Document:

Exhibit 10.9

 

management
services Agreement

 

This Management Services Agreement
is made and entered into effective this 1st day of May, 2022 (this “Agreement”), by and between DORCHESTER CAPITAL ACQUISITION
CORP., a Delaware corporation (“Company”), on the one hand, and DORCHESTER ENERGY MANAGEMENT LLC, an Oklahoma limited
liability company (“DEM”), on the other hand (each a “Party” and collectively, “Parties).

 

WITNESSETH

 

WHEREAS, Company is a Special
Purpose Acquisition Corporation (“SPAC”) that will be sourcing, engaging, evaluating and negotiating with oil and gas asset
based entities for potential merger discussions leading to a potential successful closing transaction.

 

WHEREAS, Company desires to
engage DEM to perform the services and work provided for in this Agreement subject to the terms and provisions of this Agreement;

 

WHEREAS, DEM desires to perform
the services and work provided for in this Agreement subject to the terms and provisions of this Agreement;

 

WHEREAS, the Parties believe
that it would be efficient and economical for DEM to provide the requested management, evaluation and due diligence processes on the Company’s
behalf as an independent manager subject to the terms and provisions of this Agreement; and

 

WHEREAS, upon delivery by
DEM to Company, this Agreement shall fully replace and supersede any and all prior written or oral negotiations, discussions, and prior
agreements and understandings relating to the subject matters discussed herein.

 

NOW, THEREFORE, in consideration
of the foregoing recitals, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Company
hereby engages DEM to perform the services and work provided for in this Agreement, and DEM hereby accepts such engagement, and the Parties,
intending to be legally bound hereby, further agree as follows:

 

Article
1

Services; Billing; Definitions; Indemnities

 

1.1 Services.
During the term of this Agreement, DEM will provide the services and work described on Exhibit A attached hereto and requested
by Company (the “Contracted Services”). DEM shall not be responsible for providing any additional services unless any
additional services have specifically been requested by Company and agreed to in writing by DEM to provide such services under this Agreement
or agreed to within an addendum to this Agreement.

 

    

     

    

 

1.1.1 As
part of the Contracted Services, DEM may engage with other service providers necessary to perform the Contracted Services, of which costs
and expenses will be incurred, covered and paid accordingly, as per Exhibit A, Exhibit B and Exhibit C. If and when
contemplating and/or entering into any such contracts in which the Company is, or would be, a named counterparty, DEM agrees that all
such contracts shall be subject to prior review and written approval by the Company. DEM further agrees that prior to entering into such
contracts, it will communicate and provide to Company’s designee listed in 2.3.1(a) (by email or other electronic forms) a copy
of such contract, a summary of the services to be provided under the contract and its needs and benefits in delivering the services to
be performed as part of the Contracted Services. DEM agrees that it will work and cooperate with Company, provide copies of such contracts
and a description of services to be provided under such contracts, and obtain written approval from Company, prior to Company’s
and/or DEM’s execution of such contracts.

 

1.1.2 At
Company’s request, DEM will assist Company in negotiating Master Service Agreements (“MSA”) and Consulting Service Agreements
(“CSA”) that are agreements directly between Company and any service providers, provided that Company will be the approval
party and executor of such agreements and be responsible for the terms of any such MSA or CSA. Company agrees to release and hold DEM
harmless from any damages or other liability arising from providing negotiating assistance on such agreements.

 

1.1.3 DEM
and Company will mutually agree upon a method or methods for monitoring or transferring data, both physically and electronically, and
for other forms of electronic communications of any nature that is generated during the operations conducted under this Agreement. DEM
and Company, upon the written direction and approval of the Company, will establish protocols for email communication, data transfer and
data storage process (including cloud based and third-party sponsored share file data handling systems, if applicable). Considering that
potential merger candidates of Company and/or third-party service providers to DEM or Company, such as accounting auditors, reserve auditors,
tax consultants, legal counselors, banking institutions, etc. may have and require use of certain communication, data transfer and data
storage processes and procedures to meet their internal controls and auditing, DEM and Company will work in cooperation to establish processes
and protocols that meet all parties’ necessary needs and requirements.

 

 1.2 Billing and Payment.

 

1.2.1 Contract
Operating Fee. Company shall pay DEM a monthly fee (the “Contract Operating Fee”) in accordance with the following
fee schedule:

 

Effective May 1,
2022 $40,000.00 per month

 

The Contract Operating Fee pertains
specifically to the Contracted Services per Exhibit A, and the covered costs and expenses per Exhibit B, and does not include
reasonable out-of-pocket costs and expenses incurred on behalf of the Company or through the services provided by DEM that are subject
to reimbursement to DEM per Exhibit C.

 

Each monthly Contract Operating
Fee shall be invoiced in writing by DEM to Company at least fifteen (15) days prior to its due date and be due and payable by the Company
to DEM by the end of each month in which DEM has been contracted to provide such services.

 

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1.2.2 Other
Miscellaneous Costs and Expenses. Certain costs and expenses incurred by DEM in providing the Contracted Services related to general
overhead and administration costs are intended to be covered by the Contract Operating Fee and are not subject to further reimbursement
by the Company. Those costs and expenses that are not subject to reimbursement by the Company are attached hereto as Exhibit B.
Those costs and expense not subject to Exhibit B shall be incurred by, invoiced to and paid directly by the Company, or, at the
request of Company but at the sole discretion and approval of DEM, shall be paid for by DEM on behalf of Company with full reimbursement
due from Company to DEM for such payments, such costs and expenses as addressed hereto as in Exhibit C.

 

1.2.3 Cash
Calls. DEM and Company agree that it will work and cooperate to have certain costs and expenses incurred by Company (but not covered
under the monthly Contract Operating Fee and as listed in Exhibit B) invoiced to and paid directly by Company, these certain costs and
expenses including those as listed in Exhibit C. Should there be circumstances where certain costs and expenses incurred by the
Company, but not covered under the monthly Contract Operating Fee, are invoiced to DEM and will be paid directly by DEM, then Company
agrees that DEM shall also bill and invoice Company fifteen (15) days in advance for payment from Company to DEM for the amounts of these
Contracted Services costs that are reimbursable to DEM. Company shall pay each such DEM invoice which shall include (1) those reimbursable
costs already incurred by, invoiced to and paid by DEM and/or (2) an estimate of the next month’s certain reimbursable Contracted Services
costs and expenses prior to DEM’s initiation of such Contracted Services (“Cash Call”) unless funds are available from a prior
Cash Call payment, which then shall be used prior to the issuance of a subsequent Cash Call. In the event the actual cost for the Contracted
Services is less than DEM’s estimate or prior invoice, then DEM will credit Company for the difference in the next invoice. In the event
the actual cost for the Contracted Services is more than DEM’s estimate, then DEM will add the difference and the details of such services
for Company to pay in the next invoice. DEM shall have no duty to continue providing to the Company the Contracted Services in which their
costs and expense are reimbursable to DEM, as addressed hereto as Exhibit C, unless DEM has received payment from Company for prior
invoiced amounts as noted above, which may or may not include advance payment for estimated Contracted Services, as provided in this Section
1.2.

 

1.2.4  All invoices,
including Cash Calls for the Contracted Services, will be submitted to Company through the DEM FTP site or other electronic site as agreed
to by the Parties in advance. The Cash Call payments made by Company to DEM for the Contracted Services shall only be used for the Contracted
Services for which such payment or pre-payment was made, or will be made, as addressed in Section 1.2.2. All payments from Company to
DEM shall be made by wire transfers to bank accounts as designated by the Parties.

 

1.3 Confidentiality.
DEM shall treat as confidential all information provided by the Company regarding the Company’s business and operations, including without
limitation the investment activities or holdings of the Company. All confidential information provided by the Company shall be used by
DEM for the sole purposes of rendering services pursuant to this Agreement and, except as may be required in carrying out the terms of
this Agreement, shall not be disclosed to any third party without the prior written consent of the Company. The foregoing shall not be
applicable to any information that is publicly available when provided or which thereafter becomes publicly available or which is required
to be disclosed by any regulatory authority in the lawful and appropriate exercise of its jurisdiction over a party, any auditor of the
parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

 

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1.3.1 Potential Business
Relationships. In connection with potential business relationships, DEM may receive or become aware of certain confidential and proprietary
information relating to the business and operations of the Company, the Company’s sponsor, any target company considered by the Company
or any of their respective affiliates, including reports, financial information, trade secrets, research information, finances and financial
projections, current or future business plans and models and other business or operational information, regardless of whether such information
is designated as confidential information at the time of its disclosure. Confidential information shall include all information (oral
or written) relating to the potential business relationship, that the Company furnishes or has furnished to DEM prior to, on or after
the date of this Agreement, and all notes, analyses, compilations, forecasts, studies or other documents that contain, reflect or are
based on such information.  DEM hereby acknowledges the confidential and proprietary nature of such confidential information and agrees
that the confidential information will be used solely in connection with DEM services under this Agreement and for no other purpose, and
further agrees not to disclose or otherwise attempt to use or personally benefit from any confidential information that is disclosed to
or known by DEM. If DEM is requested or required, in connection with any proceeding by or before a governmental authority, to disclose
any confidential information, DEM will give the Company prompt written notice of such request or requirement so that the Company may seek
an appropriate order or other remedy protecting the confidential information from disclosure, and DEM will cooperate with the Company
to obtain such protective order or other remedy.

 

 1.4 Ownership of Property; Nomination; Definitions.

 

1.4.1 Company
(or its designee) shall own all right, title and interest in and to (i) all tangible and intangible personal property (including inventory,
supplies, equipment, and materials) and fixtures and other properties associated therewith (real, personal, fixtures, and mixed) of the
Company, and (ii) all documentation, evaluation and due diligence material obtained or generated by DEM on behalf of the Company and as
part of and relating to the work and services provided by DEM to the Company under the Contracted Services of this Agreement.

 

1.4.2 Definitions.
Each of the following terms shall be a defined term, and each other term that is underlined and enclosed by parentheses and quotation
marks in the preamble, recitals or body of this Agreement, or that is specified as a defined term in this Agreement, shall also be a defined
term:

 

“Affiliate”
as relates to any Person means any entity that directly or indirectly controls such Person, is controlled by such Person or is under common
control with such Person. As used in this definition of Affiliate, “control” and “controlled” mean the ability to
direct or cause the direction of the management and policies of another entity, whether by contract, ownership, voting rights, order of
a Governmental Authority or arbitrator, or otherwise.

 

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“Company Affiliate”
means any entity that directly or indirectly controls Company, is controlled by Company or is under common control with Company. As used
in this definition of Company Affiliate, “control” and “controlled” mean the ability to direct or cause the direction
of the management and policies of another entity, whether by contract, ownership, voting rights, order of a Governmental Authority or
arbitrator, or otherwise.

 

“Contracted Services”
has the meaning set forth in Section 1.1.

 

“Governmental Authority”
means any federal, provincial, state, county, parish, city, municipal or tribal governmental body, commission, council, legislature, court,
tribunal, agency or board.

 

“Laws” means
any and all constitutional provisions, decrees, rules, codes, regulations, statutes, ordinances, enactments, judicial and administrative
orders, decisions and rulings adopted, enacted, promulgated or issued by any Governmental Authority, including the common law and legal
duties owed to others.

 

 “Person” means any natural
person, corporation, limited liability company, association, partnership, joint venture, trust, estate, Governmental Authority, or other
entity or organization, whether acting in an individual, fiduciary or other capacity. 

 

 “DEM Affiliate”
means any person or entity that directly or indirectly controls DEM, is controlled by DEM, or is under common control with DEM. As used
in this definition of DEM Affiliate, “control” and “controlled” mean the ability to direct or cause the direction
of the management and policies of another entity, whether by contract, ownership, voting rights, order of a Governmental Authority or
arbitrator, or otherwise. 

 

“DEM Contractor”
means any contractor or subcontractor or service provider (other than any DEM Affiliate) that is engaged by DEM or a DEM Affiliate, and
includes the officers, directors, members, managers, owners, employees, and representatives of any such contractor or subcontractor or
service provider.

 

Wherever used in this Agreement
with initial capitalization, each term defined in this Agreement shall have the meaning ascribed to it in this Agreement, and each term
defined in this Agreement in the singular shall include the plural of that term, and each term defined in this Agreement in the plural
shall include the singular of that term.

 

1.5
Company Indemnity.

 

1.5.1 Except
as otherwise provided in Subsection 1.6, Company agrees to release, indemnify, defend, and hold harmless DEM and all DEM Affiliates, and
all DEM Contractors and their respective officers, directors, members, managers, owners, employees, and representatives (collectively,
the “DEM Indemnified Persons”), from and against any and all losses, costs, damages, fines, penalties, expenses, fees
and liabilities (collectively “Damages”) that any one or more of the DEM Indemnified Persons may suffer, sustain, incur or become
subject to as result of, in connection with, incidental to, or in any manner related to: (i) any Damages asserted by any Person, for any
personal injury, bodily injury, death or damage to personal property (including equipment, materials, and supplies), fixtures and/or real
property, and (ii) any Damages asserted by any Person in relation to any environmental damages, including, without limitation, pollution,
seepage, or contamination, including clean-up costs and control of the pollutant, in any such case relating to or arising from the performance
of Contracted Services under this Agreement.

 

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1.5.2 Company
also agrees to release, indemnify, defend, and hold harmless any DEM Contractor from and against any Damages for which any DEM Indemnified
Persons owes arising from any release, defense, or indemnity under an agreement or contract between DEM and such DEM Contractor concerning
any of the Contracted Services (“Vendor Contract”), even if all or a portion of any such agreement or contract is void, invalid
or unenforceable for any reason, and even if caused by the sole or concurrent negligence or other fault of a DEM Contractor or a DEM Indemnified
Person or any other indemnitee. In addition, Company, to the extent that any DEM Indemnified Person incurs any cost, expense, or liability
in any way arising out of or pursuant to any Vendor Contract that is not otherwise covered by the obligation undertaken by Company in
the first sentence of this Subsection 1.5.2, Company agrees to release, indemnify, defend, and hold harmless the DEM Indemnified Person
from and against any such cost, expense, or liability, even if caused by the sole or concurrent negligence or other fault of a DEM Indemnified
Person or any other indemnitee.

 

1.5.3 D&O Insurance. To
the extent the Company maintains liability insurance applicable to directors, officers, employees, agents or fiduciaries, DEM shall be
covered by such policies in such a manner as to provide DEM the same rights and benefits as are provided to the Company’s directors,
officers or the Company’s key employees, agents or fiduciaries.

 

1.6  DEM
Indemnity.

 

1.6.1 DEM
agrees to release, indemnify, defend, and hold harmless Company and all Company Affiliates, and its and their co-lessees and lease broker(s),
and the respective officers, directors, members, managers, owners, employees and representatives of all of the foregoing (collectively,
the “Company Indemnified Persons”) from and against any and all Damages that any one or more of the Company Indemnified
Persons may suffer, sustain, incur or become subject to, as result of, in connection with, or in any manner related to, bodily injury
or death of any of DEM employee, DEM Affiliate or DEM Contractor, even if caused by the sole or concurrent negligence or other fault of
a Company Indemnified Person. Notwithstanding the foregoing, in the event Company requests DEM or any DEM Affiliates to employ any individual
as an employee of DEM or DEM Affiliates, then in the event DEM or any DEM Affiliate employ any such individual, Company agrees to release,
indemnify, defend, and hold harmless DEM and any DEM Affiliates from any Damages arising out of such employment, including without limitation
any Damages resulting from the termination of any employment of such individuals that arises directly or indirectly out of this Agreement.

 

1.6.2 Except
as provided in Section 1.6.1, and this Section 1.6.2, no DEM Indemnified Person shall have any liability to any Company Indemnified Person
for any claims or Damages incurred by any Company Indemnified Person or any other Person (other than any DEM Indemnified Person) that
in any way arise or result from this Agreement, except insofar as the claims or Damages resulted from the gross negligence or willful
misconduct of any DEM Indemnified Person.

 

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1.6.3 Except
as provided in Section 1.6.1, no DEM Indemnified Person shall have any liability to any Company Indemnified Person for any claims or Damages
related to any personal or real property, or any fixture, which is owned, rented or leased by Company or any other Company Indemnified
Persons, or Damages associated therewith, that result from this Agreement.

 

1.7
Indemnification Procedure.

 

 1.7.1 Advancement
of Expenses. The indemnifying Person shall advance all expenses incurred by the indemnified Person. The advances to be made hereunder
shall be paid by the indemnifying Person to the indemnified Person as soon as practicable but in any event no later than thirty (30) days
after written demand by indemnified Person to the indemnifying Person. The indemnified Person hereby agrees to repay to the indemnifying
Person all amounts advanced to indemnified Person hereunder if it is ultimately determined that indemnified Person is not entitled to
indemnification hereunder. The indemnifying Person’s obligation to advance expenses shall terminate with respect to any claim as to which
the indemnified Person shall have entered a plea of guilty or nolo contendere, or an equivalent plea acknowledging guilt.

 

 1.7.2 Procedure.
If any indemnified Person under this Article 1 discovers or otherwise becomes aware of a claim for which it is entitled to release, defense,
or indemnity under this Agreement, such indemnified Person shall give written notice to the indemnifying Person as soon as practicable,
but in any event no later than thirty (30) days after receipt of written notice by the indemnified Person, specifying such claim, and
may thereafter exercise any remedies available to such indemnified Person under this Agreement; provided, however, the failure of any
indemnified Person to give notice as provided herein will not relieve the indemnifying party of any obligations hereunder, to the extent
the indemnifying party is not materially prejudiced thereby. Further, promptly after receipt by an indemnified Person hereunder of written
notice of the commencement of any action or proceeding with respect to which a claim for release, defense, or indemnification may be made
against any indemnifying party, the indemnified Person will give written notice to the indemnifying party of the commencement of such
action; provided, however, the failure of any indemnified Person to give notice as provided herein will not relieve the indemnifying party
of any obligations hereunder, to the extent the indemnifying party is not materially prejudiced thereby. Notice shall be made pursuant
to Section 2.3.1 of this Agreement or such other address as the indemnifying Person shall designate in writing to the indemnified Person.
In addition, the indemnified Person shall give the indemnifying Person such information and cooperation as the indemnifying Person advises
the indemnified Person is reasonably required and as shall be within the indemnified Person’s power, to the extent that doing so is consistent
with the exercise of the indemnified Person’s rights under the federal and state Constitutions. The indemnifying Person shall provide
the indemnified Person with such information and cooperation as the indemnified Person may reasonably require, to the extent that doing
so is consistent with the indemnifying Person’s obligation to cooperate with regulatory or law enforcement agencies.

 

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1.7.3  Notice to Insurers. If
at the time of the receipt by the indemnifying Person of a notice of a claim pursuant to Section 1.7.2 the indemnifying Person has
liability insurance in effect which may cover such claim, the indemnifying Person shall give prompt notice of the commencement of such
claim to the insurers in accordance with the procedures set forth in the respective policies. The indemnifying Person shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the indemnified Person, all amounts payable as a result
of such claim in accordance with the terms of such policies. The indemnifying Person shall keep the indemnified Person reasonably informed
as to the status of all relevant insurance matters.

 

1.8 Trust
Account Waiver. DEM hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result
of, or arising out of, this Agreement (each, a “Claim”) in or to, and any and all right to seek payment of any
amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially
all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby
irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber or otherwise adversely affect the Trust Account
or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of
any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

1.9 Survival
Upon Termination. Notwithstanding anything to the contrary herein, the indemnification provisions contained in this Agreement shall
survive termination of this Agreement for any reason.

 

1.10 Defense.

 

1.9.1 If
any such action is brought against an indemnified Person for which such Person is entitled to release, defense, or indemnity under this
Article 1, the indemnifying party will be entitled to participate in and to assume the defense thereof to the extent that it may wish,
with counsel reasonably satisfactory to such indemnified Person, and after notice from the indemnifying Person to such indemnified Person
of the indemnifying party’s election to assume the defense thereof, the indemnifying party shall not be liable to such indemnified Person
for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof unless the indemnifying party
has failed to assume the defense of such claim and to employ counsel reasonably satisfactory to such indemnified Person.

 

1.9.2  Notwithstanding
any of the foregoing to the contrary, the indemnified Person will be entitled to select its own counsel and assume the defense of any
action brought against it if the indemnifying party fails to select counsel reasonably satisfactory to the indemnified Person, and the
expenses of such defense to be paid by the indemnifying party. As a condition to the indemnifying party’s obligations hereunder, the indemnified
Person will in good faith cooperate with and assist the indemnifying party in the prosecution or defense of such indemnified claim at
no unreasonable expense to the indemnified Person.

 

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1.9.3 No
indemnifying party shall consent to entry of any judgment or enter into any settlement with respect to a claim either (i) without the
consent of the indemnified Person, which consent shall not be unreasonably withheld, or (ii) unless such judgment or settlement includes
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified Person of a release from all liability with
respect to such claim. No indemnified Person shall consent to entry of any judgment or enter into any settlement of any such action, whether
or not the defense of which has been assumed by an indemnifying party, without the consent of such indemnifying party, which consent shall
not be unreasonably withheld.

 

1.11 Contribution. To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to the indemnified
Person for any reason whatsoever, the indemnifying Person, in lieu of indemnifying the indemnified Person, shall contribute to the amount
incurred by the indemnified Person, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or
for expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair
and reasonable in light of all of the circumstances of such proceeding in order to reflect (i) the relative benefits received by the indemnifying
Person and the indemnified Person as a result of the events and/or transactions giving cause to such proceeding; and/or (ii) the relative
fault of the indemnifying Person (and its directors, officers, employees and agents) and the indemnified Person in connection with such
events and/or transactions.

 

1.12 Subrogation.
Upon making any payment to a Company Indemnified Person pursuant to this Article 1, DEM will, to the extent of such payment, be subrogated
to all rights of the Company Indemnified Person against all other Persons (other than the Company Indemnified Persons) in respect of all
losses, liabilities, and Damages to which the payment relates, including any release, defense, or indemnity rights such Company Indemnified
Person may have against any Person other than any Company Indemnified Person. No remedy or right exercised by DEM pursuant to this Section
1.12 with respect to any one or more claims shall limit, be exclusive to or prohibit the exercise of any one or more other rights and
remedies available to DEM. Upon making any payment to a DEM Indemnified Person pursuant to this Article 1, Company will, to the extent
of such payment, be subrogated to all rights of the DEM Indemnified Person against all other Persons (other than the DEM Indemnified Persons)
in respect of all losses, liabilities, and Damages to which the payment relates, including any release, defense, or indemnity rights such
DEM Indemnified Person may have against any DEM Contractor. No remedy or right exercised by Company pursuant to this Section 1.12 with
respect to any one or more claims shall limit, be exclusive to or prohibit the exercise of any one or more other rights and remedies available
to Company.

 

1.13 Limited
to Actual Damages. The indemnification obligations of the parties under this Article 1 shall be limited to direct losses, and shall
not include incidental, special, consequential, indirect, punitive, or exemplary Damages, provided that any such Damages recovered by
a third party (including a Governmental Authority, but excluding any DEM Indemnified Person or any Company Indemnified Person) against
a Person entitled to indemnification pursuant to this Article 1 shall be included in the Damages recoverable under such indemnity. This
limitation of liability shall apply even if DEM or Company has been made aware of the possibility of such loss. Separately, to the fullest
extent allowed by law, neither DEM nor Company shall be liable to the other for punitive or statutorily enhanced damages.

 

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Article
2

Miscellaneous Provisions

 

2.1 Insurance.
To the extent of its indemnity obligations under this Agreement, DEM shall carry the following insurance:

 

2.1.1. Worker’s
Compensation Insurance and Employer’s Liability Insurance in amounts sufficient to comply with the laws of the State where such operations
are conducted and where the property subject hereto is located, however in no event less than $1,000,000 for Employer’s Liability.

 

2.1.2. General
Liability Insurance coverage with a limit of $1,000,000.00 per occurrence and $2,000,000.00 annual aggregate.

 

2.1.3. Automobile
Liability and Combined Bodily Injury and Property Damage Insurance of not less than $1,000,000.00 combined single limit, for each accident.

 

2.1.4. DEM
further agrees to provide additional amounts or kinds of insurance as may be reasonably deemed necessary and mutually agreed from time
to time by both DEM and Company in accordance with the ongoing nature of operations, and changes in exposure to loss, to the extent the
insurance is commercially available. All premiums for such additional insurance shall be for Company’s account.

 

2.1.5. Except
for Worker’s Compensation and Employer’s Liability, all insurance policies of DEM providing coverage for any liability or loss related
to or arising out of the Contracted Services required by this Agreement, shall, to the extent of the risks and liabilities assumed by
DEM, name Company Indemnified Persons as additional insured and be specified as primary and non-contributory regardless of any other insurance
carried by or available to, Company Indemnified Persons; further, all such policies and DEM’s Worker’s Compensation and Employer’s Liability
policy shall, to the extent of the risks and liabilities assumed by DEM, waive subrogation against Company Indemnified Persons and their
insurers. Except for Worker’s Compensation and Employer’s Liability, all insurance policies of Company providing coverage for any liability
or loss related to or arising out of this Agreement, shall, to the extent of the risks and liabilities assumed by Company, shall name
DEM Indemnified Persons as additional insured and be specified as primary and non-contributory regardless of any other insurance carried
by or available to, DEM Indemnified Persons; further, all such policies and Company’s Worker’s Compensation and Employer’s Liability policy
shall, to the extent of the risks and liabilities assumed by Company, waive subrogation against DEM Indemnified Persons and their insurers.

 

2.1.6. DEM
shall not carry insurance for the benefit of Company, and Company shall bear all loss and expenditures directly or indirectly caused or
incurred as a result of this Agreement, except to the extent DEM is specifically required to indemnify for such loss under this Agreement.

 

2.1.7. DEM’s
insurance coverage required herein may be met by a combination of primary or excess insurance.

 

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2.1.8. Company
shall carry, or reimburse DEM for obtaining, any and all insurance obtained by DEM to comply with Subsections 2.1.4, if applicable.

 

2.1.9. Company
shall carry sufficient insurance to cover its indemnity obligations under this Agreement and provide DEM with a certificate evidencing
such insurance, which shall not be amended or terminated without providing DEM at least thirty (30) days advance written notice. The duty
to carry insurance under this Agreement is independent of and separate from the indemnity obligations as provided herein and shall in
no way limit a party’s indemnity obligations arising under this Agreement.

 

2.1.10. To
the extent of DEM’s indemnity obligation under this Agreement, DEM shall also carry sufficient insurance and provide Company with a certificate
evidencing such insurance which shall not be amended or terminated without providing Company at least thirty (30) days advance written
notice. The duty to carry insurance under this Agreement is independent of and separate from the indemnity obligations as provided herein
and shall in no way limit a party’s indemnity obligations arising under this Agreement.

 

2.1.11  Both
(i) Company’s right to be named as an additional insured on DEM’s insurance policies and (ii) the primary nature of DEM’s policies, shall
be limited to such coverage necessary to implement the indemnities for personal injuries expressly undertaken by DEM under this Agreement.
In no event shall Company be named as an additional insured to cover Company property or Company’s indemnity obligations to DEM.

 

2.2 Construction.
As used in this Agreement, the term “including” shall be construed to be expansive rather than limiting in nature and to mean
“including without limitation”, except where the context expressly otherwise requires. The headings and titles in this Agreement
are for guidance and convenience of reference only and do not limit or otherwise affect or interpret the provisions of this Agreement.
The parties acknowledge and agree that this Agreement has been prepared after negotiations between the parties and, if any ambiguity is
contained herein, no weight shall be given in favor of or against a party in resolving such ambiguity on account of that party’s drafting
of this Agreement.

 

2.3 Notices.

 

2.3.1. All
notices, responses, elections, and other communications required or permitted to be given hereunder shall be in writing and shall be delivered
personally, or sent by nationally recognized overnight courier, or mailed by U.S. Express Mail, or sent by e-mail transmission (provided
any such e-mail transmission is confirmed either by written or verbal confirmation), addressed to the appropriate party at the address
for that party shown below or at such other address (including applicable e-mail addresses) as that party shall have theretofore designated
by written notice delivered to other party:

 

(a) If
to   Company:

Dorchester Capital Acquisition Corp.

210 Park Avenue, Suite 3121

Oklahoma City, Oklahoma 73102

Attention: John T. Perri

Telephone No.: (405) 236-5179

Facsimile No.: (405) 236-5024

E-mail: jtperri@dorcap.com

 

    Page 11 of 27

     

    

 

(b) If
to   DEM:

Dorchester Energy Management LLC

3037 NW 63rd Street, Suite 251W

Oklahoma City, Oklahoma 73116

Attention: Brian P. Shannon

Telephone No.: (832) 500-8501

E-mail: bshannon@dorchesterem.com

 

2.3.2. Any
notice, election, response or other communication made in accordance with Subsection 2.3.1 of this Agreement shall be deemed to have been
given when delivered to the other party’s address above, or if transmitted by facsimile or e-mail transmission, upon receipt of written
confirmation of receipt. A party may change the contact information to which such communications are to be addressed by giving written
notice to the other party in the manner provided in Subsection 2.3.1 of this Agreement.

 

2.3.3. General
communications between the parties that are relevant to the work and communications in performance of the Contracted Services, but are
not notices, responses, elections or other communications that require delivery as per Section 2.3.1, may be delivered orally or sent
by facsimile or e-mail transmission, without the need for confirmation of receipt. Company and DEM will mutually agree upon and determine
process and protocols for these general communications.

 

2.4 Independent
Contractor. In the performance of the Contracted Services, DEM shall be deemed to be an independent contractor. Company shall designate
the services it desires to be performed and the ultimate results to be obtained, but shall leave to DEM the methods and details of performance,
Company being interested only in the results obtained, and having no control over the manner and method of performance. It is the understanding
and intention of the parties hereto that no relationship of master and servant shall exist between Company and DEM, DEM Affiliates, DEM
Contractors or DEM employees, invitees, subcontractors or representatives.

 

2.5 No
Partnership. This Agreement does not create, and shall not be construed as creating, a partnership, business association, joint venture,
or the relationship of principal and agent, or employer and employee between the parties. This Agreement has been entered into solely
for the benefit of the Parties, and is not intended to create any interest, right or benefit in any person or entity that is not a named
Party to this Agreement, including any DEM Contractor.

 

2.6 Governing
Law. This Agreement and the legal relations between the parties, and any claim or dispute arising hereunder or relating hereto, shall
be governed and construed in accordance with the laws of the State of Oklahoma, excluding any conflict of law rules which may require
application of the laws of another jurisdiction. The prevailing party in any lawsuit or litigation concerning the construction or interpretation
of this Agreement or the breach by any other party of any provision of this Agreement shall be entitled to such prevailing party’s reasonable
attorneys’ fees and court costs. A suit, claim, or other action to enforce the terms of this Agreement shall be brought exclusively in
the state and federal courts of Oklahoma County, Oklahoma. DEM hereby submits to the exclusive jurisdiction of that court and waives any
objections it may have to that court asserting jurisdiction over DEM.

 

    Page 12 of 27

     

    

 

 

2.7 Binding
Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors
and assigns. This Agreement may not be amended, altered or modified except by an instrument in writing signed by all of the parties expressly
specifying the provisions amended, modified or altered. Neither party may assign any of its rights or delegate any of its undertakings
or obligations under this Agreement without the other party’s prior written consent, which consent will not be unreasonably withheld,
conditioned or delayed. Any purported assignment or delegation in violation of this Section 2.7 shall be void and of no force and effect.

 

2.8 Warranty.
DEM agrees to perform the Contracted Services in a good and workmanlike manner, in accordance with general industry standards. The
exclusive remedy for DEM’s performance of defective work, or for breach of DEM’s warranty, either express or implied, is limited to the
re-performance of any defective work, within the original scope of work, brought to DEM’s attention, in writing, within three (3) months
of DEM’s completion of the work. There are no other warranties express or implied under this Agreement, including but not limited to warranties
of merchantability or fitness for a particular purpose.

 

2.9 Termination;
Designation. Company may (in its sole and unfettered discretion) delay all or any of the Contracted Services at any time and from
time to time. Company may (in its sole and unfettered discretion) terminate all or any of the Contracted Services at any time and from
time to time in accordance with the Agreement upon written notice at least thirty (30) days prior to the effective termination date, in
which event, DEM shall be paid at the applicable rates stipulated for all Contracted Services rendered in accordance with this Agreement
up to the date of such termination, but shall not be entitled to be paid prospectively for any unperformed Contracted Services (including
any Contracted Services unperformed because of such termination) /or any other compensation or damages in connection with that termination,
except for reasonable costs incurred for any standby, early termination or similar costs owed to any DEM Contactor. Notwithstanding the
foregoing, DEM may, upon written notice at least thirty (30) days prior to the effective termination date, terminate the Contracted Services
with respect to any further obligations to the Company under this Agreement.

 

2.10 Counterparts.
This Agreement may be executed in any number of counterparts and, when so executed, shall have the same effect as if all parties had executed
the same instrument.

 

    Page 13 of 27

     

    

 

Signed by the parties as of
the day and year first above written.

 

	 	DORCHESTER CAPITAL ACQUISITION CORP. 

	 	 	 
	 	By:	/s/ John T. Perri
	 	 	John T. Perri, Chief Financial Officer

 

	 	DORCHESTER ENERGY MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Brian Shannon
	 	 	Brian Shannon, Chief Executive Officer

 

    Page 14 of 27

     

    

 

EXHIBIT A

Contracted Services

 

“Contracted Services” means;
(i) general management, administrative and operating services reasonably requested by and at the direction of Company, collectively the
Management Services, (ii) Evaluation & Due Diligence Services more specifically outlined below and in example form as shown in Exhibit
D, that may or may not be required at the direction and request of Company dependent upon potential merger target due diligence requirements,
and (iii) any other service or activity agreed to by Company and DEM. At all times, DEM’s provision of the Contracted Services will be
subject to the limitations set forth in this Agreement, and any other limits or restrictions mutually agreed to by Company and DEM.

 

The following services constitute “Management Services”:

 

1. General.
DEM will (a) execute and carry out any lawful decisions or courses of action that have been approved by Company in writing, (b) maintain
records for engineering, design, accounting, tax, regulatory, land and such other matters as are generally necessary for the conduct of
the business of Company, (c) assist and support Company in general planning and budgeting activities, and (d) coordinate and manage Company’s
reporting requirements for regulatory, tax, environmental or local compliance purposes.

 

2. Overhead
Services. DEM will provide all general and administrative overhead services required for Company to conduct business of the Company.

 

3. Management.
DEM will provide services in respect of the management of the Company as may be requested by the Company, including (a) services necessary
to satisfy Company’s contractual obligations and obligations under applicable Law and permits and annual budgets, (b) making recommendations
relating to the improvement of Company’s operations and maintenance (including major maintenance) of its assets, and (c) the management
and administration of Company’s contracts and liaising with any Person that is party to a material contract with Company.

 

4. Liens.
DEM will assist Company in working to maintain Company’s assets free and clear of all liens and encumbrances excluding liens and encumbrances
arising in the ordinary course of business.

 

5. Funds
and Funds Management. DEM will, as Company may reasonably request, (a) supervise all disbursements from, and to the extent of the
availability of, funds provided by Company necessary to pay its debts and obligations, and (b) assist in opening accounts in the name
of Company and assist in depositing, withdrawing and maintaining funds provided by Company in banks, savings and loan associations or
other financial institutions. DEM will not under any circumstances commingle any funds, received on behalf and for Company or held for
the account of Company, with DEM’s or any other Person’s funds.

 

    Exhibit A- Page 15 of 27

     

    

 

6. Tax
and Accounting Services. DEM will (a) assist, supervise and oversee financial and tax reporting processes, (b) assist and monitor
Company’s compliance with its debt and financing documents, (c) maintain Company’s books of accounts and assist with preparation of Company’s
periodic financial statements, and (d) assist and perform such other tax and accounting services as Company may reasonably request and
that DEM has the capability to perform.

 

7. IT
Services. DEM will provide (or cause to be provided) information technology services that are necessary for Company to perform and
otherwise complete its business activities, including services for (a) the management and maintenance of computer networks and databases,
technology systems, and phone networks and plans, (b) the development and implementation of plans and standards relating to information
technology and procurement, (c) the development and implementation of security policies and systems for the computer databases and technology
systems of Company, and (d) the procurement and acquisition of any other information technology services requested by Company but that
are not ordinarily provided in the normal course of business of DEM, with the costs and licenses of such additional information technology
services being at Company’s expense.

 

8. Third
Party Services. DEM will (a) assist in engaging and managing outside legal, accounting and tax services for Company including, at
Company’s expense, engaging professionals to provide Company with legal, accounting or tax counseling or recordkeeping services in relation
to the Company and its operations and requirements, and at Company’s request and expense, assisting in initiating, maintaining, investigating,
participating, defending and settling any claims, actions or proceedings to which Company is a party or which involve the Company, (b)
assist in engaging and managing, at Company’s expense, engineering, operations and other technical consulting services as required in
connection with the Company and its operations and requirements, and (c) assist in engaging and managing, at Company’s expense, environmental
consulting services, including services (i) advising and counseling Company with respect to environmental compliance issues, including
researching applicable environmental Laws and (ii) assisting Companyin obtaining and maintaining compliance with any and all necessary
environmental permits, registrations, authorizations, licenses, approvals or consents from relevant organizations and governmental authorities.

 

9. Regulatory.
DEM will (a) assist in engaging and managing outside regulatory services for the Company including, at Company’s expense, engaging
professionals to provide Company with regulatory or financial consultants that are necessary to assist in regulatory services requested
and required by the Company and its operations, (b) assist in engaging and managing regulatory consultants and cause the admission of
Company into regional and industry associations if such admission would, in the judgment and request of Company, be required or desirable
for the operations of the Company, and (c) with the request and approval of Company, assist in engaging and managing representation in
lobbying, studies, special or extraordinary sessions determined to involve or be in the interest of Company, including assisting Company
in its dealings with governmental, semi-governmental, administrative, fiscal or judicial bodies, departments, commissions, authorities,
agencies or other entities having jurisdiction or regulatory power over the Company.

 

    Exhibit A- Page 16 of 27

     

    

 

10. Insurance.
At the request and direction of Company, DEM will assist in soliciting and securing recommendations and quotations on behalf of Company
in respect of insurance program options for the Company. At the request, direction and approval of Company, DEM will procure on behalf
of Company and at Company’s expense, insurance policies conforming to Company’s agreed and approved insurance program, and DEM shall
assist in taking such measures as are within the control of DEM to maintain such policies in full force and effect. DEM shall be named
as an additional insured in respect of all liability insurance policies maintained by Company, with waiver of subrogation.

 

11. Supervision.
DEM will assist and provide supervisory services for Company or Company’s contractors and consultants, if applicable, in connection with
the operation of the Company.

 

12. Staffing.
As authorized, coordinated and approved by Company (including pursuant to an annual budget), DEM on behalf of Company will assist in contracting
out any services requested and required by Company that are most effectively and efficiently provided by third parties.

 

13. Contract
Administration. DEM will assist in negotiating, administering and terminating contracts, by and on behalf of Company and with approval
of Company, in the ordinary course of business. All such contracts shall be executed by Company and be between the Company and such contractual
party.

 

The following services constitute “Evaluation
& Due Diligence Services”:

 

If, when and while Company sources, engages, evaluates
and negotiates with oil and gas asset-based entities for potential acquisition or merger discussions and during Company’s due diligence
processes on such entities, DEM will assist in providing the following services.

 

1. Software
and IT Platform Evaluations. DEM will assist and provide, on behalf of the Company, evaluations of the corporate level software and
IT platform of the potential merger entity including, but not limited to, the following:

 

		a.	Review, evaluate and analyze the oil & gas accounting, engineering, geological, reserve, land, mapping
and other related software, IT and data base platforms being utilized by the potential merger entity.

 

		b.	Review, evaluate and analyze all cloud based and/or internal hardware networks and platforms for redundancy,
backup and recovery systems and functions.

 

		c.	Review, evaluate and analyze all data security and encryption networks and processes being utilized and
implemented.

 

		d.	Report and provide assessments to Company’s board and management on potential merger entity’s
software, database, network, and data security processes and platforms.

 

    Exhibit A- Page 17 of 27

     

    

 

2. Corporate
Administration Evaluations. DEM will assist and provide, on behalf of the Company, evaluations of the corporate level administration
and management processes of the potential merger entity including, but not limited to, the following:

 

		a.	Review, evaluate and assess management’s coordination and oversight of employment and HR processes
and platforms.

 

		b.	Review, evaluate and assess management’s board, debt holders and equity sponsors communication and
reporting processes.

 

		c.	Review, evaluate and assess management’s accounting, engineering, reserve, geological, land, legal
and other operational services reporting and decision-making processes and controls.

 

		d.	Review, evaluate and assess management’s sourcing, coordination and oversight of any outside independent
financial, tax, engineering, legal and operational services and consultants.

 

		e.	Review, evaluate and assess management’s coordination, guidance and oversight of any current and/or
future debt and lender obligations and stipulations, and current and future debt leverage positions and targets.

 

		f.	Review, evaluate and assess management’s existing hydrocarbon production volume and price hedging
programs, analysis, strategies, monitoring and approval processes, and review of environmental compliance, permits and other regulatory
matters.

 

		g.	Review, evaluate and assess management’s formulation, coordination and implementation of any current
and future asset acquisition and divestiture processes, along with approval requirements of officers, board members and lenders of any
such asset acquisition and divestiture activities.

 

		h.	Report and provide assessments to Company’s board and management on potential merger entity’s
corporate administration, management and reporting processes and platforms.

 

3. Land
Management Evaluations. DEM will assist and provide, on behalf of the Company, evaluations of the corporate level land administration,
management and documentation processes of the potential merger entity including, but not limited to, the following:

 

		a.	Evaluate and assess land administration personnel and experience.

 

		b.	Evaluate and assess land management, leasing and mapping software and database platforms.

 

		c.	Review, evaluate and analyze management’s land, contract, division of interest and leasehold monitoring,
document preparation, review and approval processes.

 

		d.	Review and evaluate management’s coordination of submission, monitoring and filing of recorded land
documentation with necessary authorities, when applicable.

 

    Exhibit A- Page 18 of 27

     

    

 

		e.	Review, evaluate and assess land management’s support and coordination with accounting and engineering
personnel on unit, lease and well ownership corrections, deletions, additions and other changes.

 

		f.	Review, evaluate and assess land management’s coordination and support of communications with operator
and non-operator working interest partners.

 

		g.	Review, evaluate and assess coordination of communications and ownership documentation of royalty interest
owners.

 

		h.	Review, evaluate and analyze coordination, preparation, approval and monitoring of authorization for expenditure
(AFE) processes for leasehold, workovers, capital projects and new drill wells.

 

		i.	Review, evaluate and assess land management’s coordination and oversight of employees, contract
landmen, brokers and title attorneys on leasehold acquisition projects, mortgage documentation preparation and other title related projects.

 

		j.	Report and provide assessments to Company’s board and management on potential merger entity’s
land administration software, databases, personnel and processes.

 

4. Accounting
and Financial Services Evaluations. DEM will assist and provide, on behalf of the Company, evaluations of the corporate level accounting,
treasury, financial reporting, tax preparation, debt/loan servicing and commodity price risk management processes of the potential merger
entity including, but not limited to, the following:

 

		a.	Evaluate and assess accounting and financial reporting personnel and experience.

 

		b.	Evaluate and assess accounting, financial reporting and treasury management software and database platforms.

 

		c.	Review, evaluate and assess oil & gas operational accounting system, processes, controls and approvals
– including revenue, joint interest billing, AFE monitoring, accounts payable, accounts receivable, and account reconciliation.

 

		d.	Review, evaluate and assess treasury management processes, controls and approvals – cash and account
balance reconciliations, payment approval processes and controls.

 

		e.	Review, evaluate and assess financial reporting processes and preparations - monthly, quarterly and annual
unaudited financial statements.

 

		f.	Review and evaluate asset-based reporting processes – lease operating statements.

 

		g.	Review and evaluate historical and proforma budget and cashflow projections.

 

		h.	Review and evaluate coordination, management and approval processes for annual independent audited financial
statement preparation.

 

    Exhibit A- Page 19 of 27

     

    

 

		i.	Review and evaluate coordination, management and approval processes for the preparation of local, state
and federal tax filings by outside tax consultants. Review and assess that any necessary filings and payments have been timely and diligently
met.

 

		j.	Review and assess any existing loan and debt obligations, principal and interest payment schedules, borrowing
base redetermination processes, and available and committed borrowing bases.

 

		k.	Review and evaluate existing hydrocarbon production volume and price hedging positions and assess potential
future cash flow generation or liability – based upon estimated future prices in relation to hedging positions.

 

		l.	Review current/latest financial information and reports – audited and unaudited financial statements,
lease operation statements, bank balances, hedging positions, budget and cashflow projections, tax balances (if applicable).

 

		m.	Report and provide assessments to Company’s board and management on potential merger entity’s
accounting software, databases, personnel and processes.

 

		n.	Report and provide assessments to Company’s board and management on potential merger entity’s
financial information and positions.

 

5. Engineering
and Reserve Evaluations. DEM will assist and provide, on behalf of the Company, evaluations of the corporate level engineering and
reserve administration, management and documentation processes of the potential merger entity including, but not limited to, the following:

 

		a.	Evaluate and assess engineering, geological, asset operations and reserve support personnel and experience.

 

		b.	Evaluate and assess production, geological, field operations, AFE and reserve software and database platforms.

 

		c.	Review and evaluate management’s oil & gas production operations, field data monitoring, and
workover and new drill well oversight processes.

 

		d.	Review and evaluate management’s coordination, technical evaluation, economical evaluation and approval
processes for; leasehold acquisition programs, workovers, new drill well proposals and other capital projects.

 

		e.	Review and evaluate management’s coordination of quarterly, semi-annual and annual oil & gas
assets’ reserve and economic valuation reports including; historical and estimated future lease operating costs, historical and
estimated future production well performance, historical and estimated future drilling and completion costs, historical and estimated
future capital development activity and capabilities, all integrating specific producing region and operator assessment data (geologic,
drilling, completion) where applicable.

 

    Exhibit A- Page 20 of 27

     

    

 

		f.	Review and assess processes and standards utilized by independent third-party consulting firm(s) that
perform annual (or semi-annual) audited reserve reports on the oil & gas assets of the potential merger entity.

 

		g.	Review current/latest oil & gas asset reserve and economic assessment reports – internally generated
(unaudited) and independent third-party (audited) reports.

 

		h.	Report and provide assessments to Company’s board and management on potential merger entity’s
production, engineering, geological, AFE and reserve software, databases, personnel and processes.

 

		i.	Report and provide assessments to Company’s board and management on potential merger entity’s
oil & gas asset based reserve and economic valuations, production based future cashflow estimates, along with valuation growth based
upon potential capital development activity.

 

6. Information.
DEM will assist and maintain the following data and reports as and if they are received by DEM or the Company during its business activities
and any due diligence processes: (a) copies of all logs and surveys; (b) regular drilling, workover or similar operations reports; (c)
copies of all plugging reports; (d) copies of all geological and geophysical maps and reports and all environmental permits; (e) well
tests, completion and similar operations reports; (f) if prepared, engineering studies, development schedules and annual progress reports
on development projects; (g) field and well performance reports, including reservoir studies and reserve estimates; (h) lease documents,
contracts, agreements, title instruments and title files; and (i) such additional information as would be provided to the Company during
its business activities and any potential due diligence processes. DEM, at Company’s direction and guidance, will assist Company
in storage, retrieval and return of such data and reports, as may be requested or required by Company.

 

    Exhibit A- Page 21 of 27

     

    

 

EXHIBIT B

COSTS AND EXPENSES COVERED BY CONTRACT OPERATING
FEE

 

The following non-exclusive
list of costs and expenses incurred by DEM in providing the Contracted Services are intended to be covered by the Contract Operating Fee,
and are not subject to further reimbursement by the Company:

 

		1.	Personnel wages, salaries and bonuses;

 

		2.	Personnel burdens and benefits;

 

		3.	Pension, retirement and insurance plans;

 

		4.	Employee parking;

 

		5.	Club and professional memberships;

 

		6.	Office rent and occupancy costs;

 

		7.	Unemployment, payroll and other taxes;

 

		8.	Office utilities;

 

		9.	Office maintenance and repairs;

 

		10.	Telephone and communications

 

		11.	Postage and delivery expense;

 

		12.	Costs of insurance maintained by DEM, including insurance as provided in Section 2.1;

 

		13.	Computer and software costs; and

 

		14.	Start-up costs incurred in connection with the organization, staffing and equipment procurement of Manager.

 

    Exhibit B - Page 22 of 27

     

    

 

EXHIBIT C

COSTS AND EXPENSES SUBJECT TO REIMBURSEMENT

 

The following non-exclusive
list of reasonable out-of-pocket costs and expenses incurred by DEM shall be reimbursable to DEM to the extent (and solely to the extent)
related to the provision of Contracted Services under this Agreement:

 

		1.	Professional dues and subscriptions related to the Company or assets;

 

		2.	Training expenses related to the Company or assets;

 

		3.	Insurance costs of the Company or assets;

 

		4.	Software licenses related to the Company or assets;

 

		5.	Data processing of the Company or assets;

 

		6.	Computer and software support related to the Company or assets;

 

		7.	Office equipment and rentals related to the Company or assets;

 

		8.	Office supplies related to the Company or assets;

 

		9.	Company meals related to the Company or assets;

 

		10.	Administrative contractors or consultants related to the Company or assets;

 

		11.	Outsourced accounting, regulatory or land services of the Company or assets;

 

		12.	Independent geological, geophysical and engineering services related to the Company;

 

		13.	Audit expense of the Company or assets;

 

		14.	Legal services related to the Company or assets;

 

		15.	Tax return services of the Company and/or for owner(s);

 

		16.	State franchise taxes and related filing fees for state tax returns and annual reports, and other taxes and related filing fees of
the Company and/or for owner(s);

 

		17.	Investor and lender reporting and/or filing expense of the Company;

 

		18.	Asset acquisition and divesture process fees and due diligence costs;

 

		19.	Consummated property acquisition costs of the Company;

 

		20.	Travel, meals and lodging related to Management Services for the Company; and

 

		21.	Travel, meals and lodging for Evaluation & Due Diligence Services for the Company.

 

    Exhibit C - Page 23 of 27

     

    

 

 

  

    Exhibit D - Page 24 of 27

     

    

 

 

 

    Exhibit D - Page 25 of 27

     

    

 

 

 

    Exhibit D - Page 26 of 27

     

    

 

 

 

 

Exhibit D - Page 27 of 27EX-10.1

 Exhibit 10.1 

Execution Version 

STOCKHOLDERS AGREEMENT 

DATED AS OF June 15, 2022 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
	 Article I INTRODUCTORY MATTERS
	  	 	1	 
	     1.1
	  	 Defined Terms
	  	 	1	 
	     1.2
	  	 Construction
	  	 	4	 
		
	 Article II CORPORATE GOVERNANCE MATTERS
	  	 	5	 
	     2.1
	  	 Composition of the Board
	  	 	5	 
	     2.2
	  	 Qualification of Seller Holdco Board Designee
	  	 	7	 
		
	 Article III VOTING MATTERS
	  	 	8	 
	     3.1
	  	 Voting Agreement
	  	 	8	 
	     3.2
	  	 Quorum
	  	 	8	 
		
	 Article IV ADDITIONAL COVENANTS
	  	 	9	 
	     4.1
	  	 Transfer Restrictions
	  	 	9	 
	     4.2
	  	 Standstill
	  	 	11	 
	     4.3
	  	 Certain Approval Rights
	  	 	13	 
	     4.4
	  	 Corporate Opportunities
	  	 	13	 
	     4.5
	  	 Information and Access Rights
	  	 	14	 
	     4.6
	  	 Financing Cooperation
	  	 	15	 
		
	 Article V REPRESENTATIONS AND WARRANTIES
	  	 	16	 
	     5.1
	  	 Representations and Warranties of the Company
	  	 	16	 
	     5.2
	  	 Representations and Warranties of Seller Holdco
	  	 	17	 
	     5.3
	  	 No Other Representations and Warranties
	  	 	17	 
		
	 Article VI GENERAL PROVISIONS
	  	 	18	 
	     6.1
	  	 Termination
	  	 	18	 
	     6.2
	  	 Notices
	  	 	18	 
	     6.3
	  	 Amendment; Waiver
	  	 	19	 
	     6.4
	  	 Further Assurances
	  	 	19	 
	     6.5
	  	 Assignment
	  	 	19	 
	     6.6
	  	 Third Parties
	  	 	19	 
	     6.7
	  	 Governing Law; Jurisdiction and Forum; Waiver of Jury Trial
	  	 	19	 
	     6.8
	  	 Specific Performance
	  	 	20	 
	     6.9
	  	 Entire Agreement
	  	 	21	 
	     6.10
	  	 Severability
	  	 	21	 
	     6.11
	  	 Headings
	  	 	21	 
	     6.12
	  	 Counterparts
	  	 	21	 
	     6.13
	  	 Certain Adjustments of Company Common Stock
	  	 	21	 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH
“[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 

STOCKHOLDERS AGREEMENT 

This Stockholders Agreement (this “Agreement”), dated as of June 15, 2022, is entered into by and between Limelight
Networks, Inc., a Delaware corporation (the “Company”) and College Top Holdings, Inc., a Delaware corporation (“Seller Holdco”). 

BACKGROUND: 
 WHEREAS, the
Company and College Parent, L.P., a Delaware limited partnership (“Seller”) entered into that certain Stock Purchase Agreement, dated as of March 6, 2022 (the “Stock Purchase Agreement”), pursuant to which,
among other things, (a) the Company has acquired all of the issued and outstanding shares of common stock of Edgecast, Inc., a Delaware subsidiary and an indirect, wholly-owned Subsidiary of Seller, and in exchange has issued a specified number
of shares of Company Common Stock (as defined below) to Seller Holdco (as Seller’s designee) and (b) the Company issued a specified number of shares of Common Stock to Seller Holdco (as Seller’s designee) in the Primary Issuance, in
each case, as set forth in the Stock Purchase Agreement, subject to the terms and conditions set forth therein; and 
 WHEREAS, in
connection with the Closing, the Company and Seller Holdco are entering into this Agreement to set forth certain understandings among such parties, including with respect to certain governance matters. 

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

ARTICLE I 
 INTRODUCTORY
MATTERS 
 1.1    Defined Terms. Capitalized terms used in this Agreement shall have the meanings set forth
below. Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Stock Purchase Agreement. 

“Affiliate” mean, with respect to any Person, any other Person that directly, or through one or more intermediaries,
Controls, is Controlled by or is under common Control with such Person; provided, that, (a) the Company and its Subsidiaries shall not be deemed to be Affiliates of any Seller Holdco Party or any of its Affiliates, and (b) except in
the case of Sections 4.4(a) through 4.4(c), in no event shall (i) a Seller Holdco Party be considered an Affiliate of any other portfolio company or investment fund affiliated with or managed by affiliates of Apollo Global
Management, Inc. and (ii) any other portfolio company or investment fund affiliated with or managed by affiliates of Apollo Global Management, Inc., be considered to be an Affiliate of a Seller Holdco Party. 

“Apollo Entities” means Apollo and each of its respective Controlled Affiliates. 

 “Audit Committee” means the audit committee of the Board, or another
committee of the Board performing the function of overseeing audit, financial reporting, and similar matters that an audit committee of a public company that is listed on the Exchange customarily oversees. 

“Beneficially Own” (including its correlative meanings, “Beneficial Owner” and “Beneficial
Ownership”) has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 

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

“Committee” means any or all of the Audit Committee, the Compensation Committee, the Nominating and Governance Committee, and
any other committee of the Board. 
 “Company” has the meaning set forth in the Preamble. 

“Company Common Stock” means the shares of common stock, $0.001 par value per share, of the Company, and any other capital
stock of the Company into which such common stock is reclassified or reconstituted and any other common stock of the Company. 

“Compensation Committee” means the compensation committee of the Board, or another committee performing the functions of
overseeing executive compensation and related matters that a compensation committee of a public company that is listed on the Exchange customarily oversees. 

“Control” means, as to any Person, the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by Contract or otherwise (and the terms “Controlled by,” “Controls,” “Controlling” and “under common Control with” shall have correlative meanings). 

“Designee Qualifications” has the meaning set forth in Section 2.2. 

“Director” means any director of the Company. 

“Group” has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and Rule
13d-5 thereunder. 
 “Identified Person(s)” has the meaning set forth in
Section 4.4(b). 
 “Nominating and Governance Committee” means the nominating and governance
committee of the Board, or another committee performing the functions of nominating or selecting Persons for election or appointment to the Board. 

“Permitted Loan” has the meaning set forth in Section 4.1(b)(iii). 

“Permitted Transfer” has the meaning set forth in Section 4.1(a). 

“Permitted Transferee” means the transferee of any Seller Holdco Issued Shares in a Permitted Transfer. 

  
 2 

 “Relevant Restricted Period” means (a) with respect to the Seller
Holdco Issued Closing Shares, the period commencing on the date of this Agreement and ending on the date that is twenty four (24) months from the Closing Date, and (b) with respect to any Seller Holdco Issued Earnout Shares, the period
commencing on the date such shares are issued to a Seller Holdco Party and ending on the later of (i) the date that is twenty four (24) months from the Closing Date and (ii) the date that is six (6) months after the date such
shares are issued to a Seller Holdco Party. 
 “Restricted Persons” means (i) any transferee listed on Exhibit
B, which list may be updated in writing from time to time by the Board with respect to additional bona fide competitors of the Company (each, a “Competitor”), or (ii) any of the Persons listed on the then most recently
published “SharkWatch 50” list (or, if publication of such list has been discontinued, such other list of significant activist investors selected by the Board to replace such list unless and until such time as the publication of such
replacement list is discontinued). 
 “Routine Matters” means the election of directors, the approval (on a non-binding basis) of the compensation of the Company’s named executive officers and all other business involving compensation matters (including new or amended equity plans), and the ratification of the
appointment of the Company’s independent auditors. 
 “Seller Holdco Issued Closing Shares” means shares of Company
Common Stock issued to Seller Holdco at the Closing, including, for the avoidance of doubt, the Primary Issuance Purchaser Shares. 

“Seller Holdco Issued Earnout Shares” means shares of Company Common Stock issued to Seller Holdco upon the occurrence of a
Triggering Event. 
 “Seller Holdco Issued Shares” means, collectively, the Seller Holdco Issued Closing Shares and the
Seller Holdco Issued Earnout Shares 
 “Seller Holdco Party” or “Seller Holdco Parties” means Seller
Holdco and each Permitted Transferee that becomes a party to this Agreement by executing a joinder agreement substantially in the form attached as Exhibit A. 

“Standstill Period” means the period commencing on the date of this Agreement and ending on the date that is ninety
(90) days after the earlier of (i) the date on which (i) the Seller Holdco Parties cease to Beneficially Own at least thirty five percent (35%) of Seller Holdco Issued Closing Shares, and (ii) Seller Holdco no longer has any
rights under Section 2.1(b)(i) to designate or nominate any Seller Holdco Board Designee to serve on the Board or has otherwise irrevocably waived such designation rights. 

“Total Number of Directors” means the total number of authorized Directors comprising the entire Board (which, for the
avoidance of doubt, shall include any vacancies). 
 “Transfer” (including the terms “Transferred” and
“Transferring”) means any direct or indirect transfer, sale, assignment, exchange, gift, conveyance or other disposition, pledge or grant of a security interest, in each case, whether voluntary, by operation of law or otherwise, and
“Transferor” and “Transferee” shall have correlative meanings; provided, that in no event 

  
 3 

 
shall (a) any transfer of Equity Interests in any direct or indirect stockholder of the Company constitute a “Transfer” if there is no Transfer of the Control of such Person or
(b) any Transfer of Equity Interests of any publicly listed direct or indirect parent entity of Seller Holdco shall constitute a “Transfer”. 

1.2    Construction. For the purposes of this Agreement: (i) words in the singular shall be held to include
the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (ii) references to the terms Article, Section, paragraph, Exhibit and Schedule are references to the Articles, Sections,
paragraphs, Exhibits and Schedules to this Agreement, unless otherwise specified; (iii) the terms “hereof,” “herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Agreement,
including the Schedules and Exhibits hereto; (iv) references to “$” shall mean U.S. dollars, and any amounts that are denominated in a foreign currency shall be deemed to be converted into U.S. dollars at the applicable exchange rate
in effect at 9:00 a.m., New York City time (as reported by Bloomberg L.P.) on the date for which such U.S. dollar amount is to be calculated; (v) the word “including” and words of similar import when used in this Agreement and
the Ancillary Agreements shall mean “including without limitation,” unless otherwise specified; (vi) the word “or” need not be exclusive; (vii) references to “written” or “in writing” include
in electronic form; (viii) the Parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the
parties thereto and no presumption or burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement; (ix) references to any statute shall be deemed to refer to such statute
as amended through the date hereof and to any rules or regulations promulgated thereunder as amended through the date hereof (provided that for purposes of any representations and warranties contained in this Agreement that are made as of a
specific date, references to any statute shall be deemed to refer to such statute and any rules or regulations promulgated thereunder as amended through such specific date); (x) references to any Contract are to that Contract as amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof; (xi) a reference to any Person includes such Person’s successors and assigns permitted by this Agreement; (xii) any reference to “days” shall
mean calendar days unless Business Days are expressly specified; (xiii) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the
reference date in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day; and (xiv) amounts used in any calculations for purposes of this
Agreement may be either positive or negative, it being understood that the addition of a negative number shall mean the subtraction of the absolute value of such negative number and the subtraction of a negative number shall mean the addition of the
absolute value of such negative number. 

  
 4 

 ARTICLE II 

CORPORATE GOVERNANCE MATTERS 

2.1    Composition of the Board. 

(a)    Initial Board. Effective as the date hereof, in accordance with the Organizational Documents of the Company,
the Company shall expand the size of the Board to nine members, cause two directors to tender their resignations as members of the Board effective as of the date hereof and appoint one (1) Seller Holdco Board Designee (as defined below) to
serve as a Class I Director, one (1) Seller Holdco Board Designee to serve as a Class II Director, and one (1) Seller Holdco Board Designee to serve as a Class III Director. The initial Seller Holdco Board Designees will be
Reed Rayman, E-Fei Wang and one (1) Director that is independent under the rules and regulations of NASDAQ and the SEC. 

(b)    Board and Committee Designation Rights. 

(i)    For so long as the Seller Holdco Parties Beneficially Own ten percent (10%) or more of the then outstanding shares
of Company Common Stock, subject to Section 2.2 below, Seller Holdco shall have the right, but not the obligation, to propose for nomination to the Board by the Company’s stockholders a number of individuals (any such
designee, a “Seller Holdco Board Designee”) in accordance with Section 2.1(b)(iii); provided, that in no event shall Seller Holdco have the right to propose for nomination more than three
(3) Seller Holdco Board Designees. No delay by Seller Holdco in proposing any Seller Holdco Board Designee shall impair its right to subsequently propose any Seller Holdco Board Designee. In the event that Seller Holdco has nominated less than
the total number of nominees that Seller Holdco is entitled to propose pursuant to this Section 2.1(b)(iii), Seller Holdco shall have the right, at any time, to propose such additional Seller Holdco Board nominees to
which it is entitled, in which case, the Board shall, at such time, expand the size of the Board if necessary and appoint such additional Seller Holdco Board Nominees subject to Section 2.2 below. 

(ii)    Until Seller Holdco no longer has any rights under Section 2.1(b)(i) and
Section 2.1(b)(iii) to designate any Seller Holdco Board Designee to serve on the Board and subject to Section 2.2 below, Seller Holdco shall be entitled, but not obligated, to cause the Board to
designate a number of Seller Holdco Board Designees to serve as members of each Committee proportional to the number of Seller Holdco Board Designees on the Board, rounded down to the nearest whole number. 

(iii)    Following the date hereof, the number of individuals that Seller Holdco is entitled to designate to serve as
Directors shall be equal to the percentage of the outstanding shares of Company Common Stock that is Beneficially Owned by the Seller Holdco Parties multiplied by the Total Number of Directors, rounded to the nearest whole number, subject to a
maximum of three (3); provided, that so long as Seller Holdco has the right to propose for nomination two (2) or three (3) Directors, one (1) shall be independent under the rules and regulations of NASDAQ and the SEC;
provided, further, that the Seller Holdco Parties shall be entitled to designate zero (0) Directors if, at any time, the Seller Holdco Parties, in the aggregate, Beneficially Own less than ten percent (10%) of the outstanding
shares of Company Common Stock. Any step-down reductions in the number of individuals that Seller Holdco is entitled to designate to serve as Directors pursuant to the immediately preceding sentence or Section 2.1(b) is
referred to in either case hereinafter as the “Board Stepdown.” 
 (c)    Resignations. In the
event that the number of Seller Holdco Board Designees that Seller Holdco is entitled to appoint as Directors or members of a Committee pursuant to Section 2.1(b) is reduced and adjusted in accordance with the terms
thereof, Seller Holdco shall immediately use its reasonable best efforts to cause such excess number of Seller 

  
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Holdco Board Designees to promptly tender his, her or their resignation from the Board and any applicable Committee. If the relevant Seller Holdco Board Designee does not promptly tender his, her
or their resignation from the Board, such Seller Holdco Board Designee shall not thereafter be entitled to participate as a member of the Board or any applicable Committee pursuant to this Agreement, and the Board shall be entitled to take all
necessary actions to promptly remove such Seller Holdco Board Designee from the Board and any applicable Committees. 

(d)    Vacancies. Subject to the provisions of this Article II, including the qualification provisions in
Section 2.2, in the event that a vacancy is created at any time by the death, resignation, removal, disqualification or other cause, except in the case of vacancy resulting from, or related to, the Board Stepdown, of any
Seller Holdco Board Designee, including the failure of any Seller Holdco Board Designee to be elected at a meeting of stockholders of the Company, Seller Holdco shall have the right to designate a replacement to fill such vacancy (but only if Seller
Holdco would be then entitled to propose such designee for nomination to the Board pursuant to Section 2.1(b)(i)), and the Company shall use its reasonable best efforts to cause such vacancy to be filled by, a new Seller Holdco Board
Designee who meets the Designee Qualifications, and the Company and the Board shall take, to the fullest extent permitted by Law, at any time and from time to time, all actions necessary to accomplish the same as soon as possible following such
designation. 
 (e)    Assurances. The Company agrees, to the fullest extent permitted by applicable Law but
subject to Section 2.2, to (i) include in the slate of nominees recommended by the Board for election at any meeting of stockholders (and in any election by written consent) called for the purpose of electing directors
the applicable Person(s) proposed for nomination pursuant to this Article II, (ii) propose for nomination and recommend each such Person(s) to be elected as a Director as provided herein, and (iii) use the same efforts to cause the
election of such nominees as it uses to cause other nominees recommended by the Board to be elected, including soliciting proxies or consents in favor thereof. 

(f)    Indemnification; Expenses and Fees. The Company shall at all times provide each Seller Holdco Board Designee
(in his or her capacity as a Director) with the same rights to indemnification and exculpation that it provides to other Directors. In addition, in his or her capacity as a member of the Board or any applicable Committee on which he or she formally
serves as a member, such Seller Holdco Board Designee shall be entitled to receive (i) any and all applicable Director and Committee fees and compensation that are payable to the Company’s
non-management Directors as part of the Company’s director compensation plan, and (ii) reimbursement of all reasonable, documented
out-of-pocket expenses that he or she incurs in connection with performing Board and any applicable Committee duties consistent with the Company’s expense
reimbursement policy applicable to non-management Directors. 

(g)    Directors’ and Officer’s Insurance. The Company shall maintain
directors’ and officers’ liability insurance as determined by the Board. The Company acknowledges and agrees that any Seller Holdco Board Designees who are partners, members, employees, or consultants of Apollo Global Management, Inc.
and/or any of its Affiliates (each, an “Apollo Entity”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by the applicable Apollo Entity (collectively, the “Apollo
Indemnitors”). 

  
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The Company acknowledges and agrees that the Company shall be the indemnitor of first resort with respect to any indemnification, advancement of expenses and/or insurance provided in the
Organizational Documents of the Company and/or any of its Subsidiaries and/or any indemnification agreements to any Seller Holdco Board Designee in his or her capacity as a director of the Company or any of its Subsidiaries (such that the
Company’s obligations to such indemnitees in their capacities as directors are primary and any obligation of the Apollo Indemnitors to advance expenses or to provide indemnification or insurance for the same expenses or liabilities incurred by
such indemnitees are secondary). Such indemnitees shall, in their capacities as directors, be entitled to all the rights to indemnification, advancement of expenses and entitled to insurance to the extent provided under (i) Organizational
Documents of the Company and/or any of its Subsidiaries in effect from time to time and/or (ii) such other agreement, if any, between the Company and/or any of its Subsidiaries, on the one hand, and such indemnitees, on the other hand, without
regards to any rights such indemnitees may have against the Apollo Indemnitors. No advancement or payment by the Apollo Indemnitors on behalf of such indemnitees with respect to any claim for which such indemnitees have sought indemnification,
advancement of expenses or insurance from the Company in their capacities as directors shall affect the foregoing and the Apollo Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all
of the rights of recovery of such indemnitees against the Company and/or its applicable Subsidiaries. 

2.2    Qualification of Seller Holdco Board Designee. 

(a)    Each Seller Holdco Board Designee shall, at the time of his or her nomination or appointment as a Director and at
all times thereafter until such individual ceases to serve as a Director: 
 (i)    meet and comply with any and all
policies, procedures, processes, codes, rules, standards and guidelines of the Company applicable to all non-employee Board members, including the Company’s code of business conduct and ethics, securities
trading policies and corporate governance guidelines; 
 (ii)    with respect to any Seller Holdco Board Designee who
is designated to serve on a Committee, meet and comply with any requirements under applicable Law, stock exchange listing rules or the Company’s corporate governance documents for membership on such Committee; 

(iii)    not be involved in any of the events enumerated in Item 2(d) or Item 2(e) of Schedule 13D under the Exchange Act
or Item 401(f) of Regulation S-K under the Securities Act; 
 (iv)    not be
subject to any order, decree or judgment of any Governmental Entity prohibiting service as a director of any public company; and 

(v)    not be an employee, officer, or director of, or consultant to, or be receiving any compensation or benefits from,
any Competitor (unless otherwise agreed to by the Nominating and Governance Committee). 

  
 7 

 (b)    Each Seller Holdco Board Designee, as a condition to his or her
initial appointment or election to the Board and any re-nomination for election to the Board, must be willing to be interviewed by the Nominating and Corporate Governance Committee on the same basis as any
other new or returning, as applicable, candidate for appointment or election to the Board and must be reasonably satisfactory to the Nominating and Corporate Governance Committee acting in good faith; provided that (i) a determination by
the Nominating and Corporate Governance Committee that a Seller Holdco Board Designee is not reasonably satisfactory shall not in any way effect or impair Seller Holdco’s rights under this Article II and (ii) in the event of such a
determination, Seller Holdco shall be entitled to propose a different Seller Holdco Board Designee. Seller Holdco, in its capacity as a stockholder of the Company, on behalf of itself and other Seller Holdco Parties, and each Seller Holdco Board
Designee, shall deliver such questionnaires and otherwise provide such information as are reasonably requested by the Company in connection with assessing qualification, independence and other criteria applicable to Directors, or required to be
provided by directors, candidates for director, and their Affiliates and representatives for inclusion in a proxy statement or other filing required by applicable Law and the rules of the Exchange, in each case to the same extent requested or
required of other candidates for appointment or election to the Board. 
 The requirements set forth in this Section 2.2 are
referred to, collectively, as the “Designee Qualifications.” 
 ARTICLE III 

VOTING MATTERS 

3.1    Voting Agreement. During the Standstill Period, at any annual or special meeting of stockholders of the
Company (or if action is taken by written consent of stockholders of the Company in lieu of a meeting), the Seller Holdco Parties shall vote, or cause to be voted (including, if applicable, by written consent), all shares of Company Common Stock
Beneficially Owned by Seller Holdco Parties: 
 (a)    in favor of the Board’s recommendation with respect to
(i) each Director recommended by the Board for election (and against any individuals nominated to serve as a Director who are not recommended by the Board for election) and (ii) all other Routine Matters. 

(b)    either in favor of the Board’s recommendation or pro rata with all other stockholders of the Company (other
than the Seller Holdco Entities) with respect to any other matter submitted for a vote of the stockholders of the Company. 

3.2    Quorum. During the Standstill Period, at each annual or special meeting of stockholders of the Company, the
Seller Holdco Parties shall cause all of their shares of Company Common Stock Beneficially Owned by the Seller Holdco Parties to be present in person or by proxy for purposes of determining the presence of a quorum. 

  
 8 

 ARTICLE IV 

ADDITIONAL COVENANTS 

4.1    Transfer Restrictions. 

(a)    During the Relevant Restricted Period, no Seller Holdco Party shall Transfer any of the Seller Holdco Issued Shares,
other than under the following circumstances (each a “Permitted Transfer”): 
 (i)    a Transfer to an
Affiliate of Seller Holdco that becomes a party to this Agreement by executing a joinder agreement substantially in the form attached as Exhibit A; 

(ii)    a Transfer (via a distribution in kind) to the equityholders of Seller Holdco that become a party to this
Agreement by executing a joinder agreement substantially in the form attached as Exhibit A; 
 (iii)    a
Transfer that has previously been approved in writing by the Board or a duly authorized committee thereof; 
 (iv)    a
Transfer to a third party pursuant to a tender offer, exchange offer, merger, consolidation, business combination or other similar transaction that is recommended by the Board and that results in all holders of the Company Common Stock having the
right to exchange their Company Common Stock for cash, securities or other property (including, for the avoidance of doubt, any tender offer or exchange offer that is for less than all of the outstanding shares of Company Common Stock); 

(v)    a Transfer after commencement by the Company or one of its significant Subsidiary (as such term is defined in Rule
12b-2 under the Exchange Act) of the Company of bankruptcy, insolvency or other similar proceedings; and 

(vi)    a Transfer in connection with (x) a total return swap; provided that written notice of any such total
return swap, which shall include the number of shares of Common Stock underlying such total return swap, shall be provided to the Company, and that such total return swap shall not result in an increase in the voting rights of any Seller Holdco
Entity, or (y) a loan or other financing arrangement, including pledging, hypothecating or otherwise granting a security interest in Company Common Stock or securities convertible into or exchangeable for such Company Common Stock to one or
more lending institutions as collateral or security for any loan, advance or extension of credit and any Transfer upon foreclosure (or in lieu of foreclosure) upon such Company Common Stock (each, a “Permitted Loan”), in each case
of the foregoing clauses (x) and (y), with a counterparty that is one or more nationally recognized financial institutions; provided that, during the Relevant Restricted Period, the aggregate amount of Seller Holdco Issued Shares that
may be Transferred pursuant to a Foreclosure (as defined below) in connection with a Permitted Loan shall not exceed one third (1/3) of the Seller Holdco Issued Closing Shares (such limitation, the “Foreclosure Limitation”). Nothing
contained in this Agreement shall prohibit or otherwise restrict the ability of any lender (or its securities’ affiliate) or collateral agent to foreclose upon, or accept a Transfer in lieu of foreclosure, and sell, dispose of or otherwise
Transfer the Company Common Stock mortgaged, hypothecated and/or pledged to secure the obligations of the borrower following an event of 

  
 9 

 
default (any of the foregoing, collectively, a “Foreclosure”) under a Permitted Loan (subject, during the Relevant Restricted Period, to the Foreclosure Limitation). Subject to
the Foreclosure Limitation, in the event that any lender or other creditor under a Permitted Loan transaction (including any agent or trustee on their behalf) or any Affiliate of the foregoing exercises any rights or remedies in respect of the
Company Common Stock or any other collateral for any Permitted Loan, no lender, creditor, agent or trustee on their behalf or Affiliate of any of the foregoing (other than, for the avoidance of doubt, Seller Holdco or its Affiliates) shall be
entitled to any rights or have any obligations or be subject to any Transfer restrictions or limitations hereunder. 

(b)    Until the twelve (12) month anniversary of the expiration of the Relevant Restricted Period, the Seller Holdco
Parties shall only Transfer such Seller Holdco Issued Shares in a Transfer that is either: 
 (i)    a Permitted
Transfer; 
 (ii)    for the 12-month period following such expiration, in
compliance with the volume requirements of Rule 144(e) of the Securities Act, and following such 12-month period, without any restriction under Rule 144(e) of the Securities Act, in each case, in which the
transferee is not known to be a Restricted Person; or 
 (iii)    pursuant to a registered offering where the
applicable Seller Holdco Parties have requested or encouraged any block sale purchasers, brokers or “qualified institutional buyers” not to resell such Seller Holdco Issued Shares to Person who is known to be a Restricted Person 

(c)    Any Transfer or attempted Transfer of Seller Holdco Issued Shares in violation of this
Section 4.1 shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize
any such purported transaction on the books of the Company. 
 (d)    Any certificates for Seller Holdco Issued Shares
held by a Seller Holdco Party shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect to shares maintained in the form of book entries) referencing restrictions on transfer of such shares
under the Securities Act and under this Agreement which legend shall state in substance: 
 THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
THE EXCHANGE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, TRANSFERRED OR
OTHERWISE DISPOSED OF EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH SECURITIES UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE
WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS. 

  
 10 

 THESE SECURITIES ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN THE
STOCKHOLDERS AGREEMENT, DATED AS OF JUNE 15, 2022, BY AND BETWEEN LIMELIGHT NETWORKS, INC. AND COLLEGE TOP HOLDINGS, INC., AS IT MAY BE AMENDED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH
THE SECRETARY OF LIMELIGHT NETWORKS, INC. 
 Notwithstanding the foregoing, upon the request of the applicable Seller Holdco Party, (i) in connection
with any Transfer of Seller Holdco Issued Shares in accordance with the terms of this Agreement, the Company shall promptly cause the second paragraph of the legend (or notation) to be removed upon such Transfer if such restrictions would not be
applicable following such Transfer (including in connection with a Permitted Loan transaction), and (ii) following receipt by the Company of written confirmation from legal counsel reasonably satisfactory to the Company to the effect that such
legend (or notation) is no longer required under the Securities Act and applicable state securities Laws, the Company shall promptly cause the first paragraph of the legend (or notation) to be removed from any Seller Holdco Issued Shares to be
Transferred in accordance with the terms of this Agreement. 
 4.2    Standstill. During the Standstill Period,
the Seller Holdco Parties shall not, and shall direct their Affiliates not to, directly or indirectly, without the prior written consent of the Company: 

(a)    acquire, offer to acquire or agree to acquire, by purchase or otherwise, Beneficial Ownership of any Equity
Interests of the Company (including any rights, options or other derivative securities or contracts or instruments to acquire such ownership that derives its value from (in whole or in part) such Equity Interests (whether currently, upon lapse of
time, following the satisfaction of any conditions, upon the occurrence of any event or any combinations of the foregoing)) other than: (A) as a result of any stock split, stock dividend or distribution, subdivision, reorganization,
reclassification or similar capital transaction involving Equity Interests, (B) receipt of any Seller Holdco Issued Earnout Shares, or (C) pursuant to or in connection with a Permitted Transfer or a Permitted Loan; provided, that no
Seller Holdco Party shall be in breach of this Section 4.2(a) as a result of the acquisition by any Seller Holdco Board Designee of any Equity Interests of the Company pursuant to (x) the grant or vesting of any equity
compensation awards granted by the Company to any Seller Holdco Board Designee, or (y) the exercise of any stock options, restricted stock units, or similar awards relating to any Equity Interests of the Company granted by the Company to any
Seller Holdco Board Designee; 
 (b)    propose or make any public announcement or public offer with respect to any
acquisition, merger, business combination, recapitalization, reorganization or other similar extraordinary transaction involving the Company or any of its Subsidiaries (unless such transaction is approved or affirmatively recommended by the Board);

  
 11 

 (c)    make, knowingly encourage, or in any way participate in, any
“solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) to vote any shares of Company Common Stock, or seek to advise or influence any Person
with respect to the voting of, any shares of Company Common Stock (other than, in each case, in accordance with, and as permitted by, Section 3.1); 

(d)    seek election to, or seek to place a representative on, the Board, or seek the removal of any member of the Board,
or otherwise act, alone or in concert with others, to seek representation or to control or influence the management, the Board or policies of the Company (other than with respect to (A) the election or removal of a Seller Holdco Board Designee
in accordance with, and as permitted by, Section 2.1 or (B) voting (including by written consent) in accordance with, and as permitted by, Section 3.1); 

(e)    call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action
by stockholders of the Company; 
 (f)    form, join or in any way participate in a Group with respect to Equity
Securities or discuss with any third party the potential formation of a Group (other than a Group consisting solely of Seller Holdco Parties); 

(g)    otherwise act, alone or in concert with others, to seek to control or influence the management or the policies of
the Company (for the avoidance of doubt, excluding any such act in their capacity as a commercial counterparty, customer, supplier or the like); 

(h)    advise or knowingly assist or encourage or enter into any discussions, negotiations, agreements or arrangements
with any other Persons in connection with any of the foregoing activities; 
 (i)    publicly disclose any intention,
plan or arrangement inconsistent with any of the foregoing activities, or knowingly take any action that a Seller Holdco Party knows would require the Company to make a public announcement regarding any of the foregoing activities; or 

(j)    contest the validity of this Section 4.2; 

it being understood and agreed that this Section 4.2 shall not limit (A) the ability of each Seller Holdco Board Designee to
exercise his or her legal duties or otherwise act in his or her capacity as a Director or a member of a Committee, (B) the ability of a Seller Holdco Party to vote (including by written consent) or Transfer its Seller Holdco Issued Shares as
permitted under the terms of this Agreement, participate in rights offerings made by the Company to all holders of Company Common Stock, receive any dividends or similar distributions with respect to any Equity Interests of the Company, or
(C) a Seller Holdco Party or any of its Affiliates from making to the Board or the Chief Executive Officer of the Company any proposal regarding a strategic transaction involving the Company, which proposal is made in a confidential manner and
is not reasonably expected to require the Company to make any public disclosure. 

  
 12 

 4.3    Certain Approval Rights. So long as the Seller Holdco
Parties Beneficially Own at least fifty percent (50%) of the Seller Holdco Issued Closing Shares, without the prior written consent of Seller Holdco, the Company shall not: 

(a)    amend the Organizational Documents of the Company or any of its material Subsidiaries in any manner that would be
disproportionately adverse to Seller Holdco; 
 (b)    change the size of the Board; or 

(c)    undertake any liquidation, dissolution or winding up of the Company. 

4.4    Corporate Opportunities. 

(a)    In recognition and anticipation that (i) certain directors, principals, officers, employees, members, partners
and/or other representatives of Seller Holdco, any Seller Holdco Party or Apollo Entity, or of investment funds or vehicles affiliated with an Apollo Entity or any of its respective Affiliates may be Seller Holdco Board Designees and, accordingly,
serve as Directors, and (ii) each of Apollo or investment funds or vehicles affiliated with Apollo may now engage, may continue to engage, and/or may, in the future, decide to engage, in the same or similar activities or related lines of
business as those in which the Company or any of its Subsidiaries, directly or indirectly, now engage or may engage and/or other business activities that overlap with, are complementary to or compete with those in which the Company or any of its
Subsidiaries, directly or indirectly, now engage or may engage, the provisions of this Section 4.4 are set forth to regulate and define the conduct of certain affairs of the Company and its Subsidiaries with respect to
certain classes or categories of business opportunities as they may involve any Seller Holdco Party or its Affiliates and the powers, rights, duties and liabilities of the Company, its Subsidiaries, and their respective directors, officers and
stockholders in connection therewith. 
 (b)    To the fullest extent permitted by applicable Law, the Company, on
behalf of itself and each of its Subsidiaries, hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate (or analogous) or business opportunity for any
Seller Holdco Party, any of its Affiliates, or any of the Seller Holdco Board Designees (collectively, “Identified Persons” and, individually, an “Identified Person”) and the Company or any of its Affiliates. In the
event that any Identified Person acquires knowledge of a potential transaction or other corporate (or analogous) or business opportunity which may be a corporate (or analogous) or business opportunity for itself, herself or himself and the Company
or any of its Affiliates, such Identified Person shall have no duty to communicate, offer or otherwise make available such transaction or other corporate (or analogous) or business opportunity to the Company or any of its Affiliates and shall not be
liable to the Company or its stockholders or to any Affiliate of the Company for breach of any purported fiduciary duty solely by reason of the fact that such Identified Person pursues or acquires such corporate (or analogous) or business
opportunity for itself, herself or himself, or offers or directs such corporate (or analogous) or business opportunity to another Person (including any Affiliate of such Identified Person). 

  
 13 

 (c)    The Company, on behalf of itself and each of its Subsidiaries,
(i) acknowledges that the Identified Persons may now own, may continue to own, and from time to time may acquire and own, investments in one or more other entities (each such entity, a “Related Company” and all such entities,
collectively, “Related Companies”) that are direct competitors of, or that otherwise may have interests that do or could conflict with those of, the Company, any of its Subsidiaries, any of the Company’s stockholders or any of
their respective Affiliates, and (ii) agree that (A) the enjoyment, exercise and enforcement of the rights, interests, privileges, powers and benefits granted or available to the Identified Persons under this Agreement shall not be in any
manner reduced, diminished, affected or impaired, and the obligations of the Identified Persons under this Agreement (if any) shall not be in any manner augmented or increased, by reason of any act, circumstance, occurrence or event arising from or
in any respect relating to (x) the ownership by an Identified Person of any interest in any Related Company, (y) the affiliation of any Related Company with an Identified Person or (z) any action taken or omitted by any Related
Company or an Identified Person in respect of any Related Company, (B) no Identified Person shall, by reason of such ownership, affiliation or action, become subject to any fiduciary duty to the Company, any of its Subsidiaries, any of the
Company’s stockholders or any of their respective Affiliates, (C) none of the duties imposed on an Identified Person, whether by contract or law, do or shall limit or impair the right of any Identified Person lawfully to compete with the
Company, any of its Subsidiaries, any of the Company’s stockholders or any of their respective Affiliates as if the Identified Persons were not a party to this Agreement, and (D) the Identified Persons are not and shall not be obligated to
disclose to the Company, any of its Subsidiaries, any of the Company’s stockholders or any of their respective Affiliates any information related to their respective businesses or opportunities, including acquisition opportunities, or to
refrain from or in any respect to be restricted in competing against the Company, any of its Subsidiaries, any of the Company’s stockholders or any of their respective Affiliates in any such business or as to any such opportunities. 

(d)    Notwithstanding anything to the contrary in this Agreement: (i) any current Seller Holdco Board Designee and
any Person who has served as a Seller Holdco Board Designee within the preceding twelve (12) months shall not (x) serve on the board of directors of any Restricted Person or (y) serve on the board of directors of any Seller Holdco
Entity that owns any interest in a Restricted Person that would result in such Restricted Person becoming an Affiliate of such Seller Holdco Entity; and (ii) the Seller Holdco Parties shall not, and shall direct their Affiliates not to, acquire
any interest in any Restricted Person that would result in such Restricted Person becoming an Affiliate of any Seller Holdco Entity. This Section 4.4(d) shall terminate and be of no further force or effect upon the earlier
of (A) the date of termination of this Agreement in accordance with Section 6.1 and (B) the later of (I) ninety (90) days after the expiration of the Standstill Period and (II) the day after the first
annual meeting of stockholders following the expiration of the Standstill Period at which Directors are elected. 

4.5    Information and Access Rights. 

(a)    For so long as the Seller Holdco Parties has the right under
Section 2.1(b)(i) to designate or nominate any Seller Holdco Board Designee to serve on the Board, the Company shall, and shall cause its Subsidiaries to, (i) permit Seller Holdco and its respective
designated representatives, at reasonable times and upon reasonable prior notice to the Company, to inspect, review and/or make copies and extracts from the books and records of the Company 

  
 14 

 
or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary and
(ii) upon the written request of Seller Holdco, provide Seller Holdco, in addition to other information that might be reasonably requested by Seller Holdco from time to time, (A) copies of all materials provided to the Board (or committee
of the Board), (and (B) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries (all such
information so furnished pursuant to this Section 4.5(a), the “Information”). Subject to Section 4.5(b), any Seller Holdco Party (and any party receiving Information from such Seller Holdco
Party) who shall receive Information shall maintain the confidentiality of such Information, using the same degree of care that such Seller Holdco Party would employ with respect to its own confidential information. The Seller Holdco Parties
acknowledge and agree that all of the information received by it in connection with this Agreement is of a confidential nature and may be regarded as material non-public information under Regulation FD
promulgated by the SEC. The Company shall not be required to provide such portions of any Information containing attorney-client, work product or similar privileged information of the Company or other information required by the Company to be kept
confidential pursuant to and in accordance with the terms of any confidentiality agreement with a third Person or applicable Law, so long as the Company has used its reasonable best efforts to enter into an arrangement pursuant to which it may
provide such information to the Seller Holdco Parties without the loss of any such privilege or without violating such confidentiality obligation. 

(b)    Individuals associated with the Seller Holdco Parties may from time to time serve on the Board or the equivalent
governing body of the Company’s Subsidiaries. The Company, on its behalf and on behalf of its Subsidiaries, recognizes that such individuals (i) will from time to time receive non-public information
concerning the Company and its Subsidiaries, and (ii) may (subject to the obligation to maintain the confidentiality of such information in accordance with Section 4.5(a)) share such information with other individuals
associated with the Seller Holdco Parties who have a need to know such information for the purpose of facilitating support to such individuals in their capacity as members of the Board or such equivalent governing body or enabling the Seller Holdco
Parties, as equityholders, to better evaluate the Company’s performance and prospects; provided, that such other individuals are informed about the confidential nature of such information and agree in writing to maintain the
confidentiality of such information consistent with the confidentiality obligations under Section 4.5(a). 

4.6    Financing Cooperation. 

(a)    If requested by a Seller Holdco Party, the Company will provide cooperation (with, in each case, all reasonable,
documented out-of-pocket expenses, including legal expenses, incurred by the Company in connection with the foregoing, being borne by such Seller Holdco Party) in
connection with such Seller Holdco Party obtaining any Permitted Loan, including with respect to the following: (i) entering into an issuer agreement (an “Issuer Agreement”) with each lender in connection with such transactions (which
agreement may include agreements and obligations of the Company relating to procedures and specified time periods for effecting transfers and/or conversions upon foreclosure, agreements to not hinder or delay exercises of remedies on foreclosure,
acknowledgments regarding organizational 

  
 15 

 
documents and corporate policy, if applicable, and certain acknowledgments regarding the pledged Company Common Stock and securities law status of the pledge arrangements), (ii) using good faith
and commercially reasonable efforts to (A) remove any restrictive legends on certificates representing pledged Company Common Stock and depositing any pledged Company Common Stock in book entry form on the books of The Depository Trust Company,
in each case when eligible to do so or otherwise as agreed with the transfer agent (and providing any necessary indemnities to the transfer agent in connection therewith) or (B) without limiting the generality of clause (A), if such Company
Common Stock is eligible for resale under an exemption for sale under the Securities Act, including Rule 144 thereunder, depositing such pledged Company Common Stock in book entry form on the books of The Depository Trust Company or other depository
with customary representations and warranties from the applicable Seller Holdco Party or its applicable Affiliates regarding compliance with securities Laws, (iii) if so requested by such lender or counterparty, as applicable, re-registering the pledged Company Common Stock in the name of the relevant lender, agent, counterparty, custodian or similar party to a Permitted Loan, with respect to Permitted Loans solely as securities
intermediary and only to the extent Seller Holdco or its Permitted Transferees (or its or their Affiliates) continue to beneficially own such pledged Company Common Stock, (iv) entering into customary triparty agreements with each lender and
Seller Holdco (and its Permitted Transferees and its and their Affiliates) relating to the delivery of the Company Common Stock to the relevant lender for crediting to the relevant collateral accounts upon funding of the loan and payment of the
purchase price including a right for such lender as a third party beneficiary of the Company’s obligations hereunder and (v) such other cooperation and assistance as Seller Holdco and its Permitted Transferees may reasonably request in
writing (which cooperation and assistance, for the avoidance of doubt, shall not include any requirements that the Company deliver information or compliance certificates typically provided by borrowers to lenders) that will not unreasonably disrupt
the operation of the Company’s business. 
 (b)    Seller Holdco shall indemnify and hold harmless the Company and
its Affiliates and all Representatives of any of the foregoing from and against any and all fees, costs and expenses (including reasonable out-of-pocket legal and
accounting fees and expenses), judgments, fines, claims, losses, penalties, damages, interest, awards and liabilities directly or indirectly suffered or incurred by them in connection with the arrangement and consummation of any Permitted Loan or
providing any of the information utilized in connection therewith, except (i) any information concerning the Company or any of its Affiliates provided by the Company or any of its Affiliates or Representatives or (ii) to the extent any of
the foregoing was suffered or incurred as a result of the gross negligence, Fraud, intentional misrepresentation, bad faith, or willful misconduct of, any such Persons. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

5.1    Representations and Warranties of the Company. The Company hereby represents and warrants to Seller Holdco
as follows as of the Effective Date: 
 (a)    The Company is a corporation, duly incorporated, validly existing and in
good standing under the Laws of the State of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under the Agreement. 

  
 16 

 (b)    The execution and delivery by the Company of this Agreement and
the performance of the obligations of the Company under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been
obtained) under, (x) applicable Law, (y) the Organizational Documents of the Company, or (z) any Contract to which the Company is a party. 

(c)    The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company
under this Agreement have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by Seller
Holdco, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. 

5.2    Representations and Warranties of Seller Holdco. Seller Holdco hereby represents and warrants to the Company
as follows as of the Effective Date: 
 (a)    Seller Holdco is duly organized, validly existing and in good standing
under the Laws of the jurisdiction of its organization. Seller Holdco has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement. 

(b)    The execution and delivery by Seller Holdco of this Agreement and the performance by Seller Holdco of its
obligations under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under, (x) applicable Law,
(y) its Organizational Documents, or (z) any Contract to which it is a party. 
 (c)    The execution and
delivery by Seller Holdco of this Agreement and the performance by Seller Holdco of its obligations under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part. This Agreement has been duly
executed and delivered by Seller Holdco and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of Seller Holdco, enforceable against it in accordance with its terms, subject to
Enforceability Exceptions. 
 (d)    None of the Seller Holdco Entities owns any Voting Securities (without giving
effect to the Seller Holdco Issued Closing Shares). 
 5.3    No Other Representations and Warranties. Each of
the Company and Seller Holdco hereby acknowledges and agrees that except for the express representations and warranties set forth in this Article V, the Stock Purchase Agreement or any other Ancillary Agreement, (a) neither party hereto
nor any Person acting on its behalf is making any representation or warranty of any kind, express or implied, in connection with the negotiation, execution or performance of this Agreement or the Stock Purchase Agreement or the transactions

  
 17 

 
contemplated hereby and thereby, and (b) neither party hereto has relied on any representation or warranty, whether express or implied, with respect to any information furnished by the other
party hereto or any Person acting on its behalf in connection with the negotiation, execution or performance of this Agreement or the Stock Purchase Agreement or the transactions contemplated hereby and thereby. 

ARTICLE VI 
 GENERAL
PROVISIONS 
 6.1    Termination. This Agreement shall terminate automatically upon the dissolution of the
Company (unless the Company (or its successor) continues to exist after such dissolution, whether incorporated in Delaware or another jurisdiction). Any Seller Holdco Party who disposes of all of its Seller Holdco Acquired Shares shall automatically
cease to be a party to this Agreement and have no further rights or obligations hereunder as a Seller Holdco Party. 

6.2    Notices. All notices and other communications to be given to any party hereunder shall be sufficiently given
for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or by electronic mail (“e-mail”) transmission (so long as a receipt of such e-mail is requested and received), and shall be directed to the address set forth below (or at such other address as such party shall designate by like notice): 

if to the Company: 
 Limelight
Networks, Inc. 
 2220 W. 14th Street 

Tempe, AZ 85281 

Attn:     

Email:      

with a copy (not constituting notice) to: 

Goodwin Procter LLP 
 Three
Embarcadero Center 
 San Francisco, CA 94111 

Attention: Joshua Zachariah 

     Nathan Hagler 

E-mail:             
jzachariah@goodwinlaw.com 
      nhagler@goodwinlaw.com 

if to Seller Holdco: 
 College
Top Holdings, Inc. 
 One Manhattanville Road, Suite 201 

Purchase, NY 10577 

Attn:     

Email:      

  
 18 

 with a copy (not constituting notice) to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, NY 10019-6064 
 Attention: Taurie Zeitzer 

   Justin Rosenberg 

E-mail: tzeitzer@paulweiss.com 

    jrosenberg@paulweiss.com 

6.3    Amendment; Waiver. This Agreement may not be modified or amended, except by an instrument or instruments in
writing signed by the party against whom enforcement of any such modification or amendment is sought. Any party to this Agreement may, only by an instrument in writing, waive compliance by the other party to this Agreement with any term or provision
of this Agreement on the part of such other party to this Agreement to be performed or complied with. The waiver by any party to this Agreement of a breach of any term or provision of this Agreement shall not be construed as a waiver of any
subsequent breach. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. 
 6.4    Further Assurances. Each party hereto shall sign such
further documents and do and perform and cause to be done such further acts and things as any other party hereto may reasonably request to the extent necessary to carry out the intent and accomplish the purposes of this Agreement. 

6.5    Assignment. This Agreement will inure to the benefit of and be binding on the parties hereto and their
respective successors and permitted assigns. This Agreement may not be assigned, except by any Seller Holdco Party to any Permitted Transferee that has executed a joinder agreement substantially in the form attached as Exhibit A to this Agreement,
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consent, will be null and void. 

6.6    Third Parties. Except for Section 2.1(f), Section 2.1(g)
and Section 4.4, which are intended to benefit, and to be enforceable by, the Persons specified therein, this Agreement and the Exhibits and Schedules hereto, are not intended to confer in or on behalf of any Person not a
party to this Agreement (and their successors and assigns) any rights, benefits, causes of action or remedies with respect to the subject matter or any provision hereof 

6.7    Governing Law; Jurisdiction and Forum; Waiver of Jury Trial. 

(a)    This Agreement, and all proceedings (whether based on contract, tort or otherwise) arising out of or relating to
this Agreement or the actions of the parties in the negotiation, administration, performance and enforcement hereof, shall be governed by, and construed and enforced in accordance with, the Laws of the State of Delaware, without regard to any choice
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State 

  
 19 

 
of Delaware. In addition, each of the parties hereto irrevocably (i) submits to the personal jurisdiction of the Delaware Court of Chancery in and for New Castle County, or in the event (but
only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such dispute, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States
District Court also does not have jurisdiction over such dispute, any Delaware State court sitting in New Castle County, in the event any dispute (whether in contract, tort or otherwise) arises out of this Agreement or the transactions contemplated
hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (iii) waives any objection to the laying of venue of any Action relating to this Agreement
or the transactions contemplated hereby in such court, (iv) waives and agrees not to plead or claim in any such court that any Action relating to this Agreement or the transactions contemplated hereby brought in any such court has been brought
in an inconvenient forum, and (v) agrees that it will not bring any Action relating to this Agreement or the transactions contemplated hereby in any court other than the Delaware Court of Chancery in and for New Castle County, or in the event
(but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such Action, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States
District Court also does not have jurisdiction over such Action, any Delaware State court sitting in New Castle County. Each party agrees that service of process upon such party in any such Action shall be effective if notice is given in accordance
with Section 6.2. 
 (b)    EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY IN CONNECTION WITH THIS AGREEMENT, THE ANCILLARY AGREEMENTS, THE CONFIDENTIALITY AGREEMENT OR ANY OTHER AGREEMENTS EXECUTED IN CONNECTION HEREWITH OR
THEREWITH OR THE ADMINISTRATION HEREOF OR THEREOF OR THE SALE OR ANY OF THE OTHER TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN. NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION
PROCEDURE BASED UPON, OR ARISING OUT OF, THIS AGREEMENT OR ANY ANCILLARY AGREEMENTS, THE CONFIDENTIALITY AGREEMENT OR RELATED INSTRUMENTS. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION
IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH ABOVE IN THIS SECTION
6.7. NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION 6.7 WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

6.8    Specific Performance. The parties hereto agree that irreparable damage, for which monetary damages (even if
available) would not be an adequate remedy, would occur in the event that the parties hereto do not perform any provision of this Agreement in accordance with its specified terms or otherwise breach such provisions. Accordingly, the parties hereto

  
 20 

 
acknowledge and agree that the parties hereto shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches or threatened breaches of this Agreement and
to enforce specifically the terms and provisions hereof, without proof of actual damages, in addition to any other remedy to which they are entitled in Law or in equity. Each of the parties hereto agrees that it will not oppose, and irrevocably
waives its right to object to, the granting of an injunction, specific performance or other equitable relief on the basis that the other party has an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for
any reason at Law or in equity or otherwise. Any party hereto seeking an injunction or injunctions to prevent breaches or threatened breaches of this Agreement or to enforce specifically the terms and provisions of this Agreement shall not be
required to provide any bond or other security in connection with such injunction or enforcement. 
 6.9    Entire
Agreement. This Agreement, together with the Exhibits and Schedules hereto and thereto, and the Confidentiality Agreement, constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede
any prior discussion, correspondence, negotiation, proposed term sheet, letter of intent, agreement, understanding or arrangement, whether oral or in writing. 

6.10    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other 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. 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 a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

6.11    Headings. The Section and Article headings contained in this Agreement are inserted for convenience of
reference only and will not affect the meaning or interpretation of this Agreement. 
 6.12    Counterparts. This
Agreement may be executed in one or more counterparts, and by the different parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile, pdf or other electronic method (including DocuSign) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

6.13    Certain Adjustments of Company Common Stock. Notwithstanding anything contained herein, the parties hereto
hereby agree that if, following the execution of this Agreement, the number of outstanding shares of Company Common Stock is increased or decreased or changed into a greater or fewer number or a different class of shares, including by reason of any
reorganization, reclassification, recapitalization, stock split, reverse stock split, combination or exchange of shares, or any other similar event that would have the effect of changing the Seller Holdco Parties’ ownership of Company Common
Stock or other Equity Interests of the Company, then each provision herein that relates to or references a Seller Holdco Party’s or any of their respective Affiliates’ holding, ownership or Beneficial Ownership of

  
 21 

 
Company Common Stock (including with respect to the Seller Holdco Issued Shares) shall be automatically adjusted without any further action by any Person to fully reflect the appropriate effect
of such increase or decrease in the number of outstanding shares of Company Common Stock or such change into a greater or fewer number or a different class of shares, as applicable. 

[Remainder Of Page Intentionally Left Blank] 

  
 22 

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

			
	LIMELIGHT NETWORKS, INC.
		
	 By:
	 	 /s/ Robert Lyons

	Name:	 	Robert Lyons
	Title:	 	Chief Executive Officer

 [Signature Page to Stockholders Agreement] 

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

			
	 COLLEGE TOP HOLDINGS, INC.

		
	 By:
	 	 /s/ Monica Mijaleski

	 Name:
	 	 Monica Mijaleski

	 Title:
	 	 Chief Financial Officer and Treasurer

 [Signature Page to Stockholders Agreement] 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Stockholders Agreement, dated as of June 15, 2022 (the “Stockholders Agreement”), by and between the Company and Seller Holdco. Capitalized terms used, but not defined,
herein shall have the meaning ascribed to such terms in the Stockholders Agreement. 
 WHEREAS, on the date hereof, the Joining Party is
acquiring shares of Company Common Stock from [•] (the “Transferred Shares”); and 
 WHEREAS, the Stockholders
Agreement requires the Joining Party, as a condition to becoming a holder of the Transferred Shares, to agree in writing to be bound by the terms of the Stockholders Agreement, and the Joining Party agrees to do so in accordance with the terms
hereof. 
 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 Joinder Agreement hereby agree as follows: 

1.    Agreement to be Bound. The Joining Party hereby acknowledges, agrees and confirms that, by its execution of
this Joinder Agreement, the Joining Party shall be deemed to be a party to the Stockholders Agreement and a “Seller Holdco Party” as if it had executed the Stockholders Agreement as of the date hereof. The Joining Party hereby ratifies,
and agrees to be bound by, all of the terms, provisions and conditions contained in the Stockholders Agreement, in each case as of the date hereof. The Joining Party hereby represents and warrants to the Company that, as of the date hereof, it is a
Permitted Transferee and the representations and warranties set forth in Section 5.2 are true and correct as if the Joining Party were Seller Holdco. 

2.    Notice. For purposes of Section 6.2 of the Stockholders Agreement, the Joining Party’s address is:

 [●] 
 [●] 

[●] 
 Attention: [●]

 Fax: [●] 
 with a copy
(not constituting notice) to: 
 [●] 

[●] 
 [●] 

 Attention: [●] 

Fax: [●] 

3.    Headings and Captions. The headings and captions contained in this Joinder Agreement are included for
convenience of reference only, and in no way define, limit or describe the scope of this Joinder Agreement or the intent of any provision hereof. 

4.    Counterparts. This Joinder Agreement may be signed in any number of separate counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one Joinder Agreement (or amendment, as applicable). 

5.    Governing Law. This Joinder Agreement shall be governed by and construed in accordance with the Laws of the
State of Delaware, without regard to principles of conflicts of Laws thereof. 
 [Remainder Of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date
written below. 
 Date: [●] 
  

			
	 [NAME OF JOINING PARTY]

	 By:
	 	  

	 Name:
	 	 [●]

	 Title:
	 	 [●]

  

			
	ACCEPTED AND AGREED:
		
	[●]	 	
		
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]

 EXHIBIT B 

[****]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]