Document:

EX-4.1

 Exhibit 4.1 

[Form of Note] 
 (FACE OF NOTE)

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO AT&T INC., OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AT&T INC. 

Floating Rate Global Notes due 2017 
  

			
		  	CUSIP NO. [—]
		
		  	ISIN NO. [—]
		
	 No. R-[—]
	  	$500,000,000

 AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein
called “AT&T”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million
Dollars ($500,000,000) on March 30, 2017 (the “Maturity Date”), and to pay interest on said principal sum from March 31, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
quarterly in arrears on March 30, June 30, September 30 and December 30 in each year, commencing on June 30, 2014 (each, an “Interest Payment Date”) and on the Maturity Date, at an interest rate
(“Interest Rate”) equal to the Applicable LIBOR Rate, reset quarterly, plus 42 basis points (0.420%), determined as provided herein, until the principal hereof is paid or made available for

 
payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one
or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the 15th day preceding the respective
Interest Payment Date (each, a “Regular Record Date”), subject to certain exceptions. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either
be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. 
 The Interest Rate for each Interest Period for the Notes
will be set on March 30, June 30, September 30 and December 30 of each year, and will be set for the initial Interest Period on March 31, 2014 (each such date, an “Interest Rate Reset Date”) until the
principal on the Notes is paid or made available for payment (the “Principal Payment Date”). If any Interest Rate Reset Date (other than the initial Interest Rate Reset Date occurring on March 31, 2014) and Interest Payment Date for
the Notes would otherwise be a day that is not a LIBOR business day, such Interest Rate Reset Date and Interest Payment Date shall be the next succeeding LIBOR business day, unless the next succeeding LIBOR business day is in the next succeeding
calendar month, in which case such Interest Rate Reset Date and Interest Payment Date shall be the immediately preceding LIBOR business day. 

“LIBOR business day” means any day that is not a Saturday or Sunday and that, in The City of New York or the City of London, is not
a day on which banking institutions are generally authorized or obligated by law to close. 
 “Interest Period” shall mean the
period from and including an Interest Rate Reset Date to but excluding the next succeeding Interest Rate Reset Date and, in the case of the last such period, from and including the Interest Rate Reset Date immediately preceding the Maturity Date or
Principal Payment Date, as the case may be, to but not including such Maturity Date or Principal Payment Date, as the case may be. If the Principal Payment Date or Maturity Date is not a LIBOR business day, then the principal amount of the Notes
plus accrued and unpaid interest thereon shall be paid on the next succeeding LIBOR business day and no interest shall accrue for the Maturity Date, Principal Payment Date or any day thereafter. 

The “Applicable LIBOR Rate” shall mean the rate determined in accordance with the following provisions: 

(i) On the second day on which dealings in deposits in U.S. dollars are transacted in the London interbank market preceding each Interest Rate
Reset Date (each such date, an “Interest Determination Date”), The Bank of New York Mellon Trust Company, N.A. (the “Calculation Agent”), as agent for AT&T, will determine the Applicable LIBOR Rate which shall be the rate

  
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for deposits in U.S. dollars having a maturity of three months commencing on the first day of the applicable interest period that appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m.,
London time, on such Interest Determination Date. “Reuters Screen LIBOR01 Page” means the display designated on page “LIBOR01” on Reuters (or such other page as may replace the LIBOR01 page on that service or any successor
service for the purpose of displaying London interbank offered rates for U.S. dollar deposits of major banks). If the Applicable LIBOR Rate on such Interest Determination Date does not appear on the Reuters Screen LIBOR01 Page, the Applicable LIBOR
Rate will be determined as described in (ii) below. 
 (ii) With respect to an Interest Determination Date for which the Applicable
LIBOR Rate does not appear on the Reuters Screen LIBOR01 Page as specified in (i) above, the Applicable LIBOR Rate will be determined on the basis of the rates at which deposits in U.S. dollars are offered by four major banks in the London
interbank market selected by AT&T (the “Reference Banks”) at approximately 11:00 a.m., London time, on such Interest Determination Date to prime banks in the London interbank market having a maturity of three months, and in a
principal amount equal to an amount of not less than U.S.$1,000,000 that is representative for a single transaction in such market at such time. The Calculation Agent, upon direction from AT&T, will request the principal London office of each of
such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the Applicable LIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of such quotations. If fewer than two
quotations are provided, the Applicable LIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of the rates quoted by three major banks in New York City selected by AT&T at approximately 11:00 a.m., New York
City time, on such Interest Determination Date for loans in U.S. dollars to leading European banks, having a maturity of three months, and in a principal amount equal to an amount of not less than U.S.$1,000,000 that is representative for a single
transaction in such market at such time; provided, however, that if the banks in New York City selected as aforesaid by AT&T are not quoting as mentioned in this sentence, the relevant Interest Rate for the Interest Period
commencing on the Interest Rate Reset Date following such Interest Determination Date will be the Interest Rate in effect on such Interest Determination Date. 

The amount of interest for each day that the Notes are outstanding (the “Daily Interest Amount”) will be calculated by dividing the
Interest Rate in effect for such day by 360 and multiplying the result by the principal amount of the Notes. The amount of interest to be paid on the Notes for any Interest Period will be calculated by adding the Daily Interest Amounts for each day
in such Interest Period. 
 The Interest Rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the
same may be modified by United States law of general application. 
 The Interest Rate and amount of interest to be paid on the Notes for
each Interest Period will be determined by the Calculation Agent. All calculations made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on AT&T and the Holders of the Notes. So long as
the Applicable LIBOR Rate is required to be determined 

  
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with respect to the Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent
shall fail duly to establish the Applicable LIBOR Rate for any Interest Period, or that AT&T proposes to remove such Calculation Agent, AT&T shall appoint itself or another Person which is a bank, trust company, investment banking firm or
other financial institution to act as the Calculation Agent. 
 Any money that AT&T deposits with the Trustee or any Paying Agent for
the payment of principal or any interest on this Note that remains unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless otherwise required by
mandatory provisions of any applicable unclaimed property law. After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which such Holder may be
entitled to collect only from AT&T. 
 If the Notes are issued in definitive form, payment of the principal and interest on this Note
due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of The Bank of New York Mellon Trust Company, N.A.,
the Paying and Transfer Agent and Registrar for the Notes, currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 

Payment of interest on this Note due on an Interest Payment Date, other than interest at maturity or upon redemption, may be paid by check
mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Depository as Holder of the Notes or (2) a Holder of more than U.S. $5,000,000 in aggregate
principal amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon redemption, by wire transfer of immediately available funds into an account maintained by
the Holder in the United States, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the applicable Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, AT&T Inc. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

					
	Dated: March 31, 2014	 	AT&T INC.
			
	[SEAL]	 		 	
		 	By:	 	 
		 		 	 John J. Stephens
 Senior Executive Vice
President
 and Chief Financial Officer

			
		 	By:	 	  

		 		 	 Jonathan P. Klug
 Senior Vice President

and Treasurer

 Trustee’s Certificate of Authentication 

This is one of the Floating Rate Global Notes due 2017 

of the series designated herein referred to 

in the within-mentioned Indenture. 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

							
	 By:
	 	 	 		 	Dated: March 31, 2014
		 	 Authorized Signatory
	 		 	

  
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 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture
and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in minimum denominations of $2,000 and integral multiples of $1,000. This Note is one of
the series designated on the face hereof initially limited in aggregate principal amount to $500,000,000. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with the consent of
the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to waive compliance
by AT&T with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of AT&T, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Registrar and Paying Agent 

AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration
of transfer or exchange (“Registrar”) and an office or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has initially appointed the Trustee, The Bank of New York Mellon Trust Company,
N.A., as its Registrar and Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may appoint additional paying or transfer agencies. 

  
 7 

 Payment of Additional Amounts 

AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by AT&T or a Paying Agent of the principal of and interest on this Note to a person that is a United States Alien Holder, after deduction for any present or future tax,
assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of
the Notes had no withholding or deduction been required; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 

(1) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner, or a fiduciary, settlor,
beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder: 

(a) is or was present or engaged in trade or business in the United States or has or had a permanent establishment in the
United States; 
 (b) is or was a citizen or resident or is or was treated as a resident of the United States; 

(c) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign
corporation with respect to the United States or is or was a corporation that has accumulated earnings to avoid United States federal income tax; or 

(d) is or was a “10-percent shareholder” of AT&T; 

(2) to any Holder that is not the sole beneficial owner of the Notes, or a portion thereof, or that is a fiduciary or partnership, but only to
the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an additional amount had such beneficial owner, beneficiary, settlor or
member received directly its beneficial or distributive share of the payment; 
 (3) to any tax, assessment or governmental charge that is
imposed or withheld solely because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United
States of the Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to
exemption from such tax, assessment or other governmental charge; 
 (4) to any tax, assessment or governmental charge that is imposed other
than by deduction or withholding by AT&T or a Paying Agent from the payment; 

  
 8 

 (5) to any tax, assessment or governmental charge that is imposed or withheld solely because of a
change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental
charge; 
 (7) to any tax, assessment or other governmental charge any paying agent (which term may include us) must withhold from any
payment of principal of or interest on any note, if such payment can be made without such withholding by any other paying agent; or 
 (8) in
the case of any combination of the above items. 
 The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or
judicial interpretation applicable. Except as specifically provided herein, AT&T shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing
authority thereof or therein. 
 “United States Alien Holder” means (a) a nonresident alien individual, (b) a foreign
corporation or (c) an estate or trust that in either case is not subject to United States federal income tax on a net income basis or income or gain from a Note. 

Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective on or after March 26, 2014 or (b) a taxing authority of the United States takes an action on or after March 26, 2014, whether or not with
respect to AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any
interest payment date on not less than 30 nor more than 60 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. However, AT&T
may determine, in its business judgment, that the obligation to pay these Additional Amounts cannot be avoided by the use of reasonable measures available to it, not including substitution of the obligor under the Notes. No redemption pursuant to
(b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be required to
pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer stating, that based on such opinion, AT&T is entitled to redeem the Notes pursuant to their terms. 

  
 9 

 Further Issues 

AT&T reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes
ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any
further notes will have the same terms as to status, redemption or otherwise as, and will be fungible for tax purposes with, the Notes. Any further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a supplement to
the Indenture, or under an officers’ certificate pursuant to the Indenture. 
 Notes in Definitive Form 

If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been cured or waived in accordance
with the Indenture, or (2) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive form in exchange for this
Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to have such Notes registered
in its name. 
 Notes so issued in definitive form will be issued as registered notes in minimum denominations of $2,000 and integral
multiples of $1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be transferred by presentation for
registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form satisfactory to AT&T
or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 
 AT&T may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 

Default 
 In case an Event
of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in
the Indenture. 

  
 10 

 Miscellaneous 

No director, officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note,
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue
of this Note. 
 The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari passu with all other
evidences of indebtedness issued in accordance with the Indenture. 
 Notices to Holders of the Notes will be published by AT&T in
authorized newspapers in The City of New York and in London. AT&T is deemed to have given the notice on the date of each publication or, if published more than once, on the date of the first publication. 

Prior to due presentment of this Note for registration of transfer, AT&T, the Trustee and any agent of AT&T or the Trustee may treat
the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
 11EX-10.84

 Exhibit 10.84 

SUBSCRIPTION AGREEMENT 
 Comstock
Investors VIII, L.C. c/o 
 Comstock Holding Companies, Inc., Manager 

1886 Metro Center Drive, 4th Floor 

Reston, Virginia 20190 
 Attention: Jubal R. Thompson, General
Counsel 
 The undersigned subscriber (“Subscriber”) acknowledges that he/she/it has received and reviewed the Introduction and
Risk Disclosure and operating agreement of Comstock Investors VIII, L.C., a Virginia limited liability company (the “Company”), including the exhibits thereto (the “Company Operating Agreement”), relating to the offering of the
Company’s Class B Units, as described in the Company Operating Agreement (the “Interests”), and has reviewed them in conjunction with the risk disclosures for the manager of the Company, Comstock Holding Companies, Inc.
(“Comstock” or “Manager”), as contained in the latest Annual Report filed on Form 10-K, which can be found online at www.sec.gov or at the Manager’s investors relations homepage found at www.comstockhomes.com.
Subscriber also understands that certain portions of the materials provided to Subscriber describing the investment contain forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited
to, those identified by such words as “may”, “will”, “expect”, “project”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, “should”,
“seeks” and other similar terminology. These forward-looking statements reflect the Company’s and/or the Manager’s current expectations and assumptions regarding future events and operating and financial performance. However,
actual results are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Neither the Company nor the Manager assumes any obligation to update any of the
forward-looking statements. 
 Subscriber understands that the Interest(s) are being offered (the “Offering”) to a small number of
investors on the terms and in the manner described herein and in the Company Operating Agreement. Subscriber also understands that any promotional materials received in conjunction with the Offering are for marketing and promotional purposes only,
and Subscriber understands and agrees that he/she/it cannot rely on such promotional materials to explain all terms and conditions of this Subscription Agreement or the Company Operating Agreement. Therefore, Subscriber understands that any
inconsistency between the promotional materials and this Subscription Agreement or the Company Operating Agreement shall be resolved in favor of this Subscription Agreement or the Company Operating Agreement, as applicable. Subscriber acknowledges
that Subscriber is not entitled to rely, and has not relied, on any oral representations. 
 The Company reserves the right to hold an
initial closing of the sale and purchase of the Interests before it has raised the full amount solicited in the Offering and in such event, the Company Operating Agreement shall be amended to reflect the admission of additional members in connection
with additional closings at a later date. No escrow agent is being appointed in connection with the Offering. 

 1. Subscription; Payment. Subject to the terms and conditions set forth herein and in the
Company Operating Agreement, Subscriber, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase the Interest(s) in the amount and for the aggregate subscription price specified on the signature page of this
Subscription Agreement and agrees to become a party to the Company Operating Agreement. Subscriber tenders herewith a certified or bank cashier check, payable to the order of the Company or has or will initiate a wire in accordance with previously
delivered wire instructions provided by the Company. In the event that the Offering is terminated or if this subscription for any reason is rejected by the Company or the Manager, the full subscription price will be promptly refunded without
deduction, and this Subscription Agreement shall be null and void. 
 2. Acceptance of Subscription; Party to the Company Operating
Agreement. Subscriber understands and agrees that its subscription is made subject to the following terms and conditions: 
 (a) this
subscription may be rejected, in whole or in part, for any reason in the sole and absolute discretion of the Manager of the Company and that this subscription shall be deemed to be accepted by the Company only when it is signed by a duly authorized
officer of the Company; and 
 (b) the Interest(s) to be issued and delivered on account of this subscription will be issued only in the name
of, and delivered only to, Subscriber, and Subscriber agrees to become a party to the Company Operating Agreement in connection with the issuance and delivery of the Interest(s). 

3. Representation and Warranties of Subscriber. Subscriber acknowledges and agrees that (i) the Interest(s) are being offered and
sold under an exemption from registration afforded by the Securities Act of 1933, as may be amended (the “Securities Act”), or other applicable exemptions under applicable state securities laws; (ii) the Offering has not been examined
by the United States Securities and Exchange Commission or any state securities authority; and (iii) all documents, records, and books pertaining to the Offering have been made available upon reasonable notice for inspection by him/her/it or
his/her/its counsel, accountant, investor representative or business advisor during regular business hours at the Company’s office. Subscriber hereby represents, warrants and agrees as follows: 

(a) Subscriber has all requisite authority (and in the case of an individual, the capacity) to purchase the Interest(s), enter into this
Subscription Agreement and to perform all the obligations required to be performed by Subscriber, and such purchase will not contravene any law, rule or regulation binding on Subscriber or any investment guideline or restriction applicable to
Subscriber; 
 (b) Subscriber has been furnished with, and acknowledges receipt of, the Company Operating Agreement, and has held and will
hold the Company Operating Agreement in confidence, it being understood that the copy received by Subscriber is solely for his/her/its own use and, except in connection with review by Subscriber’s counsel, accountant, or business advisor, is
not to be duplicated or redistributed without the prior written consent of the Company; 
 (c) Subscriber has been furnished with, and
acknowledges receipt of, this Subscription Agreement and the Investor Questionnaire and has accurately and completely provided all of the information requested in these documents; 

 (d) Subscriber is (i) at least 21 years of age; (ii) a citizen of the United States of
America; and (iii) a bona fide resident of the state specified in the address on the signature page of this Subscription Agreement; 

(e) Subscriber is an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act and meets the investor suitability
requirements for investment in the Company; 
 (f) Subscriber understands and has fully considered for purposes of this investment the risk
disclosures of both the Company and Comstock and represents and warrants that (i) he/she/it is acquiring the Interest(s) for investment and not with a view to resale or distribution; (ii) he/she/it can bear the economic risk of losing
his/her/its entire investment; (iii) his/her/its overall commitment to investments that are not readily marketable is not disproportionate to his/her/its net worth, and the investment is suitable for Subscriber when viewed in light of
his/her/its other securities holdings and his/her/its financial situation and needs; (iv) he/she/it has adequate means of providing for his/her/its current needs and personal contingencies; (v) he/she/it has evaluated all the risks of
investment in the Company; (vi) he/she/it has experience in making investment decisions of this type; and (vii) he/she/it has a reasonable understanding of the business in which the Company is to be engaged; 

(g) Subscriber has such knowledge and experience in financial and business matters that he/she/it is capable of evaluating the merits and risks
of an investment in the Company and of making an informed investment decision; 
 (h) Subscriber confirms that, in making his/her/its
decision to purchase the Interest(s) hereby subscribed for, he/she/it has relied solely upon the following documents; the Company Operating Agreement, the Introduction and Risk Disclosure, the risk disclosures set forth in the Managers Annual
Report, the Investor Questionnaire and this Subscription Agreement (the “Offering Materials”) and any independent investigations made by him/her/it and that he/she/it is not relying on (and will not at any time rely on) any communication
(oral or written) of the Company as investment advice to purchase the Interest(s), including but not limited to investment pro formas or other marketing material discussing the investment; and that he/she/it, and Subscriber’s counsel,
accountant, and other business advisors have been given the opportunity to ask questions of, and to receive answers from, the Manager and its officers concerning the Company and the information set forth in the Company Operating Agreement, to the
extent that the Manager and its officers possess such information or can acquire it without unreasonable effort or expense; and that he/she/it and such persons have availed themselves of such opportunity to the fullest extent desired and have
received answers to such questions, if any; and that he/she/it and such persons have availed themselves of the opportunity to make such investigation of the documents, records, and books pertaining to the investment as they have desired; 

(i) Subscriber has no contract, undertaking, understanding, agreement, or arrangement, formal or informal, with any person, directly or
indirectly, to sell, transfer, or pledge to any person the Interest(s) for which he/she/it hereby subscribes or any part thereof, and Subscriber has no present plans to enter into any such contract, undertaking, agreement, or arrangement; and
Subscriber understands that the legal consequences of the foregoing representations and warranties are that he/she/it must bear the economic risks of this investment for an indefinite period of time because the Interest(s) have not been registered
under the Securities Act or any state’s securities laws and, therefore, cannot be sold unless they are subsequently registered under the Securities Act and the applicable state’s securities laws (which the Company is not obligated to do)
or an exemption from such registration is available; 

 (j) Subscriber understands that no federal or state agency has passed on or made any
recommendation or endorsement of the Interest(s) and that the Company is relying on the truth and accuracy of the representations, declarations, and warranties herein made by Subscriber in offering the Interest(s) for sale to him/her/it, without
having first registered the same under the Securities Act or under the securities laws of any state or other jurisdiction; 
 (k) Subscriber
understands that the Interest(s) are “restricted securities” under applicable federal securities laws and acknowledges that, in the absence of the availability of the exemption afforded by Rule 144 adopted under the Securities Act, any
disposition by him/her/it of the Interest(s) hereby subscribed for may require compliance with some other exemption under the Securities Act, and that the Company is under no obligation to take any action in furtherance of making any other exemption
so available; 
 (l) Subscriber understands that by entering into the Company Operating Agreement, he/she/it will be agreeing to additional
restrictions on the transferability of the Interest(s), as set forth in the Company Operating Agreement; 
 (m) unless otherwise specified on
the signature page of this Subscription Agreement, Subscriber will not acquire the Interest(s) or fund its capital contribution to the Company using funds that are considered assets of an “employee benefit plan”, as defined by the
Employment Retirement Security Act of 1974, as amended (“ERISA”), that is subject to ERISA; and 
 (n) Subscriber consents to the
placement of legends on any certificate evidencing the Interest(s) hereby subscribed for, which legend shall be in form substantially as follows: 
 THE
COMPANY INTERESTS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT 1933, AS MAY BE AMENDED, OR WITH ANY AGENCY UNDER THE SECURITIES ACT OF ANY STATE, IN RELIANCE UPON
EXEMPTIONS FROM REGISTRATION PROVIDED IN THOSE STATUTES. 
 THE COMPANY INTEREST REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER AND
OTHER CONDITIONS, AS SPECIFIED IN A COMPANY OPERATING AGREEMENT, COPIES OF WHICH ARE ON FILE AT THE OFFICE OF THE ISSUER AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER OF SUCH INTERESTUPON WRITTEN REQUEST. 

The foregoing representations, warranties, and undertakings are made by Subscriber with the intent that they be relied upon by the Company in
determining Subscriber’s suitability as an investor in the Company, and Subscriber hereby agrees that such representations and warranties shall survive the purchase of the Interest(s) hereby subscribed for. 

If more than one person is signing this Subscription Agreement, each representation, warranty, and undertaking made herein shall be a joint and several
representation, warranty or undertaking of each such person. 

 4. Representations and Warranties of the Company. 

(a) The Company is duly formed and validly existing under the laws of the Commonwealth of Virginia, with full power and authority to conduct
its business as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted. 

(b) With respect to Interests to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of
its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the Offering, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the
basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, a “Company Covered Person” and, together, “Company Covered
Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D under the Securities Act (a “Disqualification Event”), except for a Disqualification Event
covered by Rule 506(d)(2) or (d)(3) of Regulation D under the Securities Act. The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent
applicable, with its disclosure obligations under Rule 506(e) of Regulation D under the Securities Act. 
 (c) The Company is not aware of
any person (other than any Company Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Interests. 

5. Transferability. Subscriber agrees not to transfer or assign this Subscription Agreement or any interest herein, and further agrees
that the assignment and transfer of the Interest(s) acquired pursuant hereto shall be effected only in accordance with the Company Operating Agreement and all applicable laws. 

6. Revocation. Subscriber agrees that he/she/it may not cancel, terminate, or revoke this Subscription Agreement or any agreement of
Subscriber made hereunder, and that this Subscription Agreement shall survive the death or disability of Subscriber and shall be binding upon Subscriber’s heirs, executors, administrators, successors, and assigns. 

7. No Waiver. Notwithstanding any of the representations, warranties, acknowledgements, or agreements made herein by Subscriber,
Subscriber does not hereby or in any other manner waive any rights granted to him/her/it under federal or state securities laws. 
 8.
Indemnification; Waiver of Liability. Subscriber agrees to indemnify and hold harmless the Company, the Manager and their respective officers, directors, members, stockholders, and employees, the other members of the Company, and all of their
respective representatives and agents, from and against any and all damages, losses, costs, and expenses (including reasonable attorneys’ fees) that they may incur by reason of Subscriber’s failure to fulfill any of the terms or conditions
of this Subscription Agreement, or by reason of any breach of the representations and warranties made by Subscriber in this Subscription Agreement or in any document provided by Subscriber to the Company. 

 9. Miscellaneous. 

(a) All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified
mail, return receipt requested, postage prepaid, to the parties hereto at their respective addresses set forth on the signature page of this Subscription Agreement. 

(b) This Subscription Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without regard
to its conflict of laws principles. 
 (c) This Subscription Agreement and the Investor Questionnaire constitute the entire agreement among
the parties hereto with respect to the subject matter hereof and the Subscription Agreement may be amended only by a writing executed by all parties hereto. 

(d) The recitals and introductory paragraphs contained herein are hereby incorporated by reference and constitute a part of this Subscription
Agreement. 
 (e) This Subscription Agreement may be executed in counterparts. Upon the execution and delivery of this Subscription Agreement
by the Subscriber, this Subscription Agreement shall become a binding obligation of the Subscriber with respect to the purchase of the Interest(s) as herein provided. 

IN WITNESS WHEREOF, the parties have executed this Subscription Agreement as of the day and year set forth below. 

 

							
		 		 	COMSTOCK INVESTORS VIII, L.C.
				
	    /     /                    	 		 	By:	 	Comstock Holding Companies, Inc.
	Date of Execution	 		 	Its:	 	MANAGER
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	 Address: 1886 Metro Center Drive, 4th Floor,

                Reston, VA 20190

 [SEE FOLLOWING PAGE] 

					
		 		  	
	 TO BE COMPLETED BY SUBSCRIBER(S): (please print)

 

	 	 	 	  	
	 Social Security Number or Taxpayer

Identification Number of Subscriber

			
	 	 	 	  	
	Print Name of Subscriber
			
	By:	 	 	  	
	Signature of Subscriber	  	
			
	 	 	 	  	
	Print Title of Person Signing, if applicable
			
	 	 	 	  	
	Print Name of Joint Subscriber, if applicable
			
	By:	 	 	  	
	Signature of Joint Subscriber, if applicable
			
	 	 	 	  	
	Number of Class B Units to Subscribed For
			
	$	 	 	  	
	Total Subscription Price to be Paid
			
	 	 	 	  	
	 	 	 	  	
	 	 	 	  	
	 	 	 	  	
	Address of Subscriber
			
	(    )	 	 	  	
	Area Code and Telephone Number
			
	 	 	 	  	
	E-mail address

Date:         /          /   
       
  

 EXHIBIT A-2 

TO THE OPERATING AGREEMENT OF COMSTOCK INVESTORS VIII, L.C. 

80 Total Class B Units ($50,000 per Unit) 
  

											
	 	  	Capital
Contribution	 	  	Class B
Percentage
Interest	  	Class B
Units	 
		  				  		  			
		  	  
	  
	 	  		  	  
	  
	 
	 Total Committed
	  	$	4,000,000	  	  		  	 	80

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