Document:

EXHIBIT 10.2

[Dealer Name]

[Dealer Address]

 

June [25]1[27]2,
2019

 

		To:	Uniti Group Inc.

10802 Executive Center Drive

Benton Building, Suite 300

Little Rock, Arkansas 72211

Attention: Daniel Heard

Telephone No.:(501) 850-0844

E-mail:daniel.heard@uniti.com

 

		Re:	[Base][Additional] Warrants

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Warrants issued by Uniti
Group Inc. (“Company”) to [Dealer Name] (“Dealer”) as of the Trade Date specified
below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in
the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the Agreement evidence
a complete binding agreement between Company and Dealer as to the subject matter and terms of the Transaction to which this Confirmation
relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.

 

Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

 

1.                  
This Confirmation evidences a complete and binding agreement between Dealer and Company as to the terms of the Transaction
to which this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form
of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Company
had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as
the governing law (without reference to choice of law doctrine)) on the Trade Date. In the event of any inconsistency between provisions
of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation
relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed
by the Agreement.

 

2.                  
The Transaction is a Warrant Transaction, which shall be considered a Share Option Transaction for purposes of the Equity
Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms.

 

	 	Trade Date:	June [25]3[27]4, 2019
	 	 	 
	 	Effective Date:	The second Exchange Business Day immediately prior to the Premium Payment Date
	 	 	 
	 	Warrants:	Equity call warrants, each giving the holder the right to purchase a number of Shares equal to the Warrant Entitlement at a price per Share equal to the Strike Price,

 

 

1
Insert for Base Warrant Confirmation.

2
Insert for Additional Warrant Confirmation.

3
Insert for Base Warrant Confirmation.

4
Insert for Additional Warrant Confirmation.

 

    	 

    	 

    

	 	 	subject to the terms set forth under the caption “Settlement Terms” below.  For the purposes of the Equity Definitions, each reference to a Warrant herein shall be deemed to be a reference to a Call Option.
	 	 	 
	 	Warrant Style:	European
	 	 	 
	 	Seller:	Company
	 	 	 
	 	Buyer:	Dealer
	 	 	 
	 	Shares:	The common stock of Uniti Group Inc. (the “Issuer”), par value USD 0.0001 per share (Exchange symbol “UNIT”).
	 	 	 
	 	Number of Warrants:	[_______].  For the avoidance of doubt, the Number of Warrants shall be reduced by any Warrants exercised or deemed exercised hereunder.  In no event will the Number of Warrants be less than zero.
	 	 	 
	 	Warrant Entitlement:	One Share per Warrant
	 	 	 
	 	Strike Price:	USD 16.4150.
	 	 	 
	 	 	Notwithstanding anything to the contrary in the Agreement, this Confirmation or the Equity Definitions, in no event shall the Strike Price be subject to adjustment  to the extent that, after giving effect to such adjustment,  the Strike Price would be less than USD [9.38]5[9.42]6, except for any adjustment pursuant to the terms of this Confirmation and the Equity Definitions in connection with stock splits or similar changes to Company’s capitalization.
	 	 	 
	 	Premium:	USD [______]
	 	 	 
	 	Premium Payment Date:	June 28, 2019
	 	 	 
	 	Exchange:	The NASDAQ Global Select Market
	 	 	 
	 	Related Exchange(s):	All Exchanges

 

Procedures
for Exercise.

 

	 	Expiration Time:	The Valuation Time
	 	 	 
	 	Expiration Dates:	Each Scheduled Trading Day during the period from, and including, the First Expiration Date to, but excluding, the 80th Scheduled Trading Day following the First Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding anything to the contrary in the Equity Definitions, if any such date is a Disrupted Day, the Calculation Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall reduce such Daily Number of Warrants 

 

 

5
Insert for Base Warrant Confirmation.

6
Insert for Additional Warrant Confirmation.

 

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	 	 	to zero for which such day shall be an Expiration Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion thereof for the originally scheduled Expiration Date; and provided further that if such Expiration Date has not occurred pursuant to this clause as of the eighth Scheduled Trading Day following the last scheduled Expiration Date under the Transaction, the Calculation Agent shall declare such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that eighth Scheduled Trading Day.
	 	 	 
	 	First Expiration Date:	September 15, 2024 (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), subject to Market Disruption Event below.
	 	 	 
	 	Daily Number of Warrants:	For any Expiration Date, the Number of Warrants that have not expired or been exercised as of such day, divided by the remaining number of Expiration Dates (including such day), rounded down to the nearest whole number, subject to adjustment pursuant to the provisos to “Expiration Dates”.
	 	 	 
	 	Automatic Exercise: 	Applicable; and means that for each Expiration Date, a number of Warrants equal to the Daily Number of Warrants for such Expiration Date will be deemed to be automatically exercised at the Expiration Time on such Expiration Date.
	 	 	 
	 	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) the phrase “; in each case that the Calculation Agent determines is material.”
	 	 	 
	 	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the words “Scheduled Closing Time” in the fourth line thereof.

 

Valuation
Terms.

 

	 	Valuation Time:	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 	 
	 	Valuation Date:	Each Exercise Date.

 

Settlement
Terms.

 

	 	Settlement Method Election:	Applicable; provided that (i) references to “Physical Settlement” in Section 7.1 of the Equity Definitions shall be replaced by references to “Net Share Settlement”; (ii) Company may elect Cash Settlement only if Company represents and warrants to Dealer in writing on the date of such election that (A) Company is electing Cash Settlement

 

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	 		in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws and (B) the assets of Company at their fair valuation exceed the liabilities of Company (including contingent liabilities), the capital of Company is adequate to conduct the business of Company, and Company has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature; (iii) the same election of settlement method shall apply to all Expiration Dates hereunder; and (iv) Company acknowledges to Dealer, as of the date of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in connection with such election.
	 	 	 
	 	Electing Party:	Company
	 	 	 
	 	Settlement Method Election Date:	The third Scheduled Trading Day immediately preceding the First Expiration Date.
	 	 	 
	 	Default Settlement Method:	Net Share Settlement.
	 	 	 
	 	Net Share Settlement:	If Net Share Settlement is applicable, then on the relevant Settlement Date, Company shall deliver to Dealer a number of Shares equal to the Share Delivery Quantity for such Settlement Date to the account specified herein free of payment through the Clearance System, and Dealer shall be treated as the holder of record of such Shares at the time of delivery of such Shares or, if earlier, at 5:00 p.m. (New York City time) on such Settlement Date, and Company shall pay to Dealer cash in lieu of any fractional Share based on the Settlement Price on the relevant Valuation Date.
	 	 	 
	 	Cash Settlement:	If Cash Settlement is applicable, on the relevant Settlement Date, Company shall pay to Dealer an amount of cash in USD equal to the Net Share Settlement Amount for such Settlement Date.
	 	 	 
	 	Share Delivery Quantity:	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price on the Valuation Date for such Settlement Date.
	 	 	 
	 	Net Share Settlement Amount:	For any Settlement Date, an amount equal to the product of (i) the number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential for the relevant Valuation Date and (iii) the Warrant Entitlement.
	 	 	 
	 	Settlement Price:	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page UNIT <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time on such Valuation Date (or if such volume-

 

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	 		weighted average price is unavailable, the market value of one Share on such Valuation Date, as determined by the Calculation Agent using, if practicable, a volume-weighted average method).  Notwithstanding the foregoing, if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent determines that such Expiration Date shall be an Expiration Date for fewer than the Daily Number of Warrants, as described above, then the Settlement Price for the relevant Valuation Date shall be the volume-weighted average price per Share on such Valuation Date on the Exchange, as determined by the Calculation Agent based on such sources as it deems appropriate using a volume-weighted methodology, for the portion of such Valuation Date for which the Calculation Agent determines there is no Market Disruption Event.
	 	 	 
	 	Settlement Dates:	As determined pursuant to Section 9.4 of the Equity Definitions, subject to Section 9(k)(i) hereof; provided that Section 9.4 of the Equity Definitions is hereby amended by (i) inserting the words “or cash” immediately following the word “Shares” in the first line thereof and (ii) inserting the words “for the Shares” immediately following the words “Settlement Cycle” in the second line thereof.
	 	 	 
	 	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settled.” “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
	 	Representation and Agreement:	Notwithstanding Section 9.11 of the Equity Definitions, the parties acknowledge that any Shares delivered to Dealer may be, upon delivery, subject to restrictions and limitations arising from Company’s status as issuer of the Shares under applicable securities laws.

 

		3.	Additional Terms applicable to the Transaction.

 

Adjustments
applicable to the Transaction:

 

	 	Method of Adjustment:	Calculation Agent Adjustment. For the avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if any, to any one or more of the Strike Price, the Number of Warrants, the Daily Number of Warrants and the Warrant Entitlement.  Notwithstanding the foregoing, any cash dividends or distributions on the Shares, whether or not extraordinary, shall be governed by Section 9(f) of this Confirmation in lieu of Article 10 or Section 11.2(c) of the Equity Definitions.

 

Extraordinary
Events applicable to the Transaction:

 

	 	New Shares:	Section 12.1(i) of the Equity Definitions is hereby amended (a) by deleting the text in clause (i) thereof in its entirety (including the word “and” following clause (i)) and

 

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	 	 	replacing it with the phrase “publicly quoted, traded or listed (or whose related depositary receipts are publicly quoted, traded or listed) on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors),” and (b) by inserting immediately prior to the period the phrase “and (iii) of an entity or person that is a corporation organized under the laws of the United States, any State thereof or the District of Columbia”.

 

Consequence
of Merger Events:

 

	 	Merger Event:	Applicable; provided that if an event occurs that constitutes both a Merger Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event under Section 9(h)(ii)(B) of this Confirmation (taking into consideration the last paragraph of Section 9(h)(ii)), the provisions of Section 9(h)(ii)(B) will apply.
	 	 	 
	 	Share-for-Share:	Modified Calculation Agent Adjustment
	 	 	 
	 	Share-for-Other:	Cancellation and Payment (Calculation Agent Determination)
	 	 	 
	 	Share-for-Combined:	Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination) for all or any portion of the Transaction.

 

Modified
Calculation Agent

 

	 	Adjustment:	If, in respect of any Merger Event to which Modified Calculation Agent Adjustment applies, the adjustments to be made in accordance with Section 12.2(e)(i) of the Equity Definitions would result in Company being different from the issuer of the Shares, then with respect to such Merger Event, as a condition precedent to the adjustments contemplated in Section 12.2(e)(i) of the Equity Definitions, Dealer, the Issuer of the Affected Shares and the entity that will be the Issuer of the New Shares shall, prior to the Merger Date, have entered into such documentation containing agreements relating to “tacking” and “holding period” related considerations under U.S. securities law and credit exposure assumed by Dealer as the result of such Merger Event, as reasonably requested by Dealer that Dealer has determined, in its good faith, reasonable judgment, to be reasonably necessary or appropriate to allow Dealer to continue as a party to the Transaction, as adjusted under Section 12.2(e)(i) of the Equity Definitions, and to preserve its hedging or hedge unwind activities in connection with the Transaction in a manner compliant with legal, regulatory and self-regulatory requirements and related policies and procedures applicable to Dealer, consistently applied across transactions similar to the Transaction and for counterparties similar to Company, and if such conditions are not met or if the Calculation Agent determines that no

 

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	 		adjustment that it could make under Section 12.2(e)(i) of the Equity Definitions will produce a commercially reasonable result, then the consequences set forth in Section 12.2(e)(ii) of the Equity Definitions shall apply.

 

Consequence
of Tender Offers:

 

	 	Tender Offer:	Applicable; provided (x) that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “25%” in the third line thereof and by replacing “voting shares” with “Shares” in the fourth line thereof, (y) Section 12.1(e) of the Equity Definitions shall be amended by replacing “voting shares” in the first line thereof with “Shares” and (z) Section 12.1(l) of the Equity Definitions shall be amended by replacing “voting shares” in the fifth line thereof with “Shares”; provided further that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Equity Definitions and Additional Termination Event under Section 9(h)(ii)(A) of this Confirmation (taking into consideration the last paragraph of Section 9(h)(ii)), the provisions of Section 9(h)(ii)(A) will apply.
	 	 	 
	 	Share-for-Share:	Modified Calculation Agent Adjustment
	 	 	 
	 	Share-for-Other:	Modified Calculation Agent Adjustment
	 	 	 
	 	Share-for-Combined:	Modified Calculation Agent Adjustment
	 	 	 
	 	Consequences of Announcement Events:	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event” and (y)  for the avoidance of doubt, the Calculation Agent shall determine whether the relevant Announcement Event has had a material effect on the Transaction (and, if so, shall adjust the terms of the Transaction accordingly) on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (1) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event, (2) such adjustment shall be made solely in respect of the period (as determined by the Calculation Agent) during which the relevant Announcement Event has had a material effect on the Transaction and without duplication of any other adjustment hereunder or in respect of any previous Announcement Event and (3) in determining such economic effect the Calculation Agent shall take into account Dealer’s Hedge Positions.  An Announcement Event shall be an “Extraordinary Event” for purposes of the 

 

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	 		Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
	 	 	 
	 	Announcement Event:	(i) The public announcement by Issuer or any party (1) that has or is reasonably likely to have or be able to obtain the financial resources to consummate the relevant transaction or event (as determined by the Calculation Agent) or (2) where the Calculation Agent determines that the relevant transaction or event is reasonably likely to occur (it being understood that such determination may be made by reference to the effect of such public announcement on the market price of the Shares or options on the Shares) of (x) any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 50% of the market capitalization of Issuer as of the date of such announcement (an “Acquisition Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or an Acquisition Transaction, (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or an Acquisition Transaction or (iii) any subsequent public announcement by Issuer or any party (1) that has or is reasonably likely to have or be able to obtain the financial resources to consummate the relevant transaction making the previous announcement or event (as determined by the Calculation Agent) or (2) where the Calculation Agent determines that the relevant transaction or event is reasonably likely to occur (it being understood that such determination may be made by reference to the effect of such public announcement on the market price of the Shares or options on the Shares) of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent.  For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded.
	 	 	 
	 	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock

 

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	 		Exchange,
    The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately
    re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
    Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.

 

Additional
Disruption Events:

 

	 	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position” and (iii) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)”. Notwithstanding anything to the contrary in the Equity Definitions, a Change in Law described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions shall not constitute a Change in Law and instead shall constitute an Increased Cost of Hedging as described in Section 12.9(a)(vi) of the Equity Definitions, and any such determination of a Change in Law shall be consistently applied by Dealer (if applicable) across transactions similar to the Transaction and for counterparties similar to Company.
	 	 	 
	 	Failure to Deliver:	Applicable
	 	 	 
	 	Insolvency Filing:	Applicable
	 	 	 
	 	Hedging Disruption:	Applicable; provided that:

 

		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by (a) inserting the following
words at the end of clause (A) thereof: “in the manner contemplated by the Hedging Party on the Trade Date” and (b) inserting
the following two phrases at the end of such Section:

 

“For
the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock
price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A)
or (B) above must be available on commercially reasonable pricing terms.”; and

 

		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line

 

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thereof,
after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging
Disruption”.

 

	 	Increased Cost of Hedging:	Applicable solely with respect to a “Change in Law” described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions as set forth in the last sentence opposite the caption “Change in Law” above (which determination shall be consistently applied by the Hedging Party across transactions similar to the Transaction and for counterparties similar to Company).
	 	 	 
	 	Loss of Stock Borrow:	Applicable
	 	 	 
	 	Maximum Stock Loan Rate:	200 basis points
	 	 	 
	 	Increased Cost of Stock Borrow:	Applicable
	 	 	 
	 	Initial Stock Loan Rate:	0 basis points until June 15, 2024 and 25 basis points thereafter.
	 	 	 
	 	Hedging Party:	For all applicable Additional Disruption Events, Dealer; provided that when making any determination or calculation as “Hedging Party” (but not, for the avoidance of doubt, the making of any election it is entitled to make as “Hedging Party”), Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Hedging Party were the Calculation Agent.
	 	 	 
	 	Determining Party:	For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if the Determining Party were the Calculation Agent.
	 	Non-Reliance:	Applicable
	 	 	 
	 	Agreements and Acknowledgments	 
	 	Regarding Hedging Activities:	Applicable
	 	 	 
	 	Additional Acknowledgments:	Applicable

 

4.                  
Calculation Agent. Dealer. Whenever the Calculation Agent is required to
act or to exercise judgment in any way with respect to the Transaction, it will do so in good faith and in a commercially reasonable
manner. Following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement
with respect to which Dealer is the Defaulting Party, Company shall have the right to designate an independent, nationally recognized
equity derivatives dealer to replace Dealer as Calculation Agent, and the parties shall work in good faith to execute any appropriate
documentation required by such replacement Calculation Agent. Following any determination, adjustment or calculation by the Calculation
Agent, the Hedging Party or the Determining Party hereunder (other than, for the avoidance of doubt, the making of any election
by Hedging Party that it is entitled to make as “Hedging Party”), the Calculation Agent, the Hedging Party or the Determining
Party, as the case may be, will within five Exchange Business Days of a request by Company, provide to Company a report (in a commonly
used file format for the storage and manipulation of financial data without disclosing any proprietary or 

 

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confidential
models or other information that is subject to contractual, legal or regulatory obligations to not disclose such information) displaying
in reasonable detail the basis for such determination, adjustment or calculation, as the case may be.

 

		5.	Account Details.

 

		(a)	Account for payments to Company:

 

To be advised.

 

Account for delivery of Shares from Company:

 

To be advised.

 

		(b)	Account for payments to Dealer:

 

[________________]

 

Account for delivery of Shares to Dealer:

 

DTC [____]

 

		6.	Offices.

 

		(a)	The Office of Company for the Transaction is: Inapplicable, Company is not a Multibranch Party.

 

		(b)	The Office of Dealer for the Transaction is: [_______]

 

		7.	Notices.

 

		(a)	Address for notices or communications to Company:

 

Uniti Group Inc.

10802 Executive Center Drive

Benton Building, Suite 300

Little Rock, Arkansas 72211

Attention:           Daniel Heard

Telephone No.: (501) 850-0844

E-mail:                 daniel.heard@uniti.com

 

		(b)	Address for notices or communications to Dealer:

 

[_________________________]

 

		8.	Representations and Warranties of Company and Dealer.

 

		(a)	In addition to the representations and warranties set forth in Section 3(a) of the Agreement, Company
hereby represents and warrants to Dealer on the date hereof, on and as of the Premium Payment Date and, in the case of the representations
in Section 8(a)(i), at all times until termination of the Transaction, that:

 

		(i)	A number of Shares equal to the Maximum Number of Shares (as defined below) (the “Warrant
Shares”) have been reserved for issuance by all required corporate action of Company. The Warrant Shares have been duly
authorized and, when delivered against payment therefor (which may include Net Share Settlement in lieu of cash) and otherwise
as contemplated by the terms of the Warrants following the exercise of the Warrants in accordance with the terms and conditions
of the Warrants, will be validly issued, fully-paid

 

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and non-assessable,
and the issuance of the Warrant Shares will not be subject to any preemptive or similar rights.

 

		(ii)	Company is not and, after consummation of the transactions contemplated hereby, will not be required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

		(iii)	Company is an “eligible contract participant”
(as such term is defined in Section 1a(18) of the Commodity Exchange Act, as amended, other than a person that is an eligible
contract participant under Section 1a(18)(C) of the Commodity Exchange Act).

 

		(iv)	Company is not, on the date hereof, in possession of any material non-public information with respect
to Company or the Shares.

 

		(v)	Company (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing;
and (C) has total assets of at least $50 million.

 

		(b)	Dealer hereby represents and warrants to Company on the date hereof and on and as of the Premium
Payment Date that Dealer is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”).

 

		9.	Other Provisions.

 

		(a)	Opinions. Company shall deliver to Dealer one or more opinions of counsel, dated
as of the Premium Payment Date, with respect to the matters set forth in Section 3(a) of the Agreement and in Section 8(a)(i) of
this Confirmation; provided that any such opinion of counsel may contain customary exceptions and qualifications. Delivery
of such opinion or opinions, as the case may be, when due, to Dealer shall be a condition precedent for the purpose of Section
2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(b)	Repurchase Notices. If on any day Company effects any repurchase of Shares, Company
shall give Dealer a written notice of such repurchase (a “Repurchase Notice”) within one Exchange Business Day
if, following such repurchase, the number of outstanding Shares, as the case may be, on such day, subject to any adjustments provided
herein, is (i) less than 165.8 million (in the case of the first such notice) or (ii) thereafter more than 15.0 million less than
the number of Shares, as the case may be, included in the immediately preceding Repurchase Notice. Company agrees to indemnify
and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and
controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating
to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”,
including without limitation, any forbearance from commercially reasonable hedging activities or cessation of hedging activities
and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and reasonable
expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person actually may become subject
to, as a result of Company’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in
this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any reasonable legal
or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection
with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against the Indemnified Person as a result of Company’s failure to provide Dealer
with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Company in writing, and
Company, upon request of the Indemnified Person, shall retain one counsel per relevant jurisdiction reasonably satisfactory to
the Indemnified Person to represent the Indemnified Person and any others Company may designate in such proceeding and shall pay
the

 

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reasonable fees
and expenses of such counsel related to such proceeding. Company shall not be liable to the extent that the Indemnified Person
fails to notify Company within a commercially reasonable period of time after any action is commenced against it in respect of
which an indemnity may be sought hereunder. In addition, Company shall not be liable for any settlement of any proceeding contemplated
by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final judgment
for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could
have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an
unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on
terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Company
hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive
and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The
indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless
of the termination of the Transaction.

 

		(c)	Regulation M. Company is not on the Trade Date engaged in a distribution, as such
term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of
any securities of Company, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Company shall not, until the second Scheduled Trading Day immediately following the Effective Date,
engage in any such distribution.

 

		(d)	No Manipulation. Company is not entering into the Transaction to create actual or
apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress
or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise
in violation of the Exchange Act.

 

		(e)	Transfer or Assignment. Company may not transfer any of its rights or obligations
under the Transaction without the prior written consent of Dealer. Dealer may, without Company’s consent, transfer or assign
all or any part of its rights or obligations under the Transaction to any third party; provided that (v) Company will not
be required, as a result of such transfer or assignment, to pay or deliver to the transferee or assignee on any payment or delivery
date any payment or delivery greater than an amount that Company would have been required to pay Dealer in the absence of such
transfer or assignment (including, without limitation, pursuant to Section 2(d)(i)(4) of the Agreement), (w) Company will not,
as a result of such transfer or assignment, receive from the transferee or assignee on any payment or delivery date any payment
or delivery less than the amount that Company would have been entitled to receive from Dealer in the absence of such transfer or
assignment, (x) the transferee or assignee shall provide Company with a complete and accurate U.S Internal Revenue Service Form
W-8 or W-9 (as applicable), and shall make such Payee Tax Representations and provide such tax documentation as may be reasonably
requested by Company to permit Company to determine that the results described in clauses (v) and (w) will not occur upon or after
such transfer and assignment, (y) no Event of Default, Potential Event of Default or Termination Event will occur as a result of
such transfer or assignment and (z) Dealer shall be responsible for all reasonable costs and expenses, including reasonable counsel
fees, incurred by Company in connection with such transfer or assignment. If at any time at which (A) the Section 16 Percentage
exceeds 9.0%, (B) the Warrant Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any
applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer is
unable after using its commercially reasonable efforts to effect a transfer or assignment of Warrants in accordance with the immediately
preceding sentence on pricing terms reasonably acceptable to Dealer and within a

 

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time period reasonably
acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an Early
Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following
such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination Date
with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination
Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal to
the number of Warrants underlying the Terminated Portion, (2) Company were the sole Affected Party with respect to such partial
termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions
of Section 9(j) shall apply to any amount that is payable by Company to Dealer pursuant to this sentence as if Company was not
the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A)
the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation
with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group”
(within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns (within
the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent
calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher
number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Warrant Equity Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number
of Warrants and the Warrant Entitlement and (2) the aggregate number of Shares underlying any other warrants purchased by Dealer
from Company, and (B) the denominator of which is the number of Shares outstanding. The “Share Amount” as of
any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer
or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents
or contracts of Company that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership
under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares, as the case may be, that could reasonably be expected (as determined
by the Calculation Agent) to give rise to reporting or registration obligations (except for any filing requirements on Form 13F,
Schedule 13D or Schedule 13G under the Exchange Act), mandatory takeover offers or other requirements (including obtaining prior
approval from shareholders or any other person or entity) of a Dealer Person, or could reasonably be expected (as determined by
Dealer in good faith) to result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer
in its reasonable discretion, minus (B) 1% of the number of Shares outstanding. Notwithstanding any other provision in this
Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities,
or make or receive any payment in cash, to or from Company, Dealer may designate any of its affiliates to purchase, sell, receive
or deliver such Shares or other securities, or make or receive such payment in cash, and otherwise to perform Dealer’s obligations
in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations
to Company to the extent of any such performance.

 

		(f)	Dividends. If at any time during the period from and including the Effective Date,
to and including the last Expiration Date, (i) an ex-dividend date for a cash dividend occurs with respect to the Shares (an “Ex-Dividend
Date”), and that dividend differs from the Regular Dividend on a per Share basis or (ii) if no Ex-Dividend Date for a
cash dividend occurs with respect to the Shares in any quarterly dividend period of Company, then the Calculation Agent will adjust
any of the Strike Price, Number of Warrants, Daily Number of Warrants and/or any other variable relevant to the exercise, settlement
or payment of the Transaction to preserve the fair value of the Warrants to Dealer after taking into account such dividend or lack
thereof. “Regular Dividend” shall mean for any calendar quarter, USD 0.05 for the first regular cash dividend
or distribution on the Shares for which the Ex-Dividend Date falls within such calendar quarter, and zero for any other dividend
or distribution on the Shares for which the Ex-Dividend Date falls within the same calendar quarter.

 

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		(g)	[Role of Agent. [Insert relevant Dealer agency language, if any]]

 

		(h)	Additional Provisions.

 

(i)              Amendments to the Equity Definitions:

 

		(A)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting
or concentrative” and replacing them with the words “a material”; and adding the phrase “or Warrants”
at the end of the sentence.

 

		(B)	Section 11.2(c) of the Equity Definitions is hereby amended by (w) replacing the words “a
diluting or concentrative” with “a material” in the fifth line thereof, (x) adding the phrase “or Warrants”
after the words “the relevant Shares” in the same sentence, (y) deleting the words “diluting or concentrative”
in the sixth to last line thereof and (z) deleting the phrase “(provided that no adjustments will be made to account solely
for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing
it with the phrase “(and, for the avoidance of doubt, except in
the case of a Potential Adjustment Event as described in Section 11.2(e)(i), Section 11.2(e)(ii)(A), Section 11.2(e)(ii)(B), Section
11.2(e)(iv) or Section 11.2(e)(v), adjustments may be made to account solely for changes in volatility, expected dividends, stock
loan rate or liquidity relative to the relevant Shares); in the case of a Potential Adjustment Event as described in Section 11.2(e)(i),
Section 11.2(e)(ii)(A), Section 11.2(e)(ii)(B), Section 11.2(e)(iv) or Section 11.2(e)(v), no adjustments will be made to account
solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares.”

 

		(C)	Section 11.2(e)(iii) of the Equity Definitions is hereby deleted in its entirety.

 

		(D)	Section 11.2(e)(v) of the Equity Definitions
is hereby amended by adding the phrase “, provided that, notwithstanding this Section 11.2(e), the parties
hereto agree that, with respect to any Transaction, the following repurchases of Shares by the Issuer or any of its subsidiaries
shall not be considered Potential Adjustment Events to the extent the aggregate amount of such repurchases effected during the
term of such Transaction does not exceed USD 200 million: (x) in any calendar year, repurchases of Shares in open-market transactions
or privately negotiated accelerated Share repurchase (or similar) transactions that do not, in the aggregate, exceed USD 60 million
in such calendar year, and (y) in any calendar quarter, privately negotiated accelerated Share repurchase (or similar) transactions
that do not, in the aggregate, exceed USD 20 million in such calendar quarter” at the end of such Section.

 

		(E)	Section 11.2(e)(vii) of the Equity Definitions
is hereby replaced in its entirety with the words “any other corporate event involving the Issuer that has a material
economic effect on the Shares or Warrants.”

 

		(F)	Section 12.9(b)(iv) of the Equity Definitions is hereby amended by:

 

		(x)	deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection
(A) and (3) the phrase “in each case” in subsection (B); and

 

		(y)	replacing the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares”
with the phrase “such Lending Party does not lend Shares” in the penultimate sentence.

 

		(G)	Section 12.9(b)(v) of the Equity Definitions is hereby amended by:

 

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		(x)	adding the word “or” immediately before subsection “(B)” and deleting the
comma at the end of subsection (A); and

 

		(y)	(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately
preceding subsection (C), (3) deleting the penultimate sentence in its entirety and replacing it with the sentence “The Hedging
Party will determine the Cancellation Amount payable by one party to the other.” and (4) deleting clause (X) in the
final sentence.

 

		(H)	Section 12.9(b)(vi) of the Equity Definitions is hereby amended by adding the phrase “, provided
that in connection with any election by the Non-Hedging Party to terminate the Transaction, it acknowledges to Dealer, as of the
date of such election, its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of
the Exchange Act and the rules and regulations thereunder” at the end of subsection (C).

 

(ii)           Notwithstanding
anything to the contrary in this Confirmation, upon the occurrence of one of the following events, with respect to the Transaction,
(1) Dealer shall have the right to designate such event an Additional Termination Event and designate an Early Termination Date
pursuant to Section 6(b) of the Agreement, (2) Company shall be deemed the sole Affected Party with respect to such Additional
Termination Event and (3) the Transaction, or, at the election of Dealer in its sole discretion, any portion of the Transaction,
shall be deemed the sole Affected Transaction; provided that if Dealer so designates an Early Termination Date with respect
to a portion of the Transaction, (a) a payment shall be made pursuant to Section 6 of the Agreement as if an Early Termination
Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal
to the number of Warrants included in the terminated portion of the Transaction, and (b) for the avoidance of doubt, the
Transaction shall remain in full force and effect except that the Number of Warrants shall be reduced by the number of Warrants
included in such terminated portion:

 

		(A)	Any person, including any syndicate or group deemed to be a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than Company, its subsidiaries and their respective employee benefit
plans makes a filing under the Exchange Act disclosing that it has become, directly or indirectly, the “beneficial owner,”
as defined in Rule 13d-3 under the Exchange Act, of common equity of the Issuer representing more than 50% of the voting power
of the Issuer’s common equity.

 

		(B)	Consummation of (I) any recapitalization, reclassification or change of the Shares (other than
changes resulting from a subdivision or combination) as a result of which the Shares, as the case may be, would be converted into,
or exchanged for, stock, other securities, other property or assets; (II) any share exchange, consolidation or merger of Company
pursuant to which the Shares will be converted into cash, securities or other property or assets (including cash or any combination
thereof); or (III) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all
of Company and all of its direct and indirect subsidiaries’ consolidated assets, taken as a whole, to any person other than
one or more of Company’s direct or indirect subsidiaries.

 

		(C)	Uniti Fiber Holdings Inc. (“Uniti Fiber”) (or
any successor thereto following any merger, consolidation or similar transaction) ceases to be controlled, directly or indirectly,
by Company (or any successor thereto following any merger, consolidation or similar transaction).

 

		(D)	Default under any mortgage, indenture or instrument under which there is issued or by which there
is secured or evidenced any indebtedness for money borrowed

 

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by Uniti Fiber
or any of the guarantors or the payment of which is guaranteed by Uniti Fiber or any of the guarantors, other than indebtedness
owed to Uniti Fiber or a guarantor, whether such indebtedness or guarantee now exists or is created after the issuance of the notes,
if both: (a) such default either results from the failure to pay any principal of such indebtedness at its stated final maturity
(after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of
any such Indebtedness at its stated final maturity and results in the holder or holders of such indebtedness causing such indebtedness
to become due prior to its stated maturity and (b) the principal amount of such indebtedness, together with the principal amount
of any other such indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable
grace periods), or the maturity of which has been so accelerated, aggregate $75.0 million or more

 

		(E)	Failure by Uniti, Uniti Fiber or any of Uniti’s significant
subsidiaries (as defined below) to pay final judgments (to the extent such judgments are not paid or covered by insurance) aggregating
in excess of $75.0 million, which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after
such judgment becomes final, and in the event such judgment is not covered by insurance, an enforcement proceeding has been commenced
by any creditor upon such judgment or decree which is not promptly stayed.

 

		(F)	Dealer, despite using commercially reasonable
efforts, is unable or reasonably determines, based on advice of counsel, that it is impractical or illegal, to hedge its exposure
with respect to the Transaction in the public market without registration under the Securities Act or as a result of any legal,
regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures
are imposed by law or have been voluntarily adopted by Dealer, but consistently applied across transactions similar to the
Transaction and for counterparties similar to Company).

 

A “significant subsidiary”
is a subsidiary that is a “significant subsidiary” as defined under Rule 1-02(w) of Regulation S-X.

 

A transaction or transactions
described in clause (A) or clause (B) above will not constitute an Additional Termination Event, however, if (x) at least 90% of
the consideration received or to be received by holders of the Shares, excluding cash payments for fractional Shares and cash payments
made pursuant to dissenters’ or appraisal rights, in connection with such transaction or transactions consists of shares
of common equity or ADSs in respect of common equity that are listed or quoted on any of The New York Stock Exchange, The NASDAQ
Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued
or exchanged in connection with such transaction or transactions, and (y) as a result of such transaction or transactions, the
Shares will consist of such consideration, excluding cash payments for fractional Shares and cash payments made pursuant to dissenters’
or appraisal rights.

 

		(i)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other
agreement between the parties to the contrary, the obligations of Company hereunder are not secured by any collateral. Both parties
waive any rights to set-off or netting, including in any bankruptcy proceedings of Company, amounts due either party with respect
to any Transaction hereunder against amounts due to either party from the other party under any other agreement between the parties.

 

		(j)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.

 

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(i)
            If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with
respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except
as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists
solely of cash, (ii) a Merger Event or Tender Offer that is within Company’s control, or (iii) an Event of Default in which
Company is the Defaulting Party or a Termination Event in which Company is the Affected Party other than an Event of Default of
the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described
in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Company’s control), and if
Company would owe any amount to Dealer pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article
12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Company shall satisfy the Payment
Obligation by the Share Termination Alternative (as defined below), unless (a) Company gives irrevocable telephonic notice
to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger
Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date
or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply and (b) Company
acknowledges to Dealer, as of the date of such election, its responsibilities under applicable securities laws, and in particular
Section 9 and Section 10(b) of the Exchange Act and the rules and regulations thereunder, in connection with such election, in
which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of
the Agreement, as the case may be, shall apply.

 

	 	Share Termination Alternative:	If applicable, Company shall deliver to Dealer the Share Termination Delivery Property on the date (the “Share Termination Payment Date”) on which the Payment Obligation would otherwise be due pursuant to Section 12.7 or Section 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, subject to Section 9(k)(i) below, in satisfaction, subject to Section 9(k)(ii) below, of the relevant Payment Obligation, in the manner reasonably requested by Dealer free of payment.
	 	 	 
	 	Share Termination Delivery	 
	 	Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the relevant Payment Obligation divided by the Share Termination Unit Price.  The Calculation Agent shall adjust the amount of Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price (without giving effect to any discount pursuant to Section 9(k)(i)).
	 	 	 
	 	Share Termination Unit Price:	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent.  In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares (as defined below), as set forth

 

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	 	  	in Section 9(k)(i) below, the Share Termination Unit Price shall be determined by the discounted price applicable to such Share Termination Delivery Units.  In the case of a Registration Settlement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in Section 9(k)(ii) below, notwithstanding the foregoing, the Share Termination Unit Price shall be the Settlement Price on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable.  The Calculation Agent shall notify Company of the Share Termination Unit Price at the time of notification of such Payment Obligation to Company or, if applicable, at the time the discounted price applicable to the relevant Share Termination Units is determined pursuant to Section 9(k)(i).
	 	 	 
	 	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event.  If such Nationalization, Insolvency or Merger Event involves a choice of Exchange Property to be received by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.
	 	 	 
	 	Failure to Deliver:	Inapplicable
	 	 	 
	 	Other applicable provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 (as modified above) of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 

		(k)	Registration/Private Placement Procedures. If, in the reasonable opinion of Dealer,
based on advice of counsel, following any delivery of Shares or Share Termination Delivery Property to Dealer hereunder, such Shares
or Share Termination Delivery Property would be in the hands of Dealer subject to any applicable restrictions with respect to any
registration or qualification requirement or prospectus delivery requirement for such Shares or Share Termination Delivery Property
pursuant to any applicable federal or state securities law (including, without limitation, any such requirement arising under Section
5 of the Securities Act as a result of such Shares or Share Termination Delivery Property being “restricted securities”,
as such term is defined in Rule 144 under the Securities Act,

 

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or as a result
of the sale of such Shares or Share Termination Delivery Property being subject to paragraph (c) of Rule 145 under the Securities
Act) (such Shares or Share Termination Delivery Property, “Restricted Shares”), then delivery of such Restricted
Shares shall be effected pursuant to either clause (i) or (ii) below at the election of Company, unless Dealer waives the need
for registration/private placement procedures set forth in (i) and (ii) below. Notwithstanding the foregoing, solely in respect
of any Daily Number of Warrants exercised or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement
Date for the first applicable Expiration Date, a Private Placement Settlement or Registration Settlement for all deliveries of
Restricted Shares for all such Expiration Dates which election shall be applicable to all remaining Settlement Dates for such Warrants
and the procedures in clause (i) or clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate basis
commencing after the final Settlement Date for such Warrants. The Calculation Agent shall make reasonable adjustments to settlement
terms and provisions under this Confirmation to reflect a single Private Placement or Registration Settlement for such aggregate
Restricted Shares delivered hereunder.

 

		(i)	If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement
Settlement”), then delivery of Restricted Shares by Company shall be effected in accordance with private placement procedures
with respect to such Restricted Shares customary for private placements of equity securities of a similar size reasonably acceptable
to Dealer; provided that Company may not elect a Private Placement Settlement if, on the date of its election, it has taken,
or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities
Act for the sale by Company to Dealer (or any affiliate designated by Dealer) of the Restricted Shares or the exemption pursuant
to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Restricted Shares by Dealer (or any such affiliate
of Dealer). The Private Placement Settlement of such Restricted Shares shall include customary representations, covenants, blue
sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated
buyer of the Restricted Shares by Dealer), opinions and certificates, and such other documentation as is customary for private
placement agreements of equity securities of similar size, all reasonably acceptable to Dealer. In the case of a Private Placement
Settlement, Dealer shall determine the appropriate discount to the Share Termination Unit Price (in the case of settlement of Share
Termination Delivery Units pursuant to Section 9(j) above) or premium to any Settlement Price (in the case of settlement of Shares
pursuant to Section 2 above) applicable to such Restricted Shares in a commercially reasonable manner and appropriately adjust
the number of such Restricted Shares to be delivered to Dealer hereunder, which discount or premium, as the case may be, shall
only take into account the illiquidity resulting from the fact that the Restricted Shares will not be registered for resale and
any commercially reasonable fees and expenses of Dealer (and any affiliate thereof) in connection with such resale. Notwithstanding
anything to the contrary in the Agreement or this Confirmation, the date of delivery of such Restricted Shares shall be the Exchange
Business Day following notice by Dealer to Company of such applicable discount or premium, as the case may be, and the number of
Restricted Shares to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall
be due as set forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of
Share Termination Delivery Units pursuant to Section 9(j) above) or on the Settlement Date for such Restricted Shares (in the case
of settlement in Shares pursuant to Section 2 above).

 

		(ii)	If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration
Settlement”), then Company shall promptly (but in any event no later than the beginning of the Resale Period) file and
use its reasonable best efforts to make effective under the Securities Act a registration statement or supplement or amend an outstanding
registration statement in form and substance reasonably satisfactory to Dealer, to cover the resale of such Restricted Shares in
accordance with customary resale registration procedures for registered resale offerings of equity securities of a similar size,
including covenants,

 

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conditions,
representations, underwriting discounts (if applicable), commissions (if applicable), indemnities, due diligence rights, opinions
and certificates, and such other documentation as is customary for equity resale underwriting agreements of similar size, all reasonably
acceptable to Dealer. If Dealer, in its sole reasonable discretion, is not satisfied with such procedures and documentation Private
Placement Settlement shall apply. If Dealer is satisfied with such procedures and documentation, it shall sell the Restricted Shares
pursuant to such registration statement during a period (the “Resale Period”) commencing on the Exchange Business
Day following delivery of such Restricted Shares (which, for the avoidance of doubt, shall be (x) the Share Termination Payment
Date in case of settlement in Share Termination Delivery Units pursuant to Section 9(j) above or (y) the Settlement Date in respect
of the final Expiration Date for all Daily Number of Warrants) and ending on the Exchange Business Day on which Dealer completes
the sale of all Restricted Shares in a commercially reasonable manner or, in the case of settlement of Share Termination Delivery
Units, a sufficient number of Restricted Shares so that the realized net proceeds of such sales equals or exceeds the Payment Obligation
(as defined above). If the Payment Obligation exceeds the realized net proceeds from such resale, Company shall transfer to Dealer
by the open of the regular trading session on the Exchange on the Exchange Business Day immediately following such resale the amount
of such excess (the “Additional Amount”) in cash or in a number of Shares (“Make-whole Shares”)
in an amount that, based on the Settlement Price on such day (as if such day was the “Valuation Date” for purposes
of computing such Settlement Price), has a dollar value equal to the Additional Amount. The Resale Period shall continue to enable
the sale of the Make-whole Shares. If Company elects to pay the Additional Amount in Shares, the requirements and provisions for
Registration Settlement shall apply. This provision shall be applied successively until the Additional Amount is equal to zero.
In no event shall Company deliver a number of Restricted Shares greater than the Maximum Number of Shares.

 

		(iii)	Without limiting the generality of the foregoing, Company agrees that (A) any Restricted Shares
delivered to Dealer may be transferred by and among Dealer and its affiliates and Company shall effect such transfer without any
further action by Dealer and (B) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time,
informational requirements of Rule 144(c) under the Securities Act are not satisfied with respect to Company) has elapsed in respect
of any Restricted Shares delivered to Dealer, Company shall promptly remove, or cause the transfer agent for such Restricted Shares
to remove, any legends referring to any such restrictions or requirements from such Restricted Shares upon request by Dealer (or
such affiliate of Dealer) to Company or such transfer agent, without any requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other
action by Dealer (or such affiliate of Dealer). Notwithstanding anything to the contrary herein, to the extent the provisions of
Rule 144 of the Securities Act or any successor rule are amended, or the applicable interpretation thereof by the Securities and
Exchange Commission or any court change after the Trade Date, the agreements of Company herein shall be deemed modified to the
extent necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of the Securities Act, as in effect at
the time of delivery of the relevant Shares or Share Termination Delivery Property.

 

		(iv)	If the Private Placement Settlement or the Registration Settlement shall not be effected as set
forth in clauses (i) or (ii), as applicable, then failure to effect such Private Placement Settlement or such Registration Settlement
shall constitute an Event of Default with respect to which Company shall be the Defaulting Party.

 

		(l)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Dealer
may not exercise any Warrant hereunder or be entitled to take delivery of any Shares deliverable hereunder, and Automatic Exercise
shall not apply with respect to any Warrant hereunder, to the extent (but

 

    21

    

    

only to the extent)
that, after such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder [and after taking into account
any Shares deliverable to Dealer under the letter agreement dated June 25, 2019 between Dealer and Company regarding Base Warrants
(the “Base Warrant Confirmation”)]7,
(i) the Section 16 Percentage would exceed 9.0%, or (ii) the Share Amount would exceed the Applicable Share Limit. Any purported
delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery [and after
taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation]8,
(i) the Section 16 Percentage would exceed 9.0%, or (ii) the Share Amount would exceed the Applicable Share Limit. If any delivery
owed to Dealer hereunder is not made, in whole or in part, as a result of this provision, Company’s obligation to make such
delivery shall not be extinguished and Company shall make such delivery as promptly as practicable after, but in no event later
than one Business Day after, Dealer gives notice to Company that, after such delivery, (i) the Section 16 Percentage would not
exceed 9.0%, and (ii) the Share Amount would not exceed the Applicable Share Limit.

 

		(m)	Share Deliveries. Notwithstanding anything to the contrary herein, Company agrees
that any delivery of Shares or Share Termination Delivery Property shall be effected by book-entry transfer through the facilities
of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property
is in book-entry form at DTC or such successor depositary.

 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Company and each of its employees, representatives, or other agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions
or other tax analyses) that are provided to Company relating to such tax treatment and tax structure.

 

		(p)	Maximum Share Delivery.

 

		(i)	Notwithstanding any other provision of this Confirmation, the Agreement or the Equity Definitions,
in no event will Company at any time be required to deliver a number of Shares greater than [Insert Number Equal to [200]% of
the Number of Shares on the Trade Date] (the “Maximum Number of Shares”) to Dealer in connection with the
Transaction.

 

		(ii)	In the event Company shall not have delivered to Dealer the full number of Shares or Restricted
Shares otherwise deliverable by Company to Dealer pursuant to the terms of the Transaction because Company has insufficient authorized
but unissued Shares that are not reserved for other transactions (such deficit, the “Deficit Shares”), Company
shall be continually obligated to deliver, from time to time, Shares or Restricted Shares, as the case may be, to Dealer until
the full number of Deficit Shares have been delivered pursuant to this Section 9(p)(ii), when, and to the extent that, (A) Shares
are repurchased, acquired or otherwise received by Company or any of its subsidiaries after the Trade Date (whether or not in exchange
for cash, fair value or any other consideration), (B) authorized and unissued Shares previously reserved for issuance in respect
of other transactions become no longer so reserved or (C) Company additionally authorizes any unissued Shares that are not reserved
for other transactions; provided that in no event shall Company deliver any Shares or Restricted Shares to Dealer pursuant
to this Section 9(p)(ii) to the extent that

 

 

7
Include in Additional Warrant Confirmation.

8
Include in Additional Warrant Confirmation.

 

    22

    

    

such delivery
would cause the aggregate number of Shares and Restricted Shares delivered to Dealer to exceed the Maximum Number of Shares. Company
shall immediately notify Dealer of the occurrence of any of the foregoing events (including the number of Shares subject to clause
(A), (B) or (C) and the corresponding number of Shares or Restricted Shares, as the case may be, to be delivered) and promptly
deliver such Shares or Restricted Shares, as the case may be, thereafter.

 

		(iii)	Notwithstanding anything to the contrary in the Agreement, this Confirmation or the Equity Definitions,
the Maximum Number of Shares shall not be adjusted on account of any event that (x) constitutes a Potential Adjustment Event solely
on account of Section 11.2(e)(vii) of the Equity Definitions and (y) is not an event within Company’s control.

 

		(q)	[Reserved].

 

		(r)	Right to Extend. Dealer may postpone or add, in whole or, other than in the event
Dealer determines in good faith that such postponement or addition resulted solely pursuant to the circumstances set forth in clause
(ii)(y) below, in part, any Expiration Date or any other date of valuation or delivery with respect to some or all of the relevant
Warrants (in which event the Calculation Agent shall make appropriate adjustments to the Daily Number of Warrants with respect
to one or more Expiration Dates) if Dealer reasonably determines, based on the advice of counsel in the case of the immediately
following clause (ii), that such extension is reasonably necessary or appropriate (i) to preserve Dealer’s commercially reasonable
hedging or hedge unwind activity hereunder in light of existing liquidity conditions or (ii) to enable Dealer to effect purchases
of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that
would, if Dealer were Issuer or an affiliated purchaser of Issuer, be in compliance (x) with applicable legal, regulatory or self-regulatory
requirements, or (y) with related policies and procedures applicable to Dealer, consistently applied across transactions similar
to the Transaction and for counterparties similar to Company; provided that no such Expiration Date or other date of valuation,
payment or delivery may be postponed or added more than 80 Exchange Business Days after the original Expiration Date or other date
of valuation, payment or delivery, as the case may be.

 

		(s)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Company with respect to the Transaction that are senior to the claims of common
stockholders of Company in any United States bankruptcy proceedings of Company; provided that nothing herein shall limit
or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Company of its obligations and
agreements with respect to the Transaction; provided further that nothing herein shall limit or shall be deemed to limit
Dealer’s rights in respect of any transactions other than the Transaction.

 

		(t)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

		(u)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the

 

    23

    

    

Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position,
or Illegality (as defined in the Agreement)).

 

		(v)	Agreements and Acknowledgements Regarding Hedging. Company understands, acknowledges
and agrees that: (A) at any time on and prior to the last Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other
than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether,
when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner
that it deems appropriate to hedge its price and market risk with respect to the Settlement Prices; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Settlement
Prices, each in a manner that may be adverse to Company.

 

		(w)	Early Unwind. In
                                         the event the sale of the [“Firm Securities”]9[“Optional
                                         Securities”]10
                                         (as defined in the Purchase Agreement (the “Purchase Agreement”),
                                         dated June 25, 2019, among Company and the guarantors party thereto, Uniti Fiber and
                                         Barclays Capital Inc., as the representative of the initial purchasers named therein
                                         (the “Initial Purchaser”)) is not consummated with the Initial Purchaser
                                         for any reason, or Company fails to deliver to Dealer any opinion of counsel required
                                         pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium
                                         Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date
                                         or such later date, the “Early Unwind Date”), the Transaction shall
                                         automatically terminate (the “Early Unwind”) on the Early Unwind Date
                                         and (i) the Transaction and all of the respective rights and obligations of Dealer and
                                         Company under the Transaction shall be cancelled and terminated and (ii) each party shall
                                         be released and discharged by the other party from and agrees not to make any claim against
                                         the other party with respect to any obligations or liabilities of the other party arising
                                         out of and to be performed in connection with the Transaction either prior to or after
                                         the Early Unwind Date. Each of Dealer and Company represents and acknowledges to the
                                         other that, upon an Early Unwind, all obligations with respect to the Transaction shall
                                         be deemed fully and finally discharged.

 

		(x)	Payment by Dealer. In the event that, following payment of the Premium, (i) an Early
Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default
(other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Dealer owes to Company
an amount calculated under Section 6(e) of the Agreement, or (ii) Dealer owes to Company, pursuant to Section 12.7 or Section 12.9
of the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be
zero.

 

		(y)	Listing of Warrant Shares. Company shall have submitted an application for the listing
of the Warrant Shares on the Exchange, and such application and listing shall have been approved by the Exchange, subject only
to official notice of issuance, in each case, on or prior to the Premium Payment Date. Company agrees and acknowledges that such
submission and approval shall be a condition precedent for the purpose of Section 2(a)(iii) of the Agreement with respect to each
obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(z)	[Reserved].

 

		(aa)	Adjustments. For the avoidance of doubt, whenever the Calculation Agent or Determining
Party is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account
the effect of an event, the Calculation Agent or Determining Party

 

 

9
Insert for Base Warrant Confirmation.

10 Insert for
Additional Warrant Confirmation.

 

    24

    

    

shall make such
adjustment by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially
reasonable hedge position.

 

		(bb)	Delivery or Receipt of Cash. For the avoidance of doubt, other than receipt of the
Premium by Company, nothing in this Confirmation shall be interpreted as requiring Company to cash settle the Transaction, except
in circumstances where cash settlement is within Company’s control (including, without limitation, where Company elects to
deliver or receive cash, or where Company has made Private Placement Settlement unavailable due to the occurrence of events within
its control) or in those circumstances in which holders of Shares would also receive cash.

 

		(cc)	[Reserved].

 

		(dd)	[Insert any relevant QFC / resolution stay / BRRD provision]

 

		(ee)	Tax Matters.

 

		(i)	Withholding Tax imposed on payments to certain non-US counterparties. “Tax,”
as used in Section 9(ee)(iii) of this Confirmation (Payor Tax Representations), and “Indemnifiable Tax,” as defined
in Section 14 of the Agreement, shall not include (A) any U.S. federal withholding tax imposed or collected pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such Sections of the Code (a “FATCA Withholding Tax”) or (B) any tax imposed or collected
pursuant to Section 871(m) of the Code or any current or future regulations or official interpretation thereof (a “Section
871(m) Withholding Tax”). Notwithstanding anything to the contrary herein, “Tax” as used in Section 9(ee)(iii)
of this Confirmation (Payor Tax Representations) and “Indemnifiable Tax,” as defined in Section 14 of the Agreement,
shall include any tax imposed or collected pursuant to Sections 897 or 1445 of the Code or any current or future regulations or
interpretations thereof (a “FIRPTA Withholding Tax”). For the avoidance of doubt each of a FATCA Withholding
Tax, a Section 871(m) Withholding Tax and a FIRPTA Withholding Tax is a Tax the deduction or withholding of which is required by
applicable law for the purposes of Section 2(d) of the Agreement.

 

		(ii)	Tax Documentation. [For the purpose of Sections 4(a)(i) and 4(a)(ii) of the Agreement, Company
shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto, and Dealer shall provide to Company
a valid U.S. Internal Revenue Service Form W-8ECI, or any successor thereto, (i) on or before the date of execution of this Confirmation
and (ii) promptly upon learning that any such tax form previously provided by it has become obsolete or incorrect. Additionally,
each party shall, promptly upon request by the other party, provide such other tax forms and documents reasonably requested by
the other party.]11

 

		(iii)	Payor Tax Representations. For the purpose of Section 3(e) of the Agreement, each party
makes the following representation:

 

It is not required
by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction
to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of the
Agreement) to be made by it to the other party under the Agreement. In making this representation, it may rely on (i) the accuracy
of any representations made by the other party pursuant to Section 9(ee)(iv) of this Confirmation, (ii) the satisfaction of the
agreement contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy

 

 

11
Update as necessary to reflect appropriate tax forms for Dealer.

 

    25

    

    

and effectiveness
of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction
of the agreement of the other party contained in the last sentence of Section 9(ee)(iv) of this Confirmation, except that it will
not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form
or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position

 

		(iv)	Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, Company makes
the following representations:

 

Company is
a corporation for U.S. federal income tax purposes and is organized under the laws of the State of Maryland. Company is a “U.S.
person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income
tax purposes and an exempt recipient under United States Treasury Regulation Section 1.6049-4(c)(1)(ii).

 

For the purpose
of Section 3(f) of this Agreement, Dealer makes the following representations to Company:

 

[(A) Dealer
is a “foreign person” (as that term is used in Section 1.6041-4(a)(4) of the United States Treasury Regulations) for
U.S. federal income tax purposes and

 

(B) Each payment
received or to be received by it in connection with this Confirmation will be effectively connected with its conduct of a trade
or business in the United States.]12

 

Each party
agrees to give notice of any failure of a representation made by it under this Section 9(ee)(iv) to be accurate and true promptly
upon learning of such failure.

 

		(ff)	REIT Matters. The parties agree that for all purposes of the Agreement and this Confirmation,
the terms “Beneficial Ownership” and “Constructive Ownership” in Article Seven of Company’s corporate
charter, as in effect under the General Corporation Law of the State of Maryland on the date hereof (the “Charter”)
shall not include shares held by Dealer or its affiliates to the extent such shares are held in a purely fiduciary capacity and
such shares shall not be considered Beneficially Owned or Constructively Owned by Dealer or its affiliates under the Charter.

 

		(gg)	[Insert any other relevant Dealer boilerplate.]

 

 

12
Update as necessary to reflect appropriate tax representations for Dealer

 

    26

    

    

Please confirm that
the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to Dealer.

 

 

	 	Very truly yours,
	 	 
	 	[Dealer]
	 	 
	 	 
	 	By:	 
	 	Authorized Signatory
	 	Name:

 

Accepted and confirmed

as of the Trade Date:

 

	Uniti Group Inc. 	 
	By:	 	 
	Authorized Signatory	 
	Name:Exhibit 10.1

 

KORTH DIRECT
MORTGAGE, Inc.

 

2019 Stock
Option Plan 

 

1.           Purposes
of the Plan. The purposes of this 2019 Stock Option Plan are to attract and retain the best available personnel for positions
of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote the success of the
Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined
by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422 of the Code
and the regulations promulgated thereunder. Restricted Stock may also be granted under the Plan.

 

2.           Source
of the Common Stock. The Stock made available to participants in this plan will be provided by the Company’s Board
of Directors as authorized by the Company’s Articles of Incorporation.

 

3.           Definitions.
As used herein, the following definitions shall apply:

 

(a)         “Administrator”
means the Board of Directors or a Committee.

 

(b)         “Affiliate”
means (i) an entity other than a Subsidiary which, together with the Company, is under common control of a third person or
entity and (ii) an entity other than a Subsidiary in which the Company and /or one or more Subsidiaries own a controlling
interest.

 

(c)         “Applicable
Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable
U.S. federal or state laws, the rules or regulations of any exchange, interdealer quotation system, or other electronic over-the-counter
listing service on which the Company’s Common Stock is traded, and the applicable laws, rules or regulations of any other
country or jurisdiction where Options or Restricted Common Stock are granted under the Plan or Participants reside or provide services,
as such laws, rules, and regulations shall be in effect from time to time.

 

(d)         “Award”
means any award of an Option or Restricted Common Stock under the Plan.

 

(e)         “Board”
means the Board of Directors of the Company.

 

(f)         
“Cashless Exercise” means a program approved by the Administrator in which payment of the Option exercise
price or tax withholding obligations or other required deductions may be satisfied, in whole or in part, with Stock subject to
the Option, including by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Company) to sell
Stock and to deliver all or part of the sale proceeds to the Company in payment of such amount.

 

    	 	 	 

    	 

    

 

(g)         “Cause”
for termination of a Participant’s Continuous Service Status will exist (unless another definition is provided in an applicable
Option Agreement, Restricted Common Stock Purchase Agreement, employment agreement or other applicable written agreement) if the
Participant’s Continuous Service Status is terminated for any of the following reasons: (i) any material breach by Participant
of any material written agreement between Participant and the Company and Participant’s failure to cure such breach within
30 days after receiving written notice thereof; (ii) any failure by Participant to comply with the Company’s material
written policies or rules as they may be in effect from time to time; (iii) neglect or persistent unsatisfactory performance
of Participant’s duties and Participant’s failure to cure such condition within 30 days after receiving written notice
thereof; (iv) Participant’s repeated failure to follow reasonable and lawful instructions from the Board or Chief Executive
Officer and Participant’s failure to cure such condition within 30 days after receiving written notice thereof; (v) Participant’s
conviction of, or plea of guilty or nolo contendere to, any crime that results in, or is reasonably expected to result in, material
harm to the business or reputation of the Company; (vi) Participant’s commission of or participation in an act of fraud
against the Company; (vii) Participant’s intentional material damage to the Company’s business, property or reputation;
or (viii) Participant’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company
or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the
Company. For purposes of clarity, a termination without “Cause” does not include any termination that occurs as a result
of Participant’s death or disability. The determination as to whether a Participant’s Continuous Service Status has
been terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The foregoing
definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship
at any time, and the term “Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor
thereto, if appropriate.

 

(h)         “Change
of Control” means (i) a sale of all or substantially all of the Company’s assets other than to an Excluded
Entity (as defined below), (ii) a merger, consolidation or other capital reorganization or business combination transaction
of the Company with or into another corporation, limited liability company or other entity other than an Excluded Entity, or (iii) the
consummation of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange
Act), directly or indirectly, of a majority of the Company’s then outstanding voting securities.

 

Notwithstanding the foregoing, a transaction shall not constitute a Change
of Control if its purpose is to (A) change the jurisdiction of the Company’s incorporation, (B) create a holding
company that will be owned in substantially the same proportions by the persons who hold the Company’s securities immediately
before such transaction, or (C) obtain funding for the Company in a financing that is approved by the Company’s Board.
An “Excluded Entity” means a corporation or other entity of which the holders of voting capital Common Stock
of the Company outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing
at least a majority of the votes entitled to be cast by all of such corporation’s or other entity’s voting securities
outstanding immediately after such transaction.

 

(i)          “Code”
means the Internal Revenue Code of 1986, as amended.

 

    	 	2 	 

    	 

    

 

(j)          “Committee”
means one or more committees or subcommittees of the Board of Directors consisting of 2 or more individuals appointed by the Board
of Directors to administer the Plan in accordance with Section 5, below.

 

(k)         Common
Stock means the Company’s common stock as defined in its Articles of Incorporation.

 

(l)         “Company”
means Korth Direct Mortgage Inc., a Florida corporation.

 

(m)        “Consultant”
means any person or entity, including an advisor but not an Employee, that renders, or has rendered, services to the Company, or
any Parent, Subsidiary or Affiliate and is compensated for such services, and any Director whether compensated for such services
or not.

 

(n)         “Continuous
Service Status” means the absence of any interruption or termination of service as an Employee or Consultant. Continuous
Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company
approved sick leave; (ii) military leave; (iii) any other bona fide leave of absence approved by the Company, provided
that, if an Employee is holding an Incentive Common Stock Option and such leave exceeds 3 months then, for purposes of Incentive
Common Stock Option status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following
such 3-month period and the Incentive Common Stock Option shall thereafter automatically become a Nonstatutory Common Stock Option
in accordance with Applicable Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute,
or unless provided otherwise pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant
shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or between the Company,
its Parents, Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant
or from a Consultant to an Employee.

 

(o)         “Director”
means a member of the Board.

 

(p)         “Disability”
means “disability” within the meaning of Section 22(e)(3) of the Code.

 

(q)         “Employee”
means any person employed by the Company, or any Parent, Subsidiary or Affiliate, with the status of employment determined pursuant
to such factors as are deemed appropriate by the Company in its sole discretion, subject to any requirements of Applicable Laws,
including the Code. The payment by the Company of a director’s fee shall not be sufficient to constitute “employment”
of such director by the Company or any Parent, Subsidiary or Affiliate.

 

(r)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(s)         “Fair
Market Value” means, as of any date, the per share fair market value of the Common Common Stock, as determined by
the Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever
possible, the determination of Fair Market Value shall be based upon the per share closing price for the Stock as reported in The
Wall Street Journal for the applicable date.

 

    	 	3 	 

    	 

    

 

(t)          “Family
Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive
relationships) of the Participant, any person sharing the Participant’s household (other than a tenant or employee), a trust
in which these persons (or the Participant) have more than 50% of the beneficial interest, a foundation in which these persons
(or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more
than 50% of the voting interests.

 

(u)         “Incentive
Common Stock Option” means an Option intended to, and which does, in fact, qualify as an incentive Common Stock option
within the meaning of Section 422 of the Code.

 

(v)         “Involuntary
Termination” means (unless another definition is provided in the applicable Option Agreement, Restricted Common Stock
Purchase Agreement, employment agreement or other applicable written agreement) the termination of a Participant’s Continuous
Service Status other than for (i) death, (ii) Disability or (iii) for Cause by the Company or a Parent, Subsidiary,
Affiliate or successor thereto, as appropriate.

 

(w)        “Listed
Security” means any security of the Company that is listed or approved for listing on a national securities exchange
or designated or approved for designation as a national market system security on an interdealer quotation system by the Financial
Industry Regulatory Authority (or any successor thereto).

 

(x)         
“Nonstatutory Common Stock Option” means an Option that is not intended to, or does not, in fact, qualify
as an Incentive Common Stock Option.

 

(y)         “Option”
means a Common Stock option granted pursuant to the Plan.

 

(z)         “Option
Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator,
reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option
Agreement, including, but not limited to, a notice of Common Stock option grant and a form of exercise notice.

 

(aa)       “Option
Exchange Program” means a program approved by the Administrator whereby outstanding Options (i) are exchanged
for Options with a lower exercise price, Restricted Common Stock, cash or other property or (ii) are amended to decrease the
exercise price as a result of a decline in the Fair Market Value.

 

(bb)       “Optioned
Common Stock” means Common Stock that is subject to an Option or that was issued pursuant to the exercise of an Option.

 

(cc)       “Optionee”
means an Employee or Consultant who receives an Option.

 

    	 	4 	 

    	 

    

 

(dd)       “Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if, at the time of
grant of the Award, each of the corporations other than the Company owns Common Stock possessing 50% or more of the total combined
voting power of all classes of Common Stock in one of the other corporations in such chain. A corporation that attains the status
of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date.

 

(ee)       “Participant”
means any holder of one or more Awards or Stock issued pursuant to an Award.

 

(ff)        “Board
of Directors” means the Company’s Board of Directors

 

(gg)       “Plan”
means this 2019 Common Stock Plan.

 

(hh)      “Restricted
Common Stock” means Common Stock acquired pursuant to a right to purchase or receive Common Stock granted pursuant
to Section 9, below.

 

(ii)         “Restricted Common Stock Purchase Agreement” means a written document, the form(s) of which shall be
approved from time to time by the Administrator, reflecting the terms of Restricted Common Stock granted under the Plan and includes
any documents attached to such agreement.

 

(jj)         “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision.

 

(kk)       “Stock”
means the Common Stock of the Company.

 

(ll)         “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time
of grant of the Award, each of the corporations other than the last corporation in the unbroken chain owns Common Stock possessing
50% or more of the total combined voting power of all classes of Common Stock in one of the other corporations in such chain. A
corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing
as of such date.

 

(mm)     “Ten
Percent Holder” means a person who owns Common Stock representing 10% or more of the voting power of all classes
of Common Stock of the Company measured as of an Award’s date of grant.

 

    	 	5 	 

    	 

    

 

4.           Common
Stock Subject to the Plan. Subject to the provisions of Section 11 below, the maximum aggregate number of Shares of
Stock that may be issued under the Plan is 1,000,000 shares of Stock, all of which Stock may be issued under the Plan pursuant
to Incentive Common Stock Options. The Stock issued under the Plan may be authorized, but unissued, or reacquired Stock. If an
Award should expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to
an Option Exchange Program, the unissued Stock that were subject thereto shall, unless the Plan shall have been terminated, continue
to be available under the Plan for issuance pursuant to future Awards. In addition, any Stock which are retained by the Company
upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect
to such Award shall be treated as not issued and shall continue to be available under the Plan for issuance pursuant to future
Awards. Stock issued under the Plan and later forfeited to the Company due to the failure to vest or repurchased by the Company
at the original purchase price paid to the Company for the Stock (including, without limitation, upon forfeiture to or repurchase
by the Company in connection with the termination of a Participant’s Continuous Service Status) shall again be available
for future grant under the Plan. Notwithstanding the foregoing, subject to the provisions of Section 11, below, in no event
shall the maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to Incentive Common Stock Options
exceed the number set forth in the first sentence of this Section 4 plus, to the extent allowable under Section 422 of
the Code and the Treasury Regulations promulgated there under, any Stock that again become available for issuance pursuant to the
remaining provisions of this Section 4.

 

5.           Administration
of the Plan.

 

(a)         General.
The Plan shall be administered by the Board of Directors or by a Committee appointed by the Board of Directors. The Plan may be
administered by different administrative bodies with respect to different classes of Participants and, if permitted by Applicable
Laws, the Committee may authorize one or more officers of the Company to make Awards under the Plan to Employees and Consultants
(who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board.

 

(b)         Committee
Composition. If a Committee has been appointed pursuant to this Section 5, such Committee shall continue to serve
in its designated capacity until otherwise directed by the Board of Directors. From time to time the Board of Directors may increase
the size of any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members
in substitution therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan,
all to the extent permitted by Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements
of Rule 16b-3 or Section 162(m) of the Code, to the extent permitted or required by such provisions.

 

(c)         Powers
of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated
by the Board of Directors to such Committee, the Administrator shall have the authority, in its sole discretion:

 

(i)        to determine
the Fair Market Value in accordance with Section 3(s) above, provided that such determination shall be applied consistently
with respect to Participants under the Plan;

 

(ii)       to select
the Employees and Consultants to whom Awards may from time to time be granted;

 

(iii)      to determine
the number of Stock to be covered by each Award;

 

    	 	6 	 

    	 

    

 

(iv)      to approve
the form(s) of agreement(s) and other related documents used under the Plan;

 

(v)       to determine
the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and conditions
include but are not limited to the exercise or purchase price, the time or times when Awards may vest and/or be exercised (which
may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or forfeiture restrictions will
be waived, and any restriction or limitation regarding any Award, Optioned Common Stock, or Restricted Common Stock;

 

(vi)      to amend
any outstanding Award or agreement related to any Optioned Common Stock or Restricted Common Stock, including any amendment adjusting
vesting (e.g., in connection with a change in the terms or conditions under which such person is providing services to the Company),
provided that no amendment shall be made that would materially and adversely affect the rights of any Participant without his or
her consent;

 

(vii)     to determine
whether and under what circumstances an Option may be settled in cash under Section 8(c)(iii), below, instead of Common Stock;

 

(viii)    subject
to Applicable Laws, to implement an Option Exchange Program and establish the terms and conditions of such Option Exchange Program
without consent of the holders of Common Stock of the Company, provided that no amendment or adjustment to an Option that would
materially and adversely affect the rights of any Participant shall be made without his or her consent;

 

(ix)       to approve
addenda pursuant to Section 18, below, or to grant Awards to, or to modify the terms of, any outstanding Option Agreement
or Restricted Common Stock Purchase Agreement or any agreement related to any Optioned Common Stock or Restricted Common Stock
held by Participants who are foreign nationals or employed outside of the United States with such terms and conditions as the Administrator
deems necessary or appropriate to accommodate differences in local law, tax policy or custom which deviate from the terms and conditions
set forth in this Plan to the extent necessary or appropriate to accommodate such differences; and

 

(x)        to construe
and interpret the terms of the Plan, any Option Agreement or Restricted Common Stock Purchase Agreement, and any agreement related
to any Optioned Common Stock or Restricted Common Stock, which constructions, interpretations and decisions shall be final and
binding on all Participants.

 

    	 	7 	 

    	 

    

 

(d)         Indemnification.
To the maximum extent permitted by Applicable Laws, each member of the Committee (including officers of the Company, if applicable),
or of the Board of Directors, as applicable, shall be indemnified and held harmless by the Company against and from (i) any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of
any action taken or failure to act under the Plan or pursuant to the terms and conditions of any Award except for actions taken
in bad faith or failures to act in good faith, and (ii) any and all amounts paid by him or her in settlement thereof, with
the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding
against him or her, provided that such member shall give the Company an opportunity, at its own expense, to handle and defend any
such claim, action, suit or proceeding before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under
the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any other power
that the Company may have to indemnify or hold harmless each such person.

 

6.           Eligibility.

 

(a)         Recipients
of Grants. Nonstatutory Common Stock Options may be granted to Employees and Consultants. Incentive Common Stock Options
may be granted only to Employees or Consultants.

 

(b)         Type
of Option. Each Option shall be designated in the Option Agreement as either an Incentive Common Stock Option or a Nonstatutory
Common Stock Option.

 

(c)         ISO
$100,000 Limitation. Notwithstanding any designation under Section 5(b), above, to the extent that the aggregate Fair
Market Value of Stock with respect to which options designated as incentive Common Stock options are exercisable for the first
time by any Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such
excess options shall be treated as nonstatutory Common Stock options. For purposes of this Section 6(c), incentive Common
Stock options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Stock subject
to an incentive Common Stock option shall be determined as of the date of the grant of such option.

 

(d)         No
Employment Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with respect to
continuation of an employment or consulting relationship with the Company (any Parent, Subsidiary or Affiliate), nor shall it interfere
in any way with such Employee’s or Consultant’s right or the Company’s (Parent’s, Subsidiary’s or
Affiliate’s) right to terminate his or her employment or consulting relationship at any time, with or without cause.

 

7.           Term
of Plan. The Plan shall become effective upon its adoption by the Board of Directors and shall continue in effect for a
term of 10 years unless sooner terminated under Section 15, below.

 

8.           Options.

 

(a)         Term
of Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term shall be no
more than 10 years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided
further that, in the case of an Incentive Common Stock Option granted to a person who at the time of such grant is a Ten Percent
Holder, the term of the Option shall be 5 years from the date of grant thereof or such shorter term as may be provided in the Option
Agreement.

 

    	 	8 	 

    	 

    

 

(b)         Option
Exercise Price and Consideration.

 

(i)        Exercise
Price. The per Share exercise price for the Stock to be issued pursuant to the exercise of an Option shall be such price
as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following:

 

(1)         In
the case of an Incentive Common Stock Option

 

a.       granted to
an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall be no less than 110% of the Fair
Market Value on the date of grant;

 

b.       granted to
any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value on the date of grant;

 

(2)         Except
as provided in subsection (3) below, in the case of a Nonstatutory Common Stock Option the per Share exercise price shall
be such price as is determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair
Market Value on the date of grant, it shall otherwise comply with all Applicable Laws, including Section 409A of the Code;
and

 

(3)         Notwithstanding
the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other
corporate transaction.

 

(ii)       Permissible
Consideration. The consideration to be paid for the Stock to be issued upon exercise of an Option, including the method
of payment, shall be determined by the Administrator (and, in the case of an Incentive Common Stock Option and to the extent required
by Applicable Laws, shall be determined at the time of grant) and may consist entirely of (1) cash; (2) check; (3) to
the extent permitted under, and in accordance with, Applicable Laws, delivery of a promissory note with such recourse, interest,
security and redemption provisions as the Administrator determines to be appropriate. (4) cancellation of indebtedness; (5) other
previously owned Stock that have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Stock
as to which the Option is exercised; (6) a Cashless Exercise; (7) such other consideration and method of payment permitted
under Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination as to the type
of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to
benefit the Company and the Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the
time of any Option exercise.

 

    	 	9 	 

    	 

    

 

(c)         Exercise
of Option.

 

(i)        General.

 

(1)         Exercisability.
Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator, consistent
with the terms of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance criteria with
respect to the Company, and Parent, Subsidiary or Affiliate, and/or the Optionee.

 

(2)         Leave
of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent the vesting
of Options shall be tolled during any leave of absence; provided, however, that in the absence of such determination, vesting of
Options shall continue during any paid leave and shall be tolled during any unpaid leave (unless otherwise required by Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave,
provided that, upon an Optionee’s returning from military leave (under conditions that would entitle him or her to protection
upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with
respect to Options to the same extent as would have applied had the Optionee continued to provide services to the Company (or any
Parent, Subsidiary or Affiliate, if applicable) throughout the leave on the same terms as he or she was providing services immediately
prior to such leave.

 

(3)         Minimum
Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Administrator may require that an
Option be exercised as to a minimum number of Stock, provided that such requirement shall not prevent an Optionee from exercising
the full number of shares of Stock as to which the Option is then exercisable.

 

(4)         Procedures
for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise has been received
by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option and the Company
has received full payment for the Stock with respect to which the Option is exercised and has paid, or made arrangements to satisfy,
any applicable taxes, withholding, required deductions or other required payments in accordance with Section 10, below. The exercise
of an Option shall result in a decrease in the number of shares of Stock that thereafter may be available, both for purposes of
the Plan and for sale under the Option, by the number of shares of Stock as to which the Option is exercised.

 

(5)         Rights
as Holder of Common Stock. Until the issuance of Common Stock (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
holder of Common Stock shall exist with respect to the Optioned Common Stock, notwithstanding the exercise of the Option. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the Common Stock is issued, except as
provided in Section 11, below.

 

    	 	10 	 

    	 

    

 

(ii)       Termination
of Continuous Service Status. The Administrator shall establish and set forth in the applicable Option Agreement the terms
and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous
Service Status, which provisions may be waived or modified by the Administrator at any time. To the extent that an Option Agreement
does not specify the terms and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous
Service Status, the following provisions shall apply:

 

(1)         General
Provisions. If the Optionee (or other person entitled to exercise the Option) does not exercise the Option to the extent
so entitled within the time specified below, the Option shall terminate and the Optioned Common Stock underlying the unexercised
portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term
as set forth in the Option Agreement (and subject to this Section 8).

 

(2)         Termination
other than Upon Disability or Death or for Cause. In the event of termination of an Optionee’s Continuous Service
Status other than under the circumstances set forth in the subsections (3) through (5) below, such Optionee may exercise
any outstanding Option at any time within 3 month(s) following such termination to the extent the Optionee is vested in the Optioned
Common Stock.

 

(3)         Disability
of Optionee. In the event of termination of an Optionee’s Continuous Service Status as a result of his or her Disability,
such Optionee may exercise any outstanding Option at any time within 12 month(s) following such termination to the extent the Optionee
is vested in the Optioned Common Stock.

 

(4)         Death
of Optionee. In the event of the death of an Optionee during the period of Continuous Service Status since the date of
grant of any outstanding Option, or within 3 month(s) following termination of the Optionee’s Continuous Service Status,
the Option may be exercised by any beneficiaries designated in accordance with Section 16 below, or if there are no such beneficiaries,
by the Optionee’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance, at any
time within 12 month(s) following the date the Optionee’s Continuous Service Status terminated, but only to the extent the
Optionee is vested in the Optioned Common Stock.

 

(5)         Termination
for Cause. In the event of termination of an Optionee’s Continuous Service Status for Cause, any outstanding Option
(including any vested portion thereof) held by such Optionee shall immediately terminate in its entirety upon first notification
to the Optionee of termination of the Optionee’s Continuous Service Status for Cause. If an Optionee’s Continuous Service
Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will be terminated for Cause,
all the Optionee’s rights under any Option, including the right to exercise the Option, shall be suspended during the investigation
period. Nothing in this Section 8(c)(ii)(5) shall in any way limit the Company’s right to purchase unvested Stock issued
upon exercise of an Option as set forth in the applicable Option Agreement.

 

    	 	11 	 

    	 

    

 

(iii)       Buyout
Provisions. The Administrator may at any time offer to buy out for a payment in cash or Stock an Option previously granted
under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time
that such offer is made.

 

9.           Restricted
Common Stock.

 

(a)         Rights
to Purchase. When a right to purchase or receive Restricted Common Stock is granted under the Plan, the Company shall advise
the recipient in writing of the terms, conditions and restrictions related to the offer, including the number of Stock that such
person shall be entitled to purchase, the price to be paid, if any (which shall be as determined by the Administrator, subject
to Applicable Laws, including any applicable securities laws), and the time within which such person must accept such offer. The
permissible consideration for Restricted Common Stock shall be determined by the Administrator and shall be the same as is set
forth in Section 8(b)(ii), above with respect to exercise of Options. The offer to purchase Stock shall be accepted by execution
of a Restricted Common Stock Purchase Agreement in the form determined by the Administrator.

 

(b)         Repurchase
Option.

 

(i)        General.
Unless the Administrator determines otherwise, the Restricted Common Stock Purchase Agreement shall grant the Company a repurchase
option exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason
(including death or Disability) at a purchase price for equal to the original purchase price paid by the purchaser to the Company
for such Stock and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option may lapse
at such rate as the Administrator may determine.

 

(ii)       Leave
of Absence. The Administrator shall have the discretion to determine at any time whether and to what extent the lapsing
of Company repurchase rights shall be tolled during any leave of absence; provided, however, that in the absence of such determination,
such lapsing shall continue during any paid leave and shall be tolled during any unpaid leave (unless otherwise required by Applicable
Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during
any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that
would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he
or she shall be given vesting credit with respect to Stock purchased pursuant to the Restricted Common Stock Purchase Agreement
to the same extent as would have applied had the Participant continued to provide services to the Company (or any Parent, Subsidiary
or Affiliate, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such
leave.

 

(c)         Other
Provisions. The Restricted Common Stock Purchase Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted
Common Stock Purchase Agreements need not be the same with respect to each Participant.

 

    	 	12 	 

    	 

    

 

(d)         Rights
as a Holder of Common Stock. Once the Common Stock is purchased, the Participant shall have the rights of a holder of Common
Stock, and shall be a record holder when his or her purchase and the issuance of the Common Stock is entered upon the records of
the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Restricted Common Stock is purchased, except as provided in Section 11, below

 

10.         Taxes.

 

(a)         As
a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death or
a permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require
for the satisfaction of any applicable U.S. federal, state, local or foreign tax, withholding, and any other required deductions
or payments that may arise in connection with such Award. The Company shall not be required to issue any Common Stock under the
Plan until such obligations are satisfied.

 

(b)         The
Administrator may, to the extent permitted under Applicable Laws, permit a Participant (or in the case of the Participant’s
death or a permitted transferee, the person holding or exercising the Award) to satisfy all or part of his or her tax, withholding,
or any other required deductions or payments by Cashless Exercise or by surrendering Stock (either directly or by Common Stock
attestation) that he or she previously acquired; provided that, unless specifically permitted by the Company, any such Cashless
Exercise must be an approved broker-assisted Cashless Exercise or the Common Stock withheld in the Cashless Exercise must be limited
to avoid financial accounting charges under applicable accounting guidance and any such surrendered Common Stock must have been
previously held for any minimum duration required to avoid financial accounting charges under applicable accounting guidance. Any
payment of taxes by surrendering Common Stock to the Company may be subject to restrictions, including, but not limited to, any
restrictions required by rules of the Securities and Exchange Commission.

 

11.        Adjustments
Upon Changes in Capitalization, Merger or Certain Other Transactions.

 

(a)         Changes
in Capitalization. Subject to any action required under Applicable Laws by the holders of Common Stock of the Company,
(i) the numbers and class of Common Stock or other securities: (x) available for future Awards under Section 4 above
and (y) covered by each outstanding Award, (ii) the exercise price per Share of each such outstanding Option, and (iii) any
repurchase price per Share applicable to Stock issued pursuant to any Award shall be automatically proportionately adjusted in
the event of a Common Stock split, reverse Common Stock split, Common Stock dividend, combination, consolidation, reclassification
of the Stock or subdivision of the Stock. In the event of any increase or decrease in the number of issued Stock effected without
receipt of consideration by the Company, a declaration of an extraordinary dividend with respect to the Stock payable in a form
other than Stock in an amount that has a material effect on the Fair Market Value, a recapitalization (including a recapitalization
through a large nonrecurring cash dividend), a rights offering, a reorganization, merger, a spin-off, split-up, change in corporate
structure or a similar occurrence, the Administrator shall make appropriate adjustments, in its discretion, in one or more of (i) the
numbers and class of Stock or other Common Stock or securities: (x) available for future Awards under Section 4 above
and (y) covered by each outstanding Award, (ii) the exercise price per Share of each outstanding Option and (iii) any
repurchase price per Share applicable to Stock issued pursuant to any Award, and any such adjustment by the Administrator shall
be made in the Administrator’s sole and absolute discretion and shall be final, binding and conclusive. Except as expressly
provided herein, no issuance by the Company of Common Stock or securities convertible into Common Stock shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction
described in this Section 11(a) or an adjustment pursuant to this Section 11(a), a Participant’s Award agreement
or agreement related to any Optioned Common Stock or Restricted Common Stock covers additional or different shares of Common Stock,
then such additional or different Stock, and the Award agreement or agreement related to the Optioned Common Stock or Restricted
Common Stock in respect thereof, shall be subject to all of the terms, conditions and restrictions which were applicable to the
Award, Optioned Common Stock and Restricted Common Stock prior to such adjustment.

 

    	 	13 	 

    	 

    

 

(b)         Dissolution
or Liquidation. In the event of the dissolution or liquidation of the Company, each Award will terminate immediately prior
to the consummation of such action, unless otherwise determined by the Administrator.

 

(c)         Corporate
Transactions. In the event of (i) a transfer of all or substantially all of the Company’s assets, (ii) a
merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
entity or person, or (iii) the consummation of a transaction, or series of related transactions, in which any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as
defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of more than 50% of the Company’s then outstanding
capital Common Stock (a “Corporate Transaction”), each outstanding Award (vested or unvested) will be treated
as the Administrator determines, which determination may be made without the consent of any Participant and need not treat all
outstanding Awards (or portion thereof) in an identical manner. Such determination, without the consent of any Participant, may
provide (without limitation) for one or more of the following in the event of a Corporate Transaction: (A) the continuation
of such outstanding Awards by the Company (if the Company is the surviving corporation); (B) the assumption of such outstanding
Awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation or its parent of new
options or equity awards for such Awards; (D) the cancellation of such Awards in exchange for a payment to the Participants
equal to the excess of (1) the Fair Market Value of the Stock subject to such Awards as of the closing date of such Corporate
Transaction over (2) the exercise price or purchase price paid or to be paid for the Stock subject to the Awards; or (E) the
cancellation of any outstanding Options or an outstanding right to purchase Restricted Common Stock, in either case, for no consideration.
Notwithstanding anything under this Plan, any Award agreement or otherwise, any escrow, holdback, earn-out or similar provisions
agreed to pursuant to, or in connection with, a Corporate Transaction shall, unless otherwise determined by the Board, apply to
any payment or other right a Participant may be entitled to under this Plan, if any, to the same extent and in the same manner
as such provisions apply generally to the holders of the Company’s Common Common Stock with respect to the Corporate Transaction,
but only to extent permitted by Applicable Law, including (without limitation), Section 409A of the Code.

 

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(d)         Transferability
of Awards.

 

Except as set forth in this Section 12, Awards (or
any rights of such Awards) may not be sold, pledged, encumbered, assigned, hypothecated, or disposed of or otherwise transferred
in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by a Participant will
not constitute a transfer. An Option may be exercised, during the lifetime of the holder of the Option, only by such holder or
a transferee permitted by this Section 12.

 

Notwithstanding anything else in this Section 12,
the Administrator may in its sole discretion provide that any Nonstatutory Common Stock Options may be transferred by instrument
to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor)
or by gift to Family Members. Further, beginning with (i) the period when the Company begins to rely on the exemption described
in Rule 12h-1(f)(1) promulgated under the Exchange Act, as determined by the Board in its sole discretion, and (ii) ending
on the earlier of (A) the date when the Company ceases to rely on such exemption, as determined by the Board in its sole discretion,
or (B) the date when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, an Option, or prior to exercise, the Stock subject to the Option, may not be pledged, hypothecated or otherwise transferred
or disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any
“call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively),
other than to (i) persons who are Family Members through gifts or domestic relations orders, or (ii) to an executor or
guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Board,
in its sole discretion, may permit transfers of Nonstatutory Common Stock Options to the Company or in connection with a Change
of Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f).

 

12.         Non-Transferability
of Common Stock Underlying Awards.

 

(a)         General.
Notwithstanding anything to the contrary, no Participant or other Common Stockholder shall Transfer (as such term is defined below)
any Stock (or any rights of or interests in such Stock) acquired pursuant to any Award (including, without limitation, Stock acquired
upon exercise of an Option) to any person or entity unless such Transfer is approved by the Company prior to such Transfer, which
approval may be granted or withheld in the Company’s sole and absolute discretion. “Transfer” shall mean, with
respect to any security, the direct or indirect assignment, sale, transfer, tender, pledge, hypothecation, or the grant, creation
or suffrage of a lien or encumbrance in or upon, or the gift, placement in trust, or the Constructive Sale (as such term is defined
below) or other disposition of such security (including transfer by testamentary or intestate succession, merger or otherwise by
operation of law) or any right, title or interest therein (including, but not limited to, any right or power to vote to which the
holder thereof may be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership
thereof, the offer to make such a sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding,
whether or not in writing, to effect any of the foregoing. “Constructive Sale” shall mean, with respect to any security,
a short sale with respect to such security, entering into or acquiring an offsetting derivative contract with respect to such security,
entering into or acquiring a futures or forward contract to deliver such security, or entering into any other hedging or other
derivative transaction that has the effect of materially changing the economic benefits and risks of ownership. Any purported Transfer
effected in violation of this Section 13 shall be null and void and shall have no force or effect and the Company shall not
be required (i) to transfer on its books any Stock that has been sold or otherwise transferred in violation of any of the
provisions of the Plan or (ii) to treat as owner of such Stock or to accord the right to vote or pay dividends to any purchaser
or other transferee to whom such Stock shall have been so transferred.

 

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(b)         Approval
Process. Any Participant or Common Stockholder seeking the approval of the Company to Transfer some or all of its Stock
shall give written notice thereof to the Secretary of the Company that shall include: (1) the name of the Common Stockholder;
(2) the proposed transferee; (3) the number of Shares of Stock of the Transfer of which approval is thereby requested;
and (4) the purchase price, if any, of the Stock proposed for Transfer. The Company may require the Participant to supplement
its notice with such additional information as the Company may request or as may otherwise be required by the applicable Option
Agreement, Restricted Common Stock Purchase Agreement or other applicable written agreement. In addition such request for Transfer
shall be subject to such right of first refusal, transfer provisions and any other terms and conditions as may be set forth in
the applicable Option Agreement, Restricted Common Stock Purchase Agreement or other applicable written agreement.

 

13.         Time
of Granting Awards. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes
the determination granting such Award, or such other date as is determined by the Administrator.

 

14.         Amendment
and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or termination shall
be made that would materially and adversely affect the rights of any Participant under any outstanding Award, without his or her
consent. In addition, to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain the approval
of holders of capital Common Stock with respect to any Plan amendment in such a manner and to such a degree as required.

 

15.         Conditions
Upon Issuance of Stock. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant
to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Stock under the
Plan unless such issuance or delivery would comply with Applicable Laws, with such compliance determined by the Company in consultation
with its legal counsel. As a condition to the exercise of any Option or purchase of any Restricted Common Stock, the Company may
require the person exercising the Option or purchasing the Restricted Common Stock to represent and warrant at the time of any
such exercise or purchase that the Stock is being purchased only for investment and without any present intention to sell or distribute
such Stock if, in the opinion of counsel for the Company, such a representation is advisable or required by Applicable Laws. Stock
issued upon exercise of Options or purchase of Restricted Common Stock prior to the date, if ever, on which the Common Stock becomes
a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which the Participant will be
required to offer such Stock to the Company before selling or transferring it to any third party on such terms and subject to such
conditions as is reflected in the applicable Option Agreement or Restricted Common Stock Purchase Agreement.

 

    	 	16 	 

    	 

    

 

16.         Beneficiaries.
If permitted by the Company, a Participant may designate one or more beneficiaries with respect to an Award by timely filing the
prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any
time before the Participant’s death. Except as otherwise provided in an Award agreement, if no beneficiary was designated
or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred
or distributed to the Participant’s estate or to any person who has the right to acquire the Award by bequest or inheritance.

 

17.         Approval
of Holders of Common Stock. If required by Applicable Laws, continuance of the Plan shall be subject to approval by the
Company’s shareholders within 12 months before or after the date the Plan is adopted or, to the extent required by Applicable
Laws, any date the Plan is amended. Such approval shall be obtained in the manner and to the degree required under Applicable Laws.

 

18.         Addenda.
The Administrator may approve such addenda to the Plan as it may consider necessary or appropriate for the purpose of granting
Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems necessary or
appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms and conditions set
forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate
such differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose.

 

19.         Information
to Holders of Options. In the event the Company is relying on the exemption provided by Rule 12h-1(f) under the Exchange
Act, the Company shall provide the information described in Rule 701(e)(3), (4) and (5) of the Securities Act of 1933, as
amended, to all holders of Options in accordance with the requirements thereunder until such time as the Company becomes subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act. The Company may request that holders of Options
agree to keep the information to be provided pursuant to this Section confidential. If the holder does not agree to keep the information
to be provided pursuant to this Section confidential, then the Company will not be required to provide the information unless otherwise
required pursuant to Rule 12h-1(f)(1) of the Exchange Act.

 

 

17

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