Document:

Exhibit 10.1

 

Execution Version

 

EXCHANGE AGREEMENT

 

This Exchange Agreement (this “Agreement”)
is made and entered into as of June 13, 2022, by and among John C. Malone (“Dr. Malone”), the John C. Malone
1995 Revocable Trust U/A DTD 3/6/1995 (the “Trust”) and Liberty Broadband Corporation, a Delaware corporation (the
 “Company”).

 

In consideration of the covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows:

 

		1.	Definitions.

 

“Accretive
Event” means any event resulting in (i) a reduction of the Outstanding Votes, whether by repurchase, redemption or conversion
of Voting Securities (including any conversion of shares of Series B Common Stock into shares of Series A Common Stock)
or otherwise or (ii) Dr. Malone’s beneficial ownership of Voting Securities increasing, in either case, without duplication
and immediately following which, and after taking into account any concurrent or substantially concurrent other event resulting in (a) the
effects described in clauses (i) or (ii) above, (b) the effects described in clause (i) or (ii) of the definition
of Dilutive Event or (c) a Fundamental Event, the Malone Voting Power would be greater than 0.5% plus the Target Voting Power
at such time.

 

“Accretive Event Notice” has
the meaning set forth in Section 3(a).

 

“Action” means any claim, audit,
action, suit, proceeding, arbitration, mediation or investigation by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with such specified Person, for so long as such Person remains so affiliated to the specified
Person. For purposes of this definition, and for the avoidance of doubt, natural persons shall not be deemed to be Affiliates of each
other.

 

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

 

“Available Series B Shares”
means, at the time of any determination thereof, a number of shares of Series B Common Stock equal to (x) the aggregate number
of Reverse Exchange Shares delivered to the Company at any one or more Reverse Exchange Closings occurring prior to such time of determination,
minus (y) the aggregate number of shares of Series B Common Stock delivered to Dr. Malone or the Trust or a Proposed
Transferee at any one or more Dilutive Event Exchange Closings or Fundamental Event Exchange Closings occurring prior to such time of
determination. For the avoidance of doubt, there are no Available Series B Shares as of the date of this Agreement.

 

     

     

    

 

“beneficial owner”, “beneficial
ownership” and “beneficially owns” have the meanings given to such terms in Rule 13d-3 under the Exchange
Act, and beneficial ownership of capital stock or any other equity security which is then entitled to vote generally in the election of
directors shall be calculated in accordance with the provisions of such Rule; provided, however, that, for purposes of determining
beneficial ownership, (a) in respect of Dr. Malone or any Proposed Transferee, such Person shall be deemed to be the beneficial
owner of any Equity that may be acquired by such Person (disregarding any conditions or legal impediments to such acquisition), whether
within sixty (60) days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities or
pursuant to any other contractual right, (b) notwithstanding clause (a), none of Dr. Malone or any Proposed Transferee shall
be deemed to beneficially own any Available Series B Shares unless and until Dr. Malone or such Proposed Transferee, as applicable,
acquires such shares at an Exchange Closing pursuant to the terms of this Agreement, and Dr. Malone will cease to beneficially own
any shares of Series B Common Stock upon delivery of such shares to the Company at any Reverse Exchange Closing, (c) notwithstanding
clause (a), Dr. Malone shall not be deemed to beneficially own any shares of Series A Common Stock into which any shares of
Series B Common Stock beneficially owned by Dr. Malone may be converted pursuant to the Company Charter, (d) Dr. Malone
shall not be deemed to beneficially own any Equity solely as a result of Dr. Malone’s execution of this Agreement or Dr. Malone’s
filing of any reports, forms or schedules with the SEC or other Governmental Authority in connection with any of the matters contemplated
hereby, (e) Dr. Malone and any Proposed Transferee shall be deemed, respectively, to beneficially own any Voting Securities
beneficially owned by any respective Controlled Affiliate of such Person, and (f) notwithstanding clause (b) above, a Proposed
Transferee shall be deemed to beneficially own, any Available Series B Shares that would be the subject of any Successor Exchange
Agreement.

 

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

 

“Business Day” means any day
that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City of New York.

 

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

 

“Common Stock” means any or
all Common Stock of the Company designated as such in the Company Charter.

 

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

 

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

 

“Company Charter” means the
Restated Certificate of Incorporation of the Company, as amended from time to time, and the Certificate of Designations of Series A
Cumulative Redeemable Preferred Stock of the Company, as amended from time to time.

 

“Company Exchange Shares” means
(i) any shares of Series C Common Stock issued and/or delivered in a Reverse Exchange and (ii) any Available Series B
Shares issued and/or delivered in a Dilutive Event Exchange or Fundamental Event Exchange.

 

“Company Rescission Shares”
shall have the meaning set forth in Section 6(b).

 

“Competition Law” means any
Law that is designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or lessening
of competition through merger or acquisition or restraint of trade.

 

“Controlled Affiliate” means
with respect to any Person, any other Person (other than an individual) controlled by such Person. For the purpose of this definition,
the term “control” (including, with a correlative meaning, the term “controlled by”), as used with respect to
any Person, means (i) beneficial ownership, directly or indirectly, of securities of any Person that represent more than 50% of the
vote in the election of directors (or equivalent), (ii) otherwise being entitled to nominate or designate, directly or indirectly,
a majority of the directors (or equivalent) or (iii) in the case of a limited partnership or limited liability company, being a general
partner or managing member and having the power to direct the policies, management and affairs of such entity.

 

“Delaware Courts” has the meaning
set forth in Section 14.

 

“Dilutive Event” means any event
resulting in (i) an increase of the Outstanding Votes, whether upon the exercise of stock options, conversion of any convertible
security, issuance of capital stock or otherwise, or (ii) Dr. Malone’s beneficial ownership of Voting Securities decreasing,
immediately following which, and after taking into account any concurrent or substantially concurrent other event resulting in (a) the
effects described in clauses (i) or (ii)  above, (b) the effects described in clauses (i) or (ii) of the definition
of Accretive Event, or (c) a Fundamental Event, the Malone Voting Power would be less than the Target Voting Power minus 0.5%
at such time.

 

“Dilutive Event Exchange” has
the meaning set forth in Section 2(d)(iii).

 

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“Dilutive Event Exchange Closing”
has the meaning set forth in Section 2(b).

 

“Dilutive Event Notice” has
the meaning set forth in Section 2(a).

 

“Dr. Malone” has the meaning
set forth in the preamble.

 

“Encumbrance” means any mortgage,
deed of trust, lien (statutory, contractual or otherwise), pledge, hypothecation, charge, title retention device, title defect, assignment,
adverse claim, encumbrance, option, right of first refusal or first offer, preemptive right or security interest of any kind or nature
(including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any restriction
on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise
or transfer of any other attribute of ownership of any asset).

 

“Equity” means any and all shares
of capital stock and other equity securities issuable upon the conversion, exercise or exchange of securities.

 

“Exchange” means a Dilutive
Event Exchange, a Reverse Exchange, or a Fundamental Event Exchange.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Closing” means a Dilutive
Event Exchange Closing, a Reverse Exchange Closing, or a Fundamental Event Exchange Closing.

 

“Exchange Event” means a Dilutive
Event, an Accretive Event or a Fundamental Event.

 

“Excluded
Shares” means all shares of Series B Common Stock that are beneficially owned by Dr. Malone but are held by
foundations, trusts, or other entities with respect to which neither Dr. Malone nor the Proposed Transferee has the power or right
to direct or control the Transfer of such shares of Series B Common Stock.

 

“Family Member” means a descendant
of a parent of either John C. Malone or Leslie A. Malone, or any trust whose sole beneficiaries are one or more descendants of a parent
of either John C. Malone or Leslie A. Malone and, in the case of a charitable remainder trust, a charitable beneficiary.

 

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“Fundamental Event” means any
combination, consolidation, merger, exchange offer, split-off, spin-off, rights offering or stock dividend, in each case, as a result
of which holders of Series B Common Stock are entitled to receive securities of the Company, securities of another Person, property
or cash, or a combination thereof.

 

“Fundamental Event Exchange”
has the meaning set forth in Section 4(a)(ii).

 

“Fundamental Event Exchange Closing”
has the meaning set forth in Section 4(a)(ii).

 

“Governmental Authority” means
any supranational, national, federal, state, county, local or municipal government, or other political subdivision thereof, or any court,
tribunal or arbitral body and any entity exercising executive, legislative, judicial, regulatory, taxing, administrative, prosecutorial
or arbitral functions of or pertaining to government, domestic or foreign; provided, that such term shall not include any stock
exchange or listing company.

 

“HSR Act” means the Hart-Scott-Rodino
Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder.

 

“Independent
Director” means a member of the Board who (i) qualifies as an “Independent Director” as defined in the NASDAQ
Marketplace Rules or who qualifies as “independent” under the applicable rules and regulations of any other national
securities exchange on which the Common Stock is publicly traded on or after the date hereof and
(ii) is independent for purposes of Delaware law (as determined in good faith by the Board) from Dr. Malone and, in connection
with approval of a Successor Exchange Agreement, from any counterparties to a Successor Exchange Agreement.

 

“Law” means all foreign, federal,
state, provincial, local or municipal laws (including common law), statutes, ordinances, regulations and rules of any Governmental
Authority, and all Orders.

 

“Malone Rescission Shares” shall
have the meaning set forth in Section 5(b).

 

“Malone
Series C Exchangeable Shares” means the shares of Series C Common Stock that have been delivered to Dr. Malone
or the Trust or a Proposed Transferee at any one or more Reverse Exchange Closings, less the shares of Series C Common
Stock that have been delivered to the Company at any one or more Dilutive Event Exchange Closings or Fundamental Event Exchange Closings.
For the avoidance of doubt, there are no Malone Series C Exchangeable Shares as of the date of this Agreement.

 

“Malone Voting Power” means,
at the time of any determination thereof, the aggregate voting power of the Voting Securities of the Company with respect to which Dr. Malone
has beneficial ownership as a percentage of the voting power of all outstanding Voting Securities of the Company.

 

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“Order” means any judgment,
order, writ, award, preliminary or permanent injunction or decree of any Governmental Authority.

 

“Outstanding Votes” means,
at the time of any determination thereof, the total number of votes that may be cast by the holders of the outstanding Voting
Securities in their capacity as such at any meeting of stockholders of the Company at which matters generally voted on by the
holders of Voting Securities are to be considered.

 

“Permitted Encumbrance” means
(i) any Encumbrance under this Agreement (including, without limitation, pursuant to Section 5 hereof), and (ii) any
restrictions on Transfer arising under securities Laws of general applicability.

 

“Person” means any individual,
corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, Governmental Authority or any group (as “group” is used in Section 13(d) of the Exchange Act) comprised
of two (2) or more of the foregoing.

 

“Preferred Stock” means the
Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company.

 

“Proposed Transferee” means
any Family Member or group of Family Members (as “group” is used in Section 13(d) of the Exchange Act) to whom Dr. Malone
(or his executors, administrators or testamentary trustees) or the Trust proposes to Transfer (or does Transfer) Voting Securities.

 

“Rescission” has the meaning
set forth in Section 5(a).

 

“Rescission Exchange” has the
meaning set forth in Section 8.

 

“Reverse Exchange” has the meaning
set forth in Section 3(c)(iii).

 

“Reverse Exchange Closing” has
the meaning set forth in Section 3(b).

 

“Reverse Exchange Shares” has
the meaning set forth in Section 3(c)(i).

 

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

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Series A Common Stock”
means the Series A common stock, par value $0.01 per share, of the Company.

 

“Series B Common Stock”
means the Series B common stock, par value $0.01 per share, of the Company.

 

“Series C Common Stock”
means the Series C common stock, par value $0.01 per share, of the Company.

 

“Special Committee” means any
committee of the Board consisting solely of Independent Directors.

 

“Successor Exchange Agreement”
means an exchange agreement between the Company and one or more Proposed Transferees, in substantially the form of this Agreement (as
determined in good faith by a Special Committee or a majority of the Independent Directors) with such modifications as are reasonably
necessary such that if, as of the time of execution of such exchange agreement, such Proposed Transferee’s beneficial ownership
of Voting Securities as a percentage of the voting power of all outstanding Voting Securities is (or would be, after taking into account
the proposed Transfer) greater than the Target Voting Power, such Person agrees to transfer shares of Series B Common Stock to the
Company in exchange for shares of Series C Common Stock on a one-to-one basis so that such Person’s beneficial ownership as
a percentage of the voting power of all outstanding Voting Securities does not exceed by more than 0.5% the Target Voting Power; provided
that such transfer requirement may be satisfied, with respect to any Available Series B Shares subject of such Successor Exchange
Agreement, by execution of such Successor Exchange Agreement.

 

“Surviving Company” means the
entity whose securities are received by Dr. Malone or the Trust in a Fundamental Event.

 

“Target Voting Power” means
49.0%.

 

“Tax” or
 “Taxes” means (a) any and all federal, state, local and foreign taxes and other assessments, governmental
charges, duties, fees, levies and liabilities in the nature of a tax, including gross receipts, income, profits, sales, use,
occupation, value added, ad valorem, transfer, franchise, withholding, payroll, recapture, escheat, employment, excise and property
taxes and (b) all interest, penalties and additions imposed with respect to such amounts in clause (a).

 

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“Tax
Return” means a report, return, certificate, form or similar statement or document, including any amendment thereof or
any attachment thereto, supplied to or filed with or required to be supplied to or filed with a Governmental Authority in connection with
the determination, assessment or collection of any Tax, including an information return, claim for refund, amended return or declaration
of estimated Tax.

 

“Transfer” means a sale, transfer
or disposition of beneficial ownership, directly or indirectly, whether by operation of law or otherwise; provided, however, the
granting of any proxy or the agreement to vote any Voting Securities, in each case in connection with a Fundamental Event, will not be
deemed a Transfer of beneficial ownership of the underlying shares.

 

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

 

“Voting Securities” shall (i) with
respect to the Company, have the meaning set forth in the Company Charter, together with any shares of a new class or series of capital
stock of the Company issued after the date hereof which by the terms of any amendment to the Company Charter (including through the effectiveness
of a Preferred Stock Designation (as defined in the Company Charter)) is designated as a Voting Security and (ii) with respect to
a Surviving Company, mean stock of any class or series entitled to vote generally in the election of directors (or, with respect to any
entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity).

 

		2.	Exchange Upon Dilutive Events.

 

		(a)	If the Company proposes to consummate any Dilutive Event or receives notice of any occurrence, event or fact that would reasonably
be expected to cause, or has caused, a Dilutive Event and, in each case, the number of Available Series B Shares at the time of such
Dilutive Event is a positive number, the Company shall provide prompt written notice to Dr. Malone (a “Dilutive Event Notice”),
specifying, to the extent practicable, the number and series of the shares of Voting Securities involved in such Dilutive Event, the nature
and timing of the Dilutive Event, a reasonable estimate of the Malone Voting Power after giving effect to such Dilutive Event (for the
avoidance of doubt, without giving effect to any Dilutive Event Exchange in respect thereof) and a reasonable estimate of the number of
shares of Series C Common Stock (which shall consist of Malone Series C Exchangeable Shares) to be exchanged by Dr. Malone
and the Trust collectively in connection with such Dilutive Event.

 

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		(b)	Subject to the last sentence of Section 2(c), as promptly as practicable following the latest to occur of (x) the
receipt of a Dilutive Event Notice by Dr. Malone, (y) the occurrence of the Dilutive Event, and (z) the receipt of any
necessary regulatory approvals required for Dr. Malone and the Company to complete such Dilutive Event Exchange (including pursuant
to the HSR Act or any other Competition Law) the Company and Dr. Malone or the Trust shall consummate a Dilutive Event Exchange (the
 “Dilutive Event Exchange Closing”), and at a location and time agreed to by Dr. Malone and the Company; provided,
however, that the conditions set forth in Sections 9, 10 and 11 shall have been satisfied (or waived by the party entitled
to the benefit thereof).

 

		(c)	The number of shares of Series C Common Stock which shall be
exchanged by Dr. Malone and/or the Trust in the Dilutive Event Exchange shall be an amount equal to the lesser of (x) the number
of shares of Series B Common Stock, the beneficial ownership of which by Dr. Malone or the Trust would cause the Malone Voting
Power immediately following the consummation and closing of such Dilutive Event Exchange to be as close as possible to being equal to,
but without being greater than, the Target Voting Power, and (y) the number of Available Series B Shares at such time. The Company
shall determine such number of shares to be exchanged and provide Dr. Malone with notice of the same at least five (5) Business
Days prior to the Dilutive Event Exchange Closing (which notice may be included in a Dilutive Event Notice); provided, however,
that Dr. Malone may elect to exchange fewer (or no) shares of such Series C Common Stock upon written notice to the Company
at least two (2) Business Days prior to the Dilutive Event Exchange Closing.

 

		(d)	At any Dilutive Event Exchange Closing, on the terms and subject to the conditions contained in this Agreement (including after giving
effect to any adjustments in accordance with Section 18(d) hereof):

 

		(i)	Dr. Malone and the Trust, as applicable, shall convey, transfer and
deliver to the Company their respective number of shares of Series C Common Stock determined in accordance with Section 2(c),
free and clear of all Encumbrances other than Permitted Encumbrances;

 

		(ii)	the Company shall issue and/or deliver to Dr. Malone and the Trust,
as applicable, such number of shares of Series B Common Stock as is equal to such number of shares of Series C Common
Stock delivered by Dr. Malone and the Trust, respectively, and such shares of Series B Common Stock shall be duly authorized,
validly issued, fully paid and nonassessable and free and clear of all Encumbrances other than Permitted Encumbrances; and

 

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		(iii)	the Company and Dr. Malone and the Trust, as applicable, will duly execute and deliver a cross receipt each acknowledging the
receipt of the shares of Common Stock delivered to it in connection therewith (the transactions described in this clause (d) being
a “Dilutive Event Exchange”).

 

		3.	Reverse Exchange Upon Accretive Events.

 

		(a)	If the Company proposes to consummate any Accretive Event or receives notice of any occurrence, event or fact that would reasonably
be expected to cause, or has caused, an Accretive Event, the Company shall provide prompt written notice to Dr. Malone (an “Accretive
Event Notice”), specifying, to the extent practicable, the number and series of the shares of Voting Securities involved in
such Accretive Event, the nature and timing of the Accretive Event, a reasonable estimate of the Malone Voting Power after giving effect
to such Accretive Event (for the avoidance of doubt, without giving effect to any Reverse Exchange in respect thereof) and a reasonable
estimate of the number of Reverse Exchange Shares to be exchanged by Dr. Malone and the Trust collectively in connection with such
Accretive Event.

 

		(b)	Within five (5) Business Days after receipt of an Accretive Event Notice by Dr. Malone or on the closing date provided in
such Accretive Event Notice, but in any event, to the extent practicable, prior to or concurrently with the consummation of the Accretive
Event, Dr. Malone or the Trust and the Company shall consummate a Reverse Exchange (the “Reverse Exchange Closing”)
at a location and time agreed to by Dr. Malone and the Company; provided, however, that the conditions set forth in Sections
9, 10 and 11 shall have been satisfied (or waived by the party entitled to the benefit thereof).

 

		(c)	At a Reverse Exchange Closing, on the terms and subject to the conditions contained in this Agreement (including after giving effect
to any adjustments in accordance with Section 18(d) hereof):

 

		(i)	Dr. Malone or the Trust shall convey, transfer and deliver to the Company shares of Series B Common Stock in the amount
necessary to cause the Malone Voting Power to be as close as possible to being equal to, but without being greater than, the Target Voting
Power after giving effect to such Accretive Event and Reverse Exchange Closing (such shares, the “Reverse Exchange Shares”),
free and clear of all Encumbrances other than Permitted Encumbrances;

 

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		(ii)	the Company shall issue and/or deliver to Dr. Malone and the Trust, as applicable, such number of shares of Series C Common
Stock as is equal to such number of Reverse Exchange Shares delivered by Dr. Malone and the Trust, respectively, and such shares
shall be duly authorized, validly issued, fully paid and nonassessable and free and clear of all Encumbrances other than Permitted Encumbrances;
and

 

		(iii)	the Company and Dr. Malone and the Trust, as applicable, will duly execute and deliver a cross receipt each acknowledging the
receipt of the shares of Common Stock delivered to it in connection therewith (the transactions described in this clause (c) being
a “Reverse Exchange”).

 

		4.	Exchange Upon Fundamental Events.

 

		(a)	Subject to Sections 4(b) and (c), if the Company proposes to consummate a Fundamental Event, the Company shall
elect (with such election to be at the Company’s sole discretion as approved by a Special Committee or a majority of the Independent
Directors) that either:

 

		(i)	the Company shall provide for Dr. Malone or the Trust to receive the same per share amount and form of consideration for each
Malone Series C Exchangeable Share then outstanding and beneficially owned by Dr. Malone or the Trust as the per share amount
and form of consideration to be received by holders of Series B Common Stock in such Fundamental Event, and Dr. Malone or the
Trust, as applicable, will waive (or cause to be waived) the right to receive the consideration that otherwise would be received with
respect to such Malone Series C Exchangeable Shares; or

 

		(ii)	immediately prior to the consummation of such Fundamental Event, the Company and Dr. Malone shall consummate, and the Company
and the Trust shall separately consummate, an exchange whereby (x) the Company shall issue and/or deliver to Dr. Malone and/or
the Trust, as applicable, one share of Series B Common Stock for each Malone Series C Exchangeable Share then outstanding and
beneficially owned by Dr. Malone or the Trust, respectively, in an aggregate amount not to exceed the Available Series B Shares
and (y) Dr. Malone and/or the Trust, as applicable, shall deliver to the Company their respective Malone Series C Exchangeable
Shares, which shall result in Dr. Malone and the Trust holding shares of Series B Common Stock (in lieu of such Malone Series C
Exchangeable Shares) that are entitled to receive the same per share amount and form of consideration to be received by Dr. Malone
and the Trust, respectively, for his or its other shares of Series B Common Stock (a “Fundamental Event Exchange”
and the consummation of a Fundamental Event Exchange, a “Fundamental Event Exchange Closing”); provided, however,
that the conditions set forth in Sections 9, 10 and 11 shall have been satisfied (or waived by the party entitled
to the benefit thereof). At a Fundamental Event Exchange Closing, if applicable, the Company and Dr. Malone and the Trust, as applicable,
will duly execute and deliver a cross receipt each acknowledging the receipt of the shares of Common Stock delivered to it in connection
therewith.

 

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		(b)	If pursuant to the Fundamental Event, the type, form and amount of consideration to be received by holders of Series B Common
Stock and Series C Common Stock is identical, then Section 4(a) shall be inapplicable with respect to the Fundamental
Event.

 

		(c)	Notwithstanding the discretion afforded to the Company in Section 4(a), if the Company’s election of Section 4(a)(i) over
Section 4(a)(ii) (or vice versa) would (x) have a materially more adverse effect from a taxation or regulatory perspective
on Dr. Malone or the Trust than the option not so elected and (y) have no material economic, taxation or regulatory benefit
to the Company greater than the option not so elected, the Company shall not be entitled to make such election without the prior written
consent of Dr. Malone.

 

		5.	Rescission. If the applicable Exchange Event is not consummated either prior to or within ten (10) Business Days following
an Exchange Closing,

 

		(a)	the applicable Exchange will be automatically rescinded and treated as if neither the Exchange nor the Exchange Closing had ever occurred
(the “Rescission”);

 

		(b)	each of the Company, Dr. Malone and the Trust hereby waives, and none of the Company, Dr. Malone or the Trust shall have,
any rights, duties or obligations of any kind (other than rights, duties or obligations to effect the Rescission) in respect of the Exchange
to receive or retain, (x) in the case of Dr. Malone and the Trust, (A) following any Dilutive Event Exchange Closing, any
shares of Series B Common Stock issued or delivered in connection therewith; (B) following any Reverse Exchange Closing, any
shares of Series C Common Stock issued or delivered in connection therewith; and (C) following any Fundamental Event Exchange
Closing, any shares of Series B Common Stock issued or delivered in connection therewith (such shares referred to in clauses (A),
(B) and (C), collectively the “Malone Rescission Shares”), and, (y) in the case of the Company, (A) following
any Dilutive Event Exchange Closing, any shares of Series C Common Stock delivered in connection therewith; (B) following any
Reverse Exchange Closing, any Reverse Exchange Shares delivered in connection therewith; and (C) following any Fundamental Event
Exchange Closing, any shares of Series C Common Stock delivered in connection therewith (such shares referred to in clauses (A),
(B) and (C), collectively the “Company Rescission Shares”); and

 

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		(c)	each of the Company, on the one hand, and Dr. Malone and the Trust, on the other hand, will take such actions as are reasonably
necessary to effect such Rescission, and each will be deemed, upon the effectiveness of such Rescission, to make appropriate representations
and warranties to the other with respect to the valid issuance and conveyance, as applicable, and the lack of any Encumbrances upon the
Malone Rescission Shares or the Company Rescission Shares (other than Permitted Encumbrances), as applicable, so as to vest in the other
good and valid title to the Malone Rescission Shares or the Company Rescission Shares, as applicable;

 

provided
that in the case of a Reverse Exchange consummated in anticipation of a reasonably expected Accretive Event pursuant to share
repurchases by the Company under a 10b5-1 plan or other repurchase arrangements, no Rescission shall be required unless such Accretive
Event has not occurred within 90 days following the Reverse Exchange Closing.

 

		6.	Representations.

 

		(a)	Representations of Dr. Malone. Dr. Malone, on behalf of himself individually and as trustee of the Trust, represents
and warrants to the Company that:

 

		(i)	as of the date of this Agreement, Dr. Malone beneficially owns the number of shares of each series of Common Stock and shares
of Preferred Stock set forth on Exhibit A hereto;

 

		(ii)	(x) as of any Dilutive Event Exchange Closing, Dr. Malone will
beneficially own or own of record such number of shares of Series C Common Stock to be delivered and exchanged by Dr. Malone
or the Trust at the Dilutive Event Exchange Closing, free and clear of all Encumbrances other than Permitted Encumbrances, (y) as
of any Reverse Exchange Closing, Dr. Malone will beneficially own or own of record such number of Shares of Series B Common
Stock to be delivered and exchanged by Dr. Malone or the Trust at the Reverse Exchange Closing, free and clear of all Encumbrances
other than Permitted Encumbrances, and (z) as of any Fundamental Event Exchange Closing, Dr. Malone will beneficially own or
own of record such number of Malone Series C Exchangeable Shares to be delivered and exchanged by Dr. Malone or the Trust at
the Fundamental Event Exchange Closing, free and clear of all Encumbrances other than Permitted Encumbrances;

 

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		(iii)	upon delivery to the Company of the shares of Series C Common
Stock, Reverse Exchange Shares or Malone Series C Exchangeable Shares at the applicable Exchange Closing, in the manner provided
in this Agreement, the Company will have good and valid title to such shares of Series C Common Stock, Reverse Exchange Shares or
Malone Series C Exchangeable Shares, free and clear of all Encumbrances other than Permitted Encumbrances and Encumbrances created
by the Company or any of its Controlled Affiliates;

 

		(iv)	the Trust is a trust duly organized and validly existing under the Laws of the State of Florida and each of Dr. Malone and the
Trust have all requisite legal capacity to execute and deliver this Agreement and to perform their obligations under this Agreement, including
any Exchange and the other transactions contemplated hereby;

 

		(v)	this Agreement has been duly and validly executed and delivered by Dr. Malone and the Trust and, assuming the due execution and
delivery hereof by the Company, is a valid and binding agreement of Dr. Malone and the Trust, enforceable in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting
creditors’ rights generally, or by principles governing the availability of equitable remedies;

 

		(vi)	the execution, delivery and performance by Dr. Malone and the Trust of this Agreement and the consummation by Dr. Malone
or the Trust of any Exchange and the other transactions contemplated hereby requires no action by or in respect of, or filings with, any
Governmental Authority other than (x) as may be required by Competition Laws, including the HSR Act, (y) such clearances, consents,
approvals, Orders, licenses, authorizations, registrations, declarations, permits, filings and notifications as may be required under
applicable securities Laws and (z) any actions or filings under Laws (other than Competition Laws) the absence of which would not
reasonably be expected, individually or in the aggregate, to have a material adverse
effect on the ability of Dr. Malone or the Trust to consummate any Exchange or the other transactions contemplated hereby, or prevent
or materially delay the consummation of any Exchange or the other transactions contemplated by this Agreement;

 

		(vii)	the execution and delivery of this Agreement, and the performance by Dr. Malone and the Trust of this Agreement and the consummation
by Dr. Malone or the Trust of any Exchange and the other transactions contemplated hereby will not (x) violate any applicable
Law, (y) conflict with or constitute a default, breach or violation of (with or without notice or lapse of time, or both) the terms,
conditions or provisions of, or result in the acceleration of (or the creation in any Person of any right to cause the acceleration of)
any performance of any obligation or any increase in any payment required by, or the termination, suspension, modification, impairment
or forfeiture (or the creation in any Person of any right to cause the termination, suspension, modification, impairment or forfeiture)
of any contract, agreement or instrument to which Dr. Malone or the Trust is subject, which would prevent Dr. Malone or the
Trust from performing any of their obligations hereunder, or (z) require any consent by or approval of or notice to any other Person
or entity (other than a Governmental Authority), except, in the case of clauses (x), (y) and (z), as would not have a material adverse
effect, individually or in the aggregate, on Dr. Malone’s or the Trust’s ability to consummate any Exchange or the other
transactions contemplated hereby, or prevent or materially delay the consummation of any Exchange or the other transactions contemplated
by this Agreement; and

 

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		(viii)	each of Dr. Malone and the Trust is a sophisticated investor and an accredited investor (as defined in Rule 501(a) of
Regulation D of the Securities Act), with sufficient knowledge and experience in financial and business matters to evaluate the merits
and risks of any Exchange, and the other transactions contemplated hereby, and each of Dr. Malone and the Trust acknowledges that
the offer and sale of any Company Exchange Shares hereunder has not been registered under the Securities Act or any securities Laws of
any state and that such Company Exchange Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed
of without registration under the Securities Act, except pursuant to an exemption from such registration available under the Securities
Act.

 

		(b)	Representations of the Company. The Company represents and warrants to Dr. Malone and the Trust that:

 

		(i)	upon issuance and/or delivery to Dr. Malone or the Trust of the Company Exchange Shares at an Exchange Closing in the manner
provided in this Agreement, such Company Exchange Shares will be duly authorized, validly issued, fully paid and nonassessable and Dr. Malone
or the Trust, as applicable, will have good and valid title to such Company Exchange Shares so delivered, free and clear of all Encumbrances
other than Permitted Encumbrances and Encumbrances created by Dr. Malone or any of his Affiliates;

 

		(ii)	the Company is a Delaware corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware,
and has full power and authority to execute and deliver this Agreement and to consummate any Exchange and the other transactions contemplated
hereby;

 

    15

     

    

 

 

		(iii)	the execution and delivery of this Agreement by the Company, and performance of this Agreement by the Company, including the consummation
of any Exchange and the other transactions contemplated hereby, has been duly authorized by all requisite corporate power;

 

		(iv)	this Agreement has been duly and validly executed and delivered by the Company and, assuming the due execution and delivery hereof
by Dr. Malone and the Trust, is a valid and binding agreement of the Company, enforceable in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’
rights generally, or by principles governing the availability of equitable remedies;

 

		(v)	the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of any Exchange, and
the other transactions contemplated hereby requires no action by or in respect of, or filings with, any Governmental Authority, other
than (x) as may be required by any Competition Laws, including the HSR Act, (y) such clearances, consents, approvals, Orders,
licenses, authorizations, registrations, declarations, permits, filings and notifications as may be required under applicable securities
Laws and (z) any actions or filings under Laws (other than Competition Laws) the absence of which would not reasonably be expected,
individually or in the aggregate, to have a material adverse effect on the ability of the Company to consummate any Exchange or the other
transactions contemplated hereby or prevent or materially delay the consummation of any Exchange or the other transactions contemplated
by this Agreement; and

 

		(vi)	the execution, delivery and performance by the Company of this Agreement and the consummation of any Exchange and the other transactions
contemplated hereby will not (x) violate any applicable Law, (y) conflict with or constitute a default, breach or violation
of (with or without notice or lapse of time, or both) the terms, conditions or provisions of, or result in the acceleration of (or the
creation in any Person of any right to cause the acceleration of) any performance of any obligation or any increase in any payment required
by, or the termination, suspension, modification, impairment or forfeiture (or the creation in any Person of any right to cause the termination,
suspension, modification, impairment or forfeiture) of any contract, agreement or instrument to which the Company is subject, including
without limitation the Company Charter, the Company Bylaws or similar organization documents of any of the Company’s Controlled
Affiliates, which would prevent it from performing any of its obligations hereunder, or (z) require any consent by or approval of
or notice to any other Person or entity (other than a Governmental Authority), except, in the case of clauses (x), (y) and (z), as
would not have a material adverse effect, individually or in the aggregate, on the Company’s ability to consummate any Exchange
and the other transactions contemplated hereby, or prevent or materially delay the consummation of any Exchange and the other transactions
contemplated by this Agreement.

 

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		7.	Reasonable Best Efforts and Other Covenants.

 

		(a)	The Company, Dr. Malone and the Trust shall cooperate with each other and use their reasonable best efforts to (i) consummate
any Exchange and any other transactions contemplated by this Agreement in the manner contemplated by this Agreement and (ii) execute
documents reasonably necessary to effect any Exchange and any other transactions contemplated by this Agreement.

 

		(b)	The Company, Dr. Malone and the Trust shall cooperate with each other and shall prepare and file all necessary filings, applications,
notices and/or similar instruments or documentation, and use their respective reasonable best efforts to obtain as promptly as practicable
all consents, approvals or non-objections, as applicable, of all third parties and Governmental Authorities that, in each case, are required
under applicable Law to consummate any Exchange and the other transactions contemplated by this Agreement.

 

		(c)	Dr. Malone (directly or through his executors, administrators, or testamentary trustees) may Transfer the right to receive Available
Series B Shares to, and only to, (i) prior to Dr. Malone’s death or incapacity, a Proposed Transferee who prior to
such Transfer executes a Successor Exchange Agreement covering all shares of Series B Common Stock then beneficially owned by Dr. Malone
(other than the Excluded Shares) and all Available Series B Shares or (ii) following Dr. Malone’s death or incapacity,
a Proposed Transferee who, within three months of Dr. Malone’s death or incapacity, executes a Successor Exchange Agreement
covering all shares of Series B Common Stock beneficially owned by Dr. Malone (other than the Excluded Shares) immediately prior
to his death or incapacity and all Available Series B Shares; provided, that any Available Series B Shares hereunder
may be released or exchanged to such a Proposed Transferee only following the execution of a Successor Exchange Agreement on the terms
and subject to the conditions of such Successor Exchange Agreement. For the avoidance of doubt, neither Dr. Malone nor the Trust
shall Transfer the right to obtain any Available Series B Shares (including through a series of one or more Transfers of Series B
Common Stock (including Available Series B Shares issued and/or delivered in a Dilutive Event Exchange) to the same Person or Persons)
except to a Proposed Transferee pursuant to a Successor Exchange Agreement, and Available Series B Shares hereunder may be released
or exchanged only on the terms and subject to the conditions of this Agreement or a
Successor Exchange Agreement. The Company shall negotiate in good faith a Successor Exchange Agreement with each Proposed Transferee to
whom Dr. Malone (directly or through his executors, administrators or testamentary trustees) seeks to Transfer Available Series B
Shares pursuant to this Section 7(c).

 

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		(d)	Dr. Malone shall promptly provide notice to the Company of any acquisition of beneficial ownership of any Voting Securities or
any Transfer by Dr. Malone or the Trust of any Voting Securities.

 

		(e)	Unless otherwise determined by a Special Committee or a majority of the Independent Directors, in connection with any Fundamental
Event involving (i) a split-off or spin-off or (ii) a combination, consolidation or merger as a result of which the stockholders
of the Company are entitled to receive all or substantially all of the Voting Securities of the Surviving Company and, in each case, Dr. Malone
would (A) serve as an officer or director of the Surviving Company entitling him to the exemptions provided by Rule 16b-3 promulgated
under the Exchange Act if an Exchange were approved by the board of directors of the Surviving Company or a committee of such board of
directors composed solely of two or more Non-Employee Directors (as defined in such Rule) and (B) beneficially own 40% or more of
the outstanding voting power of Voting Securities of the Surviving Company, Dr. Malone, the Trust and the Company (acting through
a Special Committee or the Independent Directors) shall, and shall cause the Surviving Company to, negotiate an exchange agreement with
respect to the Surviving Company in substantially the form of this Agreement in order to replicate
the benefits and obligations of Dr. Malone, the Trust and the Company as they exist under this Agreement as of the effective time
of such Fundamental Event.

 

		(f)	If Dr. Malone no longer serves as an officer or director of the Company such that Rule 16b-3 promulgated under the Exchange
Act would not be available to exempt the Exchange transactions hereunder, then neither Dr. Malone nor the Trust shall be required
to participate in any Exchange (including, without limitation any Reverse Exchange) that would result in liability under Section 16(b) of
the Exchange Act.

 

		8.	Tax Matters.

 

		(a)	Each of the Company, the Trust and Dr. Malone acknowledges and agrees that each Exchange is a transaction intended to qualify,
for U.S. federal income tax purposes, as an exchange pursuant to Section 1036(a) of the Code and/or a reorganization under Section 368(a)(1)(E) of
the Code, in either case, which is tax-free except to the extent of any consideration received by the Trust or Dr. Malone other than
Company Exchange Shares, and except to the extent otherwise required pursuant to a “determination” (within the meaning of
Section 1313(a) of the Code) or a change in applicable Tax Law occurring after the date of this Agreement, the Company, the
Trust and Dr. Malone agree not to take any position on any Tax Return, or take any position for Tax purposes, that is inconsistent
with any Exchange qualifying for U.S. federal income tax purposes as an exchange under Section 1036(a) of the Code and/or a
reorganization under Section 368(a)(1)(E) of the Code which is tax-free except to the extent of any consideration received by
the Trust or Dr. Malone other than Company Exchange Shares; provided, that in the event of a Rescission, the Company, the Trust and
Dr. Malone shall not take any position on any Tax Return, or take any position for Tax purposes, that is inconsistent with an Exchange
and any exchange effecting a Rescission (a “Rescission Exchange”) qualifying, for U.S. federal income tax purposes,
either (A) to the extent the Exchange and a corresponding Rescission Exchange occur in the same tax year, as disregarded transactions
or exchanges under Section 1036(a) of the Code which are disregarded or tax-free, as applicable, except to the extent of any
consideration received by the Trust or Dr. Malone other than Company Exchange Shares and Company Rescission Shares, or (B) to
the extent the Exchange and the corresponding Rescission Exchange occur in different tax years, as exchanges under Section 1036(a) of
the Code which are tax-free except to the extent of any consideration received by the Trust or Dr. Malone other than Company Exchange
Shares and Company Rescission Shares. This Agreement shall constitute a “plan of reorganization” within the meaning of Sections
1.368-2(g) and 1.368-3(a) of the U.S. Treasury Regulations promulgated under the Code with respect to each Exchange under this
Agreement. At each Exchange Closing, Dr. Malone and the Trust shall each provide to the Company a valid executed Internal Revenue
Service Form W-9 (or applicable successor form) reasonably satisfactory to the Company with respect to Dr. Malone and the Trust,
respectively.

 

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		9.	Conditions to Parties’ Obligation to Effect an Exchange. The respective obligations of the Company, Dr. Malone and
the Trust to effect any Exchange shall be subject to the satisfaction, by each of Dr. Malone, the Trust and the Company prior to
or at the relevant Exchange Closing of the following conditions:

 

		(a)	No Injunctions or Restraints. No Order entered, enacted, promulgated, enforced or issued by any court or other Governmental
Authority of competent jurisdiction, shall be in effect that prohibits, renders illegal or enjoins the consummation of such Exchange;
and

 

		(b)	Occurrence of Event.

 

		(i)	Dilutive Event. In the case of a Dilutive Event Exchange, the relevant Dilutive Event shall have occurred.

 

    19

     

    

 

		(ii)	Accretive Event. In the case of a Reverse Exchange, the relevant Accretive Event shall have already occurred or be reasonably
expected to occur concurrently with or promptly following the Reverse Exchange; provided that in the case of a Reverse Exchange
consummated in anticipation of a reasonably expected Accretive Event pursuant to share repurchases under a 10b5-1 plan or other repurchase
arrangements, such Accretive Event shall be reasonably expect to occur within 90 days following the Reverse Exchange.

 

		(iii)	Fundamental Event. In the case of a Fundamental Event Exchange, the relevant Fundamental Event shall be reasonably expected
to occur immediately following the Fundamental Event Exchange.

 

		10.	Conditions to the Company’s Obligation to Effect an Exchange. The obligation of the Company to effect any Exchange is
also subject to the satisfaction, or (to the extent legally permissible) waiver in writing by the Company, prior to or at the relevant
Exchange Closing of the following conditions:

 

		(a)	Representations and Warranties. The representations and warranties of Dr. Malone and the Trust set forth in Section 6(a) shall
be true and correct in all material respects in each case as of the date of this Agreement and as of the Exchange Closing as though made
on and as of the Exchange Closing, except for (x) those representations and warranties made as of a specified date, which shall be
true and correct in all material respects as of such date, and (y) de minimis inaccuracies;

 

		(b)	Covenants. Dr. Malone and the Trust shall have performed in all material respects all covenants required to be performed
by them prior to or at such Exchange Closing; and

 

		(c)	Closing Certificate. Dr. Malone and the Trust shall have delivered to the Company a certificate duly signed by Dr. Malone,
individually and as trustee of the Trust, that the conditions set forth in Sections 10(a) and (b) have been satisfied.

 

    20

     

    

 

		11.	Conditions to Dr. Malone’s and the Trust’s Obligation to Effect an Exchange. The obligation of Dr. Malone
and the Trust to effect any Exchange is also subject to the satisfaction, or (to the extent legally permissible) waiver in writing by
Dr. Malone (individually and as trustee of the Trust), prior to or at the relevant Exchange Closing of the following conditions:

 

		(a)	Representations and Warranties. The representations and warranties of the Company set forth in Section 6(b) shall
be true and correct in all material respects in each case as of the date of this Agreement and as of the Exchange Closing as though made
on and as of the Exchange Closing, except for (x) those representations and warranties made as of a specified date, which shall be
true and correct in all material respects as of such date, and (y) de minimis inaccuracies;

 

		(b)	Covenants. The Company shall have performed in all material respects all other covenants required to be performed by it prior
to or at such Exchange Closing;

 

		(c)	Section 16b-3. Unless Dr. Malone no longer serves as an officer or director of the Company, the Board or a committee
of the Board composed solely of two or more Non-Employee Directors (as defined in Rule 16b-3 promulgated under the Exchange Act)
shall have adopted resolutions exempting the Exchange under Rule 16b-3 promulgated under the Exchange Act; and

 

		(d)	Officer’s Certificate. The Company shall have delivered to Dr. Malone and the Trust a certificate duly signed by
a duly authorized officer of the Company that the conditions set forth in Sections 11(a), (b) and (c) have
been satisfied.

 

		12.	Termination.

 

		(a)	This Agreement will terminate in its entirety and immediately cease to be of any further force and effect (i) pursuant to the
mutual consent of each of the parties hereto in a written instrument (in the case of the Company, upon the approval of a Special Committee
or a majority of Independent Directors), (ii) upon execution of a Successor Exchange Agreement at a time when Dr. Malone no
longer beneficially owns any shares of Series B Common Stock, or (iii) other than in a circumstance where this Agreement is
terminated pursuant to Section 12(a)(ii), upon the Malone Voting Power ceasing to constitute at least 20% of the outstanding voting
power of the Voting Securities of the Company.

 

		(b)	If this Agreement is terminated in accordance with Section 12(a), this Agreement shall forthwith become null and void
and of no effect and the rights and obligations of the parties hereto shall terminate, without liability of any party (or any stockholder,
director, officer, employee, consultant, financial advisor, legal counsel, financing source, accountant, insurer or other advisor, agent
or representative of such party); provided, that, (i) in the event of a termination as a result of the death of Dr. Malone,
the Company’s obligation in the last sentence of Section 7(c) shall survive for three months following such termination
and (ii) nothing contained herein shall relieve any party to this Agreement from any liability for damages resulting from (x) fraud
or (y) willful material breach by such party prior to such termination, in each case, as determined by a court of competent jurisdiction
pursuant to a final and nonappealable judgment. For purposes of this Agreement, “willful material breach” means a material
breach of a party’s covenants and agreements set forth in this Agreement that is the consequence of an act or omission by a party
with the knowledge that the taking of such act or failure to take such action would be a material breach of such party’s covenants
or agreements (provided, that, with respect to the Company, knowledge includes the actual knowledge, after due inquiry, of the
senior executive management team of the Company).

 

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		(c)	For the avoidance of doubt, upon the termination of this Agreement (other than a termination pursuant to Section 12(a)(ii)),
any and all Available Series B Shares, if any, will be immediately and automatically forfeited and cancelled and no Person shall
have any right to obtain any Available Series B Shares; provided, however, that upon the termination of this Agreement following
the death of Dr. Malone, the executors, administrators or testamentary trustees of Dr. Malone may Transfer the right to receive
Available Series B Shares pursuant to, and only pursuant to, Section 7(c) hereof.

 

		13.	Applicable Law. All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity
or performance of this Agreement, or any Exchange and the other transactions contemplated hereby shall be governed by and construed in
accordance with the Laws of the State of Delaware without regard to its rules of conflict of Laws.

 

		14.	Jurisdiction. Each of the parties hereto (a) irrevocably and unconditionally consents to submit itself to the sole and
exclusive personal jurisdiction of the Court of Chancery of the State of Delaware, or, solely if that court does not have subject matter
jurisdiction, the Superior Court of the State of Delaware, or, solely if the subject matter of the Action is one over which exclusive
jurisdiction is vested in the courts of the United States of America, a federal court sitting in the State of Delaware (collectively,
the “Delaware Courts”) in connection with any dispute, claim, or controversy arising out of or relating to this Agreement,
any Exchange, or the other transactions contemplated hereby, (b) waives any objection to the laying of venue of any such litigation
in any of the Delaware Courts, (c) agrees not to plead or claim in any such court that such litigation brought therein has been brought
in an inconvenient forum and agrees not otherwise to attempt to deny or defeat such personal jurisdiction or venue by motion or other
request for leave from any such court, and (d) agrees that it will not bring any Action in connection with any dispute, claim, or
controversy arising out of or relating to this Agreement or any Exchange and the other transactions contemplated hereby, in any court
or other tribunal, other than any of the Delaware Courts. All Actions arising out of or relating to this Agreement or any Exchange and
the other transactions contemplated hereby shall be heard and determined in the Delaware Courts. Each of the parties hereto hereby irrevocably
and unconditionally agrees that service of process in connection with any dispute, claim, or controversy arising out of or relating to
this Agreement, any Exchange and the other transactions contemplated hereby may be made upon such party by prepaid certified or registered
mail, with a validated proof of mailing receipt constituting evidence of valid service, directed to such party at the address specified in Section 17
hereof. Service made in such manner, to the fullest extent permitted by applicable Law, shall have the same legal force and effect as
if served upon such party personally within the State of Delaware. Nothing herein shall be deemed to limit or prohibit service of process
by any other manner as may be permitted by applicable Law.

 

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		15.	Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
                                            WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
                                            ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY EXCHANGE
                                            AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY HERETO IN THE
                                            NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH PARTY CERTIFIES
                                            AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
                                            REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
                                            LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED
                                            THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT
                                            HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND
                                            CERTIFICATIONS IN THIS SECTION 15.

 

		16.	Enforcement of this Agreement. The parties acknowledge and agree that irreparable damage would occur and that the parties would
not have any adequate remedy at Law in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached and that monetary damages, even if available, would not be an adequate remedy therefor. It is
accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement (without the
obligation to post a bond therefor) and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of
the State of Delaware, this being in addition to any other remedy to which they are entitled at Law or in equity.

 

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		17.	Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall
be deemed given (a) on the date of delivery if delivered personally or sent via e-mail or (b) on the first (1st) Business Day
following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of delivery), in each case to the
parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

if to Dr. Malone or the Trust, to:

 

John C. Malone

c/o Liberty Broadband Corporation

12300 Liberty Boulevard

Englewood, CO 80112

E-Mail: [Separately Provided]

 

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

 

Sherman & Howard L.L.C.

675 Fifteenth Street 

Suite 2300

Denver, CO 80202

	 	

                                                         Attention:   
	Steven D. Miller 
	 	 	Jeffrey R. Kesselman
	 	E-Mail:     	[Separately Provided] 
	 	 	[Separately Provided]

 

if to the Company, to:

 

Liberty Broadband Corporation 

12300 Liberty Boulevard 

Englewood, CO 80112 

Attention: Chief Legal Officer 

Email:  [Separately
Provided]

 

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

 

Baker Botts L.L.P. 

2001 Ross Avenue 

Suite 900 

Dallas, Texas 75201 

Attention: Samantha Crispin 

Email:
[Separately Provided]

 

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

 

Debevoise & Plimpton LLP 

919 Third Avenue 

New York, NY 10022 

Attention: Jeffrey J. Rosen, Michael A Diz, Emily F. Huang 

Email:
[Separately Provided]

 

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		18.	Miscellaneous.

 

		(a)	Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part,
by operation of Law or otherwise by any of the parties hereto without the prior written consent of the other parties hereto (in the case
of the Company, acting upon the consent of a Special Committee or a majority of the Independent Directors). Any purported assignment in
breach of the foregoing is void ab initio and of no force and effect whatsoever. This Agreement is intended for the benefit of
the parties hereto and is not for the benefit of, nor may any provision hereof be enforced by, any other Person; provided, however,
that Dr. Malone’s executors, administrators and testamentary trustees may, for three months following Dr. Malone’s
death, enforce the last sentence of Section 7(c) hereof.

 

		(b)	This Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together will constitute
one and the same agreement.

 

		(c)	If, subsequent to the date hereof, further documents are reasonably requested in order to carry out the provisions and purposes of
this Agreement, the parties hereto will execute and deliver such further documents.

 

		(d)	When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise
indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”. The words “hereof”, “herein”
and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement. Definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms. When this Agreement contemplates a certain number of securities, as of a particular date, such number of securities
(including Available Series B Shares) shall be deemed to be appropriately adjusted (without duplication) to account for stock splits,
stock dividends, recapitalizations, combinations of shares or other change affecting the outstanding shares of Common Stock or Voting
Securities other than any Fundamental Event subject to Section 4.

 

		(e)	Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed (i) in
the case of an amendment, by each of parties hereto (in the case of the Company, upon the approval of a Special Committee or a majority
of the Independent Directors), and (ii) in the case of a waiver, by the party against whom the waiver is to be effective (in the
case of the Company, upon the approval of a Special Committee or a majority of the Independent Directors). 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.

 

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		(f)	If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, insofar as the foregoing
can be accomplished without materially affecting the benefits anticipated by the parties to this Agreement. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable
Law in an acceptable manner to the end that the Exchanges and the other transactions contemplated hereby are fulfilled to the greatest
extent possible.

 

		(g)	The parties acknowledge and confirm that each of their respective attorneys have participated jointly in the drafting, review and
revision of this Agreement and that it has not been written solely by counsel for one party and that each party has had the benefit of
its independent legal counsel’s advice with respect to the terms and provisions hereof and its rights and obligations hereunder.
Each party hereto, therefore, stipulates and agrees that the rule of construction to the effect that any ambiguities are to be or
may be resolved against the drafting party shall not be employed in the interpretation of this Agreement to favor any party against another
and that no party shall have the benefit of any legal presumption or the detriment of any burden of proof by reason of any ambiguity or
uncertain meaning contained in this Agreement.

 

		(h)	All costs and expenses incurred or to be incurred with this Agreement and the transactions contemplated hereby will be paid by the
party incurring such cost or expense, provided, that the Company shall pay (or reimburse Dr. Malone and the Trust) all reasonable
out of pocket costs and expenses incurred by Dr. Malone and the Trust, including the reasonable fees, charges, and disbursements
of counsel for Dr. Malone and the Trust and any filing fees due for any filing pursuant to any Competition Law, including the HSR
Act, in each case, as necessary or in connection with the preparation, negotiation, execution, and consummation of this Agreement and
any of the transactions contemplated by this Agreement.

 

[Signature Page Follows]

 

    26

     

    

 

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

 

	 	JOHN C. MALONE
	 	 
	 	/s/
    John C. Malone
	 	 
	 	JOHN C. MALONE 1995 REVOCABLE TRUST
    U/A DTD 3/6/1995
	 	 
	 	By:	/s/
    John C. Malone

	 	Name:	John C. Malone
	 	Title:	Trustee

 

[Signature page to
Exchange Agreement]

 

    

     

    

 

	 	LIBERTY BROADBAND CORPORATION
	 	 
	 	By:	/s/
    Renee L. Wilm               

	 	Name:	Renee L. Wilm
	 	Title:	Chief Legal Officer and Chief Administrative Officer

 

[Signature Page to Exchange Agreement]a10111southamptonukdcmou

28117851.5  DATED 1 � Ottobif  (1) MOUNTPARK LOGISTICS EU 2017 23 S.A.R.L (2) CONEXUS LIMITED (3) PFSWEB, INC. AGREEMENT FOR LEASE  2018  UNIT 7, MOUNTPARK SOUTHAMPTON, WIDE LANE,  SOUTHAMPTON,SO182NQ  

 

1.  Z,.  3.a  1a  �  2a  L  8.  l1..  1Q,_  •  11.  jl.  ll.  14.  ll.  1§.  .1L  11!.  1l1..  ZQ..  •  21117"1.I  CONTENTS  DEFINITIONS AND INTERPRETATION ................................................................................. 1  AGREEMENT FOR LEASE .................................................. ................................................. 8  I!ILE ..................................................................................................................................... 9  ENCUMBRANCES ............................................................................................................... 10  THE LEASE ........................................................................................................... ............. 11  MEASUREMENT OF THE INTERNAL AREA ......................................................... .. ......... 11  CONFIDENTIALITY ................................................................................. ........................... 12  GUARANTEE ....................................................................................................................... 12  TERMINATION ......................................................... ........................................................... 13  EFFECT OF TERMINATION .................... ... .... ............................................ ..................... 13  LANDLORD'S LIABILITY............................. . .............................................................. 13  NON-ASSIGNMENT ............................................................................................................. 14  ENTIRE AGREEMENT ............. ........................................................................................... 14  NON-MERGER .......................................... ...................... .................................................. 14  � ................................................................................... .................................................. 14  NOTICES .................................................................. ....... .................................................. 15  INTEREST ........................................................................ .................................................. 15  MONEY LAUNDERING .............. ...................................... ....... .......................................... 15  CONTRACTS /RIGHTS OF THIRD PARTIES} ACT 1999 .. ... ... ............... 16  JURISDICTION ................................................................ ..... ............................................. 16 

 

DATE  PARTIES  JS- O c.:tobu 2018  (1) MOUNTPARK LOGISTICS EU 2017 23 S.A.R.L. a Luxembourg private limited liability company (societe a responsabilite limitee) with its registered office at 18, rue Robert Stumper, L-2557 Luxembourg, being registered with the Luxembourg Register of Commerce and Companies (Registre de commerce et des societes) under number 0218933 and with a share capital of £12,000 (the Landlord); (2) CONEXUS LIMITED incorporated and registered in England and Wales with company number 03616118 with its registered office at Eastlands One, London Road, Basingstoke, Hampshire RG21 4FB (the Tenant); and (3) PFSWEB, INC. incorporated and registered in the State of Delaware in the United States of America with file number 3062550, whose registered office in Delaware is 251 Little Falls Drive, Wilmington, DE 19808 and address is at 505 Millennium Drive, Allen, Texas TX75013 USA (the Guarantor). IT IS AGREED 1.  1.1  28617851.5  DEFINITIONS AND INTERPRETATION  In this agreement, including the schedules, the following definitions shall apply unless the  context otherwise requires:  Access Date  the date the Tenant takes access to or occupies the Property;  Actual Completion  actual completion of the grant of the Lease and Date of Actual Completion is to be  interpreted accordingly;  Adjoining Property  the property developed and being developed by the Landlord known as Mountpark  Southampton, Wide Lane, Southampton, SO18 2NQ shown for identification purposes only  edged blue on the plan attached to the Lease;  Applicable Law  any one or more of the following:  (a) any Acts of Parliament, European legislation and any statutory instruments, rules, orders, regulations, notices, directions, bye-laws, permissions and plans for the time being made under or deriving validity from any Act of Parliament or European legislation; and (b) any regulations, orders, bye-laws or codes of practice of any local or statutory authority having jurisdiction over the Landlord's Works; Approved Planning Permission  the planning permission for the Landlord's Works including approval of use, whether or not  reserving approval for landscaping and materials;  Architect  Michael Sparks trading as Michael Sparks Associates of 11 Plato Place, St Dionis Road,  London SW6 4TU or such other architect appointed by the Landlord or the Building  Contractor;  Basic Rent  the sum per annum calculated by multiplying the Internal Area by £9.25;  Building  the building to be constructed on the Property as part of the Landlord's Works;  

 

•  •  2N17111.I  Building Contract  the building contract for carrying out the Landlord's Works to be entered into by the Landlord  and the Building Contractor in the fonn of the JCT Design and Build Contract 2016 edition  together with such amendments or variations as the Landlord may reasonably require;  Building Contractor  Winvic Construction Limited (Company number 04135363) whose registered office is at  Brampton House, 19 Tenter Road, Moulton Park, Northampton, NN3 6PZ or such other  building contractor as the Landlord appoints as the building contractor for the purposes of  the Landlord's Works;  COM Regulations  the Construction (Design and Management) Regulations 2015;  Civil and Structural Engineer  Complete Design Partnership Limited (company number 03866200) whose registered office  is at Charford Lodge, Rock Hill, Bromsgrove, Worcestershire B61 7LH or such other  structural engineer appointed by the Landlord or the Building Contractor;  Contract Rate  4% per annum above the base lending rate from time to lime of Bardays Bank Pie;  Contribution  the sum payable by the Landlord pursuant to clause 2.10;  Date of Practical Completion  the date of Practical Completion as certified in the Statement of Practical Completion;  Defects  any defects, shrinkages or other faults in the Landlord's Works due to materials or  workmanship not being in accordance with the tenns of the Building Contract or this  agreement;  Deleterious Materials  materials specified for use other than in accordance with the guidelines contained in the  edition of 'Good Practice in the Selection of Construction Materials • (British Council for  Offices) current at the date of use or any products, substances or materials or any  combination of them which are themselves or which incorporate substances which at the  time of use:  (a) do not confonn with current British or applicable European Standards or codes of practice; and (b) are generally known in the construction industry to be deleterious to health and safety or to the durability of buildings and/or other structures and/or plant and machinery in the particular circumstances in which they are specified to be used or are used; Desig n Sub-Contractors  the sub-contractors appointed or to be appointed by the Building Contractor who have a  material design responsibility for the Landlord's Works including for the carrying out of the  following elements of the Landlord's Works:  (a) lift; (b) structural steelwork and roof structure; (c) pre-cast concrete; (d) profiled metal cladding or curtain walling; (e) cladding and roofing; 2  

 

•  •  2H17tlU  (f) mechanical and electrical installation; (g) ground floor slab; and (h) syphonic drainage; Encumbrances  the agreements, covenants, declarations, exceptions, provisions, reservations and other  matters, if any, set out in Schedule 1;  Energy Perfonnance Certificate  a certificate which complies with the Energy Performance of Buildings (England and Wales)  Regulations 2012 (S1 2012/3118) or regulation 29 Building Regulations 2010;  Employer's Agent  KAM Projects Consultants Limited (company number 08638566) whose registered office is  at The White House, Middle Lane, Leckhampstead, Buckingham MK18 5NS or such other  employer's agent as the Landlord appoints in connection with the Landlord's Works under  the Building Contract;  Expert  has the meaning given to it in paragraph 1 Schedule 3;  Initial Property  has lhe same meaning as the definition of Initial Property under the Lease;  Internal Area  the gross internal area of the Building measured in square feet in accordance with Part 3 of  the RICS Property Measurement 6'" edition, May 2015 and on the basis that:  (a) all such relevant measurements within the warehouse of the Building will be taken to the internal face of the cladding rails; and (b) all plant platforms, plant decks and plant floor areas will be excluded from such calculations; Insolvent  if a person is a company:  (a) it enters into a voluntary arrangement under Part I Insolvency Ad 1986 or it enters into a scheme of arrangement with its creditors in satisfaction or composition of its debt; (b) an administrator is appointed under Part II Insolvency Act 1986; (c) a receiver or manager, including an administrative receiver, is appointed whether under Part Ill Insolvency Act 1986, under the Law of Property Act 1925 or otherwise; (d) a resolution to wind-up is passed or a provisional liquidator is appointed or a winding-up order is made under Part IV Insolvency Ad 1986 unless the purpose of a solvent amalgamation or reconstruction of the company; (e) a scheme of arrangement is made under Part 26 Companies Act 2006; (f) it changes its status from unlimited to limited; or (g) it is struck off the register of companies or otherwise ceases to exist; 3  

 

•  •  ZN17N1.5  if a person is an individual:  (a) an interim order or voluntary arrangement is made under Part VIII Insolvency Act 1986; (b) a trustee in bankruptcy is appointed or the individual is otherwise made bankrupt; (c) the individual enters into a deed of arrangement or composition with his or her creditors; (d) a receiver is appointed under the Mental Health Act 1983 or the individual becomes incapable of managing his or her affairs; or (e) the individual dies; if tw::i or more people are in partnership and:  (a) they enter into a voluntary arrangement under Part II Insolvency Partnerships Order 1994; (b) an administration order is made under Part Ill Insolvent Partnerships Order 1994; or (c) a winding-up order is made under Parts IV or V Insolvent Partnerships Order 1994; or (d) a person is incorporaled or resident in a jurisdiction outside England and Wales and any event or circumstance occurs which under the laws of that jurisdiction has an analogous or equivalent effect to any of the above events; Justifiable Delay Events  any one or more of the following:  (a) delay by an electlicity undertaking in pursuance of its statutory obligations or failure by such an undertaking to carry out such work; (b) loss or damage by any one or more of the Insured Risks; (C) act of God; (d) any act or omission of the Tenant; Landlord's Solicitors  Gateley Pie of One Eleven Edmund Street, Birmingham B3 2HJ (ref: RXP/CS/125230.002)  or such other solicitors as the Landlord appoints in relation to this agreement and notifies to  the Tenant's Solicitors in writing);  Landlord's Works  the works in relation to the Property and the Off Site Works (if any) detailed in the  Specification;  Lease  a lease to be granted by the Landlord to the Tenant at the request of the Guarantor in the  form attached to this agreement at Appendix 3 incorporating the details to be included under  clause 5.2;  Lease Completlon Date  five Working Days after the Date of Practical Completion;  

 

•  •  2N1711t.l  Licence to Carry Out Works  a licence to carry out worlcs to be granted by the Landlord to the Tenant in the fonn attached  to this agreement at Appendix 3 in respect of the Tenant's Worlcs;  Licence Period  the period from and including the date of this agreement to and including the Lease  Completion Date;  Long Stop Date  29 January 2019 as to which time is of the essence;  Notice of Completion of Making Good  the notice, statement or certificate to be issued under the Building Contract certifying that all  Defects which appear during the Rectification Period and which are the responsibility of the  Building Contractor have been made good in accordance with the tenns of the Building  Contract;  Off Site Works  any worlcs that must be completed other than on the Adjoining Property (whether pursuant to  the Planning Pennission or any Statutory Agreement or otherwise) as part of the Landlord's  Works so as to afford proper and reasonable access to the Property;  Opinion Letter Guarantor  an opinion letter in the fonn annexed at Appendix 5 given by a reputable finn of lawyers  practising in the jurisdiction in which the Guarantor is incorporated;  Opinion Letter Landlord  an opinion letter in the fonn annexed at 6 given by a reputable finn of lawyers practising in  the jurisdiction in which the Landlord is incorporated;  Practical Completion  completion of the Landlord's Worlcs in accordance with the provisions of the Building  Contract but disregarding any minor defects that are the subject of a snagging list to be  attached to the Statement of Practical Completion in accordance with the provisions of the  Building Contract;  President  the President for the time being of the Royal Institution of Chartered Surveyors or any person authorised to act on his behalf;  Professional Team  the following professionals:  (a) the Architect; (b) the Employer's Agent; (c) the Civil and Structural Engineer; Property  the industrial premises known as Unit 7 Mountpark Southampton, Wide Lane, Southampton  SO18 2NQ fanning part of the Tide Number intended to be let to the Tenant as shown  edged red on the plan attached to the Lease;  Recommendation Report  the recommendation report required by regulation 9 Energy Perfonnance of Buildings  (England and Wales) Regulations 2012 (SI 2012/3118), including a report issued by an  Energy Assessor for the purposes of regulation 29(5) Building Regulations 2010  SI 201/2214) or regulation 20(1) Building (Approved Inspectors etc.) Regulations 2010  (SI 2010/2215);  5  

 

28617851.5  Rectification Period  the defects liability period or rectification period under the Building Contract;  Rent Commencement Date  G I O e. (., un b if 20 IC\ provided that if the date of Practical Completion occurs /J (_  C after 29 November 2018 then the rent commencement date shall be postponed by the  number of days that the Date of Practical Completion occurs after 29 November 2018;  Requisite Consents  all agreements, approvals (including approval of reserved matters), consents, permissions  and licences required from any local or other competent authority under any statute, by-law  or regulation which are necessary to enable the Landlord lawfully to carry out and complete  the Landlord's Works or to reinstate them if they are damaged or destroyed;  Review Date  the date calculated as the 5th anniversary of the Term Commencement Date;  Specification  the specification and plans detailing the Landlord's Works as attached at Appendix 4 and  includes any changes to them made under the terms of this agreement or otherwise agreed  in writing between the Landlord and the Tenant;  Standard Conditions  the Standard Commercial Property Conditions (2nd Edition) and Standard Condition shall  be interpreted accordingly;  Statement of Practical Completion  the sectional completion statement of the Landlord's Works to be issued in accordance with  the Building Contract certifying that Practical Completion has taken place;  Statutory Agreement  an agreement or undertaking in respect of and affecting the Property or the Adjoining  Property in relation to the Landlord's Works (whether or not also affecting other property)  pursuant to:  (a) section 106 Town and Country Planning Act 1990; (b) section 111 Local Government Act 1972; (c) section 33 Local Government (Miscellaneous Provisions) Act 1982; (d) section 104 Water Industry Act 1991 or any other provision of similar intent within the meaning of the Water Act 1989 with an appropriate authority for the supply of water or the drainage of surface or foul water from the Property or the Adjoining Property; or (e) any agreement with an appropriate authority or utility company relating to the passage or transmission of gas, water, electricity, foul or surface water drainage or any of them; (f) any highways agreement. Target Area  107,392 square feet of Internal Area;  Target Date of Practical Completion  29 October 2018 subject to any changes made in accordance with paragraph 3 of  Schedule 2;  6  

 

•  •  Tenant's Representative  JLL Limited of 30 Warwick Street London W1B SNH (ref:Simon Nicholls) or such member of  the Royal Institution of Chartered Surveyors appointed by the Tenant and notice of whose  appointment has been given in writing to the Landlord;  Tenant's Solicitors  VLAW Limited of 9 Savoy Street London WC2E 7EG (ref DB/PFS001/006) or such other  solicitors as the Ten ant appoints in relation to this agreement and notifies the Landlord's  Solicitors in writing;  Tenant's Works  the fitting-out works to warehouse, ground floor and first floor office at the Property to be  carried out by the Tenant briefly described in the Licence to Carry Out Works and includes  any changes to them agreed in writing between the Landlord and the Tenant;  Tenn Commencement Date  the Lease Completion Date:  Title Number  HP810602;  Utilities  electricity, gas, water, surface water, foul drainage, heating, air conditioning, ventilation,  telecommunications, satellite and data communications and any other services or supplies;  Utlllty Agreements  any agreements or deeds (including leases or agreements for the grant of rights,  easements, wayleaves and connection agreements) with statutory undertakers or other  utility providers which relate to the provision of Utilities to the Property or the Adjoining  Property and which are reasonably required as part of or to facilitate the carrying out of the  Landlord's Works;  VAT  value added tax chargeable under the Value Added Tax 1994 and any similar replacement  tax and any similar additional tax;  Warranties  the warranties to be provided by the Building Contractor and the Professional Team in the  fonns annexed at Appendix 1;  Sub-contractor Warranties  the warranties to be provided by the Design-Sub Contractors in the forms annexed at  Appendix 7;  Working Day  any day except Saturday, Sunday and bank or other public holidays in England.  1.2 In this agreement, unless the context otherwise requires:  ZN1716U  1.2.1 the clause headings are for reference only and do not affect its interpretation;  1.2.2 unless otherwise indicated, references to clauses and schedules are to clauses  of and schedules to this agreement and references in a schedule to a  paragraph are to a paragraph of that schedule;  1.2.3 references to any statute or statutory provision include references to:  (a) all Acts of Parliament and all other legislation having legal effect in the United Kingdom; and (b) any subsequent statutes directly or indirectly amending, consolidating, extending, replacing or re-enacting that statute and also include any 7  

 

•  •  2.  2.1  2.2  2.3  24  orders, regulations, instruments or other subordinate legislation made  under that statute;  1.2.4 references to the Property, the Building and the Adjoining Property include any  part of them;  1 2.5 the words other, Include, lncludlng and in particular do not limit the  generality of any preceding words and any words which follow them shall not  be construed as being limited in scope to the same class as the preceding  words where a wider construction is possible;  1.2.6 indemnify means to indemnify against all actions, claims, demands and  proceedings taken or made against a party and all costs, damages, expenses,  liabilities and losses incurred by the party;  1.2. 7 if there is more than one person as a party to this agreement, the obligations  that they undertake can be enforced against them all jointly or against each  individually;  1.2.8 if any provision is held to be illegal, invalid or unenforceable, the legality,  validity and enforceability of the remainder of the agreement shall be  unaffected;  1.2.9 as between the landlord and the Tenant unlit informed in writing to the contrary  by the Tenant the Landlord shall be entitled to rely on any written confirmations,  approvals, agreements or consents of the Tenant's Representative alone as  being binding and given on behalf of the Tenant in relation to any matter  contained in this agreement and any information which the Tenant is bound to  provide under this agreement shall be properly provided if so provided by the  Tenant's Representative alone; and  1.2.10 if there is any conflict between the Specification and the terms of this  agreement the latter shall prevail.  AGREEMENT FOR LEASE  The landlord and the Tenant shall comply with their obligations in respect of the Landlord's  Works as set out in Schedule 2.  The Landlord agrees to grant or procure the grant of and the Tenant agrees to accept the  grant of the Lease and to enter into the Licence to Carry Out Works on the Lease  Completion Date. No purchase price, premium, or deposit is payable.  On the Date of Actual Completion the Guarantor shall provide to the Landlord an opinion  letter in respect of the Guarantor relating to the Lease in the form of the Opinion Letter  Guarantor with such amendments as may be approved by the Landlord (such approval not  to be unreasonably withheld).  Upon completion of the Licence to Carry Out Works the Guarantor shall provide to the  landlord an opinion letter in respect of the Guarantor relating to the Licence to Carry Out  Works in the form of the Opinion Letter Guarantor with such amendments as may be  approved by the Landlord (such approval not to be unreasonably withheld).  2.5 On the Date of Actual Completion the Landlord shall provide to the Tenant and the  Guarantor an opinion letter in respect of the Landlord relating to the Lease in the form of the  Opinion Letter Landlord with such amendments as may be approved by the Tenant (such  approval not to be unreasonably withheld).  2.6 Upon completion of the Licence to Carry Out Works the Landlord shall provide to the Tenant  and the Guarantor an opinion letter in respect of the landlord relating to the Licence to  Carry Out Works in the form (mutatis mutandis) of the Opinion Letter Landlord with such  amendments as may be approved by the Tenant (such approval not to be unreasonably  withheld).  2.7 During the Licence Period the Tenant shall be permitted to occupy the Initial Property on the  terms of Schedule 4 but shall not otherwise be entiUed to occupation or possession of the  Property until the Lease has been completed. The Landlord shall procure that an electricity  IN17Ht.5  8  

 

•  •  power supply for the Property in accordance with the Specification is maintained and  available for use by the Tenant free of charge throughout the Licence Period. The Landlord  shall as necessary provide such power by means of mobile generation plant.  2.8 On or before the Date of Actual Completion the Landlord shall deliver to the Tenant's  Solicitors copies of the documents listed in Schedule 5 and, where possible, duly certified by  the Landlord's Solicilors to be complete and true copies of the originals.  2.9 On or before the Date of Actual Completion the Landlord shall deliver to the Tenant's  Solicitors the Warranties duly executed and completed and the Tenant shall not be obliged  to accept the Lease in the absence of any of the Warranties.  2.10 The Landlord shall pay the Contribution to the Tenant in respect of the proper costs incurred  by the Tenant in fitting out of the ground floor offices in the Building as part of the Tenant's  Works, such payment shall:  2.10.1 be made without deduction or set off by the Landlord in amounts equal to the  sums invoiced by the Tenant's fitting out contractor as evidenced in the invoice  referred to at dause 2.10.2;  2.10.2  2.10.3  be made within 15 Working Days of receipt by the Landlord of a copy of each  such valid invoice addressed to the Tenant from the Tenant's fitting out  contractor or contractors in respect of the carrying out of such fitting out works  or an element of the fitting out works; and  not exceed a total maximum sum of £140,000.  3. TITLE 3.1 Title to the Property having been investigated by (or on behalf of) the Tenant before the date of this agreement. the Tenant shall be deemed to have accepted such tiUe and shall not be entiUed to raise any objection, enquiry or requisition to the title except in respect of: 3.1.1 any matters registered against the Title Number(s) after 29 May 2018 at 11 :40:58 that relate to matters that the Landlord has not previously disclosed to the Ten ant; and 3.1.2 any financial charges registered against the Title Number(s).  3.2 The Landlord lets with full tiUe guarantee but the implied covenants for title are modified so that:  3.2.1 the covenant set out in section 2(1)(b) Law of Property (Miscellaneous  Provisions) Act 1994 (LP(MP)A 1994) shall not extend to costs arising from the  Tenant's failure to:  (a) make proper searches; or (b) raise requisitions on title or on the results of the Tenant's searches before the date of this agreement; and 3.2.2 the covenant set out in section 3(3) LP(MP)A 1994 shall extend only to charges  or encumbrances created by the Landlord.  3.3 This agreement is executory only and shall not operate or be deemed to operate as a  demise of the Property until Actual Completion.  3.4 Vacant possession of the Property will be given to the Tenant upon Actual Completion.  STANDARD CONDITIONS  3.5 This agreement incorporates the Standard Conditions in so far as they apply to the grant of  a lease and are not varied by or inconsistent with the provisions of this agreement (which  shall prevail in the case of a conflict).  3.6 For the purposes of the Standard Conditions, references to 'the seller" and 'the buyer" shall  be deemed to be references to the Landlord and the Tenant respectively.  3.7 The conditions set out in Part 1 of the Standard Conditions shall be varied as follows  ZM17MU  3. 7.1 in Standard Condition 1.1.1(c) insert at the end 'or its successors in tide";  9  

 

•  •  3.7.2 in Standard Condition 1.1.1(e) the contract rate shall be the Contract Rate  specified in this agreement;  3. 7.3 in Standard Condition 1.1.3(b) all the words after "secured on the property"  shall be deleted and there shall be added the words "and (c) in the case of the  seller notwithstanding that the seller does not at the completion date have the  legal estate vested in it";  3.7.4 Standard Condition 1.1.4(a) shall not apply;  3.7.5 Standard Condition 3.3 shall be replaced in its entirety with: "The buyer shall  have no rights of light or air or other rights over any land which the seller will be  retaining near the property other than any expressly granted or reserved in the  transfer or lease of the property to the buyer";  3. 7.6 in Standard Condition 4.2.4 insert ·or if earlier the date two working days prior  to the date on which the seller is to take the step in such proceedings" after "ten  working days" and also at the end of 4. 2.7(b)(ii);  3.7.7  3.7.8  Standard Condition 8.8.2 shall be varied to read: "The parties are to complete  the contract before 2.00pm on the tenth working day following the giving of the  notice to complete, excluding the day on which the notice is given. For this  purpose, time is of the essence of the contract";  in standard Condition 9.1.2 the word "represented" shall be deleted and the  words "expressly stated in the contract" shall be substituted in its place.  3.8 Part 2 of the Standard Conditions shall not apply to this agreement.  4. ENCUMBRANCES 4.1 The Property is let subject to the Encumbrances so far as they are still subsisting and affect the Property. 4.2 The Tenant is to be treated as accepting the grant of the Lease with full knowledge of any Encumbrances and will not raise any requisition or objection to them. 4.3 The Property is let subject to such of the following as affect the Property and are still subsisting: 21111111.1  4.3.1 all matters contained or referred to in the Lease;  4.3. 2  4.3.3  4.3.4  435  the matters contained or referred to in standard Condnion 3.1.2;  any registered local land charges and any matter capable of being registered  as a local land charge even if not so registered at the Date of Actual  Completion;  any notice, order or proposal given or made by a government department or by  any public or local authority, statutory undertaker or other competent body or  person;  all charges, orders, proposals, restrictions, agreements, notices or other  matters arising under the town and country planning or highways legislation  which affect or relate to the Property and to any orders or regulations made  under that or any other legislation;  4.3.6 all rates, charges and other outgoings which affect or are charged on the  Property except for any mortgage or legal charge relating to money secured on  the Property;  4.3.7 any unregistered interest that overrides the disposition effected pursuant to this  agreement under Schedules 1, 3 or 12 Land Registration Act 2002 or which  would override the disposition if the Lease were subject to first registration;  4.3.8 any Statutory Agreement;  4.3.9 all public or private rights of way and other rights, easements or  quasi-easements and wayleaves affecting the Property and other like matters  10  

 

•  •  4.3.10  and the Landlord shall not be required to give any evidence or information as to  the existence or otherwise of any such matters; and  all liability to repair and maintain roads, paths, conduits, fences and other like  matters or to contribute to the cost of their repair and maintenance, and the  Landlord shall not be required to give any evidence or information as to the  existence or otherwise of any such matters;  5. THE LEASE 5.1 The Lease and its counterpart and the Licence to Carry Out Works and its counterpart shall be prepared by the Landlord's Solicitors. 5.2 The following details shall be inserted in the Lease and its counterpart when they are engrossed or, if this is not possible, inserted in manuscript and initialled by or on behalf of the parties on the Date of Actual Completion: 5.2.1 the Term Commencement Date;  5.2.2 the Rent Commencement Date;  5.2.3 the Basic Rent;  5.2.4  5.2.5  the Review Date;  any amendment to the Lease, as referred to in paragraph 1.3 Schedule 2.  5.3 The liability to pay the contribution towards the insurance premiums under the Lease shall  commence on the Term Commencement Date and the liability to pay the contribution  towards the service charge under the Lease shall commence on the Term Commencement  Date.  5.4 The Landlord may make such minor additions or modifications to the form of the Plan as  may be reasonably required properly to describe the Property or the Building as eventually  designed and constructed in accordance with this agreement or to describe the Property or  the Building as named.  5.5 As soon as reasonably practicable after the Date of Actual Completion the Tenant shall use  all reasonable endeavours to register the Lease and remove any notice in respect of this  agreement at the Land Registry and, on completion of that registration, shall provide the  Landlord with official copies of the title to the Lease showing the Tenant registered as  proprietor together with any tide plan produced or updated by the Land Registry as part of  that registration.  6.  6.1  6.2  6.3  6.4  6.5  ZH17HU  MEASUREMENT OF THE INTERNAL AREA  The Landlord and the Tenant shall co-operate to ensure that the Building is measured for  the purposes of agreeing the Internal Area as soon as the Internal Area can be accurately  determined, whether before, on or after the Date of Practical Completion.  The Landlord shall give the Tenant not less than three Working Days' prior written notice of  the date and time, being a Working Day, when the Employer's Agent and/or the Building  Contractor will measure the Building for the purposes of determining the Internal Area.  If the Employer's Agent and the Tenant's Representative are unable to agree the lnlernal  Area within five Working Days of the measurement of the Building, either the Landlord or the  Tenant may apply for the matter to be determined in accordance with Schedule 3.  The Basic Rent shall be calculated upon the agreement or determination of the Internal  Area.  Notwithstanding that the Internal Area of the Building may not have been agreed, the  Landlord and Tenant shall complete the Lease on the Lease Completion Date and in such  circumstances the Basic Rent shall be the sum of £9g3,376.00 per annum and in the event  that following the agreement or determination of the Internal Area the Basic Rent is greater  or lesser than the above figure then any difference shall either be paid by the Tenant within  1 O Working Days of such determination or agreement or if relevant credited for the Ten ant's  benefit in the next rental demand issued following the agreement or determination of the  11  

 

•  •  lntemal Area and the parties shall as soon as reasonably practicable enter into a deed of  variation of the Lease recording the change in the Basic Rent.  7. CONFIDENTIALITY 7.1 Each of the parties to this agreement agrees that ii shall take all reasonable steps to keep confidential and shall not (without the prior written approval of the other party such approval not to be unreasonably withheld or delayed) seek to publicise to any other person the existence of and the terms of this agreement (but not so as to restrict the parties in any way in the performance of their obligations under this agreement) PROVIDED that no consent shall be required where disclosure is required by law or under the rules binding on the party concemed of a stock exchange or to any professional or other advisor of the party concerned provided that the party concemed requires that the advisor to whom the  information is disclosed keeps it confidential. 7.2 The Tenant agrees with the Landlord not to protect this agreement (or any rights created by it) on the register of the Landlord's title except by way of unilateral notice and not to produce a copy or extract of this agreement to the Land Registry (except where the Tenant is making an application for first registration of the Lease or an application to note rights granted in the 8.  8.1  8.2  8.3  8.4  8.5  8.6  8.7  Lease after completion) . GUARANTEE This agreement has been entered into by the Tenant with the consent of and at the request of the Guarantor and in consideration of the Landlord agreeing to let the Property to the Tenant. The Guarantor covenants with and guarantees to the Landlord and (without the need for any express assignment) with the Landlord's successors in tijle by way of primary obligation, that the Tenant will comply with the terms of this agreement. As an independent obligation, the Guarantor agrees with the Landlord to comply with the terms of this agreement if the Tenant does not do so and to indemnify the Landlord against any breach of those terms. The Guarantor agrees that the Landlord may make a claim under this guarantee and indemnity without first making a claim against the Tenant. The Guarantor shall pay all sums due to the Landlord under this guarantee and indemnity without any legal or equitable set-off, counterclaim or deduction. If the Tenant fails to complete the Lease the Guarantor will on written demand of the Landlord enter into a lease with the Landlord in the same terms as the Lease save with the Guarantor as the Tenant and excluding the Guarantor's separate guarantee covenant and the Guarantor will pay the Landlord's reasonable legal costs (including VAT) in connection with such lease. The obligations of the Guarantor shall not be released by: 8. 7.1 any delay or neglect by the Landlord in enforcing the terms of this agreement or  any time allowed by the Landlord for their performance;  8.7.2 any variation of the terms of this agreement;  8.7.3 the Landlord or the Tenant giving consent to any matter under this agreement;  8.7.4 any legal limitation, immunity, disability, incapacity or other circumstances  relating to the Tenant, whether or not known to the Landlord; or  8.7.5 anything else which would have released the Guarantor whether by the  variation of the obligations guaranteed or by the conduct of the parties.  8.8 If any liquidator or trustee in bankruptcy of the Tenant shall disclaim this agreement the  Guarantor will on written demand by the Landlord within three months of such disclaimer  enter into an agreement with the Landlord in the same terms as this agreement save with  the Guarantor as tenant and excluding the Guarantor's separate guarantee obligation. The  Guarantor will also pay the Landlord's reasonable legal costs (including VAT) in connection  with such agreement.  2"17111.1  12  

 

•  •  8.9 The Guarantor shall be party to the Lease and the Licence to Carry Out Works to give the  guarantees to the Landlord contained in them.  9. TERMINATION 9.1 The Landlord will be entitled to end this agreement by serving written notice on the Tenant if: 9.2  10 .  10.1  10.2  10.3  11.  11.1  11.2  2M17MU  9 1.1 the Tenant does not pay any monies within 14 days after they become due under this agreement; 9.1.2 the Tenant or the Guarantor breaches the terms of this agreement and either:  (a) that breach is incapable of remedy; or (b) that breach is capable of remedy and the Tenant or the Guarantor does not remedy the breach within 14 days of a written notice from the Landlord requiring the breach to be remedied; 9.1.3 the Tenant or the Guarantor becomes Insolvent: or  9.1.4 anything occurs in relation to the Tenant or the Guarantor which, had the Lease  been granted, would entitle the Landlord to exercise its right of re-entry under  the Lease .  The Tenant will be entitled to end this agreement by serving notice on the Landlord if:  9.2.1 the Landlord breaches the terms of this agreement and either,  (a) that breach is incapable of remedy; or (b) that breach is capable of remedy and the Landlord does not remedy the breach within 21 days of receipt of a written notice from the Tenant requiring the breach to be remedied; 9.2.2 the Landlord becomes Insolvent; or  9.2.3 the Statement of Practical Completion has not been issued on or before the  Long Stop Date whether or not the failure to issue the same is due to any event  or the act or defalJt of any person other than the Tenant or the Guarantor, or  9.2.4 the Building or the means of access to the Property is destroyed or so  damaged after the date of this agreement but before the Date of Practical  Completion so as to render the Property or the Building (as appropriate)  incapable of use or occupation or inaccessible and such destruction or damage  cannot be made good before the Long Stop Date.  EFFECT OF TERMINATION  If this agreement comes to an end before the grant of the Lease:  it will not prejudice the rights of the parties in respect of any breach of this agreement  outstanding at the date this agreement ends:  the Tenant will immediately procure the cancellation of any land charges registered at the  Land Charges Registry or any notice registered at the Land Registry in respect of this  agreement and provide written evidence to the Landlord both of the application for  cancellation and any acknowledgment of the cancellation; and  except in relation to this clause 10, neither the Landlord nor the Tenant will be under any  future liability to the other under this agreement and the Guarantor will be released from any  future liability under dause 8.  LANDLORD'S LIABILITY  The Landlord's obligations and duties in respect of the carrying out and completion of the  Landlord's Works and generally in relation to the Property are exclusively limlted to the  contractual obligations and duties contained in this agreement.  The obligations of the Landlord contained in Schedule 2 will not be enforceable against any  successor in title to the Landlord's interest in the Property once the Notice of Making Good  has been issued.  13  

 

•  •  12. NON-ASSIGNMENT 12.1 Subject to dause 12.2, the Tenant shall not assign or deal with its interest in this agreement or any part of it before the grant of the Lease and shall take up occupation of the Property and accept the grant of the Lease itself. 12.2 If the Lease has not been completed by the date six months after the Date of Practical Completion through no default or omission of the Tenant, the Tenant may assign the benefit of this agreement with the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed, to a person who would be a permitted assignee under the Lease. 12.3  12.4  1 3.  13 1  13.2  13.3  The Landlord is not under any obligation to grant the Lease to anyone other than the Tenant named in this agreement or to a permitted assignee under clause 12.2. The Tenant shall not mortgage or charge or in any way pledge as security its interest under this agreement. ENTIRE AGREEMENT This agreement and the documents annexed to it constitute the whole agreement between the parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter of this agreement. The Tenant acknowledges that: 13.2.1 in entering into this agreement. the Tenant has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether made negligently or innocently) other than: 13.2.2  13.2.3  (a) as expressly set out in this agreement or the documents annexed to it; or (b) in any written replies which the Landlord's Solicitors have given to any written enquiries raised by the Tenant's Solicitors before the date of this agreement; no representation or warranty is given or is to be implied by:  (a) the Landlord entering into this agreement; or (b) any step taken by or on behalf of the Landlord in connection with this agreement; as to the suitability of the Property for the Tenant or the Tenant's use; and  nothing in this clause 13.2 shall limit or exclude any liability for fraud;  Standard Condition 9.1.1 is varied to read "If any plan or statement in the contract or in  written replies which the seller's conveyancer has given to any written enquiries raised by  the buyer's conveyancer before the date of this contract is or was misleading or inaccurate  due to any error or omission, the remedies available are as follows.·  13.4 This agreement may be signed in any number of duplicate parts all of which taken together  will on exchange constitute one agreement.  14. NON-MERGER Insofar as they remain to be performed or observed, the terms and conditions of this agreement shall remain in full force and effect notwithstanding the grant of the Lease to the Tenant. 15. VAT 15.1 Standard Conditions 1.4. 1 and 1 4 2 shall not apply. 15.2 Save as otherwise stated, the amount of any payment or the value of any supply as expressed in this agreement is exdusive of VAT. Where any payment or taxable supply falls to be made pursuant to this agreement any VAT property chargeable thereon shall, against provision of a VAT invoice for it, be paid in addition by the recipient of the supply for which the payment (if any) is or is deemed to be consideration 21117111.1  14  

 

•  •  15.3  15.4  15.5  16.  16.1  If any payment under this agreement (not being a supply to which clause 15.2 applies) shall  be in reimbursement of any expenditure made by or on behalf of the Landlord on which the  Landlord has paid VAT or shall otherwise be subject to VAT, the Tenant or the Guarantor  (as the case may be) shall in addition to such payment reimburse or pay (as appropriate)  such VAT except to the ex1ent that the Landlord is able to recover that VAT except to the  extent that the Landlord is able to recover that VAT.  The Tenant declares that it has no intention of using the Property or any part of it or allowing  it to be used whether by sub-letting or otherwise in such a way as to give rise to the  disapplication of any option to tax made by the Landlord.  The Tenant shall indemnify and keep indemnified the Landlord against all VAT which the  Landlord has to repay to HM Revenue & Customs including any under the Capital Goods  Scheme and against all VAT which is irrecoverable by the Landlord (together in each case  with interest, penalties and costs) due to the disapplication of any election to waive  exemption to tax made by the Landlord arising in any way from the Tenant's use of the  Property or part or parts of it for an exempt purpose.  NOTICES  Any notice given under this agreement must be in writing and signed by or on behalf of the  party giving it.  16.2 Any notice or document to be given or delivered under this agreement must be given by  delivering it personally or sending it by pre-paid first class post or recorded delivery, to the  addresses stated below:  Landlord: Mountpark Logistics EU 2017 23 SARL care of Mountpark Properties Ltd, 22-23  Old Burtington Street, London W1 S 2JJ marked for the attention of Philip O'Callaghan and a  copy sent to 18 rue Robert Stumper, L-2557, Luxembourg.  Tenant or Guarantor: Eastlands One, London Road, Basingstoke RG21 4FB  16.3 Any such notice or document will be deemed to have been received:  16.4  16.3.1 if delivered personally, at the time of delivery provided that if delivery occurs  before 9.00am on a Working Day, the notice will be deemed to have been  received at 9.00am on that day, and if delivery occurs after 5 OOpm on a  Working Day, or on a day which is not a Working Day, the notice will be  deemed to have been received at 9.00am on the next Working Day; and  16.3.2 in the case of pre-paid first class or recorded delivery post, at 9.00am on the  second Working Day after posting.  In proving delivery, it will be sufficient to prove that delivery was made or that the envelope  containing the notice or document was property addressed and posted as a prepaid first  class or recorded delivery letter.  16.5 A notice or document delivered under this agreement shall not be valicly given or delivered if  sent by e-mail or fax.  17. INTEREST If either party to this agreement shall fail to pay to the other party any sums within 14 days of the date such sums are due to such party pursuant to any of the provisions of this agreement, the party in default shall in addition to such sum pay interest at the Contract Rate from and including the date upon which the sum should have been paid up to and including the date of actual payment. 18. MONEY LAUNDERING ZN17NU  No party to this agreement nor their solicitor is obliged to accept any monies payable under this agreement from or drawn on an institution which does not carry on activities of the nature listed in regulation 3(1) Money Laundering Regulations 2007 (SI 2007/2157) and any such payment shall not be treated as a payment made in accordance with the terms of this agreement. 15  

 

•  •  19 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999  Save as expressly provided none of the provisions of this agreement are intended to or will  operate to confer any benefit (pursuant to the Contracts (Rights of Third Parties) Act 1999)  on a person who is not named a party to the agreement.  20. JURISDICTION 20.1 This agreement shall be governed by and construed in all respects in accordance with the laws of England and Wales to the exclusive jurisdiction of whose courts the parties shall be deemed (lo the extent necessary) irrevocably to have submitted. 20.2 The Guarantor irrevocable authorises and appoints the Tenant to accept service of all legal process arising out of or connected with this agreement and service on the Tenant shall be treated as service on the Guarantor provided that a copy of the notice shall also have been sent to the Guarantor at its registered office set out at the beginning of this agreement. THE PARTIES have signed this agreement on the date first set out above .  Zlt17HU:  16  

 

•  •  ZN17161.I  SCHEDULE 1  Title  The following matters contained or referred to in the registers of title of the Title Number(s)  in so far as they relate to affect or fall to be complied with in respect of the Property:- 1. Deed dated 8 May 2018 between (1) Inchcape Estates Limited and (2) Mountpark Logistics EU 2014 05 SARL. 2. Transfer dated 18 May 2018 between (1) Mountpark Logistics EU 2014 05 S.A.R.L. and (2) Mountpark Logistics EU 2017 23 S.A.R.L. 3. Transfer dated 18 August 2017 between (1) Balmoral Land Limited and (2) Ford Motor Company Limited. 4. Lease dated 21 September 2018 between (1) Mountpark Logistics EU 2017 23 S.A.R.L. and (2) Energetics Electricity Limited . 17  

 

•  •  SCHEOULE2  Landlord's Works Obligations  1. LANDLORD'S CONSENTS 1 .1 If it has not already obtained them, the Landlord shall use all reasonable endeavours to  obtain the Requisite Consents at its own cost and expense as soon as reasonably  practicable after the date of this agreement.  1.2 The Landlord will be at liberty to grant such easements or wayleaves or other rights over the  Property as may be requisite for the supply of Utilities to the Property or the Adjoining  Property provided that there will be no material interference with the Tenant's use and  occupation of the Property.  1.3  2.  Within ten Working Days of being called upon to do so by the Landlord, the Tenant shall  enter into any Utility Agreements in such form as the relevant statutory undertakers or utility  provider shall require or, if such statutory undertaker or utility provider require, the Tenant  shall consent to any such Utility Agreements. If the Landlord enters into any Utility  Agreements before the Date of Actual Completion, then whether or not the Tenant is also  required to enter into them, details of the relevant Utility Agreements shall be added to  Schedule 6 of the Lease before Actual Completion as matters to which the Lease shall be  subject.  CARRYING OUT THE WORKS  2.1 Subject to obtaining the Requisite Consents, the Landlord shall procure that the Building  Contractor proceeds diligenUy with and carries out and completes the Landlord's Works:  2.2  2.1.1 in a proper and workmanlike manner;  2.1.2 using good quality and suitable materials to the extent nol otherwise specified  in the Specification;  2.1.3 in accordance with:  (a) the Specification; (b) the terms of the Building Contract; (c) the Approved Planning Permission; (d) the Requisite Consents; (e) all Applicable Law, including the CDM Regulations; (f) British standards and any applicable codes of building practice; and 2.1.4 without using or specifying the use of any Deleterious Materials. Without prejudice to paragraph 2.1, the Landlord shall use its all reasonable endeavours to  ensure that the whole of the Landlord's Works are carried out and completed by the Target  Date of Practical Completion.  2.3 In carrying out the Landlord's Works, the Landlord shall procure that all conditions attached  to and requirements of the Requisite Consents relating to the Landlord's Works and within  the Landlord's control are discharged or complied with before the Date of Actual Completion  and shall use all reasonable endeavours to procure that all other conditions outside the  control of the Landlord are discharged or complied with before the Date of Actual  Completion but compliance with all post-occupation conditions relating to the Property shall  be the responsibility of the Tenant (excluding any conditions which require the payment of  money or financial contributions directly to the local authority).  3. EXTENSIONS OF TIME 3.1 The Target Date of Practical Completion is to be put back by a period of time equal to any  extension of time allowed to the Building Contractor under the Building Contract that does  not result from the act, omission or default of the Landlord or that arises from a Justifiable  Delay Event.  3.2 If there is any delay in completing the landlord's Works arising from:  2"11111.1  18  

 

•  3.2.1 a Justifiable Delay Event;  3.2.2 any default of the Building Contractor under the terms of the Building Contract;  or  3.2.3 the Insolvency of the BLilding Contractor or any member of the Professional  Team;  the Target Date of Practical Completion is to be changed to such date as the Employer's  Agent certifies as being reasonable and proper in the light of the reasons for the delay.  4. COM REGULATIONS The Landlord as client shall comply with its duties under the COM Regulations and shall procure that the Building Contractor as the principal contractor for the Landlord's Works shall comply with their duties under the COM Regulations and that the Employer's Agent as the principal designer for the Landlord's Works shall comply with its duties under the COM Regulations. 5. LANDLORD'S VARIATIONS 5.1  5.2  If any of the materials, plant or equipment required for the Landlord's Works cannot be obtained within a reasonable time or at a reasonable cost the Landlord may substitute attemative materials, plant or equipment of no lesser quality than the materials, plant or equipment which they replace. The Landlord may make changes to the Specification: 5.2.1 which are required in order to comply with the terms of the Approved Planning Permission, any Requisite Consents or Applicable Law; or 5.2.2 which the Landlord, the Employer's Agent or the Building Contractor reasonably  considers necessary.  5.3 The Landlord will provide at Actual Completion full details of all changes and/or variations to  the Building Contract and the Specification.  6. APPOINTMENT OF THE BUILDING CONTRACTOR AND PROFESSIONAL TEAM 6.1 The Landlord shall appoint the BLilding Contractor and the Professional Team. 6.2 The Landlord shall use all reasonable endeavours to ensure that the Building Contractor: 6.3  7.  7.1  7.2  8.  8.1  6.2.1 complies with its obligations in the Building Contract; and  6.2.2 enforces the obligations of the members of the Professional Team under their  appointments; and  6.2.3 enforces the obligations of the Design Sub-Contractors under their  sub-contracts.  The Landlord shall use all reasonable endeavours to ensure that each member of the  Professional Team complies with the terms of their appointments.  WARRANTIES  The Warranties shall be in the form of the draft warranties attached to this agreement at  Appendix 1.  The Sub-contractor Warranties shall be in the form of the draft warranties attached to this  agreement at Appendix 7.  STATEMENT OF PRACTICAL COMPLETION  The Landlord shall ensure that the Employer's Agent inspects the Landlord's Works with a  view to the issue of the Statement of Practical Completion and is to instruct the Employer's  Agent to give the Tenant not less than three Working Days' prior written notice of the date  and time, being a working day, when the Employer's Agent will do so.  8.2 The Tenant and the Tenant's Representative will be entiUed to accompany the Employer's  Agent on the inspection of the Landlord's Works and to make representations on the  proposal to issue the Statement of Practical Completion. The Employer's Agent will have  Zll17MU  19  

 

•  •  due regard to any such representations made but the Employer's Agent will be at liberty to  issue the Statement of Practical Completion as in its opinion it thinks it ought to be issued  under the terms of the Building Contract.  8.3 If the Employer's Agent does not believe that the statement of Practical Completion can be  issued the Employer's Agent shall give notice to the Tenant or the Tenant's Representative,  which may be oral notice given during the inspection, of when it is intended to re-inspect the  Landlord's Works for the purpose of issuing the Statement of Practical Completion and the  procedure in this paragraph 8 will then be repeated as often as necessary until the  Statement of Practical Completion is issued.  8.4 Subject to Practical Completion having taken place, the landlord shall procure that the  Employer's Agent shall serve a copy of the Statement of Practical Completion on the Tenant  and the Tenant's Representative forthwith after issue.  8.5 The issue of the Statement of Practical Completion shall be conclusive evidence binding on  the parties that the Landlord's Works have been completed in accordance with the terms of  this agreement, subject to the Landlord's obligations during the Rectification Period.  8.6  9.  The Landlord and the Tenant acknowledge that the presence of minor Defects in the  Landlord's Works at the time of any inspection relating to the issue of the Statement of  Practical Completion or the deferment of any work of planting or landscaping until the proper  season will not be a ground for delaying the issue of the Statement of Practical Completion  and such minor Defects and deferred planting or landscaping will be the subject of a  snagging list to the statement of Practical Completion.  CONTINUING DEVELOPMENT OF ADJOINING PROPERTY  The Tenant:  9.1 acknowledges and accepts that the Landlord is intending to develop the whole of the  Adjoining Property and that works at the Adjoining Property may continue after the Date of  Practical Completion; and  9.2 waives any right against the Landlord under the Lease or otherwise to claim damages,  compensation or any other remedy arising from the disturbance, nuisance or inconvenience  caused by such continuing works.  10. FOLLOWING PRACTICAL COMPLETION 10.1  The Landlord shall forthwith after issue of the Statement of Practical Completion: prepare and provide the Tenant with copies of: 10.1 .1 the commissioning reports, test certificates and operating manuals for all plant  and machinery installed as part of the Landlord's Works;  10.1 2 a complete set of the as-built plans, drawings and specifications of the  Landlord's Works; and  10 1 3 the health and safety file for the Property;  10.2 leave the Property in a good and clean condition, cleared of all unused building materials,  plant and equipment used in the carrying out of the Landlord's Works and temporary  structures.  11. DEFECTS 11 . 1 The Landlord will at its own expense make good or procure that the Building Contractor makes good all minor Defects which have been identified in the snagging list to the Statement of Practical Completion as soon as reasonably practicable after the Date of Practical Completion. 11.2 The Landlord will at its own expense make good or procure that all Defects for which the Building Contractor is responsible under the Building Contract that arise within the Rectification Period are made good to the reasonable satisfaction of the Tenant in accordance with the terms of the Building Contract 20  

 

•  •  11.3 Not less than one month before the end of the Rectification Period, the Landlord shall  inspect the Landlord's Worils and prepare a schedule of Defects.  11.4 The Landlord shall:  11.5  11.4.1  11.4.2  11.4.3  11.4.4  serve a copy of the schedule of Defects on the Tenant within ten (10) Working  Days after the inspection under paragraph 11.3;  include in the schedule of Defects any additional Defects notified in writing by  the Tenant or the Tenant's Representative within five Working Days of the  service of the schedule of Defects under paragraph 11.4.1;  deliver the schedule of Defects to the Building Contractor within the time limits  required under the Building Contract; and  ensure that a copy of the Notice of Completion of Making Good is provided to  the Tenant as soon as reasonably practicable after the Building Contractor has  made good the Defects.  The Tenant shall allow access to the Property at all reasonable times to enable the schedule  of Defects to be prepared and any works required under this paragraph 11 to be carried out  and completed. If the Tenant assigns the Lease before the Landlord has complied with its  obligations under this paragraph 11 , it shall procure that its assignee allows the Landlord  access to the Property to comply with its obligations under this paragraph 11.  11.6 Except in relation to minor defects contained in the snagging list for the Statement of  Practical Completion or properly notified to the Landlord in accordance with this  paragraph 11, the Landlord will not be liable to the Tenant in respect of any defects in the  Landlord's Works.  11. 7 Following the issue of the Notice of Completion Making Good the Landlord will have no  further liability whatsoever to the Tenant in connection with the construction of the  Landlord's Works whether under this agreement under statute in contract in tort or otherwise  save in respect of disputes or breaches of this agreement. if any, notified to the Landlord on  or before the date of issue of the Notice of Completion Making Good.  12. DISPUTES 12.1 If any dispute arises under this Schedule 2 which cannot be resolved between the Landlord and the Tenant either the Landlord or the Tenant may require that the dispute be resolved by an Expert in accordance with Schedule 3. 12.2  ntt71&t.5  Unless otherwise specified in this Schedule: 12.2.1 a dispute may be referred in accordance with Schedule 3 only if it cannot be resolved between the Landlord and the Tenant within 14 days of the dispute arising; and 12.2.2 time will not be of the essence for referring the dispute.  21  

 

•  •  SCHEDULE3  Expert Detennlnatlon  1. APPOINTMENT OF EXPERT 1 .1 The Expert shall be: 1.1.1 in relation to any dispute under Schedule 2:  (a) if the dispute relates to the issue of the Statement of Practical Completion, an independent architect of not less than ten years' standing who is experienced in the construction of developments of a similar size and nature to the Landlord's Works who is a member of the Royal Institute of British Architects; (b) if the dispute relates to a question of costs payable, an independent quantity surveyor of not less than ten years' qualification who is experienced in the construction of developments of a similar nature and size to the Landlord's Works who is a member of the Royal Institution of Chartered Surveyors: and (c) in relation to any other dispute, an independent chartered surveyor of not less than ten years' qualification who is experienced in the construction of developments of a similar nature and size to the Landlord's Works who is a member of the Royal Institution of Chartered Surveyors; or 1.1.2 in relation to any other dispute, any person agreed upon the Landlord and the  Tenant or in the absence of agreement such person nominated by the  President on the application of either party pursuant to the provisions of this  schedule such person being an independent suitably qualified professional  person (including but not limited to a solicitor or a surveyor or planning counsel)  having regard to the subject matter of the dispute with at least ten years post  qualification experience in commercial property matters similar to the subject  matter of the dispute.  1.2 The Landlord and the Tenant will use reasonable endeavours to agree the identity of the  Expert to determine the dispute.  1.3 Unless the Landlord and the Tenant agree the identity of the Expert within two weeks of a  request to do so. the Expert shall be appointed at the written request of the Landlord or the  Tenant by the President if the Expert is to be a surveyor or by the president or other most  senior officer of the Royal Institute of British Architects if the Expert is an architect  1.4 The reference to an Expert shall be made to him as an expert unless paragraph 1.5 applies  or the Landlord and the Tenant agree at the time of his appointment that he should act as an  arbitrator.  1.5 If any dispute raises or relates to the same or parallel issues as those which have been or  are being submitted to independent determination under the Building Contract. the Landlord  and the Tenant will endeavour to appoint the same person acting in the same capacity as  may be appointed to resolve the dispute under the Building Contract and to have the dispute  proceedings under this agreement and the Building Contract consolidated.  2. CONDUCT OF THE DISPUTE 2.1 Where the Expert is to act as an expert: 21t17UU  2.1.1 the landlord and the Tenant may make written representations within ten  Working Days of his appointment and will copy the written representations to  the other party;  2.1.2 the Landlord and the Tenant shall have a further ten Working Days to make  written comments on each other's representations and will copy the written  comments to the other party;  22  

 

•  •  2 1.3 the Expert shall be at liberty to call for such written evidence from the parties  and to seek such legal or other expert assistance as he or she may reasonably  require;  2.1.4 the Expert shall not take oral representations from the Landlord or the Tenant  without giving both parties the opportunity to be present and to give evidence  and to cross examine each other;  2.1.5 the Expert shall have regard to all representations and evidence before him or  her when making his or her decision, which shall be in writing, and will contain  reasons for his decision;  2. 1 .6 the Expert shall use reasonable endeavours to publish his decision within 30  Working Days of his appointment; and  2. 1 . 7 the Expert shall act impartially and in good faith between the parties;  2.2 Where the Expert is to act as an arbitrator:  2.2. 1  2.2.2  2.2.3  2.2.4  2.2.5  all submissions made or evidence supplied to him shall be in writing unless the  parties agree within ten Working Days of his appointment that this requirement  does not apply;  the date of his award will be deemed to be the date on which he serves a copy  of the award on the Landlord and the Tenant or the latest date if there is more  than one;  he will not be entiUed to order the rectification, setting aside or cancellation of  this agreement or any other deed or document;  he will not be entitled to direct that the recoverable costs of the arbitration, or  any part of it, be limited to a specified amount; and  he will not be entitled to require that security be provided in respect of the costs  of the arbitration;  2.3 Responsibility for the costs of referring a dispute to an Expert under this Schedule including  costs connected with the appointment of the Expert and the Expert's own costs, but not the  legal and other professional costs of any party in relation to a dispute, will be decided by the  Expert or, in the absence of any such decision, borne equally between the parties .  Jlt1711U  23  

 

•  •  ---------- --- -- SCHEDULE4  Early Access Licence  1. RIGHT TO OCCUPY THE PROPERTY 1.1 During the Licence Period the Tenant will be pem,itted to occupy the Initial Property as a licensee only and the Tenant does not have, nor is entiUed to any, estate right or interest in the Initial Property either as completed or in the course of construction, or in any materials (apart from those materials deposited by the Tenant on the Initial Property in connection with the Tenant's Works). 1.2 During the licence Period, the Tenant shall comply with the Tenant's obligations in the Lease, so far as they are applicable to the occupation of the Initial Property as a licensee, as if the Lease had been granted on the Access Date (including the provisions relating to  alterations and planning pem,issions in so far as they relate to the Tenant's Works). 2. USE OF THE PROPERTY 2.1 The Tenant shall not use the Initial Property during the licence Period for any purpose other than carrying out the Tenant's Works and for receiving deliveries of and storing goods and materials for the purposes of carrying on its business. 2.2 If the Tenant carries out the Tenant's Works before the licence to Carry Out Works is granted, it shall do so on the terms of the Licence to Carry Out Works as if it had been granted to the Tenant on the Access Date. 2.3 The Tenant may not assign or undertet to or hold its right to occupy the Initial Property under this agreement on trust for any other person. 2.4 The Tenant must not breach the conditions of the Approved Planning Permission if it occupies and/or uses the Property during the licence Period and the Tenant shall indemnify the Landlord against all liabilities, expenses, costs, claims and losses suffered or incurred by the Landlord arising out of or in connection with any such breach by the Tenant. 3. CONCURRENT WORKS 3.1 If the Tenant enters onto the Initial Property to carry out the Tenant's Works before the Date of Practical Completion the Tenant and its contractors will: 3.1.1 co-operate with the Landlord and the Building Contractor to ensure that any remaining Landlord's Works, including making good defects, and the Tenant's Works can be carried out simultaneously; 3.1.2  3.1.3  comply with the proper and reasonable directions of the Building Contractor;  ensure that no material interruption or delay in the completion of the Landlord's  Works is caused by the carrying out of the Tenant's Works; and  3.1.4 indemnify the Landlord in respect of any material interruption or delay in the  Landlord's Works arising from any breach of the Tenant's obligations in this  paragraph 3.1 and any infringement of the temis of any Landlord's consent by  the carrying out of the Tenant's Works;  3.2 Before entering on the Initial Property the Tenant shall submit a method statement to the  Landlord for approval (such approval not to be unreasonably withheld or delayed) seWng out  the proposed working methods for the carrying out of the Tenant's Works. The method  statement shall contain:  21117M1.5  3.2.1 details of the consultants' and contractors' proposals for the design and  carrying out of each part of the Tenant's Works;  3.2.2 proposals for regular liaison, co-ordination and co-operation of the Tenant, its  consultants and contractors with the Landlord and the Building Contractor with  the intention of avoiding hindering or endangering the Landlord's Works;  3.2.3 details of the order and timing of the Tenant's Works, including proposals for:  24  

 

•  •  (a) means and timing of access to the Initial Property; (b) the frequency of delivery to the Initial Property of materials and equipment for incorporation or use in the Tenant's Works; (c) the protection of the Landlord's Works and the storage of materials, plant and equipment. 4. ENDING OF THE LICENCE PERIOD The Licence Period will end on the grant of the Lease or, if ea�ier, if this agreement comes to an end. 5. COM REGULATIONS 5.1  5.2  5.3  If the COM Regulations apply to the Tenant's Works, the Tenant shall: agree in writing with the Landlord that the Tenant is to be treated as the only cliern in respect of the Tenant's Works for the purposes of the COM Regulations and the parties agree that this paragraph is such an agreement; comply with its obligations as a ctient for the purposes of the COM Regulations; ensure that the principal designer and the principal contractor that it appoints in relation to the Tenarn's Works comply with their respective obligations under the COM Regulations; 5.4 ensure that all relevarn documerns relating to the Tenant's Works are placed in the health and safety file for the Property by the principal designer or principal cornractor in accordance with the COM Regulations and otherwise comply with its obligations in the Lease relating to those documents and the file . JM17M1.i  25  

 

SCHEDULES  Documents to be supplied on Actual Completlon  Date Document Parties  5/12/2017 S 106 agreement Southampton City Council (1) Mountpark Logistics EU 2014 05  SARL (2)  9/8/2017 s.278 agreement Southampton City Council (1) ) Mountpark logistics EU 2014  05 SARL (2) Winvic Construction Limited (3) and Euler Hermes  S.A. (N.V.) (4)  19/12/2017 Architect (1) Mountpark Logistics EU 2014 05 SARL (2) Michael Sparks appointment Associates LLP 2/1/2018 Novation agreement (1) Mountpark Logistics EU 2014 05 SARL (2) Michael Sparks - architect Associates LLP (3) Winvic Construction limited  • 19/12/2017 Engineer ( 1) Mountpark Logistics EU 2014 05 SARL (2) Complete appointment Design Partnership Limited 2/1/2018 Novation agreement (1) Mountpark Logistics EU 2014 05 SARL (2) Complete -engineer Design Partnership Limited (3) Winvic Construction limited  19/12/2017 Appointment (1) Mountpark Logistics EU 2014 05 SARL (2) KAM Project employer's agent Consultants Limited 18/5/2018 Novation agreement (1) KAM Project Consultants Limited (2) Mountpark logistics EU 2014 05 SARl (3) Mountpark logistics EU 2017 23 SARL 19/12/2017 Building contract (1) Mountpark Logistics EU 2014 05 SARL (2) Winvic Construction Limited Variations to Building (1) Mountpark Logistics EU 2014 05 SARL (2) Winvic  Contract issued by Construction Limited  the Employer's Agent  •  18/5/2018 Novation agreement (1) Winvic Construction Limited (2) Mountpark Logistics EU building contract 2014 05 SARL (3) Mountpark Logistics EU 2017 23 SARl  24/5/2018 Agreement (steel (1) Winvic Construction Limited (2) Caunton Engineering ltd frame)  24/5/2018 Agreement (concrete (1) Winvic Construction Limited (2) Concast Building limited works)  24/5/2018 Agreement (M & E) (1) Winvic Construction Limited (2) HWM Building Services ltd 24/5/2018 Agreement (1) Winvic Construction Limited (2) IRC Carocelle ltd (cladding)  24/5/2018 Agreement (syphonic ( 1) Winvic Construction limited (2) Sapoflow ltd drainage)  24/5/2018 Agreement (lifts) (1) Winvic Construction limited (2) Schincler Ltd 24/5/2018 Agreement (windows (1) Winvic Construction limited (2) Speedclad ltd and curtain walling)  2tc1711U  26  

 

24/512018 Agreement (1) Winvic Construction Limited (2) Stanfords Industrial (structural slab) Concrete Flooring Ltd 24/5/2018 Agreement (dock (1) Winvic Construction Limited (2) Stertil UK Ltd  doors etc)  14/8/2018 Agreement (1) Winvic Construction Limited (2) G&H Sustainability Limited 11/4/2018 Agreement (1) Stanford Industrial Concrete Flooring Limited (2) Face Consultants Limited •  •  21117111.1  27  

 

Signed for and on behalf of the Landlord  ... Mana Manager  Signed for and on behalf of the Tenant  Director  Signed for and on behalf of the Guarantor  Duly authorised  28617851.5  28

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