Document:

Exhibit 10.2

 

February 11,
2021

 

Alpine 4 Technologies
Ltd.

2525 East Arizona Biltmore
Circle, suite 237

Phoenix, AZ 85016

 

Attn: Kent Wilson, Chief
Executive Officer

 

To Whom It May Concern:

 

This letter (the “Agreement”)
constitutes the agreement between A.G.P./Alliance Global Partners (the “Placement Agent”) and Alpine 4 Technologies
Ltd., a Delaware corporation (the “Company”), that the Placement Agent shall serve as the exclusive placement
agent for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the “Placement”)
of the Company’s shares of Class A Common Stock, par value $0.0001 per share, (the “Securities”), The
Securities actually placed by the Placement Agent are referred to herein as the “Placement Agent Securities.”
The terms of the Placement shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser”
and collectively, the “Purchasers”), and nothing herein constitutes that the Placement Agent would have the
power or authority to bind the Company or any Purchaser, or an obligation for the Company will issue any Securities or complete
the Placement. The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable
best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase
the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement
Agent with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers
to act as sub-agents or selected-dealers on its behalf in connection with the Placement; provided, however, that the Company shall
first approve any such sub-agents. Certain affiliates of the Placement Agent may participate in the Placement by purchasing some
of the Placement Agent Securities. The sale of Placement Agent Securities to any Purchaser will be evidenced by a securities purchase
agreement (the “Purchase Agreement”) between the Company and such Purchaser, in a form reasonably acceptable
to the Company and the Purchaser. Capitalized terms that are not otherwise defined herein have the meanings given to such terms
in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer
inquiries from prospective Purchasers.

 

SECTION 1.REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.     Representations
of the Company. With respect to the Placement Agent Securities and the shares of Class A Common Stock underlying the Placement
Agent’s Warrant (as defined below), each of the representations and warranties (together with any related disclosure schedules
thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement, is hereby
incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement
and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents
and warrants that there are no affiliations with any FINRA member firm among the Company's officers, directors or, to the knowledge
of the Company, any five percent (5.0%) or greater securityholder of the Company, except as set forth in the Purchase Agreement.

 

B.      Covenants
of the Company. The Company covenants and agrees to use commercially reasonable efforts in order to continue to retain
(i) a firm of independent Public Company Accounting Oversight Board (PCAOB) registered public accountants for a period of at
least five (5) years after the Closing Date and (ii) a competent transfer agent with respect to the Common
Stock for a period of five (5) years after the Closing Date. In addition, from the date hereof until 60 days after the
Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance
or proposed issuance of any shares of Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, this Section
1.B shall not apply in respect of an Exempt Issuance as defined in the Purchase Agreement. From the date hereof until 90
trading days after the Closing Date, without the prior written consent of the Placement Agent, neither the Company nor any
Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Stock
or Common Stock Equivalents.

 

    	 	1	 

     

    

 

SECTION 2.
       REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants
that it (i) is a member in good standing of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed
as a broker/dealer under the laws of the United States of America, applicable to the offers and sales of the Placement Agent Securities
by the Placement Agent, (iv) is and will be a corporate body validly existing under the laws of its place of incorporation, (v)
has full power and authority to enter into and perform its obligations under this Agreement. The Placement Agent will immediately
notify the Company in writing of any change in its status with respect to subsections (i) through (v) above. The Placement Agent
covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of
this Agreement and the requirements of applicable law.  

 

SECTION 3.        COMPENSATION.

 

A.    
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent and/or its respective
designees a cash fee of 7% of the aggregate gross proceeds raised from the sale of the Placement Agent Securities at the Closing
(the “Cash Fee”). The Cash Fee shall be paid on the Closing Date. The Company shall not be required to pay the
Placement Agent any fees or expenses except for the Cash Fee, the reimbursement of (i) up to $100,000 in legal expenses and clearing
agent fees and expenses, and the reimbursement of out of pocket expenses of the Placement Agent in connection with marketing the
transaction (i.e., background checks, tombstones, etc.), with respect to the engagement hereunder (of which $10,000 has been paid);
provided, however, that the reimbursement of legal, and out of pocket expenses of the Placement Agent shall not exceed $100,000
in the aggregate and (ii) non-accountable expenses (the "NAE") (provided, however, that the reimbursement amount
provided for in this Section in no way limits or impairs the indemnification and contribution provisions of this Agreement). The
total NAE allowance shall equal 1% of the aggregate gross proceeds raised from the sale of the Placement Agent Securities; provided,
further, that this sentence in no way limits or impairs the indemnification or contribution provisions contained herein. The Placement
Agent reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a
determination shall be made by FINRA to the effect that the Placement Agent’s aggregate compensation is in excess of FINRA
Rules or that the terms thereof require adjustment.

 

2.                 The
Company further agrees to issue to the Placement Agent (and/or its designees) on the Closing Date, one warrant to purchase
such number of shares of Class A Common Stock equal to five percent (5%) of the shares of Class A Common Stock issued at the
Closing (the “Placement Agent’s Warrant”). The Placement Agent’s Warrant may be purchased in
cash or via cashless exercise, shall be exercisable for a period of four years from the Closing Date and will terminate on
the fifth anniversary of the Closing Date. The exercise price of the Placement Agent’s Warrant is equal to one hundred
and ten percent (110%) of per share purchase price of the Class A Common Stock. The Placement Agent’s Warrant and the
shares of Common Stock issuable upon exercise of the Placement Agent’s Warrant (collectively “Compensation
Securities”) will be deemed compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). In
accordance with FINRA Rule 5110(e)(1), neither the Placement Agent’s Warrant nor any of the shares of Common Stock
issued upon exercise of the Placement Agent’s Warrant may be sold, transferred, assigned, pledged or hypothecated, or
be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic
disposition of such securities by any person, for a period of 180 days beginning on the date of commencement of sales of the
public equity offering.  The Placement Agent’s Warrant will provide for
registration rights (including a one-time demand registration right and unlimited piggyback
rights) and customary  anti-dilution provisions (for stock
dividends and splits and
recapitalizations) consistent with FINRA Rule 5110,
and further, the number of
shares underlying the
Underwriter's Warrants
shall be reduced, if
necessary, to
comply with FINRA rules or
regulations.

 

    	 	2	 

     

    

 

SECTION 4.       INDEMNIFICATION.

 

A.        To the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement
Agent and its affiliates, directors, officers, employees, members and controlling persons (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the same
are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or
pursuant to this Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect
thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from the
Placement Agent’s willful misconduct, bad faith or gross negligence in performing the services described herein.

 

B.        Promptly after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with
respect to which the Placement Agent is entitled to indemnity hereunder, the Placement Agent will notify the Company in writing
of such claim or of the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the Company
from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company
of substantial rights and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the
defense of such action or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the reasonable
fees and expenses of such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ counsel
separate from counsel for the Company and from any other party in such action if counsel for the Placement Agent reasonably determines
that it would be conflict of interest under the applicable rules of professional responsibility for the same counsel to represent
both the Company and the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate
counsel will be paid by the Company, in addition to fees of local counsel. The Company will have the right to settle the claim
or proceeding provided that the Company will not settle any such claim, action or proceeding without the prior written consent
of the Placement Agent, which will not be unreasonably withheld. The Company shall not be liable for any settlement of any action
effected without its written consent, which will not be unreasonably withheld.

 

    	 	3	 

     

    

 

C.        The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim
or the commencement of any action or proceeding relating to a transaction contemplated by this Agreement.

 

D.        If for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent
harmless, then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on
the one hand and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the Placement
Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations.
The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed
to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding
the provisions hereof, the Placement Agent’s share of the liability hereunder shall not be in excess of the amount of fees
actually received, or to be received, by the Placement Agent under this Agreement (excluding any amounts received as reimbursement
of expenses incurred by the Placement Agent).

 

E.        These indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this
Agreement is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the
Company might otherwise have to any indemnified party under this Agreement or otherwise.

 

SECTION 5.      ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder will be until the early of (i) April 30, 2021 and (ii) the Closing
Date. The date of termination of this Agreement is referred to herein as the “Termination Date.” In the event,
however, in the course of the Placement Agent’s performance of due diligence it deems it necessary to terminate the engagement,
the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement hereunder for any
reason prior to the Termination Date but will remain responsible for fees and expenses pursuant to Section 3 hereof and fees with
respect to the Placement Agent Securities if sold in the Placement. Notwithstanding anything to the contrary contained herein,
the provisions concerning the Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof, to pay
expenses pursuant to Section 3 hereof, and the provisions concerning confidentiality, indemnification and contribution contained
herein will survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of
the Placement, all fees and expenses due to the Placement Agent shall be paid by the Company to the Placement Agent on or before
the Termination Date (in the event such fees are earned or owed as of the Termination Date). The Placement Agent agrees not to
use any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes other
than those contemplated under this Agreement.

 

SECTION 6.      PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this
engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s
prior written consent.

 

SECTION 7.       NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges
and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or
liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of the Placement Agent hereunder, all of which are hereby expressly waived.

 

    	 	4	 

     

    

 

SECTION 8.       CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Placement Agent Securities hereunder are subject to
the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein
and in the Purchase Agreement, to the performance by the Company of its obligations hereunder and in the Purchase Agreement, and
to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement
Agent:

 

A.         All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Placement Agent Securities and Compensation Securities, and all other legal matters relating to this Agreement
and the transactions contemplated hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all
material respects to the Placement Agent.

 

B.         The Placement Agent shall have received from outside U.S. counsel to the Company each such counsel’s written opinion
with respect to the Placement Agent Securities and Compensation Securities, addressed to the Placement Agent and dated as of the
Closing Date, in form and substance reasonably satisfactory to the Placement Agent.

 

C.         The Placement Agent shall have received customary certificates of the Company’s executive officers, as to the accuracy
of the representations and warranties contains in the Purchase Agreement, and a certificate of the Company’s secretary certifying
that the Company’s charter documents are true and complete, have not been modified and are in full force and effect; (ii)
that the resolutions of the Company’s Board of Directors relating to the Placement are in full force and effect and have
not been modified; and (iii) as to the incumbency of the officers of the Company.

 

D.         The Placement Agent shall have received an executed FINRA questionnaire from each of the Company and the Company’s
executive officers and directors.

 

E.         The Common Stock shall be registered under the Exchange Act and, as of the Closing Date, the Common Stock shall be listed
and admitted and authorized for trading on the Trading Market or other applicable U.S. national exchange and satisfactory evidence
of such action shall have been provided to the Placement Agent. The Company shall have taken no action designed to, or likely to
have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending from trading
the Common Stock from the Trading Market or other applicable U.S. national exchange, nor has the Company received any information
suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such
registration or listing.

 

F.         No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by
any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent Securities
and the Compensation Securities or materially and adversely affect or potentially and adversely affect the business or operations
of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction
shall have been issued as of the Closing Date which would prevent the issuance or sale of the Placement Agent Securities or materially
and adversely affect or potentially and adversely affect the business or operations of the Company.

 

G.         The Company shall have entered into a Purchase Agreement with each of the several Purchasers of the Placement Agent Securities
and such agreements shall be in full force and effect and shall contain representations, warranties and covenants of the Company
as agreed upon between the Company and the Purchasers.

 

    	 	5	 

     

    

 

H.         FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement.
In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make
on the Company’s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 2710 with respect
to the Placement and pay all filing fees required in connection therewith.

 

If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement
Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation
shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

SECTION 9.     GOVERNING
LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their
respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement
or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the
courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this
Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement,
then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and other
costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

  

SECTION 10.     ENTIRE
AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes
all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined
to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other
provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified
or waived except by an instrument in writing signed by both the Placement Agent and the Company. The representations, warranties,
agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Agent Securities
and the Compensation Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature
page were an original thereof.

 

SECTION
12.     NOTICES. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of
(a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages
attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of
transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day
that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business day
following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by
the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth
on the signature pages hereto.

 

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SECTION 13.Press
Announcements. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference
the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and
on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of
this page has been intentionally left blank.]

 

    	 	7	 

     

    

 

Please confirm that
the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 	 
	 	By:	/s/
	 	 	Name:
	 	 	Title:

 

Accepted and Agreed
to as of

the date first written
above:

 

 

	ALPINE 4 TECHNOLOGIES LTD  	 
	 	 	 
	By:	/s/ Kent Wilson	 
	 	Name: Kent Wilson	 
	 	Title:Chief Executive Officer	 

 

Address for notice:

Future Alpine 4 Technologies Ltd.

2525 East Ariona Biltmore Circle,
Suite 237

Phoenix, AZ 85016

Attn: Kent Wilson, Chief Executive Officer

 

[Signature Page to
Placement Agent Agreement.]a2020form10-kex1036

Exhibit 10.36       May 11, 2020  CAPPED CALL PARTIAL TERMINATION AGREEMENT  This CAPPED CALL PARTIAL TERMINATION AGREEMENT (this “Termination  Agreement”) is made, by and between Citigroup Global Markets Inc. (“Dealer”) and ZILLOW GROUP,  INC. (“Counterparty”), as of the date hereof.  WHEREAS, on December 12, 2016, Counterparty issued $460,000,000 principal amount of its  2.00% Convertible Senior Notes due 2021 (the “Convertible Notes”);  WHEREAS, in connection with the pricing of the Convertible Notes, Counterparty and Dealer, on  December 6, 2016, entered into a letter agreement re: Base Call Option Transaction confirming the terms of  a base call option transaction (such confirmation, the “Base Capped Call Confirmation” and such  transaction the “Base Capped Call Transaction”);  WHEREAS, in connection with the exercise by the initial purchasers in the Convertible Notes  offering of their right to purchase additional Convertible Notes, Counterparty and Dealer, on December 8,  2016, entered into a letter agreement re: Additional Call Option Transaction confirming the terms of an  additional call option transaction (such confirmation, the “Additional Capped Call Confirmation” and  together with the Base Capped Call Confirmation, the “Confirmations,” and such transaction the  “Additional Capped Call Transaction” and together with the Base Capped Call Transaction, the  “Transactions”);   WHEREAS, Counterparty intends to issue and sell shares of Counterparty’s Class C capital stock  and convertible notes convertible into shares of Counterparty’s Class C capital in concurrent public offerings  (the “Offerings”); and  WHEREAS, Counterparty intends to use a portion of the proceeds from the Offerings to repurchase  an amount of Convertible Notes in $1,000 denominations (the “Notes Repurchase” and such number of  Convertible Notes in $1,000 denominations, the “Repurchase Number”) and in connection therewith,  Counterparty has requested a partial termination of the Transactions, and  NOW, THEREFORE, in consideration of their mutual covenants herein contained, the parties  hereto, intending to be legally bound, hereby mutually covenant and agree as follows:  1. Defined Terms.  Any capitalized term not otherwise defined herein shall have the meaning  set forth for such term in the Confirmations.  2. Termination and Amendment.  (a) As of the Effective Date (as defined below):  (i) The Number of Options under the Transactions shall be reduced in the aggregate by  the Repurchase Number;  (ii) The reduction to the Number of Options as set forth in clause (i) above shall be first  allocated to the Additional Capped Call Confirmation and, to the extent there is a  remainder of Number of Options to be reduced shall then be allocated to the Base  Capped Call Confirmation. If the Number of Options under the Additional Capped  Call Confirmation is reduced to zero pursuant to the foregoing sentence, the  Additional Capped Call Confirmation shall be terminated in full, and all of the  respective rights and obligations of the parties thereunder shall be cancelled and  terminated, and each party shall be released and discharged by the other party, and  agrees not to make any claim with respect to any obligations of the other party, in  connection with the Additional Capped Call Confirmation.  

 

2     (b) In connection with the termination and amendment set forth in clause (a) above, no later  than the second Exchange Business Day immediately following the last day of the VWAP  Period (as defined below), Dealer shall deliver to Counterparty, for each Convertible Note  included in the Repurchase Number, a number of Shares determined by Dealer in a  commercially reasonable manner by calculating the amount payable (the “Unwind  Amount”)to Counterparty under the Agreement as if an Early Termination Date had  occurred as a result of an Additional Termination Event with respect to which Counterparty  is the sole Affected Party in respect of such number of reduced Options on the date the  Repurchase Number is determined and the related Note Repurchase is priced (the “Note  Repurchase Pricing Date”) in respect of such number of reduced Options and dividing  the Unwind Amount by the average of the per Share volume-weighted average prices as  displayed under the heading “Bloomberg VWAP” on Bloomberg page “Z <equity> AQR”  (or its equivalent successor if such page is not available) in respect of the period from the  scheduled opening time of the Exchange to the Scheduled Closing Time on each of the two  Exchange Business Days commencing on the Scheduled Trading Day immediately  following the Note Repurchase Pricing Date (or if such volume-weighted average price is  unavailable at such time, the market value of one Share on such Exchange Business Day,  as determined by the Calculation Agent using, if practicable, a volume-weighted average  method) (the “Unwind Reference Price”). For the avoidance of doubt, Dealer may use the  Unwind Reference Price as one of the factors to determine the Unwind Amount. It is  understood and agreed that the Calculation Agent may make adjustments to such price for  the occurrence of any Market Disruption Event or Potential Adjustment Event during such  two-day period (the “VWAP Period”).  (c) For the avoidance of doubt, the parties agree that, except as provided for by this  Termination Agreement, the Notes Repurchase shall be disregarded for all purposes under  the Transactions, and without limiting the foregoing, no Early Termination Date shall be  deemed to occur with respect to any Transaction or any portion thereof on account of the  Notes Repurchase.  3. Representations and Warranties of Counterparty.  Counterparty represents and warrants  to Dealer on the date hereof that:    (a) it has the power to execute this Termination Agreement and any other documentation  relating to this Termination Agreement to which it is a party, to deliver this Termination  Agreement and to perform its obligations under this Termination Agreement and has taken  all necessary action to authorize such execution, delivery and performance;  (b) the execution, delivery and performance by it does not violate or conflict with any law  applicable to it (including, without limitation, Regulation M), any provision of its  constitutional documents, any order or judgment of any court or other agency of  government applicable to it or any of its assets or any material contractual restriction  binding on or affecting it or any of its assets;  (c) all governmental and other consents that are required to have been obtained by it with  respect to this Termination Agreement have been obtained and are in full force and effect  and all conditions of any such consents have been complied with;   (d) its obligations under this Termination Agreement constitute its legal, valid and binding  obligations, enforceable in accordance with their respective terms (subject to applicable  bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’  rights generally and subject, as to enforceability, to equitable principles of general  application (regardless of whether enforcement is sought in a proceeding in equity or at  law));  

 

3     (e) it is not in possession of any material nonpublic information regarding itself or the Shares,  other than information regarding the Offerings;  (f) it is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy  Code (Title 11 of the United States Code)) and it is able to consummate the Notes  Repurchase in compliance with the laws of the jurisdiction of Counterparty’s  incorporation;  (g) it is not entering into this Termination Agreement to create actual or apparent trading  activity in the Shares (or any security convertible into or exchangeable for the Shares) or  to raise or depress or otherwise manipulate the price of the Shares (or any security  convertible into or exchangeable for the Shares) or otherwise in violation of the Securities  Exchange Act of 1934, as amended (the “Exchange Act”);  (h) it is entering into this Termination Agreement in good faith and not as a part of a plan or  scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act;  (i) other than with respect to the Offerings, it is not, and will not be at any time on or prior to  the second Business Day following the relevant Effective Date, engaged in a distribution,  as such term is used in Regulation M under the Exchange Act, of any securities of  Counterparty, other than a distribution meeting the requirements of the exception set forth  in Section 101(b)(10) or 102(b)(7) of Regulation M;  (j) it will not take any action prohibited by Regulation M in connection with the distribution  of the relevant securities offered by the Offerings; and  (k) it acknowledges that execution of this Termination Agreement may constitute a purchase  of its equity securities. It further acknowledges that, pursuant to the provisions of the  Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the Counterparty  would be required to agree to certain time-bound restrictions on its ability to purchase its  equity securities if it receives loans, loan guarantees or direct loans (as that term is defined  in the CARES Act) under section 4003(b) of the CARES Act. It further acknowledges that  it may be required to agree to certain time-bound restrictions on its ability to purchase its  equity securities if it receives loans, loan guarantees or direct loans (as that term is defined  in the CARES Act) under programs or facilities established by the Board of Governors of  the Federal Reserve System for the purpose of providing liquidity to the financial system  (together with loans, loan guarantees or direct loans under section 4003(b) of the CARES  Act, “Governmental Financial Assistance”). Accordingly, it represents and warrants that  it and its subsidiaries have not applied for, and prior to the termination of this Termination  Agreement has no intention to apply for Governmental Financial Assistance under any  governmental program or facility that (a) is established under the CARES Act or the  Federal Reserve Act, as amended, and (b) requires, as a condition of such Governmental  Financial Assistance, that the Counterparty agree, attest, certify or warrant that it has not,  or otherwise be bound by law that it has not, as of the date specified in such condition,  repurchased, or will not repurchase, any equity security of Counterparty.  4. Representations and Warranties of Dealer.  Dealer represents and warrants to  Counterparty on the date hereof that:    (a) it has the power to execute this Termination Agreement and any other documentation  relating to this Termination Agreement to which it is a party, to deliver this Termination  Agreement and to perform its obligations under this Termination Agreement and has taken  all necessary action to authorize such execution, delivery and performance;  (b) the execution, delivery and performance by it does not violate or conflict with any law  applicable to it, any provision of its constitutional documents, any order or judgment of  

 

4     any court or other agency of government applicable to it or any of its assets or any material  contractual restriction binding on or affecting it or any of its assets;  (c) all governmental and other consents that are required to have been obtained by it with  respect to this Termination Agreement have been obtained and are in full force and effect  and all conditions of any such consents have been complied with; and  (d) its obligations under this Termination Agreement constitute its legal, valid and binding  obligations, enforceable in accordance with their respective terms (subject to applicable  bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’  rights generally and subject, as to enforceability, to equitable principles of general  application (regardless of whether enforcement is sought in a proceeding in equity or at  law)).  5. Effectiveness.  This Termination Agreement shall become effective concurrently with the  completion of the Notes Repurchase by Counterparty (such date, the “Effective Date”).  6. No Reliance.  Each of Counterparty and Dealer hereby confirms that it has relied on the  advice of its own counsel and other advisors (to the extent it deems appropriate) with respect to any legal,  tax, accounting, or regulatory consequences of this Termination Agreement, that it has not relied on the other  party or such other party’s affiliates in any respect in connection therewith, and that it will not hold the other  party or such other party’s affiliates accountable for any such consequences.  7. Continuing Effect.  Except as expressly set forth in Section 2 above, all of the terms and  provisions set forth in the Base Capped Call Confirmation shall remain and continue in full force and effect  and are hereby confirmed in all respects.  8. Jurisdiction; Waiver of Trial by Jury.  (a) With respect to any suit, action or proceedings relating to any dispute arising out of or in  connection with this Termination Agreement (“Proceedings”), each party irrevocably  (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the  United States District Court located in the Borough of Manhattan in New York City,  (ii) waives any objection which it may have at any time to the laying of venue of any  Proceedings brought in any such court, waives any claim that such Proceedings have been  brought in an inconvenient forum and further waives the right to object, with respect to  such Proceedings, that such court does not have any jurisdiction over such party, and (iii)  agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any  one or more jurisdictions will not preclude the bringing of Proceedings in any other  jurisdiction.  (b) Each party waives, to the fullest extent permitted by applicable law, any right it may have  to a trial by jury in respect of any suit, action or proceeding relating to this Termination  Agreement.  Each party (i) certifies that no representative, agent or attorney of either party  has represented, expressly or otherwise, that such other party would not, in the event of  such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii)  acknowledges that it and the other party have been induced to enter into this Termination  Agreement, as applicable, by, among other things, the mutual waivers and certifications  provided herein.  9. Governing Law.  This Termination Agreement and all matters arising in connection with  this Termination Agreement shall be governed by and construed in accordance with the laws of the State of  New York (without reference to choice of law doctrine).  

 

5     10. Counterparts.  This Termination Agreement (and any amendment, modification and  waiver in respect of it) may be executed and delivered in counterparts, each of which will be deemed an  original.      [End of Text]  

 

6     IN WITNESS WHEREOF, the parties hereto have caused this Termination Agreement to be duly  executed as of the date first written above.  Very truly yours,  CITIGROUP  GLOBAL MARKETS INC.  By: /s/ Peter Barna  Name: Peter Barna  Title: Managing Director               ZILLOW GROUP, INC.   By: /s/ Allen Parker  Name: Allen Parker  Title: Chief Financial Officer

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