Document:

EX-10.42

 Exhibit 10.42 

EXECUTION VERSION 
 AWARD
AGREEMENT 
 THIS AWARD AGREEMENT (this “Agreement”) IS DATED AS OF MARCH 13, 2019 (the “Effective
Date”), BY AND AMONG ENDEAVOR OPERATING COMPANY, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“EOC Parent”), ENDEAVOR GROUP HOLDINGS, INC., A DELAWARE CORPORATION (“EGH”), PATRICK WHITESELL, AN
INDIVIDUAL (the “Grantee”), AND, SOLELY FOR PURPOSES OF SECTIONS 1 AND 3 HEREOF, WME IRIS MANAGEMENT HOLDCO II, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“Iris II”), WME IRIS MANAGEMENT V HOLDCO, LLC, A DELAWARE
LIMITED LIABILITY COMPANY (“Iris V”), WME HOLDCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“WME Holdco”). 

RECITALS 
  

	A.	 EOC Parent, Iris II, Iris V, WME Holdco and Grantee are party to that certain Amended and Restated Vesting Side
Letter, dated as of December 18, 2013 (as amended, restated, modified or supplemented, the “Vesting Letter”). 

  

	B.	 EOC Parent (on behalf of itself and William Morris Endeavor Entertainment, LLC), Iris II, Iris V, WME Holdco
and Grantee acknowledge and agree that as of the Effective Date, the Vesting Letter shall be superseded in its entirety by this Agreement and the Vesting Letter shall hereby terminate and no longer have any force or effect. 

TERMS AND CONDITIONS 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties hereto agree as follows: 

 

	1.	 Grantee’s Owned Units. 

(a) EOC Parent, Iris II, Iris V and WME Holdco each acknowledge and agree that, as of the Effective Date, (i) Grantee, or his Related
Person(s), owns the class and number of non-forfeitable and non-redeemable equity securities set forth on Schedule A attached hereto (the “Owned
Units”), (ii) the number of vested and unvested Owned Units is set forth opposite such Owned Units under the headings “Vested Owned Units” and “Unvested Owned Units”, respectively, (iii) the unvested Owned Units
shall vest in accordance with the vesting principles set forth on Schedule B attached hereto and (iv) the Distribution Threshold of the Owned Units, to the extent such Owned Units are profits interests, is set forth opposite such Owned
Units under the heading “Distribution Threshold”, and is subject to the principles set forth opposite such Owned Units under the heading “Catch-Up Principles”. 

 (b) The Distribution Threshold of the Owned Units, as applicable, may be adjusted by, prior
to an initial public offering of equity securities of EOC Parent, EGH, or any other vehicle formed for the purpose of effecting an initial public offering of EOC Parent or EGH (an “IPO”), the board of directors of EOC Parent (the
“EOC Parent Board”), and following an IPO, the Executive Committee of the board of directors of EGH, or, if the Executive Committee of the board of directors of EGH is dissolved and no such committee exists as the applicable
time of determination, the board of directors of EGH (each, as applicable, the “EGH Governing Body”), in good faith, to account for capital contributions, distributions or other similar events; provided, that in the case of
adjustments to the Distribution Threshold, such adjustment shall only be by the amount necessary so that the Owned Units satisfy the requirements for a profits interest as set forth in Internal Revenue Service (“IRS”) Revenue
Procedures 93-27 and 2001-43, or any future IRS guidance or other authority that supplements or supersedes the foregoing IRS Revenue Procedures. 

(c) Notwithstanding anything to the contrary in the limited liability company agreements of EOC Parent, Iris II or Iris V, none of
Grantee’s Iris II Units, Key Employee Units or Iris V Units (each, as defined on Schedule A hereto) shall (i) be converted, recapitalized, reclassified, redeemed or otherwise exchanged in connection with an IPO; or (ii) be
subject to any exchange, repurchase or redemption rights of EOC Parent, EGH, Iris II, Iris V or any of their respective Affiliates, in each case of clauses (i) and (ii), without Grantee’s express prior written consent in Grantee’s
sole discretion. Without limiting the foregoing, Grantee, EOC, EGH, Iris V and WME Holdco agree that Grantee shall provide his written consent to have his Owned Units that are “catch-up” or
“partial catch-up” profits interests that, based on the total equity value of EOC Parent implied by the offering price of a share of common stock of EGH to the public in such IPO, will receive the
same economics that they would have received if such Owned Units had a Distribution Threshold equal to the applicable “catch-up” or “partial
catch-up” Distribution Threshold of such Owned Units set forth on Schedule A, be converted, recapitalized, reclassified, redeemed or otherwise exchanged into Class A Common Units of EOC Parent
in connection with such IPO. 
  

	2.	 Other Agreements. 

(a) Upon a termination of Grantee’s employment with Employer (as defined in Grantee’s Employment Agreement) for any reason, Grantee
may, but shall not be obligated to, elect to cause Grantee’s vested Owned Units to be exchanged or redeemed for Class A Common Units of EOC Parent or Class A Common Stock of EGH, in each case, having a value equal to such vested Owned
Units as of the time of such exchange or redemption. If Grantee makes such an election, each of EOC Parent and EGH agree to take all actions necessary in order to facilitate the consummation of the foregoing. 

(b) Following an IPO, EGH hereby agrees to cause Employer to perform all of Employer’s agreements, covenants and obligations under this
Agreement on a timely basis. EGH hereby irrevocably and unconditionally guarantees to Grantee the full and complete payment and performance by Employer of its obligations under this Agreement and shall be liable for any breach of any covenant or
obligation of Employer under this Agreement. This guarantee is an absolute and continuing guarantee of payment and performance, and shall be unconditional irrespective of the validity, regularity or enforceability of this Agreement. EGH hereby
waives diligence, presentment, demand of performance, filing of any claim, any right to require any proceeding first against Employer, protest, notice and all demands whatsoever in connection with the performance of its obligations under this
Agreement. 

  
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	3.	 Miscellaneous. 

3.1 Notices. Notices to EOC Parent hereunder shall be addressed to EOC Parent at the principal executive office of EOC Parent, unless
otherwise designated in writing by EOC Parent. Notices to Grantee hereunder shall be addressed to Grantee at the address appearing in the personnel records of Employer or an Affiliate thereof for Grantee, unless otherwise designated in writing by
Grantee. 
 3.2 Governing Law. This Agreement shall be governed by and interpreted in accordance with the internal laws of the State
of Delaware applicable to contracts entered into and wholly performed in said state. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage of any party hereto by any court or other
governmental or judicial authority by reason of such party having or being deemed to have structured or drafted such provision. 
 3.3
Disputes. Upon the occurrence of any dispute or disagreement between the parties hereto arising out of or in connection with any term of this Agreement, the subject matter hereof, or the interpretation or enforcement hereof, the parties shall
comply with the dispute resolution procedure set forth in Section 12 of the Employment Agreement. 
 3.4 Entire Agreement. This
Agreement, together with the organizational documents of EOC Parent, Iris II, Iris V, EGH and any other documents which may be entered into by Grantee and Employer on and after the Effective Date, constitutes the entire understanding between the
parties with respect to the subject matter hereof and supersedes all prior negotiations, discussion and preliminary agreements. This Agreement may not be amended except in writing executed by the parties hereto. EOC Parent (on behalf of itself and
William Morris Endeavor Entertainment, LLC), Iris II, Iris V, WME Holdco and Grantee acknowledge and agree that as of the Effective Date, the Vesting Letter shall be superseded in its entirety by this Agreement and the Vesting Letter shall hereby
terminate and no longer have any force or effect. 
 3.5 Counterparts. This Agreement may be executed in any number of counterparts
and by facsimile, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 

3.6 Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation and execution of
this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against
the party drafting such agreement or document. 

  
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 3.7 Interpretation. Defined terms used in this Agreement in the singular shall import
the plural and vice versa. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All references herein to Sections shall be deemed to be references to Sections of this Agreement unless
the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement (including any schedules or annexes attached hereto) as a whole and not to any particular provision of this Agreement. Any statute or laws
defined or referred to herein shall include any rules, regulations or forms promulgated thereunder from time to time and as from time to time amended, modified or supplemented, including by succession of successor rules, regulations or forms. Unless
otherwise expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified
or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.
Any reference to the number of Owned Units means such Owned Units as appropriately adjusted to give effect to any share combinations, restructuring or other capitalizations of EOC Parent or its capital structures. Any reference herein to the holder
of a particular class or series of Owned Units shall be a reference to such Person solely in its capacity as a holder of that particular class or series of such Owned Units. 

3.8 Definitions. 
 (i)
“Affiliates” of any specified Person means any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person, and including any Trust or Family Member of such
Person. 
 (ii) “Cause” shall have the meaning set forth in the Employment Agreement. 

(iii) “Disability” shall have the meaning set forth in the Employment Agreement. 

(iv) “Distribution Threshold” means the “Distribution Threshold” set forth opposite each applicable Owned Unit on
Schedule A, as may be adjusted in accordance with Section 1(b). 
 (v) “Employment Agreement” means that certain
Second Amended and Restated Term Employment Agreement, by and among Grantee, EOC Parent and EGH, effective as of the Effective Date. 

  
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 (vi) “EOC Parent LLC Agreement” means the First Amended and Restated
Limited Liability Company Agreement of EOC Parent, dated as of May 6, 2014, as may be amended, restated, modified or supplemented, from time to time. 

(vii) “Family Member” means with respect to a Person, such Person’s husband, wife, domestic partner, parents, children or
siblings, including any Affiliates thereof. 
 (viii) “Good Reason” shall have the meaning set forth in the Employment
Agreement. 
 (ix) “Membership Interests” shall have the meaning set forth in the EOC Parent LLC Agreement. 

(x) “Performance Equity Value” means, at any applicable time of determination, the total equity value of EOC Parent, which
shall be equal to: 
  

	 	(A)	 if such time of determination is prior to or in connection with an IPO, the highest of (w) in the case of
a Sale Transaction, the total equity value of EOC Parent implied from such Sale Transaction assuming a sale of one hundred percent (100%) of the Membership Interests of EOC Parent; (x) in case that Grantee requests a determination of
Performance Equity Value at any time not more than once every twelve (12) months and no earlier than at least six (6) months following the Effective Date, the total equity value of EOC Parent if all of the equity interests of EOC Parent
were sold by a seller with no compulsion to sell to a willing buyer in all cash arm’s length transaction, as determined by a third party valuation firm of national reputation chosen by the mutual agreement of the EOC Parent Board (excluding
Grantee and Ariel Emanuel), Grantee and Ariel Emanuel; (y) in the case of one or more Specified Equity Transactions having been consummated during such period, the highest total equity value of EOC Parent implied from any such single Specified
Equity Transaction consummated during the 180-day period (or such other period as Grantee, Ariel Emanuel and the EOC Parent Board (excluding Grantee and Ariel Emanuel) may agree) immediately preceding such
applicable time of determination; and (z) in the case of an IPO (as defined in the EOC Parent LLC Agreement), the total equity value of EOC Parent based upon the offering price of a share of common stock of EGH to the public in such IPO; or

  

	 	(B)	 if such time of determination is following an IPO, the highest of: (x) in the case of a Sale Transaction,
the total equity value of EOC Parent implied from such Sale Transaction assuming a sale of one hundred percent (100%) of the Membership Interests of EOC Parent, (y) in the case of one or more Specified Equity Transactions having been
consummated during such period, the highest total equity value of EOC Parent implied from any such single Specified Equity Transaction consummated during the 180-day period (or such other period as Grantee,
Ariel Emanuel and the EOC Parent Board (excluding Grantee and Ariel Emanuel) may agree) immediately preceding such applicable time of 

  
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determination and (z) the total equity value of EGH and its subsidiaries based upon the volume weighted average price of a share of common stock of EGH on the primary exchange on which it is
listed during the 30 consecutive trading days immediately preceding such applicable time of determination. 

 Each Performance Equity Value
threshold in this Agreement shall be reduced by the EOC Parent Board or, following an IPO, the EGH Governing Body, as applicable, in good faith, to account for any distributions of non-cash assets or property
or any extraordinary cash distributions (excluding tax distributions and distributions made pursuant to subclauses (1), (2) and (3) of Section 4.03(b) of the EOC Parent LLC Agreement (or any successor provision thereto)) by EOC Parent or
EGH, as applicable. 
 (xi) “Person” means any individual, firm, corporation, partnership, limited liability company, trust,
estate, joint venture, governmental authority or other entity. 
 (xii) “Related Person(s)” means any Family Member, Trust
and any other Person of which Grantee or any of the foregoing has a direct or indirect economic or beneficial or other interest in or is a beneficiary of. 

(xiii) “Sale Transaction” shall have the meaning set forth in the EOC Parent LLC Agreement. 

(xiv) “Specified Equity Transaction” means (x) an issuance or sale consummated by EOC Parent (other than any issuance or
sale by EOC Parent to any employees of (and including any individual consultants to) EOC Parent or its subsidiaries) of any class or series of Membership Interests of EOC Parent; or (y) any other consummated transaction (including by merger)
other than those described above, regardless of how structured, involving the acquisition of such Membership Interests of EOC Parent, in the case of each of clauses (x) and (y), in one or more related consummated transactions in which the
aggregate consideration is greater than fifty million dollars ($50,000,000). In the case of each of clauses (x) and (y), the EOC Parent Board shall determine the fair market value of any noncash consideration contemplated in connection
therewith, in good faith, subject to the dispute resolution mechanism contemplated in the definition of “Fair Market Value” in the EOC Parent LLC Agreement. 

(xv) “Trust” means, with respect to Grantee, (i) a revocable trust that is treated as a grantor trust for income tax
purposes; provided, that and only so long as (a) the beneficiaries of such Trust includes only Grantee and Grantee’s spouse, domestic partner or lineal descendants; and (b) Grantee retains exclusive voting control over the Owned
Units, in a trustee capacity or otherwise or (ii) any other trust that is solely for bona fide estate planning purposes that shall not, and shall not be used to, circumvent the provisions herein; provided, that and only so long as the
beneficiaries of such Trust include only Grantee and Grantee’s spouse, domestic partner or lineal descendants. 

  
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 [SIGNATURE PAGE FOLLOWS] 

  
 7 

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

			
	 /s/ Patrick Whitesell

	Patrick Whitesell
	
	ENDEAVOR OPERATING COMPANY, LLC
		
	By	 	

	Its	 	  
 Authorized Signatory

	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By	 	

	Its	 	  
 Authorized Signatory

	
	Solely for purposes of Sections 1 and 4:
	
	WME IRIS MANAGEMENT HOLDCO II, LLC
		
	By	 	

	Its	 	  
 Authorized Signatory

	
	WME IRIS MANAGEMENT V HOLDCO, LLC
		
	By	 	

	Its	 	  
 Authorized Signatory

	
	WME HOLDCO, LLC
		
	By	 	

	Its	 	  
 Authorized Signatory

 SCHEDULE A 

Owned Units (as of the Effective Date, except as otherwise noted) 

 

									
	 Owned Units
	  	Vested
Owned Units	  	Unvested
Owned Units	  	Distribution
Threshold1	  	 Catch-Up
Principles

	96,797,917 Class A Units of WME Holdco, LLC	  	96,797,917	  	0	  	Not applicable.	  	Not applicable.
					
	12,654,345 Class B Units of WME Iris Management Holdco II, LLC	  	12,654,345	  	0	  	$3,500,771,666	  	Not applicable.
					
	59,598,929 2017 Key Employee Profits Units of EOC Parent (“Key Employee Units”)	  	18,374,628	  	41,224,301	  	$5,412,062,174	  	Grantee’s Key Employee Units will “catch-up” on distributions or appreciation from and after such Distribution Threshold is met so that, assuming sufficient distribution or
appreciation, such Key Employee Units will “catch-up” and receive the same economics in any applicable distribution under the terms of the EOC Parent LLC Agreement that they would have received if
the Key Employee Units had a Distribution Threshold of $4,980,762,192.2
					
	15,676,998 Executive Management Units of WME Iris Management V Holdco, LLC (“Iris V Units”)	  	3,135,399	  	12,541,599	  	$5,412,062,174	  	Grantee’s Iris V Units will “catch-up” on distributions or appreciation from and after such Distribution Threshold is met so that, assuming sufficient distribution or
appreciation, such Iris V Units will “catch-up” and receive the same economics in any applicable distribution under the terms of the EOC Parent LLC Agreement that they would have received if the Iris
V Units had a Distribution Threshold of $0.

  

	1 	 Distribution Thresholds are as of December 31, 2018. 

	2 	 Distribution Threshold is as of December 31, 2018. 

 ANNEX I 

 

	1.	 Key Employee Units: 

 

	 	A.	 For purposes of this Schedule B: 

(i) “Key Employee Performance Based Units” means 22,968,283 Key Employee Units. 

(ii) “Key Employee Time Based Units” means 22,968,283 Key Employee Units. 

(iii) “Key Employee Upside Units” means 13,662,363 Key Employee Units. 

 

	 	B.	 Grantee’s Key Employee Time Based Units shall vest in such amounts and at such times, so that, as of the
applicable time of determination, one-fifth of Grantee’s Key Employee Time Based Units shall be vested on the first anniversary of January 1, 2017 (the “Key Employee Effective
Date”), two-fifths of Grantee’s Key Employee Time Based Units shall be vested on the second anniversary of the Key Employee Effective Date, three-fifths of Grantee’s Key Employee Time Based
Units shall be vested on the third anniversary of the Key Employee Effective Date, four-fifths of Grantee’s Key Employee Time Based Units shall be vested on the fourth anniversary of the Key Employee Effective Date and all of Grantee’s Key
Employee Time Based Units shall be vested on the fifth anniversary of the Key Employee Effective Date. Notwithstanding the foregoing, (I) all of Grantee’s Key Employee Time Based Units shall be vested upon the earlier of (x) the
consummation of a Sale Transaction and (y) the achievement by EOC Parent of a Performance Equity Value of $9,000,000,000; and (II) immediately following the consummation of an IPO, an additional number of Grantee’s unvested Key
Employee Time Based Units shall be vested if necessary so that the total number of vested Key Employee Time Based Units shall equal the total number of vested Key Employee Performance Based Units at such time (a “Key Employee IPO
Adjustment”), provided, that, upon a Key Employee IPO Adjustment, all of Grantee’s unvested Key Employee Time Based Units outstanding as of immediately following such Key Employee IPO Adjustment shall thereafter vest annually in
equal installments over a number of anniversaries of the 2017 Effective Date thereafter equal to (x) five (5) minus (y) the product of five (5) multiplied by the aggregate percentage of Grantee’s Key Employee Time
Based Units vested as of immediately following such Key Employee IPO Adjustment. 

  

	 	C.	 The Key Employee Performance Based Units shall vest in such amounts and at such times, so that, as of the
applicable time of determination, one-fifth of Grantee’s Key Employee Performance Based Units shall be vested upon the achievement by EOC Parent of a Performance Equity Value of $5,000,000,000, two-fifths of Grantee’s Key Employee Performance Based Units shall be vested upon the achievement by EOC Parent of a Performance Equity Value of $6,000,000,000, three-fifths of Grantee’s Key Employee
Performance Based 

	 	
Units shall be vested upon the achievement by EOC Parent of a Performance Equity Value of $7,000,000,000, four-fifths of Grantee’s Key Employee Performance Based Units shall be vested upon
the achievement by EOC Parent of a Performance Equity Value of $8,000,000,000 and all of Grantee’s Key Employee Time Based Units shall be vested upon the achievement by EOC Parent of a Performance Equity Value of $9,000,000,000. Any of
Grantee’s Key Employee Performance Based Units that do not vest upon a Sale Transaction based on the Performance Equity Value implied thereby in accordance with the foregoing shall remain outstanding and shall continue to be subject to vesting
in accordance with the terms of this Section 1C, or, alternatively, may be rolled over into equity interests of the buyer with an equivalent economic value as of the consummation of such Sale Transaction and vesting conditions that are no less
favorable to Grantee than the remaining vesting conditions with respect to Grantee’s unvested Key Employee Performance Based Units as of the consummation of such Sale Transaction. Any of Grantee’s Key Employee Performance Based Units that
do not vest upon the consummation of an IPO based on the Performance Equity Value implied thereby in accordance with the foregoing shall remain outstanding and shall continue to be subject to vesting in accordance with the terms of this
Section 1C. 

  

	 	D.	 The Key Employee Upside Units shall be vested upon the achievement of a Performance Equity Value of
$9,000,000,000. Any of Grantee’s Key Employee Upside Units that do not vest upon a Sale Transaction based on the Performance Equity Value implied thereby in accordance with the foregoing shall remain outstanding and shall continue to be subject
to vesting in accordance with the terms of this Section 1D, or, alternatively, may be rolled over into equity interests of the buyer with an equivalent economic value as of the consummation of such Sale Transaction and vesting conditions that
are no less favorable to Grantee than the remaining vesting condition with respect to Grantee’s unvested Key Employee Upside Units as of the consummation of such Sale Transaction. Any of Grantee’s Key Employee Upside Units that do not vest
upon the consummation of an IPO based on the Performance Equity Value implied thereby in accordance with the foregoing shall remain outstanding and shall continue to be subject to vesting in accordance with the terms of this Section 1D.

  

	 	E.	 Notwithstanding anything to the contrary in Sections 1B, 1C and 1D of this Schedule B, (i) if
Grantee’s employment with Employer is terminated by Employer without Cause or by Grantee with Good Reason, (x) 100% of Grantee’s then-unvested Key Employee Time Based Units shall be vested,
non-forfeitable and non-redeemable upon the occurrence of such event and (y) all of Grantee’s unvested Key Employee Performance Based Units and Key Employee
Upside Units shall remain outstanding and shall be vested solely upon the achievement of the applicable Performance Equity Value within twenty-four (24) months of such date of termination (and shall be automatically forfeited upon the
expiration of such 24-month period to the extent still unvested at that time), (ii) if Grantee’s employment with Employer is terminated due to Grantee’s death or Disability, a

  
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portion of Grantee’s then-unvested Key Employee Time Based Units and Key Employee Performance Based Units, if any, will become fully vested,
non-forfeitable and non-redeemable on the date of such termination to the extent necessary so that one-third of Grantee’s
Key Employee Time Based Units and Key Employee Performance Based Units, respectively, will have become fully vested, non-forfeitable and non-redeemable as of such date
and (iii) if Grantee’s employment with Employer is terminated for any reason other than by Employer without Cause or by Grantee with Good Reason, then, subject to the vesting principles set forth in this Schedule B applicable to
Grantee’s Key Employee Units, all of Grantee’s unvested Key Employee Units shall be forfeited. 

  

	2.	 Iris V Units: 

 

	 	A.	 Grantee’s Iris V Units shall vest in such amounts and at such times, so that one-fifth of Grantee’s Iris V Units shall be vested on the first anniversary of August 15, 2017 (the “Iris V Effective Date”), two-fifths of
Grantee’s Iris V Units shall be vested on the second anniversary of the Iris V Effective Date, three-fifths of Grantee’s Iris V Units shall be vested on the third anniversary of the Iris V Effective Date, four fifths of Grantee’s Iris
V Units shall be vested on the fourth anniversary of the Iris V Effective Date and all of Grantee’s Iris V Units shall be vested on the fifth anniversary of the Iris V Effective Date. 

 

	 	B.	 Notwithstanding anything to the contrary in Section 2A of this Schedule B, (i) upon the
earliest to occur of (x) the consummation of an IPO (as defined in the EOC Parent LLC Agreement), (y) the consummation of a Sale Transaction and (z) the date Grantee’s employment with Employer is terminated by Employer without Cause
or by Grantee with Good Reason (each as defined in Grantee’s Employment Agreement), 100% of Grantee’s Iris V Units shall be vested, non-forfeitable and
non-redeemable upon the occurrence of such event, (ii) if Grantee’s employment with Employer is terminated due to Grantee’s death or Disability, a portion of Grantee’s then-unvested Iris V
Units, if any, will become fully vested, non-forfeitable and non-redeemable on the date of such termination to the extent necessary so that one-third of Grantee’s Iris V Units will have become fully vested, non-forfeitable and non-redeemable as of such date and
(iii) if Grantee’s employment with Employer is terminated for any reason other than by Employer without Cause or by Grantee with Good Reason, then, subject to the vesting principles set forth in this Schedule B applicable to
Grantee’s Iris V Units, all of Grantee’s unvested Iris V Units shall be forfeited. 

  
 3EX-10.43

 Exhibit 10.43 

Execution Version 

EQUITY AWARD AGREEMENT 
 THIS EQUITY AWARD
AGREEMENT (this “Agreement”) IS DATED AS OF APRIL 19, 2021 (the “Effective Date”), BY AND AMONG ENDEAVOR OPERATING COMPANY, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“EOC Parent”), ENDEAVOR
GROUP HOLDINGS, INC., A DELAWARE CORPORATION (“EGH”), JASON LUBLIN, AN INDIVIDUAL (“Grantee”), WME IRIS MANAGEMENT HOLDCO II, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“Iris II”), WME IRIS
MANAGEMENT IV HOLDCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“Iris IV”), AND WME HOLDCO, LLC, A DELAWARE LIMITED LIABILITY COMPANY (“WME Holdco”). 

RECITALS 
  

	A.	 EOC Parent, EGH and Grantee have entered into that certain Term Employment Agreement by and between EGH, EOC
Parent and Grantee dated as of April 19, 2021, as may be amended from time to time (the “Employment Agreement”). 

  

	B.	 Iris II, Iris IV, WME Holdco and Grantee are party to those certain agreements set forth on Schedule A
hereto (the “Prior Agreements”). 

  

	C.	 Iris II, Iris IV, WME Holdco and Grantee acknowledge and agree that, as of the Effective Date, except as set
forth herein, the Prior Agreements shall be superseded in their entirety by this Agreement and the Prior Agreements shall hereby terminate and no longer have any force or effect. 

 

	D.	 This Agreement is designed to amend and restate all the terms and conditions of the equity interests previously
granted pursuant to the Prior Agreements in connection with Grantee’s performance of services to EOC Parent, EGH and their respective subsidiaries (collectively, “Employer”). 

TERMS AND CONDITIONS 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties hereto agree as follows: 

1.    Grantee’s Owned Units. 

1.1    Iris II, Iris IV and WME Holdco each acknowledge and agree that, as of the Effective Date, (a) Grantee, or
Grantee’s Related Person(s), owns the class and number of equity securities set forth on Schedule B attached hereto (the “Owned Units”), (b) the number of vested and unvested Owned Units is set forth opposite such Owned
Units under the headings “Vested Owned Units” and “Unvested Owned Units”, respectively, (c) the unvested Owned Units shall vest in accordance with the vesting principles set forth on Schedule C attached hereto,
(d) the Owned Units shall on and after the Effective Date remain subject to certain repurchase obligations as set forth on Schedule D attached hereto, and (e) the Distribution Threshold of the Owned Units, to the extent such Owned
Units are 

 
profits interests, is set forth opposite such Owned Units under the heading “Distribution Threshold” and is subject to the principles set forth opposite such Owned Units under the
heading “Catch-Up Principles”. 
 1.2    The Distribution Threshold of
the Owned Units, as applicable, may be adjusted, prior to or in connection with (a) an “IPO” ( as defined in the EOC Parent LLC Agreement), or (b) a merger or other transaction following which EOC Parent or an affiliate of EOC
Parent has publicly traded securities, by the EOC Managing Member, in good faith, to account for a Restructuring (as defined below), a Recapitalization (as defined below), capital contributions, distributions or other similar events;
provided, that in the case of adjustments to the Distribution Threshold, such adjustment shall only be by the amount necessary so that the Owned Units satisfy the requirements for a profits interest as set forth in Internal Revenue Service
(“IRS”) Revenue Procedures 93-27 and 2001-43, or any future IRS guidance or other authority that supplements or supersedes the foregoing IRS Revenue
Procedures. 
 1.3    Grantee acknowledges and agrees that (a) EOC Parent, Iris II, Iris IV and WME Holdco may be
recapitalized, reorganized, liquidated, merged into or consolidated or combined with another entity, or otherwise restructured in connection with an IPO (a “Restructuring”) and, in connection with any Restructuring, EOC Parent, Iris
II, Iris IV and WME Holdco are entitled to, in their good faith discretion, unilaterally cause the Owned Units to be converted, recapitalized, reclassified, redeemed or otherwise exchanged and the terms and conditions of the Owned Units to be
adjusted (a “Recapitalization”), in each case, without Grantee’s consent, and (b) (i) any rights and obligations of Grantee with respect to Grantee’s equity interests in Iris II, Iris IV and WME Holdco
immediately prior to a Restructuring and/or Recapitalization shall apply equally to the equity interests received by Grantee in connection with a Restructuring and/or Recapitalization and (ii) all references to Iris II, Iris IV and WME Holdco
(and any governing bodies and organizational documents thereof) shall be deemed to refer to the applicable successors thereto (and any governing bodies and organizational documents thereof) following a Restructuring and/or Recapitalization and all
references to equity interests in Iris II, Iris IV and WME Holdco herein shall be deemed to refer to the corresponding equity interests held by Grantee immediately following a Restructuring and/or Recapitalization. Without limiting the foregoing,
Grantee, EOC Parent, EGH, Iris II, Iris IV and WME Holdco agree that the Owned Units that are “catch-up” profits interests that, based on the total equity value of EOC Parent implied by the offering
price of a share of common stock of EGH to the public in an IPO, will receive the same economics that they would have received if such Owned Units had a Distribution Threshold equal to the applicable
“catch-up” Distribution Threshold of such Owned Units set forth on Schedule B, may be converted, recapitalized, reclassified, redeemed or otherwise exchanged into direct or indirect interests
in Class A Common Units (as defined in the EOC Parent LLC Agreement) of EOC Parent in connection with a Restructuring and/or Recapitalization. 

1.4    Grantee acknowledges and agrees that, on and after the Effective Date, the Grantee will be subject to the
Restrictive Covenants (as defined in and set forth on Schedule E attached hereto). 

  
 2 

 2.    Miscellaneous. 

2.1    Operating Agreements. By entering into this Agreement, Grantee agrees and acknowledges that (a) Grantee
has received and read a copy of the applicable Operating Agreement(s), (b) the Owned Units are subject to the applicable Operating Agreement(s) (including indirectly to the EOC Parent LLC Agreement), the terms of which Operating Agreement(s) are
hereby incorporated herein by reference and made part of this Agreement, and (c) Grantee shall be bound by all of the terms and conditions of the applicable Operating Agreement(s). In the event of a conflict between any term or provision
contained in this Agreement (other than Section 2.4 hereof) and a term or provision of an applicable Operating Agreement (other than the EOC Parent LLC Agreement) and/or the EOC Parent LLC Agreement, the applicable terms and provisions of the
EOC Parent LLC Agreement shall govern and prevail, and then in decreasing order of seniority, the applicable Operating Agreement and lastly, this Agreement. Without limiting the provisions of this Section 2.1, Grantee acknowledges that the
Owned Units are subject to the provisions of the applicable Operating Agreement(s) under which (i) the applicable governing body has full discretion to interpret and administer this Agreement and its judgments are final, binding and conclusive
on Grantee (absent manifest error), and (ii) Grantee shall be prohibited from Transferring the Owned Units to any other Person except as expressly permitted by the applicable Operating Agreement(s) or as provided for herein. Notwithstanding
Grantee’s status as a member of Iris II, Iris IV and WME Holdco, Grantee shall have no right whatsoever to (A) examine the books and records of Iris II, Iris IV and WME Holdco or Employer or (B) obtain any information about the
identities of the other members of Iris II, Iris IV and WME Holdco or members of Employer (or of the size or nature of such other members’ or members’ interests in Iris II, Iris IV and WME Holdco or Employer, respectively). This Agreement
shall not restricted in any way the adoption of any amendment to any applicable Operating Agreement(s) in accordance with the terms of such applicable Operating Agreement(s). 

2.2    Notices. Notices to EOC Parent, Iris II, Iris IV or WME Holdco (or any successor entities thereto) hereunder
shall be addressed to such party c/o EOC Parent at the principal executive office of EOC Parent, unless otherwise designated in writing by EOC Parent. Notices to Grantee hereunder shall be addressed to Grantee at the address appearing in the
personnel records of Employer or an Affiliate thereof for Grantee, unless otherwise designated in writing by Grantee. 

2.3    Governing Law. This Agreement shall be governed by and interpreted in accordance with the internal laws of
the State of Delaware applicable to contracts entered into and wholly performed in said State. 

2.4    Disputes. Upon the occurrence of any dispute or disagreement between the parties hereto arising out of or in
connection with any term of this Agreement, the subject matter hereof, or the interpretation or enforcement hereof, the parties shall comply with the dispute resolution procedure set forth in Section 13 of the Employment Agreement. 

  
 3 

 2.5    Entire Agreement. This Agreement, together with the
Partner Agreement, the organizational documents of EOC Parent, Iris II, Iris IV and EGH (in each case, as may be amended, modified or supplemented from time to time) and any other agreements which may be entered into by Grantee and Employer on and
after the Effective Date, constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior negotiations, discussions and preliminary agreements (including, without limitation, the Prior
Agreements); provided, that the release of claims set forth in that certain Class A Member Agreement, dated as of December 17, 2014, by and between WME Holdco and Grantee shall not be superseded by this Agreement and remain in full
force and effect. This Agreement may not be amended except in writing executed by the parties hereto. EOC Parent, Iris II, Iris IV, WME Holdco and Grantee acknowledge and agree that, except as set forth herein, as of the Effective Date, the Prior
Agreements shall be superseded in their entirety by this Agreement and the Prior Agreements shall hereby terminate and no longer have any force or effect; provided, that the parties acknowledge and agree that any terms of the Prior Agreements
that are intended to be incorporated herein shall be interpreted in a manner consistent with the intention of the Prior Agreements (except as explicitly set forth herein). Notwithstanding anything herein to the contrary, to the extent an IPO does
not occur on or prior to December 31, 2021, this Agreement shall be void ab initio and the Prior Agreements shall remain in full force and effect. 

2.6    Counterparts. This Agreement may be executed in any number of counterparts and by facsimile, and each such
counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 

2.7    Rules of Construction. The parties hereto agree that they have been represented by counsel during the
negotiation and execution of this Agreement and have participated jointly in the drafting of this Agreement and, therefore, waive the application of any law, holding or rule of construction providing that ambiguities in an agreement or other
document will be construed against or interpreted to the disadvantage of the party drafting or structuring such agreement or document. 

2.8    Interpretation. Defined terms used in this Agreement in the singular shall import the plural and vice versa.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All references herein to Sections shall be deemed to be references to Sections of this Agreement unless the context shall otherwise
require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The words “hereof,” “herein” and “hereunder” and words
of similar import when used in this Agreement shall refer to this Agreement (including any schedules or annexes attached hereto) as a whole and not to any particular provision of this Agreement. Any statute or laws defined or referred to herein
shall include any rules, regulations or forms promulgated thereunder from time to time and as from time to time amended, modified or supplemented, including by succession of successor rules, regulations or forms. Unless otherwise expressly provided
herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in
the case of agreements or 

  
 4 

 
instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Any
reference to the number of Owned Units means such Owned Units as appropriately adjusted to give effect to any share combinations, restructuring or other capitalizations of EOC Parent or its capital structures. Any reference herein to the holder of a
particular class or series of Owned Units shall be a reference to such Person solely in its capacity as a holder of that particular class or series of Owned Units. 

2.9    Successors and Assigns. Each party hereto may, in his or its discretion, assign his or its rights and
obligations under this Agreement (including, without limitation, in connection with a Restructuring); provided that Grantee shall not be entitled to assign any of Grantee’s rights or obligations without the consent of each of EOC Parent,
Iris II, Iris IV and WME Holdco (or any successor entities thereto). The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. No provision of this
Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. 

2.10    Definitions. For purposes of this Agreement and the schedules thereto: 

(a)    “Affiliates” of any specified Person means any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with such specified Person, and including any Trust or Family Member of such Person. 

(b)    “Cause” shall have the meaning set forth in the Employment Agreement. 

(c)    “Distribution Threshold” means the “Distribution Threshold” set forth opposite each
applicable Owned Unit on Schedule B, as may be adjusted in accordance with Section 1.2. 

(d)    “Employer Non-Renewal” means a termination of
Grantee’s employment or service relationship with Employer pursuant to clause (ii) of the definition of Grantee Non-Renewal where Employer did not offer Grantee a new employment, services, guaranteed
compensation or other similar agreement with Employer pursuant to a bona fide offer prior to such termination. For the avoidance of doubt, in no event shall an Employer Non-Renewal be deemed to be a
termination with or without Cause or with or without Good Reason. 
 (e)     “EOC Parent LLC
Agreement” means the Third Amended and Restated Limited Liability Company Agreement of EOC Parent, as may be amended, restated, modified or supplemented, from time to time. 

(f)    “Family Member” means with respect to a Person, such Person’s spouse, domestic partner,
parents, children or siblings, including any Affiliates thereof. 

  
 5 

 (g)    “Good Reason” shall have the meaning set forth
in the Employment Agreement. 
 (h)    “Grantee Non-Renewal”
means (i) any failure of Grantee to execute a new employment, services, guaranteed compensation, or other similar agreement with Employer offered pursuant to a bona fide offer by Employer following (or to become effective upon) expiration of
Grantee’s then-existing (or prior) employment or agreement or (ii) any termination of Grantee’s employment or service relationship with Employer following expiration of Grantee’s prior employment, services, guaranteed
compensation or other similar agreement with Employer if a new agreement between Employer and Grantee has not been executed. For the avoidance of doubt, in no event shall a Grantee Non-Renewal be deemed to be
a termination with or without Cause or with or without Good Reason. 
 (i)    “Operating Agreement”
shall mean, with respect to each of EOC Parent, Iris II, Iris IV or WME Holdco, its limited liability company agreement, as may be amended from time to time, and, following an IPO, the organizational document of its successor (including any
successor in connection with any Restructuring). 
 (j)    “Person” means any individual, firm,
corporation, partnership, limited liability company, trust, estate, joint venture, governmental authority or other entity. 

(k)    “Related Person(s)” means any Family Member, Trust and any other Person of which Grantee or any
of the foregoing has a direct or indirect economic or beneficial or other interest in or is a beneficiary of. 

(l)    “Trust” means, with respect to Grantee, (i) a revocable trust that is treated as a grantor
trust for income tax purposes; provided, that and only so long as (a) the beneficiaries of such Trust includes only Grantee and Grantee’s spouse, domestic partner or lineal descendants; and (b) Grantee retains exclusive voting
control over the Owned Units, in a trustee capacity or otherwise or (ii) any other trust that is solely for bona fide estate planning purposes that shall not, and shall not be used to, circumvent the provisions herein; provided, that and
only so long as the beneficiaries of such Trust include only Grantee and Grantee’s spouse, domestic partner or lineal descendants. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

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

			
	  

	Jason Lublin

 
			
	
	ENDEAVOR OPERATING COMPANY, LLC

 
			
		
	By	 	  

 
			
	Its Authorized Signatory

 
			
	
	ENDEAVOR GROUP HOLDINGS, INC.

 
			
		
	By	 	  

 
			
	Its Authorized Signatory

 
			
	
	WME IRIS MANAGEMENT HOLDCO II, LLC

 
			
		
	By	 	  

 
			
	Its Authorized Signatory

 
			
	
	WME IRIS MANAGEMENT IV HOLDCO, LLC

 
			
		
	By	 	  

 
			
	Its Authorized Signatory

 
			
	
	WME HOLDCO, LLC

 
			
		
	By	 	  

 
			
	Its Authorized Signatory

 Signature Page to Equity Award Agreement 

 SCHEDULE A 

Prior Agreements 
  

	 	•	 	 Class A Member Agreement, by and between WME Holdco, LLC and Jason Lublin, dated as of December 17,
2014 

  

	 	•	 	 Letter Agreement regarding New Management Holdco Interests, by and between WME Holdco, LLC and Jason Lublin,
dated January 8, 2016 

  

	 	•	 	 Unit Exchange and Redemption Agreement, by and among WME Entertainment Parent, LLC, WME Holdco, LLC and Jason
Lublin, dated as of March 21, 2017 

  

	 	•	 	 Management Unit Award Agreement, by and between WME Iris Management IV Holdco, LLC and Jason Lublin, dated
June 15, 2017 

  

	 	•	 	 Letter Agreement, amending the Management Unit Award Agreement, by and between WME Iris Management IV Holdco, LLC
and Jason Lublin, dated June 30, 2018 

 SCHEDULE B 

Owned Units 
 (as of the
Effective Date, except as otherwise noted) 
  

									
	Owned Units	  	Vested
Owned
Units	  	Unvested
Owned
Units	  	Distribution
Threshold1	 	Catch-Up Principles
	7,282,362 Class A Units of WME Holdco, LLC (the “Class A Units”)	  	7,282,362	  	0	  	Not applicable	 	Not applicable.
	5,306,220 Profits Units of WME Holdco, LLC (the “Profits Units”)	  	5,306,220	  	0	  	Not applicable	 	Not applicable.
	979,980 performance-vesting Management Units of WME Iris Management IV Holdco, LLC (the “Iris IV Performance Based Units” and, together with the Iris IV Time Based Units, the “Iris IV Units”)	  	0	  	979,980	  	$5,551,926,999	 	The Iris IV Performance Based Units will “catch-up” on distributions or appreciation from and after such Distribution Threshold is met so that, assuming sufficient
distribution or appreciation, such Iris IV Performance Based Units will “catch-up” and receive the same economics in any applicable distribution under the terms of the EOC Parent LLC Agreement that
they would have received if the Iris IV Performance Based Units had a Distribution Threshold of $0.

  

	1 	 Distribution Thresholds are as of December 31, 2020. 

  
 9 

 SCHEDULE C 

Vesting Principles 
  

	 	1.	 Iris IV Units: 

 

	 	A.	 For purposes of this subsection (1) to Schedule C: 

 

	 	(i)	 “Change of Control” shall mean, prior to an IPO, “Sale Transaction” (as defined in
the EOC Parent LLC Agreement) and, as of and following an IPO, “Change of Control” (as defined in the EOC Parent LLC Agreement). 

  

	 	(ii)	 “Performance Vesting Equity Value” means, at any applicable time of determination, the total
equity value of EOC Parent and its subsidiaries as reasonably determined by the Chief Executive Officer and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Board of Directors of EGH (or any other body to
which it defeases or delegates authority) (the “Governing Body”) in good faith. 

  

	 	(iii)	 “Vested Iris IV Units” means, as of any date, the Iris IV Units that have become vested
pursuant to this subsection (1) to Schedule C on or prior to such date. 

  

	 	B.	 The Iris IV Performance Based Units shall vest in such amounts and at such times, so that, (i) as of the
Effective Date, 46.6% of the Iris IV Performance Based Units shall be vested, and (ii) as of the applicable time of determination, 70% of the Iris IV Performance Based Units shall be vested upon the achievement by EOC Parent of a Performance
Vesting Equity Value of $7,000,000,000, 90% of the Iris IV Performance Based Units shall be vested upon the achievement by EOC Parent of a Performance Vesting Equity Value of $8,000,000,000, and all of the Performance Vesting Units shall be vested
upon the achievement by EOC Parent of a Performance Vesting Equity Value of $9,000,000,000. Any of the Iris IV Performance Based Units that do not vest upon a Change of Control based on the Performance Vesting Equity Value implied thereby in
accordance with the foregoing shall remain outstanding and shall continue to be subject to vesting in accordance with the terms of this subsection(1)(B) to Schedule C, or, alternatively, solely to the extent agreed to by the Chief Executive
Officer and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Governing Body, may be exchanged into Units in EOC Parent (which exchange shall be caused by Iris IV pursuant to the applicable Operating
Agreement) and thereafter rolled over into equity interests of the buyer with an equivalent economic value as of the consummation of such Change of Control and vesting conditions that

	 	
are no less favorable to Grantee than the remaining vesting conditions with respect to the unvested Iris IV Performance Based Units as of the consummation of such Change of Control. Solely to the
extent agreed to by the Chief Executive Officer and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Governing Body, any or all of the Iris IV Performance Based Units that do not vest upon the consummation
of an IPO based on the Performance Vesting Equity Value implied thereby in accordance with the foregoing shall remain outstanding and shall continue to be subject to vesting in accordance with the terms of this subsection(1)(B) to Schedule C.
Notwithstanding anything to the contrary, each of the threshold dollar amounts set forth herein with respect to the Performance Vesting Equity Value may be adjusted by the Chief Executive Officer and Executive Chairman of EOC Parent (or their
respective successors) or, following an IPO, the Governing Body, in good faith, to account for Capital Contributions (as defined in the WME Iris Management IV LLC Agreement), distributions of capital proceeds or available cash flow, restructurings
or other recapitalizations of EOC Parent, EGH or their capital structures, or other similar events (including, without limitation, any transaction pursuant to which EOC Parent acquires equity interests in Zuffa Parent, LLC or any of its Affiliates).

  

	 	C.	 Notwithstanding anything to the contrary contained in this Agreement, upon the consummation of a Change of
Control, any or all of the unvested Iris IV Units may be cancelled as determined by the Chief Executive Officer and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Governing Body. 

 

	 	D.	 Upon the termination of Grantee’s employment or services with Employer for any reason: (i) subject to
the provisions of this Schedule C and of the applicable Operating Agreement, Grantee (or Grantee’s estate, in the case of a termination upon the death of Grantee) shall be entitled to retain Grantee’s Vested Iris IV Units following
such termination; and (ii) all of the Iris IV Units that are not Vested Iris IV Units shall be forfeited without any consideration paid to Grantee. Upon the termination of Grantee’s employment or services with Employer by Employer without
Cause, by Grantee with Good Reason, or due to an Employer Non-Renewal, a number of the unvested Iris IV Performance Based Units shall be eligible to vest based on the Performance Vesting Equity Value as of the
date of such termination of employment or services. 

 SCHEDULE D 

Repurchase Obligations 
 Each of WME
Holdco, Iris II and Iris IV may, at any time upon delivery of written notice to Grantee following a termination of Grantee’s employment or services with Employer for any reason, exercise a Repurchase Option (as defined in the applicable
Operating Agreement) with respect to any or all of the vested WME Holdco Units, Iris II Units or Iris IV Units, as applicable, in accordance with, and subject to the terms and conditions of, the applicable Operating Agreement. 

Notwithstanding anything to the contrary in the Operating Agreements, if (X) prior to the consummation of an IPO, Grantee’s employment or services
with Employer is terminated by Employer with Cause or by Grantee without Good Reason (and not upon any other termination of Grantee’s employment with Employer), or (Y) on or following the consummation of an IPO, Grantee’s employment
or services with Employer is terminated by Employer with Cause, then the consideration payable by WME Holdco, Iris II or Iris IV, respectively, to Grantee pursuant to an exercise by WME Holdco, Iris II or Iris IV, respectively, of the applicable
Repurchase Option with respect to Grantee’s vested Class A Units or Profits Units or Iris II Units and Iris IV Units shall, (a) prior to an IPO, be 75% of the fair market value of such vested Class A Units or Profits Units as
determined by the Executive Committee of WME Holdco in accordance with the Operating Agreement of WME Holdco, and in the case of Iris II Units or Iris IV Units, be 75% of the Fair Market Value (as defined in the EOC Parent LLC Agreement) of the
corresponding Profits Units of EOC Parent and (b) as of and following an IPO, 75% of the fair market value of the Units in EOC Parent corresponding to the vested Class A Units or Profits Units or Iris II Units or Iris IV Units as
applicable (as determined by the Governing Body). 
 For clarity, notwithstanding anything to the contrary contained in the Prior Agreements, if
(a) prior to the consummation of an IPO, Grantee’s employment or services with Employer is terminated for any reason other than (i) by Employer with Cause or (ii) by Grantee without Good Reason, or (b) on or following the
consummation of an IPO, Grantee’s employment or services with Employer is terminated for any reason other than by the Employer with Cause, then the consideration payable by WME Holdco, Iris II or Iris IV, respectively, to Grantee pursuant to an
exercise by WME Holdco, Iris II or Iris IV, respectively, of the applicable Repurchase Option shall be (A) prior to an IPO, with respect to Grantee’s vested Class A Units or Profits Units, the fair market value of such vested
Class A Units or Profits Units as determined by the Executive Committee of WME Holdco in accordance with the Operating Agreement of WME Holdco, and, with respect to vested Iris II Units and Iris IV Units, the Fair Market Value (as defined in
the EOC Parent LLC Agreement) of the corresponding Profits Units of EOC Parent and (B) as of and following an IPO, the fair market value of the Units in EOC Parent corresponding to the vested Class A Units or Profits Units or Iris II Units
or Iris IV Units, as applicable (as determined by the Governing Body). 

 In connection with any Repurchase Option and as a condition to Grantee’s receipt of consideration for
the vested Class A Units or Profits Units, Iris II Units or Iris IV Units to be repurchased pursuant thereto, Grantee or Grantee’s estate, as applicable, shall take or cause to be taken all actions requested by the Chief Executive Officer
and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Governing Body in order to expeditiously consummate such repurchase and any related transactions, including executing, acknowledging and delivering
assignments, a general release of EOC Parent and its Affiliates and related person(s) (in form and substance satisfactory to EOC Parent) and other documents and instruments as may be reasonably requested and otherwise cooperating with the Chief
Executive Officer and Executive Chairman of EOC Parent (or their respective successors) or, following an IPO, the Governing Body, and making customary representations and warranties, including as to due approval and ownership free and clear of any
liens and transfer of the applicable vested Class A Units or Profits Units, Iris II Units or Iris IV Units. 

 SCHEDULE E 

Restrictive Covenants 
  

	 	1.	 Non-Solicitation;
Non-Hire. During the period commencing on the Effective Date and ending on the second (2nd) anniversary of the date on which Grantee or any Affiliates of Grantee cease to be direct or indirect members of
EOC Parent or, if earlier, the second (2nd) anniversary of the date on which Grantee’s employment or services with the Company Group terminates for any reason (the “Restricted Period”), Grantee shall not (and shall cause each
of Grantee’s controlled Affiliates not to) directly, or indirectly through another Person, (a) induce or attempt to induce any employee, consultant or independent contractor of the Company Group to leave the employ or services of the
Company Group or (b) hire any employee, consultant or independent contractor of the Company Group; provided, that the restrictions on solicitation in clause (a) of this Section 1 to Schedule E shall not preclude
solicitations through the use of general advertising (such as web postings or advertisements in publications) or search firms, employment agencies or similar entities not specifically directed at the Company Group. 

 

	 	2.	 Non-Competition. Grantee acknowledges and agrees that
(a) at all times while Grantee is employed with the Company Group, Grantee shall pursue all appropriate business opportunities of the Company Group exclusively through the Company Group and (b) the Company Group would be irreparably
damaged if Grantee (or, if applicable, any of Grantee’s controlled Affiliates) were to provide services to any Person (including Grantee) engaged in a Restricted Business (as defined below) and that such competition by Grantee (or, if
applicable, any of Grantee’s controlled Affiliates) would result in a significant loss of goodwill by the Company Group. Therefore, Grantee agrees that during the period commencing on the Effective Date and ending on the first (1st) anniversary
of the date on which Grantee or any Grantee’s Affiliates cease to be direct or indirect members of EOC Parent or, if earlier, the first (1st) anniversary of the date on which Grantee’s employment or services with the Company Group
terminates for any reason, Grantee shall not (and, as applicable, shall cause each of his controlled Affiliates not to) directly or indirectly through another Person own any interest in, manage, control, participate in (whether as an officer,
director, manager, employee, partner, equity holder, member, agent, advisor, individual independent contractor, consultant, representative or otherwise), consult with, represent, render services for, or in any other manner engage in the Restricted
Business in any geographic area where the Company Group conducts it; provided, that nothing herein shall prohibit Grantee and any of his controlled Affiliates, as applicable from (i) being a passive owner of not more than two percent
(2%) of the outstanding stock of any class of a corporation or entity which is publicly traded so long as Grantee (or any of Grantee’s controlled Affiliates, if applicable) does not have any active participation in the management or other
business of such corporation or entity or (ii) being employed by or otherwise providing services to any corporation or entity, a division or subsidiary of which is engaged in Restricted Businesses so long as Grantee is

	 	
not involved with such division or subsidiary. As used herein, the term “Restricted Business” means collectively (x) any talent agency business or (y) any business or
businesses or a type not described in clause (x) in which Grantee was actively engaged on behalf of the Company Group during the preceding twelve (12) month period prior to the date on which Grantee ceases to be employed by or providing
services to the Company Group (and any logical extensions thereof). Notwithstanding anything in this Agreement (including this Schedule E) to the contrary, this Section 2 of Schedule E (other than clause (a) hereof)
shall not apply and shall have no force and effect upon (i) an Employer Non-Renewal, (ii) a termination of Grantee’s employment or services with the Company Group by the Company without Cause or
(iii) a termination of Grantee’s employment or services with the Company Group by Grantee with Good Reason. No amendment of the Operating Agreement of WME Holdco that would change the covenants set forth in this Section 2 of
Schedule E in a manner adverse to Grantee shall be effective as to Grantee without his written consent. 

  

	 	3.	 Non-Disparagement. During the Restricted Period, Grantee shall
not (and, if applicable, shall cause each of Grantee’s controlled Affiliates not to) defame or disparage the Company Group in any medium to any Person. Notwithstanding the foregoing, Grantee (and Grantee’s controlled Affiliates, if
applicable) may confer in confidence with Grantee’s (or, if applicable, Grantee’s controlled Affiliates’) legal representatives and make truthful statements as are required by applicable law or legal process. 

 

	 	4.	 Enforcement. 

  

	 	a.	 Grantee agrees that the Company Group would suffer irreparable damage, that the Company Group would not have
any adequate remedy at law in the event of a breach or threatened breach of any of the covenants set forth in Sections 1, 2 or 3 of this Schedule E (collectively, the “Restrictive Covenants”), that the damages resulting from
any such breach or threatened breach would be material but not readily susceptible to being measured in monetary terms, and that any remedy at law (including the payment of damages) would be inadequate as a result of such breach or threatened
breach. Accordingly, it is agreed that any member of the Company Group shall be entitled to an immediate injunction or injunctions to prevent breaches or threatened breaches of the Restrictive Covenants and to specific performance of such
Restrictive Covenants, in each case without proof of actual damages, and Grantee waives any requirement for the securing or posting of any bond in connection with any such remedy. 

 

	 	b.	 Grantee further agrees that the remedies provided for in this Section 4 of Schedule E shall be in
addition to, and not in limitation of, any other remedies that may be available to the Company Group whether at law or in equity, including monetary damages, and all of the Company Group’s rights shall be unrestricted, including, but not
limited to, the right to terminate Grantee at any time for any reason. 

	 	c.	 Grantee acknowledges and agrees that as used in this Schedule E, the “Company Group”
shall mean Employer and any current or former Affiliate of any member of Employer, as determined by EOC Parent in its discretion. Without limiting the foregoing, the Company may elect to assign or transfer all or any portion of its rights to enforce
the provisions of this Schedule E to any person or entity who is a successor to any member of the Company Group or to any person or entity who acquires one or more businesses from any member of the Company Group. 

 

	 	5.	 Restrictive Covenants Generally. If, at the time of enforcement of the Restrictive Covenants, a court
shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the
stated duration, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by applicable law. Grantee acknowledges that Grantee has had the
opportunity to be represented by counsel in the negotiation and execution of this Agreement and hereby acknowledge that the Restrictive Covenants are reasonable in terms of duration, scope and area restrictions and are necessary to protect the
goodwill of the Company Group. 

  

	 	6.	 Termination of Non-Competition Covenant. Notwithstanding the
foregoing, if within ten (10) days of the date on which Grantee’s employment or services with the Company Group terminates upon a Grantee Non-Renewal (other than an Employer Non-Renewal), Grantee delivers an irrevocable and unconditional notice to EOC Parent, together with supporting documentation evidencing Grantee’s authority to do so and certificates and other evidence of
ownership and surrender, in each case in forms reasonably acceptable to EOC Parent, that Grantee thereby relinquish to EOC Parent and its designees (a) all of the Owned Units (whether vested or unvested) and any and all other securities or
other assets for or into which all or a portion of such Owned Units has been or may be exchanged or converted and (b) all proceeds (cash or otherwise) received or receivable with respect to such Owned Units or other assets (excluding tax
distributions payable in respect of periods prior thereto, ordinary course annual bonus payments payable in respect of periods prior thereto and proceeds received prior thereto in respect of any sale of the Owned Units (and any and all other
securities or other assets for or into which all or a portion of such Owned Units has been or may be exchanged or converted) in the public market following an IPO), in the case of each of clauses (a) and (b), in exchange for no consideration
payable by the Company Group or any other Person, then the covenants set forth in Section 2 of this Schedule E shall terminate thereupon and have no further force or effect. For the avoidance of doubt, following the election described in the
foregoing sentence, other than the covenants set forth in Section 2 of this Schedule E, each of Grantee’s covenants and obligations with respect to the Company Group (whether set forth in this Schedule E or otherwise) shall remain
in effect in accordance with its terms.

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