Document:

Exhibit 10.2

 

 

 

GUARANTY AGREEMENT

 

made by

 

IRG
MASTER HOLDINGS, LLC,

a Delaware limited liability company,

as Guarantor,

 

in favor of

 

AQUARIAN
CREDIT FUNDING LLC,

as Administrative Agent,

 

Dated
as of December 1, 2020

 

 

 

     

     

    

 

GUARANTY AGREEMENT

 

This
GUARANTY AGREEMENT (this “Guaranty”), dated as of December 1, 2020, is made by IRG MASTER
HOLDINGS, LLC, a Delaware limited liability company, having a mailing address at 11111 Santa Monica Boulevard, Suite 800,
Los Angeles, California 90025 (together with its permitted successors and assigns, “Guarantor”), in favor
of AQUARIAN CREDIT FUNDING LLC, as administrative agent (together with its successors and assigns in such capacity, hereinafter
referred to as “Administrative Agent”), having an address at 40 Tenth Avenue, 6th Floor,
New York, New York 10014.

 

RECITALS:

 

A. Pursuant
to that certain Term Loan Agreement (as the same may be amended, modified, supplemented or replaced from time to time, the “Loan
Agreement”), dated as of the date hereof, by and among Hall of Fame Resort & Entertainment Company, the
other Borrowers party thereto, the Lenders from time to time party thereto, and Administrative Agent, Lenders have agreed to extend
certain loan facilities and other financial accommodations (collectively, the “Loan”) to Borrowers, subject
to the terms and conditions contained in the Loan Agreement and the related Loan Documents. Capitalized terms used in this Guaranty
but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Loan Agreement.

 

B. The
Loan is secured by, among other things, certain Mortgages and other Security Documents made by Borrowers (together with all renewals,
modifications, increases and extensions of the same, the “Security Instrument”).

 

C. As
a condition to the making the Loan, Guarantor is required to execute and deliver to Administrative Agent this Guaranty.

 

D. Guarantor
hereby acknowledges that Guarantor is an Affiliate of Borrowers and will materially benefit from the Loan and the extensions of
credit and other accommodations under the Loan Agreement.

 

NOW,
THEREFORE, in consideration of the premises set forth herein and as an inducement for and in consideration of the agreement
of the Secured Parties making the Loan and other accommodations pursuant to the Loan Agreement, Guarantor hereby agrees, covenants,
represents and warrants to Administrative Agent, for the benefit of Administrative Agent and other Secured Parties, as follows:

 

1. Guaranteed
Obligations.

 

(a) As
used herein, the term “Guaranteed Obligations” means, subject to the Guarantor Liability Cap (as defined
in Section 1(b)), (1) the due and punctual payment of principal of, and interest (including any interest that,
but for the commencement of any proceeding under any Debtor Relief Laws, would have accrued) on, any and all fees, premiums on
and all expenses incurred in connection with the Obligations owed by any Borrower to any Lender, to Administrative Agent, or to
any other Secured Party in connection with the Loan Agreement or any other Loan Documents, and (ii) the due and punctual payment
of all other present or future Obligations owing by any Borrower to any Lender, to Administrative Agent, or to any other Secured
Party, including but not limited to principal, interest (including any interest that, but for the commencement of any proceeding
under any Debtor Relief Laws, would have accrued), and all costs and expenses that are owed under the Loan Documents

 

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(b) Notwithstanding
anything to the contrary contained in this Guaranty, Guarantor’s liability under this Guaranty shall not exceed a total of
$22,300,000 (the “Guarantor Liability Cap”).

 

2. Guaranty.

 

(a) Guarantor
hereby irrevocably, absolutely and unconditionally guarantees to Administrative Agent for the benefit of Administrative Agent and
the other Secured Parties, as a primary obligor and not merely as a surety, the full, prompt and complete payment and performance
when due of the Guaranteed Obligations.

 

(b) This
Guaranty covers the Guaranteed Obligations, whether presently outstanding or arising subsequent to the date hereof.

 

(c) All
sums payable to Administrative Agent for the benefit of Administrative Agent and the other Secured Parties under this Guaranty
shall be payable on demand and without reduction for any offset, claim, counterclaim or defense.

 

(d) [Intentionally
Omitted.]

 

(e) All
(i) payments, repayments and prepayments of the outstanding Obligations by Borrower or any other Person and/or (ii) amounts
realized from the Collateral and to be applied to the Obligations, shall, for purposes of this Section 2(e) be deemed
to be applied first to the portion of the Obligations which exceeds the Guarantor Liability Cap and thereafter to the outstanding
Obligations to reduce the Guarantor Liability Cap on a dollar-for-dollar basis.

 

3. Representations
and Warranties. Guarantor hereby represents and warrants to Administrative Agent and the other
Secured Parties as follows (which representations and warranties shall be given as of the date hereof and shall survive the execution
and delivery of this Guaranty):

 

(a) Organization,
Authority and Execution. Guarantor is a limited liability company, duly organized, validly existing, and in good standing
under the laws of the state of Delaware, and has all necessary power and authority to own its properties and to conduct its business
as presently conducted or proposed to be conducted and to enter into and perform this Guaranty and all other agreements and instruments
to be executed by Guarantor in connection herewith. This Guaranty has been duly executed and delivered by Guarantor.

 

(b) Enforceability.
This Guaranty constitutes a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally.

 

(c) No
Violation. The execution, delivery and performance by Guarantor of its obligations under this Guaranty does not and
will not violate any law, regulation, order, writ, injunction or decree of any court or governmental body, agency or other instrumentality
applicable to Guarantor, or result in a breach of any of the terms, conditions or provisions of, or constitute a default under,
or result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the assets
of Guarantor pursuant to the terms of any mortgage, indenture, agreement or instrument to which Guarantor is a party or by which
Guarantor or any of Guarantor’s properties is bound.

 

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(d) No
Litigation. There are no actions, suits or proceedings at law or at equity, pending or, to Guarantor’s knowledge,
threatened against or affecting Guarantor or which involve or might involve the validity or enforceability of this Guaranty or
which could materially and adversely affect the financial condition of Guarantor or the ability of Guarantor to perform any of
its obligations under this Guaranty. Guarantor is not in default beyond any applicable grace or cure period with respect to any
order, writ, injunction, decree or demand of any Governmental Authority which could materially and adversely affect the financial
condition of Guarantor or the ability of Guarantor to perform any of its obligations under this Guaranty.

 

(e) Consents.
All consents, approvals, orders or authorizations of, or registrations, declarations or filings with, all Governmental Authorities
(collectively, the “Consents”) that are required in connection with the valid execution, delivery and
performance by Guarantor of this Guaranty have been obtained, and Guarantor agrees that all Consents required in connection with
the carrying out or performance of any of Guarantor’s obligations under this Guaranty will be obtained when required.

 

(f) Financial
Information. Guarantor is not insolvent within the meaning of the United States Bankruptcy Code or any other applicable
law, code or regulation and the execution, delivery and performance of this Guaranty will not render Guarantor insolvent.

 

(g) Consideration.
Guarantor is the owner, directly or indirectly, of certain legal and beneficial equity interests in the Lead Borrower.

 

4. Unconditional
Character of Obligations of Guarantor.

 

(a) The
obligations of Guarantor hereunder shall be irrevocable, absolute and unconditional, irrespective of the validity, regularity or
enforceability, in whole or in part, of the other Loan Documents or any provision thereof, or the absence of any action to enforce
the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any Borrower, Guarantor
or any other Person or any action to enforce the same, any failure or delay in the enforcement of the obligations of any Borrower
under the other Loan Documents or Guarantor under this Guaranty, or any setoff, counterclaim, and irrespective of any other circumstances
which might otherwise limit recourse against Guarantor by Administrative Agent or constitute a legal or equitable discharge or
defense of a guarantor or surety. Administrative Agent may enforce the obligations of Guarantor under this Guaranty by a proceeding
at law, in equity or otherwise, independent of any loan foreclosure or similar proceeding or any deficiency action against any
Borrower or any other Person at any time, either before or after an action against the Property or any part thereof, Borrower or
any other Person. This Guaranty is a guaranty of payment and performance and not merely a guaranty of collection. Guarantor
waives diligence, notice of acceptance of this Guaranty, filing of claims with any court, any proceeding to enforce any provision
of any other Loan Document, against Guarantor, any Borrower or any other Person, any right to require a proceeding first against
any Borrower or any other Person, or to exhaust any security (including, without limitation, the Property) for the performance
of the Guaranteed Obligations or any other obligations of any Borrower or any other Person, or any protest, presentment, notice
of default or other notice or demand whatsoever (except to the extent expressly provided to the contrary in this Guaranty).

 

(b) The
obligations of Guarantor under this Guaranty, and the rights of Administrative Agent to enforce the same by proceedings, whether
by action at law, suit in equity or otherwise, shall not be in any way affected by any of the following:

 

(i) any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship, winding
up or other similar proceeding involving or affecting any Borrower, the Collateral or any part thereof, Guarantor or any other
Person;

 

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(ii) any
failure by Administrative Agent or any other Person, whether or not without fault on its part, to perform or comply with any of
the terms of the Loan Agreement, or any other Loan Documents, or any document or instrument relating thereto;

 

(iii) the
sale, transfer or conveyance of the Collateral or any interest therein to any Person, whether now or hereafter having or acquiring
an interest in the Collateral or any part thereof and whether or not pursuant to any foreclosure, trustee sale or similar proceeding
against any Borrower or the Collateral or any interest therein;

 

(iv) the
termination or discharge of any Security Instrument, the exercise of any power of sale or any foreclosure or the conveyance to
Administrative Agent, any Affiliate of Administrative Agent or any other Secured Party of the Collateral or any interest therein
by a deed-in-lieu of foreclosure;

 

(v) the
release of any Borrower or any other Person from the performance or observance of any of the agreements, covenants, terms or conditions
contained in any of the Loan Documents by operation of law or otherwise;

 

(vi) the
release in whole or in part of any collateral for any or all Guaranteed Obligations or for the Loan or any portion thereof;

 

(vii) any
action or inaction by Administrative Agent or any other Secured Party under or in respect of any of the Loan Documents, including
any failure to exercise, or any delay in exercising, any rights or remedies Administrative Agent or any other Secured Party may
have under this Guaranty or the other Loan Documents;

 

(viii) any
modification, supplement, extension, consolidation, restatement, waiver or consent provided by Administrative Agent or any other
Secured Party with respect to any of the Loan Documents, including, without limitation, the grant of extensions of time for payment
or performance;

 

(ix) the
accuracy or inaccuracy of the representations and warranties made by any Borrower, Guarantor or any other Person in any of the
Loan Documents; or

 

(x) the
existence of any claim, setoff, counterclaim, defense or other rights which Guarantor may have against any Borrower, Administrative
Agent or any other Secured Party or any other Person, whether in connection with the Loan or any other transaction.

 

(c) Except
as otherwise specifically provided in this Guaranty, Guarantor hereby expressly and irrevocably waives all defenses in an action
brought by Administrative Agent or any other Secured Party to enforce this Guaranty based on claims of waiver, release, surrender,
alteration or compromise and all setoffs, reductions, or impairments, whether arising hereunder or otherwise.

 

(d) Administrative
Agent or any other Secured Party may deal with any Borrower and Affiliates of any Borrower in the same manner and as freely as
if this Guaranty did not exist and shall be entitled, among other things, to grant any Borrower or any other Person such extension
or extensions of time to perform any act or acts as may be deemed advisable by Administrative Agent or any other Secured Party,
at any time and from time to time, without terminating, affecting or impairing the validity of this Guaranty or the obligations
of Guarantor hereunder.

 

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(e) No
compromise, alteration, amendment, modification, extension, renewal, release or other change of, or waiver, consent, delay, omission,
failure to act or other action with respect to, any liability or obligation under or with respect to, or of any of the terms, covenants
or conditions of, the Loan Documents shall in any way alter, impair or affect any of the obligations of Guarantor hereunder, and
Guarantor agrees that if any Loan Document is modified with Administrative Agent or any other Secured Party’s consent, the
Guaranteed Obligations shall automatically be deemed modified to include such modifications.

 

(f) Administrative
Agent or any other Secured Party may proceed to protect and enforce any or all of its rights under this Guaranty by suit in equity
or action at law, whether for the specific performance of any covenants or agreements contained in this Guaranty or otherwise,
or to take any action authorized or permitted under applicable law, and shall be entitled to require and enforce the performance
of all acts and things required to be performed hereunder by Guarantor. Each and every remedy of Administrative Agent or any other
Secured Party shall, to the extent permitted by law, be cumulative and shall be in addition to any other remedy given hereunder
or now or hereafter existing at law or in equity.

 

(g) No
waiver shall be deemed to have been made by Administrative Agent of any rights hereunder unless the same shall be in writing and
signed by Administrative Agent, and any such waiver shall be a waiver only with respect to the specific matter involved and shall
in no way impair the rights of Administrative Agent or any other Secured Party or the obligations of Guarantor to Administrative
Agent or any other Secured Party in any other respect or at any other time.

 

(h) At
the option of Administrative Agent or any other Secured Party, Guarantor may be joined in any action or proceeding commenced by
Administrative Agent or any other Secured Party against any Borrower in connection with or based upon any other Loan Documents
and recovery may be had against Guarantor in such action or proceeding or in any independent action or proceeding against Guarantor
to the extent of Guarantor’s liability hereunder, without any requirement that Administrative Agent or any other Secured
Party first assert, prosecute or exhaust any remedy or claim against any Borrower or any other Person, or any security for the
obligations of any Borrower or any other Person.

 

(i) Guarantor
agrees that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time any payment
is made by any Borrower or Guarantor to Administrative Agent or any other Secured Party and such payment is rescinded or must otherwise
be returned by Administrative Agent or any other Secured Party (as determined by Administrative Agent in its sole and absolute
discretion) upon insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, receivership, conservatorship,
winding up or other similar proceeding involving or affecting any Borrower or Guarantor, all as though such payment had not been
made.

 

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(j) In
the event that Guarantor shall advance or become obligated to pay any sums under this Guaranty or in connection with the Guaranteed
Obligations or in the event that for any reason whatsoever any Borrower, any other guarantor of all or any portion of the Loan,
or any subsequent owner of the Real Property or any part thereof is now, or shall hereafter become, indebted to Guarantor, Guarantor
agrees that (i) the amount of such sums and of such indebtedness and all interest thereon shall at all times be subordinate
as to lien, the time of payment and in all other respects to all sums, including principal and interest and other amounts, at any
time owed to Administrative Agent or any other Secured Parties under the Loan Documents, and (ii) Guarantor shall not be entitled
to enforce or receive payment thereof until all principal, interest and other sums due pursuant to the Loan Documents have been
indefeasibly paid in full in cash. Nothing herein contained is intended or shall be construed to give Guarantor any right of subrogation
in or under the Loan Documents or any right to participate in any way therein, or in the right, title or interest of Administrative
Agent or any other Secured Party in or to any collateral for the Loan, notwithstanding any payments made by Guarantor under this
Guaranty, until the actual and irrevocable receipt by Administrative Agent and the other Secured Parties of payment in full in
cash of all principal, interest and other sums due with respect to the Loan or otherwise payable under the Loan Documents. If any
amount shall be paid to Guarantor on account of such subrogation rights at any time when any such sums due and owing to Administrative
Agent or any other Secured Party shall not have been fully paid, such amount shall be paid by Guarantor to Administrative Agent
for credit and application against such sums due and owing to Administrative Agent and the other Secured Parties.

 

(k) Guarantor’s
obligations hereunder shall survive a foreclosure, deed-in-lieu of foreclosure or similar proceeding involving the Real Property
and the exercise by Administrative Agent or any other Secured Parties of any or all of its remedies pursuant to the Loan Documents.

 

5. [Intentionally
Omitted.]

 

6. Entire
Agreement/Amendments. This instrument represents the entire agreement between the parties with
respect to the subject matter hereof. The terms of this Guaranty shall not be waived, altered, modified, amended, supplemented
or terminated in any manner whatsoever except by written instrument signed by Administrative Agent and Guarantor.

 

7. Successors
and Assigns. This Guaranty shall be binding upon Guarantor and Guarantor’s successors and
permitted assigns, may not be assigned or delegated by Guarantor, and shall inure to the benefit of Administrative Agent, other
Secured Parties and their successors and assigns. Administrative Agent and the other Secured Parties shall have the right to assign,
delegate, pledge, participate or transfer their rights and obligations under this Guaranty without limitation, and any assignee
or transferee shall be entitled to all the benefits afforded to the Administrative Agent and the other Secured Parties under this
Guaranty.

 

8. Governing
Law.

 

(a) THIS
GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT TO THE LOAN AGREEMENT WERE DISBURSED
FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW,
GUARANTOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS
GUARANTY AND THE NOTE, AND THIS GUARANTY AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK PURSUANT TO § 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

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(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST ADMINISTRATIVE AGENT, ANY OTHER SECURED PARTY OR GUARANTOR ARISING OUT OF OR RELATING
TO THIS GUARANTY SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, IN THE STATE AND CITY OF NEW YORK AND GUARANTOR
WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND GUARANTOR
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR AGREES THAT SERVICE
OF PROCESS UPON GUARANTOR AT THE ADDRESS FOR GUARANTOR SET FORTH HEREIN AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED
TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY
SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. GUARANTOR (i) SHALL GIVE PROMPT NOTICE TO ADMINISTRATIVE AGENT OF
ANY CHANGE IN THE ADDRESS FOR GUARANTOR SET FORTH HEREIN, AND (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE AN AUTHORIZED
AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF
PROCESS). NOTWITHSTANDING THE FOREGOING, ADMINISTRATIVE AGENT OR ANY OTHER SECURED PARTY SHALL HAVE THE RIGHT TO INSTITUTE ANY
LEGAL SUIT, ACTION OR PROCEEDING FOR THE ENFORCEMENT OR FORECLOSURE OF THIS GUARANTY OR ANY LIEN ON ANY COLLATERAL FOR THE LOAN
IN ANY FEDERAL OR STATE COURT IN ANY JURISDICTION(S) THAT ADMINISTRATIVE OR SUCH SECURED PARTY MAY ELECT IN ITS SOLE AND ABSOLUTE
DISCRETION, AND GUARANTOR WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION
OR PROCEEDING, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.

 

(c) GUARANTOR
ACKNOWLEDGES AND AGREES THAT THIS GUARANTY IS AN “INSTRUMENT FOR THE PAYMENT OF MONEY ONLY,” WITHIN THE MEANING OF
NEW YORK CIVIL PRACTICE LAW AND RULES SECTION 3213.

 

9. Section
Headings. The headings of the sections and paragraphs of this Guaranty have been inserted for
convenience of reference only and shall in no way define, modify, limit or amplify any of the terms or provisions hereof.

 

10. Severability.
Any provision of this Guaranty which may be determined by any competent authority to be prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, Guarantor
hereby waives any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

 

11. WAIVER
OF TRIAL BY JURY. EACH OF ADMINISTRATIVE AGENT, EACH OTHER SECURED PARTY AND GUARANTOR HEREBY
WAIVES THE RIGHT OF TRIAL BY JURY IN ANY LITIGATION, ACTION OR PROCEEDING ARISING HEREUNDER OR IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS EACH INSTANCE AND EACH
ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH SECURED PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF
THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF TRIAL BY JURY BY GUARANTOR.

 

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12. Other
Guaranties. The obligations of Guarantor hereunder are separate and distinct from, and in addition
to, the obligations of Guarantor now or hereafter arising under any other guaranties, indemnification agreements or other agreements
to which Guarantor is now or hereafter becomes a party. In no event shall Guarantor be entitled to any credit against amounts due
under this Guaranty by reason of amounts paid to Administrative Agent or any other Secured Party by Guarantor or any other person
under or by reason of the other guaranties, indemnification agreements or other agreements to which Guarantor is now or hereafter
becomes a party; provided, however, under no circumstances shall the Secured Parties have duplicative recoveries for the
same item.

 

13. Notices.
All notices, consents, approvals and requests required or permitted hereunder (a “Notice”)
shall be given in writing and shall be effective for all purposes if either hand delivered with receipt acknowledged, or by a nationally
recognized overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt
requested, postage prepaid, or by email, provided that the recipient has acknowledged receipt by telephone and that a carbon copy
of such notice is sent concurrently by the other methods provided in this Section, in each case addressed as follows (or to such
other address or Person as a party shall designate from time to time by notice to the other party):

 

	 	To Guarantor:	IRG Master Holdings, LLC
	 	 	11111 Santa Monica Boulevard, Suite 800
	 	 	Los Angeles, California  90025
	 	 	Attention:  Stuart Lichter
	 	 	Telephone:  (310) 806-4434]
	 	 	E-mail:  SLichter@industrialrealtygroup.com
	 	 	 
	 	With copy to:	Fainsbert Mase Brown & Sussman, LLP
	 	 	11111 Santa Monica Boulevard, Suite 810
	 	 	Los Angeles, California  90025
	 	 	Attention:  Dean Sussman, Esq.
	 	 	Telephone:  (310) 473-6400
	 	 	E-mail:  DSussman@fms-law.com
	 	 	 
	 	To Administrative Agent:	Aquarian Credit Funding LLC
	 	 	40 Tenth Avenue, 6th Floor
	 	 	New York, New York  10014
	 	 	Attn: Ben Goodman, Esq.
	 	 	E-mail:  legal@aquarianlp.com
	 	 	 
	 	With copy to:	Skadden, Arps, Slate, Meagher & Flom LLP
	 	 	One Manhattan West
	 	 	New York, New York  10001
	 	 	Attention:  Harvey Uris, Esq.
	 	 	Telephone:  (212) 735-2212
	 	 	E-mail:  Harvey.Uris@skadden.com

 

A notice shall be deemed to
have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered
or the first attempted delivery on a Business Day; in the case of overnight delivery, upon the first attempted delivery on a Business
Day; or in the case of email, one (1) Business Day after delivery.

 

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14. Guarantor’s
Receipt of Loan Documents. Guarantor, by its execution hereof, acknowledges receipt of true copies
of all of the Loan Documents, the terms and conditions of which are hereby incorporated herein by reference.

 

15. Interest;
Expenses.

 

(a) If
Guarantor fails to pay all or any sums due hereunder upon demand by Administrative Agent or any other Secured Party, the amount
of such sums payable by Guarantor to Administrative Agent or any other Secured Party shall bear interest from the date of demand
until paid at the Default Rate in effect from time to time. The amounts payable under this Section 15(a) are in addition
to the Guaranteed Obligations and not subject to the Guarantor Liability Cap.

 

(b) Guarantor
hereby agrees to pay all reasonable out-of-pocket costs, charges and expenses, including reasonable attorneys’ fees and disbursements,
that may be incurred by Administrative Agent or any other Secured Party in enforcing the covenants, agreements, obligations and
liabilities of Guarantor under this Guaranty. The amounts payable under this Section 15(b) are in addition to the Guaranteed
Obligations and not subject to the Guarantor Liability Cap.

 

16. Joint
and Several Obligations. If Guarantor consists of more than one Person, each such Person shall
have joint and several liability for the obligations of Guarantor hereunder.

 

17. Termination.

 

(a) Subject
to Section 4(i), this Guaranty shall terminate, and the obligations of Guarantor hereunder (except for those obligations
expressly stated to survive the payment of the Debt), shall be of no further force and effect from and after the indefeasible payment
in full in cash of the Obligations.

 

(b) Subject
to Section 4(i), this Guaranty shall terminate, and the obligations of Guarantor hereunder (except for those obligations
expressly stated to survive the payment of the Debt), shall be of no further force and effect, in the event that (i) a Guarantor-Affiliated
Lender (as defined in Section 17(c)) consummates the Guarantor Loan Purchase in accordance with Section 17(c),
or (b) from and after the Closing Date, Borrowers have deposited in the Proceeds Account cash proceeds from Permitted Equity
Issuances and/or Permitted Indebtedness in an aggregate amount greater than or equal to $25,000,000 (excluding, for the avoidance
of doubt, the proceeds from part (a) of the definition of Nov 2020 Equity Raise, which proceeds will not be credited
towards such $25,000,000; provided, however, that cash proceeds received from the exercise, after the Closing Date, of the
warrants described in part (b) of the definition of Nov 2020 Equity Raise shall, so long as such cash proceeds are deposited
in the Proceeds Account, be credited towards such $25,000,000).

 

(c) Guarantor
and/or its Affiliates (such Person, the “Guarantor-Affiliated Lender”) shall have the right at any time,
on at least ten (10) days’ prior written notice to Administrative Agent, to purchase $22,300,000 of the principal amount
of the Loans from Lenders, in accordance with this Section 17(c), in the form of a purchase/sale transaction, a co-lender
arrangement, or a participation arrangement (any of the foregoing, the “Guarantor Loan Purchase”).
If a Guarantor-Affiliated Lender exercises the Guarantor Loan Purchase option, then:

 

(i) The
purchase price for such Loans shall be in an aggregate amount equal to (A) $22,300,000, plus (B) any accrued and unpaid
interest on such principal amount, plus (C) the Guarantor Yield Maintenance Payment (as defined in Section 17(c)(iii)),
and such purchase price shall be applied proportionately to each Lender’s Pro Rata Share of the Loans.

 

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(ii) The
Guarantor Loan Purchase, if exercised, shall be consummated pursuant to one or more written agreements reasonably acceptable to
Administrative Agent, Lenders and the Guarantor-Affiliated Lender in compliance with Section 10.04 of the Loan Agreement,
and shall be expressly made without recourse, representation or warranty of any kind by Administrative Agent or any Lender as to
the Obligations owed to such Person or otherwise, except that each such Person shall represent and warrant: (A) the amount
of the Obligations being sold by it, (B) that such Person has not created any Lien on any Obligation being sold by it and
(C) that such Person has the right to assign Obligations being assigned by it and its assignment is duly authorized.

 

(iii) As
used herein, “Guarantor Yield Maintenance Payment” means, (i) if the Guarantor Loan Purchase occurs
on a date that is within six (6) months after the Closing Date, $2,022,222.20, or (ii) if the Guarantor Loan Purchase occurs
on a date that is more than six (6) months after the Closing Date, $0.

 

18. Offsets,
Counterclaims and Defenses. Guarantor hereby waives the right to assert a counterclaim, other
than a compulsory counterclaim, in any action or proceeding brought against Guarantor by Administrative Agent or any other Secured
Party, or otherwise offset any obligations to make payments required under this Guaranty. Any assignee of Administrative Agent
or any other Secured Party’s interest in and to this Guaranty shall take the same free and clear of all offsets, counterclaims
or defenses which Guarantor may otherwise have against any assignor of this Guaranty, and no such offset, counterclaim or defense
shall be interposed or asserted by Guarantor in any action or proceeding brought by any such assignee upon this Guaranty, and any
such right to interpose or assert any such offset, counterclaim or defense in any such action or proceeding is hereby expressly
waived by Guarantor.

 

19. Punitive
Damages. Guarantor hereby unconditionally and irrevocably waives, to the maximum extent not prohibited
by applicable law, any rights it may have to claim or recover against Administrative Agent or any other Secured Party in any legal
action or proceeding any special, exemplary, punitive or consequential damages.

 

20. Time
of the Essence. Time is of the essence with respect to the performance and observance by Guarantor
of each covenant, agreement, provision and term of this Guaranty.

 

21. Duplicate
Originals; Counterparts. This Guaranty may be executed in any number of duplicate originals,
and each duplicate original shall be deemed to be an original. This Guaranty (and each duplicate original) also may be executed
in any number of counterparts, each of which shall be deemed an original and all of which together constitute a fully executed
Guaranty even though all signatures do not appear on the same document. Receipt of an executed signature page to this Guaranty
by facsimile, attachment to an email or other electronic transmission (e.g., “PDF” or “TIF”) shall constitute
effective delivery thereof. The parties hereto irrevocably and unreservedly agree that this Guaranty may be executed by way of
electronic signatures and that neither this Guaranty, nor any part or provision of this Guaranty, shall be challenged or denied
any legal effect, validity and/or enforceability solely on the grounds that it is in the form of an electronic record.

 

22. Civil
Code Waivers. Guarantor expressly waives any and all benefits, rights and/or defenses
which might otherwise be available to Guarantor under California Civil Code Sections 2787 to 2855, inclusive, and 2899, 2953 and
3433.

 

23. Document
Imaging. The Administrative Agent shall be entitled, in its sole discretion, to image or make
copies of all or any selection of the agreements, instruments, documents, and items and records governing, arising from or relating
to any of Borrowers’ loans, including, without limitation, this Guaranty and the other Loan Documents, and Administrative
Agent may destroy or archive the paper originals. The parties hereto (i) waive any right to insist or require that Administrative
Agent produce paper originals, (ii) agree that such images shall be accorded the same force and effect as the paper originals,
(iii) agree that Administrative Agent is entitled to use such images in lieu of destroyed or archived originals for any purpose,
including as admissible evidence in any demand, presentment or other proceedings, and (iv) further agree that any executed facsimile
(faxed), scanned, or other imaged copy of this Guaranty or any Loan Document shall be deemed to be of the same force and effect
as the original manually executed document.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

    10

     

    

 

IN
WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first above written.

 

	 	IRG MASTER HOLDINGS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	/s/ Stuart Lichter
	 	 	Name:  Stuart Lichter
	 	 	Title:  President

 

	

        A notary public or other officer completing
        this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and
        not the truthfulness, accuracy, or validity of that document.

 

	STATE OF CALIFORNIA	)
	 	)  ss.
	COUNTY OF LOS ANGELES	)

 

On November 30, 2020, before me, ____________________________________,
Notary Public, personally appeared Stuart Lichter, who proved to me on the basis of satisfactory evidence to be the person whose
name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that
by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of California that the foregoing paragraph is true and correct.

 

	WITNESS my hand and official seal.	(Seal)

 

 

 

[Signature Page to Recourse Guaranty]

 

11EX-4.1

 Exhibit 4.1 
  

 
 REGISTRATION RIGHTS AGREEMENT

 BY AND AMONG 

Petco Health and Wellness Company, Inc. 

AND 
 [Principal
Stockholder] 
 DATED AS OF
                        , 2020 
  

 

  
 1 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of                     , 2020, is made by and among: 

i. Petco Health and Wellness Company, Inc., a Delaware corporation (together with any predecessor entities, the “Company”);
and 
 ii.                     , a
                     (together with its Permitted Transferees, the “Principal Stockholder”) and, as of the date hereof, a wholly
owned subsidiary of Scooby LP, a Delaware limited partnership (“Scooby”). 
 RECITALS 

WHEREAS, the Company has effected the initial public offering (the “IPO”) of the Company’s Class A common stock,
par value $0.001 per share (the “Class A Common Stock”) and the transactions contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-                    ); 

WHEREAS, prior to the completion of the IPO, the Company was controlled by Scooby, an entity owned by certain funds advised and/or managed CVC
(as defined herein), Canada Pension Plan Investment Board, a Canadian company (together with its affiliates, “CPPIB”), and certain co-investors (“Scooby Equity Holders”); 

WHEREAS, in connection with the IPO, the Company, Scooby, and the Scooby Equity Holders effected a series of transactions prior to the IPO
through which certain direct equity interests in the Company were transferred to the Principal Stockholder (the “Pre-IPO Transactions”); 

WHEREAS, after giving effect to the Pre-IPO Transactions and upon completion of the IPO, the Principal
Stockholder will directly hold shares of the Company’s Class A Common Stock and shares of the Company’s Class B-1 common stock, par value $0.001 per share (the “Class B-1 Common Stock”), which, along with a corresponding number of shares of the Company’s Class B-2 common stock, par value $0.000001 per share (the
“Class B-2 Common Stock”), are convertible into an equal number of shares of the Company’s Class A Common Stock; 

WHEREAS, the Principal Stockholder has requested, and the Company has agreed to provide, registration rights with respect to the Registrable
Securities (as hereinafter defined) as set forth in this agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

  
 2 

 ARTICLE I 

EFFECTIVENESS 
 1.1
Effectiveness. This Agreement shall become effective upon the Closing. 
 ARTICLE II 

DEFINITIONS 
 2.1
Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “Adverse
Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board of Directors: (i) would be required to be made in any Registration Statement
filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does not contain 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 not misleading when the Company has a bona fide business purpose for preserving such information as confidential; (ii) would reasonably be expected to adversely affect or interfere with any material financing or other
material transaction under consideration by the Company; or (iii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement when the Company has a bona fide business purpose
for preserving such information as confidential. 
 “Affiliate” means, with respect to any specified Person, (a) any
Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. For purposes hereof, (a) the Company and its subsidiaries will not be deemed to be an
Affiliate of the Principal Stockholder or any of its parent entities and (b) in no event shall any Affiliate of the Principal Stockholder, CPPIB or CVC include any of their respective portfolio companies (as such term is commonly understood).
As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by
contract or otherwise. 
 “Agreement” shall have the meaning set forth in the preamble. 

“Beneficial Ownership” has the same meaning given to it in Section 13(d) under the Exchange Act and
the rules thereunder, except that, for purposes of this Agreement, (i) Beneficial Ownership shall not be attributed to any Person as a result of any “group” deemed to form as a result of the Stockholder’s Agreement (as defined
herein) and (ii) no Person shall be deemed to Beneficially Own any Common Stock to be issued upon the exercise of options, warrants, restricted stock units or similar rights granted pursuant to the Company’s equity compensation plans,
unless and until such shares are actually issued. The terms “Beneficially Own” and “Beneficial Owner” shall have correlative meanings. 

  
 3 

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

“Business Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required to close. 
 “Class A Common Stock” shall have the meaning set forth in
the recitals. 
 “Class B-1 Common Stock” shall have the meaning
set forth in the recitals. 
 “Class B-2 Common Stock” shall
have the meaning set forth in the recitals. 
 “Closing” means the closing of the IPO. 

“Closing Registrable Securities” means the total number of Registrable Securities as of the Closing, as adjusted for stock
splits, recapitalizations and similar transactions. 
 “Common Stock” means, collectively, all shares of Class A
Common Stock, Class B-1 Common Stock and Class B-2 Common Stock. 

“Conversion” means the conversion of shares of Class B-1 Common, together with
an equal number of shares of Class B-2 Common Stock, into an equal number of shares of Class A Common Stock pursuant to the Company’s Second Amended and Restated Certificate of Incorporation, as
it may be further amended from time to time. 
 “CPPIB” shall have the meaning set forth in the recitals. 

“CVC” means CVC as defined in the Stockholder’s Agreement. 

“Demand Notice” shall have the meaning set forth in Section 3.1(c). 

“Demand Registration” shall have the meaning set forth in Section 3.1(a)(i). 

“Demand Registration Request” shall have the meaning set forth in Section 3.1(a)(i). 

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

“FINRA” means the Financial Industry Regulatory Authority. 

“IPO” shall have the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act,
relating to an offer of the Registrable Securities. 
 “Loss” shall have the meaning set forth in
Section 3.9(a). 
 “Permitted Transferee” means Permitted Transferee as defined in the
Stockholder’s Agreement. 

  
 4 

 “Person” means and includes an individual, a corporation, a partnership, a
limited liability company, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing. 

“Piggyback Notice” shall have the meaning set forth in Section 3.3(a). 

“Piggyback Registration” shall have the meaning set forth in Section 3.3(a). 

“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Registrable Securities” means shall mean any Class A Common Stock currently owned or hereafter acquired by a party
hereto, including any Class A Common Stock that may be issued in connection with a Conversion. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (y) such securities shall have been transferred pursuant
to Rule 144, or (z) such securities shall have ceased to be outstanding. 
 “Registration” means registration under
the Securities Act of the offer and sale of shares of Class A Common Stock under a Registration Statement. The terms “register,” “registered” and “registering” shall have correlative meanings. 

“Registration Expenses” shall have the meaning set forth in Section 3.8. 

“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners, advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

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

  
 5 

 “Securities Act” means the Securities Act of 1933, as amended, and any
successor thereto, and any rules or regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Selling Stockholder Information” shall have the meaning set forth in Section 3.9(a). 

“Shelf Registration” means any Registration pursuant to Rule 415 under the Securities Act. 

“Shelf Registration Request” shall have the meaning set forth in Section 3.1(a)(ii). 

“Shelf Registration Statement” means a Registration Statement filed with the SEC pursuant to Rule 415 under the Securities
Act. 
 “Shelf Takedown Request” shall have the meaning set forth in Section 3.2(a). 

“Stockholder’s Agreement” means the Stockholder’s Agreement, dated the date hereof, by and among (i) the
Company and (ii) the Principal Stockholder. 
 “Suspension” shall have the meaning set forth in
Section 3.1(f). 
 “Trading Day” means a day on which the principal U.S. securities exchange on
which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the Class A Common Stock is not listed or admitted to trading
on such an exchange, Trading Day shall mean a Business Day. 
 “Transfer” means, with respect to any Registrable Security,
any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option
or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Offering” means an underwritten offering, including any bought deal or block sale to a financial institution
conducted as an Underwritten Offering. 
 “Underwritten Shelf Takedown” means an Underwritten Offering pursuant to an
effective Shelf Registration Statement. 
 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer
as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

2.2 Other Interpretive Provisions. 

(i) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

  
 6 

 (ii) The words “hereof,” “herein,” “hereunder”
and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(iii) The term “including” is not limiting and means “including without limitation.” 

(iv) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation
of this Agreement. 
 (v) Whenever the context requires, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms. 
 ARTICLE III 

REGISTRATION RIGHTS 
 The Company
will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to them. The Principal Stockholder will perform and comply with such of the following provisions as are
applicable thereto. 
 3.1 Demand Registration. 

(a) Request for Demand Registration. 

(i) Following the occurrence of the IPO, subject to Section 3.4, the Principal Stockholder shall have
the right to make a written request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by the Principal Stockholder (a “Demand
Registration”). 
 (ii) Each Demand Registration Request shall specify (w) the aggregate amount of Registrable
Securities proposed to be registered, (x) the intended method or methods of disposition thereof and (y) whether the Demand Registration Request is for an Underwritten Offering or a Shelf Registration (a “Shelf Registration
Request”). 
 (iii) If a Demand Registration Request is for a Shelf Registration, and the Company is eligible to
file a Registration Statement on Form S-3, the Company shall promptly file with the SEC a shelf Registration Statement on Form S-3 pursuant to Rule 415 under the
Securities Act relating to the offer and sale of Registrable Securities from time to time in accordance with the intended methods of distribution, subject to all applicable provisions of this Agreement. 

(iv) If the Demand Registration Request is for a Shelf Registration and the Company is not eligible to file a Registration
Statement on Form S-3, the Company shall promptly file with the SEC a Shelf Registration Statement on Form S-1 or any other form that the Company is then permitted to
use pursuant to Rule 415 under the Securities Act (or such other Registration Statement as the Board of Directors may determine to be appropriate) relating to the offer and sale of Registrable Securities from time to time in accordance with the
intended methods of distribution. 

  
 7 

 (v) If on the date of the Shelf Registration Request the Company is a WKSI,
then any Shelf Registration Statement may (if the Board of Directors determines it to be appropriate to do so) include an unspecified amount of Registrable Securities to be sold by unspecified beneficial holders; if on the date of the Shelf
Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. 

(b) Limitation on Registrations. The Company shall not be obligated to take any action to effect any Demand Registration if (i) a
Demand Registration or Piggyback Registration was declared effective or an Underwritten Offering was consummated by either the Company or the Principal Stockholder within the preceding 90 days; (ii) the Company has filed another Registration
Statement (other than on Form S-8 or Form S-4 or any successor thereto) that has not yet become effective; (iii) the value of the Registrable Securities proposed to
be sold is not reasonably expected (in the good faith judgment of the Board of Directors) to yield net proceeds of at least $25 million, in the case of a Shelf Registration on Form S-3, or in the case of an
Underwritten Offering, of at least $50 million; provided, that, for the purposes of clauses (i) and (ii), any Registration Statement withdrawn pursuant to Section 3.1(c) shall not affect the Company’s obligation
to effect any Demand Registration. 
 (c) Demand Withdrawal. The Principal Stockholder may withdraw all or any portion of the
Registrable Securities from any registration requested pursuant to Section 3.1(a) at any time prior to the effectiveness of the applicable Registration Statement by delivering written notice to the Company. Upon
receipt of a notice or notices withdrawing (i) all of the Registrable Securities included in that Registration Statement or (ii) a number of such Registrable Securities so as to cause the expected net proceeds to fall below the applicable
threshold set forth in Section 3.1(b), the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. 

(d) Effectiveness. 

(i) The Company shall use reasonable best efforts to cause any Registration Statement filed by it pursuant to this Agreement to
become effective as promptly as practicable, subject to all applicable provisions of this Agreement. 
 (ii) The Company
shall use reasonable best efforts to keep any Shelf Registration Statement filed on Form S-3 continuously effective under the Securities Act to permit the Prospectus forming a part of it to be usable by the
Principal Stockholder until the earlier of: (A) the date as of which all Registrable Securities have been sold pursuant to that Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior
to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); (B) any date reasonably determined by the Board of Directors of the Company to be appropriate, excluding any date that is fewer than 180
days after the effectiveness of the Registration Statement; and (C) the third anniversary of the effectiveness of the Registration Statement. 

  
 8 

 (iii) If the Registration Statement filed is a Shelf Registration Statement
on any form other than Form S-3 and such Registration Statement was not filed in connection with an Underwritten Offering, the Company shall use reasonable best efforts to keep the Registration Statement
continuously effective under the Securities Act until such time as the Company is eligible to file a Shelf Registration Statement filed on Form S-3 covering the Registrable Securities thereon or such shorter
period during which all Registrable Securities included in the Registration Statement have actually been sold. 
 (iv) If the
Registration Statement filed is a Shelf Registration Statement on any form other than Form S-3 and such Registration Statement was filed in connection with an Underwritten Offering, the Company shall use
reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act, for a period of at least 180 days after the effective date thereof or such other period as the underwriters for any Underwritten Offering may
determine to be appropriate, or such shorter period during which all Registrable Securities included in the Registration Statement have actually been sold; provided that such period shall be extended for a period of time equal to the period the
Principal Stockholder may be required to refrain from selling any securities included in the Registration Statement at either the request of the Company or an underwriter of the Company pursuant to the provisions of this Agreement. 

(e) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Registration Statement at
any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Principal Stockholder, delay the filing or initial effectiveness of, or suspend use of, the Registration
Statement (a “Suspension”); provided, however, that the Company shall use its reasonable best efforts to avoid exercising a Suspension (i) for a period exceeding 60 days on any one occasion or (ii) for an
aggregate of more than 120 days in any 12-month period. In the case of a Suspension, the Principal Stockholder agrees to suspend use of the applicable Prospectus in connection with any sale or purchase, or
offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Principal Stockholder in writing upon the termination of any Suspension. The Company shall, if necessary, amend
or supplement the Prospectus so it does not contain any untrue statement or omission and furnish to the Principal Stockholder such numbers of copies of the Prospectus as so amended or supplemented as the Principal Stockholder may reasonably request.
The Company shall, if necessary, supplement or amend the Registration Statement, if required by the registration form used by the Company for the Registration Statement or by the instructions applicable to such registration form or by the Securities
Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Principal Stockholder. 
 (f) Priority of
Securities in Underwritten Offerings. If the managing underwriter or underwriters of any proposed Underwritten Offering advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the
proposed offering exceeds the number that can be sold in that offering without being likely to 

  
 9 

 
have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable Securities to be included shall be
reduced to number of other securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect. 

(g) Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering hereunder unless that Person agrees
to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in customary form and completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements, and other documents required under the terms of the underwriting arrangements; provided that no Person shall be required to make representations and warranties other than those related to title and ownership of
their shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and conformity with written information furnished to the Company or the managing
underwriter by such Person. 
 3.2 Shelf Takedowns. At any time the Company has an effective Shelf Registration Statement with respect
to Registrable Securities, the Principal Stockholder, by notice to the Company specifying the intended method or methods of disposition thereof, may make a written request (a “Shelf Takedown Request”) that the Company effect an
Underwritten Shelf Takedown of all or a portion of the Registrable Securities that are registered on such Shelf Registration Statement, and as soon as practicable thereafter, the Company shall amend or supplement the Shelf Registration Statement as
necessary for such purpose, subject to all applicable provisions of this Agreement. 
 3.3 Piggyback Registration. 

(a) Participation. If the Company at any time proposes to file a Registration Statement under the Securities Act or to conduct a Public
Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration on Form S-4 or Form S-8 or any successor form to such forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company
or its subsidiaries pursuant to any employee stock plan, employee stock purchase plan, or other employee benefit plan arrangement, (iv) a Registration solely for the registration of securities issuable upon the conversion, exchange or exercise
of any then outstanding security of the Company or (v) a Registration relating to a dividend reinvestment plan), then as soon as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such Registration
Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to
the Principal Stockholder, and such Piggyback Notice shall offer the Principal Stockholder the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities the Principal
Stockholder may request in writing (a “Piggyback Registration”). Subject to Section (b), the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that
are requested to be included therein within five Business Days after the receipt by the Principal Stockholder of any such notice; provided, however, that if at any time after giving 

  
 10 

 
written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or
trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall give written notice of such determination
to the Principal Stockholder and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering
(but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of the Principal Stockholder under Section 3.1 or an Underwritten Shelf Takedown, as the case
may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling
any Registrable Securities. The Principal Stockholder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to
withdraw prior to such Registration the securities being registered in such Piggyback Registration. 
 (b) Priority of Piggyback
Registration. If the managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the Principal Stockholder in writing that, in its or their opinion, the
number of securities that the Principal Stockholder and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or
distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and
(ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse
effect, with such number to be allocated to the Principal Stockholder and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for
inclusion in such Registration. 
 (c) No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant
to a request under this Section 3.3 shall be deemed to have been effected pursuant to Section 3.1 or shall relieve the Company of its obligations under Section 3.1. 

3.4 Lock-Up Agreements. In connection with each Registration or sale of Registrable Securities
pursuant to Section 3.1 or 3.3 conducted as an Underwritten Offering, to the extent required by the applicable managing underwriter, the Principal Stockholder agrees hereby not to, and agrees to execute and deliver a
lock-up agreement with the underwriter(s) of such Public Offering restricting its right to, (a) transfer, directly or indirectly, any equity securities of the Company, or (b) enter into any swap or
other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus relating to such Public Offering and ending on the date specified by the
underwriters (such period not to exceed 90 days), in each case, excluding transfers pursuant to any carve-outs in the applicable lock-up agreement. The terms of such
lock-up agreements shall be negotiated among the Principal Stockholder, the Company and the underwriters and 

  
 11 

 
shall include customary carve-outs from the restrictions on Transfer set forth therein (it being understood and agreed that the parties shall use commercially reasonable efforts to negotiate
carve-outs that would permit any conversion of Class A Common Stock into Class B-1 Common Stock and Class B-2 Common Stock in accordance with the
Company’s Second Amended and Restated Certificate of Incorporation, as it may be further amended from time to time, including any related issuance of the converted Class B-2 Common Stock to any
Principal Holder (as defined under such certificate of incorporation)). 
 3.5 Registration Procedures. 

(a) Requirements. In connection with the Company’s obligations under Sections 3.1 and 3.3, the Company shall use its
reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection
therewith the Company shall use its reasonable best efforts to: 
 (i) as promptly as practicable, prepare the required
Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto,
(x) furnish to the underwriters, if any, and to the Principal Stockholder, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and the Principal Stockholder and their respective
counsel, (y) make such changes in such documents concerning the Principal Stockholder prior to the filing thereof as it, or its counsel, may reasonably request and (z) except in the case of a Registration under
Section 3.3, not file any Registration Statement or Prospectus or amendments or supplements thereto to which the Principal Stockholder, or the underwriters, if any, shall reasonably object; 

(ii) prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements
to the Prospectus as may be (x) reasonably requested by the Principal Stockholder with Registrable Securities covered by such Registration Statement or (y) necessary to keep such Registration Statement effective for the period of time
required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method
or methods of disposition by the sellers thereof set forth in such Registration Statement; 
 (iii) notify the Principal
Stockholder and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC,
or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the

  
 12 

 
Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes,
(d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to
the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(iv) promptly notify the Principal Stockholder and the managing underwriter or underwriters, if any, when the Company becomes
aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes
information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply
with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the Principal Stockholder and the managing underwriter or underwriters, if any, an amendment or supplement to
such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance; 

(v) to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company
files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner
by identifying the initial offering of the securities to the Principal Stockholder) in order to ensure that the Principal Stockholder may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement
rather than a post-effective amendment; 
 (vi) prevent, or obtain the withdrawal of, any stop order or other order or notice
preventing or suspending the use of any preliminary or final Prospectus; 
 (vii) promptly incorporate in a Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the Principal Stockholder agree should be included therein relating to the plan of distribution with respect to
such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such
Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

  
 13 

 (viii) furnish to the Principal Stockholder and each underwriter, if any,
without charge, as many conformed copies as the Principal Stockholder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements
and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

(ix) deliver to the Principal Stockholder and each underwriter, if any, without charge, as many copies of the applicable
Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as the Principal Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable
Securities by the Principal Stockholder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by the Principal Stockholder and the underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto); 

(x) on or prior to the date on which the applicable Registration Statement becomes effective, use its commercially reasonable
efforts to register or qualify, and cooperate with the Principal Stockholder, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for
offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as the Principal Stockholder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and
do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1, as applicable, provided that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi) cooperate with the Principal Stockholder and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters may request prior to any sale of Registrable Securities to the underwriters; 
 (xii) cause the Registrable
Securities covered by the applicable Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if
any, to consummate the disposition of such Registrable Securities; 
 (xiii) make such representations and warranties to the
Principal Stockholder, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken; 

  
 14 

 (xiv) enter into such customary agreements (including underwriting and
indemnification agreements) and take all such other actions as the Principal Stockholder or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable
Securities; 
 (xv) in the case of an Underwritten Offering, obtain for delivery to the underwriter or underwriters, if any,
an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such underwriters and their counsel; 

(xvi) in the case of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter or underwriters,
with copies to the Principal Stockholder included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and
covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting
agreement; 
 (xvii) cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii) comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security
holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xix) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement; 
 (xx) to cause all Registrable Securities covered by the applicable Registration
Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted. 

(xxi) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any underwriter
participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by any such underwriter, all pertinent financial and other records and pertinent corporate documents and
properties of the Company, and cause all of the 

  
 15 

 
Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the
Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement; 

(xxii) in the case of an Underwritten Offering, cause the senior executive officers of the Company to participate in the
customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated
herein and customary selling efforts related thereto; 
 (xxiii) take no direct or indirect action prohibited by Regulation M
under the Exchange Act; and 
 (xxiv) take all such other commercially reasonable actions as are necessary or advisable in
order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 
 (b)
Company Information Requests. The Company may require the Principal Stockholder to furnish to the Company such information regarding the distribution of such securities and such other information relating to the Principal Stockholder as the
Company may from time to time reasonably request in writing and the Company may delay the applicable Registration until such time as such information is furnished by the Principal Stockholder. The Principal Stockholder agrees to furnish such
information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

(c) Discontinuing Registration. The Principal Stockholder agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3.5(a)(iv), it will discontinue disposition of Registrable Securities pursuant to such Registration Statement until receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3.5(a)(iv), or until it is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by
reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, the Principal Stockholder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in its
possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be
maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement
either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5(a)(iv) or is advised in writing by the Company that the use of the Prospectus may be resumed. 

  
 16 

 3.6 Underwritten Offerings. 

(a) Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Offering, pursuant to a Registration or sale
under Section 3.1, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the Principal Stockholder and the
underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in
Section 3.9. The Principal Stockholder shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof,
and such parties shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. The Principal Stockholder shall not be
required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding itself, its title to the Registrable Securities, the intended method of
distribution and any other representations as are generally prevailing in agreements of that type, and the aggregate amount of the liability of the Principal Stockholder under such agreement shall not exceed the aggregate amount of proceeds received
by such parties from the sale of Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

(b) Piggyback Registrations. If the Company proposes to register or sell any of its securities under the Securities Act as contemplated
by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by the Principal Stockholder pursuant to Section 3.3, and subject to the
provisions of Section 3.3(b), use its commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the
Registrable Securities to be offered and sold by the Principal Stockholder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Principal Stockholder shall be party to the underwriting
agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements.
The Principal Stockholder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding itself, its title to the Registrable
Securities, the intended method of distribution and any other representations as are generally prevailing in agreements of that type, and the aggregate amount of the liability of the Principal Stockholder under such agreement shall not exceed the
aggregate amount of proceeds received by such parties from the sale of Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

(c) Selection of Underwriters. In the case of an Underwritten Offering under Section 3.1 or
Section 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Principal Stockholder; provided that such underwriter or underwriters shall be reasonably acceptable to the Company
and the Board of Directors. 

  
 17 

 3.7 No Inconsistent Agreements. Neither the Company nor any of its subsidiaries shall
hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Principal Stockholder by this Agreement. 

3.8 Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by
the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or
“Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger,
telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses), (iv) all fees and disbursements of
counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such
performance), (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vi) all fees and expenses
of any special experts or other Persons retained by the Company in connection with any Registration or sale, (vii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal
or accounting duties) and (viii) all expenses related to the “road show” for any Underwritten Offering (including the reasonable out-of-pocket expenses of
the Principal Stockholder and underwriters, if so requested). All such expenses are referred to herein as “Registration Expenses.” The Company shall not be required to pay any fees and disbursements to underwriters not customarily
paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

3.9 Indemnification. 
 (a)
Indemnification by the Company. The Company shall indemnify and hold harmless, to the full extent permitted by law, the Principal Stockholder, each shareholder, member, limited or general partner of the Principal Stockholder, each
shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of any of the foregoing entities’ respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and
each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities
and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or
supplement thereto or any documents incorporated by reference therein), or (ii) 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 case of a
Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading; provided, that the Principal Stockholder shall not be entitled to indemnification pursuant to this
Section 3.9(a) in respect of any untrue statement or omission 

  
 18 

 
contained in any information relating to such party furnished in writing by such party to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity
therewith (such information, “Selling Stockholder Information”). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such party or any indemnified party and shall survive the Transfer of such securities by such party and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Principal
Stockholder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons
(within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties. 

(b) Indemnification by the Principal Stockholder. The Principal Stockholder agrees to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material
fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or
any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of
the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in the Selling Stockholder Information. In no event shall the liability of the
Principal Stockholder hereunder be greater in amount than the dollar amount of the proceeds from the sale of Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but
before expenses, less any amounts paid by the Principal Stockholder pursuant to Section 3.9(d) and any amounts paid by the Principal Stockholder as a result of liabilities incurred under the underwriting agreement, if any,
related to such sale. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its
obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees
and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim
within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon
advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to 

  
 19 

 
those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and
the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, then no indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its
prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9(c), in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of
more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different
from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified
parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

(d) Contribution. If for any reason the indemnification provided for in Sections 3.9(a) and (b) is unavailable to an
indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Sections 3.9(a) and (b)), then the indemnifying party shall contribute
to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in
connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the
indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any 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 the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section 3.9(d). 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 

  
 20 

 
guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9(a) and (b) shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 3.9(d), in connection with any Registration Statement filed by the Company, the Principal Stockholder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of
its Registrable Securities in the offering giving rise to such contribution obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by the Principal Stockholder pursuant to
Section 3.9(b) and any amounts paid by the Principal Stockholder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this
Section 3.9, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.9(a) and (b) hereof without regard to the provisions of this
Section 3.9(d). The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in
equity. 
 3.10 Section 4(a)(7) and Rule 144. The Company shall file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of the Principal Stockholder, make publicly available
such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Section 4(a)(7) of the Securities Act or Rule 144 promulgated under the Securities Act, as such rules may be
amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as the Principal Stockholder may reasonably request, all to the extent required from time to time to enable the Principal
Stockholder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Section 4(a)(7) of the
Securities Act or Rule 144 promulgated under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of the Principal Stockholder, the Company
will deliver to a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 3.11
Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration
Statement become effective by a specified date by designating, by notice to the Principal Stockholder, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration
Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities
laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify the Principal Stockholder as selling stockholders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To
the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration

  
 21 

 
Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence,
such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence. 

3.12 Company Stockholder Information. Upon the request of the Principal Stockholder, the Company shall furnish to the Principal
Stockholder a list of beneficial owners of the Company’s Common Stock and their jurisdictions of residence with sufficient detail to determine the percentage of the Company’s Common Stock beneficially owned by residents of Canada (based on
inquiries consistent with Rule 14a-13 under the Exchange Act). In addition, the Company hereby agrees to use its commercially reasonable efforts to provide any required documentation to the Canadian securities
regulatory authorities as may be required by the Principal Stockholder in order to facilitate the resale of any securities of the Company beneficially owned by CPPIB pursuant to applicable Canadian securities laws. 

3.13 Repurchases by the Company. The Company shall not repurchase, redeem or otherwise acquire any of its securities from the Principal
Stockholder (or make any offer to do so) unless such repurchase, redemption, acquisition or offer is structured and conducted in compliance with any applicable Canadian securities laws (including Canadian issuer bid requirements applicable to the
Company). 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on
behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the
parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

4.2 Notices. Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in
writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows: 

If to the Company to: 
 Petco
Health and Wellness Company, Inc. 
 10850 Via Frontera 

San Diego, California 92127 

Telephone: (858) 453-7845 

Attention: Chief Legal Officer 

  
 22 

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

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, NY
10166 
 Telephone: (212) 351-4000 

Facsimile: (212) 351-4035 

Attention: Andrew Fabens 
 If to
the Principal Stockholder, to the address on file in the Company’s records. 
 Notice to the holder of record of any Registrable
Securities shall be deemed to be notice to the holder of such securities for all purposes hereof. 
 Unless otherwise specified herein, such
notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not
delivered on a Business Day, on the first Business Day thereafter and (iii) two Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to
each of the other parties hereto. 
 4.3 Termination and Effect of Termination. This Agreement shall terminate upon the date on which
the Principal Stockholder no longer holds any Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach
or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with
respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 
 4.4
Permitted Transferees. The rights of the Principal Stockholder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee. Without
prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the
assignment is being made, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A
Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4.

 4.5 Remedies. The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any
breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be
entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the
exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement 

  
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shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor
shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

4.6 Amendments. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its
terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Principal Stockholder. Each such amendment, modification,
extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

4.7 Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof
shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws
of any other jurisdiction. 
 4.8 Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware and the County of New Castle for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any
action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named
courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other
than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an
action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of
process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 

  
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 4.9 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT
BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT,
TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS
AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

4.10 Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter,
supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives,
successors and permitted assigns. Except as otherwise expressly provided herein, no party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the
other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 4.11
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 4.12
Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum
extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise
affect any other provision hereof. 
 [Signature pages follow] 

  
 25 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of
the date first above written. 
  

			
	Petco Health and Wellness Company, Inc.
		
	 By:
	 	              

		 	 Name:

		 	 Title:

 
			
	[Principal Stockholder]
		
	 By:
	 	              

		 	 Name:

		 	 Title:

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