Document:

EX-10.14

 Exhibit 10.14 

 
  

 
 STOCKHOLDERS AGREEMENT 

by and among 
 ENDEAVOR
GROUP HOLDINGS, INC., 
 ENDEAVOR EXECUTIVE HOLDCO, LLC 

ENDEAVOR EXECUTIVE PIU HOLDCO, LLC 

ENDEAVOR EXECUTIVE II HOLDCO, LLC 

ARIEL EMANUEL 
 PATRICK
WHITESELL 
 THE ARIEL Z. EMANUEL LIVING TRUST, DATED NOVEMBER 13, 2017 

THE SILVER LAKE PARTIES NAMED HEREIN 

AND 
 THE OTHER
STOCKHOLDERS PARTY HERETO 
  
  

Dated as of September __, 2019 

 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	Certain Definitions	  	 	2	 
	 Section 1.2
	 	Interpretive Provisions	  	 	8	 
		
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	9	 
			
	 Section 2.1
	 	SL Directors	  	 	9	 
	 Section 2.2
	 	Executive Directors	  	 	12	 
	 Section 2.3
	 	Voting Agreement	  	 	16	 
		
	 ARTICLE III OTHER COVENANTS AND AGREEMENTS
	  	 	18	 
			
	 Section 3.1
	 	Indemnification Agreements	  	 	18	 
	 Section 3.2
	 	IPO Expenses	  	 	18	 
	 Section 3.3
	 	Company Charter; Company By-laws; Corporate Opportunities	  	 	18	 
	 Section 3.4
	 	Conflicting Organizational Document Provisions	  	 	18	 
		
	 ARTICLE IV GENERAL
	  	 	20	 
			
	 Section 4.1
	 	Assignment	  	 	20	 
	 Section 4.2
	 	Expenses	  	 	20	 
	 Section 4.3
	 	Termination	  	 	20	 
	 Section 4.4
	 	Severability	  	 	21	 
	 Section 4.5
	 	Entire Agreement; Amendment	  	 	21	 
	 Section 4.6
	 	Counterparts	  	 	21	 
	 Section 4.7
	 	Governing Law	  	 	22	 
	 Section 4.8
	 	Jurisdiction	  	 	22	 
	 Section 4.9
	 	Waiver of Jury Trial	  	 	22	 
	 Section 4.10
	 	No Presumption	  	 	22	 
	 Section 4.11
	 	Immunity Waiver	  	 	22	 
	 Section 4.12
	 	Specific Performance	  	 	23	 
	 Section 4.13
	 	Notices	  	 	23	 
	 Section 4.14
	 	Binding Effect; Third Party Beneficiaries	  	 	24	 
	 Section 4.15
	 	Further Assurances	  	 	25	 
	 Section 4.16
	 	Table of Contents, Headings and Captions	  	 	25	 
	 Section 4.17
	 	No Recourse	  	 	25	 

 Exhibits and Annexes 

 

					
	Exhibit I	  	–  	  	Company Charter
	Exhibit II	  	–  	  	Company By-laws
			
	Annex A	  	–  	  	Form of Joinder Agreement
	Annex B	  	–  	  	Form of Spousal Consent

  

 STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (as amended, supplemented or restated from time to time, this “Agreement”) is entered into as of
September _________, 2019, by and among (i) Endeavor Group Holdings, Inc., a Delaware corporation (the “Company”), (ii) Endeavor Executive Holdco, LLC, a Delaware limited liability company (“Executive Holdco”),
Endeavor Executive PIU Holdco, LLC, a Delaware limited liability company (“Employee Holdco I”), Endeavor Executive II Holdco, LLC, a Delaware limited liability company (“Employee Holdco II”, and together with
Executive Holdco and Employee Holdco I, the “Executive Holding Companies”) and Ariel Emanuel and Patrick Whitesell (each a “Key Executive”), the Ariel Z. Emanuel Living Trust, dated November 13, 2017 (the
“Executive Trust” and together with Executive Holdco, Employee Holdco I, Employee Holdco II and the Key Executives, the “Executive Equityholders”), (iii) SLP West Holdings, L.L.C., a Delaware limited liability
company, SLP West Holdings II, L.L.C., a Delaware limited liability company, SLP West Holdings III, L.P., a Delaware limited partnership, SLP IV West Feeder I, LP, a Delaware limited partnership, SL SPV-1
Feeder I, LP, a Delaware limited partnership, SLP West Holdings Co-Invest, L.P., a Delaware limited partnership, SLP West Holdings Co-Invest Feeder II, L.P., a Delaware
limited partnership, and SLP West Holdings Co-Invest II, L.P., a Delaware limited partnership (collectively, the “SL Equityholders”), (iv) HS Investments (A) LP (“HS A”),
HS Investments NA5 Limited (“HS NA5”), HS Investments (W) Limited (together with HAS and HS NA5, the “Osborne Entities”), (v) SCC Growth IV Holdco II, Ltd. (the “Sequoia Entity”), (vi) Jet2
Investment Holdings Limited (the “Focus Entity”), Sixjoy LLC (the “Tencent Entity”), (vi) Mubadala Capital Partners, L.P. (“Mubadala”), (vii) Acanitt Limited (“Acanitt”), (viii)
Jasmine Ventures Pte. Ltd. (“GIC”) and (ix) CPP Investment Board (USRE III) Inc. (“CPPIB” and together with the Osborne Entities, the Sequoia Entity, the Focus Entity, the Tencent Entity, Mubadala, Acanitt,
GIC, the Executive Parties and the SL Equity Holders, and any other holder of Company Securities that executes this Agreement or a Joinder hereto, the “Stockholders”). 

RECITALS 

WHEREAS, pursuant to the terms of the Restructuring Agreement (the “Restructuring Agreement”), dated as of the date
hereof, by and among the Company and the Stockholders and the other Persons listed on the signature pages thereto, the parties hereto have agreed to enter into this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Definitions. As used in this Agreement, the following definitions shall apply: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person; provided that no party shall be deemed to be an Affiliate of any other party or any of its Affiliates solely by virtue of such party’s ownership of Company Securities. Notwithstanding the foregoing, no SL
Party shall be considered an Affiliate of any portfolio company in which the direct or indirect equityholders of such SL Party or any of their affiliated investment funds have made a debt or equity investment (or vice versa). 

“Affiliated Transferee” means (i) in the case of any Person that is an individual, any transferee of Company Securities
of such Person that is (x) an immediate family member of such Person, (y) a trust, family-partnership or estate-planning vehicle for the benefit of such Person and/or any of its immediate family members or (z) an Affiliate of such
Person, (ii) in the case of any Person that is a limited liability company, limited partnership or other entity, any transferee of Company Securities of such Person that is (x) an immediate family member of the individual that controls a
majority of the voting or economic interest in such Person, (y) a trust, family-partnership or estate-planning vehicle for the benefit of the individual that controls a majority of the voting or economic interest in such Person and/or any of
such individual’s immediate family members or (z) an Affiliate of such Person, (iii) in the case of each of the Executive Equityholders, without limiting clauses (i) or (ii), any transferee of Company Securities that is either
(x) a Key Executive or (y) an Affiliate or Affiliated Transferee of either Key Executive or (iv) in the case of any transferor, without limiting clauses (i), (ii) or (iii), any transferee of shares of Class A Common Stock and/or
Class X Common Stock that also received shares of Class Y Common Stock in the applicable transfer (i.e., shares of the transferor’s Class Y Common Stock were not automatically transferred to the Company and retired by the Company
under Section 6.3 of the Company Charter as a result of such transaction). 
 “Aggregate CPP Ownership” means the
total number of shares of Class A Common Stock beneficially owned (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act (but without giving
effect to beneficial ownership deemed to arise solely as a result of this Agreement or by membership in a “group”, as contemplated by Rule 13d-5, with
non-Affiliates)), in the aggregate and without duplication, by CPPIB or any of its Affiliates as of the date of such calculation (determined on an
“as-converted” basis taking into account any and all securities convertible into, or exercisable, exchangeable or redeemable for, shares of Class A Common Stock (including Common Units that are
redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing, vesting or other restrictions on redemptions contained therein and assuming no redemptions for cash))). 

  
 2 

 “Aggregate GIC Ownership” means the total number of shares of Class A
Common Stock beneficially owned (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act (but without giving effect to beneficial ownership deemed to
arise solely as a result of this Agreement or by membership in a “group”, as contemplated by Rule 13d-5, with non-Affiliates)), in the aggregate and without
duplication, by GIC or any of its Affiliates as of the date of such calculation (determined on an “as-converted” basis taking into account any and all securities convertible into, or exercisable,
exchangeable or redeemable for, shares of Class A Common Stock (including Common Units that are redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing, vesting or other restrictions on redemptions contained
therein and assuming no redemptions for cash))). 
 “Aggregate Executive Ownership” means the total number of shares of
Class A Common Stock beneficially owned (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act (but without giving effect to beneficial
ownership deemed to arise solely as a result of this Agreement or by membership in a “group”, as contemplated by Rule 13d-5, with non-Affiliates)), in the
aggregate and without duplication, by the Executive Parties and all Employee Holders as of the date of such calculation (determined on an “as-converted” basis taking into account any and all
securities convertible into, or exercisable, exchangeable or redeemable for, shares of Class A Common Stock (including Common Units (including Profits Units exchangeable pursuant to the Endeavor Operating LLC Agreement (without regard to any
timing, vesting or other restrictions on exchange contained therein)) that are redeemable pursuant to the Endeavor Operating LLC Agreement or Endeavor Manager LLC Agreement (without regard to any timing, vesting or other restrictions on redemptions
contained therein and assuming no redemptions for cash))). 
 “Aggregate SL Ownership” means the total number of shares of
Class A Common Stock beneficially owned (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act (but without giving effect to beneficial
ownership deemed to arise solely as a result of this Agreement or by membership in a “group”, as contemplated by Rule 13d-5, with non-Affiliates)), in the
aggregate and without duplication, by the SL Parties as of the date of such calculation (determined on an “as-converted” basis taking into account any and all securities convertible into, or
exercisable, exchangeable or redeemable for, shares of Class A Common Stock (including Common Units that are redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing, vesting or other restrictions on redemptions
contained therein and assuming no redemptions for cash))). 
 “Agreement” has the meaning set forth in the preamble. 

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

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required by applicable law to close. 

  
 3 

 “Class A Common Stock” means Class A common stock,
$0.00001 par value per share, of the Company. 
 “Class B Common Stock” means Class B common stock,
$0.00001 par value per share, of the Company. 
 “Class X Common Stock” means Class X common stock,
$0.00001 par value per share, of the Company. 
 “Class Y Common Stock” means Class Y common stock,
$0.00001 par value per share, of the Company. 
 “Common Unit” means a common limited liability company interest in
Endeavor Operating Company or Endeavor Manager, as applicable. 
 “Company” has the meaning set forth in the preamble. 

“Company By-laws” means the Amended and Restated
By-laws of the Company, a copy of which is attached hereto as Exhibit II, as amended from time to time. 

“Company Charter” means the Amended and Restated Certificate of Incorporation of the Company, a copy of which is attached
hereto as Exhibit I, as amended from time to time. 
 “Company Common Stock” means all classes and series of common
stock of the Company, including the Class A Common Stock, Class B Common Stock, Class X Common Stock and Class Y Common Stock. 

“Company Securities” means (i) the Company Common Stock and (ii) securities convertible into, or exercisable,
exchangeable or redeemable for, Company Common Stock (including Common Units (including Profits Units exchangeable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing, vesting or other restrictions on exchange contained
therein)) redeemable pursuant to the Endeavor Operating LLC Agreement or the Endeavor Manager LLC Agreement, as applicable (without regard to any timing, vesting or other restrictions on redemption contained in either such agreement and assuming no
redemptions for cash)) on an as-converted basis. 
 “Continued Employment
Condition” has the meaning set forth in Section 2.2(a). 
 “control” (including its
correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or otherwise) of a Person. 
 “Employee Holdco I” shall
have the meaning set forth in the preamble. 

  
 4 

 “Employee Holdco II” has the meaning set forth in the preamble. 

“Employee Holder” means any current or former employee or service provider (that is an individual) of the Company or any of
its Subsidiaries that held (directly or indirectly through any other Person) any Company Securities as of the IPO or any Affiliate, Trust or Family Member thereof. 

“Endeavor Manager” means Endeavor Manager, LLC, a Delaware limited liability company. 

“Endeavor Manager LLC Agreement” means the Limited Liability Company Agreement of Endeavor Manager, dated as of the date
hereof, as amended from time to time. 
 “Endeavor Operating Company” means Endeavor Operating Company, LLC, a Delaware
limited liability company. 
 “Endeavor Operating LLC Agreement” means the Third Amended and Restated Limited Liability
Company Agreement of Endeavor Operating Company, dated as of the date hereof, as amended from time to time. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Executive Committee” means the Executive Committee of the Company as defined in the Company Charter. 

“Executive Director” has the meaning set forth in Section 2.2(a). 

“Executive Equityholders” has the meaning set forth in the preamble. 

“Executive Holdco” has the meaning set forth in the preamble. 

“Executive Holding Companies” has the meaning set forth in the preamble. 

“Executive Ownership Minimum” means, as of any date of determination, a number of shares of Class A Common Stock equal
to 5% of the total number of outstanding shares of Class A Common Stock, in each case determined (x) assuming the redemption of all outstanding Common Units (determined assuming the exchange of all outstanding Profits Units exchangeable
pursuant to the Endeavor Operating LLC Agreement (without regard to any timing, vesting, or other restrictions on exchange contained therein)) redeemable pursuant to the Endeavor Operating LLC Agreement or the Endeavor Manager LLC Agreement in
exchange for shares of Class A Common Stock (without regard to any timing, vesting or other restrictions on redemption contained therein and assuming no redemptions for cash), and (y) except as provided in the foregoing clause (x), without
regard to the conversion, exercise, exchange or redemption of any other securities into or for shares of Class A Common Stock. 

  
 5 

 “Executive Holdco Step-Down” has the meaning set forth in
Section 2.2(a). 
 “Executive Parties” means the Executive Equityholders or any Affiliated
Transferee of the Executive Equityholders. 
 “Executive Trust” has the meaning set forth in the preamble. 

“GIC/CPP Step-Down” means, such time as (a) in the case of GIC, the Aggregate GIC Ownership is equal to a number of
shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities convertible into, or exercisable, exchangeable or redeemable for, shares of
Class A Common Stock (including Common Units that are redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing or other restrictions on redemption contained therein and assuming no redemptions for cash)) that is
less than 50% of the Aggregate GIC Ownership as of the date hereof, as adjusted for any stock split, stock dividend, reverse stock split, combination, recapitalization, reclassification or similar event and (b) in the case of CPPIB, the
Aggregate CPP Ownership is equal to a number of shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities convertible into, or exercisable,
exchangeable or redeemable for, shares of Class A Common Stock (including Common Units that are redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing or other restrictions on redemption contained therein and
assuming no redemptions for cash)) that is less than 50% of the Aggregate CPP Ownership as of the date hereof, as adjusted for any stock split, stock dividend, reverse stock split, combination, recapitalization, reclassification or similar event.

 “Governing Body” has the meaning set forth in the Company Charter. 

“IPO” means the initial public offering of Company Common Stock. 

“IPO Expenses” means, with respect to any Person, any and all reasonable out-of-pocket expenses (other than taxes and underwriting discounts and commissions) incurred or accrued by such Person in connection with the IPO, the reorganization of the Company and/or Endeavor Operating
Company and/or their respective Subsidiaries in connection therewith, including, (i) all out-of-pocket costs and expenses of such Person in connection with or
related to drafting, negotiating, reviewing and/or entering into this Agreement, the Restructuring Agreement, the Endeavor Operating LLC Agreement, the Endeavor Manager LLC Agreement and all other agreements, documents, certificates and instruments
related to the IPO and the reorganization of the Company, Endeavor Operating Company, its Subsidiaries and/or Endeavor Manager in connection therewith, (ii) all
out-of-pocket fees and expenses of complying with all applicable securities laws, (iii) all
out-of-pocket road show, printing, messenger and delivery expenses and (iv) the fees and disbursements of outside counsel, accountants and financial advisors. 

  
 6 

 “Key Executive” shall have the meaning set forth in the preamble. 

“Necessary Action” means, with respect to a specified result, all actions necessary to cause such result, including
(i) voting or providing a written consent or proxy with respect to the Company Securities, whether at any annual or special meeting, by written consent or otherwise, (ii) causing the adoption of stockholders’ resolutions and
amendments to organizational documents of the Company or its Subsidiaries, (iii) causing members of the Board or Governing Body, as applicable, to the extent such members were elected, nominated or designated by the Person obligated to
undertake a Necessary Action, to act (subject to any applicable fiduciary duties) in a certain manner or causing them to be removed in the event they do not act in such a manner, (iv) executing agreements and instruments and (v) making, or
causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, estate, joint venture,
governmental authority or other entity. 
 “Restructuring Agreement” has the meaning set forth in the recitals. 

“SL Director” has the meaning set forth in Section 2.1(a). 

“Silver Lake” means SLP West Holdings, L.L.C. or any other SL Party designated in writing to the Company as such by Silver
Lake. 
 “SL Equityholders” has the meaning set forth in the preamble. 

“SL Limited Ownership Minimum” means, as of any date of determination, a number of shares of Class A Common Stock equal
to 5% of the total number of outstanding shares of Class A Common Stock, in each case determined (x) assuming the redemption of all outstanding Common Units (determined assuming the exchange of all outstanding Profits Units exchangeable
pursuant to the Endeavor Operating LLC Agreement (without regard to any timing or other restrictions on exchange contained therein)) redeemable pursuant to the Endeavor Operating LLC Agreement or the Endeavor Manager LLC Agreement in exchange for
shares of Class A Common Stock (without regard to any timing or other restrictions on redemption contained therein and assuming no redemptions for cash), and (y) except as provided in the foregoing clause (x), without regard to the
conversion, exercise, exchange or redemption of any other securities into or for shares of Class A Common Stock. 
 “SL
Ownership Minimum” means, as of any date of determination, a number of shares of Class A Common Stock (determined on an “as-converted” basis taking into account any and all securities
convertible into, or exercisable, exchangeable or redeemable for, shares of Class A Common Stock (including Common Units that are redeemable pursuant to the Endeavor Operating LLC Agreement (without regard to any timing or other restrictions on
redemption contained therein and assuming no redemptions for cash)) equal to 50% of the Aggregate SL Ownership as of the date hereof, as adjusted for any stock split, stock dividend, reverse stock split, combination, recapitalization,
reclassification or similar event. 

  
 7 

 “SL Parties” means the SL Equityholders or any Affiliate of Silver Lake
Group, L.L.C., in each case, so long as any such SL Party (i) is managed, sponsored, controlled or advised by an investment fund affiliated with Silver Lake Group, L.L.C. and (ii) owns Company Securities. 

“SLP Step-Down” has the meaning set forth in the Section 2.1(a). 

“Stockholder” has the meaning set forth in the preamble. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other
business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees thereof,
and the right to designate a majority of such directors, representatives or trustees, is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or
(ii) if a limited liability company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other
business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership
interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses and
shall be or control the managing member, managing director or other governing body or general partner of such limited liability company, partnership, association or other business entity. 

“transfer” means, any direct or indirect, sale, exchange, assignment, pledge, hypothecation, mortgage, gift or other
transfer, disposition or encumbrance, in each case, whether in its own right or by its representative, whether voluntary or involuntary or by operation of law, including by a direct or indirect transfer of equity, ownership or economic interests, or
options, warrants or other contractual rights to acquire an equity, ownership or economic interest, in any Person. 
 “Triggering
Event” has the meaning set forth in the Company Charter. 
 Section 1.2 Interpretive Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall
be deemed to include the plural, and any plural term the singular. 

  
 8 

 
Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended,
modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified,
from and including or through and including, respectively. 
 ARTICLE II 

CORPORATE GOVERNANCE 

Section 2.1 SL Directors. 

(a) The parties hereby agree that Silver Lake shall have the right, (i) so long as the Aggregate SL Ownership is equal to or exceeds the
SL Ownership Minimum, to designate two (2) individuals (each, an “SL Director”) for nomination to the Board, and (ii) so long as the Aggregate SL Ownership is equal to or exceeds the SL Limited Ownership Minimum but is
below the SL Ownership Minimum, to designate one (1) individual as an SL Director for nomination to the Board (this clause (ii), the “SLP Step-Down”), in each case, subject to the proper exercise of the fiduciary duties of the
Board or, if then-different from the Board, the Governing Body, as applicable (or the appropriate committee or subcommittee of either of the foregoing, as applicable) with respect to director nominations. 

(b) For so long as the Company Charter shall provide for the division of directors into three classes, one SL Director shall be designated as
a Class II director and, so long as Silver Lake has the right to designate a second SL Director, the other SL Director will be designated as a Class III director. The initial SL Directors shall be Egon Durban (who shall be designated as a
Class III director) and Stephen Evans (who shall be designated as a Class II director). 
 (c) In connection with the election of
the Class II and Class III directors, as applicable, the Board or, if then-different from the Board, the Governing Body, shall (i) nominate the applicable SL Director for election as a director as part of the slate that is included in
the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors, (ii) recommend the election of such nominee, and (iii) provide as high a level of support to cause the election of such
nominee as it provides to any other individual standing for election as a director of the Company as part of the Company’s applicable slate of directors. In the event the Company Charter does not provide for the division of directors into three
classes, the Board or, if then-different from the Board, the Governing Body shall (x) nominate each SL Director for election as a director as part of the slate that is included in the proxy statement (or consent solicitation or similar
document) of the Company relating to the 

  
 9 

 
election of directors, (y) recommend the election of such nominee, and (z) provide as high a level of support to cause the election of such nominee as it provides to any other
individual standing for election as a director of the Company as part of the Company’s slate of directors. If the Governing Body is then-different from the Board, upon any such nominee’s election as a director, such director shall be
appointed to the Executive Committee. In addition, so long as Silver Lake has the right to designate one (1) individual for nomination to the Board hereunder, and any such individual is then-serving on the Board, unless Silver Lake otherwise
agrees, at least one (1) such director shall be appointed to each committee of the Board and sub-committee of the Executive Committee, except as otherwise required by applicable law or Stock Exchange
Rules (as defined in the Company Charter) and except for the Company’s Audit Committee, 16b-3 Committee and any other committee or sub-committee evaluating a
related party transaction with Silver Lake or any of its Affiliates. 
 (d) With respect to any SL Director to be designated by Silver Lake
other than the initial SL Directors identified in Section 2.1(b), Silver Lake shall designate such SL Director for nomination by delivering to the Company a written statement at least ninety (90) days prior to the one-year anniversary of the preceding annual meeting nominating directors, or such shorter period as is agreed in writing by the Company, and setting forth such individual’s business address, telephone number,
facsimile number and e-mail address; provided, that if Silver Lake shall fail to deliver such written notice, Silver Lake shall be deemed to have designated the SL Director(s) previously designated (or
designated pursuant to this Section 2.1(d)) by Silver Lake who are currently serving on the Board; provided, further, that in the event that an SL Director becomes permanently disabled or dies or otherwise
resigns within ninety (90) days prior to the one-year anniversary of the preceding annual meeting, Silver Lake shall be permitted to designate a replacement SL Director and the Company shall use its
reasonable best efforts to comply with its obligations herein, including filing and disseminating an amendment to the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors to cause the
election of such replacement SL Director. If the Governing Body is then-different from the Board, upon any such nominee’s election as a director, such director shall be appointed to the Executive Committee. 

(e) Silver Lake shall have the right to request the removal of an SL Director from the Board, subject to the rights of holders of Company
Securities (other than the other Stockholders that are parties hereto) under applicable law. The other Stockholders party hereto hereby agree that they will not take any action to remove (and will oppose any action to remove) an SL Director from the
Board (and, if then-different from the Board, the Governing Body) unless (i) the removal is a removal “for cause” as defined for purposes of Delaware law and as determined by final,
non-appealable judgment of a court of competent jurisdiction in the state of Delaware, (ii) the removal is at the request of Silver Lake in accordance with this Section 2.1(e) or (iii) the
Governing Body (excluding the SL Directors) has requested Silver Lake to cause all SL Directors to resign from the Board (and, if then-different from the Board, the Governing Body) pursuant to Section 2.1(f). In addition, the other Stockholders
party hereto agree that they shall take all Necessary Action reasonably available within their power to cause the 

  
 10 

 
removal of any SL Director at the request of Silver Lake. Except to the extent Silver Lake loses its designation rights as described in Section 2.1(f) below, Silver Lake shall have the right
to designate for appointment to the Board a director to fill any vacancy created by reason of the permanent disability, death, removal or resignation of an SL Director, and the Company and the other Stockholders party hereto shall take all Necessary
Action reasonably available within their power to cause any such vacancy to be filled by such designee as promptly as practicable (and if the Governing Body is then-different from the Board, upon any such designee’s appointment to such vacancy,
such designee shall be appointed to the Executive Committee). In addition, with respect to any SL Director to be designated by Silver Lake other than a managing director (or more senior officer) of an SL Party or any of its affiliated management
companies, Silver Lake shall select such SL Director in consultation with the nominating committee of the Board, if such committee is in existence (and if no such committee is in existence, then in consultation with the Governing Body). Silver Lake
shall use reasonable best efforts to cause each SL Director at all times to comply with the Company’s corporate policies, including, its code of ethics, and Silver Lake shall promptly request the removal of any SL Director who fails to comply
with such corporate policies after reasonable notice from the Company is provided to Silver Lake and such SL Director and such SL Director is given a reasonable opportunity to comply with such corporate policies; provided, that (A) the
Company has provided such SL Director a written copy of such corporate policies reasonably in advance of the date on which such SL Director is obligated to comply therewith, (B) such corporate policies apply to all members of the Board in an
equal manner and do not on their face apply differently or disproportionately to the SL Directors as compared to other members of the Board and (C) such corporate policies are enforced by the Company and its Subsidiaries against all members of
the Board equally and to the same extent; provided, further, that such corporate policies shall not conflict with or otherwise be inconsistent with any agreement entered into by any SL Party (x) with the Company, Endeavor
Operating Company or any of their respective Subsidiaries in connection with the IPO, including this Agreement, or (y) with the underwriters to the IPO in connection with the IPO or otherwise create any liability or obligation of the SL
Director that is not reasonable or customary for public companies whose boards of directors include professionals from private equity firms or financial sponsors. 

(f) If at any time the Aggregate SL Ownership is less than the SL Ownership Minimum but equals or exceeds the SL Limited Ownership Minimum,
Silver Lake shall, unless otherwise requested by the Company in writing, cause one (1) SL Director to immediately resign from the Board and, if then different from the Board, the Governing Body, and Silver Lake shall no longer have the right to
designate two (2) directors for nomination to the Board (but, subject to the immediately subsequent sentence, shall have the right to designate one (1) director for nomination to the Board). If at any time the Aggregate SL Ownership is
less than the SL Limited Ownership Minimum and the SL Ownership Minimum, Silver Lake shall, if requested by the Governing Body (excluding the SL Directors) in writing, cause all SL Directors to promptly resign from the Board and, if then different
from the Board, the Governing Body. 

  
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 (g) If at any time Silver Lake causes (or is required to cause) one or more of its SL
Directors to resign from the Board and, if applicable, the Governing Body, pursuant to Section 2.1(f), Executive Holdco shall have the right, so long as the Continued Employment Condition remains satisfied, to designate one
(1) or two (2) individuals, as applicable, for nomination to the Board to fill such vacancies, subject to the proper exercise of the fiduciary duties of the Board or, if then-different from the Board, the Governing Body, as applicable (or
the appropriate committee or subcommittee of either of the foregoing) with respect to director nominations. Any such individuals designated by Executive Holdco in accordance with this Section 2.1(g) shall be deemed
additional “Executive Directors” (as defined below) and treated in accordance with Section 2.2). If the Governing Body is then-different from the Board, upon any such nominee’s election as a director, such
director shall be appointed to the Executive Committee. 
 (h) For the avoidance of doubt, any member of the Board and, if then-different
from the Board, the Governing Body, other than the SL Directors and the Executive Directors may be removed from the Board (or Governing Body, as applicable) in accordance with the provisions of the Company Charter and the Company By-laws. 
 (i) The Company shall reimburse the SL Directors and any other director affiliated with any of
the SL Parties for all reasonable out-of-pocket costs and expenses (including travel expenses) incurred in connection with such director’s attendance and
participation at meetings of the Board, if then-different from the Board, the Governing Body, or any committee or subcommittee of either of the foregoing. 

(j) For so long as a SL Director is serving on the Board, (i) any share ownership requirement for any SL Director serving on the Board of
Directors will be deemed satisfied by the securities owned by the SL Parties and their Affiliates and (ii) under no circumstances shall any policy, procedure, code, rule, standard or guideline applicable to the Board and adopted by the Company
restrict the number of boards of directors of other companies on which any SL Director may serve, and, in each case of (i) and (ii), it is agreed that any such policies in effect from time to time that purport to impose terms inconsistent with
this Section 2.2(j) shall not apply to the extent inconsistent with this Section 2.2(j) (but shall otherwise be applicable to the SL Directors). 

Section 2.2 Executive Directors. 

(a) The parties hereby agree that Executive Holdco shall have the right, (i) to designate two (2) individuals initially, and to
designate up to two (2) additional individuals in accordance with Section 2.1(g) and Section 2.2(d) (each, an “Executive Director”), for nomination to the Board, so long as
either Key Executive is employed as Chief Executive Officer or Executive Chairman of the Company (the “Continued Employment Condition”) and (ii) to the extent the Continued Employment Condition is no longer satisfied, to
designate one (1) individual as an Executive Director for nomination to the Board, so long as the Aggregate Executive Ownership is equal to or exceeds the Executive Ownership Minimum or a Triggering Event has not otherwise occurred (this clause
(ii), the “Executive Holdco Step-Down”), in each case, subject to the proper exercise of the fiduciary duties of the Board or if then-different from the Board, the Governing Body (or the appropriate committee or subcommittee of
either of the foregoing) with respect to director nominations. 

  
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 (b) For so long as the Company Charter shall provide for the division of directors into
three classes, one Executive Director shall be designated as a Class II director and, so long as Executive Holdco has the right to designate a second Executive Director, the other Executive Director shall be designated as a Class III
director. The initial Executive Directors shall be the Key Executives (with Ariel Emanuel being designated as the initial Class III director and Patrick Whitesell being the initial Class II director). 

(c) In connection with the election of Class II and Class III directors, as applicable, the Board or, if then-different from the
Board, the Governing Body, shall nominate the applicable Executive Director for election as a director as part of the slate that is included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election
of directors, shall recommend the election of such nominee, and shall provide as high a level of support to cause the election of such nominee as it provides to any other individual standing for election as a director of the Company as part of the
Company’s applicable slate of directors. In the event the Company Charter does not provide for the division of directors into three classes, the Board or, if then-different from the Board, the Governing Body, shall nominate each Executive
Director for election as a director as part of the slate that is included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors, shall recommend the election of such nominee, and
shall provide as high a level of support to cause the election of such nominee as it provides to any other individual standing for election as a director of the Company as part of the Company’s slate of directors. If the Governing Body is
then-different from the Board, upon any such nominee’s election as a director, such director shall be appointed to the Executive Committee. In addition, so long as Executive Holdco has the right to designate one (1) individual for
nomination to the Board hereunder, and any such individual is then-serving on the Board, unless Executive Holdco otherwise agrees, at least one (1) such director shall be appointed to each committee of the Board and sub-committee of the Executive Committee, except as otherwise required by applicable law or Stock Exchange Rules (as defined in the Company Charter) and except for the Company’s Audit Committee, 16b-3 Committee and any other committee or sub-committee evaluating a related party transaction with Executive Holdco or any of its Affiliates. 

(d) With respect to any Executive Director to be designated by Executive Holdco other than the initial Executive Directors identified in
Section 2.2(b), including any Executive Directors designated in accordance with this Section 2.2(d) or in accordance with Section 2.1(g) above, Executive Holdco shall
designate such Executive Director for nomination by delivering to the Company a written statement at least ninety (90) days prior to the one-year anniversary of the preceding annual meeting nominating
directors, or such shorter period as is agreed in writing by the Company, and setting forth 

  
 13 

 
such individual’s business address, telephone number, facsimile number and e-mail address; provided, that if Executive Holdco shall fail to
deliver such written notice, Executive Holdco shall be deemed to have designated the Executive Director(s) previously designated (or designated pursuant to this Section 2.2(d)) by Executive Holdco who are currently serving
on the Board; provided, further, that in the event that an Executive Director becomes permanently disabled or dies or otherwise resigns within ninety (90) days prior to the one-year
anniversary of the preceding annual meeting, Executive Holdco shall be permitted to designate a replacement Executive Director and the Company shall use its reasonable best efforts to comply with its obligations herein, including filing and
disseminating an amendment to the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors to cause the election of such replacement Executive Director. If the Governing Body is
then-different from the Board, upon any such nominee’s election as a director, such director shall be appointed to the Executive Committee. 

(e) Executive Holdco shall have the right to request the removal an Executive Director from the Board, subject to the rights of holders of
Company Securities (other than the other Stockholder parties hereto) under applicable law. The other Stockholders party hereto hereby agree that they will not take any action to remove (and will oppose any action to remove) an Executive Director
from the Board (and, if then-different from the Board, the Governing Body) unless (i) the removal is a removal “for cause” as defined for purposes of Delaware law and as determined by final
non-appealable judgment of a court of competent jurisdiction in the state of Delaware, (ii) the removal is at the request of Executive Holdco in accordance with this
Section 2.2(e) or (iii) the Governing Body (excluding the Executive Directors) has requested Executive Holdco to cause all Executive Directors to resign from the Board (and, if then-different from the Board, the
Governing Body) pursuant to Section 2.2(f).    In addition, the other Stockholders party hereto agree that they take all Necessary Action reasonably available within their power to cause the removal of
any Executive Director at the request of Executive Holdco. Except to the extent Executive Holdco loses its designation rights as described in Section 2.2(f) below, Executive Holdco shall have the right to designate for
appointment to the Board a director to fill any vacancy created by reason of the permanent disability, death, removal or resignation of an Executive Director, and the Company and the other Stockholder parties hereto shall take all Necessary Action
reasonably available within their power to cause any such vacancy to be filled by such designee as promptly as practicable (and if the Governing Body is then-different from the Board, upon any such designee’s appointment to such vacancy, such
designee shall be appointed to the Executive Committee). In addition, with respect to any Executive Director to be designated by Executive Holdco other than the Key Executives or any senior executive of the Company or any of its Affiliates,
Executive Holdco shall select such Executive Director in consultation with the nominating committee of the Board, if such committee is in existence (and if no such committee is in existence, then in consultation with the Governing Body). Executive
Holdco shall use reasonable best efforts to cause each Executive Director (other than with respect to any Executive Director that is a Key Executive or employee of the Company or any of its Affiliates) at all times to comply with the Company’s
corporate policies, including, its code of ethics, and Executive Holdco shall promptly request the removal of any Executive Director who 

  
 14 

 
fails to comply with such corporate policies after reasonable notice from the Company is provided to Executive Holdco and such Executive Director and such Executive Director is given a reasonable
opportunity to comply with such corporate policies; provided, that (A) the Company has provided such Executive Director a written copy of such corporate policies reasonably in advance of the date on which such Executive Director is
obligated to comply therewith, (B) such corporate policies apply to all members of the Board in an equal manner and do not apply differently or disproportionately to the Executive Directors as compared to other members of the Board and
(C) such corporate policies are enforced by the Company and its Subsidiaries against all members of the Board equally and to the same extent; provided, further, that such corporate policies shall not conflict with or otherwise be
inconsistent with any agreement entered into by any Executive Party (x) with the Company, Endeavor Operating Company or any of their respective Subsidiaries in connection with the IPO, including this Agreement, or (y) with the underwriters
to the IPO in connection with the IPO or otherwise create any liability or obligation of the Executive Director that is not reasonable or customary for public companies whose boards of directors include professionals from private equity firms or
financial sponsors. 
 (f) If at any time the Continued Employment Condition is not satisfied, Executive Holdco shall, unless otherwise
requested by the Company in writing, cause one (1) Executive Director to immediately resign from the Board and, if then-different from the Board, the Governing Body, and Executive Holdco shall no longer have the right to designate two
(2) directors for nomination to the Board pursuant to Section 2.2(a) (but, subject to the immediately subsequent sentence, shall have the right to designate one (1) director for nomination to the Board pursuant to
Section 2.2(a)). If at any time the Continued Employment Condition is no longer satisfied, the Aggregate Executive Ownership is less than the Executive Ownership Minimum and a Triggering Event has occurred, Executive Holdco
shall, if requested by the Governing Body (excluding the Executive Directors) in writing, cause all Executive Directors to promptly resign from the Board and, if then-different from the Board, the Governing Body. 

(g) For the avoidance of doubt, any member of the Board and, if then-different from the Board, the Governing Body, other than the SL Directors
and the Executive Directors may be removed from the Board (or Governing Body, as applicable) in accordance with the provisions of the Company Charter and the Company By-laws. 

(h) The Company shall reimburse the Executive Directors and any other director affiliated with Executive Holdco for all reasonable out-of-pocket costs and expenses (including travel expenses) incurred in connection with such director’s attendance and participation at meetings of the Board, if
then-different from the Board, the Governing Body, or any committee or subcommittee of either of the foregoing. 
 (i) Notwithstanding
anything herein to the contrary, in the event there exists any vacancy on the Board (and/or Governing Body, as applicable), and Executive Holdco is entitled to designate a replacement for nomination to fill such vacancy pursuant to the terms hereof,
if either Key Executive remains as an Executive Director, such Key Executive shall be entitled to exercise such designation right in lieu of Executive Holdco, and all references to “Executive Holdco” herein with respect to such designation
shall be deemed to be a reference to such Key Executive. 

  
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 Section 2.3 Voting Agreement. 

(a) Each Stockholder party hereto agrees (i) to take all Necessary Action reasonably available within its power, including casting all
votes to which such party is entitled in respect of its Company Securities, whether at any annual or special meeting, by written consent or otherwise, so as to cause the election to the Board (and, if applicable, Governing Body) of (x) the SL
Directors (including any replacement nominees designated in accordance with Section 2.1(d) above) and (y) the Executive Directors (including any replacement nominees designated in accordance with
Section 2.2(d) above and any designees in accordance with Section 2.1(g) above), and to otherwise effect the intent of this Article II and (ii) not to grant, or enter into a binding
agreement with respect to, any proxy to any Person in respect of such Stockholder’s Company Securities that would prohibit such Stockholder from casting such votes in accordance with clause (i). 

(b) Each Stockholder party hereto agrees (i) to take all Necessary Action reasonably available within their power, including casting all
votes to which such party is entitled in respect of its Company Securities, whether at any annual or special meeting, by written consent or otherwise, so as to vote its Company Securities on all matters submitted to the stockholders of the Company
in accordance with the recommendation of the Governing Body and (ii) not to grant, or enter into a binding agreement with respect to, any proxy to any Person in respect of such party’s Company Securities that would prohibit such party from
casting such votes in accordance with clause (i); provided, that, notwithstanding the foregoing, (x) following an Executive Holdco Step-Down or dissolution of the Executive Committee in accordance with the Company Charter, the Executive
Equityholders may only vote their shares in a manner consistent with how any Executive Director voted at the Governing Body level, and (y) following an SLP Step-Down or GIC/CPP Step-Down, as applicable, this
Section 2.3(b) shall not apply to the SL Equityholders, GIC or CPPIB, as applicable (A) with respect to any vote, written consent or other agreement, in each case in respect of any amendment to the Company Charter that
would have a disproportionate and material adverse effect on the SL Equityholders, GIC or CPPIB, as applicable, as compared to other holders of the same class of Company Securities or any Change of Control (as defined in the Endeavor Operating LLC
Agreement) or (B) as the Company may otherwise consent. 
 (c) In the event that any party hereto transfers, directly or indirectly,
any Company Securities to any Affiliated Transferees, such party shall, as a condition to any such transfer, require, among other things, such transferee to enter into a Joinder Agreement in the form attached hereto as Annex A to become party
to this Agreement and be deemed to be a party for all purposes herein. If any such transferee is an individual and married, such party shall, as a condition to such transfer, cause such transferee to deliver to the Company, Silver Lake and Executive
Holdco a duly executed copy of a Spousal Consent in the form attached hereto as Annex B. 

  
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 (d) Each Stockholder (other than the Executive Parties and the SL Parties) hereby
constitutes and appoints as the proxies of such Stockholder, and hereby grants a power of attorney, to (a) the Chief Executive Officer of the Company and (b) a stockholder or other person designated by the Governing Body, and each of them,
with full power and substitution, with respect to the matters set forth herein, and hereby authorizes each of them to represent and to vote, if and only if such Stockholder (i) fails to vote or (ii) attempts to vote (whether by proxy, in
person or by written consent) in a manner which is inconsistent with the terms of this Agreement, all of such Stockholder’s Company Securities in the manner provided in this Section 2.3, and hereby authorizes each of
them to take any Necessary Action to give effect to the provisions contained in this Section 2.3. Each of the proxy and power of attorney granted in this Section 2.3(d) is given in consideration of
the agreements and covenants of the parties in connection with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable until this Agreement terminates pursuant to its terms or this
Section 2.3 is amended to remove such grant of proxy and power of attorney in accordance with Section 4.5 hereof. Each Stockholder granting a proxy and power of attorney hereunder hereby revokes
any and all previous proxies or powers of attorney with respect to such Stockholder’s Company Securities and shall not hereafter, until this Agreement terminates pursuant to its terms or this Section 2.3 is amended to
remove this provision in accordance with Section 4.5 hereof, grant, or purport to grant, any other proxy or power of attorney with respect to such Company Securities, deposit any of such Company Securities into a voting
trust or enter into any agreement (other than this Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or power of attorney or give instructions with respect to the voting of any of such Company
Securities, in each case, with respect to any of the matters set forth in this Agreement. 
 Section 2.4 Controlled Company.

 (a) The SL Parties and Executive Parties acknowledge and agree that, (i) by virtue of this Article II, they are acting as a
“group” within the meaning of the Stock Exchange Rules as of the date hereof, and (ii) by virtue of the combined voting power of Company Common Stock held by the SL Parties and the Executive Parties representing more than 50% of the
total voting power of the Company Common Stock outstanding as of the date of the closing of the IPO, the Company qualifies as of the date of the closing of the IPO as a “controlled company” within the meaning of Stock Exchange Rules. 

(b) So long as the Company qualifies as a “controlled company” for purposes of Stock Exchange Rules, the Company will elect to be a
“controlled company” for purposes of Stock Exchange Rules, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for that determination. If the Company ceases to qualify as a
“controlled company” for purposes of Stock Exchange Rules, the SL Parties, the Executive Parties and the Company will take whatever action may be reasonably necessary in relation to such party, if any, to cause the Company to comply with
Stock Exchange Rules as then in effect within the timeframe for compliance available under such rules. 

  
 17 

 ARTICLE III 

OTHER COVENANTS AND AGREEMENTS 

Section 3.1 Indemnification Agreements. The Company has entered into and shall at all times maintain in effect an indemnification
agreement with each SL Director and Executive Director in such form as has been previously agreed to by each of the Company and Silver Lake or Executive Holdco, as applicable. 

Section 3.2 IPO Expenses. The Company shall promptly pay or reimburse, or cause to be paid or reimbursed, all IPO Expenses of the
SL Parties, GIC, CPPIB and the Executive Parties. 
 Section 3.3 Company Charter; Company
By-laws; Corporate Opportunities. The Company Charter, as may be amended, supplemented and/or restated from time to time, shall provide for a renunciation of corporate opportunities presented to the
Executive Parties, the SL Parties, any of the Company’s non-employee directors (and their respective Affiliates and director designees) to the maximum extent permitted by Section 122(17) of the
Delaware General Corporation Law and on the terms and conditions set forth in Section 11 of the Company Charter as in effect on the date hereof. The parties hereto shall take all Necessary Action reasonably available within their power,
including, to the extent necessary, voting all of their Company Securities and executing proxies or written consents, as the case may be, to ensure that the provisions in respect of corporate opportunities and director and officer indemnification,
exculpation and advancement of expenses set forth in the Company Charter in the form set forth in Exhibit I are not amended, modified or supplemented in any manner, without the prior written consent of Silver Lake and Executive Holdco. 

Section 3.4 Conflicting Organizational Document Provisions. The parties hereto shall vote all of their Company Securities and
execute proxies or written consents, as the case may be, and shall take all Necessary Action reasonably available within their power, to ensure that the Company Charter, Company By-laws and Executive Committee
Charter each (i) facilitate, and do not at any time conflict with, any provision of this Agreement and (ii) permit the SL Parties and Executive Holdco to receive the benefits to which they are entitled under this Agreement. In the event of
any ambiguity or conflict arising between the terms of this Agreement and those of the Company Charter, Company By-laws, and/or the Executive Committee Charter, the Company and the other parties hereto shall
take all Necessary Action reasonably available within their power to amend the Company Charter, Company By-laws, and/or the Executive Committee Charter, as the case may be, to eliminate such ambiguity or conflict such that the terms of this
Agreement shall prevail. The parties hereto acknowledge and agree that the Company Charter, in the form attached hereto as Exhibit I, Company By-laws, in the form attached hereto as Exhibit II, and the Executive Committee Charter, in
the form adopted as of September [•], 2019, (x) do not conflict with any provision of this Agreement and (y) permit the SL Parties and Executive Holdco to receive the benefits to which they are entitled under this Agreement. 

  
 18 

 Section 3.5 Executive Committee Charter. Notwithstanding anything to the
contrary contained in the Company Charter, Company By-laws or this Agreement, prior to a Triggering Event, the Executive Committee Charter may not be altered, amended or repealed in any respect, nor may any
provision or by-law inconsistent therewith be adopted without the approval of (i) Ariel Emanuel and Patrick Whitesell, in each case, so long as he is then a member of the Executive Committee and
(ii) for so long as SL Parties are entitled to designate two Directors for nomination to the Governing Body pursuant to the Stockholders Agreement, at least one SL Director. 

Section 3.6 Acquisition or Disposition of Class A Shares. After the date hereof, each of the Stockholders
agrees that, for so long as any such party has obligations under Article II, if such party acquires or disposes of beneficial ownership (as defined in Rule 13d-3 and Rule
13d-5 under the Exchange Act) of Class A Shares, such party shall promptly (and in no event later than two (2) calendar days following the date of such acquisition or disposition) notify the other
Stockholders (or, in the case of CPPIB or GIC as the acquiring or disposing party, the Company). 
 Section 3.7 Inspection
Rights. On reasonable notice and during regular business hours, each Stockholder that has the right to designate a director of the Company pursuant to this Agreement or holds at least 5% of the total number of outstanding shares of Class A
Common Stock, in each case determined (x) assuming the redemption of all outstanding Common Units (determined assuming the exchange of all outstanding Profits Units exchangeable pursuant to the Endeavor Operating LLC Agreement (without regard
to any timing, vesting or other restrictions on exchange contained therein)) redeemable pursuant to the Endeavor Operating LLC Agreement or Endeavor Manager LLC Agreement (without regard to any timing, vesting or other restrictions on redemption
contained therein and assuming no exchanges for cash), and (y) except as provided in the foregoing clause (x), without regard to the conversion, exercise, exchange or redemption of any other securities into or for shares of Class A Common
Stock shall have the right to inspect the books and records of the Company or any of its Subsidiaries for any purpose reasonably related to such Stockholder’s equity interest in the Company; provided, that, the Company shall have the
right to keep confidential from any Stockholder that does not have the right to designate a director of the Company pursuant to this Agreement, for such period of time as the Company deems reasonable, any information which the Company reasonably
believes to be privileged, in the nature of trade secrets or any other information the disclosure of which the Company in good faith believes is not in the best interest of the Company, could damage the Company or its business or which the Company
is required by law or by agreement with a third party to keep confidential or could constitute a waiver of confidential privilege. 

Section 3.8 Cash Redemption. So long as any there exists any SL Party that holds Class A Common Stock that was issued to such
SL Party (or its Affiliated transferor) as of the closing of the IPO, and any other SL Party that holds any Common Units that were issued to such SL Party (or its Affiliated transferor) as of the closing of the IPO, if the SL Party holding the
Common Units desires to effect a Redemption (in accordance with, and as defined in, the Endeavor Operating LLC Agreement), PubCo shall not, and shall cause Endeavor Operating Company not to, settle such Redemption with a Cash Settlement (as defined
in the Endeavor Operating LLC Agreement) without the prior written consent of the applicable SL Party. 

  
 19 

 ARTICLE IV 

GENERAL 
 Section 4.1
Assignment. The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto. Any attempted assignment of rights or obligations in violation of this
Section 4.1 shall be null and void. Notwithstanding the foregoing, the rights of the Executive Holding Companies shall be assignable to the Key Executives or an Affiliate or Affiliated Transferee thereof without the prior
written consent of the other parties hereto. 
 Section 4.2 Expenses. Except as set forth above in
Section 3.2, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such cost or expense. 

Section 4.3 Termination. If not otherwise stipulated, the rights and obligations of the parties hereto under Article II of
this Agreement shall terminate automatically (without any action by any party hereto) as of the date Silver Lake no longer has the right to designate an SL Director for nomination to the Board and Executive Holdco no longer has the right to
designate an Executive Director for nomination to the Board, in each case, pursuant to Article II hereof, and the rights and obligations of the respective parties hereto under Article III shall terminate as provided therein. This
Agreement shall terminate with respect to a particular Stockholder as of the date such Stockholder no longer holds any Company Securities. Each SL Equityholder and Executive Equityholder may terminate any of its rights, but not its obligations, set
forth in this Agreement, in whole or in part, by delivering written notice of such termination to the Company. Without limitation of the preceding sentence, from and after the eighth anniversary of the date hereof, (i) if at any time the
Aggregate SL Ownership is below the SL Limited Ownership Minimum, the SL Equityholders may terminate their rights and obligations under Article II, in whole but not in part, by delivering written notice of such termination to the Company, and
(ii) if at any time the Aggregate Executive Ownership is below the Executive Ownership Minimum, the Executive Equityholders may terminate their rights and obligations under Article II, in whole but not in part, by delivering written notice of
such termination to the Company; provided that, in connection with any termination under this sentence, (x) the shares of Class Y Common Stock held by the SL Equityholders (in connection with a termination pursuant to the foregoing
clause (i)) or the Executive Equityholders (in connection with a termination pursuant to the foregoing clause (ii)) shall be transferred to the Company for no consideration and retired by the Company pursuant to Section 6.3 of the Company
Charter and (y) the SL Equityholders shall cause the SL Directors to resign from the Board (in connection with a termination pursuant to the foregoing clause (i)) or the Executive Equityholders shall cause the Executive Directors to resign from
the Board (in connection with a termination pursuant to the foregoing clause (ii)); and provided, further, that the right of termination set forth in this sentence shall only be available if,

  
 20 

 
immediately following the retirement of shares of Class Y Common Stock pursuant to clause (x) of the preceding proviso, the combined voting power of the Company Common Stock held by the
Stockholders that would remain subject to the voting obligations set forth in Section 2.3 following such termination would represent more than 60% of the total voting power of the Company Common Stock. If, at any time,
Executive Holdco no longer has the right to designate any directors for nomination to the Board or Governing Body and Silver Lake no longer has the right to designate any directors for nomination to the Board or Governing Body, then any Stockholder
may transfer the shares of Class Y Common Stock held by such Stockholder to the Company for no consideration, upon which transfer such shares of Class Y Common Stock shall be retired by the Company pursuant to Section 6.3 of the
Company Charter. 
 Section 4.4 Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction or other governmental authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible.

 Section 4.5 Entire Agreement; Amendment. 

(a) This Agreement sets forth the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all
prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. This Agreement or any provision thereof may only be amended, modified or waived, in whole or in part, at any time
by an instrument in writing signed by (1) (i) the Company, (ii) Executive Holdco and (iii) Silver Lake on behalf of the SL Parties and (2) solely to the extent such amendment by its terms substantively and materially increases the
obligations of any other party hereunder, such other party. 
 (b) No waiver of any provision or default under, nor consent to any exception
to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. In the event that any of the
obligations of the SL Parties are waived or released hereunder, then the reciprocal obligations of GIC and CPPIB hereunder shall be similarly released or waived on an equitable basis, taking into account all relevant facts and circumstances
attendant thereto. 
 Section 4.6 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no
party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

  
 21 

 Section 4.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 

Section 4.8 Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of,
or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the
Delaware Chancery Court (or in the event, but only in the event, that such court does not have subject matter jurisdiction over such action or proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject
matter jurisdiction over the action or proceeding is vested exclusively in the federal courts of the United States of America, the United States District Court for the District of Delaware) and each of the parties hereby irrevocably consents to the
jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any
party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.10 shall be deemed
effective service of process on such party. 
 Section 4.9 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.10 No Presumption. With regard to each and every term and condition of this Agreement, the parties hereto understand and
agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition, no consideration will be given to the issue of which
party hereto actually prepared, drafted or requested any term or condition of this Agreement. 
 Section 4.11 Immunity Waiver.
Each party hereto acknowledges that it is a separate entity distinct from its ultimate shareholders and/or the executive organs of the government of any state and is capable of suing and being sued. The entry by each party hereto into this Agreement
constitutes, and the exercise by each party hereto of its respective rights and performance of its respective obligations hereunder will constitute, private and commercial acts performed for private and commercial purposes that shall not be deemed
as being entered into in the exercise of any public function. 

  
 22 

 Section 4.12 Specific Performance. It is hereby agreed and acknowledged that it
will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that, in the event of any such failure, an aggrieved other party or third-party
beneficiary specified in Section 4.14 will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which such party may be
entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond and if any action should be brought in equity to enforce any of the provisions of this Agreement, none
of the parties shall raise the defense that there is an adequate remedy at law. 
 Section 4.13 Notices. All notices, requests
and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the
place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder
shall be given to such party as follows or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. 

If to the Company, addressed to it at: 

c/o Endeavor Group Holdings, Inc. 

9601 Wilshire Boulevard, 3rd Floor 

Beverly Hills, California 90210 

Attention: Chief Executive Officer 

Executive Chairman 
 General
Counsel 
 Facsimile No.: (310) 285-9010 

E-mail: jlublin@endeavorco.com 

With copies (which shall not constitute actual or constructive notice) to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York,
NY 10022 
 Attention: Justin G. Hamill 

Marc D. Jaffe 
 Ian D. Schuman

 Jonathan P. Solomon 

Facsimile No.: (212) 751-4864 

E-mail: justin.hamill@lw.com 

marc.jaffe@lw.com 

ian.schuman@lw.com 

jonathan.solomon@lw.com 

  
 23 

 If to any of the SL Parties, addressed to it at: 

c/o Silver Lake Partners 
 2775
Sand Hill Road, Suite 100 
 Menlo Park, California 94025 

Attention: Karen King

Facsimile No.: (650) 233-8125 

E-mail: karen.king@silverlake.com 

and 
 c/o Silver Lake Partners

 55 Hudson Yards 
 550 West
34th Street 
 40th Floor 
 New
York, NY 10001 
 Attention: Andrew J. Schader 

Facsimile No.: (212) 981-3535 

E-mail: andy.schader@silverlake.com 

With copies (which shall not constitute actual or constructive notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
California 94304 
 Attention: Daniel N. Webb 

Facsimile No.: (650) 251-5002 

E-mail: dwebb@stblaw.com 

If to any of the other parties hereto, to the address set forth on the books and records of the Company. 

Section 4.14 Binding Effect; Third Party Beneficiaries. The provisions of this Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective successors and assigns. Nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to
Affiliates and Affiliated Transferees, each of whom are intended third-party beneficiaries of those provisions that specifically relate to them with the right to enforce such provisions as if they were a party hereto. Except as provided in this
Section 4.14 and Section 4.17, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties
hereto and their respective successors and assigns. 

  
 24 

 Section 4.15 Further Assurances. The parties hereto will sign such further
documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every
provision hereof. 
 Section 4.16 Table of Contents, Headings and Captions. The table of contents, headings, subheadings and
captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

Section 4.17 No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any party hereto, or any past, present or future Affiliate, director, officer, employee, incorporator,
member, manager, partner, stockholder, controlling person, fiduciary, agent, attorney or representative of any of the foregoing shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on,
in respect of, or by reason of, the transactions contemplated hereby. 
 [Signatures on Next Page] 

  
 25 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Stockholders Agreement
to be executed by its duly authorized officers as of the day and year first above written. 
  

			
	COMPANY:
	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	
                 

		 	Name:
		 	Title:

 
			
	THE EXECUTIVE PARTIES:
	
	ENDEAVOR EXECUTIVE HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE PIU HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE II HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE ARIEL Z. EMANUEL LIVING TRUST, DATED NOVEMBER 13, 2017

		
	By:	 	  

		 	Name: Ariel Emanuel
		 	Title: Trustee
	
	  

	Ariel Emanuel
	
	  

	Patrick Whitesell

 
			
	SILVER LAKE PARTIES:
	
	SLP WEST HOLDINGS, L.L.C.
	
	By:
	
	  

	By:	 	
	Title: Managing Member
	
	SLP WEST HOLDINGS II, L.L.C.
	
	By:
	
	  

	By:	 	
	Title: Managing Member
	
	SLP WEST HOLDINGS III, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	SLP IV WEST FEEDER I, LP
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	SL SPV-1 WEST FEEDER I, LP
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	SLP WEST HOLDINGS CO-INVEST, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	SLP WEST HOLDINGS CO-INVEST II, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	SLP WEST HOLDINGS CO-INVEST FEEDER II CORP.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	
	HS INVESTMENTS (A) LP
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	HS INVESTMENTS NA5 LIMITED
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	HS INVESTMENTS (W) LIMITED
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	SCC GROWTH IV HOLDCO II, LTD.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	JET2 INVESTMENT HOLDINGS LIMITED
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	SIXJOY LLC
		
	By:	 	
	
	  

	By:	 	
	Title:	 	Managing Member

 
			
	MUBADALA CAPITAL PARTNERS, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	ACANITT LIMITED
		
	By:	 	
	
	  

	By:	 	
	Title	 	

 
			
	JASMINE VENTURES PTE LTD.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 
			
	CPP INVESTMENT BOARD (USRE III) INC.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 Exhibit I 

Company Charter 

[See attached.] 

 Exhibit II 

Company By-laws 

[See attached.] 

 Annex A 

FORM OF 
 JOINDER
AGREEMENT 
 The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Stockholders Agreement, dated
as of             , 2019 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”) by and
among Endeavor Group Holdings, Inc., Endeavor Executive Holdco, LLC, Endeavor Executive PIU Holdco, LLC, Endeavor Executive II Holdco, LLC, The Ariel Z. Emanuel Living Trust, dated November 13, 2017, Ariel Emanuel, Patrick Whitesell, SLP West
Holdings, L.L.C., SLP West Holdings II, L.L.C., SLP West Holdings III, L.P., SLP IV West Feeder I, LP, SL SPV-1 West Feeder I, LP, SLP West Holdings Co-Invest, L.P., SLP
West Holdings Co-Invest II, L.P., HS Investments (A) LP, HS Investments NA5 Limited, HS Investments (W) Limited, SCC Growth IV Holdco II, Ltd., Jet2 Investment Holdings Limited, Sixjoy LLC, Mubadala
Capital Partners, L.P., Acanitt Limited, Jasmine Ventures Pte Ltd. and CPP Investment Board (USRE III) Inc. and any other Persons thereto or who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in
this Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders Agreement. 
 By executing and
delivering this Joinder Agreement to the Stockholders Agreement, the undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned’s becoming the
beneficial owner and/or transferee of Company Securities, to become a party to, and to be bound by and comply with the provisions of, the Stockholders Agreement in the same manner as if the undersigned were an original signatory to the Stockholders
Agreement. 
 The undersigned acknowledges and agrees that the provisions of Article IV of the Stockholders Agreement are
incorporated herein by reference, mutatis mutandis. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement
as of the __ day of ____________, _____. 

 
			
	  

	(Signature of Affiliated Transferee)
	
	  

	(Print Name of Affiliated Transferee)

 
			
		
	Address:	 	  

 
			
	
	  

	
	  

			
		
	Telephone:	 	  

 
			
	Facsimile:	 	  

 
			
	Email:	 	  

  

			
	 AGREED AND ACCEPTED
 as of the ____
day of ____________, _____.

	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Annex B 

FORM OF 
 SPOUSAL CONSENT

 In consideration of the execution of that certain Stockholders Agreement, dated as of
            , 2019 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”) by and among
Endeavor Group Holdings, Inc., Endeavor Executive Holdco, LLC, Endeavor Executive PIU Holdco, LLC, Endeavor Executive II Holdco, LLC, The Ariel Z. Emanuel Living Trust, dated November 13, 2017, Ariel Emanuel, Patrick Whitesell, SLP West
Holdings, L.L.C., SLP West Holdings II, L.L.C., SLP West Holdings III, L.P., SLP IV West Feeder I, LP, SL SPV-1 West Feeder I, LP, SLP West Holdings Co-Invest, L.P., SLP
West Holdings Co-Invest II, L.P., HS Investments (A) LP, HS Investments NA5 Limited, HS Investments (W) Limited, SCC Growth IV Holdco II, Ltd., Jet2 Investment Holdings Limited, Sixjoy LLC, Mubadala
Capital Partners, L.P., Acanitt Limited, Jasmine Ventures Pte Ltd. and CPP Investment Board (USRE III) Inc. and any other Persons who are or may become a party thereto in accordance with the terms thereof, I, ____________________, the spouse of
___________________________, who is a party to the Stockholders Agreement, do hereby join with my spouse in executing the foregoing Stockholders Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration
of the issuance, acquisition or receipt of Company Securities and all other interests I may have in the shares and securities subject thereto, whether the interest may be pursuant to community property laws or similar laws relating to marital
property in effect in the state or province of my or our residence as of the date of signing this consent. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Stockholders Agreement. 

 

							
	Dated as of _______ __, ____	 		 		 	  

		 		 		 	(Signature of Spouse)
				
		 		 		 	  

		 		 		 	(Print Name of Spouse)EX-10.15

 Exhibit 10.15 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of September _________, 2019 by and among
Endeavor Group Holdings, Inc., a Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Holders attached hereto as of the date hereof (such Persons, collectively, the
“Holders”). 
 RECITALS 

WHEREAS, the Corporation is contemplating an offer and sale of its shares of Class A common stock, par value $0.00001 per share (the
“Class A Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”); 

WHEREAS, in contemplation of the IPO, the Corporation underwent a reorganization of its business structure (the
“Reorganization”), pursuant to which, among other things, (i) the Corporation became the sole managing member of a newly formed subsidiary of the Corporation, Endeavor Manager, LLC, a Delaware limited liability company
(“Endeavor Manager”), (ii) Endeavor Manager became the sole managing member of Endeavor Operating Company, LLC, a Delaware limited liability company (the “Company”), (iii) all of the existing equity
interests in the Company (other than the PIUs (as defined below)) were reclassified into common units of the Company (“Opco Common Units”), (iv) certain pre-IPO investors
of the Company merged with and into the Corporation and the members and/or stockholders, as applicable, of such pre-IPO investors (the “Investor Members”) were issued shares of
Class A Common Stock and/or Class Y Common Stock in consideration for the units and/or shares, as applicable, of such pre-IPO investors (v) (A) the Management Holdcos merged with and into
Endeavor Manager, the consideration for which was the Opco Common Units held by the Management Holdcos, in exchange for the issuance of common units of Endeavor Manager (“Manager Common Units” and together with the Opco
Common Units, the “Common Units”) to the members of the Management Holdcos (the “Manager Equity Owners”) and (B) the members of the Management Holdcos (as defined below) received shares of
Class X Common Stock (as defined below) in connection with the mergers with and into Endeavor Manager in an equal number to the Manager Common Units held by such members, and (vi) each member of the Company (other than Endeavor Manager)
(the “Opco Equity Owners” and together with the Manager Equity Owners and the Investor Members, the “Equity Owners”) subscribed for shares of Class X Common Stock and Class Y
Common Stock (as defined below), in each case in an equal number to the Opco Common Units held by such Opco Equity Owner; 
 WHEREAS, the
Corporation desires to use a portion of the net proceeds from the IPO to purchase Manager Common Units of Endeavor Manager, and Endeavor Manager desires to issue its Manager Common Units to the Corporation in exchange for such portion of the net
proceeds from the IPO; 
 WHEREAS, Endeavor Manager desires to use the proceeds from the sale of Manager Common Units to purchase Opco
Common Units of the Company, and the Company desires to issue its Common Units to Endeavor Manager in exchange for such proceeds; 
  

 WHEREAS, immediately prior to or simultaneous with the purchase by the Corporation of the
Manager Common Units, the Corporation and Endeavor Manager will enter into that certain Amended and Restated Limited Liability Company Agreement of Endeavor Manager (such agreement, as it may be amended, restated, amended and restated, supplemented
or otherwise modified form time to time, the “Manager LLC Agreement”); 
 WHEREAS, immediately prior to or
simultaneous with the purchase by Endeavor Manager of the Opco Common Units, the Corporation, Endeavor Manager, the Company and the Opco Equity Owners will enter into that certain Third Amended and Restated Limited Liability Company Agreement of the
Company (such agreement, as it may be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “Opco LLC Agreement” and together with the Manager LLC Agreement, the
“LLC Agreements”); 
 WHEREAS, in connection with the closing of the IPO, (i) the Company has provided the Opco
Equity Owners with a redemption right pursuant to which the Opco Equity Owners can redeem their Opco Common Units (and an equal number of shares of Class X Common Stock) for cash or, at the Corporation’s option, exchange Opco Common Units
(and an equal number of shares of Class X Common Stock) for shares of Class A Common Stock the terms set forth in the Opco LLC Agreement, and (ii) Endeavor Manager has provided the Manager Equity Owners with a redemption right
pursuant to which the Manager Equity Owners can redeem their Manager Common Units (and an equal number of shares of Class X Common Stock) for cash or, at the Corporation’s option, exchange Manager Common Units (and an equal number of
shares of Class X Common Stock) for shares of Class A Common Stock the terms set forth in the Manager LLC Agreement; and 

WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined
below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Definitions.
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1: 

“Acquired Common” has the meaning set forth in Section 9. 

“Additional Holder” has the meaning set forth in Section 9, and shall be deemed to include
each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Affiliate” of (a) any Person means any other Person controlled by, controlling or under common control with such
Person and (b) Fidelity and any Fidelity Holder means any investment company registered under the Investment Company Act of 1940 advised or sub-advised by Fidelity or any affiliated investment advisor of
Fidelity, one or more mutual fund, pension fund, pooled investment vehicle or institutional client advised or sub-advised by Fidelity 

  
 2 

 
or any affiliated investment advisor of Fidelity; provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition,
“control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of
management or policies (whether through ownership of securities, by contract or otherwise). 
 “Agreement” has the
meaning set forth in the recitals. 
 “Automatic Shelf Registration Statement” has the meaning set forth in
Section 2(a). 
 “Business Day” means any day of the year on which national banking
institutions in New York are open to the public for conducting business and are not required or authorized to close. 
 “Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect
to any Person that is not a corporation, individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive (A) a
share of the profits and losses of, or the distribution of assets of the issuing Person, and/or (B) voting rights in such Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any
security described in the clause (i) or (ii) above. 
 “Class A Common
Stock” has the meaning set forth in the recitals. 
 “Class B Common
Stock” means the Corporation’s Class B common stock, par value $0.00001 per share. 

“Class X Common Stock” means the Corporation’s Class X common stock, par
value $0.00001 per share. 
 “Class Y Common Stock” means the Corporation’s
Class Y common stock, par value $0.00001 per share. 
 “Common Units” has the meaning set forth in the
recitals. 
 “Company” has the meaning set forth in the recitals. 

“Corporation” has the meaning set forth in the recitals. 

“Demand Holder” means each of the Management Holders and SL Holders, so long as such Management Holders and SL Holders
continue to hold Registrable Securities. 
 “Demand Registrations” has the meaning set forth in
Section 2(a). 
 “End of Suspension Notice” has the meaning set forth in
Section 2(f)(ii). 

  
 3 

 “Endeavor Manager” has the meaning set forth in the recitals. 

“Equity Owners” has the meaning set forth in the recitals 

“Equity Owner Parties” means the Equity Owners and their respective Affiliates, immediate family members, heirs,
successors and assigns who may succeed to such Person as a Holder hereunder. 
 “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Executive Holders” means each of the Executive Holders as identified on the Schedule of Holders, so long as such
Holders continue to hold Registrable Securities. 
 “Fidelity” means Fidelity Management & Research
Company, and any successor or affiliated registered investment advisor to the Fidelity Holders. 
 “Fidelity Holder”
means any Holder that is advised or sub-advised by Fidelity. 
 “FINRA”
means the Financial Industry Regulatory Authority. 
 “Follow-on Holdback
Period” has the meaning set forth in Section 4(a)(ii). 
 “Free Writing
Prospectus” means a free-writing prospectus, as defined in Rule 405. 
 “Holdback Period” has the
meaning set forth in Section 4(a)(ii). 
 “Holder” means any Person that is a party to
this Agreement from time to time, as set forth on the signature pages hereto. 
 “Holder Indemnified
Parties” has the meaning set forth in Section 7(a). 
 “IPO” has the meaning
set forth in the recitals. 
 “IPO Holdback Period” has the meaning set forth in
Section 4(a)(i). 
 “Joinder” has the meaning set forth in
Section 9. 
 “Key Executives” means Ariel Emanuel and Patrick Whitesell, jointly and
severally. 
 “LLC Agreements” has the meaning set forth in the recitals. 

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“Management Blackout Window” means the Corporation’s regular quarterly trading blackout window during which
directors, officers and employees of the Corporation are restricted from making sales of the Capital Stock of the Corporation or any of its subsidiaries, as set forth in Corporation’s insider trading policy. 

  
 4 

 “Management Holdcos” means collectively WME Holdco, LLC, a Delaware
limited liability company, WME Iris Management Holdco, LLC, a Delaware limited liability company, WME Iris Management III Holdco, LLC, a Delaware limited liability company, WME Iris Management V Holdco, LLC, a Delaware limited liability company and
WME IMG SCP, LLC, a Delaware limited liability company. 
 “Management Holders” means each of the Management Holders
as identified on the Schedule of Holders, so long as such Holders continue to hold Registrable Securities. 
 “Manager Common
Units” has the meaning set forth in the recitals. 
 “Manager Equity Owners” has the meaning set forth
in the recitals. 
 “Manager LLC Agreement” has the meaning set forth in the recitals. 

“MNPI” means material non-public information within the meaning of Regulation
FD promulgated under the Exchange Act. 
 “Non-Demand Holders” means each of
the Non-Demand Holders as identified on the Schedule of Holders, so long as such Holders continue to hold Registrable Securities. 

“Non-Employee Holders” means, collectively, the SL Holders and the Non-Demand Holders. 
 “Opco Common Units” has the meaning set forth in the
recitals. 
 “Opco Equity Owners” has the meaning set forth in the recitals. 

“Opco LLC Agreement” has the meaning set forth in the recitals. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

“PIUs” means the profits interest units of the Company 

“Pricing Date” has the meaning set forth in Section 4(a)(i). 

“Public Offering” means any sale or distribution to the public of Capital Stock of the Corporation pursuant to an
offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock. 

“Registrable Securities” means (i) any Class A Common Stock (A) issued by the Corporation in connection
with the IPO or (B) issued by the Corporation in a Share Settlement in connection with (x) the redemption by the Company or Endeavor Manager, as applicable of Common Units owned by any Equity Owner Parties or (y) at the election of
the Corporation, in a direct exchange for Common Units owned by any Equity Owner Party, in each case in 

  
 5 

 
accordance with the terms of the LLC Agreements, (ii) any Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable with respect to the securities referred
to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and (iii) any other shares of Class A Common
Stock owned, directly or indirectly, by Holders from time to time. As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date such securities (a) have been sold or
distributed pursuant to a Public Offering, (b) have been sold in compliance with Rule 144 following the consummation of the IPO, (c) have been repurchased by the Corporation or a Subsidiary of the Corporation or (d) together with
securities of such class owned by such Holder’s Affiliates and securities that may be acquired by such Holder and such Holder’s Affiliates upon redemption, exchange, conversion or exercise of such class of securities may be disposed of
pursuant to Rule 144 in a single transaction without volume limitation or other restrictions on transfer thereunder; provided, that, so long as Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE III) Inc. is a party to the Stockholders
Agreement, dated as of the date hereof, by and among the Corporation and the stockholders party thereto, this clause (d) shall not apply to any shares of Class A Common Stock held by Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE
III) Inc., respectively, solely for the purpose of allowing Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE III) Inc., respectively, to “piggyback” as a Holder of Registrable Securities in any Demand Registration or Shelf Offering
initiated by one of the SL Holders in accordance with the terms of Section 2 hereof or in any Piggyback Registration where any SL Holder has exercised its “piggyback” rights. For purposes of this Agreement, a Person shall be deemed to
be a Holder, and the Registrable Securities shall be deemed to be in existence, whenever such Person (i) holds PIUs or (ii) has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in
connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the
rights of a holder of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class
under Section 12 of the Exchange Act be registered pursuant to this Agreement. For the avoidance of doubt, while Common Units may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to register Common
Units, and only Shares issuable upon redemption or exchange of Common Units will be registered. 
 “Registration
Expenses” has the meaning set forth in Section 6(a). 
 “Reorganization” has
the meaning set forth in the recitals. 
 “Representative” means (i) the Key Executives in the case of the
Management Holders and (ii) the SL Party in the case of the SL Holders. 
 “Requesting Holder” has the meaning
set forth in Section 8(b). 
 “Rule 144,” “Rule 158,”
“Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from
time to time, or any successor rule then in force. 

  
 6 

 “Sale Transaction” has the meaning set forth in
Section 4(a)(i). 
 “Schedule of Holders” means the schedule attached to this Agreement
entitled “Schedule of Holders,” which shall reflect each Holder from time to time party to this Agreement. 

“Section 13 Representatives” has the meaning set forth in
Section 13(b). 
 “Securities” has the meaning set forth in
Section 4(a)(i). 
 “Securities Act” means the U.S. Securities Act of 1933, as amended
from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Share Settlement” means “Share Settlement” as defined in the LLC Agreements, as applicable. 

“Shares” has the meaning set forth in the recitals. 

“Shelf Offering” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Notice” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Request” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registrable Securities” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registration” has the meaning set forth in Section 2(a). 

“Shelf Registration Statement” has the meaning set forth in Section 2(d)(i). 

“Short-Form Registrations” has the meaning set forth in Section 2(a). 

“SL Holders” means each of the SL Holders as identified on the Schedule of Holders and their transferees who become
party to this Agreement, so long as such Holders continue to hold Registrable Securities. 
 “SL Party” means
[•], or any other SL Holder designated from time to time by a majority in interest of the SL Holders. 

“Subsidiary” means, with respect to the Corporation, any corporation, limited liability company, partnership,
association or other business entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at
the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person entitled
(without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly or
indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person. 

  
 7 

 “Suspension Event” has the meaning set forth in
Section 2(f)(ii). 
 “Suspension Notice” has the meaning set forth in
Section 2(f)(ii). 
 “Suspension Period” has the meaning set forth in
Section 2(f)(i). 
 “Transferee” has the meaning set forth in the Third Amended and
Restated Limited Liability Company Agreement of Company, dated as of the date hereof. 
 “Underwriting Agreement”
means the underwriting agreement dated as of on or around the date hereof, by and among the Corporation, Endeavor Manager, the Company and Goldman Sachs & Co. LLC and KKR Capital Markets LLC, as representatives of the several underwriters
named in Schedule I thereto. 
 “Underwritten Takedown” has the meaning set forth in
Section 2(d)(ii). 
 “Violation” has the meaning set forth in
Section 7(a). 
 “WKSI” means a “well-known seasoned issuer” as defined under
Rule 405. 
 Section 2. Demand Registrations. 

(a) Requests for Registration. Subject to the terms and conditions of this Agreement, at any time from and after the date that is 180
days following the IPO, the Demand Holders, through their respective Representatives, may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any
similar long-form registration (“Long-Form Registrations”), and Demand Holders, through their respective Representatives, may request registration under the Securities Act of all or any portion of their Registrable Securities
on Form S-3 or any similar short-form registration (“Short-Form Registrations”) if available; provided that the Company shall not be obligated to file registration statements
relating to any Long-Form Registration or Short-Form Registration under this Section 2(a) unless the market value of the Registrable Securities proposed to be registered is at least $75 million (or, if less, such Registrable Securities
represent all Registrable Securities then held by the Demand Holder requesting such registration). All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand
Registrations.” The Demand Holder making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Corporation is a WKSI at
the time any request for a Demand Registration is submitted to the Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration
Statement”). Except to the extent that Section 2(d) applies, upon receipt of the request for the Demand Registration, the Corporation shall as promptly as reasonably practicable (but in no event later than ten
days after receipt of the request for the Demand Registration) give written notice of the Demand Registration to all other Holders who hold Registrable Securities and, subject to the terms of Section 2(e), shall include in
such Demand Registration (and in all related registrations and qualifications under state blue sky laws 

  
 8 

 
and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within (i) 15 days, in the case of any notice
with respect to a Long-Form Registration, or (ii) ten days, in the case of any notice with respect to a Short-Form Registration, after the receipt of the Corporation’s notice. Notwithstanding the foregoing, the Corporation shall not be
required to take any action that would otherwise be required under this Section 2 if such action would violate Section 4(a) hereof or any similar provision contained in the underwriting agreement
entered into in connection with any underwritten Public Offering. 
 (b) Long-Form Registrations. The Management Holders shall be
entitled to request, through the Key Executives, six Long-Form Registrations in the aggregate and the SL Holders shall be entitled to request, through the SL Party, six Long-Form Registrations in the aggregate, in each case in which the Corporation
shall pay all Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the
applicable Holders. All Long-Form Registrations shall be underwritten registrations unless otherwise approved by the applicable Demand Holder. An initiating Demand Holder can abandon a Demand Registration without losing a demand right under this
Section if (a) such Demand Holder pays the Corporation’s registration expenses or (b) the Corporation or the trading price of the Class A Common Stock on the principal U.S. stock exchange on which the Class A Common Stock is
then listed has undergone a material adverse change since the demand notice. 
 (c) Short-Form Registrations. In addition to the
Long-Form Registrations described in Section 2(b), each Demand Holder shall be entitled to request, through its Representative, an unlimited number of Short-Form Registrations in which the Corporation shall pay all
Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the applicable
Holders. Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form Registration. After the Corporation has
become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. 

(d) Shelf Registrations. 

(i) As promptly as reasonably practicable after the completion of twelve calendar months following the effectiveness of the
Form 8-A related to the IPO, the Corporation shall file with the Securities and Exchange Commission a registration statement under the Securities Act for the Shelf Registration (a “Shelf
Registration Statement”), which shall be on an Automatic Shelf Registration Statement if the Corporation is then eligible to file such a registration statement. The Corporation shall use commercially reasonable efforts to cause any
Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to
remain continuously effective for such time period as is 

  
 9 

 
specified in the request by the Holders, but for no time period longer than the period ending on the earliest of (A) in the case of an Automatic Shelf Registration statement (and without
limitation of Section 5(a)(xxiii)), the third anniversary of the initial effective date of such Shelf Registration Statement, (B) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement, and (C) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence. Without limiting the generality of the foregoing, the
Corporation shall use its commercially reasonable efforts to prepare a Shelf Registration Statement with respect to all of the Registrable Securities owned by or issuable to the Equity Owner Parties in accordance with the terms of the LLC Agreements
(or such other number of Registrable Securities specified in writing by the Holder with respect to the Registrable Securities owned by or issuable to such Holder) to enable and cause such Shelf Registration Statement to be filed and maintained with
the Securities and Exchange Commission as soon as practicable after the later to occur of (i) the expiration of the IPO Holdback Period and (ii) the Corporation becomes eligible to file a Shelf Registration Statement for a Short-Form
Registration; provided that any of the Equity Owner Parties may, with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by or issuable to such Holder.
In order for any of the Equity Owner Parties to be named as a selling securityholder in such Shelf Registration Statement, the Corporation may require such Holder to deliver all information about such Holder that is required to be included in such
Shelf Registration Statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto.

 (ii) In the event that a Shelf Registration Statement is effective, Holders representing Registrable Securities with a
market value of at least $50 million shall have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an “Underwritten Takedown”)) Registrable Securities
available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect, and the Corporation shall pay all Registration Expenses in connection
therewith, excluding any underwriting commissions or fees for shares sold by Holders or other third parties; provided that any of the Demand Holders, through their respective Representatives, shall have the right at any time and from time to
time to elect to sell pursuant to an offering (including an Underwritten Takedown) pursuant to a Shelf Offering Request (as defined below) made by such Demand Holder(s). The applicable Holders shall make such election by delivering to the
Corporation a written request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf
Offering”). In the case of an Underwritten Takedown, as promptly as practicable, but no later than three Business Days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering
Notice”) of such Shelf Offering Request to all other holders of Shelf Registrable Securities. The Corporation, subject to Sections 2(e) and 8 hereof, shall include in such Shelf Offering that is an Underwritten Offering
the Shelf Registrable Securities of any other Holder that shall have made a written request to the Corporation for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities

  
 10 

 
intended to be sold by such Holder) within five Business Days after the receipt of the Shelf Offering Notice. The Corporation shall, as expeditiously as possible (and in any event within ten
Business Days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering Request), use its reasonable best efforts to
facilitate such Shelf Offering. For the avoidance of doubt, no Holder shall have piggy-back or other rights of participation in any sales of Shelf Registrable Securities, or rights of inclusion in any amendment or supplement to any applicable
prospectus, in each case for any Shelf Offering that is not an Underwritten Takedown. 
 (iii) If any Holders representing
Registrable Securities with a market value of at least $50 million (or less than $50 million, if the applicable Shelf Registrable Securities constitute all of the Registrable Securities then held by such Holder(s)) desire to effect a sale
of Shelf Registrable Securities that (A) does not constitute an Underwritten Takedown and (B) requires an amendment or supplement to the applicable prospectus prior to the time of sale to reflect changes in information regarding such
Holder or the plan of distribution as related to such sale, the Holder shall deliver to the Corporation a Shelf Offering Request no later than two Business Days prior to the expected date of the sale of such Shelf Registrable Securities, and subject
to the limitations set forth in Section 2(d)(i), the Corporation shall file and effect an amendment or supplement to its Shelf Registration Statement for such purpose as soon as reasonably practicable. 

(iv) Notwithstanding the foregoing, if a Demand Holder wishes to engage in an underwritten block trade off of a Shelf
Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the foregoing time periods, such Holder(s) only need to notify the
Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period (A) is necessary for the completion of a customary due diligence process required for counsel to each of the
Corporation and the underwriters to provide customary “10b-5” negative assurance letters and for the Corporation’s accountants to provide customary “comfort letters” or (B) is
otherwise agreed to by Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to
participate by the next Business Day (i.e., one Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities wishing to engage in the
underwritten block trade) and the Corporation shall use its commercially reasonable efforts to facilitate such offering (which may close as early as two Business Days after the date it commences); provided that Holders representing a majority
of the Registrable Securities wishing to engage in the underwritten block trade shall use commercially reasonable efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the
registration statement, prospectus and other offering documentation related to the underwritten block trade. 

  
 11 

 (v) The Corporation shall, at the request of Holders representing a majority
of the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take
any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering. 

(e) Priority on Demand Registrations and Shelf Offerings. The Corporation shall not include in any Demand Registration or Shelf Offering
any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering. If a Demand Registration or a Shelf Offering is an
underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the
number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration or offering, as applicable, (i) first, the Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the
such Holders on the basis of the number of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein, (ii) second, other securities requested to be included in such
registration which, in the opinion of the underwriters, can be sold without any such adverse effect, and (iii) third, securities the Corporation requested to be included in such registration for its own account which, in the opinion of the
underwriters, can be sold without any such adverse effect. Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of Registrable
Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof calculated on the
proportion of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein to the total number of Registrable Securities requested by all such Holders. 

(f) Restrictions on Demand Registration and Shelf Offerings. 

(i) The Corporation shall not be obligated to effect or participate in any Demand Registration or Underwritten Takedown within
30 days after the effective date of a previous Demand Registration or Underwritten Takedown. The Corporation shall not be obligated to effect or participate in any Demand Registration, Underwritten Takedown or Shelf Offering during a Management
Blackout Window. The Corporation may on one or more occasions postpone, for up to 180 days from the date of the request, the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is
part of a Shelf Registration Statement for up to 180 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period, the “Suspension Period”) by
providing written notice to the Holders of Registrable Securities or Shelf Registrable 

  
 12 

 
Securities, as applicable, if (A) the Corporation’s executive committee, or in the case the executive committee does not exist, the board of directors, determines in its reasonable good
faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Corporation or any Subsidiary to engage in any material acquisition of assets or stock
(other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Corporation or any Subsidiary, (B) the sale of Registrable Securities
pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, or (C) could not be effected by the Corporation in compliance with the applicable financial statement
requirements under the Securities Act; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all Registration Expenses in
connection with such Demand Registration or Shelf Offering. 
 (ii) In the case of an event that causes the Corporation to
suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a “Suspension Event”), the Corporation shall give a
notice to the Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state generally the basis
for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. If the basis of such suspension is nondisclosure of MNPI, the Corporation shall not be required to disclose the subject
matter of such MNPI to Holders. A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Corporation and prior to
receipt of an End of Suspension Notice (as defined below). Holders may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an
“End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders and their counsel, if any, promptly following the conclusion of any Suspension Event;
provided that an End of Suspension Notice must be given prior to the end of the Suspension Period unless with the consent of each Demand Holder. 

(iii) Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any
Shelf Registration Statement pursuant to this Section 2(f), the Corporation agrees that it shall (A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any
supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf
Registration Statement. 

  
 13 

 (g) Selection of Underwriters. Demand Holder(s) initiating any Demand Registration
shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed. If any Shelf
Offering is an Underwritten Takedown, the Demand Holder(s) initiating the Underwritten Takedown shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the
Corporation’s approval not be unreasonably withheld, conditioned or delayed; provided, that if such Underwritten Takedown has not been initiated by any Demand Holder(s), Holders representing a majority of the Registrable Securities
participating in such Underwritten Takedown shall have the right to select the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s
approval not to be unreasonably withheld, conditioned or delayed. 
 (h) Fulfillment of Registration Obligations. Notwithstanding any
other provision of this Agreement, a registration requested pursuant to this Section 2 shall not be deemed to have been effected: (i) if the number of Registrable Securities requested to be included in a Long-Form Registration by the
initiating Demand Holder is cut back by the managing underwriters pursuant to Section 2(e) by more than twenty percent (20%); (ii) if the registration statement is withdrawn without becoming effective in accordance with
Section 2(f) or otherwise without the consent of the initiating Demand Holder; (iii) if after it has become effective such registration is interfered with by any stop order, injunction or other order or requirement of
the Securities and Exchange Commission or any other governmental authority for any reason other than a misrepresentation or an omission by the Holder making such Demand Registration, or an Affiliate of such Holder (other than the Corporation and its
controlled Affiliates), and, as a result thereof, the Registrable Securities requested to be registered cannot be completely distributed in accordance with the plan of distribution set forth in the related registration statement; (iv) if the
registration does not contemplate an underwritten offering, if it does not remain effective for at least 180 days (or such shorter period as will terminate when all securities covered by such registration statement have been sold or withdrawn); or
if such registration statement contemplates an underwritten offering, if it does not remain effective for at least 180 days plus such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required by
applicable law to be delivered in connection with the sale of Registrable Securities by an underwriter or dealer; or (v) in the event of an underwritten offering, if the conditions to closing (including any condition relating to an
overallotment option) specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied or waived other than by reason of some wrongful act or omission by the Holder that made the
Demand Registration, or an Affiliate of such Holder. 
 (i) Other Registration Rights. The Corporation represents and warrants that it
is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation. 

  
 14 

 Section 3. Piggyback Registrations. 

(a) Right to Piggyback. In connection with the IPO and thereafter, whenever the Corporation proposes to register any of its securities
under the Securities Act (other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the
Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale
of Registrable Securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt written notice to all Holders who hold
Registrable Securities of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c), shall include in such Piggyback Registration (and in all related registrations or qualifications under
blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within ten days after delivery of the Corporation’s notice. 

(b) Piggyback Expenses. The Registration Expenses of the Holders shall be paid by the Corporation in all Piggyback Registrations,
whether or not any such registration became effective, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the respective Holders. 

(c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation,
and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without adversely affecting the
marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable
Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the Holders calculated on the basis of the number of Registrable Securities owned by each
such Holder that such Holder of Registrable Securities shall have requested to be included therein to the total number of Registrable Securities requested by all such Holders, and (iii) third, other securities requested to be included in such
registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 
 (d) Selection of Underwriters.
If any Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of
other Corporation securities requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or
more investment banker(s) or manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities). 

(e) Right to Terminate Registration. The Corporation shall have the right to terminate or withdraw any registration initiated by it
under this Section 3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Corporation in accordance with
Section 6. 

  
 15 

 Section 4. Holdback Agreements. 

(a) Holders of Registrable Securities. If requested by the Corporation or the managing underwriter(s), each Holder participating in an
underwritten Public Offering shall enter into customary lock-up agreements with the managing underwriter(s) of such Public Offering containing terms that are consistent with the provisions of this
Section 4. In the absence of any such lock-up agreement, each Holder agrees as follows: 

(i) in connection with the IPO, such Holder shall not (A) offer, sell, pledge, contract to sell or grant any option to
purchase, or otherwise transfer or dispose of (including sales pursuant to Rule 144), directly or indirectly, any shares of Capital Stock of the Corporation (including Capital Stock of the Corporation that may be deemed to be owned beneficially by
such Holder in accordance with the rules and regulations of the Securities and Exchange Commission) owned by such Holder prior to the IPO (collectively, “Securities”), (B) enter into a transaction which would have the same
effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Securities, whether such transaction is to be settled
by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or (D) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of
the date on which the Corporation gives notice to the Holders that a preliminary prospectus has been circulated for the IPO or the “pricing” of such offering (the “Pricing Date”) and continuing (1) with respect
to the Fidelity Holders, to the date that is 180 days following the date of the final prospectus for the IPO and (2) with respect to all other Holders, to the date that is the later of (X) 180 days following the date of the final prospectus for
the IPO and (Y) December 31, 2019 (the “IPO Holdback Period”), in each case, unless the underwriters managing the IPO otherwise agree in writing; 

(ii) in connection with all underwritten Public Offerings (other than the IPO), such Holder shall not effect any Sale
Transaction commencing on the earlier of the date on which the Corporation gives notice to the Holders of the circulation of a preliminary or final prospectus for such Public Offering or the “pricing” of such offering and continuing to the
date that is 90 days following the date of the final prospectus for such Public Offering if such Underwritten Public Offering involves a road show or similar marketing efforts exceeding 48 hours, or 45 days otherwise (the “Follow-on Holdback Period” and together with the IPO Holdback Period, the “Holdback Periods”, and each a “Holdback Period”), unless (A) such Holder
(together with his, her or its Affiliates) is the beneficial owner of less than 5% of the outstanding Capital Stock of the Corporation (excluding shares of Class Y Common Stock) and is not selling securities in such Public Offering,
(B) such Holder is a Fidelity Holder and is not selling securities in such Public Offering or (C) the underwriters managing the Public Offering otherwise agree in writing; and 

(iii) Any discretionary waiver or termination of the restrictions in the foregoing clauses
(i) through (ii) shall apply pro rata to all Holders, based on the number of shares of Capital Stock of the Corporation subject to this Agreement. 

  
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 (iv) The foregoing clauses (i) through (ii)
shall not apply to (A) pursuant to any transfer, conversion, reclassification, contribution, subscription, sale redemption or exchange of Common Units to the Company, Endeavor Manager or the Corporation, or the respective subsidiaries thereof,
as applicable, in connection with, and as contemplated by, the Reorganization; (B) pursuant to any redemption or exchange of (1) Common Units (along with an equal amount of Class X Common Stock) for shares Class A Common Stock or
(2) the exchange of PIUs of the Company for Opco Common Units, in each case in accordance with the limited liability company agreement of Opco LLC Agreement or Manager LLC Agreement, as applicable; (C) as a result of the redemption by the
Corporation, the Company, Endeavor Manager or their affiliates of Capital Stock held by or on behalf of an employee in connection with the termination of such employee’s employment; (D) as part of the repurchase of Capital Stock by the
Corporation, not at the option of the Holders, pursuant to an employee benefit plan described in the Registration Statement or pursuant to the agreements pursuant to which such Securities were issued; (E) shares of Capital Stock of the
Corporation acquired by Holders (1) in the open market in connection with or after the completion of the IPO or (2) from the underwriters in a Public Offering; (F) to any transfer of shares of Capital Stock of the Corporation by bona
fide gift, will, intestacy or charitable contribution; provided, that the donee or donees, beneficiary or beneficiaries, heir or heirs or legal representatives thereof agree to be bound in writing by the restrictions set forth herein for the
balance of the applicable Holdback Period (except that a Holder and any of its affiliates who have signed lock-up letters with the managing underwriters may make charitable gifts, without the donee(s) signing
a lock-up letter or being bound by the restrictions set forth herein, of up to an aggregate of 0.5% (or such other percentage as may be agreed by the managing underwriters for such Public Offering) of the
Securities beneficially owned by such Holder and its affiliates as of the date of the final prospectus used in the IPO, before giving effect to the Public Offering); (G) to any transfer of shares of Capital Stock of the Corporation to any trust,
partnership, limited liability company or other entity for the direct or indirect benefit of the Holders or the immediate family of the Holders; provided, that the trustee of the trust or the partnership or limited liability company or other
entity agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period, and provided, further that any such transfer shall not involve a disposition for value; (H) to any
transfer of shares of Capital Stock of the Corporation to any immediate family member or other dependent; provided, that the transferee agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable
Holdback Period; and provided, further that any such transfer shall not involve a disposition for value; (I) to any transfer of shares of Capital Stock of the Corporation to the Holders’ affiliates, subsidiaries, partners,
members, equityholders, shareholders, trustor or beneficiary, or to any investment fund or other entity that controls, is controlled by, manages, is managed by or is under common control with the Holder (including, for the avoidance of doubt, if the
Holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership and, if the Holder is a trust, to a trustor or beneficiary of the trust); provided, that the transferee agrees
to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period; and provided, further that any such transfer shall not involve a disposition for value; (J) to any transfer of shares
of Capital Stock of the Corporation to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (F) through (I) above; provided, that the

  
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transferee agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period; (K) pursuant to an order of a court or regulatory agency or
to comply with any regulations related to the Holders’ ownership of Securities; provided, that in the case of any transfer or distribution pursuant to this clause, any filing under Section 16(a) of the Exchange Act reporting a
reduction in beneficial ownership of shares of Capital Stock of the Corporation, shall state that such transfer is pursuant to an order of a court or regulatory agency or to comply with any regulations related to the ownership of Capital Stock of
the Corporation unless such a statement would be prohibited by any applicable law, regulation or order of a court or regulatory authority; (L) to the Corporation or its affiliates upon death or disability of a Holder; (M) to any transfer
of shares of Capital Stock of the Corporation to the Corporation or its affiliates (1) deemed to occur upon a vesting event of the Holders’ Securities or upon the net cashless exercise of options or warrants to purchase Securities or
(2) for the sale by the Corporation (on behalf of the Holder) of up to such number of share of Capital Stock as necessary for the primary purpose of paying the exercise price of such options or for paying taxes (including estimated taxes) or to
satisfy the Corporation’s income and payroll tax withholding obligations due as a result of the exercise of such options or warrants or as a result of the vesting of Capital Stock under restricted stock units or restricted stock awards, in each
case (x) pursuant to employee benefit plans disclosed in the final prospectus for an applicable Public Offering and (y) that would otherwise expire during the Holdback Period; provided, that in the case of any transfer or
distribution pursuant this clause, except as a result of the vesting of Securities under restricted stock units or restricted stock awards, no filing under Section 16(a) of the Exchange Act (other than a filing on Form 5), reporting a reduction
in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Holdback Period; (N) to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or
other arrangements, between such third parties (or their affiliates or designees) and a Holder and/or its affiliates or any similar arrangement relating to a financing agreement for the benefit of a Holder and/or its affiliates, provided,
that any such pledgee or other party shall agree to, upon foreclosure on the pledged Securities, execute and deliver to the managing underwriters for an applicable Public Offering an agreement with the restrictions set forth herein; (O) the
sale and transfer of Securities by a Holder to the underwriters in a Public Offering pursuant to the terms of an underwriting agreement or with the prior written consent of the lead underwriter on behalf of the underwriters; (P) the
establishment or amendment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act; provided, that such plan does not provide for any transfers during the Holdback Period and to the extent a public
announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment or amendment of such plan, such announcement or filing shall include a statement
to the effect that no transfer of shares of Capital Stock may be made under such plan during the Holdback Period; provided, that in connection with the transfer pursuant to clauses (E), (F), (G), (H) and
(J) above, Holders shall not voluntarily file a report under Section 16(a) of the Exchange Act reporting a reduction in a Holder’s beneficial ownership in connection with such transfer with the SEC in accordance with
Section 16 of the Exchange Act, and if any such report is required to be filed during the applicable Holdback Period, such report shall include a 

  
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statement to the effect that such transfer is not a transfer for value; provided, further, that in the case of a transfer pursuant to clause (I) above (other than a
transfer or distribution to facilitate a charitable gift, which shall be addressed by the immediately preceding proviso), no report under Section 16 of the Exchange Act reporting a reduction in beneficial ownership shall, during the applicable
Holdback Period, be required or voluntarily made. 
 The Corporation may impose stop-transfer instructions with respect to the shares of Capital Stock (or
other securities) subject to the restrictions set forth in this Section 4(a) until the end of such period. 
 (b)
Exceptions. The foregoing holdback agreements in Section 4(a) shall not apply to a registration in connection with an employee benefit plan or in connection with any registration on form S-4 or
similar form in connection with any type of acquisition transaction or exchange offer. 
 Section 5. Registration Procedures.

 (a) Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf
Offering, (x) such Holders shall, if applicable, cause such Registrable Securities to be exchanged into shares of Class A Common Stock in accordance with the terms of the LLC Agreements prior to sale of such Registrable Securities and
(y) the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Corporation shall as
expeditiously as possible: 
 (i) in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts
to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Corporation shall furnish to the counsel selected by the Representative of the
initiating Demand Holder(s) initiating a Demand Registration or, in all other cases, the Holders representing a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which
documents shall be subject to the review and comment of such counsel); 
 (ii) notify each holder of Registrable Securities
of (A) the issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its
counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each
registration statement filed hereunder; 

  
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 (iii) prepare and file with the Securities and Exchange Commission such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration
statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities
Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities
by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such registration statement; 
 (iv) furnish to each seller of Registrable Securities
thereunder such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other
documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(v) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky
laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to
general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 
 (vi)
notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement
to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after
receipt thereof, of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and, subject to Section 2(f), at the request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

  
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 (vii) use reasonable best efforts to cause all such Registrable Securities
to be listed on each securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at
least two market markers to register as such with respect to such Registrable Securities with FINRA; 
 (viii) use reasonable
best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(ix) enter into and perform such customary agreements (including underwriting agreements in customary form) and take all such
other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without
limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 
 (x) make available for
inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and
other records, pertinent corporate and business documents and properties of the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents,
representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(xi) take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration
or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required
thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading; 
 (xii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations
of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Corporation’s
first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(xiii) to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an underwriter of any Registrable
Securities or a controlling person of the Corporation, permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein, in form and substance
satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included; 

  
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 (xiv) in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Class A Common Stock included in such registration statement for sale in
any jurisdiction use reasonable best efforts promptly to obtain the withdrawal of such order; 
 (xv) use its reasonable best
efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition
of such Registrable Securities; 
 (xvi) cooperate with the Holders of Registrable Securities covered by the registration
statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and enable such
securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

(xvii) cooperate with each Holder of Registrable Securities covered by the registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii) use its reasonable best efforts to make available the executive officers of the Corporation to participate with the
Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods of distribution for
the Registrable Securities; 
 (xix) in the case of any underwritten Public Offering, use its reasonable best efforts to
obtain one or more “comfort letters” from the Corporation’s independent public accountants in customary form and covering such matters of the type customarily covered by “comfort letters” as the Holders representing a
majority of the Registrable Securities being sold reasonably request; 
 (xx) in the case of any underwritten Public
Offering, use its reasonable best efforts to provide a legal opinion of the Corporation’s outside counsel, dated the closing date of the Public Offering, in customary form and covering such matters of the type customarily covered by legal
opinions of such nature, which opinion shall be addressed to the underwriters and the Holders of such Registrable Securities being sold; 

(xxi) if the Corporation files an Automatic Shelf Registration Statement covering any Registrable Securities, use its
reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

  
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 (xxii) if the Corporation does not pay the filing fee covering the
Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and 

(xxiii) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the
third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Corporation is required to re-evaluate its WKSI status the Corporation determines
that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such
registration statement effective during the period during which such registration statement is required to be kept effective. 
 (b) Any
officer of the Corporation who is a Holder agrees that if and for so long as he or she is employed by the Corporation or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons
in like positions and consistent with his or her other duties with the Corporation and in accordance with applicable law, including the preparation of the registration statement and the preparation and presentation of any road shows. 

(c) The Corporation may require each Holder requesting, or electing to participate in, any registration to furnish the Corporation such
information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing. 

(d) If the Equity Owner Parties or any of their respective Affiliates seek to effectuate an in-kind
distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable lock-ups, work with the foregoing
persons to facilitate such in-kind distribution in the manner reasonably requested and such distributees shall have the right to become a party to this Agreement by the joinder in the form of Exhibit A hereto
and thereby have all of the rights of such Equity Owner Parties under this Agreement, other than the Demand Registration rights of a Demand Holder. 

Section 6. Registration Expenses. 

(a) The Corporation’s Obligation. All expenses incident to the Corporation’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation) (all such expenses being herein called
“Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all

  
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salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the
expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback
Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities sold for such Person’s account. 

(b) Counsel Fees and Disbursements. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering,
the Corporation shall reimburse the reasonable fees and disbursements of not more than one law firm for (i) each of the Demand Holders of Registrable Securities included in such registration engaged to represent such Demand Holders in
connection with such registration or (ii) the Holders, if no Registrable Securities of any Demand Holders are included in such registration, as selected by Holders of a majority of the Registrable Securities included in such registration,
engaged to represent such Holders in connection with such registration. 
 Section 7. Indemnification and Contribution. 

(a) By the Corporation. The Corporation shall indemnify and hold harmless, to the extent permitted by law, each Holder, such
Holder’s officers, directors, managers, employees, partners, stockholders, members, trustees, Affiliates, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the
“Holder Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable
attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Corporation: (i) any untrue or alleged
untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or
communication (in this Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation
filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the
Corporation and relating to action or inaction required of the Corporation in connection with any such registration, qualification or compliance. In addition, the Corporation will reimburse such Holder Indemnified Party for any legal or any other
expenses reasonably incurred by them in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Corporation shall not be liable in any such case to the extent that any such losses result from, arise out of, are
based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement
thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder Indemnified Party expressly for use therein or by such Holder Indemnified Party’s
failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Corporation has furnished such Holder Indemnified Party with a sufficient number of copies of the same. 

  
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 (b) By Each Holder. In connection with any registration statement in which a Holder
is participating, each such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the extent
permitted by law, shall indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant
to such registration statement. 
 (c) Claim Procedure. Any Person entitled to indemnification hereunder shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification hereunder only to the extent such failure
has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the Registrable Securities included in the
registration if such Holders are indemnified parties, at the expense of the indemnifying party. 
 (d) Contribution. If the
indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any
loss, claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well
as any other 

  
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relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an
amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this
Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim
which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

 (e) Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or
enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the
contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the
indemnifying party, such consent not to be unreasonably withheld, conditioned or delayed. 
 (f)
Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified
party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall
survive the transfer of Registrable Securities and the termination or expiration of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

Section 8. Underwritten Registrations. 

(a) Participation. No Person may participate in any Public Offering hereunder which is underwritten unless such Person (i) agrees
to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or
“green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and executes all reasonable
and customary questionnaires, “know your customer” 

  
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certificates, powers of attorney, indemnities, underwriting agreements, custody agreements and other documents reasonably required under the terms of such underwriting arrangements or required by
managing underwriters. Each Holder shall execute and deliver such other agreements as may be reasonably requested by the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under
Section 4, Section 5 and this Section 8(a) or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and
consistent with, Section 4 and this Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the Holders, the
Corporation and the underwriters created pursuant to this Section 8(a). 
 (b) Price and Underwriting
Discounts. In the case of an underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the
Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering. Any Demand Holder who has requested inclusion in an underwritten Demand Registration or an
Underwritten Takedown (including the party who made the Shelf Offering Request (such party, the “Requesting Holder”)) may elect to withdraw therefrom at any time prior to the signing of the underwriting agreement related to
such offering by written notice to the Corporation, the managing underwriter and the Requesting Holder; provided that, if the underwriters’ counsel reasonably determines that such withdrawal would require a recirculation of the prospectus, then
no Holder shall have the right to withdraw unless the Requesting Holder has also elected to withdraw. 
 (c) Suspended Distributions.
Each Person that is participating in any registration under this Agreement, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall
immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by
Section 5(a)(vi). In the event the Corporation has given any such notice, the applicable time period set forth in Section 5(a)(iii) during which a Registration Statement is to remain effective
shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including the date when each seller of Registrable Securities covered
by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi). 

Section 9. Additional Parties; Joinder. In addition to Persons who may become Holders pursuant to Section 12 or
Section 14(f) hereof, subject to the prior written consent of each Representative on behalf of the respective Demand Holders the Corporation may make any Person who acquires Class A Common Stock or rights to acquire Class A Common
Stock from the Corporation after the date hereof (including without limitation any Person who acquires Common Units) a party to this Agreement (each such Person, an “Additional Holder”) and to succeed to all of the rights and
obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder
by such Additional Holder, the Class A Common Stock of the Corporation acquired by such Additional Holder or issuable upon redemption or exchange of Common Units acquired by such Additional Holder (the “Acquired Common”)
shall be Registrable Securities to the extent provided herein, such Additional Holder shall be a Holder under this Agreement with respect to the Acquired Common, and the Corporation shall add such Additional Holder’s name and address to the
Schedule of Holders and circulate such information to the parties to this Agreement. 

  
 27 

 Section 10. Rule 144. At all times after the Corporation has filed a
registration statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Corporation shall file all reports required to be filed by it under the Securities Act and the
Exchange Act and shall take such further action as any Holder may reasonably request, including (i) instructing the transfer agent for the Registrable Securities to remove restrictive legends from any Registrable Securities sold pursuant to
Rule 144 (to the extent such removal is permitted under Rule 144 and other applicable law), and (ii) cooperating with the Holder of such Registrable Securities to facilitate the transfer of such securities through the facilities of The
Depository Trust Company, in such amounts and credited to such accounts as such Holder may request (or, if applicable, the preparation and delivery of certificates representing such securities, in such denominations and registered in such names as
such Holder may request), all to the extent required to enable the Holders to sell Registrable Securities pursuant to Rule 144. Upon request, the Corporation shall deliver to any Holder a written statement as to whether it has complied with such
requirements. 
 Section 11. Subsidiary Public Offering. If, after an initial Public Offering of the Capital Stock of one of its
Subsidiaries (including the Company), the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this Agreement shall apply, mutatis mutandis, to such
Subsidiary, and the Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

Section 12. Transfer of Registrable Securities. Notwithstanding anything to the contrary contained herein, and subject to any
transfer restrictions contained in the LLC Agreements, except in the case of (i) a transfer to the Corporation, (ii) a transfer or distribution by any Equity Owner Party or any of its Affiliates to its respective equityholders,
(iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in connection with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including,
without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to execute and deliver to the Corporation a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of
any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any
purpose. 
 Section 13. MNPI Provisions. 

(a) Each Holder acknowledges that the provisions of this Agreement that require communications by the Corporation or other Holders to such
Holder may result in such Holder and its Section 13 Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or the number of
Corporation securities or the identity of the selling Holders). 

  
 28 

 (b) Each Holder agrees that it will maintain the confidentiality of such MNPI and, to the
extent such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder
(“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the
“Section 13 Representatives”), but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any
Registrable Securities in connection with the subject of the notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or
order applicable to such Holder, (iv) in response to any subpoena or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the case of clause
(i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially consistent with the terms of Section 13 and that in the case of clauses
(ii) through (v), such disclosure is required by law and such Holder shall promptly notify the Corporation of such disclosure to the extent such Holder is legally permitted to give such notice; provided further, that for
the avoidance of doubt and notwithstanding anything herein to the contrary, nothing contained in this Section 13 shall in any way restrict or impair the ability of any Fidelity Holder to disclose information to Fidelity,
respectively (or vice versa), or restrict or impair the obligations of Fidelity to report the investment of its advisory clients (as Holders) in the Corporation in accordance with applicable laws and regulations or internal policies, without any
requirement of prior notice to the Corporation. 
 (c) Each Holder shall have the right, at any time and from time to time (including after
receiving information regarding any potential Public Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written
statement signed by such Holder that it does not want to receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this
Agreement the Corporation and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect
would result in a Holder acquiring MNPI. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the
Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out
Requests; provided that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests. 

Section 14. General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified, terminated
or waived only with the prior written consent of the Corporation and each Representative of the Demand Holders; provided that no such amendment, modification, termination or waiver that would materially and adversely affect a Holder in a
manner materially different than any other Holder (provided that the accession by Additional Holders to this Agreement pursuant to Section 9 shall not be deemed to adversely

  
 29 

 
affect any Holder), shall be effective against such Holder without the consent of such Holder that is materially and adversely affected thereby; provided further that clause (b) of
the definition of “Affiliate” (and the definition of “Affiliate” as it relates to such clause (b)), the definition of “Fidelity,” the definition of “Fidelity Holder,” Section 4 and Section 13(b) (and
Section 13 as it relates to Section 13(b)) may be amended, modified, terminated or waived only with the prior written consent of each Fidelity Holder. The failure or delay of any Person to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or
default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other
obligations of that Person under this Agreement. 
 (b) Remedies. The parties to this Agreement shall be entitled to enforce their
rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto
agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be
entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or
among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or
not any express assignment has been made, the provisions of this Agreement which are for the benefit Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder. 

  
 30 

 (f) Assignment. This Agreement may not be assigned (by operation of law or otherwise)
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that (i) the Management Holders may assign all or any portion of
their rights in Section 2 hereof to their shareholders, members, partners or other equity holders and (ii) the SL Holders may assign all or any portion of their rights in Section 2 hereof to a Transferee or to bona fide unaffiliated
purchasers of Registrable Securities with a market value at the time of sale of at least $75 million. 
 (g) Notices. All
notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received, it being understood that if no such e-mail address or facsimile number is provided to the Corporation than notice may not be delivered by e-mail or facsimile, as applicable). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in
the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder
shall be given to such party as follows or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. 

If to the Corporation, addressed to it at: 

c/o Endeavor Group Holdings, Inc. 

9601 Wilshire Boulevard, 3rd Floor 

Beverly Hills, California 90210 

Attention: Chief Executive Officer 

Executive Chairman 

General Counsel 

Facsimile No.: (310) 285-9010 

E-mail: [•] 

With copies (which shall not constitute actual or constructive notice) to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York,
NY 10022 
 Attention: Justin G. Hamill 

Marc D. Jaffe 

Ian D. Schuman 

Jonathan P. Solomon 

Facsimile No.: (212) 751-4864 

E-mail: justin.hamill@lw.com 

marc.jaffe@lw.com 

ian.schuman@lw.com 

jonathan.solomon@lw.com 

  
 31 

 If to the SL Holders, addressed to them at: 

c/o Silver Lake Partners 
 2775
Sand Hill Road, Suite 100 
 Menlo Park, CA 94025 

Attention: Karen King 
 Facsimile
No.: (650) 233-8125 
 E-mail: karen.king@silverlake.com 

and 
 c/o Silver Lake Partners

 9 West 57th Street, 32nd Floor 

New York, NY 10019 
 Attention:
Andrew Schader 
 Facsimile No.: (212) 981-3535 

Email: andy.schader@silverlake.com 

With copies (which shall not constitute actual or constructive notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
California 94304 
 Attention: Daniel Webb 

Fax: (650) 251-5002 

Email: dwebb@stblaw.com 
 If to
any of the other parties hereto, to the address set forth on the books and records of the Company. 
 (h) Business Days. If any time
period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the immediately following Business Day. 

(i) Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of
the Corporation and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 (j) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE
PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR
THE MATTERS CONTEMPLATED HEREBY. 

  
 32 

 (k) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER
PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH
PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE
DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. 
 (l) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and
acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member of any
Holder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer,
employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in
respect of or by reason of such obligations or their creation. 
 (m) Descriptive Headings; Interpretation. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

(n) No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party. 
 (o) Counterparts. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

  
 33 

 (p) Electronic Delivery. This Agreement, the agreements referred to herein, and each
other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or
similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof
and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(q) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

(r) No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the Holders in this Agreement. 
 * * * * * 

  
 34 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	
                 

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ENDEAVOR EXECUTIVE HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE PIU HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE II HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	  

		 	Ariel Emanuel
		
		 	  

		 	Patrick Whitesell

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	[Technology Advisory Board]
		
	By:	 	              

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SLP WEST HOLDINGS, L.L.C.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	Managing Member
	
	SLP WEST HOLDINGS II, L.L.C.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	Managing Member
	
	SLP WEST HOLDINGS III, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	SLP WEST HOLDINGS CO-INVEST, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	SLP WEST HOLDINGS CO-INVEST II, L.P.
	
	By:
	
	  

	By:
	Title:
	
	SLP IV WEST FEEDER I, L.P.
	
	By:
	
	  

	By:
	Title:
	
	SL SPV-1 FEEDER I, L.P.
	
	By:
	
	  

	By:
	Title:
	
	SLP WEST HOLDINGS CO-INVEST FEEDER II, L.P.
	
	By:
	
	  

	By:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	SEQUOIA CHINA GROWTH FUND IV, L.P.
	
	By:
	
	  

	By:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	HEDOSOPHIA GROUP LIMITED
	
	By:
	
	  

	By:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FOCUS MEDIA FOUNTAINVEST SPORTS JV, L.P.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TENCENT HOLDINGS LIMITED
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	WOLF CUB HOLDINGS LLC
		
	By:	 	
	
	  

	By:	 	
	Title:	 	
	
	USWI HOLDING LLC
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FIDELITY PURITAN FUND
	
	  

	By:	 	
	Title:	 	
	
	FIDELITY MAGELLAN FUND
	
	  

	By:	 	
	Title:	 	
	
	 FIDELITY – SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND

	
	  

	By:	 	
	Title:	 	
	
	 FIDELITY – COMMON WEALTH TRUST: FIDELITY
MID-CAP STOCK FUND

	
	  

	By:	 	
	Title:	 	
	
	 FIDELITY – MT. VERNON STREET TRUST: FIDELITY NEW MILLENNIUM
FUND

	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	 FIDELITY – DESTINY PORTFOLIOS: FIDELITY ADVISOR DIVERSIFIED STOCK FUND

	
	  

	By:
	Title:
	
	 FIDELITY – CONTRABAND: FIDELITY ADVISOR NEW INSIGHTS FUND

	
	  

	By:
	Title:
	
	 FIDELITY – SECURITIES FUND: FIDELITY SERIES BLUE CHIP GROWTH

	
	  

	By:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	JASMINE VENTURES PTE LTD.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	CPP INVESTMENT BOARD (USRE III) INC.
		
	By:	 	
	
	  

	By:	 	
	Title:	 	

 [Any additional Opco holders to be added] 

 SCHEDULE OF HOLDERS 

 

			
	 Holder
	  	 Holder Group

	Ariel Emanuel	  	Management Holders
	The Ariel Z. Emanuel Living Trust, dated November 13, 2017	  	Management Holders
	Patrick Whitesell	  	Management Holders
	Endeavor Executive Holdco, LLC	  	Management Holders
	Endeavor Executive PIU Holdco, LLC	  	Management Holders
	Endeavor Executive II Holdco, LLC	  	Management Holders
	SLP West Holdings, L.L.C.	  	SLP Holders
	SLP West Holdings II, L.L.C.	  	SLP Holders
	SLP West Holdings III, L.P.	  	SLP Holders
	SLP West Holdings Co-Invest, L.P.	  	SLP Holders
	SLP West Holdings Co-Invest II, L.P.	  	SLP Holders
	SLP IV West Feeder I, L.P.	  	SLP Holders
	SL SPV-1 Feeder I, L.P.	  	SLP Holders
	SLP West Holdings Co-Invest Feeder II, L.P.	  	SLP Holders
	Sequoia China Growth Fund IV, L.P.	  	Non-Demand Holders
	Hedosophia Group Limited	  	Non-Demand Holders
	Focus Media Fountainvest Sports JV, L.P.	  	Non-Demand Holders
	Tencent Holdings Limited	  	Non-Demand Holders
	Wolf Cub Holdings LLC	  	Non-Demand Holders
	USWI Holding LLC	  	Non-Demand Holders
	Fidelity Puritan Fund	  	Non-Demand Holders
	Fidelity Magellan Fund	  	Non-Demand Holders
	Fidelity – Securities Fund: Fidelity Blue Chip Growth Fund	  	Non-Demand Holders
	Fidelity – Common Wealth Trust: Fidelity Mid-Cap Stock Fund	  	Non-Demand Holders
	Fidelity – Mt. Vernon Street Trust: Fidelity New Millennium Fund	  	Non-Demand Holders
	Fidelity – Destiny Portfolios: Fidelity Advisor Diversified Stock Fund	  	Non-Demand Holders
	Fidelity – Contraband: Fidelity Advisor New Insights Fund	  	Non-Demand Holders
	Fidelity – Securities Fund: Fidelity Series Blue Chip Growth	  	Non-Demand Holders
	Jasmine Ventures Pte Ltd.	  	Non-Demand Holders
	CPP Investment Board (USRE III) Inc.	  	Non-Demand Holders
	Nikesh Arora – Aurora Trust	  	Non-Demand Holders
	Weiner Derouaux Revocable Trust DTD 11/20/2012	  	Non-Demand Holders
	Tony Bates	  	Non-Demand Holders
	Marc Andreessen	  	Non-Demand Holders
	[Recipients of Manager LLC Units and Class X ]	  	Management Holders

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of [•], 2019 (as the same
may hereafter be amended, the “Registration Rights Agreement”), among Endeavor Group Holdings, Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein. 

By executing and delivering this Joinder to the Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart
hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities [and as an SL Holder] [and as a Management Holder] in the same
manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the
extent provided therein. The Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Holders attached to the Registration Rights Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the __________ day of __________, 20__. 

 

			
	  

	Signature of Stockholder
	
	  

	Print Name of Stockholder
	Its:
		
	Address:	 	              

	  

	  

  

			
	Agreed and Accepted as of
	____________, 20__
	
	Endeavor Group Holdings, Inc.
		
	By:	 	
                 

	Name:
	Its:

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