Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 STOCKHOLDER
AGREEMENT 
 BETWEEN 

WARNER MUSIC GROUP CORP. 

AND 
 ACCESS INDUSTRIES,
LLC 
 DATED AS OF [●], 2020 

							
	ARTICLE I	  

	DEFINITIONS	  

			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Timing of Provisions	  	 	4	 
	
	ARTICLE II	  

	CORPORATE GOVERNANCE	  

			
	 2.1
	 	Board of Directors	  	 	5	 
	 2.2
	 	Committees of the Board of Directors	  	 	6	 
	
	ARTICLE III	  

	INFORMATION RIGHTS AND ACCESS TO INFORMATION	  

			
	 3.1
	 	Financial Information	  	 	7	 
	 3.2
	 	Access to Information	  	 	8	 
	
	ARTICLE IV	  

	ACCESS APPROVAL AND CONSENT RIGHTS AND OTHER RIGHTS	  

			
	 4.1
	 	Access Approval and Consent Rights	  	 	8	 
	 4.2
	 	Expenses	  	 	11	 
	 4.3
	 	Margin Loans and Other Pledges	  	 	11	 
	
	ARTICLE V	  

	GENERAL PROVISIONS	  

			
	 5.1
	 	Certificate of Incorporation and Bylaws	  	 	11	 
	 5.2
	 	Notices	  	 	11	 
	 5.3
	 	Specific Performance; Remedies	  	 	12	 
	 5.4
	 	Jurisdiction; Waiver of Jury Trial	  	 	12	 
	 5.5
	 	Governing Law	  	 	13	 
	 5.6
	 	Severability	  	 	13	 
	 5.7
	 	Amendment, Modification and Waiver	  	 	13	 
	 5.8
	 	Assignment	  	 	13	 
	 5.9
	 	Further Assurances	  	 	13	 
	 5.10
	 	Third-Party Beneficiaries	  	 	14	 
	 5.11
	 	Discretion of Parties	  	 	14	 
	 5.12
	 	Entire Agreement	  	 	14	 
	 5.13
	 	Term	  	 	14	 
	 5.14
	 	Titles and Subtitles	  	 	14	 
	 5.15
	 	No Recourse	  	 	14	 
	 5.16
	 	Counterparts	  	 	15	 

  
 i 

 STOCKHOLDER AGREEMENT 

This Stockholder Agreement, dated as of [●], 2020, is between Warner Music Group Corp., a Delaware corporation (the
“Company”), and Access Industries, LLC, a Delaware limited liability company (“Access”) (each a “Party” and, collectively, the “Parties”). 

RECITALS: 

WHEREAS, the Access Affiliated Group is collectively the beneficial owner (as defined herein) of all of the issued and outstanding
Common Stock (as defined herein) of the Company immediately prior to the date hereof; 
 WHEREAS, following Completion of the IPO (as
defined herein), the Access Affiliated Group will collectively continue to beneficially own a majority of the total combined voting power of the Common Stock; and 

WHEREAS, the Parties wish to set forth certain agreements that will govern certain matters between them following the Completion of the
IPO; 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

  

	1.1	 Definitions. 

In this Agreement, the following terms shall have the following meanings: 

“Access” has the meaning set forth in the preamble to this Agreement. 

“Access Affiliated Group” means Access, Len Blavatnik, the Blavatnik Family Foundation LLC, any direct or indirect
equityholder of Access, any family member of any direct or indirect equityholder of Access, entities controlled, directly or indirectly, or managed, directly or indirectly, by Access or an Affiliate of Access, and any Affiliate or Permitted
Transferee of any of the foregoing, including any Affiliate of any Permitted Transferee. 
 “Access Designee” shall have
the definition set forth in Section 2.1(a). 
 “Access-Designated Director” means each Access Designee who is
thereafter elected or appointed to the Board of Directors. Any Access-Designated Director may, at the discretion of Access, be an Independent Director. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by
or under common control with such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding voting securities of such Person or (iii) any officer, director, general partner
or trustee of any such Person described in clause (i) or (ii). 

 “Agreement” and “hereof” and “herein”
means this Stockholder Agreement, including all amendments, modifications and supplements and all annexes and schedules to any of the foregoing, and shall refer to this Stockholder Agreement as the same may be in effect at the time such reference
becomes operative. 
 “Applicable Law” means any domestic or foreign statute, law (including the common law), ordinance,
rule, regulation, published regulatory policy or guideline, order, judgment, injunction, decree, award or writ of any court, tribunal or other regulatory authority, arbitrator, governmental authority, or other Person having jurisdiction, or any
consent, exemption, approval or license of any governmental authority that applies in whole or in part to a Party and, with respect to the Company, includes the Exchange Act, the Securities Act, the DGCL, the rules of the SEC and the rules of the
Exchange and any other exchange or quotation system on which the securities of the Company are listed or traded from time to time. 

“Bankruptcy Laws” means Title 11 of the United States Code, as amended, and other Federal, State or foreign laws principally
dealing with the liquidation, reorganization, administration, conservatorship or receivership of insolvent debtors. 
 “beneficial
owner” or “beneficially own” has the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s beneficial ownership of Common Stock or other voting securities
of the Company shall be calculated in accordance with the provisions of such Rule. 
 “Board of Directors” means the board
of directors of the Company. 
 “Capital Stock” means any and all shares or units of, rights to purchase, warrants or
options for, or other equivalents of or interests in (however designated) the equity capital of a Person or a security convertible into or exchangeable for (whether or not such conversion or exchange is contingent or conditional) the equity capital
of a Person. 
 “Cause” means (i) any willful or intentional act or omission having the effect of injuring the
reputation, business or business or employment relationships of the Company or its Affiliates; (ii) any conviction of, or plea of nolo contendere to, a misdemeanor involving moral turpitude or a felony; (iii) with
respect to any officer or employee, any breach of covenants contained in such officer’s or employee’s employment agreement with the Company; or (iv) with respect to any officer or employee, repeated or continuous failure,
neglect or refusal to perform such officer’s or employee’s duties set forth under his or her employment agreement with the Company. 

“CEO” means the Chief Executive Officer of the Company from time to time (or the equivalent successor position), as appointed
by the Board of Directors. 
 “CFO” means the Chief Financial Officer of the Company from time to time (or the equivalent
successor position), as appointed by the Board of Directors. 

  
 2 

 “control” (including the terms “controlling,”
“controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of
the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise. 

“Class A Common Stock” means the Class A common stock, par value $0.001 per share, of the Company.

 “Class B Common Stock” means the Class B common stock, par value $0.001 per share, of the
Company. 
 “Common Stock” means the Class A Common Stock and the Class B Common Stock, collectively. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Completion of the IPO” means the occurrence of the settlement of the first sale of Class A Common Stock pursuant to the
IPO Registration Statement. 
 “DGCL” means the General Corporation Law of the State of Delaware, as amended from time to
time. 
 “Director” means a member of the Board of Directors and “Directors” has a correlative meaning.

 “Equity Awards” means a grant to a Director, employee or financial professional of the Company or one of its
Subsidiaries of vested or unvested shares of Common Stock or restricted Common Stock, options to acquire shares of Common Stock, restricted stock units, “phantom” stock units or similar interests in the Company’s common equity, in
each case pursuant to an equity compensation plan approved by the Board of Directors. 
 “Exchange” means the principal
exchange on which the Common Stock is listed. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended. 
 “GAAP” means generally accepted accounting principles in the United States, as in effect from time to time.

 “General Counsel” means the General Counsel of the Company from time to time (or the equivalent successor position).

 “Independent Director” means a Director who is both (i) “independent” for Exchange purposes and
(ii) “independent” for purposes of Rule 10A-3(b)(1) under the Exchange Act. 

“IPO Registration Statement” means the Registration Statement on Form S-1, as
amended, relating to the initial public offering of the Class A Common Stock. 

  
 3 

 “Party” and “Parties” have the respective meanings set
forth in the preamble to this Agreement. 
 “Permitted Transferee” means (i) any member of the Access
Affiliated Group, (ii) any family member of any direct or indirect equityholder of Access, (iii) any trust formed solely for the benefit of any direct or indirect equityholder of Access or such equityholder’s family
members, (iv) any partnership, corporation or other entity controlled by any direct or indirect equityholder of Access or such equityholder’s family members for tax or estate planning purposes and (v) any foundation or
charity affiliated with Access or any Permitted Transferee, so long as any direct or indirect equityholder of Access or a Permitted Transferee, or a fiduciary who is selected by Access or such equityholder or Permitted Transferee and whom Access or
such equityholder or Permitted Transferee has the power to remove and replace, retains voting control over the shares transferred to such foundation or charity. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, association or other
business entity and any trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Qualified Compensation Director” means a Director who is a “Non-Employee
Director” as defined in Rule 16b-3(b)(3)(i) under the Exchange Act. 
 “SEC”
means the United States Securities and Exchange Commission. 
 “Securities Act” means the United States Securities Act of
1933, as amended. 
 “Subsidiary” of a Party shall mean any corporation, partnership, joint venture, limited liability
company, association or other entity of which such Party has the ownership, directly or indirectly, of more than 50% of the voting securities or similar ownership interests, including any securities or similar ownership interests which are voting
only upon the occurrence of a contingency where such contingency has occurred and is continuing. For purposes of this Agreement, (i) no investment fund, investment company, collective investment trust or similar vehicle sponsored, formed
or seeded by the Company or any of its Subsidiaries shall be deemed to be a Subsidiary of the Company and (ii) the Company and its Subsidiaries shall not be deemed to be Subsidiaries of Access. 

“Trigger Date” means the date on which the Access Affiliated Group first ceases to beneficially own at least 50% of the total
combined voting power of the then-outstanding Common Stock. 
 “Wholly Owned Subsidiary” means a Subsidiary, 100% of the
Capital Stock of which is owned, directly or indirectly, by a Party. 
  

	1.2	 Timing of Provisions. 

In this Agreement, any provision which applies “until” a specified date shall apply on such specified date, and shall cease to apply
on the date immediately following such specified date. 

  
 4 

 ARTICLE II 

CORPORATE GOVERNANCE 
  

	2.1	 Board of Directors. 

(a) As of the Completion of the IPO, the Board of Directors shall consist of 11 members, and Access shall have the right, but not the
obligation, to designate for nomination by the Board of Directors, or the Nominating and Corporate Governance Committee thereof, a number of designees (each of which shall be designated an “Access Designee”) equal to: 

 

	 	(i)	 all Directors comprising the Board of Directors (including such number of Independent Directors necessary to
satisfy the independence requirements under applicable securities laws and the rules of the Exchange and other regulatory requirements) until the Trigger Date; 

 

	 	(ii)	 at least 40% of the total number of Directors comprising the Board of Directors at such time as long as the
Access Affiliated Group beneficially owns at least 40% but less than 50% of the total combined voting power of the then-outstanding Common Stock; 

  

	 	(iii)	 at least 30% of the total number of Directors comprising the Board of Directors at such time as long as the
Access Affiliated Group beneficially owns at least 30% but less than 40% of the total combined voting power of the then-outstanding Common Stock; 

  

	 	(iv)	 at least 20% of the total number of Directors comprising the Board of Directors at such time as long as the
Access Affiliated Group beneficially owns at least 20% but less than 30% of the total combined voting power of the then-outstanding Common Stock; and 

  

	 	(v)	 at least 10% of the total number of Directors comprising the Board of Directors at such time as long as the
Access Affiliated Group beneficially owns at least 10% but less than 20% of the total combined voting power of the then-outstanding Common Stock. 

(b) For purposes of calculating the number of Access Designees that Access is entitled to designate for nomination pursuant to
Section 2.1(a), any fractional amounts shall be rounded up to the nearest whole number and the calculation shall be made on a pro forma basis after taking into account any increase in the size of the Board of Directors. 

(c) With respect to any vacancy of an Access-Designated Director, Access shall have the right to designate a new director for appointment by a
majority of the remaining Directors then on the Board of Directors. 
 (d) Following the Trigger Date, Access may specify, in its sole
discretion, by notice to the Company (which notice may be oral or in writing) which Directors are Access-Designated Directors. 

  
 5 

 (e) Until such time as the Access Affiliated Group first ceases to beneficially own at least
35% of the total combined voting power of the then-outstanding Common Stock, the Company shall, and shall use its best efforts to cause the Board of Directors to, cause the Chairman of the Board of Directors to be an Access-Designated Director. 

(f) Until such time as the Access Affiliated Group first ceases to beneficially own at least 10% of the total combined voting power of the
then-outstanding Common Stock, the Company shall, and shall use its best efforts to cause the Board of Directors or the Nominating and Corporate Governance Committee thereof to, do each of the following: 

 

	 	(i)	 include the Access Designees in the slate of nominees recommended by the Board of Directors or the Nominating
and Corporate Governance Committee thereof, and to use its best efforts to cause the election or appointment of each such Access Designee to the Board of Directors, including nominating such individuals to be elected or appointed as
Access-Designated Directors as provided herein; 

  

	 	(ii)	 cause there to be on the Board of Directors at all times that number of Access-Designated Directors for which
Access maintains designation rights pursuant to Section 2.1(a); 

  

	 	(iii)	 fill any vacancy on the Board of Directors created by the resignation, removal or incapacity of any
Access-Designated Director with another Access-Designated Director candidate identified by Access, to the extent Access would at such time have designation rights for such Access-Designated Director candidate pursuant to Section 2.1(a);

  

	 	(iv)	 not permit the removal of any Access-Designated Director without Access’s consent, to the extent Access
would at such time have designation rights for such Access-Designated Director pursuant to Section 2.1(a); and 

  

	 	(v)	 take all actions necessary to effectuate the matters set forth in Section 2.2 below.

  

	2.2	 Committees of the Board of Directors. 

As of the Completion of the IPO, the Board of Directors shall have established an audit committee, compensation committee, nominating and
corporate governance committee, finance committee and executive committee. 
 Until the Trigger Date, Access shall have the right to
designate Access-Designated Directors for appointment to each of the foregoing committees, as well as any subsequently established committee(s); provided that the composition of any such committee shall comply with applicable law, rule or
regulation, including those related to director independence. Following the Trigger Date, Access shall be entitled to representation on each such committee equal to the number of Access-Designated Director(s) that is as close as possible to
Access’s proportional voting power in the Company (with any fractional amounts to be rounded up to the nearest whole number); provided that there shall not at any time be fewer than one Access-Designated Director on each such committee.

  
 6 

 ARTICLE III 

INFORMATION RIGHTS AND ACCESS TO INFORMATION 
  

	3.1	 Financial Information. 

Upon written request of Access, the Company shall deliver, or cause to be delivered, to Access, the following information for so long as the
Access Affiliated Group holds at least 10% of the total combined voting power of the then-outstanding Common Stock: 
 (a) Annual
Reports. As soon as available after the end of each fiscal year of the Company, and in any event within ninety (90) days thereafter, an audited consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal
year, and the related consolidated statements of operations, (deficit) equity, comprehensive income (loss) and cash flows of the Company and its Subsidiaries for such year, together with all related notes and schedules thereto, prepared in
accordance with GAAP consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and accompanied by the reports thereon of the Company’s independent auditors. 

(b) Quarterly Reports. As soon as available after the end of the first, second and third quarterly accounting periods in each fiscal
year of the Company, and in any event within forty-five (45) days thereafter, an unaudited consolidated balance sheet of the Company and its Subsidiaries as of the end of each such quarterly period, and the related consolidated statements of
operations, (deficit) equity, comprehensive income (loss) and cash flows of the Company and its Subsidiaries for such quarterly period and for the current fiscal year to date, together with all related notes and schedules thereto, prepared in
accordance with GAAP consistently applied (subject to normal year-end audit adjustments and the absence of notes thereto) and setting forth in comparative form the figures for the corresponding periods of the
previous fiscal year. 
 (c) Monthly Reports. As soon as available after the end of each month, and in any event within forty-five
(45) days thereafter, an unaudited consolidated balance sheet of the Company and its Subsidiaries as of the end of each such monthly period, and the related consolidated statements of operations, (deficit) equity, comprehensive income (loss)
and cash flows of the Company and its Subsidiaries for such monthly period and for the current fiscal year to date, prepared in accordance with GAAP consistently applied (subject to normal year-end audit
adjustments and the absence of notes thereto). Unless Access requests in writing that the monthly reports described above be specifically provided, the Company shall be deemed to have satisfied the information delivery requirement in this
Section 3.1(c) by providing monthly metrics prepared for the Board of Directors in form and substance substantially consistent with those prepared as of the date of this Agreement by the date described in the first sentence hereof. 

  
 7 

 (d) Budget, Business Plan and Financial Forecast. An annual budget, a business plan
and financial forecasts for the Company for each fiscal year of the Company (the “Annual Budget”), no later than sixty (60) days after the end of the Company’s immediately preceding fiscal year, in such manner and form as
approved by the Board of Directors, which shall include at least a projection of income and a projected cash flow statement for each fiscal quarter in such fiscal year and a projected balance sheet as of the end of each fiscal quarter in such fiscal
year, in each case prepared in reasonable detail, with appropriate presentation and discussion of the principal assumptions upon which such budgets and projections are based, which shall be accompanied by the statement of the CEO or CFO or
equivalent officer of the Company to the effect that such budget and projections are based on reasonable and good faith estimates and assumptions made by the management of the Company for the respective periods covered thereby; it being recognized
by such holders that such budgets and projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by them may differ from the projected results. Any material changes in such Annual
Budget shall be delivered to Access as promptly as practicable after such changes have been approved by the Board of Directors. 
 (e)
Other Requested Information. With reasonable promptness, such other information and data (including such information and reports made available to any lender of the Company or any of its Subsidiaries under any credit agreement or otherwise)
with respect to the Company and each of its Subsidiaries as may be necessary for such Person to comply with its respective reporting, regulatory, or other legal requirements and as may from time to time be reasonably requested by any such Person.

 Notwithstanding anything to the contrary in this Section 3.1, the Company may satisfy its obligations hereunder by providing the
specified reports, financial statements or other information, as applicable, to the SEC on EDGAR or otherwise making them publicly available. 
  

	3.2	 Access to Information. 

The Company shall, and shall cause its Subsidiaries, officers, Directors, employees, auditors and other agents to, afford to Access, until such
time as the Access Affiliated Group first ceases to beneficially own at least 5% of the total combined voting power of the then-outstanding Common Stock, (i) during normal business hours and upon reasonable notice, reasonable access at
all reasonable times to its officers, employees, auditors, legal counsel, properties, offices and other facilities and to all books and records, and (ii) the opportunity to discuss the affairs, finances and accounts of the Company and
its Subsidiaries with their respective officers from time to time as Access may reasonably request upon reasonable notice. 
 ARTICLE IV

 ACCESS APPROVAL AND CONSENT RIGHTS AND OTHER RIGHTS 
  

	4.1	 Access Approval and Consent Rights. 

(a) Until such time as the Access Affiliated Group first ceases to beneficially own at least 10% of the then-outstanding Common Stock, the
Company shall not take any of the following actions, whether directly or indirectly through a Subsidiary, or through one or a series of related transactions, without the prior written consent of Access: 

 

	 	(i)	 any merger, consolidation or similar transaction (or any amendment to or termination of an agreement to enter
into such a transaction) with or into any other Person whether in a single transaction or a series of related transactions, except any acquisition or disposition (whether through merger, consolidation or otherwise) involving consideration less than
$25 million; 

  
 8 

	 	(ii)	 any acquisition or disposition of securities, assets or liabilities involving consideration or book value
greater than $25 million; 

  

	 	(iii)	 any change in the authorized Capital Stock of the Company or the creation of any new class or series of Capital
Stock of the Company; 

  

	 	(iv)	 any issuance or acquisition of Capital Stock (including stock
buy-backs, redemptions or other reductions of capital), or securities convertible into or exchangeable or exercisable for Capital Stock or equity-linked securities, of the Company or any of its Subsidiaries,
except: 

  

	 	(A)	 issuances of Equity Awards to Directors or employees pursuant to an equity compensation plan approved by the
Board of Directors; 

  

	 	(B)	 issuances or acquisitions of Capital Stock of a Subsidiary of the Company to or by a Wholly Owned Subsidiary of
the Company; and 

  

	 	(C)	 issuances or acquisitions of Capital Stock that the Board of Directors determines are necessary to maintain
compliance with covenants contained in any debt instrument; 

  

	 	(v)	 any issuance or acquisition (including redemptions, prepayments, open market or negotiated repurchases or other
transactions reducing the outstanding debt of the Company or any Subsidiary) of any debt security to or from a third party, in each case involving an aggregate principal amount exceeding $25 million; 

 

	 	(vi)	 any other incurrence of a debt obligation of the Company or any Subsidiary to or from a third party having a
principal amount greater than $25 million; 

  

	 	(vii)	 entry into or termination of any joint venture or similar business alliance involving assets having a value
exceeding $25 million; 

  

	 	(viii)	 listing or delisting of any securities of the Company or any of its Subsidiaries on a securities exchange,
other than the listing or delisting of debt securities on the Exchange or any other securities exchange located solely in the United States; 

  

	 	(ix)	 (A) any action to increase or decrease the size of the Board of Directors, (B) the formation
of, or delegation of authority to, any new committee, or subcommittee thereof, of the Board of Directors, (C) the delegation of authority to any existing committee or subcommittee thereof not set forth

  
 9 

	 	
in the committee’s charter or authorized by the Board of Directors prior to the Completion of the IPO or (D) any amendments to the charter (or equivalent authorizing document) of
any committee, including any action to increase or decrease size of any committee (whether by amendment or otherwise), except in each case as required by Applicable Law; 

 

	 	(x)	 any amendment (or approval or recommendation of any amendment) to the Company’s certificate of
incorporation or bylaws; 

  

	 	(xi)	 with respect to the Company or any Subsidiary, any filing or the making of any petition under Bankruptcy Laws,
any general assignment for the benefit of creditors, any admission of an inability to meet obligations generally as they become due or any other act the consequence of which is to subject the Company or any Subsidiary to a proceeding under
Bankruptcy Laws; 

  

	 	(xii)	 any dissolution or winding-up of the Company; 

 

	 	(xiii)	 the election, appointment, hiring, dismissal or removal of the Company’s CEO, CFO or General Counsel;

  

	 	(xiv)	 any material change in a significant accounting policy of the Company and any termination or change of the
Company’s independent auditor; 

  

	 	(xv)	 settlement of any litigation to which the Company or any of its subsidiaries is a party involving the payment
by the Company or any of its subsidiaries of an amount equal to or greater than $15 million; or 

  

	 	(xvi)	 the creation or amendment of any stock option, employee stock purchase or similar equity-based plan for
management or employees, or any increase in the number of shares of Common Stock reserved under such plan. 

 (b) With
respect to any action for which Access has consent or approval rights under Article IV, the Company shall provide Access with a written notice describing the intended action and requesting Access’s prior written consent or approval. The consent
or approval of Access shall be evidenced in writing signed by a duly authorized officer of Access and shall be provided to the Company no later than five business days following receipt of the Company’s notice. Notwithstanding the foregoing,
Access may waive the foregoing notice requirement by approval of a majority of the Access-Designated Directors. In addition, notwithstanding the foregoing, until such time as the Access-Designated Directors no longer comprise a majority of the
Directors on the Board of Directors or, in the case of any action requiring the consent of a committee of the Board of Directors, such committee, the approval of the Board of Directors or such committee shall be deemed a waiver of the Company’s
notice requirement and constitute the consent or approval of Access so long as the Access-Designated Director(s) on the Board of Directors or such committee who are also Access employees so approve. 

  
 10 

	4.2	 Expenses. 

Until such time as the Access Affiliated Group first ceases to beneficially own at least 35% of the total combined voting power of the
then-outstanding Common Stock, the Company shall, or shall cause one or more of its Subsidiaries to, pay directly, or reimburse Access for, its reasonable Out-of-Pocket
Expenses (as defined below). For purposes of this Agreement, “Out-of-Pocket Expenses” shall mean the amounts actually paid by Access in cash in
connection with the performance of any Services (as defined below) by Access on behalf of the Company or any of its Subsidiaries, including, without limitation, (i) fees and disbursements (including underwriting fees) of any independent
auditors, outside legal counsel, consultants, investment bankers, financial advisors and other independent professionals or organizations, (ii) costs of any outside services or independent contractors such as financial printers,
couriers, business publications or similar services, (iii) transportation, and (iv) telephone calls, word processing expenses or any similar expense not associated with Access’s ordinary operations. All reimbursements
for Out-of-Pocket Expenses shall be made promptly upon or as soon as practicable after presentation by Access to the Company of the statement in connection therewith.
For purposes of this Agreement, “Services” shall mean (i) professional, advisory, consulting and oversight services relating to strategic planning, marketing and financial oversight of the operations of the Company and
its Subsidiaries and any personnel matters, including in connection with the selection, retention and supervision of independent auditors, outside legal counsel, investment bankers or other advisors or consultants of the Company and its Subsidiaries
and (ii) financial, advisory, investment banking or other services with respect to proposed transactions, including acquisitions or divestitures and public or private sales of debt or equity securities, which directly or indirectly
involve the Company or its Subsidiaries. 
  

	4.3	 Margin Loans and Other Pledges 

Notwithstanding any other policy of the Company, including the Insider Trading Policy, any member of the Access Affiliated Group may enter into
or borrow against any margin loan facility, borrow against any account that holds Common Stock or otherwise pledge or hypothecate its Common Stock as collateral for a loan at any time. 

ARTICLE V 
 GENERAL
PROVISIONS 
  

	5.1	 Certificate of Incorporation and Bylaws. 

The rights and obligations of Access with respect to the Company shall be determined pursuant to the DGCL, the Company’s certificate of
incorporation, the Company’s bylaws and this Agreement. To the extent that the rights or obligations of Access are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement, to
the extent permitted by the DGCL, shall control. 
  

	5.2	 Notices. 

Unless otherwise specified herein, all notices required or permitted to be given under this Agreement shall be in writing, shall refer
specifically to this Agreement and shall be delivered personally, sent by a nationally recognized overnight courier service or sent by in the form of an electronic transmission (receipt confirmation requested), and shall be deemed to be effective
upon delivery. All such notices shall be addressed to the receiving Party at such Party’s address or email address set forth below, or at such other address or email address as the receiving Party may from time to time furnish by notice as set
forth in this Section 5.2: 

  
 11 

 If to the Company, to: 

Warner Music Group Corp. 
 1633
Broadway, 7th Floor 
 New York, NY 10019 

Attention: Paul Robinson, General Counsel 

Telephone: (212) 275-2045 

Email: Paul.Robinson@wmg.com 
 If
to Access, to: 
 Access Industries, LLC 

70 Fifth Avenue 
 New York, NY
10019 
 Attention: Alejandro Moreno 

Telephone: (212) 247-6400 

Email: amoreno@accind.com 
  

	5.3	 Specific Performance; Remedies. 

In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the affected
Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be
cumulative. The other Party shall not oppose the granting of such relief. The Parties agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any
defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are hereby waived. 

 

	5.4	 Jurisdiction; Waiver of Jury Trial. 

In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the Parties
unconditionally accepts the jurisdiction and venue of the Court of Chancery of the State of Delaware or, if the Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex
Commercial Division) or, if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any
such judicial proceeding, the Parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the
directions in Section 5.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

  
 12 

	5.5	 Governing Law. 

This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Delaware applicable to contracts made and to
be performed entirely within such State, without regard to the conflicts of law principles thereof to the extent that such principles would apply the law of another jurisdiction. 

 

	5.6	 Severability. 

In the event that any provision of this Agreement is declared invalid, void or unenforceable, the remainder of this Agreement shall remain in
full force and effect, and such invalid, void or unenforceable provision shall be interpreted in a manner that accomplishes, to the extent possible, the original purpose of such provision. 

 

	5.7	 Amendment, Modification and Waiver. 

This Agreement may be amended, modified or supplemented at any time by written agreement of the Parties. Any failure of any Party to comply
with any term or provision of this Agreement may be waived by the other Party, by an instrument in writing signed by such Party, but such waiver or failure to insist upon strict compliance with such term or provision shall not operate as a waiver
of, or estoppel with respect to, any subsequent or other failure to comply. 
  

	5.8	 Assignment. 

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns. Except for
any assignment or transfer by Access to a Permitted Transferee, neither Party shall assign any of its rights or delegate any of its obligations under this Agreement without the prior written consent of the other Party. Any purported assignment in
violation of this Section shall be null and void ab initio. 
  

	5.9	 Further Assurances. 

In addition to the actions specifically provided for elsewhere in this Agreement, each Party shall execute and deliver such additional
documents, instruments, conveyances and assurances, take, or cause to be taken, all actions and do, or cause to be done, all things reasonably necessary, proper or advisable to carry out the provisions of this Agreement. To the fullest extent
permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, Access being deprived of the rights contemplated by this Agreement. 

  
 13 

	5.10	 Third-Party Beneficiaries. 

Except as expressly set forth elsewhere in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any
Person, other than the Parties and their respective successors and assigns, any rights or remedies under or by reason of this Agreement. Only the Parties that are signatories to this Agreement (and their respective permitted successors and assigns)
shall have any obligation or liability under, in connection with, arising out of, resulting from or in any way related to this Agreement or any other matter contemplated hereby, or the process leading up to the execution and delivery of this
Agreement and the transactions contemplated hereby, subject to the provisions of this Agreement. 
  

	5.11	 Discretion of Parties. 

Where this Agreement requires or permits any Party to make or take any decision, determination or action with respect to matters governed by
this Agreement, unless expressly provided otherwise, such decision, determination or action may be made or taken by such Party in its sole and absolute discretion. 
  

	5.12	 Entire Agreement. 

This Agreement embodies the entire agreement and understanding of the Parties in respect of the subject matter covered by this Agreement. There
are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. This Agreement supersedes all prior oral and written agreements and understandings between the Parties
with respect to such subject matter. 
  

	5.13	 Term. 

Except to the extent set forth in the following sentence, this Agreement shall terminate and be of no further force or effect as of the date
that is one year following the date when the Access Affiliated Group first ceases to beneficially own at least 5% of the total combined voting power of the then-outstanding Common Stock. Notwithstanding the foregoing sentence, the provisions of
Article I and Article V hereof shall survive termination of this Agreement. 
  

	5.14	 Titles and Subtitles. 

The titles of the articles, sections and subsections of this Agreement are for convenience of reference only and shall not affect the meaning
or interpretation of this Agreement. 
  

	5.15	 No Recourse. 

This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement
or the negotiation, execution or performance of this Agreement may only be made against, the entities that are expressly identified as Parties and no past, present or future Affiliate, Director, officer, employee, incorporator, member, manager,
partner, stockholder, agent, attorney or representative of any Party shall have any liability for any obligations or liabilities of the Parties or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. 

  
 14 

	5.16	 Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same instrument. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic imaging means (including in pdf or tif format sent by electronic mail) by a Party to the other Party and the
receiving Party may rely on the receipt of such document so executed and delivered by facsimile or other electronic imaging means as if the original had been received. 

[Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Stockholder Agreement to be executed and
delivered as of the date first above written. 
  

			
	ACCESS INDUSTRIES, LLC
		
	By:	 	
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	WARNER MUSIC GROUP CORP.
		
	By:	 	
                 

		 	Name:
		 	Title:

 [Signature Page to Stockholder Agreement]EX-10.2

 Exhibit 10.2 
  

 
  

FORM OF 
 REGISTRATION
RIGHTS AGREEMENT 
 dated as of 

[•], 2020 
 between

 Warner Music Group Corp. 

and 
 Access Industries,
LLC 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I
	  			
		
	 DEFINITIONS
	  			
			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Interpretation	  	 	5	 
		
	 ARTICLE II
	  			
		
	 REGISTRATION RIGHTS
	  			
			
	 2.1
	 	Shelf Registration	  	 	6	 
	 2.2
	 	Demand Registrations	  	 	7	 
	 2.3
	 	Priority	  	 	8	 
	 2.4
	 	Piggyback Registrations	  	 	9	 
	 2.5
	 	Lock-up Agreements	  	 	10	 
	 2.6
	 	Registration Procedures	  	 	10	 
	 2.7
	 	Registration Expenses	  	 	16	 
	 2.8
	 	Underwritten Offering	  	 	17	 
	 2.9
	 	Suspension of Registration	  	 	18	 
	 2.10
	 	Indemnification	  	 	18	 
	 2.11
	 	Conversion of Other Securities	  	 	22	 
	 2.12
	 	Rule 144; Rule 144A	  	 	22	 
	 2.13
	 	Transfer of Registration Rights	  	 	22	 
		
	 ARTICLE III
	  			
		
	 PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF
REGISTRABLE SECURITIES BY ACCESS
	  			
			
	 3.1
	 	Underwriter Selection	  	 	23	 
	 3.2
	 	Cooperation with Sales	  	 	23	 
	 3.3
	 	Further Assurances	  	 	23	 
		
	 ARTICLE IV
	  			
		
	 MISCELLANEOUS
	  			
			
	 4.1
	 	Term	  	 	24	 
	 4.2
	 	Other Holder Activities	  	 	24	 
	 4.3
	 	No Inconsistent Agreements	  	 	24	 

  
 iii 

							
	 4.4
	 	Amendments and Waivers	  	 	24	 
	 4.5
	 	No Third Party Beneficiaries	  	 	24	 
	 4.6
	 	Entire Agreement	  	 	25	 
	 4.7
	 	Severability	  	 	25	 
	 4.8
	 	Counterparts	  	 	25	 
	 4.9
	 	Remedies; Attorney’s Fees	  	 	25	 
	 4.10
	 	GOVERNING LAW	  	 	25	 
	 4.11
	 	CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL	  	 	25	 
	 4.12
	 	Notice	  	 	26	 

  
 iv 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement, dated as of [•], 2020, is between Warner Music Group Corp., a Delaware corporation (the
“Company”), and Access Industries, LLC, a Delaware limited liability company (“Access”). 

WHEREAS, the Access Affiliated Group intends to sell shares of the Company’s Class A common stock, par value $0.001 per share
(the “Class A Common Stock” and, together with the Company’s Class B common stock, par value $0.001 per share, the “Common Stock”), in the IPO (as defined below); 

WHEREAS, following the completion of the IPO, the Access Affiliated Group will continue to beneficially own approximately [•]% of
the total combined voting power of the outstanding shares of Common Stock; and 
 WHEREAS, in connection with the IPO, the Company
has agreed to provide Access certain rights with respect to the registration and sale of the Common Stock as set forth herein; 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Definitions. 

In this Agreement, the following terms shall have the following meanings: 

“Access Affiliated Group” means Access, Len Blavatnik, the Blavatnik Family Foundation LLC, any direct or indirect
equityholder of Access, any family member of any direct or indirect equityholder of Access, entities controlled, directly or indirectly, or managed, directly or indirectly, by Access or an Affiliate of Access, and any Affiliate or Permitted
Transferee of any of the foregoing, including any Affiliate of any Permitted Transferee. 
 “Affiliate” means, with respect
to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person, (ii) any Person directly or indirectly owning or controlling 10% or more of any class of outstanding
voting securities of such Person or (iii) any officer, director, general partner or trustee of any such Person described in clause (i) or (ii). 

  
 1 

 “Agreement” and “hereof” and “herein”
means this Registration Rights Agreement, including all amendments, modifications and supplements and all annexes and schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time
such reference becomes operative. 
 “Block Sale” means the sale of Registrable Securities to one or several purchasers in
a registered transaction by means of (i) a bought deal, (ii) a block trade or (iii) a direct sale. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except (i) Saturday, (ii) Sunday and (iii) any other day on which
commercial banks in New York are authorized or obligated by law or executive order to close. 
 “Common Stock” has the
meaning set forth in the recitals. 
 “Company” has the meaning set forth in the recitals. 

“Company Outside Counsel” means one counsel selected by the Company to act on its behalf, which counsel, for the avoidance of
doubt, may be the same counsel as Holders’ Counsel. 
 “control” (including the terms “controlling,”
“controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of
the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise 

“Covered Person” has the meaning set forth in Section 2.10(a). 

“Demand Registration” has the meaning set forth in Section 2.2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Holder” means any of (i) Access, (ii) any other member of the Access Affiliated Group and
(iii) any Permitted Transferee. 
 “Holders’ Counsel” means, if any member of the Access Affiliated Group
is participating in an offering of Registrable Securities, one counsel selected by Access for the Holders participating in such offering, or otherwise, one counsel selected by the Holders of a majority of the Registrable Securities included in such
offering, which counsel, for the avoidance of doubt, may be the same counsel as Company Outside Counsel. 

  
 2 

 “IPO” means the initial underwritten public offering of Class A Common
Stock pursuant to an effective Registration Statement under the Securities Act. 
 “Loss” or “Losses” each
has the meaning set forth in Section 2.10(a). 
 “Material Disclosure Event” means, as of any date of determination,
any pending or imminent event relating to the Company or any of its subsidiaries that the Board of Directors reasonably determines in good faith, after consultation with Company Outside Counsel, (i) would require disclosure of material, non-public information relating to such event in any Registration Statement under which Registrable Securities may be offered and sold (including documents incorporated by reference therein) in order that such
Registration Statement would not be materially misleading and (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed with or furnished to the SEC under the Exchange Act
but for the filing of such Registration Statement. 
 “Permitted Transferee” means (i) any member of the Access
Affiliated Group, (ii) any family member of any direct or indirect equityholder of Access, (iii) any trust formed solely for the benefit of any direct or indirect equityholder of Access or such equityholder’s family
members, (iv) any partnership, corporation or other entity controlled by any direct or indirect equityholder of Access or such equityholder’s family members for tax or estate planning purposes and (v) any foundation or
charity affiliated with Access or any Permitted Transferee, so long as any direct or indirect equityholder of Access or a Permitted Transferee, or a fiduciary who is selected by Access or such equityholder or Permitted Transferee and whom Access or
such equityholder or Permitted Transferee has the power to remove and replace, retains voting control over the shares transferred to such foundation or charity. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, association or other
business entity and any trust, unincorporated organization or government or any department, agency or political subdivision thereof. 

“Piggyback Registration” means any registration of Registrable Securities under the Securities Act requested by a Holder in
accordance with Section 2.4(a). 
 “register,” “registered” and “registration”
refers to a registration made effective by preparing and filing a Registration Statement with the SEC in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with
applicable state securities laws of such states in which Holders notify the Company of their intention to offer Registrable Securities. 

  
 3 

 “Registrable Securities” means (i) all shares of Common Stock
held by a Holder and (ii) any equity securities issued or issuable, directly or indirectly, with respect to any such securities referred to in (i) above by way of conversion or exchange thereof or stock dividend or stock split or in
connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization; provided that any securities constituting Registrable Securities will cease to be
Registrable Securities when (a) such securities are sold to a Person who is not a Permitted Transferee, in a private transaction in which the transferor’s rights under this Agreement are not assigned in accordance with this
Agreement to the transferee of the securities, (b) such securities are sold pursuant to an effective Registration Statement, (c) such securities are sold to a Person who is not a Permitted Transferee pursuant to Rule 144 or
(d) such securities shall have ceased to be outstanding. 
 “Registration Expenses” has the meaning set forth
in Section 2.7. 
 “Registration Statement” means any registration statement of the Company under the Securities Act
that permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all
exhibits, all material incorporated by reference or deemed to be incorporated by reference in such registration statements and all other documents filed with the SEC to effect a registration under the Securities Act. 

“Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“Rule 144A” means Rule 144A promulgated by the SEC under the Securities Act. 

“Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

“Rule 415” means Rule 415 promulgated by the SEC under the Securities Act. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to
the sale of Registrable Securities hereunder. 
 “Selling Holder” means a Holder that holds Registrable Securities
registered (or to be registered) on a Registration Statement. 
 “Selling Holder Information” means information furnished
to the Company in writing by a Selling Holder expressly for use in any Registration Statement, which information is limited to the name of such Selling Holder, the number of offered shares of Common Stock and the address and other information with
respect to such Selling Holder included in the “Principal and Selling Stockholders” (or similarly titled) section of the Registration Statement. 

  
 4 

 “Stockholder Agreement” means the Stockholder Agreement, dated as of
[•], 2020, between the Company and Access (as the same may be amended, supplemented, restated or otherwise modified from time to time). 

“Shelf Registration Statement” means a Registration Statement that contemplates offers and sales of securities pursuant to
Rule 415. 
 “Short-Form Registration Statement” means Form S-3 or any successor or
similar form of Registration Statement pursuant to which the Company may incorporate by reference its filings under the Exchange Act made after the date of effectiveness of such Registration Statement. 

“Suspension” has the meaning set forth in Section 2.9. 

“Take-Down Notice” has the meaning set forth in Section 2.1(e). 

“Underwritten Offering” means a discrete registered offering of securities under the Securities Act in which securities of
the Company are sold by one or more underwriters pursuant to the terms of an underwriting agreement. 
 1.2 Interpretation. 

(a) The words “hereto,” “hereunder,” “herein,” “hereof” and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement, unless expressly stated otherwise herein. 

(b) Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
followed by the words “without limitation.” 
 (c) The definitions contained in this Agreement are applicable to the singular as
well as the plural forms of such terms. 
 (d) “Writing,” “written” and comparable terms refer to printing, typing, and
other means of reproducing words (including electronic media) in a visible form. 
 (e) All references to “$” or
“dollars” mean the lawful currency of the United States of America. 
 (f) The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

  
 5 

 (g) Except as expressly stated in this Agreement, all references to any statute, rule or
regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and in the case of statutes, include any rules and regulations promulgated under the statute) and to any successor to such statute,
rule or regulation. 
 (h) Except as expressly stated in this Agreement, all references to agencies, self-regulatory organizations or
governmental entities in this Agreement shall be deemed to be references to the comparable successor thereto. 
 ARTICLE II 

REGISTRATION RIGHTS 
 2.1
Shelf Registration. 
 (a) Filing. At any time following the date hereof, upon the written request of any Holder, the Company
shall promptly (but no later than 30 days after the receipt of such request) file with the SEC a Shelf Registration Statement (which, if permitted, shall be an “automatic shelf registration statement” as defined in Rule 405) relating to
the offer and sale by such Holder of all or part of the Registrable Securities. If at any time while Registrable Securities are outstanding and the Company is eligible to utilize a Shelf Registration Statement, the Company files any Shelf
Registration Statement for its own benefit or for the benefit of holders of any of its securities other than the Holders, the Company shall include in such Shelf Registration Statement such disclosures as may be required under the Securities Act to
ensure that the Holders may sell their Registrable Securities pursuant to such Shelf Registration Statement through the filing of a prospectus supplement rather than a post-effective amendment. 

(b) Effectiveness. The Company shall use its reasonable best efforts to (i) cause such Shelf Registration Statement to be
declared effective under the Securities Act as promptly as practicable after such Shelf Registration Statement is filed and (ii) keep such Shelf Registration Statement (or a replacement Shelf Registration Statement) continuously
effective and in compliance with the Securities Act and usable for the resale of Registrable Securities, until such time as there are no Registrable Securities remaining. 

(c) Sales by Holders. The plan of distribution contained in any Shelf Registration Statement referred to in this Section 2.1 (or
any related prospectus supplement) shall be determined by Access, if any member of the Access Affiliated Group is a requesting Holder for such Shelf Registration Statement, or otherwise by the other requesting Holder or Holders. Each Holder shall be
entitled to sell Registrable Securities pursuant to the Shelf Registration Statement referred to in this Section 2.1 from time to time and at such times as such Holder shall determine. 

  
 6 

 (d) Underwritten Offering. If any Holder intends to sell Registrable Securities
pursuant to any Shelf Registration Statement referred to in this Section 2.1 through an Underwritten Offering, the Company shall take all steps to facilitate such an offering, including the actions required pursuant to Section 2.6 and
Article III, as appropriate; provided that the Company shall not be required to facilitate such Underwritten Offering unless so requested by Access or any other member of the Access Affiliated Group. Any Holder shall be entitled to request an
unlimited number of Underwritten Offerings under this Section 2.1. 
 (e) Shelf Take-Downs. At any time that a Shelf Registration
Statement covering Registrable Securities is effective, if any Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an Underwritten Offering of all or part of its Registrable Securities
included on such Shelf Registration Statement, the Company shall amend or supplement such Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Underwritten Offering. In
connection with any Underwritten Offering pursuant to this Section 2.1, the Company shall deliver the Take-Down Notice to all other Holders with securities included on such Shelf Registration Statement and permit such Holders to include
Registrable Securities included on the Shelf Registration Statement in such Underwritten Offering if any such Holder notifies the Company within two Business Days after the Company has given Holders notice of the Take-Down Notice. 

(f) No Notice in Block Sales. Notwithstanding any other provision of this Agreement, if any member of the Access Affiliated Group wishes
to engage in a Block Sale (including a Block Sale off of a Shelf Registration Statement or an effective automatic shelf registration statement, or in connection with the registration of the Registrable Securities of any member of the Access
Affiliated Group under an automatic shelf registration statement for purposes of effectuating a Block Sale), then notwithstanding the foregoing or any other provisions hereunder, any Permitted Transferee shall not be entitled to receive any notice
of or have its Registrable Securities included in such Block Sale. 
 2.2 Demand Registrations. 

(a) Right to Request Additional Demand Registrations. At any time after the IPO, any Holder may, by providing a written request to the
Company, request to sell all or part of the Registrable Securities pursuant to a Registration Statement that is not a Shelf Registration Statement (a “Demand Registration”). Each request for a Demand Registration shall specify the
kind and aggregate amount of Registrable Securities to be registered and the intended methods of disposition thereof (which, if not specified, shall be by way of Underwritten Offering). Promptly after its receipt of a request for a Demand
Registration (but in any event within five days), the Company shall give written notice of such request to all other Holders. Within 30 days after the date the Company has given the Holders notice of the request for Demand Registration, the Company
shall 

  
 7 

 
file a Registration Statement, in accordance with this Agreement, with respect to all Registrable Securities that have been requested to be registered in the request for Demand Registration and
that have been requested by any other Holders by written notice to the Company within five days after the Company has given the Holders notice of the request for Demand Registration. 

(b) Limitations on Demand Registrations. Subject to Section 2.2(a) and this Section 2.2(b), any Holder will be entitled to
request an unlimited number of Demand Registrations. Any Holder shall be entitled to participate in a Demand Registration initiated by any other Holder. The Company shall not be obligated to effect more than one Demand Registration in any 90-day period. Any Demand Registration shall be in addition to any registration on a Shelf Registration Statement. 

(c) Effectiveness. The Company shall be required to maintain the effectiveness of the Registration Statement with respect to any Demand
Registration for a period of at least 90 days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that such
period shall be extended for a period of time equal to the period the Holder of Registrable Securities refrains from selling any securities included in such Registration Statement at the request of the Company or an underwriter of the Company
pursuant to the provisions of this Agreement. 
 (d) Withdrawal. A Holder may, by written notice to the Company, withdraw its
Registrable Securities from a Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of notices from all applicable Holders to such effect, the Company shall cease all efforts to seek
effectiveness of the applicable Registration Statement. 
 2.3 Priority. If a registration pursuant to Section 2.1 or 2.2 above
is an Underwritten Offering and the managing underwriters of such proposed Underwritten Offering advise the Holders in writing that, in their good faith opinion, the number of securities requested to be included in such Underwritten Offering exceeds
the number which can be sold in such offering without being likely to have a material adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the number of securities to be
included in such Underwritten Offering shall be reduced in the following order of priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any selling securityholder other than the
Holders; second, there shall be excluded from the Underwritten Offering any securities to be sold for the account of the Company; third, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any
Holder that is an unaffiliated Permitted Transferee; and finally, the number of Registrable Securities of any Holders (other than unaffiliated Permitted Transferees) that have been requested to be included therein shall be reduced, pro
rata based on the number of Registrable Securities owned by each such Holder, in each case to the extent necessary to reduce the total number of securities to be included in such offering to the number recommended by the managing underwriters.

  
 8 

 2.4 Piggyback Registrations. 

(a) Piggyback Request. Whenever the Company proposes to register any of its securities under the Securities Act or equivalent non-U.S. securities laws (other than (i) in the IPO, (ii) pursuant to a Demand Registration, (iii) pursuant to a registration statement on Form
S-4 or any similar or successor form or (iv) pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other
employee benefit plan arrangement), and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company shall give prompt written notice to all Holders of its intention to
effect such a registration (but in no event less than 20 days prior to the proposed date of filing of the applicable Registration Statement) and, subject to Section 2.4(c), shall include in such registration all Registrable Securities with
respect to which the Company has received written requests for inclusion therein within 10 days after the date the Company’s notice is given to such Holders (a “Piggyback Registration”). There shall be no limitation on the
number of Piggyback Registrations that the Company shall be required to effect under this Section 2.4. 
 (b) Withdrawal and
Termination. The Company shall be required to maintain the effectiveness of the Registration Statement for a registration requested pursuant to Section 2.4(a) until the earlier to occur of (i) 90 days after the effective date thereof
and (ii) consummation of the distribution by the Holders of the Registrable Securities included in such Registration Statement. Any Holder that has made a written request for inclusion in a Piggyback Registration may withdraw its
Registrable Securities from such Piggyback Registration by giving written notice to the Company on or before the fifth day prior to the planned effective date of such Piggyback Registration. The Company may, without prejudice to the rights of
Holders to request a registration pursuant to Section 2.1 or 2.2 hereof, at its election, give written notice of such determination to each Holder of Registrable Securities and terminate or withdraw any registration under this Section 2.4
prior to the effectiveness of such registration, whether or not any Holder has elected to include Registrable Securities in such registration, and, except for the obligation to pay or reimburse Registration Expenses, the Company shall be relieved of
its obligation to register any Registrable Securities in connection with such registration and will have no liability to any Holder in connection with such termination or withdrawal. 

(c) Priority of Piggyback Registrations. If the managing underwriters advise the Company and Holders of Registrable Securities in
writing that, in their good faith opinion, the number of securities requested to be included in an Underwritten Offering to be effected pursuant to a Piggyback Registration exceeds the number which can be sold in such offering without being likely
to have a material adverse effect on the price, timing 

  
 9 

 
or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Underwritten Offering shall be reduced in the following order of
priority: first, there shall be excluded from the Underwritten Offering any securities to be sold for the account of any Permitted Transferee; second, the number of securities to be included in the Underwritten Offering shall be reduced pro
rata based, in the case of the Access Affiliated Group Holders, on the number of Registrable Securities owned by each Access Affiliated Group Holder, and in the case of the Company, the number of securities to be sold for the account of the
Company, to the extent necessary to reduce the total number of Registrable Securities to be included in such offering to the number recommended by the managing underwriters. No registration of Registrable Securities effected pursuant to a request
under this Section 2.4 shall be deemed to have been effected pursuant to Sections 2.1 or 2.2 or shall relieve the Company of its obligations under Sections 2.1 or 2.2. 

2.5 Lock-up Agreements. Each of the Company and the Holders agrees, upon notice from the
managing underwriters in connection with any registration for an Underwritten Offering of the Company’s securities (other than pursuant to a registration statement on Form S-4 or any similar or successor
form, or pursuant to a registration solely relating to an offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), not to effect (other than pursuant to such
registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable
Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the managing underwriters for a period of up to 90
days (or such shorter period as may be agreed to by the managing underwriter(s)); provided that such restrictions shall not apply in any circumstance to (i) securities acquired by a Holder in the public market subsequent to the
IPO, (ii) distributions-in-kind to a Holder’s limited or other partners, members, shareholders or other equity holders, (iii) transfers by a
member of the Access Affiliated Group to another member of the Access Affiliated Group, (iv) any direct or indirect transfer to a Permitted Transferee or (v) such other exceptions as may be agreed to by the managing
underwriter(s). Notwithstanding the foregoing, no holdback agreements of the type contemplated by this Section 2.5 shall be required of Holders (A) unless each of the Company’s directors and executive officers agrees to be
bound by a substantially identical holdback agreement for at least the same period of time; or (B) that restricts the offering or sale of Registrable Securities pursuant to a Demand Registration. 

2.6 Registration Procedures. Subject to the proviso of Section 2.1(d), if and whenever the Company is required to effect the
registration of any Registrable Securities pursuant to this Agreement, the Company shall use its reasonable best efforts to effect and facilitate the registration, offering and sale of such Registrable Securities in accordance with the intended
method of disposition thereof as promptly as is practicable, and the Company shall as expeditiously as possible: 

  
 10 

 (a) prepare and file with the SEC (within 30 days after the date on which the Company has
given Holders notice of any request for Demand Registration) a Registration Statement with respect to such Registrable Securities, make all required filings (including FINRA filings) in connection therewith and thereafter and (if the Registration
Statement is not automatically effective upon filing) use its reasonable best efforts to cause such Registration Statement to become effective; provided that, before filing a Registration Statement or any amendments or supplements thereto
(including free writing prospectuses under Rule 433), the Company will furnish to Holders’ Counsel for such registration copies of all such documents proposed to be filed (including exhibits thereto), which documents will be subject to review
of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC and any communications from any stock exchange on which the Registrable Securities are trading, and give the Holders
participating in such registration an opportunity to comment on such documents and keep such Holders reasonably informed as to the registration process; provided further that if the Board of Directors determines in its good faith
judgment that registration at the time would require the inclusion of financial or other information (including pro forma financial information), which requirement the Company is reasonably unable to comply with, then the Company may defer
the filing (but not the preparation) of the Registration Statement which is required to effect the applicable registration for a reasonable period of time (but not in excess of 45 days). 

(b) prepare and file with the SEC such amendments and supplements to any Registration Statement as may be necessary to keep such Registration
Statement effective for a period of either (i) not less than 90 days or, if such Registration Statement relates to an Underwritten Offering in the case of a Demand Registration, such longer period as in the opinion of counsel for the
managing underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or the maximum period of time permitted by the Securities Act in the case of a Shelf Registration
Statement, or (ii) such shorter period ending when all of the Registrable Securities covered by such Registration Statement have been disposed of (but in any event not before the expiration of any longer period required under the
Securities Act); 
 (c) furnish to each Selling Holder, Holders’ Counsel and the underwriters such number of copies, without charge, of
any Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, all exhibits and other documents filed therewith and such other documents as such Persons may reasonably request from time to
time in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder; provided that, before amending or 

  
 11 

 
supplementing any Registration Statement, the Company shall furnish to the Holders a copy of each such proposed amendment or supplement and not file any such proposed amendment or supplement to
which any Selling Holder reasonably objects. The Company hereby consents to the use of such prospectus and each amendment or supplement thereto by each of the Selling Holders of Registrable Securities and the underwriters, if any, in connection with
the offering and sale of the Registrable Securities covered by such prospectus and any such amendment or supplement thereto; 
 (d) use its
reasonable best efforts to register or qualify any Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Selling Holder, and the managing underwriters, if any reasonably request, use its reasonable best
efforts to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts and things that may be necessary or reasonably
advisable to enable such Selling Holder and each underwriter, if any, to consummate the disposition of Registrable Securities in such jurisdictions; provided that the Company will not be required to (i) qualify generally to do
business in any such jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any jurisdiction where it is not then so subject or (iii) consent to general
service of process in any such jurisdiction where it is not then so subject (other than service of process in connection with such registration or qualification or any sale of Registrable Securities in connection therewith); 

(e) use its reasonable best efforts to (i) cause all Registrable Securities covered by any Registration Statement to be registered
with or approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary or reasonably advisable in light of the business and operations of the Company to enable the Selling Holders to consummate the
disposition of such Registrable Securities in accordance with the intended method or methods of disposition thereof and (ii) comply with the provisions of the Securities Act and with the rules and regulations of such other bodies with
respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (f) during any time when a prospectus is
required to be delivered under the Securities Act, promptly notify each Selling Holder and Holders’ Counsel upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus contains an untrue
statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made and, as promptly as practicable, prepare and furnish to such Selling Holders a reasonable
number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

  
 12 

 (g) promptly notify each Selling Holder and Holders’ Counsel (i) when the
Registration Statement, any prospectus supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective,
(ii) of any written comments by the SEC or any request by the SEC for amendments or supplements to such Registration Statement or to amend or to supplement any prospectus contained therein or for additional information,
(iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceedings for any of such purposes, (iv) if at the time the Company has
reason to believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by Section 2.6(j) below cease to be true and correct and (v) of the receipt by
the Company of any notification with respect to the suspension of the qualification or exemption from qualification of such Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose;

 (h) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are
then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New York Stock Exchange; 

(i) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration
Statement, and, if required, obtain a CUSIP number for such Registrable Securities not later than such effective date; 
 (j) enter into such
customary agreements (including underwriting agreements with customary provisions in such forms as may be requested by the managing underwriters) and take all such other actions as the Selling Holders or the underwriters, if any, reasonably request
in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a share split or a combination of shares); 

(k) make available for inspection by any Selling Holder, Holders’ Counsel, any underwriter participating in any disposition pursuant to
the applicable Registration Statement and any attorney, accountant or other agent retained by any such Selling Holder or underwriter all financial and other records, pertinent corporate documents and documents relating to the business of the Company
reasonably requested by such Selling Holder, cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Selling Holder, Holders’ Counsel, underwriter, attorney,
accountant or agent in connection with such Registration 

  
 13 

 
Statement and make senior management of the Company available for customary due diligence and drafting activity; provided that any such Person gaining access to information or personnel
pursuant to this Section 2.6(k) shall (i) reasonably cooperate with the Company to limit any resulting disruption to the Company’s business and (ii) agree to use reasonable efforts to protect the confidentiality of
any information regarding the Company which the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (A) the release of such information is requested or required by deposition,
interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (B) the release of such information, in the opinion of such Person, is required to be released by law or applicable legal
process, (C) such information is or becomes publicly known without a breach of this Agreement, (D) such information is or becomes available to such Person on a non-confidential basis
from a source other than the Company or (E) such information is independently developed by such Person. In the case of a proposed disclosure pursuant to (A) or (B) above, such Person shall be required to give the Company written
notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure; 

(l) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the applicable
Registration Statement, which earnings statement will satisfy the provisions of Section 11(a) of the U.S. Securities Act (including, at the Company’s option, Rule 158 thereunder); 

(m) in the case of an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information as
the managing underwriters or any Selling Holder reasonably requests to be included therein, the purchase price being paid therefor by the underwriters and any other terms of the Underwritten Offering of the Registrable Securities to be sold in such
offering, and promptly make all required filings of such prospectus supplement or post-effective amendment; 
 (n) in the event of the
issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in
any jurisdiction, use its reasonable best efforts to promptly obtain the withdrawal of such order; 

  
 14 

 (o) make senior management of the Company available to assist to the extent reasonably
requested by the managing underwriters of any Underwritten Offering to be made pursuant to such registration in the marketing of the Registrable Securities to be sold in the Underwritten Offering, including the participation of such members of the
Company’s senior management in “road show” presentations and other customary marketing activities, including “one-on-one” meetings with
prospective purchasers of the Registrable Securities to be sold in the Underwritten Offering, and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto,
in each case to the same extent as if the Company were engaged in a primary registered offering of its Common Stock; 
 (p) use reasonable
best efforts to: (a) obtain all consents of independent public accountants required to be included in the Registration Statement and (b) in connection with each offering and sale of Registrable Securities, obtain one or more comfort
letters, addressed to the underwriters and to the Selling Holders, dated the date of the underwriting agreement for such offering and the date of each closing under the underwriting agreement for such offering, signed by the Company’s
independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as the underwriters or Access, if any member of the Access Affiliated Group is a Selling Holder in such offering, or
otherwise by the Holders of a majority of the Registrable Securities being sold in such offering, as applicable, reasonably request; 
 (q)
use reasonable best efforts to obtain: (a) all legal opinions from Company Outside Counsel (or internal counsel if acceptable to the managing underwriters) required to be included in the Registration Statement and (b) in connection with
each closing of a sale of Registrable Securities, legal opinions from Company Outside Counsel (or internal counsel if acceptable to the managing underwriters), addressed to the underwriters and the Selling Holders, dated as of the date of such
closing, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered
by legal opinions of such nature; 
 (r) upon the occurrence of any event contemplated by Section 2.6(f) above, promptly prepare a
supplement or post-effective amendment to the Registration Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities being sold thereunder, such prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; 
 (s) reasonably cooperate with each
seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

  
 15 

 (t) take no direct or indirect action prohibited by Regulation M under the Exchange Act;
provided that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make such prohibition inapplicable; and 

(u) use its reasonable best efforts to take or cause to be taken all other actions, and do and cause to be done all other things necessary or
reasonably advisable in the opinion of Holders’ Counsel to effect the registration, marketing and sale of such Registrable Securities. 

The Company agrees not to file or make any amendment to any Registration Statement with respect to any Registrable Securities, or any
amendment of or supplement to the prospectus used in connection therewith, that refers to any Holder covered thereby by name, or otherwise identifies such Holder as the holder of any securities of the Company, without the consent of such Holder,
such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law, rule or regulation, in which case the Company shall provide prompt written notice to such Holders prior to the filing of such
amendment to any Registration Statement or amendment of or supplement to such prospectus or any free writing prospectus. 
 If the Company
files any Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall use its reasonable best efforts to include in such registration statement such disclosures as may
be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such
Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. 
 2.7
Registration Expenses. Whether or not any Registration Statement is filed or becomes effective, the Company shall pay directly or promptly reimburse all costs, fees and expenses incident to the Company’s performance of or compliance with
this Agreement, including (i) all registration and filing fees, (ii) all fees and expenses associated with filings to be made with any securities exchange or with any other governmental or quasi-governmental authority,
(iii) all fees and expenses of compliance with securities or blue sky laws, including reasonable fees and disbursements of counsel in connection therewith, (iv) all printing expenses (including expenses of printing
certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is requested by the Holders or the managing underwriters, if any), (v) all “road show” expenses incurred in respect of any
Underwritten Offering, including all costs of travel, lodging and meals, (vi) all messenger, telephone and delivery expenses, (vii) all fees and disbursements of Company Outside Counsel, (viii) all fees and
disbursements of all independent certified public accountants of the Company (including expenses of any “cold comfort” letters required in connection with this Agreement) and 

  
 16 

 
all other persons, including special experts, retained by the Company in connection with such Registration Statement, (ix) all reasonable fees and disbursements of underwriters (other
than Selling Expenses) customarily paid by the issuers or sellers of securities and, (x) all other costs, fees and expenses incident to the Company’s performance or compliance with this Agreement (all such expenses,
“Registration Expenses”). The Selling Holders shall be responsible for the fees and expenses of Holders’ Counsel (if such Holders’ Counsel is different from Company Outside Counsel) and Selling Expenses. The Company will,
in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or quarterly review and the expenses of any
liability insurance. The Company shall have no obligation to pay any Selling Expenses. 
 2.8 Underwritten Offering. 

(a) No Holder may participate in any registration hereunder that is an Underwritten Offering unless such Holder (i) agrees to sell
its Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green
shoe” option requested by the managing underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration), (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s
reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate, will not
constitute a breach by the Company of this Agreement); provided that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to
(A) such Holder’s ownership of Registrable Securities to be transferred free and clear of all liens, claims, and encumbrances created by such Holder and (B) such Holder’s power and authority to effect such transfer;
provided further that any obligation of such Holder to indemnify any Person pursuant to any underwriting agreement shall be several, not joint, among such Holders selling Registrable Securities, and such liability shall be limited to
the net proceeds received by such Holder, as applicable, from the sale of Registrable Securities pursuant to such registration (which proceeds shall include the amount of cash or the fair market value of any assets in exchange for the sale or
exchange of such Registrable Securities or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net proceeds. 

  
 17 

 2.9 Suspension of Registration. In the event of a Material Disclosure Event at the
time of the filing, initial effectiveness or continued use of a Registration Statement, including a Shelf Registration Statement, the Company may, upon giving at least 10 days’ prior written notice of such action to the Holders delay the filing
or initial effectiveness of, or suspend use of, such Registration Statement (a “Suspension”); provided, however, that the Company shall not be permitted to exercise a Suspension (i) more than twice during
any 12-month period, (ii) for a period exceeding 45 days on any one occasion, (iii) unless for the full period of the Suspension, the Company does not offer or sell securities for its
own account, does not permit registered sales by any holder of its securities and prohibits offers and sales by its directors and officers, or (iv) at any time within seven days prior to the anticipated pricing of an Underwritten
Offering pursuant to a Demand Registration or within 35 days after the pricing of such an Underwritten Offering. In the case of a Suspension, the Holders will suspend use of the applicable prospectus in connection with any sale or purchase of, or
offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. In connection with a Demand Registration, prior to the termination of any Suspension, the Holder that made the request for Demand Registration will be
entitled to withdraw its Demand Notice. Upon receipt of notices from all Holders of Registrable Securities included in such Registration Statement to such effect, the Company shall cease all efforts to secure effectiveness of the applicable
Registration Statement. The Company shall immediately notify the Holders upon the termination of any Suspension. 
 2.10
Indemnification. 
 (a) The Company agrees to indemnify and hold harmless to the fullest extent permitted by law, each Holder, any
Person who is or might be deemed to be a controlling person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act their respective direct and indirect general and
limited partners, advisory board members, directors, officers, trustees, managers, members, agents, Affiliates and shareholders, and each other Person, if any, who controls any such Holder or controlling person within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (each such person being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for any losses, claims, damages, liabilities, joint
or several, costs (including, without limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such Covered Person in connections with any investigation or proceeding), expenses,
judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses” and, individually, each a “Loss”) to which such Covered Person may become subject under the Securities Act, the Exchange
Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out
of or are based upon (i) any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, 

  
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prospectus, preliminary prospectus or free writing prospectus, or any amendment thereof or supplement thereto, or any document incorporated by reference therein, or any other such disclosure
document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, (ii) any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, or (iii) any violation by the Company of any rule or regulation promulgated under the Securities Act or any state securities laws applicable to the Company and relating
to action or inaction required of the Company in connection with any such registration, and the Company will pay and reimburse such Covered Persons for any legal or any other expenses actually and reasonably incurred by them in connection with
investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the Company shall not be liable in any such case to the extent that any such Loss (or action or proceeding in respect thereof) arises
out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or incorporated by reference in such Registration Statement, any such prospectus, preliminary prospectus or free writing prospectus or any
amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or
other document or report, or in any application in reliance upon, and in conformity with, the Selling Holder Information. In connection with an Underwritten Offering, the Company, if requested, will indemnify the underwriters, their officers and
directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Covered Persons and in such other manner as the underwriters may
request in accordance with their standard practice. 
 (b) In connection with any Registration Statement in which a Holder is participating,
each such Holder will indemnify and hold harmless the Company, its directors and officers, employees, agents and any Person who is or might be deemed to be a controlling person of the Company or any of its subsidiaries within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act against any Losses to which such Holder or any such director or officer, any such underwriter or controlling person may become subject under the Securities Act, the
Exchange Act, any state blue sky securities laws, any equivalent non-U.S. securities laws or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus, preliminary prospectus or free writing prospectus, or any amendment thereof or supplement
thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by reference therein) or other document or report, or
(ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the 

  
 19 

 
statements therein not misleading, but only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus, preliminary prospectus or free
writing prospectus, or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents filed under the Exchange Act and any document incorporated by
reference therein) or other document or report, in reliance upon and in conformity with the Selling Holder Information (and except insofar as such Losses arise out of or are based upon any such untrue statement or omission or alleged untrue
statement or omission based upon information relating to any underwriter furnished to the Company in writing by such underwriter expressly for use in such Registration Statement), and such Holder will reimburse the Company and each such director,
officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided,
however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such Losses (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not
be unreasonably withheld); and provided further that the obligation to indemnify and hold harmless shall be individual and several to each Holder and shall be limited to the amount of net proceeds received by such Holder from the sale
of Registrable Securities covered by such Registration Statement. 
 (c) Any Person entitled to indemnification hereunder shall give prompt
written notice to the indemnifying party of any claim or the commencement of any proceeding with respect to which it seeks indemnification pursuant hereto; provided, however, that any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure. The indemnifying party shall have the right, exercisable by
giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or proceeding, to assume, at the indemnifying party’s expense, the defense of any such claim or proceeding,
with counsel reasonably acceptable to such indemnified party; provided that (i) any indemnified party shall have the right to select and employ separate counsel and to participate in the defense of any such claim or proceeding,
but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (A) the indemnifying party has agreed in writing to pay such fees or expenses or (B) the indemnifying party shall have
failed to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or proceeding within a reasonable time after receipt of notice of such claim or proceeding or fails to employ counsel reasonably satisfactory to
such indemnified party or to pursue the defense of such claim in a reasonably vigorous manner or (C) the named parties to any proceeding (including impleaded parties) include both such indemnified and the indemnifying party, and such
indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it that are inconsistent with those available to the 

  
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indemnifying party or that a conflict of interest is likely to exist among such indemnified party and any other indemnified parties (in which case the indemnifying party shall not have the right
to assume the defense of such action on behalf of such indemnified party); and (ii) subject to clause (i)(C) above, the indemnifying party shall not, in connection with any one such claim or proceeding or separate but substantially
similar or related claims or proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any
time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the
indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which (x) does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of
a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified party would be entitled to indemnification hereunder or (y) involves
the imposition of equitable remedies or the imposition of any obligations on the indemnified party or adversely affects such indemnified party other than as a result of financial obligations for which such indemnified party would be entitled to
indemnification hereunder. 
 (d) If the indemnification provided for in this Section 2.10 is held by a court of competent jurisdiction
to be unavailable to an indemnified party with respect to any Losses (other than in accordance with its terms), then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by
such indemnified party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or
omissions which resulted in such Losses as well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount any Holder will be obligated to contribute pursuant to this Section 2.10(d) will be limited to an amount equal to the net proceeds to such
Holder from the Registrable Securities sold pursuant to the Registration Statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which the Holder has otherwise been required to pay in respect of such
Loss or any substantially similar Loss arising from the sale of such Registrable Securities). 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. 

  
 21 

 (e) To the extent that any of the Holders is, or would be expected to be, deemed to be an
underwriter of Registrable Securities pursuant to any SEC comments or policies or any court of law or otherwise, the Company agrees that (i) the indemnification and contribution provisions contained in this Section 2.10 shall be
applicable to the benefit of such Holder in its role as deemed underwriter in addition to its capacity as a Holder (so long as the amount for which any other Holder is or becomes responsible does not exceed the amount for which such Holder would be
responsible if the Holder were not deemed to be an underwriter of Registrable Securities) and (ii) such Holder and its representatives shall be entitled to conduct the due diligence which would normally be conducted in connection with an
offering of securities registered under the Securities Act, including receipt of customary opinions and comfort letters. 
 (f) The
indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will
survive the registration and sale of any securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement. 

2.11 Conversion of Other Securities. If any Holder offers any options, rights, warrants or other securities issued by it that are
offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities underlying such options, rights, warrants or other securities shall be eligible for registration pursuant to Sections 2.1, 2.2
and 2.4 hereof. 
 2.12 Rule 144; Rule 144A. The Company shall use its reasonable best efforts to file in a timely fashion all reports
and other documents required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the Holders may reasonably request, all to the extent required by the SEC as a condition to the availability of Rule
144, Rule 144A or any similar rule or regulation hereafter adopted by the SEC under the Securities Act. 
 2.13 Transfer of Registration
Rights. Any member of the Access Affiliated Group may transfer all or any portion of its rights under this Agreement to any Permitted Transferee. Any transfer of registration rights pursuant to this Section 2.13 shall be effective upon
receipt by the Company of written notice from the transferor stating the name and address of the Permitted Transferee and identifying the amount of Registrable Securities with respect to which rights under this Agreement are being transferred. 

  
 22 

 ARTICLE III 

PROVISIONS APPLICABLE TO ALL DISPOSITIONS OF REGISTRABLE SECURITIES BY ACCESS 

3.1 Underwriter Selection. In any public or private offering of Registrable Securities in which a member of the Access Affiliated Group
is a Selling Holder, other than pursuant to a Piggyback Registration, Access shall have the sole right to select the managing underwriters to arrange such Underwritten Offering, which shall be one or more investment banking institutions of national
or international standing. 
 3.2 Cooperation with Sales. In addition to the provisions of Section 2.6 hereof, applicable to
sales of Registrable Securities pursuant to a registration, in connection with any sale or disposition of Registrable Securities by Access, the Company shall provide full cooperation, including: 

(a) providing access to employees, management and company records to any purchaser or potential purchaser, and to any underwriters, initial
purchasers, brokers, dealers or agents involved in any sale or disposition, subject to entry into customary confidentiality arrangements; 

(b) participation in road shows, investor and analyst meetings, conference calls and similar activities; 

(c) using reasonable best efforts to obtain customary auditor comfort letters and legal opinions; 

(d) entering into customary underwriting and other agreements; 

(e) using reasonable best efforts to obtain any regulatory approval or relief necessary for any proposed sale or disposition; and 

(f) filing of registration statements with the SEC or with other authorities or making other regulatory or similar filings necessary or
advisable in order to facilitate any sale or disposition. 
 3.3 Further Assurances. The Company shall use its reasonable best efforts
to cooperate with and facilitate, and shall not interfere with, the disposition by Access of its holdings of Registrable Securities. 

  
 23 

 ARTICLE IV 

MISCELLANEOUS 
 4.1
Term. This Agreement shall terminate upon such time as no Registrable Securities remain outstanding, except for the provisions of Sections 2.7, 2.10, and 3.3 and this Article 4 which shall survive such termination. 

4.2 Other Holder Activities. Notwithstanding anything in this Agreement, none of the provisions of this Agreement shall in any way limit
a Holder or any of its Affiliates from engaging in any brokerage, investment advisory, financial advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary
course of their business. 
 4.3 No Inconsistent Agreements. 

(a) The Company represents and warrants that it has not entered into and covenants and agrees that it will not enter into, any agreement with
respect to its securities which is inconsistent with, more favorable than or violates the rights granted to the Holders of Registrable Securities in this Agreement. 

(b) To the extent any portion of this Agreement conflicts, or is inconsistent, with the Stockholder Agreement, the Stockholder Agreement shall
control. 
 4.4 Amendment, Modification and Waiver. This Agreement may be amended, modified or supplemented at any time by written
agreement of the named parties hereto without any other party’s agreement or consent. Any failure of any party to comply with any term or provision of this Agreement may be waived by the other party, by an instrument in writing signed by such
party, but such waiver or failure to insist upon strict compliance with such term or provision shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to comply. 

4.5 No Third-Party Beneficiaries. Other than as set forth in Section 2.10 with respect to the indemnified parties and as expressly
set forth elsewhere in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties, the Access Affiliated Group and their respective successors and permitted assigns, any rights or
remedies under or by reason of this Agreement. Only the parties that are signatories to this Agreement and the Access Affiliated Group (and their respective permitted successors and assigns) shall have any obligation or liability under, in
connection with, arising out of, resulting from or in any way related to this Agreement or any other matter contemplated hereby, or the process leading up to the execution and delivery of this Agreement and the transactions contemplated hereby,
subject to the provisions of this Agreement. 

  
 24 

 4.6 Entire Agreement. Except as otherwise expressly provided herein, this Agreement
constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both written and oral, between or on behalf of Access or its Affiliates, on the one hand,
and the Company or its Affiliates, on the other hand, with respect to the subject matter of this Agreement. 
 4.7 Severability. In
the event that any provision of this Agreement is declared invalid, void or unenforceable, the remainder of this Agreement shall remain in full force and effect, and such invalid, void or unenforceable provision shall be interpreted in a manner that
accomplishes, to the extent possible, the original purpose of such provision. 
 4.8 Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic imaging
means (including in .pdf or .tif format sent by electronic mail) by a party to the other party and the receiving party may rely on the receipt of such document so executed and delivered by facsimile or other electronic imaging means as if the
original had been received. 
 4.9 Specific Performance; Remedies. In the event of any actual or threatened default in, or breach of,
any of the terms, conditions and provisions of this Agreement, the affected party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and
remedies at law or in equity, and all such rights and remedies shall be cumulative. The other party shall not oppose the granting of such relief. The parties agree that the remedies at law for any breach or threatened breach hereof, including
monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are
hereby waived. 
 4.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD APPLY THE LAW OF ANOTHER JURISDICTION. 

4.11 WAIVER OF JURY TRIAL. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 

  
 25 

 4.12 Jurisdiction; Venue. Any suit, action or proceeding relating to this Agreement
shall be brought exclusively in the United States District Court for the Southern District of New York or in the courts of the State of New York, in each case located in New York County, New York. The parties hereby consent to the exclusive
jurisdiction of such courts for any such suit, action or proceeding, and irrevocably waive, to the fullest extent permitted by law, any objection to such courts that they may now or hereafter have based on improper venue or forum non conveniens.

 4.13 Notice. Unless otherwise specified herein, all notices required or permitted to be given under this Agreement shall be in
writing, shall refer specifically to this Agreement and shall be delivered personally, sent by a nationally recognized overnight courier service or sent by in the form of an electronic transmission (receipt confirmation requested), and shall be
deemed to be effective upon delivery. All such notices shall be addressed to the receiving Party at such Party’s address or email address set forth below, or at such other address or email address as the receiving Party may from time to time
furnish by notice as set forth in this Section 4.13: 
 If to Access, to: 

Access Industries, LLC 
 730
Fifth Avenue New York, New York 10019 
 Attention: Alejandro Moreno 

Telephone: (212) 247-6400 

E-mail: amoreno@accind.com 

If to the Company, to: 
 Warner
Music Group Corp. 
 1633 Broadway, 7th Floor 

New York, New York 10019 

Attention: Paul Robinson, General Counsel 

Telephone: (212) 275-2045 

E-mail: Paul.Robinson@wmg.com 

[Signature Page Follows] 

 In witness whereof, the parties have caused this Registration Rights Agreement to be
executed and delivered as of the date first above written. 
  

			
	WARNER MUSIC GROUP CORP.
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	ACCESS INDUSTRIES, LLC
		
	By:	 	
		
	By:	 	
                 

		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement]

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