Document:

EX-4.2

 EXHIBIT 4.2 

Execution Version 
 REGISTRATION
RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of
June 10, 2014, between Pacific DataVision, Inc., a Delaware corporation (together with any successor entity thereto, the “Company”), the Management Holders set forth on the signature page hereto and FBR Capital
Markets & Co., a Delaware corporation, as the initial purchaser/placement agent (“FBR”) for the benefit of FBR, the purchasers of the Company’s common stock, $0.0001 par value per share (the “Common Stock”),
as participants (“Participants”) in the private placement by the Company of shares of its Common Stock contemplated by the Purchase/Placement Agreement described below, and the direct and indirect transferees of FBR, and each of the
Participants. 
 This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement
Agreement”), dated as of June 3, 2014 between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 9,500,000 shares of Common Stock (plus an additional 1,425,000 shares of Common Stock to cover
additional allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, and their respective direct and
indirect transferees. The execution and delivery of this Agreement is a condition to the closing of the transactions contemplated by the Purchase/Placement Agreement. 

The parties hereby agree as follows: 
  

	1.	Definitions  

 As used in this Agreement, the
following terms shall have the following meanings: 
 Accredited Investor Shares: Shares initially sold by the Company to
“accredited investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants pursuant to the Purchase/Placement Agreement. 

Affiliate: As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to vote,
ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other
Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general partner of such Person and (v) any legal entity for
which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse, child, parent, sibling or mother, father,
sister- or brother-in-law shares the same household with such Person or has the described relationship with such Person. 

Agreement: As defined in the preamble hereof. 

Board of Directors: As defined in Section 3(b) hereof. 

 Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 

Closing Date: June 10, 2014 or such other time or such other date as FBR and the Company may agree. 

Commission: The Securities and Exchange Commission. 

Common Stock: As defined in the preamble hereof. 

Company: As defined in the preamble hereof. 

Controlling Person: As defined in Section 7(a) hereof. 

End of Suspension Notice: As defined in Section 6(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission pursuant
thereto. 
 FBR: As defined in the preamble hereof. 

FINRA: The Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, Inc. 

First Registration Default: As defined in Section 2(f)(i) hereof. 

Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any such
Affiliate holds any Registrable Shares. 
 Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

Issuer Free Writing Prospectus: As defined in Section 2(c) hereof. 

JOBS Act: The Jumpstart Our Business Startups Act, as amended, and the rules and regulations promulgated by the Commission thereunder.

 Liabilities: As defined in Section 7(a) hereof. 

  
 2 

 Management Holders: The record owners of any Management Shares from time to time, which as
of the date hereof are Brian McAuley, Morgan O’Brien, John Pescatore, Frank Creede, Richard Rohmann, Andrew Daskalakis, Peter Schiff and John C. Sites. 

Management Shares: All shares of Common Stock that are issued and outstanding and held by the Management Holders as of the date hereof,
including upon the direct or indirect transfer thereof by the original holder, the equity holder of a Management Holder (or the issuance of any securities or ownership interest in a Management Holder) or any subsequent holder thereof and any shares
or other securities issued in respect of such Management Shares by reason of or in connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such
Management Shares or any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock. 

No Objections Letter: As defined in Section 5(t) hereof. 

Nominee: As defined in Section 3(c) hereof. 

Participants: As defined in the preamble hereof. 

Person: An individual, partnership, corporation, limited liability company, trust, unincorporated organization, government or agency or
political subdivision thereof, or any other legal entity. 
 Proceeding: An action (including a class action), claim, suit or
proceeding (including without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 

Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus at the “time of sale”
within the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or
deemed to be incorporated by reference, if any, in such prospectus. 
 Purchase/Placement Agreement: As defined in the preamble
hereof. 
 Purchaser Indemnitee: As defined in Section 7(a) hereof. 

Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, upon original issuance thereof, and
at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection with any stock
dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or any other equity
securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such Rule 144A Share, Accredited Investor Share or Regulation S Share, 

  
 3 

 
the earliest to occur of (i) the date on which the resale of such share has been registered pursuant to the Securities Act and such share has been disposed of in accordance with the
Registration Statement filed in connection therewith, (ii) the date on which such share either has been transferred pursuant to Rule 144 (or any similar provision then in effect) or are freely saleable, without condition pursuant to Rule 144,
including any current public information requirements, and are listed for trading on the New York Stock Exchange, the Nasdaq Global Market or a similar national securities exchange, or (iii) the date on which it is sold to the Company or ceases
to be outstanding. 
 Registration Default: As defined in Section 2(f)(ii) hereof. 

Registration Expenses: Any and all fees and expenses incident to the Company’s and FBR’s performance of or compliance with
this Agreement, including, without limitation. (i) all Commission, securities exchange, FINRA or other registration, listing, inclusion and filing fees; (ii) all fees and expenses incurred in connection with compliance with international,
federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the
preparation of a blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement; (iv) all fees and expenses
incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and disbursements of counsel for the Company and of the independent
registered public accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the performance of this Agreement); (vi) reasonable fees and
disbursements of Sidley Austin LLP, or one such other nationally- recognized securities law counsel, reasonably acceptable to the Company and FBR, if Sidley Austin LLP is unable or unwilling to serve in such
capacity, for the Holders (such counsel, “Selling Holders” Counsel”);provided, however, that Holders holding a majority of the Registrable Shares (or, in the case of an Underwritten Offering in which Holders elect to sell Registrable
Shares, Holders holding a majority of the Registrable Shares held by the Holders who have elected to sell Registrable Shares in such Underwritten Offering) may object to the appointment of Sidley Austin LLP or such other nationally-recognized securities law counsel as Selling Holders’ Counsel and appoint a new Selling Holders’ Counsel; provided, further, that if Holders electing to sell Registrable Shares in an
Underwritten Offering object to the appointment of Sidley Austin LLP or such other nationally-recognized securities law counsel as Selling Holders’ Counsel and appoint a new Selling Holders’ Counsel,
provided, however, that in any event the maximum fees paid to Selling Holders’ Counsel shall be $50,000, such objection and appointment shall only be applicable to such Underwritten Offering; and (vii) any fees and disbursements
customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or
underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder. 

  
 4 

 Registration Statement: Any registration statement of the Company filed or confidentially
submitted with the Commission under the Securities Act that covers the resale of Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such
registration statement. 
 Regulation S: Regulation S (Rules 901-905) promulgated by the
Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 

Regulation S Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to
“non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 

Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “qualified institutional
buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities
Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

  
 5 

 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 433: Rule 433 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Second Registration Default: As defined in Section 2(f)(ii) hereof. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 

Selling Holders’ Counsel: As defined in clause (vi) of the definition of Registration Expenses. 

Shares: The shares of Common Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement.

 Shelf Registration Statement: As defined in Section 2(a) hereof. 

Special Election Meeting: As defined in Section 3(a) hereof. 

Spectrum Closing Date: The date of closing of the transactions contemplated by the Asset Purchase Agreement, dated May 13, 2014,
by and among FCI 900, Inc., ACI 900, Inc., Machine License Holding, LLC, Nextel WIP License Corp., and Nextel License Holdings 1, Inc., each a wholly-owned indirect subsidiary of Sprint Corporation, and the
Company. 
 Suspension Event: As defined in Section 6(b) hereof. 

Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 

Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for
re-offering to the public. 
  

	2.	Registration Rights. 

(a)    Mandatory Shelf Registration. As set forth in Section 5 hereof, the Company agrees to file with the
Commission as soon as reasonably practicable following the date of this Agreement (but in no event later than sixty (60) days after the Closing Date) a shelf Registration Statement on Form S-1 or such
other form under the Securities Act then available to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). The Company shall use its
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable after the initial filing thereof. Any Shelf Registration Statement shall provide for the resale from time to
time, and pursuant to any method or 

  
 6 

 
combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over
the internet) by the Holders of any and all Registrable Shares. 
 (b)    IPO Registration. If the Company
proposes to file a registration statement on Form S-1 or such other form under the Securities Act providing for the initial public offering of shares of Common Stock (the “IPO Registration
Statement”), the Company will notify in writing each Holder of the filing before (but no earlier than ten (10) Business Days before) or within five (5) Business Days after the initial filing and afford each Holder an opportunity
to include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall,
within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such
Holder wishes to include in the IPO Registration Statement subject to Section 2(d) hereof. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such Registrable Shares
in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement. 

(i) Right to Terminate IPO Registration. The Company shall have the right to terminate or withdraw the IPO Registration
Statement initiated by it and referred to in this Section 2(b) prior to the effectiveness of the IPO Registration Statement whether or not any Holder has elected to include Registrable Shares in such registration; provided, however, that
the Company must provide each Holder that elected to include any Registrable Shares in the IPO Registration Statement prompt written notice of such termination or withdrawal. Furthermore, in the event the IPO Registration Statement is not declared
effective within one hundred twenty (120) days following the initial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is actually in progress at such time, the
Company shall promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder receiving such notice shall have the same election
rights afforded such Holder as described in clause (b) above. 
 (ii) Selection of Underwriter. Subject to the
terms and conditions set forth in that certain engagement letter, dated April 30, 2014, by and between FBR and the Company, and any rights of FBR set forth therein, the Company shall have the sole right to select the managing underwriter(s) for
its initial public offering, regardless of whether any Registrable Shares are included in the IPO Registration Statement or otherwise. 

(iii) Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf
Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement. In addition, the Company’s obligation to file and use its commercially reasonable efforts to
cause to become and keep effective the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of an IPO Registration Statement; provided, however, that if the Company files an
IPO 

  
 7 

 
Registration Statement before the effective date of the Shelf Registration Statement and the Company has used or is using commercially reasonable efforts to pursue the completion of such initial
public offering, the Company shall have the right to defer causing the Commission to declare such Shelf Registration Statement effective until up to sixty (60) days after the closing date of its initial public offering pursuant to the IPO
Registration Statement. Notwithstanding any other provision in this Agreement to the contrary, if the Company files an IPO Registration Statement before the effective date of the Shelf Registration Statement and the deadline for causing such Shelf
Registration Statement to go effective is after the sixty (60) day period beginning on the closing date of the Company’s initial public offering pursuant to the IPO Registration Statement, the Company shall cause the Shelf Registration
Statement to be declared effective no later than sixty (60) days after the closing date of the Company’s initial public offering pursuant to the IPO Registration Statement. 

(c)    Issuer Free Writing Prospectus. The Company represents and agrees that, unless it obtains the prior
consent of Holders of a majority of the Registrable Shares that are registered under a Registration Statement at such time or the consent of the managing underwriter in connection with any Underwritten Offering of Registrable Shares, and each Holder
represents and agrees that, unless it obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433
(an “Issuer Free Writing Prospectus”), or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. The Company represents that any Issuer Free Writing
Prospectus will not include any information that conflicts with the information contained in any Registration Statement or the related Prospectus, and any Issuer Free Writing Prospectus, when taken together with the information in such Registration
Statement and the related Prospectus, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (d)    Underwriting. The Company shall advise all Holders of the lead managing
underwriter for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, custody agreements, securities
escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the
Registration Statement; provided, however, that no Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such
Holder and such Holder’s intended method of distribution and any other representation required by law or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s)
determine(s) in good faith that marketing factors  

  
 8 

 
require a limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration Statement and the
related Underwritten Offering, and any shares included in the IPO Registration Statement and the related Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion of their
Registrable Shares in the IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided, however, that the number of Registrable
Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) officers, directors, other employees and consultants of the Company and (ii) other holders of the
Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the underwriting and registration; provided,
further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising at least 25% of the total securities included in the Underwritten Offering proposed under the IPO Registration Statement.

 By electing to include the Registrable Shares in the IPO Registration Statement, the Holder of such Registrable Shares shall be
deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration Statement or any securities convertible into or exchangeable
or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in no event for a period longer than thirty (30) days prior to and one hundred
eighty (180) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by the Company in any other registration. 

If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company
and the managing underwriter(s), delivered by the later of (i) two (2) Business Days after the IPO price range is communicated by the Company to such Holder and (ii) ten (10) Business Days prior to the effective date of the IPO
Registration Statement; provided, however, no Holder may elect to withdraw if, in the reasonable opinion of the Company’s counsel and the Selling Holders’ Counsel, such withdrawal would cause the Company to recirculate a preliminary
prospectus. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

(e)    Expenses. The Company shall pay all Registration Expenses in connection with the registration of the
Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration)
of all discounts and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of the Holders not specifically
allocated to the Company pursuant to this Agreement relating to the sale of disposition of such Holder’s Registrable Shares pursuant to any Registration Statement. 

  
 9 

 (f)    Penalty Provisions. 

(i)    If the Company does not file a Registration Statement registering the resale of the Registrable
Shares within sixty (60) days after the Closing Date, other than as a result of the Commission being unable to accept such filings (a “First Registration Default”), then each of the Chief Executive Officer and Chief Financial
Officer of the Company shall forfeit fifty percent (50%) of any amount that would otherwise be payable to such person in respect of a bonus plan or any other bonus arrangement, including any bonus compensation for which payment would otherwise
be deferred until after that fiscal year, during the fiscal year ending March 31, 2015. The Company acknowledges and agrees that that no bonuses, compensation, awards, equity compensation or other amounts shall be payable or granted in lieu of
or to make the Chief Executive Officer and Chief Financial Officer whole for any such forfeited bonuses. 

(ii)    upon the occurrence of a First Registration Default, if the Company does not file a Registration
Statement registering the resale of the Registrable Shares within twenty-one (21) days after the occurrence of a First Registration Default, other than as a result of the Commission being unable to accept
such filings (a “Second Registration Default” and, together with the First Registration Default, a “Registration Default”), then each of the Chief Executive Officer and Chief Financial Officer of the Company shall
forfeit the remaining fifty percent (50%) of any amount that would otherwise be payable to such person in respect of a bonus plan or any other bonus arrangement, including any bonus compensation for which payment would otherwise be deferred
until after that fiscal year, during the fiscal year ending March 31, 2015. The Company acknowledges and agrees that that no bonuses, compensation, awards, equity compensation or other amounts shall be payable or granted in lieu of or to make
the Chief Executive Officer and Chief Financial Officer whole for any such forfeited bonuses. 

(g)    Management Bonus for Timely Filing of Registration Statement. If the Company files a Registration
Statement registering the resale of the Registrable Shares within sixty (60) days after the Closing Date, then each of the Chief Executive Officer and Chief Financial Officer of the Company shall be paid a bonus by the Company in the amount of
ten percent (10%) of such person’s base salary during the fiscal year ending March 31, 2015. 

(h)    JOBS ACT Submissions. For purposes of this Agreement, if the Company elects to confidentially submit
a draft of the Shelf Registration Statement with the Commission pursuant to the JOBS Act, the date on which the Company makes such confidential submission will be deemed the initial filing date of such Shelf Registration Statement. 

 

	3.	Special Election Meeting. 

 (a)    Unless a
Registration Statement registering the resale of the Registrable Shares has been declared effective by the Commission and the Registrable Shares have been listed for trading on a national securities exchange, (i) on a date that is the later of
(x) one hundred eighty (180) days after the filing of such Registration Statement or (y) forty-five (45) days after the Spectrum Closing Date, or (ii) if the Company completes its
initial public offering pursuant to the IPO Registration Statement prior to the date described in clause (i) above, on a date that is 

  
 10 

 
sixty (60) days after the completion of such initial public offering (each, a “Trigger Date”), a special meeting of stockholders (the “Special Election
Meeting”) shall be called in accordance with the Bylaws of the Company. The Special Election Meeting shall occur as soon as possible following the Trigger Date but in no event more than thirty (30) days after the Trigger Date. 

(b)    Purposes of Meeting. The Special Election Meeting shall be called solely for the purposes of:
(i) considering and voting upon proposals to remove each then-serving director of the Company; and (ii) electing such number of directors as there are then vacancies on the board of directors of the
Company (the “Board of Directors”) (including any vacancies created by the removal of any director pursuant to this Section 3(b)). The removal of any director pursuant to Section 3(b)(i) hereof shall be effective
immediately upon the receipt of the final report of the Inspector of Elections for the Special Election Meeting of the result of the vote on the proposal to remove such director. 

(c)    Nominations. Nominations of individuals for election to the Board of Directors at the Special
Election Meeting may only be made (i) by or at the direction of the Board of Directors or (ii) upon receipt by the Company of written notice of Holders entitled to cast, or direct the casting of, not less than 20% of all the votes entitled
to be cast at the Special Election Meeting and containing the information specified by Section 3(d) hereof. Each individual whose nomination is made in accordance with this Section 3(c) is hereinafter referred to as a
“Nominee”. 
 (d)    Procedure for Stockholder Nominations. For nominations of
individuals for election to the Board of Directors to be properly brought before the Special Election Meeting by Holders pursuant to Section 3(c) hereof, the Holders must have given notice thereof in writing to the Secretary of the Company not
later than 5:00 p.m., Eastern Time, on the 10th day after the Trigger Date. Such notice shall include each such proposed Nominee’s written consent to serve as a director, if elected, and shall specify: 

(i)    as to each proposed Nominee, the name, age, business address and residence address of such proposed
Nominee and all other information relating to such proposed Nominee that would be required, pursuant to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with
respect to the election of such individual as a director; and 
 (ii)    as to each Holder giving the
notice, the class, series and number of all shares of beneficial interest of the Company that are owned by such Holder, beneficially or of record. 

(e)    Notice. Not less than fifteen (15) nor more than
twenty-five (25) days before the Special Election Meeting, the Secretary of the Company shall give to each stockholder entitled to vote at, or to receive notice of, such meeting at such stockholder’s
address as it appears in the share transfer records of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting, (ii) the purposes for which the Special Election Meeting has been called and
(iii) the name of each Nominee. 

  
 11 

 (f)    Vote of Management Shares. If requested by FBR, the
Management Holders shall vote all of the Management Shares in the removal or election of directors at the Special Election Meeting in the same proportion as the votes cast by the Holders of Registrable Shares who are voting at the Special Election
Meeting. So long as any director who was elected to the Board of Directors of the Company at the Special Election Meeting continues to serve in such capacity as a director of the Company, the Management Holders shall not vote any of the Management
Shares in favor of the removal of any such director, the expansion of the size of the Board of the Directors of the Company to create new vacancies or any other proposal, the effect of which is to undermine the intent and purpose of this
Section 3, unless otherwise expressly consented to or requested by FBR, and the Management Holders shall not grant a proxy to vote any of the Management Shares to any other party (other than a designee of FBR) to vote on such matters.

 (g)    The Company represents and warrants that the Restated Certificate of Incorporation (the
“Certificate of Incorporation”) and Amended and Restated Bylaws (the “Bylaws”) of the Company reflect, and the Certificate of Incorporation, Bylaws and applicable law do not conflict with, the rights of Holders and
the procedures for a Special Election Meeting set forth in this Section 3 and, so long as any Holder owns any Registrable Shares, agrees not to amend or modify the Certificate of Incorporation or Bylaws of the Company or take (or allow to be
taken) any action that could cause the Certificate of Incorporation or Bylaws of the Company to be inconsistent or conflict with any such rights and procedures. 
  

	4.	Rules 144 and 144A Reporting.  

 With a view to
making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Shares to the public without registration, the Company agrees to: 

(a)    make and keep current public information available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b)    file with the Commission in a timely manner all reports and other documents required to be filed by the Company
under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 

(c)    so long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents
under the Securities Act and the Exchange Act, it will make available other information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall make available (either
by mailing a copy thereof, by posting on the Company’s website, by inclusion in any registration statement filed by the Company with the Commission under the Securities Act and made publicly available, or by press release) to each Holder a copy
of: 

  
 12 

 (i)    the Company’s annual consolidated financial
statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in accordance with generally accepted accounting principles in the United States,
accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of the Company; 

(ii)    the Company’s unaudited quarterly financial statements (including at least balance sheets,
statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than
forty-five (45) days after the end of each of the first three fiscal quarters of the Company; and 

(iii)    any other information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act; 
 (d)    hold, a reasonable time after the availability of such financial statements (and in any event within
sixty (60) days after the applicable fiscal quarter end and ninety (90) days after the applicable fiscal year end) and upon reasonable notice to the Holders and FBR (either by mail, by posting on the Company’s website, or by press
release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to such financial statements, and will also cooperate with,
and make management reasonably available to, FBR personnel in connection with making Company information available to investors; and 

(e)    so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company, and
(iii) such other reports and documents of the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares
without registration. 
  

	5.	Registration Procedures. 

 In connection with the obligations of
the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to permit the
sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, and the Company shall: 

(a)(i) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days prior to filing a Registration
Statement, of its intention to file a Registration Statement with the Commission and, at least five (5) Business Days prior to filing, provide a copy of such 

  
 13 

 
Registration Statement to FBR, its counsel and Selling Holders’ Counsel for review and comment; (ii) prepare and file with the Commission, as specified in this Agreement, a
Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all material respects with the requirements of the Securities Act and the applicable form and include all financial statements required by the Commission
to be filed therewith and (y) be reasonably acceptable to FBR, its counsel and Selling Holders’ Counsel; (iii) notify FBR and Selling Holders’ Counsel in writing, at least five (5) Business Days prior to filing of any
amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel and Selling Holders’ Counsel for review and comment;
(iv) promptly following receipt from the Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made by the staff of the Commission relating to such Registration Statement and of the Company’s
responses thereto for review and comment; and (v) use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 6 hereof and
any other provisions of this Agreement, until the earlier of (A) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (B) such time as all of the
Registrable Shares are sold pursuant to Rule 144 (or any successor or analogous rule), (C) there are no Registrable Shares outstanding or (D) the first anniversary of the effective date of such Registration Statement (subject to extension
as provided in Section 6(c) hereof) and, with respect to this subsection (D), provided that the Registrable Shares (1) have been transferred to an unrestricted CUSIP, (2) were, as of the effective date of such Registration
Statement, listed or included on the New York Stock Exchange or the Nasdaq Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative trading system, (3) were qualified under the applicable state securities or
“blue sky” laws of all fifty (50) states, and (4) can be sold under Rule 144 without limitation as to manner of sale or volume; provided, however, that the Company shall not be required to cause the IPO Registration
Statement to remain effective for any period longer than ninety (90) days following the effective date of the IPO Registration Statement (subject to extension as provided in Section 6(c) hereof); provided, further, that if the
Company has an effective Shelf Registration Statement on Form S-1 (or other form then available to the Company) under the Securities Act and becomes eligible to use Form
S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon thirty (30) Business Days prior written notice to all
Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Shelf Registration Statement or transfer the filing fees from the
previous Shelf Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the
Company notice that such a registration under a new short-form Shelf Registration Statement and de-registration of the initial Shelf Registration Statement would
interfere with its distribution of Registrable Shares already in progress, in which case, the Company shall delay the effectiveness of the new short-form Shelf Registration Statement and termination of the then-effective initial Shelf Registration Statement or any short- form Registration Statement for a period of not less than thirty (30) days from the date that the
Company receives the notice from such Holders requesting a delay; 

  
 14 

 (b)    subject to Section 5(i) hereof, (i) prepare and file with
the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a)
hereof; (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and
(iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by
the selling Holders thereof; 
 (c)    furnish to the Holders, without charge, as many copies of each Prospectus,
including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company
consents, subject to Section 6 hereof, to the use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d)    use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or
qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such United States jurisdictions as FBR or any
Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective
pursuant to Section 5(a) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder;
provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for
this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 

(e)    use its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to
be registered and approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 

(f)    (i) notify FBR and each Holder with Registrable Shares covered by a Registration Statement promptly and, if
requested by FBR or any Holder, confirm such advice in writing (A) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,
(B) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any Proceeding for that purpose, (C) of any request by the Commission
or any other federal, state or foreign governmental authority for (1) amendments or supplements to a Registration Statement or related Prospectus or (2) additional information and (D) of the happening of any event during the period a
Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any document 

  
 15 

 
incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading (which information shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made); and (ii) at the request of any such Holder, promptly to furnish to such Holder a
reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(g)    use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any
order enjoining or suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 

(h)    upon request, promptly furnish to each requesting Holder of Registrable Shares covered by a Registration Statement,
without charge, at least one conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto,
unless requested); 
 (i)    except as provided in Section 6 hereof, upon the occurrence of any event contemplated
by Section 5(f)(i)(D) hereof, use its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(j)    if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in
connection with such offering, (i) as promptly as practicable incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such
Holders indicate in writing relates to them or that they reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as
reasonably practicable after the Company has received written notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(k)    in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to each Holder of
Registrable Shares covered by such Registration Statement and the underwriters a signed counterpart, addressed to each such Holder and the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing under the
underwriting agreement, reasonably satisfactory to such Holder and the underwriters; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement,
signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, covering substantially 

  
 16 

 
the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are
customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as such Holder and the underwriters may reasonably request; 

(l)    enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in
customary form and reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the
case of an Underwritten Offering, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings
and confirm the same to the extent customary if and when requested; 
 (m)    use its commercially reasonable
efforts to make available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such
Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any
such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good
faith, to be confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by such representatives, representative of the underwriters, counsel thereto or
accountants unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or
information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public; provided, further, that the
representatives of the Holders and any underwriters will use commercially reasonable efforts, to the extent practicable, to coordinate the foregoing inspection and information gathering and not materially disrupt the Company’s business
operations; provided, further, that, notwithstanding anything to the contrary in this Agreement, the Company shall not provide any material non-public information to any Holder without such
Holder’s prior written agreement to keep such information confidential; 
 (n)    use its commercially
reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange or
the Nasdaq Global Market; 
 (o)    use its commercially reasonable efforts to prepare and file in a timely manner all
documents and reports required by the Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the
Registration Statement as required by Section 5(a) 

  
 17 

 
hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof; 

(p)    provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement;

 (q)    (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations
of the Commission, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, but in no event later than forty-five (45) days after the end of each fiscal year of the Company and (iii) not file
any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Registration Statement shall have, based upon the written opinion of counsel,
reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof
at least two (2) Business Days prior to the filing thereof; 
 (r)    provide and cause to be maintained a
registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(s)    in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Registration
Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of certificates
representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer legends (other than as required by the Company’s organizational documents) and to enable such Registrable Shares to be in such
denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least three (3) Business Days prior to any sale of the Registrable Shares; 

(t)    in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the
Commission pursuant to Section 2(a) hereof, cooperate with FBR in connection with the filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to
the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of Registrable Shares
pursuant to the Shelf Registration Statement, including, without limitation, information provided to FINRA through its public offering system, and pay all costs, fees and expenses incident to FINRA’s review of the Shelf Registration Statement
and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees and other disbursements of FBR and any other FINRA member
that is the Holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); 

  
 18 

 (u)    in connection with the initial filing of a Shelf Registration
Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s
financial and other records, and make available members of its management for questions regarding information which FBR may request in order to fulfill any due diligence obligation on its part and, concurrent with the initial filing of a Shelf
Registration Statement with the Commission pursuant to Section 2(a) hereof, pay the sum of $37,500 to FBR, by wire transfer of immediately available funds, to cover FBR’s costs and expenses associated with its due diligence review of the
Shelf Registration Statement and the information contained therein; 
 (v)    upon effectiveness of the first
Registration Statement filed under this Agreement, take such actions and make such filings as are necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the
Registration Statement; and 
 (w)    in the case of an Underwritten Offering, use its commercially reasonable efforts
to cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is
required to be retained in accordance with the rules and regulations of FINRA. 
 The Company may require the Holders to furnish (and each
Holder shall furnish) to the Company such information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration
of the Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such
information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be named as a selling shareholder in the related
prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Holder not misleading.

 Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 5(f)(i)(C) or 5(f)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus.
If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable
Shares current at the time of receipt of such notice. 

  
 19 

	6.	Black-Out Period. 

(a)    Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent
members of the Board of Directors that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any international, federal or state
securities commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is
necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90) day period),
if any of the following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares pursuant to the Registration
Statement would have a material adverse effect on the Company’s primary Underwritten Offering; (ii) the majority of the independent members of the Board of Directors shall have determined in good faith that (A) the offer or sale of
any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or other significant transaction involving
the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be
disclosed under applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s
ability to consummate such transaction, or (z) renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such
filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the independent members of the Board of
Directors shall have determined in good faith, after the advice of counsel, that it is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required
under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set forth therein; or (3) including in the Prospectus included in the Registration Statement
any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence of any such suspension, the Company shall use commercially reasonable
efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed
use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of the Registrable Shares as soon as practicable. 

  
 20 

 (b)    In the case of an event that causes the Company to suspend the
use of a Registration Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state
generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable steps to terminate suspension of the
use of the Registration Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after they have received a Suspension Notice from the
Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such
Holder’s possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings)
following further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the
conclusion of any Suspension Event and its effect. 
 (c)    Notwithstanding any provision herein to the
contrary, if the Company shall give a Suspension Notice pursuant to this Section 6, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this
Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended
Prospectus necessary to resume sales. 
  

	7.	Indemnification and Contribution. 

(a)    The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any
underwriter (as determined in the Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act)
any such Person described in clause (i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors, partners,
members, employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter be referred to as a “Purchaser Indemnitee”), to
the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or Proceeding by any governmental
agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with (x) with respect
to any Registration Statement (or any amendment thereto), any untrue statement or alleged untrue statement of a material fact contained therein or any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (y) with respect to any Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment  

  
 21 

 
or supplement thereto) or any preliminary Prospectus or any other document used to sell the Shares, any untrue statement or alleged untrue statement of a material fact contained therein or any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as such Liabilities
arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to the Company, or any underwriter in
writing by such Purchaser Indemnitee expressly for use therein. The Company shall notify the Holders promptly of the institution, threat or assertion of any claim, Proceeding (including any governmental investigation), or litigation of which it
shall have become aware in connection with the matters addressed by this Agreement that involves the Company or a Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by
or on behalf of any Purchaser Indemnitee. 
 (b)    In connection with any Registration Statement in which a Holder of
Registrable Shares is participating, and as a condition to such participation, such Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, each Person who signs the Registration Statement, and each Person who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective officers, directors, partners, members, employees, representatives and agents of such Person or Controlling Person
to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with
information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus
(or any amendment or supplement thereto) or any preliminary Prospectus. Absent gross negligence or willful misconduct, the liability of any Holder pursuant to this paragraph shall in no event exceed the net proceeds received by such Holder from
sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary
Prospectus. 
 (c)    If any suit, action, Proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may have under this
Section 7, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified
Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding
the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the
Indemnified Party shall  

  
 22 

 
have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ
counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses
available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such
Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any
such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any Proceeding effected
without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any
loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such Indemnified Party from all liability on claims that are the
subject matter of such Proceeding and (B) does not include a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 

(d)    If the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason
held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying
Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect
the relative benefits of the Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party,
as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party on the one hand and any Indemnified Party(ies) on the other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or by such Indemnified Party(ies) and the 

  
 23 

 
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e)    The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d) above.
The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the
amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. For purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable
Shares shall have the same rights to contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company,
and each officer, director, partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of
any action, suit or Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party
or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that any party is materially prejudiced by the failure to
give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(f)    The indemnity and contribution agreements contained in this Section 7 will be in addition to any liability
which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 7 are several in proportion to the respective number of
Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 
  

	8.	Market Stand-off Agreement.  

 Each Holder
hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer, pledge, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or exchangeable or
exercisable for shares of Common Stock of the Company then owned by such Holder (other than to donees, partners, or other transferees of the Holder who agree to be similarly bound) for a period (x) in the case of the Company and each of its

  
 24 

 
officers, directors, managers or employees, in each case to the extent such person or entity holds shares of Common Stock or securities convertible into or exchangeable or exercisable for shares
of Common Stock, beginning on the effective date of, and continuing for one hundred eighty (180) days following the effective date of, the IPO Registration Statement of the Company; and (y) (i) in the case of all Holders who include
Registrable Shares in the IPO Registration Statement, including any officers and directors, beginning on the effective date of, and continuing for one hundred eighty (180) days following the effective date of the IPO Registration Statement of
the Company, and (ii) in the case of all other Holders who do not include Registrable Shares in the IPO Registration Statement, beginning on the effective date of, and continuing for sixty (60) days following the effective date of, the IPO
Registration Statement of the Company; provided, however, that: 
 (a)    the restrictions above shall not apply
to Registrable Shares sold pursuant to the IPO Registration Statement; 
 (b)    with respect to the Holders (other than
the Company’s officers, directors, managers or employees), the restrictions above shall not apply to any shares of Common Stock of the Company acquired in the open market following the effective date of the IPO Registration Statement; 

(c)    all executive officers and directors of the Company then holding shares of Common Stock of the Company or
securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company enter into agreements that are no less restrictive; 

(d)    the Holders shall be allowed any concession or proportionate release allowed to any officer or director that
entered into agreements that are no less restrictive (with such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such
officer or director); provided, that nothing in this Section 8(d) shall be construed as a right to proportionate release for the executive officers and directors of the Company upon the expiration of the sixty (60) day period applicable to
all Holders who do not include Registrable Shares in the IPO Registration Statement other than the executive officers and directors of the Company; and 

(e)    this Section 8 shall not be applicable if a Shelf Registration Statement of the Company filed under the
Securities Act has been declared effective prior to the filing of an IPO Registration Statement. 
 In order to enforce the foregoing
covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other
securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 

  
 25 

	9.	Termination of the Company’s Obligation. 

 The Company shall
have no obligation pursuant to this Agreement with respect to any Registrable Shares proposed to be sold by a Holder in a registration pursuant to this Agreement if, all such Registrable Shares proposed to be sold by a Holder cease to be Registrable
Shares. 
  

	10.	Limitations on Subsequent Registration Rights. 

 After the date of
this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 10,
Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company or by an “executive officer” (as defined in Rule 405) of the Company shall not be deemed to be outstanding), enter into any agreement with any holder
or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of Registrable Shares of the Holders that is included, or
(b) to have its securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any registration statement filed pursuant to this Agreement.

  

	11.	Miscellaneous. 

 (a)    Remedies.
In the event of a breach by the Company of any of its obligations under this Agreement, FBR and each Holder, in addition to being entitled to exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted
by law, including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to specific performance of its rights under this Agreement. Subject to Section 7, the Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate. 
 (b)    Amendments and Waivers. The provisions of
this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders
beneficially owning not less than a majority of the then outstanding Registrable Shares; provided, however, that for purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the
Company shall not be deemed to be outstanding; provided, further, however, that any amendments, modifications or supplements to, or any waivers or consents to departures from, the provisions of Section 8 hereof that would have the effect
of extending the sixty (60) or one hundred eighty (180) day periods referenced therein shall be approved by, and shall only be applicable to, those Holders who provide written consent to such extension to the Company. No amendment shall be
deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates 

  
 26 

 
exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the
rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the first and second sentences of this paragraph.

 (c)    Notices. All notices and other communications, provided for or permitted hereunder, shall be
made in writing and delivered by facsimile (with receipt confirmed), e-mail, overnight courier or registered or certified mail, return receipt requested, or by telegram: 

(i)    if to a Holder, at the most current address given by the transfer agent and registrar of the Shares
to the Company; 
 (ii)    if to the Company, at the offices of the Company at Pacific DataVision, Inc.,
100 Hamilton Plaza, Lobby Floor, Paterson, NJ 07505, Attention: Secretary(e-mail: Apoh@pdvcorp.com), with a copy to DLA Piper LLP (US), 4365 Executive Drive, Suite 1100, San Diego, CA 92121, Attention: Jeffrey
Thacker, Esq. (facsimile: 858-638-5128); and 

(iii)    if to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209,
Attention: Gavin Beske, Esq. (facsimile 703-469-1012), with a copy to Gibson, Dunn & Crutcher LLP, 1050 Connecticut Avenue, N.W., Washington, DC 20036,
Attention: Howard B. Adler, Esq. (facsimile: 202-530-9526). 

(d)    Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the
agreements made hereunder by FBR and the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that
such Holder fulfills all of its obligations hereunder. 
 (e)    Counterparts. This Agreement may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f)    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (g)    Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS

  
 27 

 
AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT. 

(h)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (i)    Entire Agreement. This Agreement, together with the Purchase/Placement
Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein. 
 (j)    Registrable Shares Held by the Company or its Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Company, its Affiliates, Management Holders or by an “executive officer” (as defined in Rule 405) of
the Company shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

(k)    Adjustment for Stock Splits, etc. Wherever in this Agreement there is a
reference to a specific number of shares, then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to
reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination, or stock dividend. 

(l)    Survival. This Agreement is intended to survive the consummation of the transactions contemplated by
the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of this Agreement. 

  
 28 

 (m)    Attorneys’ Fees. In any action or Proceeding
brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any
other available remedy. 
 [Signature page follows] 

  
 29 

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

			
	PACIFIC DATAVISION, INC.
		
	By:	 	 /s/ John Pescatore

		 	Name: John C. Pescatore
		 	Title: President & CEO
	
	FBR CAPITAL MARKETS & CO.
		
	By:	 	 /s/ Paul Dellisola

		 	Name: Paul Dellisola
		 	Title: Senior Manging Director

  
  

[Signature Page to Registration Rights Agreement] 

	
	MANAGEMENT HOLDERS:
	
	 /s/ Brian McAuley

	Brian McAuley
	
	 /s/ Morgan O’Brien

	Morgan O’Brien
	
	 /s/ John Pescatore

	John Pescatore
	
	 /s/ Frank Creede

	Frank Creede
	
	 /s/ Richard Rohmann

	Richard Rohmann
	
	 /s/ Andrew Daskalakis

	Andrew Daskalakis
	
	 /s/ Peter Schiff

	Peter Schiff
	
	 /s/ John Sites

	John C. SitesEX-4.3

 EXHIBIT 4.3 

AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as
of October, 2010, by and among Pacific DataVision, a California corporation (the “Company”), the investors listed on Schedule A hereto (the “Investors,” each of which is herein referred to as an
“Investor”) and the persons listed on Schedule B hereto, each of whom is herein referred to as a “Prior Holder”). 

W I T N E S S E T H: 

WHEREAS, at one or more closings of the Company’s Series AA Preferred Stock financing (the
“Closings”), the Company proposes to issue, and certain of the Investors are planning to purchase, a total of up to 2,750,000 units (the “Units”), each Unit consisting of one share of Series AA
Preferred Stock of the Company (the “Series AA Preferred Stock”) and warrants to purchase two shares of Series AA Preferred Stock (the “Warrants”) pursuant to a Securities Purchase Agreement (the
“Purchase Agreement”); 
 WHEREAS, certain of the Investors are presently holders of
Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock of the Company; 
 WHEREAS,
the Company, certain of the Investors and the Prior Holders are parties to that certain Amended and Restated Investor Rights Agreement dated as of August 16, 2006 (the “2006 Rights Agreement”);  

WHEREAS, the Company and the Investors desire to amend and restate the 2006 Rights Agreement, among other things (i) to
reflect the issuance of the Units pursuant to the Purchase Agreement, the conversion of the Series B Preferred Stock and Series C Preferred Stock into Series AA Preferred Stock and the conversion or exchange of shares of Series A Preferred Stock
into Series AA Preferred Stock and, (ii) since all Investors have been offered the opportunity to purchase shares under the Purchase Agreement, to waive the participation rights set forth in the 2006 Rights Agreement as they would otherwise
apply to the Purchase Agreement; and 
 WHEREAS, as provided by the 2006 Rights Agreement, the Company and the holders of
Registrable Securities under the 2006 Rights Agreement have approved the amendments reflected in this Agreement and waived the participation rights set forth in the 2006 Rights Agreement, as evidenced by their signature hereon. 

 NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions
set forth herein, the parties hereto agree as follows: 
  

	1.	 General. 

1.1    Definitions. As used in this Agreement the following terms shall have the following
respective meanings: 
 (a)    “Charter” means the Company’s Amended and
Restated Articles of Incorporation dated on or about the date hereof, as the same may be amended from time to time. 

(b)    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(c)    “Form S-3” means such form under the Securities Act as in effect on the
date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

 (d)    “Holder” means any person owning of record Registrable Securities that
have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.10 hereof. 

(e)    “Initial Offering” means the firm commitment underwritten initial public
offering pursuant to an effective registration statement on Form S-1 (or a successor form) under the Securities Act of 1933, as amended, covering the offer and sale of the Company’s Common Stock to the public, for the account of the Company, at
an aggregate offering price of not less than $10,000,000 (prior to deducting any underwriting discounts and commissions). 

(f)    “Major Investor” means any Investor (including all affiliates thereof)
continuing to own not less than three hundred thousand (300,000) shares of Registrable Securities (as adjusted for stock splits, stock dividends, combinations and similar events). 

(g)    “Preferred Stock” means, collectively, the Series A Preferred Stock
and Series AA Preferred Stock. 
 (h)    “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such
registration statement or document. 
 (i)    “Registrable Securities” means
(a) Common Stock of the Company issued or issuable to Investors (or their permitted heirs, successors, transferees and assigns) upon conversion of the Series A Preferred Stock and Series AA Preferred Stock and (b) any Common Stock of the
Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such Series A Preferred Stock and
Series AA Preferred Stock. Notwithstanding the foregoing, Registrable Securities shall not include any securities sold by a 

  
 - 2 - 

 
person to the public either pursuant to a registration statement or Rule 144 or sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are
not assigned. 
 (j)    “Registrable Securities then outstanding” shall be the
number of shares determined by calculating the total number of shares of the Company’s Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or
convertible securities. 
 (k)    “Registration Expenses” means all expenses
incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and
the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

(l)    “SEC” or “Commission” means the Securities and
Exchange Commission. 
 (m)    “Securities Act” means the Securities Act of
1933, as amended. 
 (n)    “Selling Expenses” means all underwriting discounts,
selling commissions and reasonable fees and disbursements of a single special counsel for the Holders applicable to the sale. 

(o)    “Series A Preferred Stock” means the Company’s Series A Preferred
Stock. 
 (p)    “Series B Preferred Stock” means the Company’s Series B
Preferred Stock. 
 (q)    “Series C Preferred Stock” means the Company’s
Series C Preferred Stock. 
 (r)    “Special Registration Statement” means
(i) a registration statement relating to any employee benefit plan, or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, including any registration statements related to the resale
of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities. 

Capitalized terms used but not defined herein shall have the same meanings given such terms in the Purchase Agreement. 

  
 - 3 - 

	2.	 Registration; Restrictions on Transfer. 

2.1    Restrictions on Transfer. 

(a)    Each Holder agrees not to make any disposition of all or any portion of the Series AA Preferred
Stock or Registrable Securities unless and until: 
 (i)    there is then in effect a registration
statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 

(ii)    (A) the transferee has agreed in writing to be bound by the terms of this Agreement,
(B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if reasonably requested by the
Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will
not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require the transferee to be bound by the terms of this Agreement. 

Notwithstanding the provisions of paragraphs (i) and (ii) above, no such registration statement or opinion of
counsel shall be necessary for a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests, (B) a corporation transferring to a wholly owned subsidiary or a
parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their interest in the limited liability company, or (D) an individual
transferring to the Holder’s family member or trust for the benefit of an individual Holder; provided that in each case the transferee will be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder.

 (b)    Each certificate representing Series A Preferred Stock, Series AA Preferred Stock or
Registrable Securities shall (unless otherwise permitted by the provisions of the Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities
laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE
SECURITIES UNDER SUCH ACT, OR APPLICABLE STATE SECURITIES LAWS, OR AN 

  
 - 4 - 

 
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. 

(c)    The Company shall be obligated to reissue unlegended certificates promptly at the request of any
Holder thereof if the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of
without registration, qualification or legend. 
 (d)    Any legend endorsed on an instrument pursuant
to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2    Demand Registration. 

(a)    Subject to the conditions of this Section 2.2, if the Company shall receive a written request
from (i) in the case of the first request for registration under this Section 2.2, the Holders of a majority of the Registrable Securities then outstanding or (ii) in the case of a subsequent request for registration under this
Section 2.2, the Holders of not less than twenty-five percent (25%) of the Registrable Securities then outstanding (in either case, the “Initiating Holders”) that the Company file a registration statement under the Securities Act
covering the registration of at least twenty percent (20%) of the Registrable Securities then outstanding, then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and
subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered. 

(b)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred
to in Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this
Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities), then the Company shall so advise all Holders
of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such 

  
 - 5 - 

 
Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares
of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or
withdrawn from such underwriting shall be withdrawn from the registration. 
 (c)    The Company shall
not be required to effect a registration pursuant to this Section 2.2: 
 (i)    prior to the
earlier of (A) the third anniversary of the date of this Agreement or (B) twelve (12) months following the effective date of the registration statement pertaining to the Initial Offering; 

(ii)    if the Holders, together with the holders of any other securities of the Company entitled to
inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than seven million five hundred thousand dollars ($7,500,000); 

(iii)    after the Company has effected two (2) registrations pursuant to this Section 2.2, and
such registrations have been declared or ordered effective; 
 (iv)    during the period starting with
the date of filing of, and ending on the date one hundred eighty (180) days following, the effective date of the registration statement pertaining to the Initial Offering, provided that the Company makes reasonable good faith efforts to cause
such registration statement to become effective; 
 (v)    if within thirty (30) days of receipt
of a written request from Initiating Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for its Initial Offering within sixty (60) days; 

(vi)    if the Company shall furnish to Holders requesting a registration statement pursuant to this
Section 2.2, a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its shareholders for such registration
statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders, provided that such
right to delay a request shall be exercised by the Company not more than once in any twelve (12)-month period; 

(vii)    if the Initiating Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

(viii)    in any particular jurisdiction in which the Company would be required to qualify to do business
or to execute a general consent to service of process in 

  
 - 6 - 

 
effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 

2.3    Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in
writing at least twenty (20) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to
secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such
Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within twenty (20) days after the above-described notice from the Company, so notify the Company in
writing. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a)    Underwriting. If the registration statement under which the Company gives notice under this
Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.3 shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through
such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines
in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders of Registrable
Securities on a pro rata basis based on the total number of Registrable Securities held by such Holders; and third, to any shareholder of the Company (other than a Holder) on a pro rata basis. No such reduction shall reduce the amount of securities
of the selling Holders of Registrable Securities included in the registration below thirty-three percent (33%) of the total amount of securities included in such registration, unless such offering is the Initial Offering and such registration
does not include shares of any other selling shareholders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding sentence. If any Holder disapproves of the terms of any
such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership or corporation, the partners, retired partners and shareholders of such Holder, or the estates and family
members of any such partners and retired partners and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon
the aggregate 

  
 - 7 - 

 
amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b)    Right to Terminate Registration. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration
shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4    Form S-3
Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar
short-form registration statement and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 

(a)    promptly give written notice of the proposed registration, and any related qualification or
compliance, to all other Holders of Registrable Securities; and 
 (b)    as soon as practicable,
effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are
specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect more than four (4) such registrations under this Section 2.4, or any such registration, qualification or compliance pursuant to this
Section 2.4: 
 (i)    if Form S-3 is not available for such offering by the Holders; 

(ii)    if the Holders, together with the holders of any other securities of the Company entitled to
inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000); 

(iii)    if within thirty (30) days of receipt of a written request from any Holder or Holders
pursuant to this Section 2.4, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within sixty (60) days, other than pursuant to a Special Registration Statement; 

(iv)    if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of
Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its shareholders for such Form S-3 registration to be effected at such time, in
which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder

  
 - 8 - 

 
or Holders under this Section 2.4, provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12)-month period; 

(v)    if the Company has, within the twelve (12)-month period preceding the date of such request,
already effected a registration on Form S-3 for the Holders pursuant to this Section 2.4; or 

(vi)    in any particular jurisdiction in which the Company would be required to qualify to do business
or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 

(c)    Subject to the foregoing, the Company shall file a Form S-3 registration statement covering
the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be counted as demands for
registration or registrations effected pursuant to Sections 2.2 or 2.3, respectively. 

2.5    Expenses of Registration. Except as specifically provided herein, all Registration Expenses
incurred in connection with any registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by
the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the
request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or
(b) the Holders of a majority of Registrable Securities agree to forfeit their right to one requested registration pursuant to Section 2.2 or Section 2.4, as applicable, in which event such right shall be forfeited by all Holders). If
the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was
requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then the Holders shall not forfeit their rights pursuant to Section 2.2 or Section 2.4 to a demand
registration. 
 2.6    Obligations of the Company. Whenever required to effect the registration
of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    Prepare and file with the SEC a registration statement with respect to such Registrable Securities
and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to one
hundred twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed sixty
(60) days thereafter (the “Suspension Period”), the Company 

  
 - 9 - 

 
may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby agree not to offer or sell
any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that the Company may, in the absence of such delay or suspension hereunder, be required under state or federal
securities laws to disclose any corporate development the disclosure of which could reasonably be expected to have an adverse effect upon the Company, its shareholders, a potentially significant transaction or event involving the Company, or any
negotiations, discussions or proposals directly relating thereto. No more than one (1) such Suspension Period shall occur in any three (3) month period, and no more than two (2) such Suspension Periods shall occur in any twelve
(12) month period. In the event that the Company shall exercise its rights hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the
Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities proposed to be sold by the Initiating Holders, which
consent shall not be unreasonably withheld. If so directed by the Company, the Initiating Holders shall use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such
Initiating Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. The Company shall not be required to file, cause to become effective or maintain the effectiveness of any
registration statement that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b)    Prepare and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set
forth in paragraph (a) above. 
 (c)    Furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d)    Use its reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act. 

(e)    In the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

  
 - 10 - 

 (f)    Notify each Holder of Registrable Securities covered
by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use
reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing. 
 (g)    Use its reasonable
efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

2.7    Termination of Registration Rights. All registration rights granted under this
Section 2 shall terminate and be of no further force and effect five (5) years after the date of the Company’s Initial Offering. In addition, a Holder’s registration rights shall expire earlier if (a) the Company has
completed its Initial Offering and is subject to the provisions of the Exchange Act, (b) such Holder (together with its affiliates) holds less than 1% of the Company’s outstanding Common Stock (treating all shares of convertible Preferred
Stock on an as converted basis) and (c) all Registrable Securities held by and issuable to such Holder (and its affiliates) may be sold under Rule 144 during any ninety (90)-day period. 

2.8    Delay of Registration; Furnishing Information. 

(a)    No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying
any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

(b)    It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
effect the registration of their Registrable Securities. 
 2.9    Indemnification. In the event
any Registrable Securities are included in a registration statement under Section 2.2, 2.3 or 2.4: 

(a)    To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the
partners, officers and directors of each Holder, any underwriter (as 

  
 - 11 - 

 
defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses,
claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will pay as incurred to each such Holder, partner, officer, director, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this Section 2.9(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 

(b)    To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder
are included in the securities as to which such registration, qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the
meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses,
claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject
under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to
the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration;
and each such Holder will pay as incurred any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such
other Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Violation; provided, however, that the indemnity agreement contained in this
Section 2.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, 

  
 - 12 - 

 
which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.9 exceed the net proceeds from the offering received by such
Holder. 
 (c)    Promptly after receipt by an indemnified party under this Section 2.9 of notice
of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party
under this Section 2.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9. 

(d)    If the indemnification provided for in this Section 2.9 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by
applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder
hereunder exceed the net proceeds from the offering received by such Holder. 
 (e)    The obligations
of the Company and Holders under this Section 2.9 shall survive completion of any offering of Registrable Securities in a registration statement and the termination of this Agreement. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation. 

  
 - 13 - 

 2.10    Assignment of Registration Rights. The rights
to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities that (a) is a majority-owned subsidiary or a parent, general partner,
limited partner, retired partner, member or retired member, stockholder or shareholder of a Holder; (b) is a Holder’s family member or trust for the benefit of an individual Holder; (c) acquires at least five hundred thousand
(500,000) shares of Registrable Securities (as adjusted for stock splits and combinations); or (d) is an entity affiliated by common control (or other related entity) with such Holder; provided, however, that (i) the transferor shall,
within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such
transferee shall agree in writing to be subject to all restrictions set forth in this Agreement. 

2.11    Amendment of Registration Rights. Any provision of this Section 2 may be amended and
the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders of at least a majority of the Registrable Securities then
outstanding. Any amendment or waiver effected in accordance with this Section 2.11 shall be binding upon each Holder and the Company. By acceptance of any benefits under this Section 2, Holders of Registrable Securities hereby agree to be
bound by the provisions hereunder. 
 2.12    Limitation on Subsequent Registration Rights. Other
than as provided in Section 5.11, after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities then outstanding, enter into any agreement with any
holder or prospective holder of any securities of the Company that would grant such holder registration rights pari passu or senior to those granted to the Holders hereunder, other than the right to a Special Registration Statement. 

2.13    “Market Stand-Off” Agreement. Upon request of the representative of the
underwriters of Common Stock (or other securities) of the Company, each Holder of Registrable Securities hereby agrees that such Holder shall enter into a customary form of agreement not to sell, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) for a period
specified by the Company’s Board of Directors upon advice of the underwriters of Common Stock (or other securities) of the Company, such period not to exceed one hundred eighty (180) days following the effective date of a registration
statement of the Company filed under the Securities Act; provided, however, that: 
 (a)    such
agreement shall apply only to the Company’s Initial Offering; and 
 (b)    all officers,
directors and key employees of the Company and holders of at least one percent (1%) of the Company’s voting securities enter into similar agreements. 

  
 - 14 - 

 2.14    Agreement to Furnish Information. Each Holder
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.13 or that are necessary to give further effect thereto.
In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the
Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.13 and this
Section 2.14 shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one
hundred eighty (180)-day period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.13 and 2.14. The underwriters of the Company’s stock are intended third-party beneficiaries of
Sections 2.13 and 2.14 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

2.15    Rule 144 Reporting. With a view to making available to the Holders the benefits of certain
rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a)    make and keep public information available, as those terms are understood and defined in SEC
Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b)    file with the SEC, in a timely manner, all reports and other documents required of the Company
under the Exchange Act; and 
 (c)    so long as a Holder owns any Registrable Securities, furnish to
such Holder forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting
requirements); a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such
securities without registration. 
 2.16    Access to Executives. Upon ten (10) business
days advance notice to the Company for any Holder, the Company will make available its then-current Chief Executive Officer, Chief Financial Officer and Chief Operating Officer or equivalent function (the “Company
Executives”) for the purpose of participating in a reasonable number of “roadshow” presentations to financial analysts, investment banking personnel, securities brokers and dealers and prospective investors which may be
conducted from time to time in conjunction with the sale of some or all of the Holders’ Registrable Securities and as permitted by the Securities Act and the rules and regulations thereunder. While it is the intent of the parties that the
foregoing presentations be conducted at times and in places reasonably convenient to the Company 

  
 - 15 - 

 
Executives, the Company acknowledges that the Company Executives’ participation in the presentations may, and likely will, require some travel from the Company’s headquarters. 

 

	3.	 Covenants of the Company, Investors and Prior Holders. 

3.1    Basic Financial Information and Reporting. 

(a)    The Company will maintain true books and records of account in which full and correct entries will
be made of all its business transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied, and will set aside on its books all such proper accruals and
reserves as shall be required under generally accepted accounting principles consistently applied. 

(b)    As soon as practicable after the end of each fiscal year of the Company, and in any event within
ninety (90) days thereafter, the Company will furnish each Major Investor a balance sheet of the Company as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company for such year, all prepared in
accordance with generally accepted accounting principles consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be accompanied by a
report and opinion thereon by independent public accountants of national standing, which are in good standing with the SEC, selected by the Company’s Board of Directors. The Company shall also furnish drafts copies of such financial statements
to each Major Investor within forty-five (45) days after the end of each fiscal year of the Company. 

(c)    The Company will furnish each Major Investor: as soon as practicable after the end of each of the
first, second and third quarterly accounting periods in each fiscal year of the Company, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a statement of cash flows of the Company for such
period and for the current fiscal year to date. The Company will furnish to each Major Investor with reasonable promptness such other data and information as from time to time may be reasonably requested. 

(d)    In the event the Company fails to provide any of the reports or financial statements required by
Sections 3.1(b) and (c), any Major Investor may give the Company notice requesting immediate delivery of such reports. 

3.2    Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the
properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable
times during regular business hours with reasonable advance notice and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or
with respect to information which the Board of Directors determines in good faith is confidential and should not, therefore, be disclosed. 

  
 - 16 - 

 3.3    Confidentiality of Records. Each Investor
agrees to use, and to exercise commercially reasonable efforts to insure that its authorized representatives use, the same degree of care as such Investor uses to protect its own confidential information to keep confidential any information
furnished to it which the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may disclose such proprietary or confidential information to any partner,
subsidiary, parent or advisor of such Investor for the purpose of evaluating its investment in the Company as long as such partner, subsidiary, parent or advisor is advised of the confidentiality provisions of this Section 3.3 and agrees to
comply with such provisions. 
 3.4    Reservation of Common Stock. The Company will at all times
reserve and keep available, solely for issuance and delivery upon the conversion of the Series A Preferred and Series AA Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

3.5    Option Plans. The grant of stock options or sale of stock or other stock equivalents to
employees, directors, consultants and other service providers shall be made pursuant to the Company’s 2004 Stock Plan, 2010 Stock Plan or another Incentive Stock Option Plan, Stock Purchase Plan or similar plan approved and administered by the
Company’s Board of Directors. 
 3.6    Designation of Chief Executive Officer. The Company
and the Investors agree that, until such time as the Company hires a permanent Chief Executive Officer, the office of the Chief Executive Officer shall be held by the Company’s President which, as of the date of this Agreement, is John
Pescatore. 
 3.7    Meetings of the Board of Directors. Meetings of the Company’s Board of
Directors shall be held quarterly, unless and until directed otherwise by the Board of Directors. 

3.8    Visitation Rights. For so long as Peter Lasensky, Richard Rohmann and Frank Creede,
respectively, retain at least 993,514, 379,768 and 291,074 shares of Common Stock of the Company and options to purchase Common Stock of the Company (in each case as adjusted to reflect stock splits, stock dividends, combinations and similar
recapitalization events), the Company shall allow such individuals to attend all meetings of the Company’s Board of Directors in a nonvoting capacity; provided, however, that the Company reserves the right to exclude such individuals from
access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information or for
other similar reasons. For purposes of this Section 3.8, shares held by a spouse or member of such individual’s immediate family, a custodian, trustee (including a trustee of a voting trust), executor or other fiduciary for the account of
such individual spouse or members of such individual’s immediate family, or a trust for such individual’s benefit, shall be aggregated when calculating the applicable share ownership threshold. 

3.9    Confidentiality and Assignment of Inventions Agreements. The Company shall require all
employees and consultants to execute and deliver to the Company, prior to 

  
 - 17 - 

 
commencing employment with or services for the Company, as the case may be, a Confidentiality Agreement and an Assignment of Inventions Agreement. 

3.10    Assignment of Right of First Refusal. In the event the Company elects not to exercise any right of first
refusal or right of first offer the Company may have on a proposed transfer of any of the Company’s outstanding capital stock pursuant to the Company’s charter documents, by contract or otherwise, the Company shall, to the extent it may do
so, assign such right of first refusal or right of first offer to each Major Investor. In the event of such assignment, each Major Investor shall have a right to purchase its pro rata portion of the capital stock proposed to be transferred. Each
Major Investor’s pro rata portion shall be equal to the product obtained by multiplying (i) the aggregate number of shares proposed to be transferred by (ii) a fraction, the numerator of which is the number of shares of Registrable
Securities held by such Major Investor at the time of the proposed transfer and the denominator of which is the total number of shares owned by all Major Investors at the time of such proposed transfer. 

3.11    Approval. The Company shall not without the approval of a majority of the Board of Directors, with all
non-interested Directors voting, authorize or enter into any transactions with any director or management employee, or such director’s or employee’s immediate family or affiliates. 

3.12    Directors’ Liability and Indemnification. The Company’s Charter and Bylaws shall provide
(a) for elimination of the liability of directors to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law. In addition, subject to the
approval of the Board of Directors, the Company shall continue to maintain, during the term of this Agreement, directors’ and officers’ liability insurance. 

3.13    Election of Board of Directors. 

(a)    Until the earlier of (A) September 30, 2010 and (B) the effective date of the registration
statement pertaining to the Initial Offering, at each election of directors of the Company, the Investors and Prior Holders hereby consent and agree to vote in favor of the following persons all shares of outstanding voting capital stock of the
Company now held or subsequently acquired by the Investors or Prior Holders to elect: (i) four (4) nominees of the holders of Series C Preferred Stock and Series B Preferred Stock, voting together as a separate class, and (ii) three
(3) nominees of the holders of Series A Preferred and Common Stock (one of whom shall be the Chief Executive Officer of the Company), voting together as a separate class. If any vacancy shall occur on the Board of Directors, all parties hereto
shall take all necessary actions, including the holding of a meeting of the shareholders if required, to insure that the composition of the Board of Directors remains as set forth herein. 

(b)    After the earlier of (A) September 30, 2010 and (B) the effective date of the registration
statement pertaining to the Initial Offering, all members of the Company’s Board of Directors shall be elected by vote of the holders of Common and Preferred Stock, voting together as a single class on an as-if-converted basis, at each meeting
or pursuant to each consent of the Company’s stockholders for the election of directors. If any vacancy shall occur on the 

  
 - 18 - 

 
Board of Directors, all parties hereto shall take all necessary actions, including the holding of a meeting of the shareholders if required, to insure that the composition of the Board of
Directors remains as set forth herein. 
 3.14    Termination of Covenants. All covenants of the
Company contained in Section 3 of this Agreement shall expire and terminate in full upon the earlier of (i) the effective date of the registration statement pertaining to the Initial Offering, which results in the Series A Preferred Stock
and Series AA Preferred Stock being converted into Common Stock or (ii) upon (a) the sale, lease or other disposition of all or substantially all of the assets of the Company or (b) an acquisition of the Company by another corporation
or entity by consolidation, merger or other reorganization in which the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty
percent (50%) of the voting power of the corporation or other entity surviving such transaction, provided that this Section 3.14(ii)(b) shall not apply to a merger effected exclusively for the purpose of changing the domicile of the
Company (a “Change in Control”). 
  

	4.	 Rights of First Refusal. 

4.1    Subsequent Offerings. Each Investor shall have a right of first refusal to purchase its pro
rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Investor’s
pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Series A Preferred Stock and the Series AA Preferred Stock or
upon the exercise of any outstanding warrants or options) which such Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock
(including all shares of Common Stock issued or issuable upon conversion of the Series A Preferred Stock and the Series AA Preferred Stock or upon the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity
Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible, with or without consideration, into any Common Stock, Preferred Stock or
other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or
right. 
 4.2    Exercise of Rights. If the Company proposes to issue any Equity Securities, it
shall give each Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Investor shall have twenty (20) days from the giving of
such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity Securities to be
purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale
or to any Investor that is not an “accredited investor” within the meaning of Regulation D under the Securities Act. 

  
 - 19 - 

 4.3    Issuance of Equity Securities to Other Persons.
If not all of the Investors elect to purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Investors who do so elect and shall offer such Investors the right to acquire such unsubscribed
shares. The Investors shall have ten (10) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. If the Investors fail to exercise in full the rights of first
refusal, the Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the Investor’s rights were not exercised, at a price and upon general terms and conditions materially no more favorable to the
purchasers thereof than specified in the Company’s notice to the Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2,
the Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Investors in the manner provided above. 

4.4    Termination and Waiver of Rights of First Refusal. The rights of first refusal established
by this Section 4 shall not apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering or (ii) a Change in Control. The rights of first
refusal established by this Section 4 may be amended, or any provision waived (which amendment or waiver shall be binding and effective upon all Investors), with the written consent of Investors holding a majority of the Registrable Securities
held by all Investors, or as permitted by Section 5.6. 
 4.5    Transfer of Rights of First
Refusal. The rights of first refusal of each Investor under this Section 4 may be transferred to the same parties, subject to the same restrictions, as any transfer of registration rights pursuant to Section 2.10. 

4.6    Excluded Securities. The rights of first refusal established by this Section 4 shall
have no application to any of the following Equity Securities: 
 (a)    shares of Common Stock or
options to purchase Common Stock issued to directors, officers or employees of, or consultants to, the Company pursuant to the Company’s 2004 Stock Plan, 2010 Stock Plan or another Incentive Stock Option Plan, Stock Purchase Plan or similar
plan approved and administered by the Company’s Board of Directors; 
 (b)    any Equity Securities
that are issued by the Company pursuant to a firm commitment underwritten public offering registered under the Securities Act; 

(c)    shares of Common Stock issued upon conversion or exercise, as the case may be, of shares of
Preferred Stock, options, warrants or other convertible securities issued by the Company that are outstanding prior to the date of this Agreement; 

(d)    shares of Common Stock issued by the Company as a dividend or distribution on Preferred Stock; 

(e)    warrants issued to commercial lending institutions or equipment lessors in connection with
commercial credit agreements, equipment financings or similar transactions; 

  
 - 20 - 

 (f)    any Equity Securities issued for consideration other
than cash in connection with a merger, consolidation, acquisition or similar business combination approved by the Board of Directors; and 

(g)    any Equity Securities issued for consideration other than cash in connection with a joint venture,
strategic alliance or similar corporate partnering arrangement approved by the Board of Directors. 
  

	5.	 Miscellaneous. 

5.1    Governing Law. This Agreement shall be interpreted under the laws of the State of California
as applied to agreements among California residents, made and to be performed entirely within the State of California. THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES ARISING UNDER THIS AGREEMENT
AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING AS THE FINDER OF FACT. 

5.2    Survival. The representations, warranties, covenants and agreements made herein shall
survive any investigation made by any Holder and the closing of the transactions contemplated hereby. 

5.3    Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof
shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable
Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat
the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 

5.4    Entire Agreement. This Agreement contains the entire understanding of the parties hereto
with respect to the subject matter hereof and supersedes all other agreements between or among any of the parties with respect to the subject matter hereof. 

5.5    Severability. In case any provision of the Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

5.6    Amendment and Waiver. 

(a)    Except as otherwise expressly provided, this Agreement may be amended or modified only upon the
written consent of the Company and the holders of at least a majority of the Registrable Securities, which amendment shall be binding and effective upon all holders of Registrable Securities. 

  
 - 21 - 

 (b)    Except as otherwise expressly provided, the
obligations of the Company and the rights of the Holders under this Agreement may be waived only with the written consent of the holders of at least a majority of the Registrable Securities, which waiver shall be binding and effective upon all
holders of Registrable Securities. 
 (c)    For the purposes of determining the number of Holders or
Investors entitled to vote or exercise any rights hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

5.7    Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or
remedy accruing to any Holder upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any Holder’s part of any breach, default or
noncompliance under the Agreement or any waiver on such Holder’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either
under this Agreement, by law or otherwise afforded to Holders, shall be cumulative and not alternative. 

5.8    Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Schedule A hereto or at such other address as such party may designate by ten (10) days
advance written notice to the other parties hereto. 
 5.9    Attorneys’ Fees. In the event
that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party
under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

5.10    Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. 

5.11    Additional Investors. Notwithstanding anything to the contrary contained herein, if the
Company shall issue additional Units pursuant to the Purchase Agreement, any purchaser of such Units may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an
“Investor,” a “Holder” and a party hereunder. Notwithstanding anything to the contrary contained herein, if the Company shall issue Equity Securities in accordance with Section 4.6(e), (f) or (g) of this Agreement,
any 

  
 - 22 - 

 
purchaser of such Equity Securities may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an
“Investor,” a “Holder” and a party hereunder. 
 5.12    Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

5.13    2006 Rights Agreement. This Agreement replaces and supersedes the 2006 Rights Agreement.
The 2006 Rights Agreement is terminated and has no continuing force or effect as of the date of this Agreement. The Company and the Investors (constituting the holders of at least a majority of the outstanding Registrable Securities as defined in
the 2006 Rights Agreement) hereby agree that the right of first refusal pursuant to Section 4.1 of the 2006 Rights Agreement, and any similar preemptive right or right of first refusal, is waived with respect to the issuance of the Equity
Securities pursuant to the Purchase Agreement and the shares of Preferred Stock and/or Common Stock issuable upon conversion of such Equity Securities. 

5.14    Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated
entities or persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

[The Remainder of This Page Intentionally Left Blank] 

  
 - 23 - 

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

			
	COMPANY:
	
	    PACIFIC DATAVISION
		
	    By:	 	 /s/ John Pescatore

		 	Name: John C. Pescatore
		 	Title: President and CEO

 INVESTORS: 

Alicia Rygiel 

Amie & Robert Yabroff 

AMK International, Inc. 

Ann Poh 

Arthur L. Cahoon 

Benjamin & Susan Frishberg 

Brian D. McAuley 

Brian D. McAuley, as Trusteee for Beth Kathryn McAuley 

Brian D. McAuley, as Trusteee for Christian Brian McAuley 

Brian D. McAuley, as Trusteee for Mary Elizabeth McAuley 

Brian D. McAuley, as Trusteee for Tricia Florence McAuley 

Curtis A. Gulbro 

Darryl K. Korn, Trustee, Darryl K. Korn Living Trust U/A dated 12/14/91 

David Lasensky 

David Lasensky Irrevocable Trust 

Douglas Gardner 

Douglas Grissom 

Edward E. Hicks & Teresa Hicks-Nuzzi 

Eileen Gildea 

Elby Loyd 

Eric C. Mollman & Mary C. Mollman 

Eric Mollman 

Finch Family Trust Dated Nov. 23, 1987 

Frank Creede 

Glenn Carpenter 

Goolock Associates 

Halsey Family Tust 

James H. Dahl 

James M. Davidson Revocable Deed of Trust 9/1/99 

James Perry 

Jane McAuley 

John C. Pescatore 

John D. and Claudia J. Larsen 

John L. Smaha 

John Major 

John Sites Jr. 

Jonathan Butler 

Joseph Lasensky 

 Joseph Oakes 

Ken G. Secemski 

Las Aguillas Holdings, LLC (Account BW-53560) 

LeRoy Kirchner, Jr. 

Lisa and Barry Marks 

Lisa Giadini 

Lorenz Fischer-Zernin 

Marcus Rhodes 

Mark L. Creede 

Melanie Kirchner 

Mercedes Iglesias 

Michael Carey and Mary Carey 

Michelle K. Pescatore 

Morgan O’Brien 

Nextone, LLC 

Northwood Capital Partners, LLC 

Northwood Ventures, LLC 

Orhan Sadik-Khan 

Paul Finnegan 

Paul Mastroianni and Noreen Mastroianni 

Peter Joel Lasensky 

RaptorTrust u/a/d December 28, 2004 

Revocable Trust of Jack Markell 

Richard E. Rohmann, Trustee of the Richard E. Rohmann Trust, dated April 23, 1991 

Richard P. Miklau 

Richard Somers 

Robert A. Vickery 

Schabarum Family Trust 

SK Partners 

Southfield Communications 

Stan De Cosmo 

Stelca A. Somerville, Trustee of the Trust A/Somerville Family Trust dated February 27, 1980 

Steve Schreiber 

Sutton Family Trust dated 6-5-95 

TRG Consulting 

UBS Financial Services, Inc. as IRA Custodian for Joseph A Lozito, MD 

Ulrich E. Keller, Jr. and Anne L. Confair 

Wayland Hicks

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]