Document:

EX-4.5

 Exhibit 4.5 

AT&T Inc. 

$2,449,011,000 4.100% Global Notes Due 2028 

$3,156,272,000 4.300% Global Notes Due 2030 

REGISTRATION RIGHTS AGREEMENT 

December 1, 2017 
 To the Parties Listed on
Schedule I 
 Ladies and Gentlemen: 
 AT&T
Inc., a Delaware corporation (the “Company”), has made an offer to (i) exchange the eleven series of notes described in the table set forth on Schedule II issued by the Company, DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.
(together, “DIRECTV”), as applicable (the “Pool 1 Notes”) for a new series of its senior notes due 2028 (the “New 2028 Notes”) and (ii) exchange the seven series of notes described in the table set forth on
Schedule II issued by the Company or DIRECTV, as applicable (the “Pool 2 Notes”), for a new series of its senior notes due 2030 (the “New 2030 Notes” and, together with the New 2028 Notes, the “Initial Securities”), as
set forth in the Offering Memorandum, dated October 30, 2017 (the “Offering Memorandum”), related thereto. The Initial Securities will be issued upon the terms set forth in the Offering Memorandum, as amended by the Company’s
Press Release dated November 13, 2017, for which the parties listed on Schedule I hereto have severally agreed to act as dealer managers (the “Dealer Managers”), pursuant to a dealer manager agreement, dated as of October 30,
2017, as amended by the Amendment to the Dealer Manager Agreement, dated as of October 31, 2017 (the “Dealer Manager Agreement”), among the Company and the several Dealer Managers. The Initial Securities will be issued pursuant to an
Indenture, dated as of May 15, 2013 (the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”). As an inducement to the Dealer Managers, the Company agrees with the Dealer Managers,
for the benefit of the holders of the Initial Securities and the Exchange Securities (as defined below) (collectively the “Holders”), as follows: 

1. Registered Exchange Offer. The Company shall use its commercially reasonable efforts to, at its own cost, prepare and file
with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities
Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the “Exchange Securities,” and together with the Initial
Securities, the “Securities”) of the Company issued under the Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating
to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company 

  
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shall use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act within 330 days (or if the 330th day is not a
business day, the first business day thereafter) after the date of original issue of the Initial Securities (the “Issue Date”) and shall keep the Exchange Offer Registration Statement effective for not less than 30 days (or longer, if
required by applicable law) after commencement of the Registered Exchange Offer (such period being called the “Exchange Offer Registration Period”). 

The Company will use its commercially reasonable efforts to complete the Registered Exchange Offer not later than 360 days after the Issue
Date.     
 If the Company effects the Registered Exchange Offer, the Company will be entitled to close the Registered
Exchange Offer 30 days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered and not properly withdrawn in accordance with the terms of the Registered Exchange Offer. 

Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer (but in any event not later than 30 days after such effectiveness), it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial
Securities for Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements
with any person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their
receipt without any limitations or restrictions under the Securities Act. 
 The Company acknowledges that, pursuant to current
interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account
as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover,
(b) Annex B hereto in the “Description of the Exchange Offer” or similar section, and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities
received by such Exchanging Dealer pursuant to the Registered Exchange Offer. 
 The Company shall use its commercially reasonable efforts
to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that in the case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or a Dealer Manager, such period shall be the lesser of 90 days and the date on which all Exchanging Dealers and the Dealer Managers have sold all Exchange Securities held by them (unless such period is extended
pursuant to Section 3(h) below). 
 In connection with the Registered Exchange Offer, the Company shall: 

(a) mail or otherwise send to each Holder a copy of the prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal (the “Letter of Transmittal”) and related documents; 

  
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 (b) utilize the services of a depositary for the Registered Exchange Offer
with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate of the Trustee; 

(c) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last
business day on which the Registered Exchange Offer shall remain open; and 
 (d) otherwise comply with all applicable
laws. 
 As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 

(x) accept for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered Exchange
Offer; 
 (y) deliver to the Trustee for cancellation all the Initial Securities so accepted for exchange; and 

(z) cause the Trustee to authenticate and deliver promptly to each Holder of the Initial Securities Exchange Securities
equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 
 Each Holder participating in the Registered
Exchange Offer shall be required to represent to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Initial Securities being exchanged by such Holder, and any Exchange Securities received by such Holder,
have been or will be acquired in the ordinary course of business, (ii) such Holder is not engaged and does not intend to engage in and will have no arrangements or understanding with any person to participate in the distribution of the Initial
Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply
with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange
Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and
that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

2. Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the
Commission, the Company determines that it is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 360 days of the Issue Date, (iii) any
Holder (other than as a result of the status of any such Holder as an “affiliate” of the Company or as a broker-dealer) notifies the Company prior to the 20th day following completion of the Registered Exchange Offer that it is not
eligible to participate in the Registered Exchange Offer or, in the case of any Holder that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange (it being
understood that the requirement that an Exchanging Dealer deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Description of the Exchange Offer” or similar
section, and (c) Annex C hereto in the “Plan of Distribution” in connection with a sale of 

  
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any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer shall not result in such Exchange Securities being not “freely transferable”),
or (iv) the Company so elects, the Company shall, at its reasonable costs, take the following actions: 
 (a) The
Company shall, as promptly as practicable (but in no event more than 180 days after so required or requested pursuant to this Section 2) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be
declared effective (unless it becomes effective automatically upon filing), within 270 days after the Company is so required or requested pursuant to this Section 2, a registration statement (the “Shelf Registration Statement” and,
together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof)
by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”) or, if permitted by 430B
under the Securities Act, otherwise designate an existing effective Shelf Registration Statement for use by the Holders as a Shelf Registration Statement relating to the resales of the Transfer Restricted Securities; provided, however, that no
Holder (other than a Dealer Manager) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder.

 (b) The Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously
effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for such longer period if extended pursuant to Section 3(h) below) from effectiveness
of the Shelf Registration Statement or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement have been sold pursuant thereto (such period, the “Registration Period”). 

3. Registration Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent
applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a) The Company shall (i) include the information set forth in Annex A hereto on the cover, in Annex B hereto in the
“Description of the Exchange Offer” or similar section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set
forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (ii) include within the prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a
“Participating Broker-Dealer”); and (iv) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission Rule 430B(b), in a prospectus
supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d), the names of the Holders, who propose to sell Securities pursuant to the Shelf Registration Statement, as
selling security holders. 

  
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 (b) The Company shall give notice to the Dealer Managers, the Holders of the
Securities (in case of any Shelf Registration Statement) and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice
pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

(i) when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for
amendments or supplements to the Registration Statement or the prospectus included therein; 
 (iii) of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose and of the happening of any event that causes the Company to become an “ineligible issuer,”
as defined in Commission Rule 405; 
 (iv) of the receipt by the Company or its legal counsel of any notification
with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or overtly threatening of any proceeding for such purpose. 

(c) The Company shall use commercially reasonable effort to obtain the withdrawal at the earliest possible time, of any
order suspending the effectiveness of the Registration Statement. 
 (d) The Company shall, during the Shelf
Registration Period, deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement
and any amendment or supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of
the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

(e) The Company shall deliver to each Dealer Manager, any Exchanging Dealer, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Dealer Manager, if necessary, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange
Offer Registration Statement. 
 (f) Upon the occurrence of any event contemplated by paragraphs (ii) through
(v) of Section 3(b) above during the period for which the Company is required to maintain an effective 

  
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Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and any other required
document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the 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 were made, not misleading. The Company shall also promptly provide notice to the Dealer Managers, the Holders of the Securities (in case of any Shelf Registration
Statement) and any known Participating Broker-Dealer of its determination to suspend the availability of a Registration Statement and the related prospectus because the continued effectiveness and use of such Registration Statement and prospectus
included therein would require the disclosure of confidential information or interfere with any acquisition, corporate reorganization or other material transaction involving the Company or any of its consolidated subsidiaries (it being understood
that such notice may disclose only the existence of such determination and need not disclose the nature of the basis therefor, which may be kept confidential for such period as may reasonably be required for bona fide business reasons). If the
Company notifies the Dealer Managers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite
changes to the prospectus have been made, then the Dealer Managers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement
provided for in Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above, as applicable, shall each be extended by the number of days from and including the date of the giving of such notice to and
including the date when the Dealer Managers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(f). During the period during which the
Company is required to maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause
to be declared effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered
dispositions, a new registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 

(g) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number
for the Initial Securities or the Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities or the Exchange Securities, as the case may be, in a form eligible for deposit with
The Depository Trust Company. 
 (h) The Company will comply in all material respects with all rules and regulations of
the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration. 

(i) The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939 (the “Trust Indenture
Act”), as amended, in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall
appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

  
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 (j) The Company may require each Holder of Securities to be sold pursuant to
the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and
the Company may exclude from such registration the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 

(k) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Securities covered by a Registration Statement contemplated hereby. 
 4. Registration Expenses. The Company shall bear
all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof. 

5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the Securities (with respect to a
Shelf Registration Statement only), any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act (each Holder, any Participating Broker-Dealer and such
controlling persons are referred to collectively as the “Indemnified Parties”) from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to which that Indemnified Party may become subject,
under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement at any time or
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), or arises out of, or is based upon, the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse each Indemnified Party for any legal and other expenses reasonably incurred by that
Underwriter or controlling person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred (but no more frequently than annually); provided, however, that
(i) the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder or Participating
Broker-Dealer specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity
agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the
extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act in connection
with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person,
an amended or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder or
Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. 

  
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 (b) Each Holder of the Securities and each Participating Broker-Dealer, severally and not
jointly, will indemnify and hold harmless the Company each of its directors, each of its officers who signed the applicable Registration Statement and any person who controls the Company within the meaning of the Securities Act or the Exchange Act
from and against any loss, claim, damage or liability, joint or several, and any action in respect thereof, to which the Company, or any such director, officer or controlling person may become subject, under the Securities Act or otherwise, insofar
as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement at any time or prospectus or in any amendment or supplement
thereto or in any Issuer FWP, or arises out of, or is based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse the
Company for any legal and other expenses reasonably incurred by the Company, or any such director, officer or controlling person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such
expenses are incurred (but no more frequently than annually), but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with information
furnished in writing to the Company by such Holder or Participating Broker-Dealer specifically for inclusion therein. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its
directors, officers or controlling persons. 
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice
of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Paragraph 5, notify the indemnifying party in writing of the claim or the commencement
of that action, provided that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under Section 5(a) or 5(b). If any such claim or action shall be brought
against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to
assume the defense thereof with counsel satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be
liable to the indemnified party under this Section 5 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation. If the indemnifying party
shall not elect to assume the defense of such action, such indemnifying party will reimburse such indemnified party for the reasonable fees and expenses of any counsel retained by them. In the event that the parties to any such action (including
impleaded parties) include both the Company and one or more Holders or Participating Broker-Dealers and either (i) the indemnifying party or parties and indemnified party or parties mutually agree or (ii) representation of both the
indemnifying party or parties and the indemnified party or parties by the same counsel is inappropriate under applicable standards of professional conduct or in the opinion of such counsel due to actual or potential differing interests between them,
then the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party and will reimburse such indemnified party for the reasonable fees and expenses of any counsel retained by them and
satisfactory to the indemnifying party, it being understood that the indemnifying party shall not, in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys for all such indemnified parties, which firm shall be designated in writing by the Joint-Lead Dealer

  
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Managers (as defined in the Offering Memorandum) in the case of an action in which one or more Holders, Participating Broker-Dealers or controlling persons are indemnified parties and by the
Company in the case of an action in which the Company or any of its directors, officers or controlling persons are indemnified parties. The indemnifying party or parties shall not be liable under this Agreement with respect to any settlement made by
any indemnified party or parties without prior written consent by the indemnifying party or parties to such settlement. 
 (d) If the
indemnification provided for in this Section 5 shall for any reason be unavailable to an indemnified party under Section 5(a) or 5(b) hereof in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to
therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in
such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand from the exchange of the Securities, pursuant to the Registered Exchange
Offer. If, however, this allocation is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect
thereof, in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Holders or Participating Broker-Dealers on the other hand from the exchange of the Securities, pursuant to the
Registered Exchange Offer, and the relative fault of Company on the one hand and the Holders or Participating Broker-Dealers on the other hand with respect to the statements or omissions which resulted in such loss, claim, damage or liability, or
action in respect thereof, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company or the Holders or Participating Broker-Dealers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 5(d) shall be deemed to include, for purposes of this
Section 5(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5(d), no Holder of Securities or
Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders or Participating Broker-Dealer from the sale of the Securities pursuant to a Registration Statement
exceeds the amount of damages which such Holders or Participating Broker-Dealer have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 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. 

(e) The agreements contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and
shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 

6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”) with
respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below a “Registration Default”): 

(i) If the Exchange Offer Registration Statement is not declared effective by the Commission on or prior to the 330th day
after the Issue Date; 

  
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 (ii) If neither the Registered Exchange Offer is consummated within 360 days
after the Issue Date nor, if required in lieu thereof, the Shelf Registration Statement has become effective within 270 days after the date, if any, on which the Company became obligated to file the Shelf Registration Statement; 

(iii) If after the Exchange Offer Registration Statement is declared effective such Registration Statement thereafter ceases to
be effective or usable (except as permitted in paragraph (b) in connection with resales of Transfer Restricted Securities) prior to the consummation of the Registered Exchange Offer (unless such ineffectiveness is cured within the 330-day period described in Section 6(a)(i) above); or 
 (iv) If after the Shelf
Registration Statement, if applicable, is declared (or becomes automatically) effective, and for a period of time that exceeds 180 days in the aggregate in any 12-month period in which the Registration
Statement is required to be effective (A) such Registration Statement thereafter ceases to be effective during the period required herein; or (B) such Registration Statement or the related prospectus ceases to be usable (except as
permitted in paragraph (b)) in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1) any event occurs as a result of which the related prospectus forming part of such Registration
Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not misleading, (2) it shall be necessary
to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) the Registration Statement has expired before a replacement Shelf
Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities over and above the interest set forth in the
title of the Securities from and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured. Additional Interest shall accrue at a rate of 0.25% per annum
while any Registration Default is continuing, until all Registration Defaults have been cured. Following the cure of all Registration Defaults, the accrual of Additional Interest on the Initial Securities will cease and the interest rate will revert
to the applicable original rate set forth in the title of the Securities. In no event shall the Company be obligated to pay Additional Interest (i) for more than one Registration Default under this Section 6(a) at any one time,
(ii) for a period of more than one year (or for such longer period as extended pursuant to Section 3(h)) from the Issue Date for any Registration Default referred to in Section 6(a)(iv)(B) with respect to a Registration Statement or
(iii) on any Securities that, at the time of such Registration Default, are not Transfer Restricted Securities. 
 (b) A
Registration Default referred to in Section 6(a)(iii) or Section 6(a)(iv)(B) hereof shall be deemed not to have occurred and be continuing in relation to a Registration Statement or the related prospectus if (i) such Registration
Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not
yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events with respect to the Company that would need to be described in such Registration Statement or the related prospectus
and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration
Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

  
 10 

 (c) Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii) or
(iv) of Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by
the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a
360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii) or (iv) of section 6(a) above will constitute liquated damages
and will be the exclusive remedy, monetary or otherwise, available to any Holder with respect to any Registration Default. 

(d) “Transfer Restricted Securities” means each Security until (i) the date on which such Transfer Restricted Security has
been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered Exchange Offer of a Initial Security for an
Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement,
(iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, (iv) the date on which such Initial Security is distributed to the
public pursuant to Rule 144 under the Securities Act or (v) the earliest date that is no less than two years after the Issue Date on which such Security (except for Securities held by an affiliate of the Company) may be resold in reliance on
paragraph (b)(1) of Rule 144 under the Securities Act. 
 7. Rules 144 and 144A. The Company shall, to the extent it is
required to do so under the Exchange Act, use its commercially reasonable efforts to file the reports required to be filed by it under the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will,
upon the request of any Holder of Initial Securities, use its commercially reasonable efforts to make publicly available other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company
covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). Upon the request of any Holder of Initial Securities, the Company shall deliver to such Holder a written statement as
to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. 

8. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Majority Holders of the Securities affected by such amendment, modification, supplement, waiver or consents. As used herein,
“Majority Holders” means, as of any date, Holders of a majority of the aggregate principal amount of such Securities; provided that any Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in
determining whether the consent by the Holders was given. 

  
 11 

 (b) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, email, or air courier which guarantees overnight delivery: 

(1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 

(2) if to the Dealer Managers: to the addresses listed on Schedule I 

with a copy to: 

Sullivan & Cromwell LLP 

1888 Century Park East 

Los Angeles, CA 90067 

Attention: Patrick S. Brown, Esq. 

(3) if to the Company, at its address as follows: 

AT&T Inc. 

208 S. Akard Street, 18th Floor 

Dallas, TX 75202 

Email: gg5478@att.com 

Attention: Senior Vice President and Treasurer 

with a copy to: 

AT&T Inc. 

208 S. Akard Street, 32nd Floor 

Dallas, TX 75202 

Email: ww0118@att.com 

Attention: Vice President – Associate General Counsel and Assistant Secretary 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
 (c) No Inconsistent Agreements. The Company has not, as of the date hereof, entered
into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d) Successors and Assigns. This Agreement shall be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without need for an express assignment, subsequent Holders. If any transferee of any Holder shall acquire Securities in any manner, whether by operation of law or otherwise, such Holder shall be deemed to
have agreed to be bound by and subject to all the terms of this Agreement, and by taking and holding such Securities such transferee shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this
Agreement. 

  
 12 

 (e) Counterparts. This Agreement may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 (h) Severability. If any one or more of the
provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby. 
 (i) Securities Held by the Company. Whenever the consent or approval
of Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely
by reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  
 13 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Dealer Managers and the Company in accordance with its terms. 

 

			
	Very truly yours,
	
	AT&T INC.
		
	By:	 	 /s/ George B. Goeke

	Name:	 	George B. Goeke
	Title:	 	Senior Vice President and Treasurer

  
 14 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Pamela Au

	Name:	 	Pamela Au
	Title:	 	Managing Director

  
 15 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 CREDIT SUISSE SECURITIES (USA) LLC

		
	By:	 	 /s/ Conor Stransky

	Name:	 	Conor Stransky
	Title:	 	Director

  
 16 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	 /s/ John Han

	Name:	 	John Han
	Title:	 	Director
		
	By:	 	 /s/ John C. McCabe

	Name:	 	John C. McCabe
	Title:	 	Managing Director

  
 17 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	GOLDMAN SACHS & CO. LLC
		
	By:	 	 /s/ Adam Greene

	Name:	 	Adam Greene
	Title:	 	Vice President

  
 18 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	 MERRILL LYNCH, PIERCE, FENNER & SMITH

                          
   INCORPORATED

			
		
	By:	 	 /s/ David Scott

	Name:	 	David Scott
	Title:	 	Managing Director

  
 19 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	WELLS FARGO SECURITIES, LLC
		
	By:	 	 /s/ Daniel A. Nass

	Name:	 	Daniel A. Nass
	Title:	 	Managing Director

  
 20 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	LOOP CAPITAL MARKETS LLC
		
	By:	 	 /s/ John J. Rocco

	Name:	 	John J. Rocco
	Title:	 	Managing Director

  
 21 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	BNP PARIBAS SECURITIES CORP.
		
	By:	 	 /s/ Amir Nouri

	Name:	 	Amir Nouri
	Title:	 	Managing Director

  
 22 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Som Bhattacharyya

	Name:	 	Som Bhattacharyya
	Title:	 	Executive Director

  
 23 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	MIZUHO SECURITIES USA LLC
		
	By:	 	 /s/ Justin Surma

	Name:	 	Justin Surma
	Title:	 	Director

  
 24 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	MUFG SECURITIES AMERICAS INC.
		
	By:	 	 /s/ Richard Testa

	Name:	 	Richard Testa
	Title:	 	Managing Director

  
 25 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	RBC CAPITAL MARKETS, LLC
		
	By:	 	 /s/ Scott G. Primrose

	Name:	 	Scott G. Primrose
	Title:	 	Authorized Signatory

  
 26 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	SANTANDER INVESTMENT SECURITIES INC.

			
		
	By:	 	 /s/ Richard N. Zobkiw, Jr.

	Name:	 	Richard N. Zobkiw, Jr.
	Title:	 	Executive Director
		
	By:	 	 /s/ Troy Goldberg

	Name:	 	Troy Goldberg
	Title:	 	Managing Director

  
 27 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	BBVA SECURITIES INC.
		
	By:	 	 /s/ James A. Brodt

	Name:	 	James A. Brodt
	Title:	 	Executive Director

  
 28 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Matthew Barsamian

	Name:	 	Matthew Barsamian
	Title:	 	Director

  
 29 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	COMMERZ MARKETS LLC
		
	By:	 	 /s/ Robert Londrigan

	Name:	 	Robert Londrigan
	Title:	 	Director
		
	By:	 	 /s/ Isidoro Mazzara

	Name:	 	Isidoro Mazzara
	Title:	 	Director

  
 30 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	MORGAN STANLEY & CO. LLC
		
	By:	 	 /s/ Yurij Slyz

	Name:	 	Yurij Slyz
	Title:	 	Executive Director

  
 31 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	SMBC NIKKO SECURITIES AMERICA, INC.
		
	By:	 	 /s/ Yoshihiro Satake

	Name:	 	Yoshihiro Satake
	Title:	 	Managing Director

  
 32 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	SG AMERICAS SECURITIES, LLC
		
	By:	 	 /s/ Jonathan Weinberger

	Name:	 	Jonathan Weinberger
	Title:	 	Managing Director

  
 33 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	TD SECURITIES (USA) LLC
		
	By:	 	 /s/ Elsa Wang

	Name:	 	Elsa Wang
	Title:	 	Director

  
 34 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
  

			
	BNY MELLON CAPITAL MARKETS, LLC
		
	By:	 	 /s/ Dan Klinger

	Name:	 	Dan Klinger
	Title:	 	Managing Director

  
 35 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 U.S. BANCORP INVESTMENTS, INC. 

 

			
	By:	 	 /s/ Julie Brendel

	Name:	 	Julie Brendel
	Title:	 	Vice President

  
 36 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 REGIONS SECURITIES LLC 

 

			
	By:	 	 /s/ R. Sean Snipes

	Name:	 	R. Sean Snipes
	Title:	 	Managing Director

  
 37 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 ACADEMY SECURITIES, INC. 

 

			
	By:	 	 /s/ Michael Boyd

	Name:	 	Michael Boyd
	Title:	 	Chief Compliance Officer

  
 38 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 APTO PARTNERS, LLC 

 

			
	By:	 	 /s/ Juan Espinosa

	Name:	 	Juan Espinosa
	Title:	 	President & CEO

  
 39 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 BLAYLOCK VAN, LLC 

 

			
	By:	 	 /s/ Louis DeCaro

	Name:	 	Louis DeCaro
	Title:	 	Executive Vice President

  
 40 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 C.L. KING & ASSOCIATES, INC.

  

			
	By:	 	 /s/ Scott White

	Name:	 	Scott White
	Title:	 	Senior Managing Director

  
 41 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 CASTLEOAK SECURITIES, L.P. 

 

			
	By:	 	 /s/ Robert Bacon

	Name:	 	Robert Bacon
	Title:	 	Managing Director

  
 42 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 DREXEL HAMILTON, LLC 

 

			
	By:	 	 /s/ Craig Simmons

	Name:	 	Craig Simmons
	Title:	 	Director, Capital Markets

  
 43 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 LOOP CAPITAL MARKETS LLC 

 

			
	By:	 	 /s/ John J. Rocco

	Name:	 	John J. Rocco
	Title:	 	Managing Director

  
 44 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 MFR SECURITIES, INC. 

 

			
	By:	 	 /s/ George M. Ramirez

	Name:	 	George M. Ramirez
	Title:	 	President

  
 45 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 MISCHLER FINANCIAL GROUP, INC. 

 

			
	By:	 	 /s/ Doyle L. Holmes

	Name:	 	Doyle L. Holmes
	Title:	 	President

  
 46 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 SAMUEL A. RAMIREZ & COMPANY,
INC. 
  

			
	By:	 	 /s/ Robert W. Hong

	Name:	 	Robert W. Hong
	Title:	 	Managing Director

  
 47 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 SIEBERT CISNEROS SHANK &
CO., L.L.C. 
  

			
	By:	 	 /s/ Myles Turner

	Name:	 	Myles Turner
	Title:	 	Senior Managing Director

  
 48 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 The foregoing Registration 

Rights Agreement is hereby confirmed 
 and accepted as of the date
first 
 above written. 
 THE WILLIAMS CAPITAL GROUP, L.P. 

 

			
	By:	 	 /s/ David Coard

	Name:	 	David Coard
	Title:	 	Principal

  
 49 

[Signature Page to Maturity Exchange Registration Rights Agreement] 

 SCHEDULE I 

Dealer Managers 
 Barclays Capital Inc.

 745 Seventh Avenue, 5th Floor 
 New York, NY 10019 

Attn: Liability Management Group 
 Toll-Free: (800) 438-3242 
 Collect: (212) 528-7581 

Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 

New York, New York 10010 
 Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, NY 10005 

Goldman Sachs & Co. LLC 
 200 West Street 

New York, NY 10282 
 Merrill Lynch, Pierce, Fenner &
Smith 
                      Incorporated 

One Bryant Park 
 New York, New York 10036 

Wells Fargo Securities, LLC 
 550 South Tryon Street, 5th Floor

 Charlotte, North Carolina 28202 
 Attention: Transaction
Management 
 Facsimile: 704-410-0326 

BNP Paribas Securities Corp. 
 787 Seventh Avenue. 7th Floor 

New York, NY 10019 
 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York, NY 10179 

Loop Capital Markets LLC 
 111 West Jackson Boulevard, Suite 1901

 Chicago, IL 60604 

  
 50 

 Mizuho Securities USA LLC 

320 Park Avenue, 12th Floor 

New York, NY 10022 
 MUFG Securities Americas Inc. 

1221 Avenue of the Americas, 6th Floor 

New York, NY 10020 
 Attn: Liability Management Group 

Phone: (212) 405-7481 

Toll-free: (877) 744-4532 

RBC Capital Markets, LLC 
 Brookfield Place 

200 Vesey Street 
 New York, NY 10281 

Santander Investment Securities Inc. 
 45 East 53rd Street 
 New York, NY 10022 

BBVA Securities Inc. 
 1345 Avenue of the Americas, 44th Floor 
 New York, NY 10105 

Citigroup Global Markets Inc. 
 338 Greenwich Street 

New York, NY 10013 
 Commerz Markets LLC 

225 Liberty Street 
 New York, NY 10281 

Morgan Stanley & Co. LLC 
 1585 Broadway 

New York, NY 10036 
 SG Americas Securities, LLC 

245 Park Avenue 
 New York, NY 10167 

SMBC Nikko Securities America, Inc. 
 277 Park Avenue 

New York, NY 10172 

  
 51 

 TD Securities (USA) LLC 

31 W. 52nd Street, 2nd Floor 

New York, NY 10019 
 BNY Mellon Capital Markets, LLC 

101 Barclay Street, 3rd Floor 

New York, NY 10286 
 Attn: Debt Capital Markets 

1-800-269-6864 

U.S. Bancorp Investments, Inc. 
 214 North Tryon Street, 26th Floor 
 Charlotte, NC 28202 

Regions Securities LLC 
 1180 West Peachtree St. NW, Suite 1400

 Atlanta, Georgia 30309 
 Academy Securities, Inc. 

277 Park Avenue, 35th Floor 

New York, NY 10172 
 Apto Partners, LLC 

5 Cold Hill Road South, Suite 11 
 Mendham, NJ 07945 

Blaylock Van, LLC 
 600 Lexington Avenue, Floor 3 

New York, NY 10022 
 C.L. King & Associates, Inc. 

551 Madison Ave., 8th Floor 

New York, NY 10022 
 CastleOak Securities, L.P. 

110 East 59th Street, 2nd Floor 

New York, NY 10022 
 Drexel Hamilton, LLC 

77 Water Street, Suite 201 
 New York, NY 10005 

MFR Securities, Inc. 
 630 Third Avenue, 12th Floor 

New York, NY 10017 

  
 52 

 Mischler Financial Group, Inc. 

One Stamford Landing, Suite 104 
 62 Southfield Avenue 

Stamford, CT 06902 
 Samuel A. Ramirez & Company, Inc.

 61 Broadway, 29th Floor 

New York, NY 10006 
 Siebert Cisneros Shank & Co.,
L.L.C. 
 100 Wall Street, 18th Floor 

New York, NY 10005 
 The Williams Capital Group, L.P. 

650 Fifth Avenue, 9th Floor 

New York, NY 10019 

  
 53 

 SCHEDULE II 
  

											
	 Title of Security
	  	 Issuer
	  	 CUSIP
Number
	  	Principal Amount
Outstanding
(MM)(1) 	 	  	 Notes Exchanged

For

	 Pool 1 Notes
	  		  		  				  	
	 5.000% Global Notes due 2021
	  	AT&T Inc.	  	00206RDA7	  	 	$1,430.3	 	  	New 2028 Notes
	 5.000% Senior Notes due 2021
	  	DIRECTV Holdings LLC, DIRECTV Financing Co., Inc.	  	25459HBA2	  	 	$69.5	 	  	New 2028 Notes
	 4.600% Global Notes due 2021
	  	AT&T Inc.	  	00206RCZ3	  	 	$928.1	 	  	New 2028 Notes
	 4.600% Senior Notes due 2021
	  	DIRECTV Holdings LLC, DIRECTV Financing Co., Inc.	  	25459HAW5	  	 	$71.9	 	  	New 2028 Notes
	 4.450% Global Notes due 2021
	  	AT&T Inc.	  	00206RAX0	  	 	$1,250.0	 	  	New 2028 Notes
	 3.875% Global Notes due 2021
	  	AT&T Inc.	  	00206RAZ5	  	 	$1,500.0	 	  	New 2028 Notes
	 5.200% Global Notes due 2020
	  	AT&T Inc.	  	00206RCY6	  	 	$1,154.2	 	  	New 2028 Notes
	 5.200% Senior Notes due 2020
	  	DIRECTV Holdings LLC, DIRECTV Financing Co., Inc.	  	 25459HAT2; 25459HAR6;

U25398AH8
	  	 	$145.7	 	  	New 2028 Notes
	 2.800% Global Notes due 2021
	  	AT&T Inc.	  	00206RCR1	  	 	$2,000.0	 	  	New 2028 Notes
	 2.450% Global Notes due 2020
	  	AT&T Inc.	  	00206RCL4	  	 	$3,000.0	 	  	New 2028 Notes
	 Floating Rate Global Notes due 2020
	  	AT&T Inc.	  	00206RCK6	  	 	$750.0	 	  	New 2028 Notes
					
	 Title of Security
	  	 Issuer
	  	 CUSIP
Number
	  	Principal Amount
Outstanding
(MM)(1) 	 	  	 Notes Exchanged

For

	 Pool 2 Notes
	  		  		  				  	
	 Zero Coupon Senior Notes due 2022
	  	AT&T Inc.	  	00206RAE2	  	 	$1,029.0	 	  	New 2030 Notes
	 3.800% Global Notes due 2022
	  	AT&T Inc.	  	00206RDB5	  	 	$1,414.8	 	  	New 2030 Notes
	 3.800% Senior Notes due 2022
	  	DIRECTV Holdings LLC, DIRECTV Financing Co., Inc.	  	 25459HBF1;

25459HBD6;
 U25398AL9
	  	 	$85.0	 	  	New 2030 Notes
	 3.600% Global Notes due 2023
	  	AT&T Inc.	  	00206RCS9	  	 	$2,600.0	 	  	New 2030 Notes
	 3.000% Global Notes due 2022 (February)
	  	AT&T Inc.	  	00206RBD3	  	 	$1,850.0	 	  	New 2030 Notes
	 3.000% Global Notes due 2022 (June)
	  	AT&T Inc.	  	00206RCM2	  	 	$2,750.0	 	  	New 2030 Notes
	 2.625% Global Notes due 2022
	  	AT&T Inc.	  	00206RBN1	  	 	$1,500.0	 	  	New 2030 Notes

  

	(1)	Rounded to the nearest tenth. 

  
 54 

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where
such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 90 days after the Expiration Date (as defined herein), it will make this
Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

  
 55 

 ANNEX B 

Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities were
acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.”

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each
broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other
trading activities. The Company has agreed that, for a period of 90 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until             , 20[    ], all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.1 
 The Company will not receive any proceeds from any sale of Exchange Securities by
broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market
prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account
pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of
Exchange Securities and any commission or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering
a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 

For a period of 90 days after the Expiration Date, the Company will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer other than commissions or concessions of any brokers or dealers
and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 

 

	1 	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus, if required. 

 ANNEX D 

CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 
  

			
	Name:	 	 
	Address:	 	  

		 	  

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage
in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act.Exhibit

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT
(Section 16 Named Executive Officer)
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into this 1st day of December, 2017 (the “Effective Date”) between Axon Enterprise, Inc. (formally known as “TASER International, Inc.”), a Delaware Corporation, (the “Company”), located at 17800 North 85th Street, Scottsdale, Arizona 85255 and Patrick W. Smith (the “Executive”).
RECITALS:
WHEREAS, the Company wishes to continue to employ Executive as its Chief Executive Officer on the conditions set forth herein;
WHEREAS, Executive desires to be assured of certain minimum compensation from Company for Executive’s services during the term of this Agreement and to be protected, and compensated, in the event of any Change in Control (as defined below) affecting the Company; and
WHEREAS, the Company desires to provide for the reasonable protection of the Company’s confidential business and technical information which has been developed by the Company in recent years and will be developed in the future at substantial expense.
NOW, THEREFORE, in consideration of the mutual promises contained herein, the Company and Executive each intend to be legally bound, covenant and agree as follows:
AGREEMENT:
1.EMPLOYMENT.  Upon the terms and conditions set forth in this Agreement, Executive shall continue employment as the Company’s Chief Executive Officer. Except as expressly provided herein, the termination of this Agreement by either party shall also terminate Executive’s employment with the Company.

2.DUTIES.  Executive shall be responsible for directing and managing the Company’s strategy,  operations and business and shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such other duties and responsibilities as the Company’s Board of Directors shall assign to Executive from time to time.  Executive shall serve the Company faithfully, loyally, honestly and to the best of Executive’s ability and shall devote his/her full-time and best efforts to the Company.

3.OUTSIDE ACTIVITIES.  Nothing in this Agreement shall preclude the Executive, with the Company’s prior written approval, from engaging in civil, charitable or religious activities, or from serving as a consultant to or on any board of directors, managers or other board of advisors or companies or organizations which will not present any direct conflict of interest with the Company, compete with the Company, or adversely affect the performance of Executive’s duties hereunder.  Executive shall provide to the Company a list of current consulting relationships or board memberships as of the Effective Date for the Company’s review and written approval.

4.TERM.  Subject to the provisions of Sections 6 and 10, Executive’s employment shall commence on the Effective Date and continue for a period of one year (the “Initial Term”). This Agreement will automatically renew and continue for successive one year terms following the Initial Term (each a “Renewal Term”). The Initial Term and any Renewal Terms are collectively referred to herein as the “Term.”  In any event, unless otherwise agreed to by the parties, this Agreement shall automatically terminate, without notice, when Executive reaches seventy (70) years of age.

5.COMPENSATION.

(a)Base Salary.  The Company shall pay Executive an initial annual base salary for 2017 at the monthly rate of $29,166.66 (equivalent to an annual rate of $350,000), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices and applicable law (the “Base Salary”).  Executive’s Base Salary will be reviewed periodically by the Compensation Committee of the Board of Directors (the “Committee”) and may be adjusted based on Executive’s performance and any compensation review conducted by the Committee. Such review will be based upon both individual and Company performance.

(b)Bonus Compensation.  During the Term, Executive shall be eligible to participate in any annual cash bonus program adopted by the Committee for the CEO position (the “Axon Bonus Plan”).  Whether Executive receives an annual cash bonus for any calendar year will be determined by the Committee, in its sole discretion, and depend on Executive and the Company’s attainment of the performance objectives established by the Committee (i.e., the actual amount payable to Executive may be more or less than the target amount).  Any annual bonus paid to Executive pursuant to this Agreement shall be paid not later than March 15 of the calendar year following the calendar year in which such bonus was earned. Executive must be employed on the date the bonus is paid to receive his/her annual bonus.

(c)Equity Awards.  During the Term, Executive shall be eligible to receive grants of stock options, restricted stock units, and other forms of equity compensation awards (time and/or performance based, collectively referred to as the “Equity Awards”).  Such Equity Awards, if any, shall be made in the sole discretion of the Committee and will be subject to the terms and conditions established by the Committee, the Company’s then existing equity incentive plan document, and the award agreement that Executive must execute as a condition to receive the awards.

(d)Fringe Benefits.  During the Term, Executive shall be eligible to participant in any benefit plans, including, but not limited to, retirement plans, 401(k) savings plans, disability plans, life insurance plans and health, vision, and dental plans available to other executive employees of Company. The terms and conditions of Executive’s participation in such plans shall be set forth in the relevant benefit plan documents.  Executive shall also be entitled to take paid time off (“PTO”) in accordance with the Company’s then existing PTO policy.

(e)Business Expenses. The Company shall, in accordance with, and to the extent of, its policies in effect from time to time, bear all customary reasonable and necessary business expenses (including the advancement of certain expenses) incurred by the Executive in performing his duties as an executive of the Company, provided that Executive accounts promptly such expenses to Company in the manner prescribed from time to time by the Company.  Any expenses that are to be reimbursed pursuant to this Agreement that are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall:  (i) be paid no later than the last day of Executive’s tax year following the tax year in which the expense was incurred; (ii) not affect or be affected by any other expenses that are eligible for reimbursement in any other tax year of Executive; and (iii) not be subject to liquidation or exchange for any other benefit.

(f)Section 409A of the Internal Revenue Code.  This Agreement is intended to comply with Section 409A of the Code to the extent subject thereto and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered in compliance with Section 409A of the Code.  Any payments described in this Agreement that are due within the “short-term deferral period” or intended to fit within the “separation pay exception” as defined in Section 409A of the Code shall not be treated as deferred compensation for purposes of Section 409A unless otherwise required by the Code. Notwithstanding anything in this Agreement to the contrary, if the Company concludes that any of the payments described in Section 7 or Section 10(c) or (d) are subject to Section 409A of the Code, such payments will not be made prior to Executive’s “separation from service” as defined in Treasury Regulation Section 1.409A-1(h)(applying the default rules of Treasury Regulation Section 1.409A-1(h). In addition, if the payments described in Section 7 or Section 10(c) or (d)  are subject to Section 409A of the Code, and if Executive is a “specified employee” as defined in Treasury Regulation Section 1.409A-1(i)(1) on the date of Executive termination of employment, then, to the extent required by Section 409A of the Code, the payments described in Section 7 or Section 10(c) or (d) shall be delayed and paid on the first day of the seventh month following Executive’s separation from service. Executive 

acknowledges that the Company makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits or other payments under this Agreement, including by operation of Section 409A of the Code to the payments described in this Agreement. Neither the time nor schedule of any payment under this Agreement may be accelerated or subject to further deferral except as permitted by Section 409A of the Code and Executive does not have any right to make any election regarding the time or form of any payment due under this Agreement. For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii).

6.TERMINATION.  Subject to the respective continuing obligations of the parties pursuant to Sections 8 through 17, this Agreement may be terminated prior to the expiration of its then remaining applicable Term as follows:

(a)By the Company.  The Company may terminate this Agreement and Executive’s employment under the following circumstances, and in any such case, the compensation due and owing by the Company to Executive following any such early termination of this Agreement shall be paid as set forth in Section 7:

		
	(i)
	For Cause.  The Company may terminate this Agreement immediately for “Cause.” For purposes of this Agreement, “Cause” shall be defined as: (1) Executive’s commission of fraud, misrepresentation, theft or embezzlement of Company assets; (2) Executive’s violations of law or of Company policies material to the performance of Executive’s duties; (3) Executive’s repeated insubordination or failure to comply with any valid and legal directive of his/her supervisor; (4) Executive’s engagement in dishonesty, illegal conduct, or misconduct, which is, in each case, injurious to the Company or its affiliates; (5) Executive’s conviction of, or plea of guilty or nolo contendere to a crime that constitutes either a felony or a misdemeanor involving embezzlement, misappropriation, moral turpitude or fraud, if such crime materially impairs the Executive's ability to perform services for the Company or results in harm to the Company or its affiliates; (6) Executive’s material breach of the provisions of this Agreement, including specifically, without limitation, the restrictive covenant obligations described in this Agreement or (7) the repeated failure to perform Executive’s duties as required by Section 2 after written notice of such failure from Company (other than any such failure resulting from incapacity due to physical or mental illness); provided, however, in the event of any proposed termination for Cause related to Executive’s poor performance, Executive’s termination shall be effective upon the expiration of a thirty (30) day cure period following written notice by the Company and a lack of adequate corrective action having been undertaken by Executive to the reasonable satisfaction of the Company, in its sole discretion, during such thirty (30) day cure period.

		
	(ii)
	Without Cause.  The Company may terminate this Agreement without Cause by giving eleven (11) months written notice to Executive.

		
	(iii)
	Death.  If Executive should die during the Term of this Agreement, this Agreement shall immediately terminate effective on the date of Executive’s death.

		
	(iv)
	Disability.  If Executive’s becomes “Disabled” during the Term of this Agreement, this Agreement shall immediately terminate on the effective date of Executive’s Disability.  For purposes of this Agreement, “Disability” and “Disabled” mean that Executive is physically or mentally disabled from performing the essential functions of Executive’s position, by reason of either: (1) Executive is unable to perform Executive’s duties under this Agreement by reason of any medically determinable physical or mental impairment that is expected to result in death or is expected to last for a continuous period of not less than twelve (12) months; or (2) Executive is, by reason of any medically determinable physical or mental impairment that is expected to result in death or is expected to last for a continuous period for not less than twelve (12) months, receiving income replacement benefits for a period of not less than twelve (12) months under a long-term disability insurance plan covering Executive.  Notwithstanding anything expressed or implied above to the contrary, the Company will fully comply with its 

obligations under the Americans with Disabilities Act, and with any other applicable federal, state or local law, regulation or ordinance, governing the employment of individuals with disabilities.

(b)By Executive.  Notwithstanding anything in this Agreement to the contrary, express or implied, this Agreement and Executive’s employment may be terminated by Executive as follows, and in any such case, the compensation due and owing by the Company to Executive following any such early termination of this Agreement shall be paid as set forth in Section 7:

		
	(i)
	For Good Reason.  This Agreement may be terminated by Executive for “Good Reason,” which shall be defined as: (1) a material reduction of Executive’s duties, authority or responsibilities, in effect immediately prior to such reduction; provided, however, that in the event of a Change in Control, the differences in job title and duties that are normally occasioned by reason of an acquisition of one company or by another and which do not actually result in a material change in duties, authority and responsibilities inconsistent with Executive’s prior position with the acquired company shall not constitute “Good Reason;” and further provided that, absent a Change in Control, changes by the Company’s Board of Directors to Executive’s specific job duties or reporting relationships which do not materially diminish Executive’s authority and responsibilities shall not constitute Good Reason; (2) a material reduction of Executive’s then-existing Base Salary; or (3) the Company’s material breach of this Agreement. Notwithstanding the foregoing, no termination by Executive shall constitute a termination for Good Reason unless:  (x) Executive gives the Company notice of the existence of the condition constituting Good Reason within thirty (30) days following the initial occurrence thereof; (y) the Company does not remedy or cure the Good Reason condition within  thirty (30) days of receiving such notice described in (x); and (z) Executive terminates employment within thirty (30) days following the end of the cure period described in (y).

		
	(ii)
	At any time, without Good Reason. Executive may terminate this Agreement for any reason or no reason whatsoever by giving sixty (60) days written notice to the Company (which notice period may be waived, in writing, by the Company).

		
	7.
	COMPENSATION PAYABLE FOLLOWING EARLY TERMINATION.

(a)In the event of any termination by the Company pursuant to Section 6(a), Executive’s shall be entitled to the following:

		
	(i)
	For Cause.  If the Company terminates Executive for Cause, Executive’s Base Salary shall immediately cease as of the termination date and Executive shall be entitled to: Executive’s earned and unpaid Base Salary through the termination date, reimbursement for any accrued (but unpaid) expenses through the termination date, and the vested employee benefits, if any, to which Executive is entitled pursuant to the terms and conditions of the Company’s benefit plans (the “Accrued Obligations”).

		
	(ii)
	Without Cause.  If the Company terminates Executive’s employment without Cause, and if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to the Accrued Obligations and a cash severance payment equal to one (1) month of Executive’s then Base Salary (the “Severance Benefit”), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices, with the first installment due during the first payroll period following the expiration of the release revocation period described in Section 13, below.  In addition, if Executive signs, and does not revoke the release, he/she shall receive a pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, 

with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan receive their bonuses and, to the extent permitted by the applicable equity incentive plan document, any previously awarded but unvested stock options and restricted stock units (both time and performance-based) shall immediately vest on the date the release becomes effective.

		
	(iii)
	Death.  In the event of Executive’s death, and if Executive’s spouse (or representative of his/her estate) signs (and does not revoke) the release described in Section 13, Executive’s spouse (or estate) shall be entitled to the Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) month to eighteen (18) months), with the first installment due for the first payroll period following the expiration of the release revocation period described in Section 13, below. In addition, if Executive’s spouse (or estate) signs, and does not revoke the release, he/she shall receive a pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan had he/she continued employment through the end of the calendar year in which Executive’s death occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan receive their bonuses and, to the extent permitted by the applicable equity incentive plan document, any previously awarded (but unvested) stock options and restricted stock units (both time and performance-based) shall immediately vest on the date the release becomes effective. 

		
	(iv)
	Disability.  In the event of Executive’s Disability, and if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to the Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) to eighteen (18) months), with the first installment due for the first payroll period following the expiration of the release revocation period described in Section 13, below.  In addition, if Executive signs, and does not revoke the release, he/she shall receive a pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan receive their bonuses and, to the extent permitted by the applicable equity incentive plan document, any previously awarded but unvested stock options and restricted stock units (both time and performance-based) shall immediately vest on the date the release becomes effective.

		
	(v)
	 Any payments made pursuant to this subsection shall first be provided and paid pursuant to the Company’s existing disability policy, as then in effect, and then will be further supplemented by the Company as provided for in this subsection. 

(b)In the event of any termination by Executive pursuant to Section 6(b), Executive shall be entitled to the following:

		
	(i)
	Good Reason.  If Executive terminates his/her employment for Good Reason, and if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to the Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) month to twelve (12) months), with the first installment due for the first payroll period following the expiration of the release revocation period described in Section 13, below.  In addition, if Executive signs, and does not revoke the release, he/she shall receive a pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan receive their bonuses and, to the extent permitted by the applicable equity 

incentive plan document, any previously awarded (but unvested) stock options and restricted stock units (both time and performance-based) shall immediately vest on the date the release becomes effective.

		
	(ii)
	Resignation without Good Reason.  If Executive resigns his/her employment without Good Reason, Executive shall be entitled to the Accrued Obligations except as provided in Section 10, Change of Control.

8.CONFIDENTIAL INFORMATION. 

(a)Executive agrees to maintain the confidentiality of and not use, directly or indirectly, confidential and proprietary information of the Company. Confidential information includes but not limited to: (i) matters of a technical nature such as materials, models, devices, products, trade secret processes, techniques, data, formulas, inventions (whether or not patentable), specifications and characteristics of products and services planned or being developed; (ii) research subjects, methods and results; (iii) matters of a business nature such as information about costs, margins, pricing policies, markets, sales, suppliers, customers, product plans and marketing plans or strategies; (iv) recorded communication; or (v) other information of a similar nature that is not generally disclosed to the public (“Confidential Information”). Executive represents that Executive will return all Company Confidential Information in Executive’s possession to the Company upon termination of his/her employment with the Company.

(b)Executive agrees that, following his/her termination of employment for any reason, he/she will not directly or indirectly, alone or as a partner, officer, director, or shareholder of any other firm or entity, use the Confidential Information to solicit or attempt to influence any client, customer or other person to direct its purchase of products or services away from the Company.

(c)The parties agree to maintain absolute confidentiality and secrecy concerning the terms of this Agreement and will not reveal, or disseminate by publication in any manner whatsoever this document or any matters pertaining to it to any other person except (i) Executive may disclose this Agreement to potential employers, in order to comply with his obligations contained herein; and (ii) as required by legal process or SEC rules (including, without limitation, any SEC rules designed to protect “whistle blower”); and (iii) this Agreement does not limit Executive’s ability to communicate with any government agencies regarding matters within their jurisdiction or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice, to the government agencies. This confidentiality provision does not apply to communications necessary between Company management, its attorneys and auditors or members of its Board of Directors, Executive’s immediate family members, attorneys, or legal and financial planners or tax preparers who are also bound by this confidentiality provision. Nothing in this Agreement shall prevent Executive from the disclosure of confidential Information or trade secrets that: (i) is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In the event that Executive files a lawsuit alleging retaliation by the Company for reporting a suspected violation of law, Executive may disclose Confidential Information or trade secrets related to the suspected violation of law or alleged retaliation to Executive’s attorney and use the Confidential Information or trade secrets in the court proceeding if Executive or Executive’s attorney: (i) files any document containing Confidential Information or trade secrets under seal; and (ii) does not disclose the Confidential Information or trade secrets, except pursuant to court order.  The Company provides this notice in compliance with the Defend Trade Secrets Act of 2016.

(d)All information which Executive has a reasonable basis to consider Confidential Information or which is treated by Company as being Confidential Information shall be presumed to be Confidential Information, whether originated by Executive, or by others, and without regard to the manner in which Executive obtains access to such information.

(e)Executive agrees that the Company shall have the right to notify any future or prospective employers, or individuals or entities with whom Executive may be entering into a contractual relationship, of the provisions of this Section 8 for purposes of ensuring that the Company’s interests are protected.  

9.INVENTIONS.  

(a)For purposes of this Section 9, the term “Inventions” means discoveries, improvements and ideas (whether or not in writing or reduced to practice) and works of authorship, whether or not patentable or copyrightable: (i) which relate directly to the business of Company, or to Company’s actual or demonstrably anticipated research or development; (ii) which result from any work performed by Executive for Company; (iii) for which equipment, supplies, facilities or trade secret information of Company is utilized; or (iv) which were conceived or developed during the time Executive was obligated to perform the duties described in Section 2.

(b)Executive agrees that all Inventions made, authored or conceived by Executive, either solely or jointly with others, during Executive’s employment with Company (except as otherwise provided above), shall be the sole and exclusive property of Company. Upon termination of this Agreement, Executive shall turn over to a designated representative of Company all property in Executive’s possession and custody belonging to Company. Executive shall not retain any copies or reproductions of correspondence, memoranda, reports, notebooks, drawings, photographs or other documents relating in any way to the affairs of Company which came into Executive’s possession at any time during the Term of this Agreement.

(c)Executive is hereby notified that this Agreement does not apply to any invention for which no equipment, supplies, facility, or trade secret information of Company was used and which was developed initially on Executive’s own time and: (i) which does not relate: (1) directly to the business of Company; or (2) to Company’s actual or demonstrably anticipated research, development or products; or (ii) which does not result from any work performed by Executive for the Company.

10.CHANGE IN CONTROL.

(a)General.  It is expressly recognized that Executive’s position with the Company and agreement to be bound by the terms of this Agreement represent a commitment in terms of Executive’s personal and professional career which cannot be reduced to monetary terms, and thus, necessarily constitutes a forbearance of options now and in the future open to Executive in Company’s areas of endeavor.  This Section 10 is intended to allay any concerns Executive may have in connection with a potential Change in Control. For purposes of this Agreement, “Change in Control” shall have the meaning ascribed to it in the Company’s 2016 Stock Incentive Plan (or any successor equity incentive plan adopted by the Company in the future).

(b)Termination by Executive upon Change in Control. It is expressly recognized by the parties that a Change of Control may result in alteration or diminishment of Executive's position, reporting relationships and responsibilities, even if such alteration or diminishment does not meet the definition of “Good Reason”. Therefore, if, during the term of this Agreement, there shall occur, with or without the consent of Company, any Change in Control, Executive shall have an exclusive option to terminate this Agreement on twenty (20) calendar days' notice to the Company which notice must be received within a period of ninety (90) days from the date of closing of the Change of Control. Provided that Executive provides the notice of termination to the Company specified above and provided such Change in Control is consummated and closed by such third-party purchaser, and if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to receive:

		
	(i)
	The Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) month to thirty-six (36) months), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices, with the first installment due during the first payroll period following the expiration of the release revocation period described in Section 13, below.

		
	(ii)
	A pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan (or any successor plan) had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan (or any successor plan) receive their bonuses.

		
	(iii)
	To the extent permitted by the then existing equity incentive plan document, any previously awarded (but unvested) stock options, restricted stock units (both time and performance-based), and other forms of equity that may have been previously awarded to Executive shall immediately vest on the date the release becomes effective and, to the extent permitted by Section 409A of the Code, shall become immediately payable and/or exercisable within ten (10) days following the expiration of the release revocation period.

		
	(iv)
	An additional lump sum cash payment equal to twelve (12) times the monthly amount that is charged to COBRA qualified beneficiaries for the same medical and dental coverage options elected by Executive (and his/her dependents) immediately prior to the termination date, with such amount payable during the first payroll period following the expiration of the release revocation period described in Section 13.

(c)Termination by the Company Prior to a Change in Control.  If, during the Term of this Agreement, Executive’s employment is terminated without Cause during the six (6) month period preceding a Change in Control at the request of a third party purchaser in contemplation of such Change in Control, and such Change in Control is consummated by such third-party purchaser, upon the closing of such Change in Control, if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to receive: 

		
	(i)
	The Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) month to thirty-six (36) months), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices, with the first installment due during the first payroll period following the expiration of the release revocation period described in Section 13, below.

		
	(ii)
	A pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan (or any successor plan) had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan (or any successor plan) receive their bonuses.

		
	(iii)
	To the extent permitted by the then existing equity incentive plan document, any previously awarded (but unvested) stock options, restricted stock units (both time and performance-based), and other forms of equity that may have been previously awarded to Executive shall immediately vest on the date the release becomes effective and, to the extent permitted by Section 409A of the Code, shall become immediately payable and/or exercisable within ten (10) days following the expiration of the release revocation period.

		
	(iv)
	An additional lump sum cash payment equal to twelve (12) times the monthly amount that is charged to COBRA qualified beneficiaries for the same medical and dental coverage options elected by Executive (and his/her dependents) immediately prior to the termination date, with such amount payable during the first payroll period following the expiration of the release revocation period described in Section 13.

(d)Termination Following a Change in Control. If, during the Term, a Change in Control shall occur, and if Executive’s employment is terminated by the Company (or its successor) without Cause or Executive terminates 

his/her employment for Good Reason during the thirty-six (36) month period following such Change in Control, if Executive signs (and does not revoke) the release described in Section 13, Executive shall be entitled to receive: 

		
	(i)
	The Accrued Obligations and the Severance Benefit (except the amount of the Severance Benefit shall be increased from one (1) month to thirty-six (36) months), payable in substantially equal periodic installments, in accordance with the Company’s standard payroll practices, with the first installment due during the first payroll period following the expiration of the release revocation period described in Section 13, below.

		
	(ii)
	A pro rata portion of the annual cash bonus Executive would have received pursuant to the then existing Axon Bonus Plan (or any successor plan) had he/she continued employment through the end of the calendar year in which Executive’s termination of employment occurs, with such amount paid to Executive at the same time and in the same manner other participants in the Axon Bonus Plan (or any successor plan) receive their bonuses.

		
	(iii)
	To the extent permitted by the then existing equity incentive plan document, any previously awarded (but unvested) stock options, restricted stock units (both time and performance-based), and other forms of equity that may have been previously awarded to Executive shall immediately vest on the date the release becomes effective and, to the extent permitted by Section 409A of the Code, shall become immediately payable and/or exercisable within ten (10) days following the expiration of the release revocation period.

		
	(iv)
	An additional lump sum cash payment equal to twelve (12) times the monthly amount that is charged to COBRA qualified beneficiaries for the same medical and dental coverage options elected by Executive (and his/her dependents) immediately prior to the termination date, with such amount payable during the first payroll period following the expiration of the release revocation period described in Section 13.

11.EXECUTIVE COVENANTS.  In consideration of Executive’s continued employment with the Company and the benefits and payments described in this Agreement, Executive agrees to comply with and adhere to the following covenants during Executive’s period of employment with the Company, including during any notice period of termination of employment and during a period of twelve (12) months commencing upon termination of Executive’s employment with the Company for any reason:

(a)Covenant Not to Compete.  Executive agrees that during the Term of this Agreement, including the notice of termination of employment periods specified in this Agreement and during the twelve (12) month period following termination of Executive’s employment with the Company for any reason (the “Non-Compete Period”), he/she will not, directly or indirectly, own, control, manage, operate, or act for or on behalf of, assist in, engage in, have any financial interest in, or participate in any way, including as an owner, partner, employee, officer, agent, board member, consultant, advisor, volunteer, shareholder or investor in any entity, person, business or enterprise that is engaged in the design, manufacture, marketing, selling, importing, exporting, servicing or supporting of less lethal weapons, law enforcement cameras, digital evidence management, Record Management Systems, machine learning, artificial intelligence or any other technology or products that the Company is engaged in or is on the roadmap to enter over the Non-Compete Period at the time of termination of employment; or related professional services marketed, sold or provided to public safety customers in connection with the products mentioned above throughout the world (the “Axon Business”).

Executive acknowledges that his/her continued employment with the Company and the payments specified in this Agreement are sufficient consideration for this covenant not to compete.  Executive further acknowledges that Axon is engaged in marketing and selling its products throughout the world and that this Covenant Not to Compete is necessary and reasonable to protect the Company and that the Company will suffer irreparable harm and other damages in the event of a breach of this provision.  Executive acknowledges that his/her training and experience have prepared him/her for employment or other business opportunities to sell product and perform services for businesses 

other than those in the Axon Business.  Accordingly, Executive acknowledges that the restrictions contained in this covenant not to compete will not unduly prevent him from obtaining employment or business opportunities other than in the Axon Business.  Executive also acknowledges that the time, scope and the geographic area of this Covenant Not to Compete are reasonable and necessary to protect the interests of the Company and the Axon Business.  
(b)No Solicitation of Customers.  Executive shall not contact, or cause to be contacted, directly or indirectly, or engage in any form of oral, verbal, written, recorded, transcribed, or electronic communication with any Customer for the purposes of conducting business that is competitive or similar to that of the Company or for the purpose of disadvantaging the Company’s business in any way.  It is not a breach of this subsection for Executive to respond to an unsolicited inquiry from a Customer by informing that Customer that “I am subject to a contractual restriction and am unable to assist you,” or words of similar effect.  For purposes of this Agreement, “Customer” shall mean all persons or entities that have used or inquired of the Company’s services concerning Covered Business at any time during the Term.  Executive acknowledges and agrees that the Company’s list of Customers was cultivated with great effort and secured through the expenditure of considerable time and money by the Company.

(c)Covenant Not to Recruit and Hire.  Executive shall not: (i) directly or indirectly hire, solicit, or recruit, or attempt to hire, solicit, or recruit, any employee of the Company to leave their employment with the Company, nor shall Executive contact any employee of the Company, or cause an employee of the Company to be contacted, for the purpose of leaving employment with the Company; or (ii) solicit, encourage, or induce, or cause to be solicited, encouraged or induced, directly or indirectly, any supplier, vendor or contractor who conducted business with the Company at any time during the two-year period preceding the termination of Executive’s employment with the Company, to terminate or adversely modify any business relationship with the Company or not to proceed with, or enter into, any business relationship with the Company, nor shall Executive otherwise interfere with any business relationship between the Company and any such supplier, vendor or contractor.

(d)Covenant Not to Disparage.  Executive agrees not to make any statements, written or verbal, or cause or encourage others to make any statements, written or verbal, including but not limited to any statements made via social media, on websites or blogs, that defame, disparage or in any way criticize the personal or business reputation, practices, or conduct of the Company, or any of its affiliates, its directors, officers, employees, or its products. Executive acknowledges and agrees that this prohibition extends to statements, written or verbal, made to anyone, including but not limited to, the news media, any member of the Board of Directors or advisory board, competitors, vendors, employees (past and present) and clients.

(e)Acknowledgements.  Executive further acknowledges that his/her fulfillment of the obligations contained in this Agreement, including, but not limited to, his obligation neither to disclose nor to use Company Confidential Information other than for the Company’s exclusive benefit and his/her obligations not to compete and not to solicit contained in subsections (a) and (b) above, is necessary to protect Company Confidential Information and, consequently, to preserve the value and goodwill of the Company.  The covenants set forth in subsections (a) through (e) above are necessarily of a special, unique and extraordinary nature, and the loss arising from a breach thereof cannot reasonably and adequately be compensated by money damages, as such breach will cause the Company to suffer irreparable harm.  Accordingly, in the event of any breach or threatened breach of any of the covenants set forth in this subsections (a) through (e) above, the Company will be entitled to seek an injunctive or other extraordinary relief from a court of competent jurisdiction to restrain the violation or threatened violation of such covenants by Executive or any person acting for or with Executive in any capacity.  The remedy set forth herein will be cumulative and not in limitation of any other available remedies.

The covenants contained in subsections (a) through (e) above shall be construed as a series of separate covenants, one for each city, county and state of any geographic area in which the Company sold products or services.  In the event that the provisions of subsections (a) through (e) above are deemed to exceed the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, then permitted by such law.  In the event that the court does not exercise the power granted to it in the prior sentence, Executive and the Company agree to replace such invalid or unenforceable 

term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term.
12.NO ADEQUATE REMEDY.  The parties declare that is impossible to measure in money the damages which will accrue to either party by reason of a failure to perform any of the obligations under this Agreement. Therefore, if either party shall institute any action or proceeding to enforce the provisions hereof, such person against whom such action or proceeding is brought hereby waives the claim or defense that such party has an adequate remedy at law, and such person shall not urge in any such action or proceeding the claim or defense that such party has an adequate remedy at law.

13.GENERAL RELEASE OF CLAIMS BY EXECUTIVE.  To receive the severance and/or benefits described in Section 7 or Section 10, Executive (or Executive’s spouse or estate, if applicable) must no later than sixty (60) days following his/her termination date (or in the case of Section 10(b), no later than sixty (60) days following the date of the Change in Control), execute (and not revoke) a release in substantially the form attached hereto as Exhibit A. The release shall be provided to Executive prior to, or within, five (5) days following his/her termination (or a Change in Control, if applicable). Executive (or Executive’s spouse or estate, if applicable) shall have twenty-one (21) days following the date on which the release is given to Executive (or Executive’s spouse or estate, if applicable) to sign and return the release to the Company. After return to the Company, Executive (or Executive’s spouse or estate, if applicable) shall have seven (7) days to revoke the release.  Notwithstanding anything in this Agreement to the contrary, if the Company concludes, in the exercise of its discretion, that the severance and/or benefits are subject to Section 409A of the Code, and if the consideration period described in the release, plus the revocation period described in the release spans two (2) calendar years, the severance payments and benefits shall not begin to be paid to Executive (or Executive’s spouse or estate, if applicable) until the second calendar year.

14.COMPANY PROPERTY.  All computers, tablets, phones, equipment, records, files, records, lists (including computer generated lists), data, drawings, documents, equipment and similar items relating to the Company’s business that Executive generated or received from the Company remains the Company’s sole and exclusive property. Executive further represents that Executive has not copied or caused to be copied, printout, or caused to be printed out any documents or other material originating with or belonging to the Company. Executive agrees to promptly return to the Company all property of the Company in Executive’s possession upon termination of his employment with the Company including all Company documents, equipment, or other materials.

15.EXECUTIVE WARRANTIES AND REPRESENTATIONS.  Executive warrants and represents that:

(a)Except as otherwise provided in this Agreement, Company has paid all wages, bonuses and any and all other benefits due to Executive up to the date that Executive has signed this Agreement;

(b)Throughout Executive’s employment, up to the date that Executive has signed this Agreement, Executive was fully and appropriately compensated for all hours worked in accordance with the Fair Labor Standards Act and other applicable laws, if any;

(c)Up to the date that Executive has signed this Agreement, Executive has been provided with all leave to which Executive is entitled under the Company policy and applicable law, including but not limited to the Family and Medical Leave Act;

(d)Executive has carefully read and fully understands the terms and conditions of this Agreement;

(e)Executive is not waiving rights or claims that may arise after the date this Agreement is executed;

(f)Executive is executing this Agreement knowingly and voluntarily, without any duress, coercion or undue influence by the Company, its representatives, or any other person;

(g)Executive has not relied upon any representations or statements made by the Company or its representatives which are not specifically set forth in this Agreement;

(h)Executive has had ample opportunity to consult with an attorney of Executive’s choice and to have that attorney review and explain to Executive the terms of this Agreement and its consequences before executing this Agreement;

(i)Executive has the capacity to act on Executive’s own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement;

(j)Executive has pending no claim, complaint, grievance or any document with any federal or state agency or any court seeking money damages or relief against the Company; and

(k)The benefits in this Agreement constitute good and valuable consideration and Executive is fully satisfied with the terms and conditions of this Agreement.

16.COOPERATION.  Executive agrees, during the Term and all time thereafter, to cooperate with Company regarding any claims, litigation, or related matters involving Company, including providing truthful: (a) information by phone, email, or otherwise upon reasonable request; and (b) testimony by deposition or in court as may be reasonably required, with Company paying reasonable compensation, travel and per diem expenses.

17.MISCELLANEOUS.

(a)Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of all successors and assigns of the Company, whether by way of merger, consolidation, operation of law, assignment, purchase or other acquisition of substantially all of the assets or business of Company and shall only be assignable under the foregoing circumstances and shall be deemed to be materially breached by Company if any such successor or assign does not absolutely and unconditionally assume all of Company’s obligations to Executive hereunder. Any such successor or assign shall be included in the term “Company” as used in this Agreement.

(b)Notices.  All notices, requests and demands given to, or made, pursuant hereto shall, except as otherwise specified herein, be in writing and be delivered or mailed to any such party at its address which:

		
	(i)
	In the case of Company shall be:

Axon Enterprise, Incorporated
17800 North 85th Street
Scottsdale, Arizona 85255

		
	(ii)
	In the case of Executive shall be:

Executive’s current address on file with the Company
Either party may, by notice hereunder, designate a change of address. Any notice, if mailed properly addressed, postage prepaid, registered or certified mail, shall be deemed dispatched on the registered date or that stamped on the certified mail receipt, and shall be deemed received within the fifth business day thereafter, or when it is actually received, whichever is sooner.
(c)Captions.  The various headings or captions in this Agreement are for convenience only and shall not affect the meaning or interpretation of this Agreement.

(d)Governing Law.  The validity, construction, rights, obligations, remedies and performance of this Agreement shall be governed by the laws of the State of Arizona. The parties agree that any action or proceeding initiated to enforce this Agreement shall be brought solely in the State of Arizona. Any dispute involving or affecting 

this agreement, or the services to be performed shall be determined and resolved by binding arbitration in the County of Maricopa, State of Arizona, in accordance with the Rules of the American Arbitration Association then in effect, and with applicable law. BY SIGNING THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.  Both parties will bear their own costs, attorneys’ fees and other expenses incurred in connection with the preparation and/or review of this Agreement.  Should Executive or the Company employ an attorney to enforce any of the provisions of this Agreement, or to recover damages for the breach of any terms of this Agreement, the prevailing party shall be entitled to recover all reasonable costs, damages and expenses, including attorneys’ fees incurred or expended in connection therewith.  The phrase “prevailing party” shall mean the party who is determined in the proceeding to have prevailed or who prevails by dismissal, default, judgment, or otherwise.

(e)Construction.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement.

(f)Waivers.  No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any right or remedy granted hereby or by any related document or by law.

(g)No Conflicting Business.  Executive agrees that he will not, during the Term of this Agreement, transact business with the Company personally, or as an agent, owner, partner, shareholder of any other entity; provided, however, Executive may enter into any business transaction that is, in the opinion of the Company’s Board of Directors, reasonable, prudent or beneficial to the Company, so long as any such business transaction is at arms-length as though between independent and prudent individuals and is ratified and approved by the Company’s Board of Directors.

(h)Tax Consequences.  The Company makes no representations or warranties with respect to the tax consequences of the payment of any sums to Executive under the terms of this Agreement. Executive agrees and understands that Executive is responsible for payment, if any, of local, state and federal taxes on the sums paid by the Company and any penalties or assessments.

(i)Entire Agreement.  This Agreement contains the complete, entire understanding of the parties. In executing this Agreement, neither party relies on any term, condition, promise or representation other than those expressed in this Agreement. This Agreement supersedes all prior and contemporaneous oral and written agreements and discussions with respect to the subject matter of this Agreement and all prior employment agreements are deemed cancelled and terminated. This Agreement is intended to be effective in its entirety and if any provision of this Agreement is determined to be invalid or otherwise unenforceable, then the entire Agreement shall be deemed invalid or unenforceable.

(j)Counterparts.  This Agreement shall be executed in at least two counterparts, each of which shall constitute an original, but both of which, when taken together, will constitute one in the same instrument.

(k)Amendment.  This Agreement may be modified only by written agreement executed by both parties hereto.

18.SECTION 280G OF THE CODE.  Sections 280G and 4999 of the Code may place significant tax burdens on both Executive and the Company if the total payments made to Executive due to certain change in control events described in Section 280G of the Code (the “Total Change in Control Payments”) equal or exceed Executive’s 280G Cap.  For this purpose, Executive’s “280G Cap” is equal to Executive’s average annual compensation in the five (5) calendar years preceding the calendar year in which the change in control event occurs (the “Base Period Income Amount”) times three (3).  If the Total Change in Control Payments equal or exceed the 280G Cap, Section 4999 of 

the Code imposes a 20% excise tax (the “Excise Tax”) on all amounts in excess of one (1)  times Executive’s Base Period Income Amount.  In determining whether the Total Change in Control Payments will equal or exceed the 280G Cap and result in the imposition of an Excise Tax, the provisions of Sections 280G and 4999 of the Code and the applicable Treasury Regulations will control over the general provisions of this Section 18. All determinations and calculations required to implement the rules set forth in this Section 18 shall take into account all applicable federal, state, and local income taxes and employment taxes (and for purposes of such calculations, Executive shall be deemed to pay income taxes at the highest combined federal, state and local marginal tax rates for the calendar year in which the Total Change in Control Payments are to be made, less the maximum federal income tax deduction that could be obtained as a result of a deduction for state and local taxes (the “Assumed Taxes”)).

(a)Subject to the “best net” exception described in Section 18(b), in order to avoid the imposition of the Excise Tax, the total payments to which Executive is entitled under this Agreement or otherwise will be reduced to the extent necessary to avoid equaling or exceeding the 280G Cap, with such reduction first applied to the cash severance payments that Executive would otherwise be entitled to receive pursuant to this Agreement and thereafter applied in a manner that will not subject Executive to tax and penalties under Section 409A of the Code.

(b)If Executive’s Total Change in Control Payments minus the Excise Tax and the Assumed Taxes (payable with respect to the amount of the Total Change in Control Payments) exceeds the 280G Cap minus the Assumed Taxes (payable with respect to the amount of the 280G Cap), then the total payments to which Executive is entitled under this Agreement or otherwise will not be reduced pursuant to Section 18(a).  If this “best net” exception applies, Executive shall be fully responsible for paying any Excise Tax (and income or other taxes) that may be imposed on Executive pursuant to Section 4999 of the Code or otherwise.

(c)The Company will engage a law firm, a certified public accounting firm, and/or a firm of reputable executive compensation consultants (the “Consultant”) to make any necessary determinations and to perform any necessary calculations required in order to implement the rules set forth in this Section 18.  The Consultant shall provide detailed supporting calculations to both the Company and Executive and all fees and expenses of the Consultant shall be borne by the Company.  If the provisions of Section 280G and 4999 of the Code are repealed without succession, this Section 18 shall be of no further force or effect.  In addition, if this provision does not apply to Executive for whatever reason, this Section shall be of no further force or effect.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered the day and year first above written.

AXON ENTERPRISE, INCORPORATED
_______________________________
Luke Larson
Its: President

EXECUTIVE
_______________________________________
Patrick W. Smith
    

Exhibit A

Form of Release Agreement

This Confidential Severance Agreement and General Release (“Release”) is made and entered into by and between Patrick W. Smith (“Employee”) and Axon Enterprise, Inc. (formally known as “TASER International, Inc.”), a Delaware Corporation (“AXON” or the “Company”) (Employee and AXON are collectively referred to as the “Parties” and separately as a “Party”).  This Release is intended to settle and dispose of all liability, rights, claims, demands, actions or causes of action that Employee may have against AXON and/or its current or former shareholders, principals, parent companies, subsidiaries, affiliated companies, divisions, directors, officers, employees, staff, agents, contractors, assigns, affiliates, attorneys, predecessors, successors, indemnitors, insurers, and all those for whom the above referenced parties may have legal responsibility (collectively referred to as the “Released Parties”). 
RECITALS
A.    Employee and AXON mutually agree that Employee’s employment with the Company will terminate effective __________________.  
B.    In consideration for the severance benefits described in the Executive Employment Agreement entered into by and between AXON and Employee dated ____________, 2017 (the “Employment Agreement”), Employee agrees as follows:
COVENANTS
NOW, THEREFORE, IN CONSIDERATION of the covenants, agreements, recitals and promises provided and identified herein, the sufficiency of which is expressly acknowledged, the Parties agree as follows:
1.    Severance.  Provided that Employee signs and complies with this Release and has not exercised his/her right of revocation pursuant to section 2(b)(ii), AXON agrees to pay to Employee the severance and benefits described in the Employment Agreement (the “Severance Benefits”), at the times, and subject to the terms and conditions set forth in the Employment Agreement.  Employee acknowledges and agrees that he/she would not otherwise have been entitled to the Severance Benefits had he/she not elected to sign this Release.  Employee acknowledges that he/she has been paid all of his/her salary, wages, bonuses, accrued vacation and paid time off (if applicable), commissions, referral fees, penalties, benefits, or any other monies owed to Employee by or from any of the Released Parties, he/she is owed (and shall be owed in the future) nothing further from any of the Released Parties. 

		
	1.
	Employee’s Release.  In consideration of the covenants set forth herein:

		
	(a)
	Full Release and Waiver.  Employee, on behalf of himself/herself, his/her marital community, if any, and his/her heirs and assigns, irrevocably, unconditionally, and expressly releases, waives, acquits, and forever discharges the Released Parties from any and all claims, complaints, causes of action, liabilities, obligations, agreements, controversies, damages, suits, rights, costs, losses, debts, expenses, and demands of any kind (including attorneys’ fees and costs actually incurred) of any nature whatsoever, whether known or unknown, suspected or unsuspected which Employee has, ever has had, or may have and which are based on acts or omissions which Employee knew or should have known about at the time of the signing of this Release.  This FULL RELEASE AND WAIVER includes, without limitation and to the fullest extent permitted by law, all rights and claims arising under the following laws, as amended: Title VII of the Civil Rights Act; Civil Rights Act of 1866 (Section 1981); Lilly Ledbetter Fair Pay Act; Fair Credit Reporting Act; Labor Management Relations Act; Equal Pay Act; Americans with Disabilities Act; Age Discrimination in Employment Act; Fair Labor Standards Act; Older Workers Benefits Protection Act; Family Medical Leave Act; Rehabilitation Act; Occupational Safety and Health Act and its state equivalent; Genetic Information Nondiscrimination Act; Pregnancy Discrimination Act; False Claims Act; Sarbanes-Oxley Act; Employment Retirement Income Security Act; National Labor Relations Act; Health Insurance 

Portability and Accountability Act; Arizona Civil Rights Act; Arizona Drug Testing of Employees Act; Arizona Medical Marijuana Act; the anti-retaliation provisions of Arizona workers’ compensation; Arizona Employment Protection Act; Arizona state wage payment laws including the Arizona Wage Act, Arizona Minimum Wage Act, and Arizona Equal Pay Act; wage claims of all types, including, but not limited to, those for non-payment, late payment, overtime, rest periods, meal periods, bonuses, deductions, wage statements, and/or penalties; wrongful termination in violation of public policy; unfair business practices; any other local, state, or federal statute, regulation, or ordinance; any contract, express or implied; any covenant of good faith and fair dealing, express or implied; any state or federal whistleblower statute or regulation; any tort; any legal restriction on AXON’s right to terminate Employee; and/or other common law or statutory causes of action Employee may now have, has had, or could have been alleged as of the Effective Date.  Employee understands that Employee is not releasing or giving up any claims for any events or actions that happen after he/she signs this Release.

		
	(i)
	Employee promises and covenants not to file, commence, or initiate any suits, grievances, demands, or causes of action against the Released Parties on the basis of any claim released herein.

		
	(ii)
	This Release includes any claims that Employee’s spouse, agents, heirs, or assigns, if any, may have against the Released Parties, including those arising from or in any way related to Employee’s work and/or employment with AXON and/or the Released Parties.  

		
	(iii)
	It is understood and agreed that this is a full, complete and final general release of any and all claims, as described herein, and that Employee and AXON agree that it shall apply to all unknown, unanticipated, unsuspected and undisclosed claims, demands, liabilities, actions or causes of action, in law, equity or otherwise, as well as those which are now known, anticipated, suspected or disclosed. 

 
		
	(iv)
	This Release does not apply to any claim Employee may have under the workers’ compensation or unemployment compensation statutes or any other claim, which, as a matter of law, cannot be released by private agreement.  

		
	(1)
	This Release does not limit Employee’s ability to communicate with any applicable government agencies or otherwise participate in any manner in any investigation or proceeding that may be conducted by any government agency.  This Release is not intended to affect the rights and responsibilities of government agencies to enforce the laws within their jurisdiction, including but not limited to the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Occupational Safety and Health Administration (“OSHA”),  the Arizona Division of Occupational Safety and Health (“ADOSH”), the Securities and Exchange Commission (“SEC”), the Civil Rights Division of the Arizona Attorney General Office (“ACRD”), or any other applicable local, state, or federal agency.  This means that by signing this Release, Employee may still exercise his/her protected right to file an administrative charge with, or participate in an investigation or proceeding conducted by, a local, state, or federal government agency.  However, if a government agency commences an investigation or other legal action against the Released Parties on Employee’s behalf, Employee specifically waives and releases his/her right to recover monetary damages or other benefits or remedies of any sort whatsoever arising from the governmental action (including any legal action, agency charge, lawsuit, claim, proceeding, or investigation against the Released Parties).  The aforementioned waiver of monetary damages and other benefits or remedies does not apply to the Securities Exchange Act of 1934 or the Dodd-Frank Wall Street Reform and Consumer Protection Act, if applicable.  Employee acknowledges that this Release may be used 

by the Released Parties as a defense to any actions taken by Employee that may be in violation of this Release. 

		
	(v)
	Employee represents that he/she has not filed any charge or complaint with, or participated in, an investigation or proceeding conducted by the EEOC, NLRB, OSHA/ADOSH, SEC, ACRD or any other local, state, or federal government entity or agency.  Employee specifically acknowledges and represents that he/she has already disclosed to the Company any and all information, if any, regarding any action or inaction that he/she reasonably believes, or believed to be, taken by the Released Parties and in violation of law.  To the extent Employee has not made such disclosures to date, Employee represents such information, if any, does not or did not exist to disclose now or in the future. 

		
	(b)
	Waiver of Age Discrimination in Employment Claims.  As noted above, this Release is intended to release and discharge all claims Employee may have under the Age Discrimination in Employment Act (“ADEA”).  To satisfy the requirements of the Older Workers’ Benefits Protection Act (“OWBPA”), Employee acknowledges the following:

		
	(i)
	Employee has read and understands the terms of this Release.  Employee acknowledges that he/she has 21 calendar days from receipt of this Release to consider whether to sign this Release and that Employee may sign the Release any time within this time period.  If Employee signs before the 21-day period expires, Employee does so to expedite the Release and waives the right to take the remaining days to consider the Release.  Employee understands and agrees that the Release will be automatically revoked and withdrawn if not accepted and delivered to Human Resources at the Company’s address with a copy to Legal@Axon.com within 21 calendar days after receipt.

		
	(ii)
	Employee can revoke Employee’s signature any time within seven (7) calendar days after signing it.  To revoke Employee’s signature pursuant to the OWBPA, Employee must do so in writing, sent to Human Resources at the Company’s address with a copy to Legal@Axon.com before the expiration of the seven-day period.  If Employee’s signature is not revoked at the expiration of the seven days, this Release will be enforceable and irrevocable.

		
	(iii)
	Employee agrees that this Release is not effective and no money will be paid or owed towards the Severance Benefits until all of the following have occurred:  (1) Employee signs the Severance Release in the time period identified in this section above; and (2) the 7-day revocation period contained in this section has passed; and (3) Employee has not revoked Employee’s signature during this time period (hereinafter the “Effective Date”).  If Employee does not timely sign and/or revokes this Release, then this Release shall be null and void, and no payments shall be made and/or due under this Release.

		
	(iv)
	Employee understands that this waiver and release does not apply to any rights or claims that may arise after execution date of this Release.  Employee has been advised hereby that Employee has the right to consult with an attorney, if desired, prior to executing this Release and acknowledges that he/she has received all advice Employee deems necessary concerning this Release.

2.Confidentiality of Release.  Employee agrees to treat all terms and conditions contained herein and all discussions leading up to this Release as strictly confidential and will not disclose them to anyone other than his/her (if applicable) respective attorneys, his/her spouse, his/her tax preparers, government agencies who have specifically requested a copy of this Release, to individuals necessary for the Company to effectuate payment, or as otherwise required by law (“Authorized Individuals”).  Employee agrees he/she will not disclose or publish or cause to be disclosed or published the existence, amount of, or content of the terms of this Release, except to Authorized Individuals.  If Employee discloses any such information to Authorized Individuals, he/she will advise 

that person or entity of the terms of the confidentiality provision of this Release and require their consent to comply with that agreement, to the extent permissible by law.  The confidentiality of the terms and conditions contained herein is part of the consideration inducing the Company to enter into this Release.  Employee agrees that this provision is a material provision to the Release, and that the Company would not have entered into this Release, but for the inclusion of this provision.  Employee shall not disclose any information regarding this Release to individuals other than the Authorized Individuals, unless advance written authorization has been received by Employee from the CEO of AXON.  Violation of this section will constitute a material breach of the Release and entitle the Company to pursue all remedies at law including seeking damages (including but not limited to the amount paid pursuant to this Release) and injunctive relief without posting bond with a court of competent jurisdiction to restrain any further violations of this Release.

3.Nondisparagement.  Employee covenants and agrees that he/she will not communicate any false and derogatory statements about the Released Parties in any manner whatsoever, including oral and/or written statements and comments on social networking, blogs, or internet websites.   

4.References.  The Company agrees to provide an employment reference for Employee.  Specifically, the Company will only confirm Employee’s dates of employment, job title, salary, and will communicate that he/she left on amenable terms.  If any third party (e.g., prospective employer, lender) wishes to verify Employee’s employment with the Company, Employee shall advise that person or entity to contact the Company’s Human Resources Department.  The Company may designate another contact for Employee to direct reference requests, at the Company’s sole discretion.

5.Return of Company Property.  Employee affirms that he/she has returned all Company property to the Company as of the date this Release is executed, including but not limited to files, documents, records, copies, confidential information, Company-provided credit cards, keys, uniforms, computers, phones, equipment, and tools.

6.Entire Release.  This Release constitutes the full and complete understanding of the Parties.  There are no other agreements or representations, written or oral, pertaining to the subject matter hereof, and the Release supersedes any and all prior understandings, representations, warranties, and agreements between the parties pertaining to the subject matter hereof. The Parties may modify this Release only in a writing signed by all Parties. 

7.Acknowledgment.  Employee acknowledges and agrees that he/she has read this Release in full; that he/she has had reasonable time to consider its terms; that he/she has been advised to consult with an attorney regarding this Release; and that he/she has signed this Release without coercion and of his/her own free will, knowingly and voluntarily, understanding its terms, and understanding the final and binding effect of execution of this Release.  Employee understands that this Release is a FULL RELEASE AND WAIVER OF ALL CLAIMS against the Released Parties.

9.     No Reapply.  Employee acknowledges that the relationship with the Company has been severed and, therefore, agrees not to apply for, seek employment, seek work, nor accept employment with, the Company or any of its affiliated companies.  Employee further acknowledges he/she will not seek work as a consultant, independent contractor, or temporary worker with the Company. 
10.    Assignment.  The rights and obligations of the Released Parties and/or AXON shall inure to the benefit of their successors and assigns.  Employee’s rights and obligations under this Release may not be assigned by Employee without prior written consent by the CEO of AXON.  Employee affirms he/she has not assigned any of his/her rights or obligations under this Release as of the Effective Date.
11.    Governing Law and Jurisdiction.  The rights, obligations, and remedies, as specified under this Release, shall be interpreted and governed in all respects by the laws of the State of Arizona.  The Parties agree that any action or proceeding initiated to enforce this Release shall be brought solely in the state or federal district court within Maricopa County in the State of Arizona, and the Parties hereby irrevocably submit to the exclusive jurisdiction of these courts.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS RELEASE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY 

MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS RELEASE.
12.    Attorneys’ Fees and Costs.  Both Parties will bear their own costs, attorneys’ fees and other expenses incurred in connection with the preparation and/or review of this Release.  Should Employee or the Released Parties (which specifically includes AXON) employ an attorney to enforce any of the provisions of this Release, or to recover damages for the breach of any terms of this Release, the prevailing party shall be entitled to recover all reasonable costs, damages and expenses, including attorneys’ fees incurred or expended in connection therewith.  The phrase “prevailing party” shall mean the party who is determined in the proceeding to have prevailed or who prevails by dismissal, default, judgment, or otherwise.
13.    No Admission of Liability.  This Release is not to be construed as an admission of liability by the Released Parties.  Employee agrees, admits, and acknowledges that no representation of fact or opinion has been made by any Released Party or such representative, either jointly, individually, or collectively, to induce this Release.  Employee agrees that the Released Parties have not admitted liability or wrongdoing of any sort, and that the Released Parties have not made any representation as to liability or wrongdoing of any sort.
14.    Severability.  If any provision of this Release is held illegal, invalid, or unenforceable, such holding shall not affect any other provisions hereof.  In the event that any provision is held illegal, invalid, or unenforceable, such provision shall be limited, deleted, or severed so as to affect the intent of the Parties to the fullest extent permitted by applicable law and the validity and enforceability of the remaining provisions shall not be affected.
15.    Cooperation.  The Parties agree to cooperate fully, execute any supplementary documents, and take all additional actions that might be necessary or appropriate to give full force and effect to the basic terms and intent of this Release.
16.    Counterparts.  This Release may be executed in counterparts, one or more of which may be facsimiles or PDFs, but all of which shall constitute one and the same Release.
EMPLOYEE HAS CAREFULLY READ THE FOREGOING RELEASE, HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY, KNOWS AND UNDERSTANDS THE CONTENTS OF THIS RELEASE, AND SIGNS THIS RELEASE VOLUNTARILY AND AGREES TO ABIDE BY ITS TERMS.  

IN WITNESS WHEREOF, the Parties have hereby approved and executed this Release as of December 1, 2017.
AXON ENTERPRISE, INCORPORATED

______________________________________
[________________]
Its: [________________]

EXECUTIVE
_______________________________________
Patrick W. Smith

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