Document:

EX-10.4

 Exhibit 10.4 

INTELLECTUAL PROPERTY LICENSE AGREEMENT 

This INTELLECTUAL PROPERTY LICENSE AGREEMENT (this “Agreement”), dated as of October 7, 2021, is by and between Ziff
Davis, Inc., a Delaware corporation (“Parent”), and Consensus Cloud Solutions, Inc., a Delaware corporation (“SpinCo”). Parent and SpinCo are individually referred to herein as a “Party,” and
collectively as the “Parties.” 
 R E C I T A L S: 

WHEREAS, the Parties entered into the Separation and Distribution Agreement, dated as of October 7, 2021 (the “Separation and
Distribution Agreement”), pursuant to which SpinCo was separated from Parent and incorporated as a new publicly traded company; 

WHEREAS, the Separation and Distribution Agreement requires the execution and delivery of this Agreement by the Parties as of the Effective
Time; 
 WHEREAS, in accordance with and subject to the terms and conditions of this Agreement, Parent desires to grant to SpinCo and its
Subsidiaries a license under certain intellectual property owned and controlled by Parent, and SpinCo and its Subsidiaries desire to receive such license for use in a manner consistent with each Party’s current practice as of the date of this
Agreement); and 
 WHEREAS, in accordance with and subject to the terms and conditions of this Agreement, SpinCo desires to grant to Parent
and its Subsidiaries a license under certain intellectual property owned and controlled by SpinCo, and Parent and its Subsidiaries desire to receive such license for use in a manner consistent with each Party’s current practice as of the date
of this Agreement). 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. For purposes of this Agreement (including the Recitals hereof), the following capitalized
terms have the following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation and Distribution Agreement: 

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

“Bankruptcy Code” has the meaning set forth in Section 7.19. 

“Dispute” has the meaning set forth in Section 7.16. 

 “Improvements” means improvements, enhancements, or modifications to, or
derivative works of, the Intellectual Property. 
 “Intellectual Property” means all of the following whether arising under
the Laws of the United States or of any foreign or multinational jurisdiction: (a) works of authorship and copyrights, including Software and Internet websites, (“Copyrights”); (b) patents and patent applications,
including all reissues, divisions, renewals, extensions, provisionals, continuations and continuations-in-part thereof, (“Patents”); (c) trade
secrets, invention disclosures, processes and know-how and any rights therein and thereto, (“Know-How”); (d) other intellectual property rights
(“Other IP”); and (e) all registrations and applications to register all of the foregoing. For the purposes of this Agreement, Intellectual Property does not include trademarks, service marks, logos, trade names, trade dress,
Internet domain names, accounts or “handles” with Facebook, LinkedIn, Twitter or similar social media platforms, or other indicia of origin, or the goodwill associated with any or all of the foregoing or symbolized thereby
(“Marks”). 
 “Licensed IP” means the Parent Licensed IP or SpinCo Licensed IP, as applicable. 

“Parent” has the meaning set forth in the Preamble. 

“Parent Licensed IP” means all Intellectual Property owned, licensable, or sublicensable the Parent or any member of the
Parent Group as of the Effective Time. 
 “Party” or “Parties” has the meaning set forth in the Preamble.

 “Separation and Distribution Agreement” has the meaning set forth in the Recitals. 

“SpinCo” has the meaning set forth in the Preamble. 

“SpinCo Group” means SpinCo and each Person that is a Subsidiary of SpinCo. 

“SpinCo Licensed IP” means all Intellectual Property owned, licensable, or sublicensable SpinCo or any member of the SpinCo
Group as of the Effective Time. 
 ARTICLE II 

LICENSE 

Section 2.01. SpinCo License. Parent, on behalf of itself and Parent Group, hereby grants to SpinCo and SpinCo Group a non-exclusive, perpetual, irrevocable (subject to Section 4.02), royalty-free, fully paid-up, worldwide,
non-transferrable (except in accordance with Section 7.09), non-sublicensable (except as provided in Section 2.03) license: (a) under the Parent
Licensed IP (including all Improvements thereto) to make, have made, use (including the right to practice any method which is involved in the use), import, offer for sale, sell and otherwise dispose of products and services of the SpinCo Business as
of the Effective Time and any natural evolutions and extensions thereof; and (b) to reproduce, create derivative works of, distribute (including digital distribution), perform and display the Parent Licensed IP (including all Improvements
thereto) solely as used in the SpinCo Business as of the Effective Time and any natural evolutions and extensions thereof. 

  
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 Section 2.02. Parent License. SpinCo, on behalf of itself and SpinCo Group,
hereby grants to Parent and Parent Group a non-exclusive, perpetual, irrevocable (subject to Section 4.02), royalty-free, fully paid-up,
worldwide, non-transferrable (except in accordance with Section 7.09), non-sublicensable (except as provided in Section 2.03) license under the SpinCo
Licensed IP: (a) under the SpinCo Licensed IP to make, have made, use (including the right to practice any method which is involved in the use), import, offer for sale, sell and otherwise dispose of products and services of the Parent Business
and any natural evolutions and extensions thereof; and (b) to reproduce, create derivative works of, distribute (including digital distribution), perform and display the SpinCo Licensed IP (including all Improvements thereto) solely as used in
the Parent Business and any natural evolutions and extensions thereof. 
 Section 2.03. Sublicensing Rights. The rights granted
in Section 2.01 and Section 2.02, respectively, include the right to grant sublicenses, within the scope of the licenses granted in Section 2.01 and
Section 2.02, respectively, through multiple tiers, to any of a Party’s or its Group members’: (i) customers or end-users in connection with any products or services
provided by such Party or its Group members in substantially the same manner that such sublicenses were granted by such Party or its Group members as of the Effective Time and (ii) suppliers, distributors, contractors and consultants as
necessary or useful to exercise the license rights granted to such Party or Group members under Section 2.01 and Section 2.02, respectively. 

Section 2.04. Improvements. As between the Parties and their Group members, all title and ownership rights, including all
Intellectual Property rights, throughout the world in any Improvements first conceived and reduced to practice by a Party hereunder shall vest in such Party. 

Section 2.05. Maintenance. Neither Party, nor any of its Group members, is required to provide the other Party with any
maintenance, support or other services with respect to the Licensed IP hereunder. 
 Section 2.06. Foundry Activities. SpinCo
and Parent, respectively, understand and acknowledge that the rights and licenses granted hereunder are intended to cover only the products and services of SpinCo and SpinCo Group, and the products and services of the Parent and Parent Group,
respectively. The rights and licenses granted in Section 2.01 and Section 2.02, respectively, shall not apply in any way to specifications obtained from a Third Party for products sold, directly or
indirectly, to or on behalf of such Third Party or permit a Party to be a foundry for Third Parties. 
 Section 2.07. Reservation of
Rights. In no event shall anything set forth herein be deemed to grant a Party any right or license, express or implied, with respect to the Marks of the other Party, and except as otherwise expressly set forth herein, neither Party nor any
Parent Group members shall have any rights or licenses hereunder, express or implied, with respect to any Intellectual Property, owned, licensed or sublicensed by the other Party or any of such other Party’s Group members. Except as otherwise
expressly set forth herein, all rights, licenses, title and interests not expressly granted in this Agreement are expressly reserved by each applicable Party and its Group members. 

  
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 ARTICLE III 

COVENANTS 

Section 3.01. Ownership. The Parties hereby acknowledge and agree that, as between the Parties, Parent shall be the sole and
exclusive owner of all right, title and interest in and to the Parent Licensed IP, and SpinCo shall be the sole and exclusive owner of all right, title and interest in and to the SpinCo Licensed IP. Each Party agrees not to represent to any Third
Party that such Party has any ownership interest in the Licensed IP of the other Party. 
 Section 3.02. Prosecution and
Maintenance. Each Party retains the sole right (but not the obligation) to protect in its sole discretion the Licensed IP owned or controlled by such Party, including deciding whether and how to file and prosecute applications for registration,
whether to abandon prosecution of such applications and whether to pay or not pay any maintenance or renewal fees. 
 Section 3.03.
Subsidiaries. Each Party shall cause all of its Group members to comply with the terms and conditions of this Agreement. 
 ARTICLE
IV 
 TERM AND TERMINATION 

Section 4.01. Term. This Agreement, including the licenses granted hereunder, shall become effective on the Effective Time and
shall continue thereafter in full force and effect unless and until terminated pursuant to Section 4.02 or the expiration of the last to expire of the SpinCo Licensed IP and the Parent Licensed IP, whichever is earlier.

 Section 4.02. Termination. This Agreement may only be terminated upon the written agreement of the Parties. In the event of a
breach of this Agreement, the sole and exclusive remedy of the non-breaching Party shall be to recover monetary damages and/or to obtain injunctive or other equitable relief. 

Section 4.03. Survival. Article I, Section 2.01 (solely with respect to
activity prior to the date of termination), Section 2.02 (solely with respect to activity prior to the date of termination), Section 2.04, Section 2.07,
Article III, this Section 4.03, Article V, Article VI and Article VII shall survive any expiration or termination of
this Agreement. 
 ARTICLE V 

DISCLAIMER; LIMITATION OF LIABILITY 

Section 5.01. Disclaimer. EACH PARTY (ON BEHALF OF ITSELF AND EACH MEMBER OF ITS GROUP) ACKNOWLEDGES AND AGREES THAT, UNDER THIS
AGREEMENT, ALL PARENT LICENSED IP AND ALL SPINCO LICENSED IP IS LICENSED ON AN “AS IS, WHERE IS” BASIS AND THAT NEITHER SPINCO NOR ANY SPINCO GROUP MEMBER, NOR PARENT NOR ANY PARENT GROUP MEMBER, HAS MADE OR MAKES ANY REPRESENTATION OR
WARRANTY WHATSOEVER WITH RESPECT TO THE LICENSED IP, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ENFORCEABILITY OR
NON-INFRINGEMENT. 

  
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 Section 5.02. Limitation on Liability. IN NO EVENT SHALL EITHER PARTY OR MEMBERS
OF ITS GROUP BE LIABLE TO THE OTHER PARTY OR ITS RESPECTIVE GROUP MEMBERS FOR ANY DIRECT, SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL, EXEMPLARY OR PUNITIVE DAMAGES OR DAMAGES BASED ON LOST PROFITS, IN EACH CASE, HOWEVER CAUSED AND ON ANY THEORY OF
LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

ARTICLE VI 

CONFIDENTIALITY 

Section 6.01. Parent and SpinCo Obligations. Subject to Section 6.03, each Party, on
behalf of itself and each of its Group members, agrees to hold, and to cause its respective Representatives to hold, in strict confidence, with at least the same degree of care that applies to Parent’s Confidential Information pursuant to
policies in effect as of the Effective Time, all Confidential Information included in the Licensed IP, and shall not use any such Confidential Information other than for such purposes as may be expressly permitted hereunder. 

Section 6.02. No Release; Return or Destruction. Each Party agrees (a) not to release or disclose, or permit to be released
or disclosed, any Confidential Information included in the Licensed IP of the other Party to any other Person, except its Representatives who need to know such Confidential Information in their capacities as such (who shall be advised of their
obligations hereunder with respect to such Confidential Information) and (b) to use commercially reasonable efforts to maintain such Confidential Information in accordance with Section 6.4 of the Separation and Distribution Agreement. 

Section 6.03. Protective Arrangements. In the event that a Party or any of its Group members either determines on the advice of
its counsel that it is required to disclose any information pursuant to applicable Law or receives any request or demand under lawful process or from any Governmental Authority to disclose or provide information of the other Party (or any of its
Group members) that is subject to the confidentiality provisions hereof, such Party shall notify the other Party (to the extent legally permitted) as promptly as practicable under the circumstances prior to disclosing or providing such information
and shall cooperate, at the expense of the other Party, in seeking any appropriate protective order requested by the other Party. In the event that such other Party fails to receive such appropriate protective order in a timely manner and the Party
receiving the request or demand reasonably determines that its failure to disclose or provide such information shall actually prejudice the Party receiving the request or demand, then the Party that received such request or demand may thereafter
disclose or provide information to the extent required by such Law (as so advised by its counsel) or by lawful process or such Governmental Authority, and the disclosing Party shall promptly provide the other Party with a copy of the information so
disclosed, in the same form and format so disclosed, together with a list of all Persons to whom such information was disclosed, in each case to the extent legally permitted. 

  
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 Section 6.04. Exclusions. A Party’s confidentiality obligations set forth
herein with respect to the other Party’s Confidential Information included in the Licensed IP do not apply to the extent such Confidential Information: (a) is in the public domain or is generally available to the public, other than as a
result of a disclosure by such Party or any of its Group members or any of their respective Representatives in violation of this Agreement; (b) is lawfully acquired from other sources by such Party or any of its Group members, which sources are
not themselves known by such Party or any of its Group members to be bound by a confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality with respect to such Confidential Information; or (c) is
independently developed or generated without reference to or use of such Confidential Information of the other Party or any of its Group members. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Export Restrictions. Each Party shall adhere to all applicable Laws relating to the export of technical data,
and shall not export or re-export any technical data, any products received from the other Party, or the direct product of such technical data, to any proscribed country listed in such applicable Laws, unless
permitted thereby and in accordance with any associated requirements. 
 Section 7.02. Mutual Cooperation. Each Party shall, and
shall cause its Group members to, cooperate with the other Party and its Group members in connection with the performance of this Agreement; provided that: (a) such cooperation shall not unreasonably disrupt the normal operations of such Party
or its Group members; and (b) this Section 7.02 shall not require such Party to incur any out-of-pocket costs or expenses, unless and
except as expressly provided in this Agreement or otherwise agreed in writing by the Parties. 
 Section 7.03. Further
Assurances. Subject to the terms of this Agreement, each Party shall take, or cause to be taken, any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other
Party may reasonably request in order to effect the intent and purpose of this Agreement and the transactions contemplated hereby. 

Section 7.04. Audit Assistance. Each of the Parties and their respective Group members are or may be subject to regulation and
audit by a Governmental Authority, standards organizations, customers or other parties to contracts with such Parties or their respective Group members under applicable Law, standards or contract provisions. If a Governmental Authority, standards
organization, customer or other party to a contract with a Party or its Group member exercises its right to examine or audit such Party’s or its Group member’s books, records, documents or accounting practices and procedures pursuant to
such applicable Law, standards or contract provisions, and such examination or audit relates to the Intellectual Property, then the other Party shall provide, at the sole cost and expense of the requesting Party, all assistance reasonably requested
by the Party that is subject to the examination or audit in responding to such examination or audits or requests for Information, to the extent that such assistance or Information is within the reasonable control of the cooperating Party and is
related to the Intellectual Property. 

  
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 Section 7.05. Title to Intellectual Property. Except as expressly provided for
under the terms of this Agreement or the Separation and Distribution Agreement, each Party acknowledges that it shall acquire no right, title or interest (including any license rights or rights of use) in any Intellectual Property that is owned or
licensed by the other Party. Each Party shall not remove or alter any copyright, trademark, confidentiality or other proprietary notices that appear on any Intellectual Property owned or licensed by the other Party, and each Party shall reproduce
any such notices on any and all copies thereof. Each Party shall not attempt to decompile, translate, reverse engineer or make excessive copies of any Intellectual Property owned or licensed by the other Party, and shall promptly notify the other
Party of any such attempt, regardless of whether by the Party or any Third Party, of which the Party becomes aware. 
 Section 7.06.
Counterparts; Entire Agreement; Corporate Power. 
 (a) This Agreement may be executed in one (1) or more counterparts, all of
which shall be considered one (1) and the same agreement, and shall become effective when one (1) or more counterparts have been signed by each of the Parties and delivered to the other Party. 

(b) This Agreement, the Separation and Distribution Agreement and the other Ancillary Agreements and the Exhibits, Schedules and appendices
hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such
subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or therein. This Agreement, the Separation and Distribution Agreement, and the other Ancillary Agreements govern the
arrangements in connection with the Separation and the Distribution and would not have been entered into independently. 
 (c) Parent
represents on behalf of itself and, to the extent applicable, each Parent Group member, and SpinCo represents on behalf of itself and, to the extent applicable, each SpinCo Group member, that: (i) each such Person has the requisite corporate or
other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and (ii) this Agreement has been duly executed and
delivered by it and constitutes a valid and binding agreement of it and is enforceable in accordance with the terms hereof. 
 (d) Each Party
acknowledges and agrees that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by e-mail in portable document
format (.pdf) shall be effective as delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier,
by facsimile or by e-mail in portable document format (.pdf)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any such signature or
delivery is not adequate to bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably practicable cause this
Agreement to be manually executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier. 

  
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 Section 7.07. Governing Law. This Agreement (and any claims or disputes arising
out of or related hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be
governed by and construed and interpreted in accordance with the Laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability,
performance and remedies. 
 Section 7.08. Consent to Jurisdiction. Each of the Parties irrevocably and unconditionally agrees
that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder
brought by a Party, shall be brought and determined exclusively in the federal and state courts sitting in the State of Delaware. Each of the Parties hereby irrevocably submits, generally and unconditionally, to the personal jurisdiction of the
aforesaid courts and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. Each of the Parties hereby irrevocably waives, and
agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any argument that it is not personally subject to the jurisdiction of the above named courts for
any reason other than the failure to serve in accordance with this Section 7.08, (b) any argument that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in
such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by the applicable Law, any argument that
(i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by
such courts. Notwithstanding the above, this paragraph shall not prohibit either Party from seeking injunctive or other equitable relief in any court of competent jurisdiction. 

Section 7.09. Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns; provided that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party. Notwithstanding the foregoing, no such consent shall
be required for the assignment of a Party’s rights and obligations under the Separation and Distribution Agreement, this Agreement and the other Ancillary Agreements in whole (i.e., the assignment of a Party’s rights and obligations
under the Separation and Distribution Agreement, this Agreement and all of the other Ancillary Agreements all at the same time) (a) to an Affiliate or (b) in connection with a merger, consolidation or other business combination of a Party
with or into any other Person or a sale of all or substantially all of the assets of a Party to another Person, in each case so long as the resulting, surviving or acquiring Person assumes all of the obligations of the relevant Party by operation of
Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. 
 Section 7.10. Third-Party
Beneficiaries. This Agreement is for the sole benefit of the Parties and their permitted assigns and each Party intends that this Agreement shall not benefit, or create a right or cause of action in or on behalf of, any person or entity other
than the Parties, their permitted assigns. 

  
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 Section 7.11. Notices. All notices, requests, claims, demands or other
communications under this Agreement shall be in writing and shall be given or made (and except as provided herein shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by certified mail,
return receipt requested, by facsimile, or by electronic mail (“e-mail”), so long as confirmation of receipt of such e-mail is requested and received,
to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 7.11): 

If to Parent, to: 
 Ziff Davis,
Inc. 
 114 Fifth Avenue 
 New
York, New York 10011 
 Attention:     Legal Department 

E-mail:         legal@j2.com 

If to SpinCo (prior to the Effective Time), to: 

Consensus Cloud Solutions, Inc. 

700 South Flower Street, Suite 1500 

Los Angeles, California 90017 

Attention:     Legal Department 

E-mail:         legal@j2.com 

If to SpinCo (from and after the Effective Time), to: 

Consensus Cloud Solutions, Inc. 

700 South Flower Street, Suite 1500 

Los Angeles, California 90017 

Attention:     Legal Department 

E-mail:         vithya.aubee@j2.com 

Any Party may, by notice to the other Party, change the address to which such notices are to be given. 

Section 7.12. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and
equitable provision to effect the original intent of the Parties. 
 Section 7.13. Force Majeure. Neither Party shall be deemed
in default of this Agreement for any delay or failure to fulfill any obligation (other than a payment obligation) hereunder so long as and to the extent to which any delay or failure in the fulfillment of such obligation is prevented, frustrated,
hindered or delayed as a consequence of circumstances of Force Majeure. Without limiting the termination rights contained in this Agreement, in the event of any such 

  
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excused delay, the time for performance of such obligation (other than a payment obligation) shall be extended for a period equal to the time lost by reason of the delay. A Party claiming the
benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such Force Majeure: (a) provide written notice to the other Party of the nature and extent of such Force Majeure; and (b) use commercially
reasonable efforts to remove any such causes and resume performance under this Agreement as soon as reasonably practicable (and in no event later than the date that the affected Party resumes analogous performance under any other agreement for
itself, its Group members or any Third Party), unless this Agreement has previously been terminated under Article IV or this Section 7.13. 

Section 7.14. Headings. The Article and Section headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 Section 7.15. Waivers of Default. Waiver by a Party of any
default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. No failure or delay by a Party in exercising
any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other right or further exercise thereof or the exercise of any other right, power or privilege. 

Section 7.16. Dispute Resolution. In the event of any controversy, dispute or claim (a “Dispute”) arising out of
or relating to any Party’s rights or obligations under this Agreement (whether arising in contract, tort or otherwise), such Dispute shall be resolved in accordance with the dispute resolution process referred to in Article VII of the
Separation and Distribution Agreement. 
 Section 7.17. Specific Performance. Subject to Section 7.16,
in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief (on
an interim or permanent basis) in respect of its rights or their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the
remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any Action for specific performance that a remedy at law would be adequate is waived. Any requirements
for the securing or posting of any bond with such remedy are hereby waived by each of the Parties. Unless otherwise agreed in writing, the Parties shall honor all other commitments under this Agreement during the course of dispute resolution
pursuant to the provisions of Section 7.16 and this Section 7.17 with respect to all matters not subject to such Dispute; provided that this obligation shall only exist during the term of this
Agreement. 
 Section 7.18. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or
modified by a Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom enforcement of such waiver, amendment, supplement or modification is sought. 

  
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 Section 7.19. Bankruptcy. Should a Party become the subject of a bankruptcy or
similar insolvency proceeding or any analogous proceeding in any jurisdiction to which such Party is subject, the other Party and its Group members shall be permitted to retain its licenses in the Intellectual Property licensed pursuant to this
Agreement and to take appropriate action as may be reasonably required to retain such licenses. Without limiting the foregoing, all licenses granted to a Party and its Group members under this Agreement are, and shall otherwise be deemed to be, for
purposes of Section 365(n) of the United States Bankruptcy Code, as amended (the “Bankruptcy Code”), licenses to rights to “intellectual property” as defined in the Bankruptcy Code. In furtherance and not in
limitation of the foregoing: (a) upon the commencement of any bankruptcy proceeding by or against Parent or any Parent Group members under the Bankruptcy Code, SpinCo and SpinCo Group members may fully exercise all of their rights and elections
under the Bankruptcy Code to retain the licensed rights granted to them by Parent pursuant to this Agreement and to use the Parent Licensed IP as in effect immediately prior to such proceeding, notwithstanding any rejection of this Agreement in any
such proceeding, and (b) upon the commencement of any bankruptcy proceeding by or against SpinCo or any SpinCo Group member under the Bankruptcy Code, Parent and Parent Group members may fully exercise all of their rights and elections under
the Bankruptcy Code to retain the licensed rights granted to them by SpinCo pursuant to this Agreement and to use the SpinCo Licensed IP as in effect immediately prior to such proceeding, notwithstanding any rejection of this Agreement in any such
proceeding. No Party shall be deemed to have terminated this Agreement unless it has expressly done so in writing. 
 Section 7.20.
Interpretation. In this Agreement: (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms
“hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules, Annexes and Exhibits hereto) and not to
any particular provision of this Agreement; (c) Article, Section, Exhibit, Annex and Schedule references are to the Articles, Sections, Exhibits, Annexes and Schedules to this Agreement, unless otherwise specified; (d) unless otherwise
stated, all references to any agreement shall be deemed to include the exhibits, schedules and annexes to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including,
without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references to
“business day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions are generally authorized or required by law to close in the United States; (i) references herein to this Agreement or any other
agreement contemplated herein shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; and (j) unless
expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement” and “hereby” and words of similar import shall all be references to the Effective Time. 

Section 7.21. Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable to this Agreement. 

Remainder of page intentionally left blank. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first written above. 
  

			
	ZIFF DAVIS, INC.
		
	By:	 	 /s/ Jeremy Rossen

	Name:	 	 Jeremy Rossen

	Title:	 	 Executive Vice President, Secretary and General Counsel

	
	CONSENSUS CLOUD SOLUTIONS, INC.
		
	By:	 	 /s/ Vithya Aubee

	Name:	 	 Vithya Aubee

	Title:	 	 Vice President

 Signature Page to Intellectual Property License AgreementEX-10.5

 Exhibit 10.5 

STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT 

BY AND BETWEEN 
 ZIFF
DAVIS, INC. 
 AND 

CONSENSUS CLOUD SOLUTIONS, INC. 

DATED AS OF OCTOBER 7, 2021 
  

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 ARTICLE II REGISTRATION RIGHTS
	  	 	6	 
	 Section 2.01
	 	Registration	  	 	6	 
	 Section 2.02
	 	Piggyback Registrations	  	 	10	 
	 Section 2.03
	 	Registration Procedures	  	 	12	 
	 Section 2.04
	 	Underwritten Offerings or Exchange Offers	  	 	17	 
	 Section 2.05
	 	Registration Expenses Paid by SpinCo.	  	 	18	 
	 Section 2.06
	 	Indemnification	  	 	21	 
	 Section 2.07
	 	Reporting Requirements; Rule 144	  	 	21	 
	 Section 2.08
	 	Registration Rights Covenant	  	 	21	 
	 Section 2.09
	 	Registration Rights Agreement with Participating Banks	  			
		
	 ARTICLE III VOTING RESTRICTIONS
	  	 	21	 
	 Section 3.01
	 	Voting of SpinCo Shares	  	 	21	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	22	 
	 Section 4.01
	 	Further Assurances	  	 	22	 
	 Section 4.02
	 	Term and Termination	  	 	22	 
	 Section 4.03
	 	Counterparts; Entire Agreement; Corporate Power	  	 	22	 
	 Section 4.04
	 	Disputes and Governing Law	  	 	23	 
	 Section 4.05
	 	Successors, Assigns and Transferees	  	 	24	 
	 Section 4.06
	 	Third-Party Beneficiaries	  	 	25	 
	 Section 4.07
	 	Notices	  	 	25	 
	 Section 4.08
	 	Severability	  	 	26	 
	 Section 4.09
	 	Headings	  	 	26	 
	 Section 4.10
	 	Waiver of Default	  	 	26	 
	 Section 4.11
	 	Amendments	  	 	26	 
	 Section 4.12
	 	Interpretation	  	 	27	 
	 Section 4.13
	 	Performance	  	 	27	 
	 Section 4.14
	 	Registrations, Exchanges, etc.	  	 	28	 
	 Section 4.15
	 	Mutual Drafting	  	 	28	 
		
	 Exhibit A – Form of Agreement to be Bound
	  	 	A-1	 

  

  
 i 

 STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT 

This STOCKHOLDER AND REGISTRATION RIGHTS AGREEMENT, dated as of October 7, 2021 (this “Agreement”), is by and between Ziff
Davis, Inc., a Delaware corporation (“Parent”), and Consensus Cloud Solutions, Inc., a Delaware corporation (“SpinCo”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
assigned to them in Article I. 
 R E C I T A L S 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is appropriate and desirable to
distribute at least 80.1% of the outstanding SpinCo Shares owned by Parent to Parent’s shareholders (the “Distribution”); 

WHEREAS, following the Distribution, Parent may effect distributions of any SpinCo Shares (as defined below) that are not distributed in the
Distribution (such SpinCo Shares not distributed in the Distribution, the “Retained Shares”) to Parent stockholders as dividends or in exchange for outstanding shares of Parent common stock, or through one or more subsequent
exchanges of SpinCo Shares for Parent debt held by Parent creditors, including pursuant to one or more transactions registered under the Securities Act; 

WHEREAS, SpinCo desires to grant to the Parent Group the Registration Rights for the Retained Shares and other Registrable Securities, subject
to the terms and conditions of this Agreement; and 
 WHEREAS, the Parent Group desires to grant SpinCo a proxy to vote the Retained Shares
in proportion to the votes cast by SpinCo’s other stockholders, on the terms and subject to the conditions of this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 For the
purpose of this Agreement, the following terms shall have the following meanings: 
 “Affiliate” shall have the meaning
given to such term in the Separation and Distribution Agreement. 
 “Agreement” shall have the meaning set forth in the
Preamble. 
 “Ancillary Agreements” shall have the meaning given to such term in the Separation and Distribution Agreement.

  
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 “Ancillary Filings” shall have the meaning set forth in
Section 2.03(a)(i). 
 “Blackout Notice” shall have the meaning set forth in Section 2.01(d). 

“Blackout Period” shall have the meaning set forth in Section 2.01(d). 

“Block Trade” means an Underwritten Offering not involving any “road show” or other substantial marketing efforts
by SpinCo, including, without limitation, a same day trade, overnight trade, bought deal or similar transaction. 
 “Change of
Control” with respect to a Person shall mean any occurrence resulting in (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becoming the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities entitled to vote in the election of members of the board of directors or similar governing body of such Person having
50% or more of the then outstanding voting power of such Person; (ii) such Person becoming a party to a merger, consolidation, share exchange, reorganization, sale of assets or other similar extraordinary transaction, or a proxy contest, in
each case as a consequence of which members of the board of directors or similar governing body of such Person in office immediately prior to such transaction or event constitute less than a majority of such board or other body thereafter; or
(iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the board of directors or similar governing body of such Person (including for this purpose any new director or similar person whose
election or nomination for election was approved by a vote of at least two-thirds of the directors or similar persons then still in office who served in such capacities at the beginning of such period, other
than those such directors or similar persons appointed, or nominated for election, in connection with an actual or threatened proxy contest or other non-consensual attempt to influence or modify such board or
other body) ceasing for any reason to constitute at least a majority of such board or other body. 
 “Debt” shall mean any
indebtedness of any member of the Parent Group, including debt securities, notes, credit facilities, credit agreements and other debt instruments, including, in each case, any amounts due thereunder. 

“Demand Registration” shall have the meaning set forth in Section 2.01(a). 

“Disadvantageous Condition” shall have the meaning set forth in Section 2.01(d). 

“Dispute” shall have the meaning set forth in Section 4.04(a). 

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

“Distribution Date” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Exchanges” shall mean one or more Public Exchanges or Private Exchanges. 

“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, together with the rules and regulations
promulgated thereunder. 
 “Exchange Offer” shall mean an exchange offer of Registrable Securities for outstanding
securities of a Holder. 
 “FINRA” shall mean the Financial Industry Regulatory Authority. 

  
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 “Governmental Authority” shall have the meaning given to such term in the
Separation and Distribution Agreement. 
 “Group” shall have the meaning given to such term in the Separation and
Distribution Agreement. 
 “Holder” shall mean any member of the Parent Group, so long as such Person holds any Registrable
Securities, and any Permitted Transferee, so long as such Person holds any Registrable Securities. 
 “Indemnifying Party”
shall have the meaning set forth in Section 2.06(c). 
 “Indemnitee” shall have the meaning set forth in
Section 2.06(c). 
 “Initiating Holder” shall have the meaning set forth in Section 2.01(a). 

“Law” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Losses” shall have the meaning set forth in Section 2.06(a). 

“Offering Confidential Information” shall mean, with respect to a Piggyback Registration, (i) SpinCo’s plan to file
the relevant Registration Statement and engage in the offering being registered, (ii) any information regarding the offering being registered (including the potential timing, price, number of shares, underwriters or other counterparties,
selling stockholders or plan of distribution) and (iii) any other information (including information contained in draft supplements or amendments to offering materials) provided to any Holders by SpinCo (or by third parties) in connection with
a Piggyback Registration; provided, that Offering Confidential Information shall not include information that (x) was or becomes generally available to the public (including as a result of the filing of the relevant Registration
Statement) other than as a result of a disclosure by any Holder, (y) was or becomes available to any Holder from a source not bound by any confidentiality agreement with SpinCo or (z) was otherwise in such Holder’s possession prior to
it being furnished to such Holder by SpinCo or on SpinCo’s behalf. 
 “Other Holders” shall have the meaning set forth
in Section 2.01(f). 
 “Parent” shall have the meaning set forth in the Preamble. 

“Parent Board” shall have the meaning set forth in the Recitals. 

“Parent Group” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Participating Banks” means such investment banks that engage in any Exchange with one or more members of the Parent Group.

 “Parties” shall mean the parties to this Agreement. 

“Permitted Transferee” shall mean any Transferee and any Subsequent Transferee. 

  
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 “Person” shall mean an individual, a general or limited partnership, a
corporation, a trust, a joint venture, an unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 

“Piggyback Registration” shall have the meaning set forth in Section 2.02(a). 

“Private Exchange” shall mean a private exchange pursuant to which one or more members of the Parent Group shall Sell some or
all of their Registrable Securities to one or more Participating Banks in exchange, directly or indirectly, for any equity interest of Parent or the satisfaction of Debt, in a transaction or series of transactions not required to be registered under
the Securities Act. 
 “Prospectus” shall mean the prospectus included in any Registration Statement, all amendments and
supplements to such prospectus (including, for the avoidance of doubt, any Takedown Prospectus Supplement), including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“Public Exchange” shall mean a public exchange pursuant to which one or more members of the Parent Group shall Sell some or
all of their Registrable Securities to one or more Participating Banks in exchange, directly or indirectly, for any equity interest of Parent or the satisfaction of Debt, in a transaction or series of transactions registered under the Securities
Act. 
 “Registrable Securities” shall mean the Retained Shares and any SpinCo Shares or other securities issued with
respect to, in exchange for, or in replacement of such Retained Shares; provided, that the term “Registrable Securities” excludes any security (i) the offering and Sale of which has been effectively registered under the
Securities Act and which has been Sold in accordance with a Registration Statement, (ii) that has been Sold by a Holder in a transaction or transactions exempt from the registration and prospectus delivery requirements of the Securities Act
under Section 4(a)(1) thereof (including transactions pursuant to Rule 144) such that the further Sale of such securities by the transferee or assignee is not restricted under the Securities Act or (iii) that has been Sold by a Holder in a
transaction in which such Holder’s rights under this Agreement are not, or cannot be, assigned. 
 “Registration”
shall mean a registration with the SEC of the offer and Sale to the public of any Registrable Securities under a Registration Statement. The terms “Register” and “Registering” shall have correlative meanings. 

“Registration Expenses” shall mean all expenses incident to the SpinCo Group’s performance of or compliance with this
Agreement, including all (i) registration, qualification and filing fees, (ii) fees and expenses of compliance with securities or blue sky Laws (including reasonable fees and disbursements of counsel in connection with blue sky
qualifications within the United States of any Registrable Securities being registered), (iii) printing expenses, messenger, telephone and delivery expenses, (iv) internal expenses of SpinCo Group (including all salaries and expenses of
employees of members of SpinCo Group performing legal or accounting duties), (v) fees and disbursements of counsel for Parent and SpinCo and customary fees and expenses for independent certified public accountants retained by the SpinCo Group
(including the expenses of any comfort letters or costs associated with the delivery by SpinCo Group members’ independent certified public accountants of comfort letters customarily requested by underwriters) and (vi) fees and expenses of
listing any Registrable Securities on any securities exchange on which the SpinCo Shares are then listed and FINRA registration and filing fees; but excluding any fees or disbursements of any Holder, all expenses incurred in connection with the
printing, mailing and delivering of copies of any Registration Statement, any Prospectus, any other offering documents and any amendments and supplements thereto to any underwriters and dealers; any underwriting discounts, fees or commissions
attributable to the offer and Sale of any Registrable Securities, any fees and expenses of the underwriters or dealer managers, the cost of preparing, printing or producing any agreements among underwriters, underwriting agreements and blue sky or
legal investment memoranda, any selling agreements and any other similar documents in connection with the offering, Sale, distribution or delivery of 

  
 4 

 
the Registrable Securities or other SpinCo Shares to be Sold, including any fees of counsel for any underwriters in connection with the qualification of the Registrable Securities or other SpinCo
Shares to be Sold for offering and Sale or distribution under state securities Laws, any stock transfer taxes, out-of-pocket costs and expenses relating to any investor
presentations on any “road show” presentations undertaken in connection with marketing of the Registrable Securities and any fees and expenses of any counsel to the Holder or the underwriters or dealer managers. 

“Registration Period” shall have the meaning set forth in Section 2.01(c). 

“Registration Rights” shall mean the rights of the Holders to cause SpinCo to Register Registrable Securities pursuant to
Article II. 
 “Registration Statement” shall mean any registration statement of SpinCo filed with, or to be filed with,
the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material
incorporated by reference into such registration statement. For the avoidance of doubt, it is acknowledged and agreed that such Registration Statement may be on any applicable form, including Form S-1, Form S-3 or Form S-4 and may be a Shelf Registration Statement. 

“Retained Shares” shall have the meaning set forth in the recitals. 

“Sale” shall mean the direct or indirect transfer, sale, assignment or other disposition of a security. The terms
“Sell” and “Sold” shall have correlative meanings. 
 “SEC” shall mean the U.S.
Securities and Exchange Commission. 
 “Securities Act” shall mean the U.S. Securities Act of 1933, as amended, together
with the rules and regulations promulgated thereunder. 
 “Separation” shall have the meaning given to such term in the
Separation and Distribution Agreement. 
 “Separation and Distribution Agreement” shall mean the Separation and
Distribution Agreement by and between Parent and SpinCo in connection with the Separation and the Distribution, as it may be amended, modified or supplemented from time to time. 

“Shelf Registration” means a registration pursuant to a Shelf Registration Statement. 

“Shelf Registration Statement” shall mean a Registration Statement of SpinCo for an offering of Registrable Securities to be
made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 

“SpinCo” shall have the meaning set forth in the Preamble. 

“SpinCo Board” shall mean the board of directors of SpinCo. 

  
 5 

 “SpinCo Group” shall have the meaning given to such term in the Separation
and Distribution Agreement. 
 “SpinCo Public Sale” shall have the meaning set forth in Section 2.02 (a). 

“SpinCo Shares” shall mean the shares of common stock, par value $0.01 per share, of SpinCo. 

“Subsequent Transferee” shall have the meaning set forth in Section 4.05(b). 

“Subsidiary” shall have the meaning given to such term in the Separation and Distribution Agreement. 

“Takedown Prospectus Supplement” shall have the meaning set forth in Section 2.01(g). 

“Takedown Request” shall have the meaning set forth in Section 2.01(g). 

“Transferee” shall have the meaning set forth in Section 4.05(b). 

“Underwritten Offering” shall mean a Registration in which Registrable Securities are Sold to an underwriter or underwriters
on a firm commitment basis for reoffering to the public. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Registration. 

(a) At any time prior to or on the fifth anniversary of the Distribution Date, any Holder(s) of 10% or more of the then-outstanding Registrable
Securities (and any Holders acting together which collectively hold 10% or more of the then outstanding Registrable Securities) (collectively, the “Initiating Holder”; provided, that the 10% ownership threshold shall not
apply to any Holder that is a member of the Parent Group) shall have the right to request that SpinCo file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable Securities held by such
Initiating Holder, by delivering a written request thereof to SpinCo specifying the number of shares of Registrable Securities such Initiating Holder wishes to Register (a “Demand Registration”). SpinCo shall (i) within five
days of the receipt of a Demand Registration, give written notice of such Demand Registration to all Holders of Registrable Securities, (ii) use its commercially reasonable efforts to prepare and file the Registration Statement as expeditiously
as possible, but in any event within 30 days of such request and (iii) use its commercially reasonable efforts to cause the Registration Statement to become effective in respect of each Demand Registration in accordance with the intended method
of distribution set forth in the written request delivered by the Initiating Holder. SpinCo shall include in such Registration all Registrable Securities with respect to which SpinCo receives, within the 10 days immediately following the receipt by
the Holder(s) of such notice from SpinCo, a request for inclusion in the Registration from the Holder(s) thereof. Each such request from a Holder of Registrable Securities for inclusion in the Registration shall also specify the aggregate amount of
Registrable Securities proposed to be Registered. The Initiating Holder may request that the Registration Statement be on any appropriate form, including Form S-4 in the case of an Exchange Offer or a Form S-3 (if SpinCo is then eligible to use Form S-3) in the case of a Shelf Registration Statement, and SpinCo shall effect the Registration on the form so requested. 

  
 6 

 (b) The Holder(s) may collectively make a total of four Demand Registration requests
pursuant to Section 2.01(a) (including any exercise of rights to Demand Registration transferred pursuant to Section 4.05 and including any exercise of rights to Demand Registration made pursuant to any registration rights
agreement entered into pursuant to Section 2.09); provided that the Holder(s) may not make more than two Demand Registration requests in any 365-day period. In addition, and notwithstanding
anything to the contrary, the Parent Group shall be permitted to engage in up to four Private Exchanges within any 365-day period following the date hereof, and Demand Registration request(s) made by the Participating Banks in such Private Exchanges
pursuant to one or more registration rights agreements with SpinCo pursuant to Section 2.09 shall collectively count only as one Demand Registration request for purposes of the limitation on the number of Demand Registration requests set forth in
the first sentence of this Section 2.01(b) (it being understood that the Parent Group shall be permitted to engage in additional Private Exchanges outside such twelve-month period, but each Demand Registration request by the Participating Banks for
such Private Exchange pursuant to its registration rights agreement with SpinCo pursuant to Section 2.09 shall count as an additional Demand Registration request for purposes of the limitation on the number of Demand Registration requests set forth
in the first sentence of this Section 2.01(b)). Furthermore, and notwithstanding anything to the contrary, if, at the time of the second Demand Registration, SpinCo is prohibited under then-existing SEC rules from registering all remaining
Registrable Securities pursuant to a Shelf Registration, regardless of whether the Holder or Holders has requested that such third Demand Registration be a Shelf Registration or otherwise, then such Demand Registration shall not count toward the
total number of Demand Registration requests made by the Holder(s), and the Holder(s) shall continue to be able to make additional Demand Registration requests until such time as SpinCo is permitted under then-existing SEC rules to register all of
the remaining Registrable Securities pursuant to a Shelf Registration. 
 (c) SpinCo shall be deemed to have effected a Registration for
purposes of this Section 2.01 if the Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC and remains effective until the earlier of (i) the date when all Registrable Securities thereunder
have been Sold and (ii) in the case of a Registration Statement that is not a Shelf Registration Statement, (x) 60 days from the effective date of the Registration Statement, in the case of a Shelf Registration Statement on Form S-1, (y) 12 months from the effective date of the Shelf Registration Statement on Form S-3 or (z) 24 months from the effective date of the Shelf Registration Statement in the
case of a Shelf Registration Statement on any other form (such period, as applicable, the “Registration Period”). No Registration shall be deemed to have been effective if the conditions to closing specified in the underwriting
agreement or dealer manager agreement, if any, entered into in connection with such Registration are not satisfied by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement or dealer manager agreement by any
member of the SpinCo Group. If during the Registration Period, such Registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other Governmental Authority or the need to update or supplement the
Registration Statement, the Registration Period shall be extended on a day-for-day basis for any period in which the Holder(s) is unable to complete an offering as a
result of such stop order, injunction or other order or requirement of the SEC or other Governmental Authority. 
 (d) With respect to any
Registration Statement or Takedown Prospectus Supplement, whether filed or to be filed pursuant to this Agreement, if SpinCo shall reasonably determine, upon the advice of legal counsel, that maintaining the effectiveness of such Registration
Statement or filing an amendment or supplement thereto (or, if no Registration Statement has yet been filed, filing such a Registration Statement), or filing such Takedown Prospectus Supplement, would (i) require the public disclosure of
material nonpublic information concerning any transaction or negotiations involving SpinCo or any of its consolidated Subsidiaries that would materially interfere with such transaction or negotiations or (ii) require

  
 7 

 
the public disclosure of material nonpublic information concerning SpinCo that, if disclosed at such time, would be materially adverse to SpinCo (a “Disadvantageous Condition”),
SpinCo may, for the shortest period reasonably practicable, and in any event for not more than 60 consecutive calendar days (a “Blackout Period”), notify the Holders whose offers and Sales of Registrable Securities are covered (or
to be covered) by such Registration Statement or Takedown Prospectus Supplement that such Registration Statement is unavailable for use (or will not be filed as requested) (such notice, a “Blackout Notice”). Upon the receipt of any
Blackout Notice, the Holders shall forthwith discontinue use of the Prospectus or Takedown Prospectus Supplement contained in any effective Registration Statement; provided, that, if at the time of receipt of such Blackout Notice any Holder
shall have Sold its Registrable Securities (or have signed a firm commitment underwriting agreement with respect to the purchase of such shares) and the Disadvantageous Condition is not of a nature that would require a post-effective amendment to
the Registration Statement or Takedown Prospectus Supplement, then SpinCo shall use its commercially reasonable efforts to take such action as to eliminate any restriction imposed by federal securities Laws on the timely delivery of such Registrable
Securities. When any Disadvantageous Condition as to which a Blackout Notice has been previously delivered shall cease to exist, SpinCo shall as promptly as reasonably practicable notify the Holders and take such actions in respect of such
Registration Statement or Takedown Prospectus Supplement as are otherwise required by this Agreement. The effectiveness period for any Demand Registration or Shelf Registration Statement for which SpinCo has given notice of a Blackout Period shall
be increased by the length of time of such Blackout Period. SpinCo shall not impose, in any 365-day period, Blackout Periods lasting, in the aggregate, in excess of 90 calendar days. If SpinCo declares a
Blackout Period with respect to a Demand Registration for a Registration Statement that has not yet been declared effective or a Takedown Request for which a Takedown Prospectus Supplement has not yet been filed, (i) the Holders may by notice
to SpinCo withdraw the related Demand Registration request or Takedown Request, in the case of a Demand Registration request without such Demand Registration request counting against the number of Demand Registration requests permitted to be made
under Section 2.01(b), and (ii) the Holders shall not be responsible for any of SpinCo’s related Registration Expenses. 
 (e)
If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a) or Section 2.01(g), such offering of Registrable Securities shall be in the form of an Underwritten Offering or an Exchange Offer, and SpinCo
shall include such information in the written notice to the Holders required under Section 2.01(a). In the event that the Initiating Holder intends to Sell the Registrable Securities by means of an Underwritten Offering or Exchange Offer, the
right of any Holder to include Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such Underwritten Offering or Exchange Offer and the inclusion of such Holder’s Registrable Securities in
the Underwritten Offering or the Exchange Offer to the extent provided herein. The Holders of a majority of the outstanding Registrable Securities being included in any Underwritten Offering or Exchange Offer shall select the underwriter(s) in the
case of an Underwritten Offering or the dealer manager(s) in the case of an Exchange Offer, provided that such underwriter(s) or dealer manager(s) are reasonably acceptable to SpinCo. SpinCo shall be entitled to designate counsel for such
underwriter(s) or dealer manager(s) (subject to their approval), provided that such designated underwriters’ counsel shall be a firm of national reputation representing underwriters or dealer managers in capital markets transactions.

  
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 (f) If the managing underwriter or underwriters of a proposed Underwritten Offering of
Registrable Securities included in a Registration pursuant to this Section 2.01 inform(s) in writing the Holders participating in such Registration that, in its or their opinion, the number of securities requested to be included in such
Registration exceeds the number that can be Sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of
Registrable Securities to be included in such Registration shall be reduced to the maximum number recommended by the managing underwriter or underwriters and allocated first to any members of the Parent Group participating in the Registration, and
then pro rata among the other Holders, including the Initiating Holder (other than any member of the Parent Group), in proportion to the number of Registrable Securities each Holder has requested to be included in such Registration; provided,
that the Initiating Holder may notify SpinCo in writing that the Registration Statement shall be abandoned or withdrawn, in which event SpinCo shall abandon or withdraw such Registration Statement. In the event the Initiating Holder notifies SpinCo
that such Registration Statement shall be abandoned or withdrawn, such Holder shall not be deemed to have requested a Demand Registration pursuant to Section 2.01(a), and SpinCo shall not be deemed to have effected a Demand Registration
pursuant to Section 2.01(b). If the amount of Registrable Securities to be underwritten has not been limited in accordance with the first sentence of this Section 2.01(f), SpinCo and the holders of SpinCo Shares or, if the Registrable
Securities include securities other than SpinCo Shares, the holders of securities of the same class of those securities included in the Registrable Securities, in each case, other than the Holders (“Other Holders”), may include such
securities for their own account or for the account of Other Holders in such Registration if the underwriter(s) so agree and to the extent that, in the opinion of such underwriter(s), the inclusion of such additional amount will not adversely affect
the offering of the Registrable Securities included in such Registration. 
 (g) With respect to any Demand Registration, the requesting
Holders may request that SpinCo effect a registration of the Registrable Securities under a Shelf Registration, in which event SpinCo shall file, and shall thereafter use its commercially reasonable efforts to make and keep effective in accordance
with Section 2.01(c) (including by renewing or refiling upon expiration), a Shelf Registration Statement; provided, that SpinCo shall not be required to maintain in effect more than one Shelf Registration at any one time pursuant to this
Section 2.01(g). Thereafter, SpinCo shall, as promptly as reasonably practicable following the written request of Holders for a resale of Registrable Securities (a “Takedown Request”), file a prospectus supplement (a
“Takedown Prospectus Supplement”) to such Shelf Registration Statement under Rule 424 promulgated under the Securities Act with respect to resales of the Registrable Securities pursuant to Holder’s intended method of
distribution thereof. Each Takedown Request shall specify the Registrable Securities to be registered, their aggregate amount and the intended method or methods of distribution thereof. If, in the case of an Underwritten Offering pursuant to a
Takedown Request, the requesting Holder(s) so elect, such offering shall be in the form of a Block Trade, in which such event the requesting Holder(s) shall give at least ten (10) business days’ prior notice in writing of such transaction
to SpinCo (which such notice shall identify the potential underwriter(s) and include contact information for such underwriter(s)), and SpinCo shall use commercially reasonable efforts to cooperate with such requesting Holder(s) to the extent it is
reasonably able and shall not be required to give notice thereof to other Holders of Registrable Securities or permit their participation therein unless SpinCo determines it is reasonably practicable to do so. In no event shall SpinCo be required to
effect, pursuant to this Section 2.01(g), during any 90-day period, more than (A) two Block Trades or (B) more than one Underwritten Offering that is not a Block Trade pursuant to a Takedown
Request (it being understood, for the avoidance of doubt, that a Takedown Request shall not count as a Demand Registration request for purposes of the limit set forth in Section 2.01(b)). 

  
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 Section 2.02 Piggyback Registrations. 

(a) At any time prior to the earlier to occur of the fifth anniversary of the Distribution Date or the date on which the Registrable Securities
then held by the Holder(s) may be sold without registration pursuant to Rule 144, or any successor rule promulgated under the Securities Act (with no volume, manner of sale or current public information requirement or other limitations), if SpinCo
proposes to file a Registration Statement (other than a Shelf Registration) or a Prospectus supplement filed pursuant to a Shelf Registration Statement under the Securities Act with respect to any offering of such securities for its own account
and/or for the account of any Other Holders (other than (i) a Registration or Takedown Prospectus Supplement under Section 2.01, (ii) a Registration pursuant to a Registration Statement on Form S-8
or Form S-4 or similar form that relates to a transaction subject to Rule 145 under the Securities Act, (iii) in connection with any dividend reinvestment or similar plan, (iv) for the purpose of
offering securities to another entity or its security holders in connection with the acquisition of assets or securities of such entity or any similar transaction or (v) a Registration in which the only SpinCo Shares being registered are SpinCo
Shares issuable upon conversion of debt securities that are also being registered) (a “SpinCo Public Sale”), then, as soon as practicable, but in any event not less than 15 days prior to the proposed date of filing such Registration
Statement, SpinCo shall give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity to Register under such Registration Statement such number of Registrable Securities as each such Holder may
request in writing (a “Piggyback Registration”). Subject to Section 2.02(b) and Section 2.02(c), SpinCo shall use its commercially reasonable efforts to include in a Registration Statement with respect to a SpinCo Public
Sale all Registrable Securities that are requested to be included therein within five business days after the receipt of any such notice; provided, however, that if, at any time after giving written notice of its intention to Register
any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, SpinCo shall determine for any reason not to Register or to delay Registration of the SpinCo Public Sale, SpinCo may, at its
election, give written notice of such determination to each such Holder and, thereupon, (x) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such
Registration, without prejudice, however, to the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01 and (y) in the case of a determination to delay Registration, shall be
permitted to delay Registering any Registrable Securities for the same period as the delay in Registering such other SpinCo Shares in the SpinCo Public Sale. No Registration effected under this Section 2.02 shall relieve SpinCo of its
obligation to effect any Demand Registration under Section 2.01. For purposes of clarification, SpinCo’s filing of a Shelf Registration Statement shall not be deemed to be a SpinCo Public Sale; provided, however, that any
prospectus supplement filed pursuant to a Shelf Registration Statement with respect to an offering of SpinCo Shares for its own account and/or for the account of any other Persons will be a SpinCo Public Sale, unless such offering qualifies for an
exemption from the SpinCo Public Sale definition in this Section 2.02(a). 

  
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 (b) In the case of any Underwritten Offering, each Holder shall have the right to withdraw
such Holder’s request for inclusion of its Registrable Securities in such Underwritten Offering pursuant to Section 2.02(a) at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to
SpinCo of such Holder’s request to withdraw and, subject to the preceding clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration at any time prior to the
effective date thereof. 
 (c) If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of Registrable
Securities included in a Piggyback Registration informs SpinCo and each Holder in writing that, in its or their opinion, the number of securities of such class that such Holder and any other Persons intend to include in such offering exceeds the
number that can be Sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration
shall be (i) first, all securities of SpinCo and any other Persons (other than SpinCo’s executive officers and directors) for whom SpinCo is effecting the Registration, as the case may be, proposes to Sell, (ii) second, the number, if
any, of Registrable Securities of such class that, in the opinion of such managing underwriter or underwriters, can be Sold without having such adverse effect, with such number to be allocated pro rata among the members of the Parent Group that hold
Registrable Securities and have requested to participate in such Registration based on the relative number of Registrable Securities of such class requested by such Person to be included in such Sale, (iii) third, the number, if any, of
Registrable Securities of such class that, in the opinion of such managing underwriter or underwriters, can be Sold without having such adverse effect, with such number to be allocated pro rata among the Holders (other than members of the Parent
Group) that hold Registrable Securities and have requested to participate in such Registration based on the relative number of Registrable Securities of such class requested by such Person to be included in such Sale, (iv) fourth, the number of
securities of executive officers and directors of SpinCo for whom SpinCo is effecting the Registration, as the case may be, with such number to be allocated pro rata among the executive officers and directors and (v) fifth, any other securities
eligible for inclusion in such Registration, allocated among the holders of such securities in such proportion as SpinCo and those holders may agree. 

(d) After a Holder has been notified of its opportunity to include Registrable Securities in a Piggyback Registration, such Holder shall
(i) treat the Offering Confidential Information as confidential information, (ii) not use any Offering Confidential Information for any purpose other than to evaluate whether to include its Registrable Securities (or other SpinCo Shares)
in such Piggyback Registration and (iii) not disclose any Offering Confidential Information to any Person other than such of its agents, employees, advisors and counsel as have a need to know such Offering Confidential Information, and to cause
such agents, employees, advisors and counsel to comply with the requirements of this Section 2.02(d); provided, that any such Holder may disclose Offering Confidential Information if such disclosure is required by legal process, but such
Holder shall cooperate with SpinCo to limit the extent of such disclosure through protective order or otherwise, and to seek confidential treatment of the Offering Confidential Information. 

  
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 Section 2.03 Registration Procedures. 

(a) In connection with SpinCo’s Registration obligations under Sections 2.01 and 2.02, SpinCo shall use its commercially reasonable
efforts to effect such Registration to permit the offer and Sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as practicable, and in connection therewith, SpinCo shall, and
shall cause the members of the SpinCo Group to: 
 (i) prepare and file the required Registration Statement or Takedown
Prospectus Supplement, including all exhibits and financial statements and, in the case of an Exchange Offer, any document required under Rule 425 or Rule 165 with respect to such Exchange Offer (collectively, the “Ancillary
Filings”) required under the Securities Act to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements thereto, (A) furnish to the underwriters or dealer managers, if
any, and to the Holders, copies of all documents prepared to be filed, which documents shall be subject to the review and comment of such underwriters or dealer managers and such Holders and their respective counsel, and provide such underwriters or
dealer managers, if any, and such Holders and their respective counsel reasonable time to review and comment thereon and (B) not file with the SEC any Registration Statement or Prospectus or amendments or supplements thereto or any Ancillary
Filing to which the Holders or the underwriters or dealer managers, if any, shall reasonably object; 
 (ii) prepare and file
with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus and any Ancillary Filing as may be reasonably requested by the participating Holders; 

(iii) promptly notify the participating Holders and the managing underwriters or dealer managers, if any, and, if requested,
confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by any member of the SpinCo Group (A) when the applicable Registration Statement or any amendment
thereto has been filed or becomes effective, the applicable Prospectus or any amendment or supplement to such Prospectus has been filed, or any Ancillary Filing has been filed, (B) of any comments (written or oral) by the SEC or any request
(written or oral) by the SEC or any other Governmental Authority for amendments or supplements to such Registration Statement, such Prospectus or any Ancillary Filing, or for any additional information, (C) of the issuance by the SEC of any
stop order suspending the effectiveness of such Registration Statement, any order preventing or suspending the use of any preliminary or final Prospectus or any Ancillary Filing, or the initiation or threatening of any proceedings for such purposes,
(D) if, at any time, the representations and warranties (written or oral) in any applicable underwriting agreement or dealer manager agreement cease to be true and correct in all material respects and (E) of the receipt by any member of
the SpinCo Group of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or Sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

  
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 (iv) (A) promptly notify each participating Holder and the managing
underwriter(s) or dealer manager(s), if any, when SpinCo becomes aware of the occurrence of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any
Ancillary Filing contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which
they were made) not misleading, or if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement, Prospectus or any Ancillary Filing in order to comply with the Securities Act, and
(B) in either case, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to each participating Holder and the underwriter(s) or dealer manager(s), if any, an amendment or supplement to such
Registration Statement, Prospectus or Ancillary Filing that will correct such statement or omission or effect such compliance; 

(v) use its commercially reasonable efforts to prevent or obtain the withdrawal of any stop order or other order suspending the
use of any preliminary or final Prospectus; 
 (vi) promptly (A) incorporate in a Prospectus supplement or
post-effective amendment such information as the managing underwriter(s) or dealer manager(s), if any, and the Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities and
(B) make all required filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(vii) furnish to each participating Holder and each underwriter or dealer manager, if any, without charge, as many conformed
copies as such Holder or underwriter or dealer manager may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits (including those incorporated by reference), but excluding all documents and exhibits that are available via the SEC’s EDGAR system; 

(viii) deliver to each participating Holder and each underwriter or dealer manager, if any, without charge, as many copies of
the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Holder or underwriter or dealer manager may reasonably request (it being understood that SpinCo consents to the use of such Prospectus
or any amendment or supplement thereto by each participating Holder and the underwriter(s) or dealer manager(s), if any, in connection with the offering and Sale of the Registrable Securities covered by such Prospectus or any amendment or supplement
thereto) and such other documents as such participating Holder or underwriter or dealer manager may reasonably request in order to facilitate the Sale of the Registrable Securities by such Holder or underwriter or dealer manager; 

  
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 (ix) on or prior to the date on which the applicable Registration Statement
is declared effective or becomes effective, use its commercially reasonable efforts to register or qualify, and cooperate with each participating Holder, the managing underwriter(s) or dealer manager(s), if any, and their respective counsel, in
connection with the registration or qualification of, such Registrable Securities for offer and Sale under the securities or “blue sky” Laws of each state and other jurisdiction of the United States as any participating Holder or managing
underwriter(s) or dealer manager(s), if any, or their respective counsel reasonably request, and in any foreign jurisdiction mutually agreeable to SpinCo and the participating Holders, and do any and all other acts or things reasonably necessary or
advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in effect and so as to permit the continuance of offers and Sales and dealings in such jurisdictions for so long as may be necessary to
complete the distribution of the Registrable Securities covered by the Registration Statement; provided that SpinCo will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, to take any
action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject or conform its capitalization or the composition of its assets at the time to the securities or blue sky Laws of any
such jurisdiction; 
 (x) in connection with any Sale of Registrable Securities that will result in such securities no longer
being Registrable Securities, cooperate with each participating Holder and the managing underwriter(s) or dealer manager(s), if any, to (A) facilitate the timely preparation and delivery of certificates representing Registrable Securities to be
Sold and not bearing any restrictive Securities Act legends and (B) register such Registrable Securities in such denominations and such names as such participating Holder or the underwriter(s) or dealer manager(s), if any, may request at least
two business days prior to such Sale of Registrable Securities; provided that SpinCo may satisfy its obligations hereunder without issuing physical stock certificates through the use of the Depository Trust Company’s Direct Registration
System; 
 (xi) cooperate and assist in any filings required to be made with FINRA and each securities exchange, if any, on
which any of SpinCo’s securities are then listed or quoted and on each inter-dealer quotation system on which any of SpinCo’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter or
dealer manager (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange, and use its commercially reasonable efforts to cause the Registrable
Securities covered by the applicable Registration Statement to be registered with or approved by such other Governmental Authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s) or dealer manager(s), if any, to
consummate the Sale of such Registrable Securities; 
 (xii) not later than the effective date of the applicable Registration
Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with the Depository Trust Company;
provided, that SpinCo may satisfy its obligations hereunder without issuing physical stock certificates through the use of the Depository Trust Company’s Direct Registration System; 

  
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 (xiii) obtain for delivery to and addressed to each participating Holder and
to the underwriter(s) or dealer manager (s), if any, opinions from counsel for SpinCo, in each case dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing under the underwriting
agreement or, in the event of an Exchange Offer, the date of the closing under the dealer manager agreement or similar agreement or otherwise, and in each such case in customary form and content for the type of Underwritten Offering or Exchange
Offer, as applicable; 
 (xiv) in the case of an Underwritten Offering or Exchange Offer, obtain for delivery to and
addressed to SpinCo and the managing underwriter(s) or dealer manager(s), if any, and, to the extent requested, each participating Holder, a cold comfort letter from SpinCo’s independent registered public accounting firm in customary form and
content for the type of Underwritten Offering or Exchange Offer, dated the date of execution of the underwriting agreement or dealer manager agreement or, if none, the date of commencement of the Exchange Offer, and brought down to the closing,
whether under the underwriting agreement or dealer manager agreement, if applicable, or otherwise; 
 (xv) in the case of an
Exchange Offer that does not involve a dealer manager, provide to each participating Holder such customary written representations and warranties or other covenants or agreements as may be requested by any participating Holder comparable to those
that would be included in an underwriting or dealer manager agreement; 
 (xvi) use its commercially reasonable efforts to
comply with all applicable rules and regulations of the SEC and make generally available to its security holders, as soon as reasonably practicable, but in any event no later than 90 days, after the end of the
12-month period beginning with the first day of SpinCo’s first quarter commencing after the effective date of the applicable Registration Statement, an earnings statement satisfying the provisions of
Section 11(a) of the Securities Act and covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the effective date of the Registration Statement; 

(xvii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(xviii) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities
exchange on which any of SpinCo’s securities are then listed or quoted and on each inter-dealer quotation system on which any of SpinCo’s securities are then quoted; 

(xix) provide (A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes of
this Agreement, shall include any Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities to be registered, (C) the Sale or placement agent therefor, if any,
(D) the dealer manager therefor, if any, (E) counsel for such Holder, 

  
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underwriters, agent, or dealer manager and (F) any attorney, accountant or other agent or representative retained by such Holder or any such underwriter or dealer manager, as selected by
such Holder, in each case, the opportunity to participate in the preparation of such Registration Statement, each Prospectus included therein or filed with the SEC, and each amendment or supplement thereto; and for a reasonable period prior to the
filing of such Registration Statement, upon execution of a customary confidentiality agreement, make available for inspection upon reasonable notice at reasonable times and for reasonable periods, by the parties referred to in clauses
(A) through (F) above, all pertinent financial and other records, pertinent corporate and other documents and properties of the SpinCo Group that are available to SpinCo, and cause all of the SpinCo Group’s officers, directors and
employees and the independent public accountants who have certified its financial statements to make themselves available at reasonable times and for reasonable periods to discuss the business of SpinCo and to supply all information available to
SpinCo reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence or other responsibility, subject to the foregoing; provided, that in no event
shall any member of the SpinCo Group be required to make available any information which the SpinCo Board determines in good faith to be competitively sensitive or confidential. The recipients of such information shall coordinate with one another so
that the inspection permitted hereunder will not unnecessarily interfere with the SpinCo Group’s conduct of business. Each Holder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not
be used by it as the basis for any market transactions in the securities of SpinCo or its Affiliates unless and until such information is made generally available to the public by SpinCo or such Affiliate or for any reason not related to the
Registration of Registrable Securities; 
 (xx) cause the senior executive officers of SpinCo to participate at reasonable
times and for reasonable periods in the customary “road show” presentations that may be reasonably requested by the managing underwriter(s) or dealer manager (s), if any, and otherwise to facilitate, cooperate with, and participate in each
proposed offering contemplated herein and customary selling efforts related thereto, except to the extent that such participation materially interferes with the management of SpinCo’s business; and 

(xxi) comply with all requirements of the Securities Act, Exchange Act and other applicable Laws, rules and regulations, as
well as all applicable stock exchange rules; and (xxii) take all other customary steps reasonably necessary or advisable to effect the Registration and distribution of the Registrable Securities contemplated hereby. 

(b) As a condition precedent to any Registration hereunder, SpinCo may require each Holder as to which any Registration is being effected to
furnish to SpinCo such information regarding the distribution of such securities and such other information relating to such Holder, its ownership of Registrable Securities and other matters as SpinCo may from time to time reasonably request in
writing. Each such Holder agrees to furnish such information to SpinCo and to cooperate with SpinCo as reasonably necessary to enable SpinCo to comply with the provisions of this Agreement. 

  
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 (c) Each Holder shall, as promptly as reasonably practicable, notify SpinCo, at any time
when a Prospectus is required to be delivered (or deemed delivered) under the Securities Act, of the occurrence of an event, of which such Holder has knowledge, relating to such Holder or its Sale of Registrable Securities thereunder requiring the
preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered (or deemed delivered) to the purchasers of such Registrable Securities, such Prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. 

(d) Parent agrees (on behalf of itself and each member of the Parent Group), and any other Holder agrees by acquisition of such Registrable
Securities, that, upon receipt of any written notice from SpinCo of the occurrence of any event of the kind described in Section 2.03(a)(iv), such Holder will forthwith discontinue Sales of Registrable Securities pursuant to such Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 2.03(a)(iv), or until such Holder is advised in writing by SpinCo that the use of the Prospectus may be resumed, and if
so directed by SpinCo, such Holder will deliver to SpinCo, at SpinCo’s expense, all copies of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event SpinCo shall give any such notice, the
period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice through the date when each seller of
Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 2.03(a)(iv) or is advised in writing by SpinCo that the use of the Prospectus may be
resumed. 
 Section 2.04 Underwritten Offerings or Exchange Offers. 

(a) If requested by the managing underwriter(s) for any Underwritten Offering or dealer manager(s) for any Exchange Offer that is requested by
Holders pursuant to a Demand Registration or Takedown Request under Section 2.01, SpinCo shall enter into an underwriting agreement or dealer manager agreement, as applicable, with such underwriter(s) or dealer manager(s) for such offering,
such agreement to be reasonably satisfactory in substance and form to SpinCo and the underwriter(s) or dealer manager(s) and, if Parent Group is a participating Holder, to Parent Group. Such agreement shall contain such representations and
warranties by SpinCo and such other terms as are generally prevailing in agreements of that type. Each Holder with Registrable Securities to be included in any Underwritten Offering or Exchange Offer by such underwriter(s) or dealer manager(s) shall
enter into such underwriting agreement or dealer manager agreement at the request of SpinCo, which agreement shall contain such reasonable representations and warranties by the Holder and such other reasonable terms as are generally prevailing in
agreements of that type. 
 (b) In the event of a SpinCo Public Sale involving an offering of SpinCo Shares or other equity securities of
SpinCo in an Underwritten Offering (whether in a Demand Registration or a Piggyback Registration or pursuant to a Takedown Request, whether or not the Holders participate therein), the Holders hereby agree, and, in the event of a SpinCo Public Sale
of SpinCo Shares or other equity securities of SpinCo in an Underwritten Offering or an 

  
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Exchange Offer, SpinCo shall agree, and, except in the case of a Shelf Registration, it shall cause its executive officers and directors to agree, if requested by the managing underwriter or
underwriters in such Underwritten Offering or by the Holder or the dealer manager or dealer managers, in an Exchange Offer, not to effect any Sale or distribution (including any offer to Sell, contract to Sell, short Sale or any option to purchase)
of any securities (except, in each case, as part of the applicable Registration, if permitted hereunder) that are of the same type as those being Registered in connection with such public offering and Sale, or any securities convertible into or
exchangeable or exercisable for such securities, during the period beginning five days before, and ending 90 days (or such lesser period as may be permitted by SpinCo or the participating Holder(s), as applicable, or such managing underwriter or
underwriters) after, the effective date of the Registration Statement filed in connection with such Registration (or, if later, the date of the Prospectus), to the extent timely notified in writing by such selling Person or the managing underwriter
or underwriters or dealer manager or dealer managers. The participating Holders and SpinCo, as applicable, also agree to execute an agreement evidencing the restrictions in this Section 2.04(b) in customary form, which form is reasonably
satisfactory to SpinCo or the participating Holder(s), as applicable, and the underwriter(s) or dealer manager(s), as applicable; provided that such restrictions may be included in the underwriting agreement or dealer manager agreement, if
applicable. SpinCo may impose stop-transfer instructions with respect to the securities subject to the foregoing restriction until the end of the required stand-off period. 

(c) No Holder may participate in any Underwritten Offering or Exchange Offer hereunder unless such Holder (i) agrees to Sell such
Holder’s securities on the basis provided in any underwriting arrangements or dealer manager agreements approved by SpinCo or other Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements, dealer manager agreements and other documents reasonably required under the terms of such underwriting arrangements or dealer manager agreements or this Agreement. 

Section 2.05 Registration Expenses Paid by SpinCo. 

In the case of any Registration of Registrable Securities required pursuant to this Agreement, SpinCo shall pay all Registration Expenses
regardless of whether the Registration Statement becomes effective; provided, however, that SpinCo shall not be required to pay for any expenses of any Registration begun pursuant to Section 2.01 if the Demand Registration request
is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be Registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities
agree to forfeit their right to one Demand Registration to which they have the right pursuant to Section 2.01(b). 
 Section 2.06
Indemnification. 
 (a) SpinCo agrees to indemnify and hold harmless, to the full extent permitted by applicable Law, each Holder
whose shares are included in a Registration Statement, such Holder’s Affiliates and their respective officers, directors, agents, advisors, employees and each Person, if any, who controls (within the meaning of the Securities Act or the
Exchange Act) such Holder, from and against any and all losses, claims, damages, liabilities (or actions or 

  
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proceedings in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a
“Loss” and collectively, “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the offering and Sale of such
Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such statement
made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that SpinCo has filed or is required to file pursuant to Rule 433(d) of the Securities Act or any Ancillary Filing, (ii) any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not
misleading; provided, that with respect to any untrue statement or omission or alleged untrue statement or omission made in any Prospectus, the indemnity agreement contained in this paragraph shall not apply to the extent that any such
liability or Loss results from or arises out of (A) the fact that a current copy of the Prospectus was not sent or given to the Person asserting any such liability at or prior to the written confirmation of the Sale of the Registrable
Securities concerned to such Person if it is determined by a court of competent jurisdiction in a final and non-appealable judgment that SpinCo has provided such Prospectus and it was the responsibility of
such Holder or its agents to provide such Person with a current copy of the Prospectus and such current copy of the Prospectus would have cured the defect giving rise to such liability, (B) the use of any Prospectus by or on behalf of any
Holder after SpinCo has notified such Person in writing (x) that such Prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading or (y) that a stop order has been issued by the SEC with respect to a Registration Statement, or (C) any untrue statement or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written information furnished to SpinCo by or on behalf of the Indemnitee (as hereinafter defined), in either case expressly for use in such Registration Statement or Prospectus.
This indemnity shall be in addition to any liability SpinCo may otherwise have, including under the Separation and Distribution Agreement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
such Holder or any indemnified party and shall survive the Sale of such securities by such Holder. 
 (b) Each participating Holder whose
Registrable Securities are included in a Registration Statement agrees (severally and not jointly) to indemnify and hold harmless, to the full extent permitted by applicable Law, SpinCo, its directors, officers, agents, advisors, employees and each
Person, if any, who controls (within the meaning of the Securities Act and the Exchange Act) SpinCo from and against any and all Losses (i) arising out of or based upon information furnished in writing by such Holder or on such Holder’s
behalf, in either case expressly for use in a Registration Statement, Prospectus, free writing prospectus or Ancillary Filing relating to such Holder’s Registrable Securities or (ii) resulting from (A) the fact that a current copy of
the Prospectus was not sent or given to the Person asserting any such liability at or prior to the written confirmation of the Sale of the Registrable Securities concerned to such Person if it is determined by a court of competent jurisdiction in a
final and non-appealable judgment that it was the responsibility of such Holder or its agent to provide such Person with a current copy of the Prospectus and such current copy of the Prospectus would have
cured the 

  
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defect giving rise to such liability, or (B) the use of any Prospectus by or on behalf of any Holder after SpinCo has notified such Person in writing (x) that such Prospectus contains
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (y) that a stop
order has been issued by the SEC with respect to a Registration Statement. This indemnity shall be in addition to any liability the participating Holder may otherwise have, including under the Separation and Distribution Agreement. In no event shall
the liability of any participating Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such holder under the Sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of SpinCo or any indemnified party. 
 (c) Any
claim or action with respect to which a Party (an “Indemnifying Party”) may be obligated to provide indemnification to any Person entitled to indemnification hereunder (an “Indemnitee”) shall be subject to the
procedures for indemnification set forth in Sections 4.4, 4.5 and 4.6 of the Separation and Distribution Agreement. 
 (d) If for any reason
the indemnification provided for in Sections 2.06(a) or 2.06(b) is unavailable to an Indemnitee or insufficient to hold it harmless as contemplated by Sections 2.06(a) or 2.06(b), then the Indemnifying Party shall contribute to the amount paid or
payable by the Indemnitee as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnitee on the other hand. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or the Indemnitee and the Parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. For the avoidance of doubt, the establishment of such relative fault, and any disagreements or disputes relating thereto,
shall be subject to Section 4.04. Notwithstanding anything in this Section 2.06(d) to the contrary, no Indemnifying Party (other than SpinCo) shall be required pursuant to this Section 2.06(d) to contribute any amount in excess of the
amount by which the net proceeds received by such Indemnifying Party from the Sale of Registrable Securities in the offering to which the Losses of the Indemnitees relate (before deducting expenses, if any) exceeds the amount of any damages which
such Indemnifying Party has otherwise been required to pay by reason of such untrue statement or omission. The Parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.06(d) were determined by pro
rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 2.06(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an Indemnitee hereunder shall be deemed to include, for purposes of this
Section 2.06(d), any legal or other expenses reasonably incurred by such Indemnitee in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in
connection with, any such Loss, claim, damage, expense, liability, action, investigation or proceeding. If indemnification is available under this Section 2.06, the Indemnifying Parties shall indemnify each Indemnitee to the full extent
provided in Sections 2.06(a) and 2.06(b) without regard to the relative fault of said Indemnifying Parties or Indemnitee. Any Holders’ obligations to contribute pursuant to this Section 2.06(d) are several and not joint. 

  
 20 

 Section 2.07 Reporting Requirements; Rule 144. 

Until the earlier of (a) the expiration or termination of this Agreement in accordance with its terms and (b) the date upon which
there cease to be any Holders of Registrable Securities, SpinCo shall use its commercially reasonable efforts to be and remain in compliance with the periodic filing requirements imposed under the SEC’s rules and regulations, including the
Exchange Act, and any other applicable Laws or rules, and thereafter shall timely file such information, documents and reports as the SEC may require or prescribe under Sections 13, 14 and 15(d), as applicable, of the Exchange Act so that SpinCo
will qualify for registration on Form S-3 and to enable the Holders to Sell Registrable Securities without registration under the Securities Act consistent with the exemptions from registration under the
Securities Act provided by (i) Rule 144 or Regulation S under the Securities Act, as amended from time to time, or (ii) any similar SEC rule or regulation then in effect. From and after the date hereof through such earlier date, SpinCo
shall forthwith upon request furnish any Holder (x) a written statement by SpinCo as to whether it has complied with such requirements and, if not, the specifics thereof, (y) a copy of the most recent annual or quarterly report of SpinCo
and (z) such other reports and documents filed by SpinCo with the SEC as such Holder may reasonably request in availing itself of an exemption for the offering and Sale of Registrable Securities without registration under the Securities Act.

 Section 2.08 Registration Rights Covenant. 

SpinCo covenants that it will not, and it will cause the members of the SpinCo Group not to, grant any right of registration under the
Securities Act relating to the SpinCo Shares or any of its other securities to any Person other than pursuant to this Agreement, unless the rights so granted to another Person do not limit or restrict the rights of the Holder(s) hereunder. If SpinCo
enters into any agreement after the date hereof granting any Person registration rights with respect to any security of SpinCo which agreement contains any material provisions more favorable to such Person than those set forth in this Agreement,
SpinCo will notify Parent and will agree to such amendments to this Agreement as may be necessary to provide these rights to Parent, at Parent’s election. 

Section 2.09 Registration Rights Agreement With Participating Banks. 

If one or more members of the Parent Group decides to engage in a Private Exchange with one or more Participating Banks, SpinCo shall enter
into a registration rights agreement with the Participating Banks in connection with such Private Exchange on terms and conditions consistent with this Agreement (other than the voting provisions contained in Article III hereof) and reasonably
satisfactory to SpinCo and the Parent Group. 
 ARTICLE III 

VOTING RESTRICTIONS 

Section 3.01 Voting of SpinCo Shares. 

(a) From the date of this Agreement and until the date that the Parent Group ceases to own any Retained Shares, Parent shall, and shall cause
each member of the Parent Group to (in each case, to the extent that they own any Retained Shares), be present, in person or by proxy, at each and every SpinCo stockholder meeting, and otherwise to cause all Retained Shares owned by them to be
counted as present for purposes of establishing a quorum at any such meeting, and to vote or consent on any matter (including waivers of contractual or statutory rights), or cause to be voted or consented on any such matter, all such Retained Shares
in proportion to the votes cast by the other holders of SpinCo Shares on such matter. 

  
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 (b) From the date of this Agreement and until the date that the Parent Group ceases to own
any Retained Shares, Parent hereby grants, and shall cause each member of the Parent Group (in each case, to the extent that they own any Retained Shares) to grant, an irrevocable proxy, which shall be deemed coupled with an interest sufficient in
Law to support an irrevocable proxy to SpinCo or its designees, to vote, with respect to any matter (including waivers of contractual or statutory rights), all Retained Shares owned by them, in proportion to the votes cast by the other holders of
SpinCo Shares on such matter; provided, that (i) such proxy shall automatically be revoked as to a particular Retained Share upon any Sale of such Retained Share from a member of the Parent Group to a Person other than a member of the
Parent Group and (ii) nothing in this Section 3.01(b) shall limit or prohibit any such Sale. 
 (c) Parent acknowledges and agrees
(on behalf of itself and each member of the Parent Group) that SpinCo will be irreparably damaged in the event any of the provisions of this Article III are not performed by Parent in accordance with their terms or are otherwise breached.
Accordingly, it is agreed that SpinCo shall be entitled to an injunction to prevent breaches of this Article III and to specific enforcement of the provisions of this Article III in any action instituted in any court of the United States or any
state having subject matter jurisdiction over such action. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.01 Further Assurances. 

In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its commercially reasonable
efforts, prior to, on and after the date hereof, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to consummate and
make effective the transactions contemplated by this Agreement. 
 Section 4.02 Term and Termination. 

This Agreement shall terminate upon the earlier of (a) five years after the Distribution Date, (b) the time at which all Registrable
Securities are held by Persons other than Holders and (c) the time at which all Registrable Securities have been Sold in accordance with one or more Registration Statements; provided, that the provisions of Sections 2.05, 2.06 and this
Article IV shall survive any such termination. 
 Section 4.03 Counterparts; Entire Agreement; Corporate Power. 

(a) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 

  
 22 

 (b) This Agreement and Exhibit A hereto contain the entire agreement between the Parties
with respect to the subject matter hereof, and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings
between the Parties other than those set forth or referred to herein. 
 (c) Parent represents on behalf of itself and each other member of
the Parent Group, and SpinCo represents on behalf of itself and each other member of the SpinCo Group, as follows: 
 (i)
each such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable
in accordance with the terms hereof. 
 (d) Each Party acknowledges that it and each other Party may execute this Agreement by facsimile,
stamp or mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be
effective as delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by
email in portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it shall not assert that any such signature or delivery is not adequate to bind such Party to the same extent as
if it were signed manually and delivered in person. 
 Section 4.04 Disputes and Governing Law. 

(a) Any dispute, controversy or claim arising out of or relating to this Agreement (including the validity, interpretation, breach or
termination of this Agreement) (a “Dispute”), shall be resolved in accordance with the procedures set forth in Article VII of the Separation and Distribution Agreement, which shall be the sole and exclusive procedures for the
resolution of any such Dispute unless otherwise specified in this Agreement or in Article VII of the Separation and Distribution Agreement. 

(b) This Agreement (and any claims or Disputes arising out of or related hereto or to the transactions contemplated hereby or to the inducement
of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with the Laws of the State of
Delaware, irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability, performance and remedies. 

  
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 (c) THE PARTIES EXPRESSLY WAIVE AND FOREGO ANY RIGHT TO TRIAL BY JURY. 

Section 4.05 Successors, Assigns and Transferees. 

(a) Except as set forth herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, and their respective
successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party hereto. Notwithstanding the
foregoing, no such consent shall be required for the assignment of a party’s rights and obligations under this Agreement (except as otherwise provided herein) in whole (i.e., the assignment of a party’s rights and obligations under this
Agreement, the Separation and Distribution Agreement and all other Ancillary Agreements all at the same time) in connection with a Change of Control of a Party so long as the resulting, surviving or transferee Person assumes all the obligations of
the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. Nothing herein is intended to, or shall be construed to, prohibit either Party or any member of its Group
from being party to or undertaking a Change of Control. 
 (b) Notwithstanding any other terms of this Section 4.05, in connection with
the Sale of Registrable Securities, Parent may assign its Registration-related rights and obligations under this Agreement relating to such Registrable Securities to the following transferees in such Sale: (i) a member of the Parent Group to
which Registrable Securities are Sold; (ii) one or more Participating Banks to which Registrable Securities are Sold; (iii) any transferee to which Registrable Securities are Sold, if SpinCo provides prior written consent to the transfer of
such Registration-related rights and obligations along with the Sale of Registrable Securities; or (iv) any other transferee to which Registrable Securities are Sold, unless such Sale consists of Registrable Securities representing less than 1%
of SpinCo’s then-issued and outstanding securities of the same class as the Registrable Securities and such Registrable Securities are eligible for Sale pursuant to an exemption from the registration and prospectus delivery requirements of the
Securities Act under Section 4(a)(1) thereof (including transactions pursuant to Rule 144); provided, that in the case of clauses (i), (ii), (iii) or (iv), (x) SpinCo is given written notice prior to or at the time of such Sale stating
the name and address of the transferee and identifying the securities with respect to which the Registration-related rights and obligations are being Sold and (y) the transferee executes a counterpart in the form attached hereto as Exhibit A
and delivers the same to SpinCo (any such transferee in such Sale, a “Transferee”). In connection with the Sale of Registrable Securities, a Transferee or Subsequent Transferee (as defined below) may assign its Registration-related
rights and obligations under this Agreement relating to such Registrable Securities to the following subsequent transferees: (A) an Affiliate of such Transferee to which Registrable Securities are Sold, (B) any subsequent transferee to
which Registrable Securities are Sold, if SpinCo provides prior written consent to the transfer of such Registration-related rights and obligations along with the Sale of Registrable Securities or (C) any other subsequent transferee to which
Registrable Securities are Sold, unless such Sale consists of Registrable Securities representing less than 1% of SpinCo’s then-issued and outstanding securities of the same class as the Registrable Securities and such Registrable Securities
are eligible for Sale pursuant to an exemption from the registration and prospectus delivery requirements of the Securities Act under Section 4(a) thereof (including transactions pursuant to Rule 144); provided, that in the case of
clauses (A), (B) or 

  
 24 

 
(C), (x) SpinCo is given written notice prior to or at the time of such Sale stating the name and address of the subsequent transferee and identifying the securities with respect to which the
Registration-related rights and obligations are being assigned and (y) the subsequent transferee executes a counterpart in the form attached hereto as Exhibit A and delivers the same to SpinCo (any such subsequent transferee, a
“Subsequent Transferee”). 
 Section 4.06 Third-Party Beneficiaries. 

Except for any Person expressly entitled to indemnification rights under this Agreement, (a) the provisions of this Agreement are solely
for the benefit of the Parties hereto and parties thereto, respectively, and are not intended to confer upon any other Person any rights or remedies hereunder, and (b) there are no third-party beneficiaries of this Agreement and this Agreement
shall not provide any third Person with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 4.07 Notices. 

All notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall be given or made (and shall
be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by certified mail, return receipt requested, or by electronic mail (“e-mail”), so
long as confirmation of receipt of such e-mail is requested and received, to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in
accordance with this Section 4.07): 
 If to Parent, to: 

Ziff Davis, Inc. 
 114 Fifth
Avenue 
 New York, New York 10011 

Attention:         Legal Department 

E-mail:             legal@j2.com 

with a copy to: 
 Gibson,
Dunn & Crutcher LLP 
 200 Park Avenue 

New York, New York 10166 

Attention:         Barbara Becker 

                        
 Saee Muzumdar 
 E-mail:
            BBecker@gibsondunn.com 

                        
 SMuzumdar@gibsondunn.com 
 If to SpinCo, to: 

Consensus Cloud Solutions, Inc. 

700 South Flower Street, Suite 1500 

Los Angeles, California 90017 

Attention:         Legal Department 

E-mail:             Vithya.aubee@j2.com

  
 25 

 with a copy to: 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, New
York 10166 
 Attention:         Barbara Becker 

                        
 Saee Muzumdar 
 E-mail:
            BBecker@gibsondunn.com 

                        
 SMuzumdar@gibsondunn.com 
 A Party may, by written notice to the other Party, change the address to which any such notices are to be
given. 
 Section 4.08 Severability. 

If any provision of this Agreement or the application hereof to any Person or circumstance is determined by a court of competent jurisdiction
to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of
the Parties. 
 Section 4.09 Headings. 

The article, section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. 
 Section 4.10 Waiver of Default. 

Waiver by a Party of any default by the other Party of any provision of this Agreement must be in writing and shall not be deemed a waiver by
the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. No failure or delay by a Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall
a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 4.11 Amendments. 

No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a Party, unless such waiver, amendment, supplement
or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification, or the Holders of a majority of the Registrable Securities, if such
waiver, amendment, supplement or modification is sought to be enforced against a Holder. 

  
 26 

 Section 4.12 Interpretation. 

In this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed
to include the other genders as the context requires, (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole
(including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement, (c) Article, Section, Schedule, Exhibit and Appendix references are to the Articles, Sections, Schedules, Exhibits and
Appendices to this Agreement unless otherwise specified, (d) unless otherwise stated, all references to any agreement (including this Agreement, the Separation and Distribution Agreement and each other Ancillary Agreement) shall be deemed to
include the exhibits, schedules and annexes to such agreement, (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified,
(f) the word “or” shall not be exclusive, (g) unless otherwise specified in a particular case, the word “days” refers to calendar days, (h) references to “business day” shall mean any day other than a
Saturday, a Sunday or a day on which banking institutions are generally authorized or required by law to close in Los Angeles, California or New York, New York, (i) references herein to this Agreement or any other agreement contemplated herein
shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; the word “extent” in the phrase “to
the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply “if” and (j) unless expressly stated to the contrary in this Agreement, all references to “the date
hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to October 7, 2021. 

Section 4.13 Performance. 

Parent shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this
Agreement to be performed by any member of the Parent Group. SpinCo shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of the
SpinCo Group. Each Party (including its permitted successors and assigns) further agrees that it shall (a) give timely notice of the terms, conditions and continuing obligations contained in this Agreement to all of the other members of its
Group and (b) cause all of the other members of its Group not to take any action or fail to take any such action inconsistent with such Party’s obligations under this Agreement or the transactions contemplated hereby. 

  
 27 

 Section 4.14 Registrations, Exchanges, etc. 

Notwithstanding anything to the contrary that may be contained in this Agreement, the provisions of this Agreement shall apply to the full
extent set forth herein with respect to (a) any SpinCo Shares, now or hereafter authorized to be issued, (b) any and all securities of SpinCo into which SpinCo Shares are converted, exchanged or substituted in any recapitalization or other
capital reorganization by SpinCo and (c) any and all securities of any kind whatsoever of SpinCo or any successor or permitted assign of SpinCo (whether by merger, consolidation, sale of assets or otherwise) which may be issued on or after the
date hereof in respect of, in conversion of, in exchange for or in substitution of, SpinCo Shares, and shall be appropriately adjusted for any stock dividends, or other distributions, stock splits or reverse stock splits, combinations,
recapitalizations, mergers, consolidations, exchange offers or other reorganizations occurring after the date hereof. 
 Section 4.15
Mutual Drafting. 
 This Agreement shall be deemed to be the joint work product of the Parties, and any rule of construction that a
document shall be interpreted or construed against a drafter of such document shall not be applicable. 
 [The remainder of this page has
been left blank intentionally.] 

  
 28 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the date first above written. 
  

					
	ZIFF DAVIS, INC.
		
	 By:
	 	 /s/ Jeremy Rossen

		 	 Name:
	 	Jeremy Rossen
		 	 Title:
	 	Executive Vice President, Secretary and General Counsel

 [Signature Page to Stockholder and Registration Rights Agreement] 

 
					
	 CONSENSUS CLOUD SOLUTIONS, INC.

		
	 By:
	 	 /s/ Vithya Aubee

		 	 Name:
	 	 Vithya Aubee

		 	 Title:
	 	 Vice President

 [Signature Page to Stockholder and Registration Rights Agreement] 

 Exhibit A 

Exhibit A – Form of Agreement to be Bound 

THIS INSTRUMENT forms part of the Stockholder and Registration Rights Agreement (the “Agreement”), dated as of October 7, 2021, by and
between Ziff Davis, Inc., a Delaware corporation (“Parent”), and Consensus Cloud Solutions, Inc., a Delaware corporation. The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement in
its entirety, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the
benefit of Parent shall be binding upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this instrument on this ______ day of _______________, 20 . 

 

	
	  

	(Signature of transferee)
	
	  

	Print name

  
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