soon as practicable thereafter using commercially reasonable
efforts) deliver to the Collateral Agent (i) certificates evidencing such policies and (ii) endorsements with respect to such
policies which cause such policies to (a) name the Collateral Agent, on behalf of the Secured Parties, as an additional insured
thereunder and (b) contain a lenders loss payable/mortgagee clause or endorsement that names the Collateral Agent, on behalf of
the Secured Parties, as the lenders loss payee/mortgagee thereunder, with thirty (30) days’ notice of cancellation, non-renewal
or material change.

 

SECTION 3.5.        Joinder
of Additional Guarantors. The Pledgors shall cause each Subsidiary of the Issuer which, from time to time, after the date hereof
shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of any
Secured Agreement, (a) to execute and deliver to the Collateral Agent (i) a Joinder Agreement substantially in the form of
Exhibit 3 hereto and (ii) a Perfection Certificate, in each case, within thirty (30) days of the date on which it was
acquired or created or (b) in the case of a Subsidiary organized outside of the United States required to pledge any assets to the
Collateral Agent, to execute and deliver to the Collateral Agent such documentation as the Collateral Agent shall reasonably request
and, in each case with respect to clauses (a) and (b) above, upon such execution and delivery, such Subsidiary shall constitute
a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and Pledgor herein.
For the avoidance of doubt, no Subsidiary that becomes a Pledgor pursuant to this Section 3.5 shall be a Spectrum Pledgor
unless expressly stated in such Joinder Agreement. The execution and delivery of such Joinder Agreement shall not require the consent
of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding
the addition of any new Pledgor as a party to this Agreement.

 

     

    -20-

    

 

SECTION 3.6.        Supplements;
Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional
financing statements, amendments, assignments, agreements, supplements, powers and instruments, as is reasonably necessary in order to
create, perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests
granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability
and priority of the Collateral Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise and
enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements,
continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect in any jurisdiction
with respect to the security interest created hereby and the execution and delivery of Control Agreements, all in form and substance
reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office and the
United States Copyright Office, as applicable) wherever required by law to perfect, continue and maintain the validity, enforceability
and priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted
to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without limiting the generality
of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent from
time to time upon reasonable request by the Collateral Agent such lists, schedules, descriptions and designations of the Pledged Collateral,
copies of warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices,
schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements,
powers of attorney, certificates, reports and other assurances or instruments as the Collateral Agent shall reasonably request. If an
Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any
Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any
impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole
cost and expense of the Pledgors.

 

ARTICLE IV

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Each Pledgor represents, warrants
and covenants as follows:

 

SECTION 4.1.        Title.
Except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement
and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof,
will own and have rights in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of
others, other than Permitted Liens.

 

SECTION 4.2.        Validity
of Security Interest. The security interest in and Lien on the Collateral granted to the Collateral Agent for the benefit of the
Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment
of the Secured Obligations, and (b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate
(to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed
made), a perfected security interest in all the Pledged Collateral to the extent a security interest therein can be perfected by the
making of such filings and the taking of such actions.

 

     

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SECTION 4.3.        Defense
of Claims; Transferability of Pledged Collateral. Subject to the provisions of the Indenture, each Pledgor shall, at its own cost
and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted
to the Collateral Agent and the priority thereof against all claims and demands of all Persons, at its own cost and expense, at any time
claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted Liens. There is no agreement,
order, judgment or decree, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability
of any of the Pledged Collateral or otherwise impair or conflict with such Pledgor’s obligations or the rights of the Collateral
Agent hereunder.

 

SECTION 4.4.        Other
Financing Statements. It has not filed, nor authorized any third party to file (nor will there be), any valid or effective financing
statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting
to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the Collateral Agent pursuant
to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public
notices relating to the termination statements listed on Schedule 7 to the Perfection Certificate. No Pledgor shall execute, authorize
or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice
under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments
filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holder of the Permitted Liens.

 

SECTION 4.5.        Chief
Executive Office; Change of Name; Jurisdiction of Organization.

 

(a)            No
Pledgor will effect any change (i) to its legal name, (ii) in the location of any Pledgor’s chief executive office, (iii) in
its identity or organizational structure, (iv) in its organizational identification number, if any, or (v) in its jurisdiction
of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing
or organizing in any other jurisdiction), unless (A) it shall have given the Collateral Agent not less than ten (10) days prior
(or such lesser period agreed to by the Collateral Agent) written notice of its intention to do so and clearly describing such change
and providing such other information in connection therewith as necessary and appropriate and as the Collateral Agent may reasonably
request and (B) it shall have taken all action reasonably necessary to maintain the perfection and priority of the security interest
of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable. Each Pledgor agrees to promptly provide
the Collateral Agent with certified Organizational Documents reflecting any of the changes described in the preceding sentence. Each
Pledgor also agrees to promptly notify the Collateral Agent of any change in the location of any office in which it maintains books or
records relating to Pledged Collateral owned by it or any office or facility at which Pledged Collateral is located (including the establishment
of any such new office or facility).

 

     

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(b)            The
Collateral Agent shall have no duty to inquire about any of the changes described in clause (a) above.

 

SECTION 4.6.        [Reserved].

 

SECTION 4.7.        Due
Authorization and Issuance. All of the Pledged Securities that are Equity Interests issued by the Pledgors existing on the date hereof
have been, and to the extent any such Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly
authorized, validly issued and fully paid and non-assessable to the extent applicable. There is no amount or other obligation owing by
any Pledgor to the issuer of such Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or
any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities.

 

SECTION 4.8.        Consents, etc.
In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth
in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other Person therefor,
then, upon the reasonable request of the Collateral Agent, such Pledgor agrees to use its commercially reasonable efforts to assist and
aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies,
rights and powers; provided, however, that such commercially reasonable efforts shall not require any Pledgor to make out-of-pocket
expenditures (other than reasonable attorney’s fees and expenses and any other reasonable and customary costs required to obtain
such necessary approvals or consents, but specifically excluding the payment of any consideration or other compensation to any Person).

 

SECTION 4.9.        Pledged
Collateral. All information set forth herein, including the schedules hereto, and all information contained in any documents, schedules
and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with
this Agreement, in each case, relating to the Pledged Collateral, is accurate and complete in all material respects. The Pledged Collateral
described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or
held by the applicable Pledgors.

 

SECTION 4.10.        Insurance.
In the event that the proceeds of any insurance claim are paid to any Spectrum Pledgor after the Collateral Agent has exercised its right
to foreclose after an Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately
after receipt thereof shall be paid to the Collateral Agent for application in accordance with Section 10.1.

 

     

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ARTICLE V

 

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

 

SECTION 5.1.        Pledge
of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or (solely in the case of the Spectrum
Pledgor) Intercompany Notes of any Person, accept the same in trust for the benefit of the Collateral Agent and promptly (but in any
event within five (5) Business Days after receipt thereof) deliver to the Collateral Agent a pledge amendment, duly executed by
such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and the certificates
and other documents required under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities
or Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on
and in respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach
each Pledge Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge Amendment delivered
to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. For the avoidance of doubt, nothing in this
Section 5.1 shall create any security interest in any other securities or other assets of the Equity Pledgors unless such
Equity Pledgor expressly agrees in writing.

 

SECTION 5.2.        Voting
Rights; Distributions; etc.

 

(a)            So
long as no Event of Default shall have occurred and be continuing:

 

(i)            Each
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities Collateral or any part
thereof for any purpose not inconsistent with the terms or purposes hereof, the Secured Agreements or any other document evidencing the
Secured Obligations; provided, however, that no Pledgor shall in any event exercise such rights in any manner which could
reasonably be expected to have a material adverse effect on the ability of the Pledgors to satisfy their obligations under the Secured
Agreements or on the Collateral Agent’s ability to exercise its rights and remedies under the Secured Agreements.

 

(ii)            Each
Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions, but only
if and to the extent made in accordance with the provisions of the Secured Agreements; provided, however, that any and
all such Distributions received by any Pledgor and consisting of rights or interests in the form of securities shall be forthwith delivered
to the Collateral Agent to hold as Pledged Collateral and shall be received in trust for the benefit of the Collateral Agent, be segregated
from the other property or funds of such Pledgor and be promptly (but in any event within five (5) Business Days after receipt thereof)
delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).

 

     

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(b)            So
long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall be deemed without further action or formality
to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of
any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be executed and delivered)
to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and
other rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions
which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof.

 

(c)            Upon
the occurrence and during the continuance of any Event of Default:

 

(i)            All
rights of such Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof
shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole
right to exercise such voting and other consensual rights.

 

(ii)            All
rights of such Pledgor to receive Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof
shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole
right to receive and hold as Pledged Collateral such Distributions.

 

(d)            Each
Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as
the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights which it
may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled
to receive under Section 5.2(c)(ii) hereof.

 

(e)            All
Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received
in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid
over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).

 

SECTION 5.3.        Defaults, etc.
Each Pledgor hereby represents and warrants that (i) such Pledgor is not in default in the payment of any portion of any mandatory
capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities
pledged by it that are Equity Interests issued by the Pledgors existing on the date hereof, and such Pledgor is not in violation of any
other provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder and (ii) no
Securities Collateral pledged by such Pledgor is subject to any defense, offset or counterclaim that has been asserted or alleged against
such Pledgor by any Person with respect thereto.

 

     

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SECTION 5.4.        Certain
Agreements of Pledgors as Issuers and Holders of Equity Interests.

 

(a)            In
the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement
relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it to the
extent permitted by law.

 

(b)            In
the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or
other entity, to the extent permitted by law such Pledgor hereby consents to the extent required by the applicable Organizational Document
to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company
or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities
to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder
or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner,
limited partner, shareholder or member, as the case may be.

 

ARTICLE VI

 

CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL

 

SECTION 6.1.        Grant
of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default,
to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to
exercise such rights and remedies, and for no other purpose, each Spectrum Pledgor hereby grants to the Collateral Agent effective upon
such Event of Default, to the extent assignable, an irrevocable, non-exclusive license to use or sublicense any of the Intellectual Property
Collateral now owned or hereafter acquired by such Spectrum Pledgor. Such license shall include access to all media in which any of the
licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof.

 

     

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SECTION 6.2.        Protection
of Collateral Agent’s Security. On a continuing basis, each Spectrum Pledgor shall, at its sole cost and expense, (i) promptly
following its becoming aware thereof, notify the Collateral Agent of any final adverse determination (exclusive of office actions and
similar administrative proceedings) in any proceeding or the institution of any proceeding in any federal, state or local court or administrative
body or in the United States Patent and Trademark Office or the United States Copyright Office regarding any Material Intellectual Property
Collateral, such Spectrum Pledgor’s right to register such Material Intellectual Property Collateral or its right to keep and maintain
such registration in full force and effect, (ii) maintain all Material Intellectual Property Collateral as presently used and operated,
to the extent such Spectrum Pledgor would maintain the collateral in the normal course, (iii) not permit to lapse or become abandoned
any Material Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding
with respect to any such Material Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable
business judgment, (iv) upon such Spectrum Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing
of any event which may be reasonably expected to materially and adversely affect the Spectrum Pledgor’s rights to any Material
Intellectual Property Collateral or the rights and remedies of the Collateral Agent in relation thereto including a levy or threat of
levy or any legal process against any Material Intellectual Property Collateral, (v) not license any Intellectual Property Collateral
other than licenses entered into by such Spectrum Pledgor in, or incidental to, the Ordinary Course of Business or in such manner as
would not otherwise be reasonably expected to have a material and adverse affect on the Spectrum Pledgor’s rights to such collateral,
or amend or permit the amendment of any of the licenses in a manner other than in the Ordinary Course of Business that materially and
adversely affects the right to receive payments thereunder, or in any manner other than in the Ordinary Course of Business that would
materially impair the Spectrum Pledgor’s rights to any Intellectual Property Collateral, or the Lien on and security interest in
the Intellectual Property Collateral created therein hereby, (vi) diligently keep adequate records respecting the registrations
for all Intellectual Property Collateral and (vii) furnish to the Collateral Agent from time to time upon the Collateral Agent’s
reasonable request therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual
Property Collateral and such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral
Agent may from time to time reasonably request.

 

SECTION 6.3.        After-Acquired
Property. If any Spectrum Pledgor shall at any time after the date hereof (i) obtain any rights to any additional Intellectual
Property Collateral that are registered with a Governmental Authority or the subject of a pending application for such registration or
(ii) become entitled to the benefit of any additional Intellectual Property Collateral that are registered with a Governmental Authority
or the subject of a pending application for such registration or any renewal or extension thereof, including any reissue, division, continuation,
or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any
intent-to use trademark application is no longer subject to clause (e) of the definition of “Excluded Assets,” the provisions
hereof shall automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically
constitute Pledged Collateral as if such would have constituted Pledged Collateral at the time of execution hereof and be subject to
the Lien and security interest created by this Agreement without further action by any party. Each Spectrum Pledgor shall reasonably
promptly (and in any event within thirty (30) days after the end of each calendar year in its annual reporting statement) provide to
the Collateral Agent (a) written notice of all such then current Intellectual Property Collateral that are part of the Pledged Collateral
that are registered with a Governmental Authority or the subject of a pending application for such registration (other than confidential,
non-published applications), and (b) confirm the attachment of the Lien and security interest created by this Agreement to any rights
described in clauses (i) and (ii) above by execution of an instrument in form reasonably necessary to grant such a security
interest to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve,
protect or perfect the Collateral Agent’s security interest in such Intellectual Property Collateral that are part of the Pledged
Collateral, including recording with the United States Patent and Trademark office and the United States Copyright office, as applicable.
Further, each Spectrum Pledgor authorizes the Collateral Agent as directed by the applicable Secured Parties to modify this Agreement
by amending Schedules 9(a) and 9(b) to the Perfection Certificate to include any Intellectual Property Collateral
of such Spectrum Pledgor acquired or arising after the date hereof that are Pledged Collateral.

 

     

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SECTION 6.4.        Litigation.
Unless there shall occur and be continuing any Event of Default, each Spectrum Pledgor shall have the right to commence and prosecute
in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Spectrum Pledgors, such applications
for protection of the Intellectual Property Collateral and suits, proceedings or other actions to prevent the infringement, counterfeiting,
unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon
the occurrence and during the continuance of any Event of Default, the Collateral Agent shall have the right (in conjunction with the
Spectrum Pledgor) but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or
bring suit in the name of any Spectrum Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral
and any license thereunder. In the event of such suit, each Spectrum Pledgor shall, at the reasonable request of the Collateral Agent,
do any and all lawful acts and execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Spectrum
Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent in the
exercise of its rights under this Section 6.4 in accordance with Section 7.07 of the Indenture. In the event
that the Collateral Agent shall elect not to bring suit to enforce the Intellectual Property Collateral, each Spectrum Pledgor agrees,
at the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary, whether by suit, proceeding
or other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other damage to
any of the Intellectual Property Collateral by any Person in each case as shall be consistent with commercially reasonable business judgment.

 

ARTICLE VII

 

CERTAIN PROVISIONS CONCERNING RECEIVABLES

 

SECTION 7.1.        Maintenance
of Records. Each Spectrum Pledgor shall keep and maintain at its own cost and expense complete records of each Receivable, including
records of all payments received, all credits granted thereon, all merchandise returned and all other documentation relating thereto,
in each case to the extent, and in a manner, consistent with prudent business practice or current business practice. Each Spectrum Pledgor
shall, at such Spectrum Pledgor’s sole cost and expense, upon the Collateral Agent’s reasonable demand made at any time after
the occurrence and during the continuance of any Event of Default, to the extent permitted by law, promptly deliver all tangible evidence
of Receivables, including all documents evidencing Receivables and any books and records relating thereto to the Collateral Agent or
to its representatives (copies of which evidence and books and records may be retained by such Spectrum Pledgor). Upon the occurrence
and during the continuance of any Event of Default, to the extent permitted by law the Collateral Agent may transfer a full and complete
copy of any Spectrum Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables
to and for the use by any Person that has acquired or is contemplating acquisition of an interest in the Receivables or the Collateral
Agent’s security interest therein without the consent of any Spectrum Pledgor.

 

     

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SECTION 7.2.        Legend.
If an Event of Default has occurred and is continuing, each Spectrum Pledgor shall legend the Receivables and the other books, records
and documents of such Spectrum Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the
Receivables have been assigned to the Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent has a security
interest therein.

 

ARTICLE VIII

 

TRANSFERS

 

SECTION 8.1.        Transfers
of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of
the Pledged Collateral or Foreign Collateral pledged by it hereunder except as expressly permitted by the Secured Agreements.

 

ARTICLE IX

 

REMEDIES

 

SECTION 9.1.        Remedies.

 

(a)            Upon
the occurrence and during the continuance of any Event of Default, the Collateral Agent may to the extent permitted by law from time
to time exercise in respect of the Pledged Collateral and the Foreign Collateral, in addition to the other rights and remedies provided
for herein or otherwise available to it, the following remedies:

 

(i)            Personally,
or by agents or attorneys, immediately take possession of the Pledged Collateral and the Foreign Collateral or any part thereof, from
any Pledgor or any other Person who then has possession of any part thereof, and for that purpose may enter upon any Pledgor’s
premises where any of the Pledged Collateral or Foreign Collateral is located, remove such Pledged Collateral or Foreign Collateral,
remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and Foreign
Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities of any Pledgor;

 

     

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(ii)            Demand,
sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged Collateral and Foreign
Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged
Collateral or Foreign Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly
to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other
modifications with respect thereto; provided, however, that in the event that any such payments are made directly to any
Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto
in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than one (1) Business Day after receipt
thereof) pay such amounts to the Collateral Agent;

 

(iii)            Sell,
assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate,
any and all investments made in whole or in part with the Pledged Collateral and Foreign Collateral or any part thereof, and take possession
of the proceeds of any such sale, assignment, license or liquidation;

 

(iv)            Take
possession of the Pledged Collateral and Foreign Collateral or any part thereof, by directing any Pledgor in writing to deliver the same
to the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and therewith delivered to the
Collateral Agent, (B) store and keep any Pledged Collateral and Foreign Collateral so delivered to the Collateral Agent at such
place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral or Foreign Collateral shall
be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain
them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral and Foreign Collateral as contemplated in this
Section 9.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral
Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation;

 

(v)            Withdraw
all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account of any Pledgor constituting
Pledged Collateral or Foreign Collateral for application to the Secured Obligations as provided in Article X hereof;

 

(vi)            Retain
and apply the Distributions to the Secured Obligations as provided in Article X hereof;

 

     

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(vii)            Exercise
any and all rights as beneficial and legal owner of the Pledged Collateral and Foreign Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral or Foreign Collateral;
and

 

(viii)            Exercise
all the rights and remedies of a secured party on default under the Uniform Commercial Code of any applicable jurisdiction, and the Collateral
Agent may also, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged
Collateral and Foreign Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s
board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or
prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other Secured
Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral and Foreign
Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Pledged Collateral and Foreign Collateral sold, assigned or licensed at such sale, to
use and apply any of the Secured Obligations owed to such Person as a credit on account of the purchase price of the Pledged Collateral
and Foreign Collateral or any part thereof payable by such Person at such sale. Each purchaser, assignee, licensee or recipient at any
such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and
each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has
or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall
not be obligated to make any sale of the Pledged Collateral or Foreign Collateral or any part thereof regardless of notice of sale having
been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby
waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the fact that the price
at which the Pledged Collateral and Foreign Collateral or any part thereof may have been sold, assigned or licensed at such a private
sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received
and does not offer such Pledged Collateral or Foreign Collateral to more than one offeree.

 

(b)            Except
as provided in the succeeding sentence, if an Event of Default has occurred and is continuing, the Collateral Agent will only be permitted,
subject to applicable law, to exercise remedies and sell the Pledged Collateral and the Foreign Collateral under this Agreement at the
direction of the holders of a majority in the aggregate principal amount of the outstanding Secured Obligations. If the Collateral Agent
shall not have received appropriate instruction within ten (10) days of a request therefor from the applicable Secured Parties or
their representatives (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances)
it may, but shall be under no duty to, take or refrain from taking such action as it shall deem to be in the best interests of the Secured
Parties and the Collateral Agent shall have no liability to any Person for such action or inaction. The Collateral Agent shall be authorized
to take, but shall not be required to take, and shall in no event have any liability for the taking, any delay in taking or the failure
to take, such actions with regard to a Default or an Event of Default which the Collateral Agent, in good faith, believes to be reasonably
required to promote and protect the interests of the Secured Parties and to preserve the value of the Pledged Collateral and the Foreign
Collateral and shall give the Secured Parties appropriate notice of such action. Any action taken or not taken without the vote of any
Secured Party or Secured Party under this Section 9.1(b) shall nevertheless be binding on such Secured Party or Secured
Parties.

 

     

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SECTION 9.2.        Notice
of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged Collateral and
Foreign Collateral or any part thereof shall be required by law, ten (10) Business Days’ prior notice to such Pledgor of the
time and place of any public sale or of the time after which any private sale or other intended disposition is to take place shall be
commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence
of such Event of Default, a statement renouncing or modifying any right to notification of sale or other intended disposition.

 

SECTION 9.3.        Waiver
of Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in
connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral
or Foreign Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and
any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted
by applicable law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place
and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all
rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral
Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the absence of gross
negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other
realization upon, any Pledged Collateral or Foreign Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against
such Pledgor and against any and all Persons claiming or attempting to claim the Pledged Collateral or Foreign Collateral so sold, optioned
or realized upon, or any part thereof, from, through or under such Pledgor.

 

SECTION 9.4.        Certain
Sales of Pledged Collateral and Foreign Collateral.

 

(a)            Each
Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental Authority,
the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral and Foreign Collateral,
to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales
may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions,
and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable
manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales.

 

     

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(b)            Each
Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws, the
Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property,
to limit purchasers to Persons who will agree, among other things, to acquire such Securities Collateral or Investment Property for their
own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions
(including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances,
agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent
shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral or Investment Property
for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the
Securities Act or under applicable state securities laws, even if such issuer would agree to do so.

 

(c)            If
the Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral or Investment Property, upon written
request, the applicable Pledgor shall determine and inform the Collateral Agent of the number of securities included in the Securities
Collateral or Investment Property which may be sold by the Collateral Agent as exempt transactions under the Securities Act and the rules of
the Securities and Exchange Commission thereunder, as the same are from time to time in effect.

 

(d)            Each
Pledgor further agrees that a breach of any of the covenants contained in this Section 9.4 will cause irreparable injury
to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy
at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.4 shall
be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action
for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing.

 

SECTION 9.5.        No
Waiver; Cumulative Remedies.

 

(a)            No
failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the Collateral
Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right,
power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral
or guaranties. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law
or otherwise available.

 

     

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(b)            In
the event that the Collateral Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under this
Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned
for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral
Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged
Collateral and Foreign Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties
shall continue as if no such proceeding had been instituted.

 

SECTION 9.6.        Certain
Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing, upon the written
demand of the Collateral Agent as directed by the applicable Secured Parties, each Pledgor shall execute and deliver to the Collateral
Agent an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as are
necessary or appropriate to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter
from the Collateral Agent, each Pledgor shall make available to the Collateral Agent, to the extent within such Pledgor’s power
and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably
designate, as directed by the applicable Secured Parties, to permit such Pledgor to continue, directly or indirectly, to produce, advertise
and sell the products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and such Persons
shall be available to perform their prior functions on the Collateral Agent’s behalf.

 

ARTICLE X

 

PROCEEDS
OF CASUALTY EVENTS AND COLLATERAL DISPOSITIONS; Application of Proceeds

 

SECTION 10.1.        Application
of Proceeds.

 

(a)         The
proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the
Pledged Collateral or Foreign Collateral pursuant to the exercise by the Collateral Agent of its remedies or the proceeds received by
the Collateral Agent in respect of any casualty event shall be applied, together with any other sums then held by the Collateral Agent
pursuant to this Agreement, as follows:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses, taxes and other amounts (including fees,
expenses, charges and disbursements of counsel to the Collateral Agent) payable to the Collateral Agent in its capacity as such;

 

     

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Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses, taxes and other amounts (including fees,
charges and disbursements of counsel to the Additional Secured Agent) payable to the Additional Secured Agent in its capacity as such;

 

Third,
to payment of that portion of the Secured Obligations constituting fees, indemnities and all other amounts payable to the Secured Parties
(without priority of any one over any other) pro rata to the Secured Parties in proportion to the unpaid amounts of Secured Obligations
with such proceeds applied (i) as among the Notes Secured Parties, as set forth in the Indenture and (ii) as among the Additional
Secured Parties, as set forth in the applicable Additional Secured Documents; and

 

Last,
the balance, if any, after all of the Secured Obligations have been paid in full, to the applicable Pledgors or as otherwise required
by Law.

 

(b)         In
making the determination and allocations required by this Section 10.1, the Collateral Agent may conclusively rely upon information
supplied by (i) the Trustee under the Indenture as to the amounts of unpaid principal and interest and other amounts outstanding
with respect to the Notes Obligations and (ii) the applicable Authorized Representative as to the amounts of unpaid principal and
interest and other amounts outstanding with respect to such Additional Secured Obligations and the Collateral Agent shall have no liability
to any of the Secured Parties for actions taken in reliance on such information; provided that nothing in this sentence shall
prevent any Pledgor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by
the Collateral Agent pursuant to this Section 10.1 shall be (subject to any decree of any court of competent jurisdiction)
final (absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application by the Trustee, or an Authorized
Representative of any amounts distributed to such Person. If, despite the provisions of this Agreement, any Secured Party shall receive
any payment or other recovery in excess of its portion of payments on account of the Secured Obligations to which it is then entitled
in accordance with this Agreement, such Secured Party shall hold such payment or other recovery in trust for the benefit of all Secured
Parties hereunder for distribution in accordance with this Section 10.1.

 

     

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(c)            Notwithstanding
the pari passu nature of all the Secured Obligations under the Notes, on the one hand, and the other Additional Secured Obligations,
on the other hand, in the event of any determination by a court of competent jurisdiction that (i) any of such other Additional
Secured Obligations is unenforceable under applicable law or are subordinated to any other obligations, (ii) any of such other Additional
Secured Obligations does not have an enforceable security interest in any of the Pledged Collateral or Foreign Collateral and/or (iii) any
intervening security interest exists securing any other Obligations (other than Obligations under the Notes or other series of Additional
Secured Obligations) on a basis ranking prior to the security interest of such other Additional Secured Obligations but junior to the
security interest of the obligations under the Notes (any such condition referred to in the foregoing clauses (i), (ii) or (iii) with
respect to any such Additional Secured Obligations, an “Impairment” of such other Additional Secured Obligations),
the results of such Impairment shall be borne solely by the holders of such other Additional Secured Obligations, and the rights of the
holders of such other Additional Secured Obligations (including, without limitation, the right to receive distributions in respect of
such other Additional Secured Obligations) set forth herein shall be modified to the extent necessary so that the effects of such Impairment
are borne solely by the holders of such other Additional Secured Obligations subject to such Impairment. Notwithstanding the foregoing,
with respect to any Pledged Collateral or Foreign Collateral for which a third party (other than a holder of Additional Secured Obligations)
has a Lien or security interest that is junior in priority to the security interest of the holders of the Notes but senior (as determined
by appropriate legal proceedings in the case of any dispute) to the security interest of the holder of any other Additional Secured Obligations
(such third party, an “Intervening Creditor”), the value of any Pledged Collateral or Foreign Collateral or proceeds
which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or proceeds to be distributed
in respect of the Additional Secured Obligations with respect to which such Impairment exists.

 

ARTICLE XI

 

MISCELLANEOUS

 

SECTION 11.1.        Concerning
Collateral Agent.

 

By way of supplement to Section 10.09
of the Indenture, it is agreed as follows:

 

(a)            Each
Secured Party hereby appoints U.S. Bank Trust Company, National Association to
serve as Collateral Agent and representative of the Secured Parties under each of the Security Documents and authorizes and directs the
Collateral Agent to act as agent for the Secured Parties for the purpose of executing and delivering, on behalf of all the Secured Parties,
the Security Documents and any other documents or instruments related thereto or necessary or, as determined by the Collateral Agent,
desirable to perfect the Liens granted to the Collateral Agent thereunder and, subject to the provisions of this Agreement, for the purpose
of enforcing the Secured Parties’ rights in respect of the Pledged Collateral or Foreign Collateral and the obligations of the
Pledgors under the Security Documents, and for the purpose of, or in connection with, releasing the obligations of the Pledgors under
the Security Documents. Without limiting the generality of the foregoing, the Collateral Agent is further hereby appointed as agent for
each of the Secured Parties to hold the Liens on the Pledged Collateral or Foreign Collateral granted pursuant to the Security Documents
with sole authority (subject to the Secured Agreements) to exercise remedies under the Security Documents. The Collateral Agent shall
have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain
from taking action (including the release or substitution of the Pledged Collateral or Foreign Collateral), in accordance with the Secured
Agreements. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence
or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral
Agent may be appointed in the manner provided in Section 10.09 of the Indenture and, as applicable, in the manner provided
in each Additional Secured Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent,
that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Collateral Agent under the Secured Agreements, and the retiring Collateral Agent shall thereupon be discharged from its duties
and obligations under the Secured Agreements. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure
to its benefit as to any actions taken or omitted to be taken by it under the Secured Agreements while it was the Collateral Agent.

 

     

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(b)            The
Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral and Foreign
Collateral in its possession if such Pledged Collateral or Foreign Collateral is accorded treatment substantially equivalent to that
which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests, it being
understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether
or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary
steps to preserve rights against any Person with respect to any Pledged Collateral or Foreign Collateral.

 

(c)            The
Collateral Agent shall be entitled to conclusively rely upon any written notice, statement, certificate, order or other document or any
telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper Person, and, with respect
to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it (who may be counsel to one
or more Pledgors). The Collateral Agent shall not be deemed to have actual, constructive, direct or indirect knowledge or notice of the
occurrence of any Default or Event of Default unless and until the Collateral Agent has received written notice from a Secured Party,
an Authorized Representative or the Issuer referring to the applicable Secured Agreement, describing such Default or Event of Default
and stating that it is a “notice of default” or a “notice of event of default,” setting forth in reasonable detail
the facts and circumstances thereof and stating that the Collateral Agent may conclusively rely on such notice without further inquiry.
The Collateral Agent shall have no obligation or duty prior to or after receiving any such notice to inquire whether a Default or Event
of Default has in fact occurred and shall be entitled to conclusively rely, and shall be fully protected in so relying, on any such notice
furnished to it.

 

(d)            If
any item of Pledged Collateral also constitutes collateral granted to the Collateral Agent under any other deed of trust, mortgage, security
agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other
deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of such collateral, the Collateral Agent, in
its sole discretion, shall select which provision or provisions shall control.

 

     

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(e)            The
Collateral Agent may conclusively rely on advice of counsel as to whether any or all UCC financing statements of the Pledgors need to
be amended as a result of any of the changes described in Section 4.5 hereof. If any Pledgor fails to provide information
to the Collateral Agent about such changes on a timely basis, the Collateral Agent shall not be liable or responsible to any party for
any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the
Collateral Agent needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes
if any Pledgor does not inform the Collateral Agent in writing of such changes, the parties acknowledging and agreeing that it would
not be feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by
any Pledgor.

 

(f)            It
is agreed that the provisions of Section 10.09 of the Indenture apply to this Agreement.

 

(g)            The
parties hereto agree that the Collateral Agent shall have no obligation to request any action or document or exercise any discretion
provided for hereunder unless it was instructed in writing to do so by the required Holders of the Notes pursuant to the Indenture.

 

SECTION 11.2.        Collateral
Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained
in the Secured Agreements (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance
policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges
imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’,
materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any
portion of the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such
Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached,
the Collateral Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend
funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity
of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such
Pledgor does not contest in accordance with the provisions of the Secured Agreements. Any and all amounts so expended by the Collateral
Agent shall be paid by the Pledgors in accordance with the provisions of Section 7.07 of the Indenture. Neither the provisions
of this Section 11.2 nor any action taken by the Collateral Agent pursuant to the provisions of this Section 11.2
shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from
constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority
in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time, to take any action and to execute
any instrument consistent with the terms of the Secured Agreements and the Security Documents which are reasonably necessary or advisable
to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such Pledgor or
any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest
and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do
or cause to be done by virtue hereof.

 

     

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SECTION 11.3.        Continuing
Security Interest; Assignment. This Agreement shall create a continuing security interest in the Pledged Collateral and Foreign Collateral
and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights
and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their
respective successors, transferees and assigns. No other Persons (including any other creditor of any Pledgor) shall have any interest
herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party
may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other Person, and such other Person shall
thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however,
to the provisions of the applicable Secured Agreement. Each of the Pledgors agrees that its obligations hereunder and the security interest
created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all
or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization
of any Pledgor or otherwise.

 

SECTION 11.4.        Termination;
Release.

 

(a)            When
all the Secured Obligations (other than contingent indemnification Secured Obligations as to which no claim has been asserted) have been
paid in full and no commitments remain under any Additional Secured Debt Documents, this Agreement shall terminate. Upon termination
of this Agreement, the Pledged Collateral and the Foreign Collateral shall be automatically released from the Lien of this Agreement.

 

(b)            The
Liens securing the Notes Obligations, will, automatically and without the need for any further action by any Person be released, in whole
or in part, as provided in Section 10.03 of the Indenture.

 

(c)            The
Liens securing the Additional Secured Obligations of any series will be released, in whole or in part, as provided in the Additional
Secured Documents governing such obligations.

 

SECTION 11.5.        Modification
in Writing. Except as permitted by Section 9.01 of the Indenture, no amendment, modification, supplement, termination
or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall
be made in accordance with the terms of the Indenture, each Additional Secured Agreement and unless in writing and signed by each of
the parties hereto. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any
consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance
and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document
evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further
notice or demand in similar or other circumstances.

 

     

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SECTION 11.6.        Notices.
Unless otherwise provided herein or in the Indenture, any notice or other communication herein required or permitted to be given shall
be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer
set forth in the Indenture, as to the Collateral Agent, in writing and addressed to it at the address set forth in the Indenture, and
as to any Authorized Representative, addressed to it at the address set forth in the applicable Additional Secured Party Joinder or in
each case at such other address as shall be designated by such party in a written notice to the other party complying as to delivery
with the terms of this Section 11.6.

 

SECTION 11.7.        Governing
Law. Section 13.08 of the Indenture is incorporated herein, mutatis mutandis, as if a part hereof.

 

SECTION 11.8.        Severability
of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof
or affecting the validity, legality or enforceability of such provision in any other jurisdiction.

 

SECTION 11.9.        Execution
in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original,
but all such counterparts together shall constitute one and the same agreement. Delivery of any executed counterpart of a signature page of
this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

SECTION 11.10.        Business
Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then
such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein
may be made on such Business Day, with the same force and effect as if made on such other day.

 

SECTION 11.11.        No
Credit for Payment of Taxes or Imposition. Each Pledgor shall not be entitled to any credit against the principal, premium, if any,
or interest payable under the Secured Agreements, and each such Pledgor shall not be entitled to any credit against any other sums which
may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or Foreign Collateral
or any part thereof.

 

SECTION 11.12.        No
Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the Collateral Agent,
express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the
Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance
of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim
against the Collateral Agent in respect thereof or any claim that any Lien based on the performance of such labor or services or the
furnishing of any such materials or other property is prior to the Lien hereof.

 

     

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SECTION 11.13.        No
Release. Nothing set forth in this Agreement or any other Security Document, nor the exercise by the Collateral Agent of any of the
rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s
part to be performed or observed under or in respect of any of the Pledged Collateral or Foreign Collateral or from any liability to
any Person under or in respect of any of the Pledged Collateral or Foreign Collateral or shall impose any obligation on the Collateral
Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to
be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission
on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained
in this Agreement, the Secured Agreements or the other Security Documents, or under or in respect of the Pledged Collateral or Foreign
Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Collateral Agent
nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the
Pledged Collateral or Foreign Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated
to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract,
agreement or other document included in the Pledged Collateral or Foreign Collateral hereunder. The obligations of each Pledgor contained
in this Section 11.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under
this Agreement, the Secured Agreements and the other Security Documents.

 

SECTION 11.14.        FCC
Matters.

 

(a)            Notwithstanding
anything herein to the contrary, the Collateral Agent, on behalf of the Secured Parties, agrees that to the extent prior FCC approval
is required pursuant to Communications Laws for (i) the operation and effectiveness of any grant, right or remedy hereunder or under
any other Security Document or (ii) taking any action that may be taken by the Collateral Agent hereunder or under the other Security
Documents, such grant, right, remedy or actions will be subject to such prior FCC approval having been obtained by or in favor of the
Collateral Agent, on behalf of the Secured Parties. Notwithstanding anything herein to the contrary, the Collateral Agent, on behalf
of the Secured Parties, acknowledges that, to the extent required by the FCC, the voting rights in the Pledged Securities, as well as
de jure, de facto and negative control over all FCC Licenses, shall remain with the applicable Pledgors even in the event of a Default
until the FCC shall have given its prior consent to the exercise of securityholder rights by a purchaser at a public or private sale
of the Pledged Securities or to the exercise of such rights by a receiver, trustee, conservator or other agent duly appointed in accordance
with the applicable law. The Pledgors shall, upon the occurrence and during the continuance of an Event of Default and after thirty (30)
days’ notice for the opportunity to cure such Event of Default, at the Collateral Agent’s request (acting at the written
request of the Secured Parties), file or cause to be filed such applications for approval and shall take such other actions reasonably
required by the Collateral Agent, as directed by the required Secured Parties pursuant to this Agreement, to obtain such FCC approvals
or consents as are necessary to transfer ownership and control to the Collateral Agent, on behalf of the Secured Parties, or their successors,
assigns or designees, of the FCC Licenses held by the applicable Pledgors. To enforce the provisions of this subsection, and if Pledgors
do not timely file or cause to be filed the required applications for FCC approval, the Collateral Agent is empowered to request the
appointment of a receiver from any court of competent jurisdiction.  Such receiver shall be instructed to seek from the FCC an involuntary
transfer of control of any such FCC License for the purpose of seeking a bona fide purchaser to whom control will ultimately be transferred. 
Upon the occurrence and during the continuance of an Event of Default and after thirty (30) days’ notice for the opportunity to
cure such Event of Default, at the Collateral Agent’s request (acting at the written request of the Secured Parties), the Pledgors
shall further use their reasonable best efforts to assist in obtaining approval of the FCC, if required, for any action or transactions
contemplated hereby, including, without limitation, the preparation, execution and filing with the FCC of the assignor’s or transferor’s
portion of any application for consent to the assignment of any FCC License or transfer of control necessary or appropriate under the
FCC’s rules and regulations for approval of the transfer or assignment of any portion of the Collateral, together with any
FCC License or other authorization.

 

     

    -41-

    

 

(b)            The
Pledgors acknowledge that the assignment or transfer of such FCC Licenses is integral to the Secured Parties’ realization of the
value of the Collateral, that there is no adequate remedy at law for failure by the applicable Pledgors to comply with the provisions
of this section and that such failure would not be adequately compensable in damages, and therefore agree that this section may be specifically
enforced.

 

(c)            Notwithstanding
anything herein or in any other Security Document or the Secured Agreements to the contrary, neither the Collateral Agent nor any other
Secured Party shall, without first obtaining the approval of the FCC, take any action hereunder or under any other Security Document
that would constitute or result in any assignment of an FCC License or any change of control of any Pledgor if such assignment or change
of control would require the approval of the FCC under applicable law (including FCC rules and regulations).

 

ARTICLE XII

 

ADDITIONAL
SECURED OBLIGATIONS

 

SECTION 12.1.        Additional
Secured Obligations. On or after the date hereof, the Issuer may from time to time designate additional Indebtedness of the Issuer
or any Guarantor permitted to be incurred under the Indenture and each then extant Additional Secured Debt Agreement and to be secured
by a Lien on the Pledged Collateral or Foreign Collateral permitted by the Indenture and each then extant Additional Secured Debt Agreement
as Additional Secured Obligations and as additional Secured Obligations hereunder by delivering to the Collateral Agent and each Authorized
Representative (a) a certificate signed by an Officer of the Issuer (i) identifying the obligations so designated and the aggregate
principal amount or face amount thereof, stating that such obligations are designated as Additional Secured Obligations and Secured Obligations
for purposes hereof and the Indenture, (ii) representing that such designation of such obligations as Additional Secured Obligations
complies with the terms of each of the Secured Agreements and (iii) specifying the name and address of the Authorized Representative
for such obligations, (b) except in the case of any Additional Notes, a fully executed Additional Secured Party Joinder (in the
form attached as Exhibit 7); and (c) an Opinion of Counsel to the effect that the designation of such obligations as
 “Additional Secured Obligations” is in compliance with the terms of the Indenture and each then extant Additional Secured
Debt Agreement. Each Authorized Representative agrees that upon the satisfaction of all conditions set forth in the preceding sentence,
the Collateral Agent shall act as agent under and subject to the terms of this Agreement for the benefit of all Secured Parties, including
without limitation, any Secured Parties that hold any such Additional Secured Obligations, and each Authorized Representative agrees
to the appointment, and acceptance of the appointment, of the Collateral Agent as agent for the holders of such Additional Secured Obligations
as set forth in each Additional Secured Party Joinder and agrees, on behalf of itself and each Additional Secured Party it represents,
to be bound by this Agreement.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

 

     

    S-1

    

 

IN WITNESS WHEREOF, each Pledgor
and the Collateral Agent have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date
first above written.

 

	 	DISH
    ORBITAL CORPORATION,
	 	as
    Pledgor
	 	 
	 	By:	/s/
    Paul W. Orban
	 	 	Name:	Paul
    W. Orban
	 	 	Title:	Executive
    Vice President and Chief Financial Officer
	 	 
	 	DISH
    WIRELESS HOLDING L.L.C.,
	 	as
    Pledgor
	 	 
	 	By:	/s/
    Paul W. Orban
	 	 	Name:  	Paul
    W. Orban
	 	 	Title:	Executive
    Vice President and Chief Financial Officer
	 	 
	 	PARKERB.COM
    WIRELESS L.L.C.,
	 	as
    Pledgor
	 	 
	 	By:	/s/
    Paul W. Orban
	 	 	Name:	Paul
    W. Orban
	 	 	Title:	Executive
    Vice President and Chief Financial Officer

 

     

    S-2

    

 

	 	U.S.
    BANK TRUST COMPANY, NATIONAL ASSOCIATION,
	 	as
    Collateral Agent
	 	 
	 	By:	/s/
    Benjamin J. Krueger
	 	 	Name:  	Benjamin
    J. Krueger
	 	 	Title:	Vice
    President

 

     

     

    

 

EXHIBIT 1

 

[Form of]

 

ISSUER’S ACKNOWLEDGMENT

 

The
undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”), dated as of November 15,
2022, made by DISH Wireless Holding L.L.C., a Colorado limited liability company, DISH Orbital Corporation, a Colorado corporation and
ParkerB.com Wireless L.L.C., a Colorado limited liability company (each, a “Pledgor”), and U.S. Bank Trust Company,
National Association, as collateral agent (in such capacity and together
with any successors in such capacity, the “Collateral Agent”), (ii) agrees promptly to note on its books the
security interests granted to the Collateral Agent and confirmed under the Security Agreement, (iii) agrees that it will comply
with instructions of the Collateral Agent with respect to the applicable Securities Collateral (including all Equity Interests of the
undersigned) without further consent by the applicable Pledgor, (iv) agrees to notify the Collateral Agent in writing upon obtaining
knowledge of any interest in favor of any Person in the applicable Securities Collateral that is adverse to the interest of the Collateral
Agent therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Security Agreement in connection
with the registration of any Securities Collateral thereunder in the name of the Collateral Agent or its nominee or the exercise of voting
rights by the Collateral Agent or its nominee. Capitalized terms used but not otherwise defined herein shall have the meanings assigned
to such terms in the Security Agreement.

 

	 	[                                                          ]
	 	 
	 	By:	 
	 	 	Name:  	                      
	 	 	Title:	 

 

     

     

    

 

EXHIBIT 2

 

[Form of]

 

SECURITIES PLEDGE AMENDMENT

 

This
Securities Pledge Amendment, dated as of [                    ],
20[ ], is delivered pursuant to Section 5.1 of the Security Agreement (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Security Agreement”), dated as of November 15, 2022, made by DISH
Wireless Holding L.L.C., a Colorado limited liability company, DISH Orbital Corporation, a Colorado corporation and ParkerB.com Wireless
L.L.C., a Colorado limited liability company, and U.S. Bank Trust Company, National Association,
as collateral agent (in such capacity and together with any successors in such capacity, the “Collateral Agent”).
The undersigned hereby agrees that this Securities Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities
and/or Intercompany Notes listed on this Securities Pledge Amendment shall be deemed to be and shall become part of the Pledged Collateral
and shall secure all Secured Obligations. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Security Agreement.

 

PLEDGED SECURITIES

 

	ISSUER	 	CLASS
 OF
STOCK
 OR

INTERESTS	 	PAR

 VALUE	 	CERTIFICATE

 NO(S).	 	NUMBER OF

SHARES
 OR
 INTERESTS	 	PERCENTAGE OF

ALL ISSUED CAPITAL
 OR OTHER EQUITY

INTERESTS OF ISSUER
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

     

    -2-

    

 

INTERCOMPANY NOTES

 

	ISSUER	 	PRINCIPAL

AMOUNT	 	DATE
OF
 ISSUANCE	 	INTEREST

RATE	 	MATURITY

DATE
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	 	[                                                                        ],
	 	as Pledgor

 

	 	By:	 
	 	 	Name:  
	 	 	Title:

 

AGREED
TO AND ACCEPTED:

 

U.S.
BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as
Collateral Agent 

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

     

     

    

 

EXHIBIT 3

 

[Form of]

 

JOINDER AGREEMENT

 

[Name of New Pledgor]

[Address of New Pledgor]

 

[Date]

 

	 	 
	 	 
	 	 
	 	 

 

Ladies and Gentlemen:

 

Reference
is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”), dated as of November 15, 2022, made by DISH Wireless Holding L.L.C., a Colorado limited liability company,
DISH Orbital Corporation, a Colorado corporation and ParkerB.com Wireless L.L.C., a Colorado limited liability company (each, a “Pledgor”),
and U.S. Bank Trust Company, National Association, as collateral agent
(in such capacity and together with any successors in such capacity, the “Collateral Agent”). Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement.

 

This Joinder Agreement supplements
the Security Agreement and is delivered by the undersigned, [                         ]
(the “New Pledgor”), pursuant to Section 3.5 of the Security Agreement. The New Pledgor hereby agrees
to be bound as a[n] [Equity Pledgor][Spectrum Pledgor] party to the Security Agreement by all of the terms, covenants and conditions
set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security Agreement
on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions
applicable to it set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the
Security Agreement on the execution date of the Security Agreement. Without limiting the generality of the foregoing, the New Pledgor
hereby grants and pledges to the Collateral Agent, as collateral security for the full, prompt and complete payment and performance when
due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of
its right, title and interest in, to and under the [Equity Collateral][Spectrum Collateral][insert any other specific collateral provisions]
and expressly assumes all obligations and liabilities of a Pledgor thereunder. The New Pledgor hereby makes each of the representations
and warranties and agrees to each of the covenants applicable to the [Equity Pledgors][Spectrum Pledgors] contained in the Security Agreement.

 

     

    -2-

    

 

Annexed hereto are supplements
to each of the schedules to the Security Agreement, with respect to the New Pledgor. Such supplements shall be deemed to be part of the
Security Agreement.

 

This Joinder Agreement and
any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together
shall constitute one and the same agreement.

 

THIS JOINDER AGREEMENT SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF.

 

     

    -3-

    

 

IN WITNESS WHEREOF, the New
Pledgor has caused this Joinder Agreement to be executed and delivered by its duly authorized officer as of the date first above written.

 

	 	[NEW PLEDGOR] 

 

	 	By:	 
	 	 	Name:  
	 	 	Title:

 

AGREED
TO AND ACCEPTED:  

 

U.S.
BANK TRUST COMPANY, NATIONAL ASSOCIATION,  

as
Collateral Agent  

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Schedules to be attached]

 

     

     

    

 

EXHIBIT 4

 

[Form of]

 

Copyright Security Agreement

 

Copyright
Security Agreement, dated as of [                    ],
by [__________] and [___________] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor
of U.S. Bank Trust Company, National Association, in its capacity as
collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

 

W i t n e s s e t h:

 

Whereas,
the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required
to execute and deliver this Copyright Security Agreement;

 

Now,
Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter
into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows:

 

SECTION 1.        Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in
the Security Agreement.

 

SECTION 2.        Grant
of Security Interest in Copyright Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the
Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged
Collateral of such Pledgor:

 

(a)  Copyrights of such
Pledgor listed on Schedule I attached hereto; and

 

(b)  all Proceeds of any
and all of the foregoing (other than Excluded Assets).

 

SECTION 3.        Security
Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted pursuant to the security interest
granted to the Collateral Agent under the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in the Copyrights made and granted hereby are more fully set forth in the
Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event
that any provision of this Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine.

 

     

    -2-

    

 

SECTION 4.        Termination.
Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge,
and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and
security interest in the Copyrights under this Copyright Security Agreement.

 

SECTION 5.        Counterparts.
This Copyright Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts.

 

SECTION 6.        Governing
Law. This Copyright Security Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating
to this Copyright Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise,
shall be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard
to conflicts of law principles that would require the application of the laws of another jurisdiction.

 

[signature page follows]

 

     

    -3-

    

 

In
Witness Whereof, each Pledgor has caused this Copyright Security Agreement to be executed and delivered by its duly authorized
officer as of the date first set forth above.

 

	 	Very truly yours,
	 	 
	 	[PLEDGORS]

 

	 	By:	 
	 	 	Name:  
	 	 	Title:

 

Accepted and Agreed:  

 

U.S.
BANK TRUST COMPANY, NATIONAL ASSOCIATION,  

as
Collateral Agent 

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

     

     

    

 

SCHEDULE I

to

COPYRIGHT SECURITY AGREEMENT

COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS1

 

Copyright Registrations:

 

	owner	registration

    number	title
	 	 	 

 

Copyright Applications:

 

	owner	title
	 	 

 

 

	1	Note
                                            to attorney: These schedules include the minimum information required to perfect in the Copyright
                                            Office. A conformed version of perfection certificate would be adequate, provided it contains
                                            this information.

 

     

     

    

 

EXHIBIT 5

 

[Form of]

 

Patent Security Agreement

 

Patent
Security Agreement, dated as of [                    ],
by [________] and [_________] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor
of U.S. Bank Trust Company, National Association, in its capacity as
collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

 

W i t n e s 
s e t h:

 

Whereas,
the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required
to execute and deliver this Patent Security Agreement;

 

Now,
Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter
into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows:

 

SECTION 1.        Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in
the Security Agreement.

 

SECTION 2.        Grant
of Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the
Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged
Collateral of such Pledgor:

 

(a)  Patents of such Pledgor
listed on Schedule I attached hereto; and

 

(b)  all Proceeds of any
and all of the foregoing (other than Excluded Assets).

 

SECTION 3.        Security
Agreement. The security interest granted pursuant to this Patent Security Agreement is granted pursuant to the security interest
granted to the Collateral Agent under the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in the Patents made and granted hereby are more fully set forth in the
Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event
that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine.

 

     

    -2-

    

 

SECTION 4.        Termination.
Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge,
and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and
security interest in the Patents under this Patent Security Agreement.

 

SECTION 5.        Counterparts.
This Patent Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts.

 

SECTION 6.        Governing
Law. This Patent Security Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating
to this Patent Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall
be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard
to conflicts of law principles that would require the application of the laws of another jurisdiction.

 

[signature page follows]

 

     

    -3-

    

 

In
Witness Whereof, each Pledgor has caused this Patent Security Agreement to be executed and delivered by its duly authorized officer
as of the date first set forth above.

 

	 	Very truly yours,
	 	 
	 	[PLEDGORS]
	 	 
	 	By:	 
	 	 	Name:  	                      
	 	 	Title:	 

 

	Accepted and Agreed:	 
	 	 
	U.S.
    BANK TRUST COMPANY, NATIONAL ASSOCIATION,	 
	as
    Collateral Agent	 
	 	 
	By:	 	 
	 	Name:  	      	 
	 	Title:	 	 

 

     

    -4-

    

 

SCHEDULE I

to

PATENT SECURITY AGREEMENT

PATENT REGISTRATIONS AND PATENT APPLICATIONS

 

Patent Registrations:

 

	owner	registration

    number	name
	 	 	 

 

Patent Applications:

 

	owner	application

    number	name
	 	 	 

 

     

    

    

 

EXHIBIT 6

 

[Form of]

 

Trademark Security Agreement

 

Trademark
Security Agreement, dated as of [                    ],
by [________] and [________] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor
of U.S. Bank Trust Company, National Association, in its capacity as
collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

 

W i t n e s 
s e t h:

 

Whereas,
the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required
to execute and deliver this Trademark Security Agreement;

 

Now,
Therefore, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter
into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows:

 

SECTION 1.        Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in
the Security Agreement.

 

SECTION 2.        Grant
of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the
Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged
Collateral of such Pledgor:

 

(a)  Trademarks of such
Pledgor listed on Schedule I attached hereto;

 

(b)  all goodwill associated with such Trademarks;
and

 

(c)  all Proceeds of any and all of the foregoing
(other than Excluded Assets).

 

SECTION 3.        Security
Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted pursuant to the security interest
granted to the Collateral Agent under the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in the Trademarks made and granted hereby are more fully set forth in the
Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event
that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine.

 

     

    -2-

    

 

SECTION 4.        Termination.
Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge,
and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and
security interest in the Trademarks under this Trademark Security Agreement.

 

SECTION 5.        Counterparts.
This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts.

 

SECTION 6.        Governing
Law. This Trademark Security Agreement and the transactions contemplated hereby, and all disputes between the parties under or relating
to this Trademark Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise,
shall be construed in accordance with and governed by the laws (including statutes of limitation) of the State of New York, without regard
to conflicts of law principles that would require the application of the laws of another jurisdiction.

 

[signature page follows]

 

     

    -3-

    

 

In
Witness Whereof, each Pledgor has caused this Trademark Security Agreement to be executed and delivered by its duly authorized
officer as of the date first set forth above.

 

	 	Very truly yours,
	 	 
	 	[PLEDGORS]
	 	 
	 	By:	 
	 	 	Name:  	                      
	 	 	Title:	 

 

	Accepted and Agreed:	 
	 	 
	U.S.
    BANK TRUST COMPANY, NATIONAL ASSOCIATION,	 
	as
    Collateral Agent	 
	 	 
	By:	 	 
	 	Name:  	      	 
	 	Title:	 	 

 

     

    -4-

    

 

SCHEDULE I

to

TRADEMARK SECURITY AGREEMENT

TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS1

 

Trademark Registrations:

 

	owner	registration

    number	TRADEMARK
	 	 	 

 

Trademark Applications:

 

	owner	application

    number	trademark
	 	 	 

 

 

	1	Note
                                            to attorney: These schedules include the minimum information required to perfect in the PTO.
                                            A conformed version of perfection certificate would be adequate, provided it contains this
                                            information.

 

     

     

    

 

EXHIBIT 8

 

[Form of]

 

ADDITIONAL SECURED PARTY JOINDER

 

[Name of Additional Secured Creditor]

[Address of Additional Secured Creditor]

 

[Date]

 

	 	 
	 	 
	 	 
	 	 

 

The
undersigned is the agent (the “Authorized Representative”) for Persons wishing to become “Additional Secured
Parties” (the “New Secured Parties”) under the Security Agreement dated as of November 15, 2022 (as
heretofore amended and/or supplemented, the “Security Agreement”) among DISH Wireless Holding L.L.C., a Colorado limited
liability company, DISH Orbital Corporation, a Colorado corporation and ParkerB.com Wireless L.L.C., a Colorado limited liability company,
as pledgors, assignors and debtors, and U.S. Bank Trust Company, National Association,
as Collateral Agent (the “Collateral Agent”). Terms used without definition herein have the meanings assigned thereto
in the Security Agreement.

 

In consideration of the foregoing,
the undersigned hereby:

 

(i)            represents
that the Authorized Representative has been authorized by the New Secured Parties to become a party to the Security Agreement and the
other Security Documents on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (with Obligations thereunder
being the “New Secured Obligation”) and to act as the Authorized Representative for the New Secured Parties;

 

(ii)            acknowledges
that the New Secured Parties have received a copy of the Security Agreement and the Indenture;

 

(iii)            appoints
and authorizes the Collateral Agent to take such action as agent on its behalf and on behalf of all other Secured Parties and to exercise
such powers under the Security Agreement and the other Security Documents as are delegated to the Collateral Agent by the terms thereof,
together with all such powers as are reasonably incidental thereto; and

 

     

     

    

 

(iv)            accepts
and acknowledges the terms of the Security Agreement applicable to it and the New Secured Parties and agrees to serve as Authorized Representative
for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured
Parties to be bound by the terms thereof applicable to holders of Additional Secured Obligations, with all the rights and obligations
of an Additional Secured Party thereunder and bound by all the provisions thereof as fully as if it had been an Additional Secured Party
on the effective date of the Security Agreement.

 

The Collateral Agent, by acknowledging
and agreeing to this Additional Secured Party Joinder, accepts the appointment set forth in clause (iii) above.

 

The name and address of the
representative for purposes of Section 11.6 of the Security Agreement are as follows:

 

[name and address of
Authorized Representative]

 

THIS ADDITIONAL SECURED PARTY
JOINDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this Additional Secured Party Joinder to be duly executed by its authorized officer as of the ___ day of _______, 20__.

 

 

	 	[NAME OF AUTHORIZED REPRESENTATIVE]
	 	 
	 	By:	 
	 	 	Name:  	                      
	 	 	Title:	 

 

	Acknowledged and Agreed	 
	 	 
	U.S.
    BANK TRUST COMPANY, NATIONAL ASSOCIATION,	 
	as
    Collateral Agent	 
	 	 
	By:	 	 
	 	Name:  	      	 
	 	Title:	 	 

 

 

	DISH
    NETWORK CORPORATION	 
	 	 
	By:	 	 
	 	Name:  	      	 
	 	Title:	 	 

 

     

     

    

 

SCHEDULE 1

 

EQUITY COLLATERAL

 

	Equity Pledgor	 	Issuer	 	Certificate

    Number	 	 	Percent

    Interest	 	 	Percent

    Pledged	 
	DISH Wireless Holding L.L.C.	 	ParkerB.com Wireless L.L.C.	 	 	None	 	 	 	100	%	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISH Orbital Corporation	 	DISH DBS Corporation	 	 	4	 	 	 	100	%	 	 	100	%

 

     

     

    

 

SCHEDULE 2

 

COMMERCIAL TORT CLAIMS

 

None.Document

Exhibit 4.10

DESCRIPTION OF ORDINARY SHARES
The following description of the material terms of our ordinary shares is based on the provisions of our Irish memorandum and articles of association. This description is not complete and is subject to the applicable provisions of Irish law and our memorandum and articles of association, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. The transfer agent and registrar for our ordinary shares is Equiniti Trust Company. Our ordinary shares are listed on the New York Stock Exchange under the ticker symbol “JCI.”
Capital Structure
Authorized and Issued Share Capital
Our authorized share capital is $22,000,000 and €40,000, divided into 2,000,000,000 ordinary shares with a par value of $0.01 per share, 200,000,000 preferred shares with a par value of $0.01 per share, and 40,000 ordinary A shares with a par value of €1.00 per share. The authorized share capital includes 40,000 ordinary A shares with a par value of €1.00 per share in order, at the time of its incorporation, to satisfy statutory requirements for the incorporation of all Irish public limited companies. We may issue shares subject to the maximum amount prescribed by our authorized share capital contained in our memorandum and articles of association.
As a matter of Irish company law, the directors of a company may issue new ordinary or preferred shares (including the grant of options and issue of warrants) without shareholder approval once authorized to do so by the memorandum and articles of association of the company or by an ordinary resolution adopted by the shareholders at a general meeting. An ordinary resolution requires over 50% of the votes cast by a company’s shareholders at a general meeting. The authority conferred can be granted for a maximum period of five years, at which point it will lapse unless renewed by the shareholders of the company by an ordinary resolution. The board of directors is authorized, under an annual authorization by shareholders pursuant to an ordinary resolution, to issue ordinary shares subject to a maximum of approximately 33% of our issued share capital. The current annual authorization will expire at the earlier of the date of our annual general meeting in 2023 or September 9, 2023 unless renewed (a renewal of the authorization will be proposed at our annual general meeting in 2023, which if approved would expire on the date of our annual general meeting in 2024 or 18 months after the date of our 2023 annual general meeting (whichever is earlier)).
Notwithstanding this authority, under the Irish Takeover Rules the board of directors would not be permitted to issue any shares, during a period when an offer has been made for us or is believed to be imminent unless the issue is (i) approved by shareholders at a general meeting, (ii) consented to by the Irish Takeover Panel on the basis it would not constitute action frustrating the offer, (iii) consented to by the Irish Takeover Panel and approved by the holders of more than 50% of our voting rights, (iv) consented to by the Irish Takeover Panel in circumstances where a contract for the issue of the shares had been entered into prior to that period, or (v) consented to by the Irish Takeover Panel in circumstances where the issue of the shares was decided by our board of directors prior to that period and either action has been taken to implement the issuance (whether in part or in full) prior to such period or the issuance was otherwise in the ordinary course of business.
The board of directors has previously represented that it will not, without prior shareholder approval, approve the issuance or use of any of the preferred shares for any defensive or anti-takeover purpose or for the purpose of implementing any shareholder rights plan. Within these limits, the board of directors may approve the issuance or use of preferred shares for capital raising, financing or acquisition needs or opportunities that has the effect of making a takeover of us or other acquisition transaction more difficult or costly, as could also be the case if the board of directors were to issue additional ordinary shares.
The authority to issue preferred shares provides us with the flexibility to consider and respond to future business needs and opportunities as they arise from time to time, including in connection with capital raising, financing, and acquisition transactions or opportunities. 
The authorized but unissued share capital may be increased or reduced by way of an ordinary resolution of our shareholders. The shares comprising our authorized share capital may be divided into shares of such par value as the 

resolution shall prescribe. The rights and restrictions to which the ordinary shares will be subject are prescribed in our memorandum and articles of association.
Irish law does not recognize fractional shares held of record; accordingly, our memorandum and articles of association do not provide for the issuance of fractional shares, and our official Irish register will not reflect any fractional shares.
Dividends
Under Irish law, dividends and distributions may only be made from distributable reserves. Distributable reserves, broadly, means our accumulated realized profits less our accumulated realized losses. In addition, no distribution or dividend may be made unless our net assets are equal to, or in excess of, the aggregate of our called up share capital plus undistributable reserves and the distribution does not reduce our net assets below such aggregate. Undistributable reserves include the share premium account, the par value of shares acquired by us and the amount by which our accumulated unrealized profits, so far as not previously utilized by any capitalization, exceed our accumulated unrealized losses, so far as not previously written off in a reduction or reorganization of capital.
The determination as to whether or not we have sufficient distributable reserves to fund a dividend must be made by reference to our “relevant financial statements.” The “relevant financial statements” will be either the last set of unconsolidated annual audited financial statements or unaudited financial statements prior to the declaration of a dividend prepared in accordance with the Irish Companies Act, which give a “true and fair view” of our unconsolidated financial position and accord with accepted accounting practice. The relevant financial statements must be filed in the Companies Registration Office (the official public registry for companies in Ireland).
The mechanism as to who declares a dividend and when a dividend shall become payable is governed by our articles of association, which authorize the directors to declare such dividends as appear justified from our profits without the approval of the shareholders at a general meeting. The board of directors may also recommend a dividend to be approved and declared by the shareholders at a general meeting. Although the shareholders may direct that the payment be made by distribution of assets, shares or cash, no dividend issued may exceed the amount recommended by the directors. The dividends can be declared and paid in the form of cash or non-cash assets.
Our directors may deduct from any dividend payable to any shareholder all sums of money (if any) payable by him or her to us in relation to our shares. Our directors are also entitled to issue shares with preferred rights to participate in dividends we declare. The holders of such preferred shares may, depending on their terms, be entitled to claim arrears of a declared dividend out of subsequently declared dividends in priority to ordinary shareholders.
Preemptive Rights and Advance Subscription Rights
Certain statutory preemption rights apply automatically in favor of our shareholders where our shares are to be issued for cash (including pursuant to non-compensatory options). Statutory preemption rights do not apply (i) where shares are issued for non-cash consideration (such as in a stock-for-stock acquisition), (ii) to the issue of non-equity shares (that is, shares that have the right to participate only up to a specified amount in any income or capital distribution) or (iii) where shares are issued pursuant to an employee option or similar equity plan. In addition, and without prejudice to any existing authorities granted to the board of directors, the board of directors is authorized, under an annual authorization by shareholders pursuant to a special resolution, to issue ordinary shares without the application of preemption rights of up to approximately 5% of our issued share capital. The current annual authorization will expire at the earlier of the date of our annual general meeting in 2023 or September 9, 2023 unless renewed (a renewal of the authorization will be proposed at our annual general meeting in 2023, which if approved would expire on the date of our annual general meeting in 2024 or 18 months after the date of our 2023 annual general meeting (whichever is earlier)).
A special resolution requires not less than 75% of the votes cast by our shareholders at a general meeting. If the opt-out is not renewed, shares issued for cash must be offered to our pre-existing shareholders pro rata to their 

existing shareholding in accordance with the statutory preemption rights described above before the shares can be issued to any new shareholders.
Issuance of Warrants and Options
Our articles of association provide that, subject to any shareholder approval requirement under any laws, regulations or the rules of any stock exchange to which we are subject, the board is authorized, from time to time, in its discretion, to grant such persons, for such periods and upon such terms as the board deems advisable, options to purchase such number of shares of any class or classes or of any series of any class as the board may deem advisable, and to cause warrants or other appropriate instruments evidencing such options to be issued. The issuance of warrants or options is subject to the same requirements for shareholder authority and statutory preemption rights as applies to the issue of ordinary shares described under the headings “–Capital Structure– Authorized and Issued Share Capital” and “–Preemptive Rights and Advance Subscription Rights” in this summary and the number of shares capable of being issued under options and warrants are aggregated with the number of shares issued under those authorizations for determining the utilization of those authorizations. The board may issue shares upon exercise of warrants or options without shareholder approval or authorization provided that the original warrants or options were issued when valid authorization was in place.
Share Repurchases and Redemptions
Overview
Article 3 of our articles of association provides that any ordinary share which we have acquired or agreed to acquire shall be deemed to be a redeemable share. Accordingly, for Irish company law purposes, the repurchase of ordinary shares by us will technically be effected as a redemption of those shares as described below. If our articles of association did not contain Article 3(d), repurchases of our ordinary shares would be subject to many of the same rules that apply to purchases of our ordinary shares by subsidiaries described below, including the shareholder approval requirements described below and the requirement that any on-market purchases be effected on a “recognized stock exchange.” Except where otherwise noted, when we refer to repurchasing or buying back our ordinary shares, we are referring to the redemption of ordinary shares by us pursuant to Article 3(d) of the articles of association or the purchase of our ordinary shares by a subsidiary of ours, in each case in accordance with our articles of association and Irish company law as described below.
Repurchases and Redemptions by Us
Under Irish law, a company can issue redeemable shares and redeem them out of distributable reserves or the proceeds of a new issue of shares for that purpose. The issue of redeemable shares may only be made by us where the nominal value of the issued share capital that is not redeemable is not less than 10% of the aggregate of the par value and share premium in respect of the allotment of our shares together with the par value of any shares acquired by us. All redeemable shares must also be fully paid and the terms of redemption of the shares must provide for payment on redemption. Redeemable shares may, upon redemption, be cancelled or held in treasury. Shareholder approval will not be required to redeem our ordinary shares. Our board of directors will also be entitled to issue preferred shares which may be redeemed at either our option or the that of the shareholder, depending on the terms of such preferred shares. 
Repurchased and redeemed shares may be cancelled or held as treasury shares. The nominal value of treasury shares held by us at any time must not exceed 10% of our company capital (consisting of the aggregate of the par value and share premium in respect of the allotment of our shares together with the par value of any shares acquired by us). While we hold shares as treasury shares, we cannot exercise any voting rights in respect of those shares. We may cancel or reissue treasury shares subject to certain conditions.
Purchases by Our Subsidiaries
Under Irish law, it may be permissible for an Irish or non-Irish subsidiary to purchase our shares either on-market or off-market. A general authority of our shareholders is required to allow a subsidiary of ours to make on-market purchases of our ordinary shares; however, as long as this general authority has been granted, no specific 

shareholder authority for a particular on-market purchase by a subsidiary of our ordinary shares is required. Such an authority has been adopted by our shareholders. We have sought such general authority, which must expire no later than 18 months after the date on which it was granted, at previous annual general meetings and expect to seek to renew such authority at subsequent annual general meetings. In order for a subsidiary of ours to make an on-market purchase of our shares, such shares must be purchased on a “recognized stock exchange.” The New York Stock Exchange, on which our shares are listed, is a recognized stock exchange for this purpose under Irish company law. For an off-market purchase by a subsidiary of ours, the proposed purchase contract must be authorized by special resolution of our shareholders before the contract is entered into. The person whose shares are to be bought back cannot vote in favor of the special resolution and, from the date of the notice of the meeting at which the resolution approving the contract is to be proposed, the purchase contract must be on display or must be available for inspection by shareholders at our registered office.
The number of shares held by our subsidiaries at any time will count as treasury shares and will be included in any calculation of the permitted treasury share threshold of 10% of the aggregate of the par value and share premium in respect of the allotment of our shares together with the par value of any shares acquired by us. While a subsidiary holds our shares, it cannot exercise any voting rights in respect of those shares. The acquisition of our shares by a subsidiary must be funded out of distributable reserves of the subsidiary.
Lien on Shares, Calls on Shares and Forfeiture of Shares
Our articles of association provide that we will have a first and paramount lien on every share for all moneys payable, whether presently due or not, in respect of such share. Subject to the terms of their allotment, directors may call for any unpaid amounts in respect of any shares to be paid, and if payment is not made, the shares may be forfeited. These provisions are standard inclusions in the articles of association of an Irish company limited by shares, such as us.
Bonus Shares
Under our articles of association, the board of directors may resolve to capitalize any amount credited to any reserve or fund available for distribution or the share premium account or other undistributable reserve of ours for issuance and distribution to shareholders as fully paid up bonus shares on the same basis of entitlement as would apply in respect of a dividend distribution.
Consolidation and Division; Subdivision
Under our articles of association, we may by ordinary resolution consolidate and divide all or any of our share capital into shares of larger par value than its existing shares or subdivide our shares into smaller amounts than is fixed by our articles of association.
Reduction of Share Capital
We may, by ordinary resolution, reduce our authorized but unissued share capital in any way and reduce the nominal value of any of its shares. We also may, by special resolution and subject to confirmation by the Irish High Court (or as otherwise permitted under the Irish Companies Act), reduce or cancel our issued share capital in any way.
General Meetings of Shareholders
We are generally required to hold an annual general meeting at intervals of no more than fifteen months, provided that an annual general meeting is held in each calendar year, no more than nine months after our fiscal year-end.
Our articles of association provide that shareholder meetings may be held outside of Ireland (subject to compliance with the Irish Companies Act). Where a company holds its annual general meeting or extraordinary general meeting outside of Ireland, the Irish Companies Act requires that the company, at its own expense, make all necessary arrangements to ensure that members can by technological means participate in the meeting without 

leaving Ireland (unless all of the members entitled to attend and vote at the meeting consent in writing to the meeting being held outside of Ireland).
Extraordinary general meetings may be convened by (i) the board of directors, (ii) on requisition of the shareholders holding not less than 10% of the paid up share capital of our shares carrying voting rights or (iii) on requisition of our auditors. Extraordinary general meetings are generally held for the purposes of approving shareholder resolutions as may be required from time to time.
Notice of a general meeting must be given to all of our shareholders and to our auditors. Our articles of association provide that the maximum notice period is 60 days. The minimum notice periods are 21 days’ notice in writing for an annual general meeting or an extraordinary general meeting to approve a special resolution and 14 days’ notice in writing for any other extraordinary general meeting. In each case the notice period excludes the date of mailing, the date of the meeting and is in addition to two days for deemed delivery where this is by electronic means. General meetings may be called by shorter notice, but only with the consent of our auditors and all of the shareholders entitled to attend and vote thereat. Because of the 21-day and 14-day requirements described in this paragraph, our articles of association include provisions reflecting these requirements of Irish law.
In the case of an extraordinary general meeting convened by our shareholders, the proposed purpose of the meeting must be set out in the requisition notice. The requisition notice can contain any resolution. Upon receipt of this requisition notice, the board of directors has 21 days to convene a meeting of our shareholders to vote on the matters set out in the requisition notice. This meeting must be held within two months of the receipt of the requisition notice. If the board of directors does not convene the meeting within such 21-day period, the requisitioning shareholders, or any of them representing more than one half of the total voting rights of all of them, may themselves convene a meeting, which meeting must be held within three months of the receipt of the requisition notice.
The only matters which must, as a matter of Irish company law, be transacted at an annual general meeting are the presentation of the annual accounts, balance sheet and reports of the directors and auditors, the appointment of auditors and the fixing of the auditor’s remuneration (or delegation of same). If no resolution is made in respect of the reappointment of an auditor at an annual general meeting, the previous auditor will be deemed to have continued in office. Directors are elected by the affirmative vote of a majority of the votes cast by shareholders at an annual general meeting and, pursuant to our articles of association, serve for one-year terms. Any nominee for director who does not receive a majority of the votes cast is not elected to the board. However, because Irish law requires a minimum of two directors at all times, in the event that an election results in no directors being elected, each of the two nominees receiving the greatest number of votes in favor of his or her election shall hold office until his or her successor shall be elected. In the event that an election results in only one director being elected, that director shall be elected and shall serve for a one-year term, and the nominee receiving the greatest number of votes in favor of their election shall hold office until his or her successor shall be elected. 
If the directors become aware that our net assets are half or less of the amount of our called-up share capital, the directors must convene an extraordinary general meeting of our shareholders not later than 28 days from the date that they learn of this fact. This meeting must be convened for the purposes of considering whether any, and if so what, measures should be taken to address the situation.
Voting
General
Where a poll is demanded at a general meeting, every shareholder shall have one vote for each ordinary share that he or she holds as of the record date for the meeting. Voting rights on a poll may be exercised by shareholders registered in our share register as of the record date for the meeting or by a duly appointed proxy of such a registered shareholder, which proxy need not be a shareholder. Where interests in shares are held by a nominee trust company this company may exercise the rights of the beneficial holders on their behalf as their proxy. All proxies must be appointed in the manner prescribed by the Irish Companies Act. Our articles of association permit the appointment of proxies by the shareholders to be notified by us electronically, when permitted by the directors.

Our articles of association provide that all resolutions shall be decided by a show of hands unless a poll is demanded by the chairman, by at least three shareholders as of the record date for the meeting or by any shareholder or shareholders holding not less than 10% of the total voting rights of ours as of the record date for the meeting. Each of our shareholders of record as of the record date for the meeting has one vote at a general meeting on a show of hands.
In accordance with our articles of association, our directors may from time to time cause us to issue preferred shares. These preferred shares may have such voting rights as may be specified in the terms of such preferred shares (e.g., they may carry more votes per share than ordinary shares or may entitle their holders to a class vote on such matters as may be specified in the terms of the preferred shares).
Treasury shares will not be entitled to vote at general meetings of shareholders
Supermajority Voting
Irish company law requires “special resolutions” of the shareholders at a general meeting to approve certain matters. A special resolution requires not less than 75% of the votes cast by our shareholders at a general meeting. This may be contrasted with “ordinary resolutions,” which require a simple majority of the votes cast by our shareholders at a general meeting. Examples of matters requiring special resolutions include:
 
												
	 	•	 	amending our objects;

												
	 	•	 	amending our memorandum and articles of association;

												
	 	•	 	approving the change of our name;

												
	 	•	 	authorizing the entering into of a guarantee or provision of security in connection with a loan, quasi-loan or credit transaction to a director or connected person;

												
	 	•	 	opting out of pre-emption rights on the issuance of new shares;

												
	 	•	 	re-registration from a public limited company as a private company;

												
	 	•	 	variation of class rights attached to classes of shares;

												
	 	•	 	purchase of own shares off-market;

												
	 	•	 	the reduction of share capital;

																		
	 	•	 	resolving that we be wound up by the Irish courts;
		 		•		resolving in favor of a shareholders’ voluntary winding-up;

												
	 	•	 	re-designation of shares into different share classes; and

												
	 	•	 	setting the re-issue price of treasury shares.

A scheme of arrangement with shareholders requires a court order from the Irish High Court and the approval of (1) 75% of the voting shareholders by value and (2) 50% in number of the voting shareholders, at a meeting called to approve the scheme.
Variation of Class Rights Attaching to Shares
Variation of all or any special rights attached to any class of our shares is addressed in our articles of association as well as the Irish Companies Act. Any variation of class rights attaching to our issued shares must be approved by a special resolution of the shareholders of the class affected.

Quorum for General Meetings
The presence, in person or by proxy, of the holders of our ordinary shares outstanding which entitle the holders to a majority of the voting power of shares outstanding constitutes a quorum for the conduct of business. No business may take place at a general meeting if a quorum is not present in person or by proxy. The board of directors has no authority to waive quorum requirements stipulated in our articles of association. Abstentions and broker non-votes will be counted as present for purposes of determining whether there is a quorum in respect of the proposals.
Inspection of Books and Records
Under Irish law, shareholders have the right to: (1) receive a copy of our memorandum and articles of association and any act of the Irish Government which alters our memorandum of association; (2) inspect and obtain copies of our minutes of general meetings and resolutions; (3) inspect and receive a copy of the register of shareholders, register of directors and secretaries, register of directors’ interests and other statutory registers maintained by us; (4) receive copies of financial statements and directors’ and auditors’ reports which have previously been sent to shareholders prior to an annual general meeting; and (5) receive financial statements of a subsidiary company of ours which have previously been sent to shareholders prior to an annual general meeting for the preceding ten years. Our auditors will also have the right to inspect all of our books, records and vouchers. The auditors’ report must be circulated to the shareholders with our audited financial statements 21 days before the annual general meeting and must be laid before the shareholders at our annual general meeting.
Acquisitions and Appraisal Rights
There are a number of mechanisms for acquiring an Irish public limited company, including:
 
												
	 	•	 	a court-approved scheme of arrangement under the Irish Companies Act. A scheme of arrangement with shareholders requires a court order from the Irish High Court and the approval of: (1) 75% of the voting shareholders by value; and (2) greater than 50% in number of the voting shareholders, at a meeting called to approve the scheme;

												
	 	•	 	through a tender offer by a third party for all of our shares. Where the holders of 80% or more of our shares have accepted an offer for their shares, the remaining shareholders may be statutorily required to also transfer their shares. If the bidder does not exercise its “squeeze out” right, then the non-accepting shareholders also have a statutory right to require the bidder to acquire their shares on the same terms. If our shares were listed on Euronext Dublin or another regulated stock exchange in the European Union, this threshold would be increased to 90%; and
	 	•	 	by way of a merger with an EEA-incorporated company under the E.U. Cross Border Merger Directive (Directive 2017/1132/EU of the European Parliament and of the Council on cross-border mergers of limited liability companies). Such a merger must be approved by a special resolution (there is no statutory merger regime pursuant to Irish law for mergers between an Irish company and a company based outside of the European Economic Area, but Irish law nevertheless allows for the transfer of all assets and liabilities in accordance with an agreement such as the merger agreement).

Under Irish law, there is no requirement for a company’s shareholders to approve a sale, lease or exchange of all or substantially all of a company’s property and assets. However, our articles of association provide that the affirmative vote of the holders of a majority of the outstanding voting shares on the relevant record date is required to approve a sale, lease or exchange of all or substantially all of its property or assets.
Disclosure of Interests in Shares
Under the Irish Companies Act, there is a notification requirement for shareholders who acquire or cease to be interested in 3% of the shares of an Irish public limited company. A shareholder of ours must therefore make such a notification to us if as a result of a transaction the shareholder will be interested in 3% or more of our shares; or if as a result of a transaction a shareholder who was interested in more than 3% of our shares ceases to be so interested. Where a shareholder is interested in more than 3% of our shares, any alteration of his or her interest that brings his or her total holding through the nearest whole percentage number, whether an increase or a reduction, 

must be notified to us. The relevant percentage figure is calculated by reference to the aggregate par value of the shares in which the shareholder is interested as a proportion of the entire par value of our share capital. Where the percentage level of the shareholder’s interest does not amount to a whole percentage this figure may be rounded down to the next whole number. All such disclosures should be notified to us within 5 business days of the transaction or alteration of the shareholder’s interests that gave rise to the requirement to notify. Where a person fails to comply with the notification requirements described above no right or interest of any kind whatsoever in respect of any of our shares concerned, held by such person, shall be enforceable by such person, whether directly or indirectly, by action or legal proceeding. However, such person may apply to the court to have the rights attaching to the shares concerned reinstated.
In addition to the above disclosure requirement, under the Irish Companies Act we may by notice in writing require a person whom we know or have reasonable cause to believe to be, or at any time during the three years immediately preceding the date on which such notice is issued, to have been interested in shares comprised in our relevant share capital to: (a) indicate whether or not it is the case, and (b) where such person holds or has during that time held an interest in our shares, to give such further information as may be required by us including particulars of such person’s own past or present interests in our shares. Any information given in response to the notice is required to be given in writing within such reasonable time as may be specified in the notice.
Where such a notice is served by us on a person who is or was interested in our shares and that person fails to give us any information required within the reasonable time specified, we may apply to court for an order directing that the affected shares be subject to certain restrictions.
Under the Irish Companies Act, the restrictions that may be placed on the shares by the court are as follows:
 
												
	 	•	 	any transfer of those shares, or in the case of unissued shares any transfer of the right to be issued with shares and any issue of shares, shall be void;

												
	 	•	 	no voting rights shall be exercisable in respect of those shares;

												
	 	•	 	no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder of those shares; and

												
	 	•	 	no payment shall be made of any sums due from us on those shares, whether in respect of capital or otherwise.

Where our shares are subject to these restrictions, the court may order the shares to be sold and may also direct that the shares shall cease to be subject to these restrictions. Failure to comply with such a court order is a criminal offence.
Anti-Takeover Provisions
Business Combinations with Interested Shareholders
Our articles of association include a provision similar to Section 203 of the Delaware General Corporation Law, which generally prohibits us from engaging in a business combination with an interested shareholder for a period of three years following the date the person became an interested shareholder, unless, in general:
 
												
	 	•	 	our board of directors approved the transaction which resulted in the shareholder becoming an interested shareholder;

												
	 	•	 	upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the shareholder owned at least 85% of the voting shares outstanding at the time of commencement of such transaction, excluding for purposes of determining the number of voting shares outstanding (but not the outstanding voting shares owned by the interested shareholder), voting shares owned by persons who are directors and also officers and by certain employee share plans; or

												
	 	•	 	the business combination is approved by our board of directors and authorized at an annual or extraordinary general meeting of shareholders by a special resolution, excluding for this purpose any votes cast by the interested shareholder.

A “business combination” is generally defined as a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested shareholder. An “interested shareholder” is generally defined as a person who, together with affiliates and associates, owns or, within three years prior to the date in question, owned 15% or more of our outstanding voting shares.
Shareholder Rights Plans and Share Issuances
Irish law does not expressly prohibit companies from issuing share purchase rights or adopting a shareholder rights plan as an anti-takeover measure. However, there is no directly relevant case law on the validity of such plans under Irish law, and shareholder approval may be required under Irish law to implement such a plan. In addition, such a plan would be subject to the Irish Takeover Rules described below.
Subject to the Irish Takeover Rules described below, the board also has power to issue any of our authorized and unissued shares on such terms and conditions as it may determine and any such action should be taken in our best interests. It is possible, however, that the terms and conditions of any issue of preferred shares could discourage a takeover or other transaction that holders of some or a majority of the ordinary shares believe to be in their best interests or in which holders might receive a premium for their shares over the then market price of the shares. The board of directors represents that, it will not, without prior shareholder approval, approve the issuance or use of any of the preferred shares for any defensive or anti-takeover purpose or for the purpose of implementing any shareholder rights plan. Within these limits, the board of directors may approve the issuance or use of preferred shares for capital raising, financing or acquisition needs or opportunities that has the effect of making a takeover of us or other acquisition transactions more difficult or costly, as could also be the case if the board of directors were to issue additional ordinary shares.
Irish Takeover Rules and Substantial Acquisition Rules
A transaction by virtue of which a third party is seeking to acquire 30% or more of the voting rights of our shares will be governed by the Irish Takeover Panel Act 1997 and the Irish Takeover Rules made thereunder and will be regulated by the Irish Takeover Panel. The “General Principles” of the Irish Takeover Rules and certain important aspects of the Irish Takeover Rules are described below. 
General Principles
The Irish Takeover Rules are built on the following General Principles which will apply to any transaction regulated by the Irish Takeover Panel:
												
	 	•	 	in the event of an offer, all classes of shareholders of the target company should be afforded equivalent treatment and, if a person acquires control of a company, the other holders of securities must be protected;

												
	 	•	 	the holders of securities in the target company must have sufficient time to allow them to make an informed decision regarding the offer;

												
	 	•	 	the board of a company must act in the interests of the company as a whole. If the board of the target company advises the holders of securities as regards the offer it must advise on the effects of the implementation of the offer on employment, employment conditions and the locations of the target company’s place of business;

												
	 	•	 	false markets in the securities of the target company or any other company concerned by the offer must not be created;

												
	 	•	 	a bidder can only announce an offer after ensuring that he or she can fulfill in full the consideration offered;

												
	 	•	 	a target company may not be hindered longer than is reasonable by an offer for its securities. This is a recognition that an offer will disrupt the day-to-day running of a target company particularly if the offer is hostile and the board of the target company must divert its attention to resist the offer; and

												
	 	•	 	a “substantial acquisition” of securities (whether such acquisition is to be effected by one transaction or a series of transactions) will only be allowed to take place at an acceptable speed and shall be subject to adequate and timely disclosure.

Mandatory Bid
Under certain circumstances, a person who acquires our shares or other voting rights may be required under the Irish Takeover Rules to make a mandatory cash offer for our remaining outstanding shares at a price not less than the highest price paid for the shares by the acquirer (or any parties acting in concert with the acquirer) during the previous 12 months. This mandatory bid requirement is triggered if, unless the Panel otherwise consents, an acquisition of shares would (i) increase the aggregate holding of an acquirer (including the holdings of any parties acting in concert with the acquirer) to shares representing 30% or more of the voting rights in us, or (ii) in the case of a person holding (together with its concert parties) shares representing 30% or more of the voting rights in us, after giving effect to the acquisition, increase the percentage of the voting rights held by that person (together with its concert parties) by 0.05% within a 12-month period. Any person (excluding any parties acting in concert with the holder) holding shares representing more than 50% of the voting rights of a company is not subject to these mandatory offer requirements in purchasing additional securities.
Voluntary Bid; Requirements to Make a Cash Offer and Minimum Price Requirements
A voluntary offer is an offer that is not a mandatory offer. If a bidder or any of its concert parties acquire our ordinary shares within the period of three months prior to the commencement of the offer period, the offer price must be not less than the highest price paid for our ordinary shares by the bidder or its concert parties during that period. The Irish Takeover Panel has the power to extend the “look back” period to 12 months if the Irish Takeover Panel, having regard to the General Principles, believes it is appropriate to do so. 
If the bidder or any of its concert parties has acquired our ordinary shares (i) during the period of 12 months prior to the commencement of the offer period which represent more than 10% of our total ordinary shares or (ii) at any time after the commencement of the offer period, the offer shall be in cash (or accompanied by a full cash alternative) and the price per ordinary share shall be not less than the highest price paid by the bidder or its concert parties during, in the case of (i), the period of 12 months prior to the commencement of the offer period and, in the case of (ii), the offer period. The Irish Takeover Panel may apply this rule to a bidder who, together with its concert parties, has acquired less than 10% of our total ordinary shares in the 12-month period prior to the commencement of the offer period if the Panel, having regard to the General Principles, considers it just and proper to do so. 
An offer period will generally commence from the date of the first announcement of the offer or proposed offer.
Substantial Acquisition Rules
The Irish Takeover Rules also contain rules governing substantial acquisitions of shares which restrict the speed at which a person may increase his or her holding of shares and rights over shares to an aggregate of between 15% and 30% of the voting rights of our shares. Except in certain circumstances, an acquisition or series of acquisitions of shares or rights over shares representing 10% or more of the voting rights of our shares is prohibited, if such acquisition(s), when aggregated with shares or rights already held, would result in the acquirer holding 15% or more but less than 30% of the voting rights of our shares and such acquisitions are made within a period of seven days. These rules also require accelerated disclosure of acquisitions of shares or rights over shares relating to such holdings.
Frustrating Action
Under the Irish Takeover Rules, our board of directors is not permitted to take any action which might frustrate an offer for our shares once the board of directors has received an approach which may lead to an offer or 

has reason to believe an offer is imminent except as noted below. Potentially frustrating actions such as (i) the issue of shares, options or convertible securities, or the redemption or purchase of own securities (other than under a contract entered into prior to the announcement of the offer or the board having reason to believe an offer is imminent), (ii) material acquisitions or disposals, (iii) entering into contracts other than in the ordinary course of business or (iv) any action, other than seeking alternative offers, which may result in frustration of an offer, are prohibited during the course of an offer or at any time during which the board has reason to believe an offer is imminent. Exceptions to this prohibition are available where:
												
	 	•	 	the action is approved by the offeree at a general meeting; or

												
	 	•	 	with the consent of the Irish Takeover Panel where:

												
	 	•	 	the Irish Takeover Panel is satisfied the action would not constitute a frustrating action;

 
												
	 	•	 	the holders of 50% of the voting rights state in writing that they approve the proposed action and would vote in favor of it at a general meeting;

												
	 	•	 	the action is taken in accordance with a contract entered into prior to the announcement of the offer; or

												
	 	•	 	the decision to take such action was made before the announcement of the offer and either has been at least partially implemented or is in the ordinary course of business.

Corporate Governance
Our articles of association delegate the day-to-day management of us to the board of directors. The board of directors may then delegate the management of us to committees, executives or to a management team, but regardless, the directors will remain responsible, as a matter of Irish law, for the proper management of our affairs.
Our corporate governance guidelines and general approach to corporate governance as reflected in our memorandum and articles of association and our internal policies and procedures are guided by U.S. practice and applicable federal securities laws and regulations and the requirements of the New York Stock Exchange. Although we are an Irish public limited company, we are not subject to the listing rules of Euronext Dublin or the listing rules of the U.K. Financial Conduct Authority and we are therefore not subject to, nor will we adopt, the U.K. Corporate Governance Code, any guidelines issued by the Investment Association or the Pre-Emption Group Statement of Principles, or any other non-statutory Irish or U.K. governance standards or guidelines. While there are many similarities and overlaps between the U.S. corporate governance standards applied by us and the U.K. Corporate Governance Code and other Irish/U.K. governance standards or guidelines, there are differences, in particular relating to the extent of the authorization to issue share capital and effect share repurchases that may be granted to the board and the criteria for determining the independence of directors.
Duration; Dissolution; Rights upon Liquidation
Our duration is unlimited. We may be dissolved and wound up at any time by way of either a shareholders’ voluntary winding up or a creditors’ winding up. In the case of a shareholders’ voluntary winding up, the consent of not less than 75% of the votes cast by our shareholders is required. We may also be dissolved by way of court order on the application of a creditor or the Director of Corporate Enforcement (where the court is satisfied on a petition of the Director of Corporate Enforcement that it is in the public interest that we should be would up), or by the Companies Registration Office (by way of strike-off) as an enforcement measure where we have failed to file certain returns.
The rights of the shareholders to a return of our assets on dissolution or winding up, following the settlement of all claims of creditors, may be prescribed in our memorandum and articles of association or the terms of any preferred shares issued by our directors from time to time. The holders of preferred shares in particular may have the right to priority in a dissolution or winding up of us. If the articles of association contain no specific provisions in respect of a dissolution or winding up then, subject to the priorities of any creditors, the assets will be distributed to shareholders in proportion to the paid-up par value of the shares held. Our articles of association provide that our 

ordinary shareholders are entitled to participate pro rata in a winding up, but their right to do so may be subject to the rights of any preferred shareholders to participate under the terms of any series or class of preferred shares.
Stock Exchange Listing
Our ordinary shares are listed on the New York Stock Exchange under the symbol “JCI”.
Uncertificated Shares
Pursuant to the Irish Companies Act a shareholder is entitled to be issued a share certificate on request and subject to payment of a nominal fee.
Transfer and Registration of Shares
Our share register is maintained by its transfer agent. Registration in this share register is determinative of membership in us. A shareholder of ours who holds shares beneficially is not the holder of record of such shares. Instead, the depository (for example, Cede & Co., as nominee for DTC) or other nominee is the holder of record of such shares. Accordingly, a transfer of shares from a person who holds such shares beneficially to a person who also holds such shares beneficially through the same depository or other nominee will not be registered in our official share register, as the depository or other nominee will remain the record holder of such shares.
A written instrument of transfer is required under Irish law in order to register on our official share register any transfer of shares (i) from a person who holds such shares directly to any other person, (ii) from a person who holds such shares beneficially to a person who holds such shares directly, or (iii) from a person who holds such shares beneficially to another person who holds such shares beneficially where the transfer involves a change in the depository or other nominee that is the record owner of the transferred shares. An instrument of transfer also is required for a shareholder who directly holds shares to transfer those shares into his or her own broker account (or vice versa). Such instruments of transfer may give rise to Irish stamp duty, which must be paid prior to registration of the transfer on our official Irish share register.
We may, in our absolute discretion, pay or cause one of our affiliates to pay any stamp duty. Our articles of association provide that, in the event of any such payment, we shall be entitled to (i) seek reimbursement from the buyer, (ii) set-off the amount of the stamp duty against future dividends on such shares, and (iii) claim a first and permanent lien on our ordinary shares acquired by such buyer and any dividends paid on such shares. Parties to a share transfer may assume that any stamp duty arising in respect of a transaction in our ordinary shares has been paid unless one or both of such parties is otherwise notified by us.
Our articles of association delegate to our Secretary (or his or her nominee) the authority to execute an instrument of transfer on behalf of a transferring party. In order to help ensure that the official share register is regularly updated to reflect trading of our ordinary shares occurring through normal electronic systems, we regularly produce any required instruments of transfer in connection with any transactions for which we pay stamp duty (subject to the reimbursement and set-off rights described above). In the event that we notify one or both of the parties to a share transfer that we believe stamp duty is required to be paid in connection with such transfer and that we will not pay such stamp duty, such parties may either themselves arrange for the execution of the required instrument of transfer (and may request a form of instrument of transfer from us for this purpose) or request that we execute an instrument of transfer on behalf of the transferring party in a form determined by us. In either event, if the parties to the share transfer have the instrument of transfer duly stamped (to the extent required) and then provide it to our transfer agent, the transferee will be registered as the legal owner of the relevant shares on our official Irish share register (subject to the matters described below).
Our directors have general discretion to decline to register an instrument of transfer unless the transfer is in respect of one class of shares only, the instrument of transfer is accompanied by the certificate of shares to which it relates and such other evidence as the directors may reasonably require to show the right of the transferor to make the transfer, a fee of €10 or such lesser sum is paid to us, the instrument of transfer is in favor of not more than four transferees and it is lodged at our registered office or such other place as the board of directors may appoint.

The registration of transfers may be suspended by the directors at such times and for such period, not exceeding in the whole 30 days in each year, as the directors may from time to time determine.
Formation; Fiscal Year; Registered Office
We were incorporated in Ireland as a public limited company on May 9, 2014 (under the name “Tyco International plc”) with company registration number 543654. Our fiscal year ends on September 30 of each year and our registered address is One Albert Quay, Cork, T12 X8N6, Ireland.
No Sinking Fund
The ordinary shares have no sinking fund provisions.
No Liability for Further Calls or Assessments
When the ordinary shares are issued, they will be duly and validly issued, fully paid and nonassessable.

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