Document:

EX-10.18

 Exhibit 10.18 

LIMITED LIABILITY COMPANY AGREEMENT 

of 
 ENDEAVOR MANAGER,
LLC 
 Dated as of
                    , 2019 
 THE LIMITED
LIABILITY COMPANY INTERESTS IN ENDEAVOR MANAGER, LLC HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MAY BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH
(I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED
TO IN WRITING BETWEEN THE MANAGING MEMBER AND ANY HOLDER OF SUCH INTERESTS. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS AND USAGE	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitional and Interpretative Provisions	  	 	11	 
		
	 ARTICLE II THE COMPANY
	  	 	12	 
			
	 Section 2.01
	 	Continuation of the Company	  	 	12	 
	 Section 2.02
	 	Name	  	 	12	 
	 Section 2.03
	 	Term	  	 	12	 
	 Section 2.04
	 	Registered Agent and Registered Office	  	 	12	 
	 Section 2.05
	 	Purposes	  	 	13	 
	 Section 2.06
	 	Powers of the Company	  	 	13	 
	 Section 2.07
	 	Tax Status	  	 	13	 
	 Section 2.08
	 	Regulation of Internal Affairs	  	 	13	 
	 Section 2.09
	 	Ownership of Property	  	 	13	 
		
	 ARTICLE III UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS
	  	 	13	 
			
	 Section 3.01
	 	Units; Admission of Members	  	 	13	 
	 Section 3.02
	 	Substitute Members and Additional Members	  	 	14	 
	 Section 3.03
	 	Tax and Accounting Information	  	 	15	 
	 Section 3.04
	 	Books and Records	  	 	16	 
	 Section 3.05
	 	Equity Incentive Plans	  	 	16	 
		
	 ARTICLE IV MANAGER OWNERSHIP; RESTRICTIONS ON MANAGER UNITS
	  	 	16	 
			
	 Section 4.01
	 	Manager Ownership	  	 	16	 
	 Section 4.02
	 	Restrictions on Manager Units	  	 	17	 
		
	 ARTICLE V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS;
ALLOCATIONS
	  	 	18	 
			
	 Section 5.01
	 	Capital Contributions	  	 	18	 
	 Section 5.02
	 	Amounts and Priority of Distributions	  	 	18	 
	 Section 5.03
	 	Tax Withholding; Withholding Advances	  	 	19	 
		
	 ARTICLE VI MANAGEMENT OF THE COMPANY
	  	 	20	 
			
	 Section 6.01
	 	Management by the Managing Member	  	 	20	 
	 Section 6.02
	 	Withdrawal of the Managing Member	  	 	20	 
	 Section 6.03
	 	Decisions by the Members	  	 	21	 
	 Section 6.04
	 	Fiduciary Duties	  	 	21	 
	 Section 6.05
	 	Officers	  	 	21	 

  
 i 

							
	ARTICLE VII TRANSFERS OF INTERESTS	  	 	22	 
			
	 Section 7.01
	 	Restrictions on Transfers	  	 	22	 
	 Section 7.02
	 	Certain Permitted Transfers	  	 	23	 
	 Section 7.03
	 	Registration of Transfers	  	 	23	 
	 Section 7.04
	 	Restricted Units Legend	  	 	23	 
		
	 ARTICLE VIII REDEMPTION RIGHTS
	  	 	24	 
			
	 Section 8.01
	 	Redemption Right of a Member	  	 	24	 
	 Section 8.02
	 	[INTENTIONALLY OMITTED]	  	 	27	 
	 Section 8.03
	 	Reservation of Shares of Class A Common Stock; Listing; Certificate of PubCo, etc.	  	 	27	 
	 Section 8.04
	 	Effect of Exercise of Redemption	  	 	28	 
	 Section 8.05
	 	[reserved]	  	 	28	 
	 Section 8.06
	 	Other Redemption Matters	  	 	28	 
	 Section 8.07
	 	Employee Unit Redemption Right.	  	 	29	 
		
	 ARTICLE IX PUBCO CHANGE OF CONTROL OR RECAPITALIZATION
	  	 	31	 
			
	 Section 9.01
	 	PubCo Change of Control; PubCo Approved Recap Transaction	  	 	31	 
		
	 ARTICLE X LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION
	  	 	32	 
			
	 Section 10.01
	 	Limitation on Liability	  	 	32	 
	 Section 10.02
	 	Exculpation and Indemnification	  	 	33	 
		
	 ARTICLE XI DISSOLUTION AND TERMINATION
	  	 	35	 
			
	 Section 11.01
	 	Dissolution	  	 	35	 
	 Section 11.02
	 	Winding Up of the Company	  	 	36	 
	 Section 11.03
	 	Termination	  	 	37	 
	 Section 11.04
	 	Survival	  	 	37	 
		
	 ARTICLE XII MISCELLANEOUS
	  	 	37	 
			
	 Section 12.01
	 	Expenses	  	 	37	 
	 Section 12.02
	 	Further Assurances	  	 	37	 
	 Section 12.03
	 	Notices	  	 	37	 
	 Section 12.04
	 	Binding Effect; Benefit; Assignment	  	 	37	 
	 Section 12.05
	 	Jurisdiction	  	 	37	 
	 Section 12.06
	 	WAIVER OF JURY TRIAL	  	 	38	 
	 Section 12.07
	 	Counterparts	  	 	38	 
	 Section 12.08
	 	Entire Agreement	  	 	39	 
	 Section 12.09
	 	Severability	  	 	39	 
	 Section 12.10
	 	Amendment	  	 	39	 
	 Section 12.11
	 	Governing Law	  	 	39	 
	 Section 12.12
	 	No Presumption	  	 	39	 
	 Section 12.13
	 	Attorney-In-Fact	  	 	39	 
	 Section 12.14
	 	Immunity Waiver	  	 	40	 

  
 ii 

							
	 Section 12.15
	 	Specific Performance	  	 	40	 
	 Section 12.16
	 	Agreement of Certain Members	  	 	40	 

  

					
	 Schedule A
	  	 Member Schedule
	  	
			
	 Schedule B
	  	 Certain Individuals
	  	

  
 iii 

 LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of ENDEAVOR
MANAGER, LLC, a Delaware limited liability company (the “Company”), dated as of                     , 2019 (the
“Effective Date”), by and among the Company, Endeavor Group Holdings, Inc., a Delaware corporation (“PubCo”), Endeavor Operating Company, LLC, a Delaware limited liability company (“OpCo”) and the
Members (as defined below). 
 W I T N E S S E T H: 

WHEREAS, the Company was formed as a limited liability company under the Delaware Act (as defined below) pursuant to a certificate of
formation (the “Certificate”) which was executed and filed with the Secretary of State of the State of Delaware on July 1, 2019; and 

WHEREAS, the Company was formed for the purpose of holding OpCo Common Units and for exercising certain rights pursuant to the OpCo LLC
Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS AND
USAGE 
 Section 1.01 Definitions. 

(a) The following terms shall have the following meanings for the purposes of this Agreement: 

“Additional Member” means any Person admitted as a Member of the Company pursuant to Section 3.02
in connection with the issuance of new Units to such Person after the Effective Date. 
 “Affiliate” of any specified
Person means any other Person directly or indirectly Controlling, Controlled by or under direct or indirect common Control with such first specified Person; provided, that for purposes of this Agreement, (i) no Member (or equityholder of
such Member) shall be deemed to be an Affiliate of any other Member (or equityholder of such Member) solely by virtue of this Agreement and (ii) the Company, on the one hand, and each of the Members (and each equityholder of any such Member),
on the other hand, shall not be deemed to be Affiliates of each other solely by virtue of this Agreement. 
 “Black-Out Period” means any “black-out” or similar period under PubCo’s policies covering trading in PubCo’s securities (including any Trading
Policy) to which the applicable Redeeming Member is subject (or will be subject at such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock
to be delivered to such Redeeming Member in connection with a Share Settlement. 

 “Business Day” means any day excluding Saturday, Sunday or any day which is
a legal holiday under the Laws of the State of California or the State of New York or is a day on which banking institutions in the State of California or the State of New York are authorized or required by Law or other governmental action to close.

 “Capital Contribution” means, with respect to any Member, the amount of money and the fair market value of any Property
(other than money) contributed to the Company with respect to any Units held or purchased by such Member. 
 “Cash
Settlement” means, with respect to any Redemption, immediately available funds in U.S. dollars in an amount equal to the number of Redeemed Units subject thereto, multiplied by the Common Unit Redemption Price. 

“Change of Control” means, the occurrence of any of the following events or series of related events after the date hereof:
there is consummated a merger or consolidation of PubCo with any other Person or Persons, including a tender offer followed by a merger in which holders of Class A Common Stock receive the same consideration per share paid in the tender offer,
and, immediately after the consummation of such merger or consolidation, the voting securities of PubCo immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting
power of the then-outstanding voting securities of the Person resulting from such merger or consolidation. Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred (i) by virtue of the consummation of
any transaction or series of integrated transactions immediately following which the record holders of the Class A Common Stock, Class B Common Stock, Class X Common Stock and Class Y Common Stock immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares or equity of, an entity which owns all or substantially all of the assets of
PubCo immediately following such transaction or series of transactions, (ii) by virtue of the consummation of any transaction or series of transactions, immediately following which, PubCo and one or more other entities (the “Other
Constituent Companies”) shall have become separate wholly-owned Subsidiaries of a holding company, and the record holders of the Class A Common Stock, Class B Common Stock, Class X Common Stock and Class Y Common Stock
immediately prior to such transaction or series of transactions, together with the record holders of the outstanding equity interests in the Other Constituent Companies immediately prior to such transaction or series of transactions, shall have
become the equityholders of the new holding company in exchange for their respective equity interests in PubCo and the Other Constituent Companies, and such transaction or transactions would not otherwise constitute a “Change of Control”
assuming references to PubCo are references to such holding company or (iii) at any time that the Executive Directors, any permitted transferee pursuant to Section 8.02(b) of the OpCo LLC Agreement, the SL Member and the SL Related
Entities (each as defined in the OpCo LLC Agreement), collectively, continue to beneficially own (or have the right to vote), directly or indirectly, securities of PubCo representing more than 35% of the combined voting power of PubCo’s
then-outstanding voting securities and no other Person or “group” (within the meaning of Section 13(d) of the Exchange Act) that does not include the Executive Directors, any permitted transferee pursuant to Section 8.02(b) of
the OpCo LLC Agreement, the SL Member and the SL Related Entities, beneficially owns (or has the right to vote), directly or indirectly, securities of PubCo representing a greater percentage of the combined voting power of PubCo’s
then-outstanding voting securities than that then beneficially owned by the Executive Directors, any permitted transferee pursuant to Section 8.02(b) of the OpCo LLC Agreement, the SL Member and the SL Related Entities. 

  
 2 

 “Class A Common Stock” means Class A common stock,
$0.00001 par value per share, of PubCo. 
 “Class B Common Stock” means Class B common stock,
$0.00001 par value per share, of PubCo. 
 “Class X Common Stock” means Class X common stock,
$0.00001 par value per share, of PubCo. 
 “Class Y Common Stock” means Class Y common stock,
$0.00001 par value per share, of PubCo. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Common Member” means any Member that holds Common Units, in such Member’s capacity as a holder of Common Units.

 “Common Unit” means a limited liability company interest in the Company, designated herein as a “Common Unit”.

 “Common Unit Redemption Price” means, with respect to any Redemption Date, the price for a share of Class A Common
Stock (or any class of stock into which it has been converted) on the Stock Exchange, as reported on bloomberg.com or such other reliable source as determined by the Managing Member in good faith, at the close of trading on the last full Trading Day
immediately prior to the Redemption Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. In the event the shares of Class A Common
Stock are not publicly traded at the time of a Redemption, then the Managing Member shall determine the Common Unit Redemption Price in good faith. 

“Company Merger Agreements” means each of those certain merger agreements entered into by the Company on the date hereof.

 “Control” (including the terms “Controlling” and “Controlled”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of such subject Person, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise. 
 “Covered Person” means (i) each Member or an Affiliate thereof,
in each case in such capacity, (ii) each officer, director, equityholder, member, partner, employee, representative, agent or trustee of a Member or an Affiliate thereof, in each case in such capacity, and (iii) each officer, director,
shareholder, member, partner, employee, representative, agent or trustee of the Managing Member, the Company or an Affiliate controlled thereby of, in each case in such capacity. 

  
 3 

 “Delaware Act” means the Delaware Limited Liability Company Act, as amended
from time to time. 
 “DGCL” means the Delaware General Corporation Law, as amended from time to time. 

“Employee Member” means (i) any current or former employee or other service provider that holds Common Units as of date
hereof and (ii) any other employee or other service provider who receives Units after the date hereof and is designated as an “Employee Member” by the Managing Member, in each case, in such employee or other service provider’s
capacity as a holder of such Units. 
 “Employee Units” means the Common Units held by an Employee Member. 

“Equity Incentive Plan” means any equity incentive or similar plan, agreement or arrangement adopted or entered into by the
Company, PubCo or OpCo that is effective on or after the date hereof, including, without limitation, PubCo’s 2019 Incentive Award Plan. 

“Equity Securities” means, with respect to any Person, any (i) membership interests, partnership interests or shares of
capital stock, (ii) equity, ownership, voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its Subsidiaries, or any rights or securities convertible into or exchangeable for, options or
other rights to acquire from such Person or any of its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing. 

“Exchange Act” means the Exchange Act of 1934, as amended, and applicable rules and regulations thereunder, and any successor
to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Exchange Act shall be deemed to include any corresponding provisions of future Law. 

“Executive Director” has the meaning set forth in PubCo’s certificate of incorporation. 

“Fiscal Year” means the Company’s fiscal year, which shall initially be the twelve (12) month period ending on
December 31 of each year and which may be changed from time to time as determined by the Managing Member. 
 “Governmental
Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof and the SEC, any non-U.S. regulatory agency and any other regulatory authority or body (including any state or provincial securities authority and any self-regulatory organization) with jurisdiction over the Company or any of its
Subsidiaries. 
 “Holdback Date” means with respect to any Employee Member, the earlier of (i) death and
(ii) first anniversary of Termination of Service; provided, that such Employee Member complies with all restrictive covenants to which he or she is subject for the benefit of the Company or any of its Affiliates. 

  
 4 

 “Indebtedness” means (i) indebtedness for borrowed money or
indebtedness issued or incurred in substitution or exchange for indebtedness for borrowed money, (ii) amounts owing as deferred purchase price for property or services, including all seller notes and “earn out” payments, and purchase
price adjustment payments and non-competition payments in connection with any merger and/or acquisition transactions, (iii) indebtedness evidenced by any note, bond, debenture, mortgage or other debt
instrument or debt security, (iv) obligations under any interest rate, currency or other hedging agreement and (v) obligations under any performance bond, letter of credit, banker’s acceptance or similar credit instrument. 

“IPO” means the initial underwritten public offering of PubCo. 

“Law” means, with respect to any Person, any federal, state or local law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person or
its assets, in each case, as amended unless expressly specified otherwise. 
 “Liquidation” means a liquidation or winding
up of the Company. 
 “Manager” means PubCo, in its capacity as the managing member of the Company. 

“Managing Member” means (i) Manager so long as Manager has not withdrawn as the Managing Member pursuant to
Section 6.02 and (ii) any successor thereof appointed as Managing Member in accordance with Section 6.02. 

“Member” means any Person named as a Member of the Company on Schedule A and the books and records of the Company, as
the same may be amended from time to time to reflect any Person admitted as an Additional Member or a Substitute Member, for so long as such Person continues to be a Member of the Company. 

“OpCo Common Unit” means a Common Unit (as defined in the OpCo LLC Agreement). 

“OpCo LLC Agreement” means that certain Third Amended and Restated Limited Liability Company Agreement of OpCo, dated as of
the date hereof (as may be amended, supplemented, modified or restated from time to time). 
 “Parent” means, with respect
to any Person, any other Person that directly or indirectly owns any equity or voting interest in the first specified Person. 

“Percentage Interest” means, with respect to any Member, a fractional amount, expressed as a percentage: (i) the
numerator of which is the aggregate number of vested Units owned of record thereby and (ii) the denominator of which is the aggregate number of vested Units issued and outstanding. The sum of the outstanding Percentage Interests of all Members
shall at all times equal 100%. For the avoidance of doubt, each Unit that is issued without being subject to any vesting requirements shall at all times be deemed to be a vested Unit for purposes of this definition. 

  
 5 

 “Permitted Exchange Percentage” means, unless otherwise determined by the
Managing Member: 
 (i) for any Employee Members designated as members of Employee Group A in the Company’s books and records,
(A) from the Effective Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the Effective Date through the second anniversary of the Effective Date, twenty five percent (25%), (C)
from the day following the second anniversary of the Effective Date through the third anniversary of the Effective Date, fifty percent (50%), and (D) from the day following the third anniversary of the Effective Date, one hundred percent
(100%); 
 (ii) subject to any further reduction pursuant to the proviso in the definition of Redeemable Employee Units, for the Employee
Members designated as members of Employee Group B in the Company’s books and records, (A) from the Effective Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the Effective
Date through the second anniversary thereof, twenty percent (20%), (C) from the day following the second anniversary of the Effective Date through the third anniversary of the Effective Date, thirty percent (30%), (D) from the day following the
third anniversary of the Effective Date through the fourth anniversary of the Effective Date, forty percent (40%), (E) from the day following the fourth anniversary of the Effective Date through the fifth anniversary thereof, fifty-five percent
(55%), (F) from the day following the fifth anniversary of the Effective Date through the sixth anniversary of the Effective Date, seventy-five percent (75%), and (G) from the day following the sixth anniversary of the Effective Date, one
hundred percent (100%); 
 (iii) for the Employee Members designated as members of Employee Group C in the Company’s books and records,
(A) from the Effective Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the Effective Date through the second anniversary thereof, twenty percent (20%), (C) from the day
following the second anniversary of the Effective Date through the third anniversary of the Effective Date, forty percent (40%), (D) from the day following the third anniversary of the Effective Date through the fourth anniversary of the Effective
Date, sixty percent (60%), (E) from the day following the fourth anniversary of the Effective Date through the fifth anniversary thereof, eighty percent (80%), and (F) from the day following the fifth anniversary of the Effective Date, one
hundred percent (100%); and 
 (iv) for the Employee Members (other than those set forth in subsections (i) through (iii) of this
definition), (A) from the Effective Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the Effective Date through the second anniversary thereof, thirty-three and one-third percent (33.3%), (C) from the day following the second anniversary of the Effective Date through the third anniversary of the Effective Date, sixty-six and two-thirds percent (66.6%), and (D) from the day following the third anniversary of the Effective Date, one hundred percent (100%). 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, estate, joint venture,
Governmental Authority or other entity. 

  
 6 

 “Prime Rate” means the rate of interest from time to time identified by
The Wall Street Journal, as being the “prime” rate (or if The Wall Street Journal does not identify such a rate, the “prime” rate as identified by another newspaper of national circulation).

 “Property” means an interest of any kind in any real or personal (or mixed) property, including cash, and any
improvements thereto, and shall include both tangible and intangible property. 
 “PubCo Approved Change of Control” means
any Change of Control of PubCo that meets the following conditions: (i) such Change of Control was approved by the board of directors of PubCo prior to such Change of Control, (ii) such Change of Control results in an early termination of
and acceleration of payments under the Tax Receivable Agreement, (iii) the terms of such Change of Control provide for the consideration for the Units in such Change of Control to consist solely of (A) freely and immediately tradeable
common equity securities of an issuer listed on a national securities exchange and/or (B) cash and (iv) if such common equity securities would be Registrable Securities (as defined in the Registration Rights Agreement) of such issuer for
any stockholder party to the Registration Rights Agreement, the issuer of such listed equity securities has become a party thereto as a successor to PubCo effective upon closing of such Change of Control. 

“PubCo Common Stock” means, collectively, Class A Common Stock, Class B Common Stock, Class X Common Stock and
Class Y Common Stock. 
 “PubCo Equity Plan” means that certain Endeavor Group Holdings, Inc. 2019 Incentive Award
Plan. 
 “Redeemable Employee Units” means, with respect to any Employee Member, the number of Common Units held by such
Employee Member equal to the product of (i) the sum of the number of vested Common Units held by such Employee Member and (ii) the Permitted Exchange Percentage; provided that, to the extent such Employee Member is designated as a
member of Employee Group B in the Company’s books and records, (x) the number of Redeemable Employee Units will be reduced by twenty percent (20%) until the Holdback Date and (y) to the extent such Employee Member breaches any
restrictive covenants to which he or she is subject for the benefit of the Company, OpCo or PubCo or any of their respective Affiliates, the Managing Member may in its sole discretion, to the maximum extent permitted by law, either (A) delay
the Holdback Date with respect to the calculation of the Redeemable Employee Units for an additional period of time equal to the length of such breach (or such longer period as it determines in its sole discretion) or (B) cause the Redeemable
Employee Units subject to reduction through the Holdback Date pursuant to subsection (x) of this definition to be cancelled for no consideration. 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated on or about the date hereof, by and
among PubCo, the members of OpCo (other than the Company in its capacity as a member of OpCo) and certain other parties thereto. 

  
 7 

 “Relative Percentage Interest” means, with respect to any Member relative
to another Member or Members, a fractional amount, expressed as a percentage, the numerator of which is the Percentage Interest of such Member; and the denominator of which is (x) the Percentage Interest of such Member plus (y) the
aggregate Percentage Interest of such other Member or Members. 
 “Restructuring Agreement” means, that certain
Restructuring Agreement, dated as or around the date hereof, by and among OpCo, PubCo and the other parties thereto. 

“Restructuring” means the consummation of the transactions contemplated by the Restructuring Agreement. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any
successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Share Settlement” means, with respect to any applicable Redemption, a number of shares of Class A Common Stock equal to
the number of Redeemed Units. 
 “Stock Exchange” means the New York Stock Exchange. 

“Subsidiary” means, with respect to any Person, any Person of which more than 50% of the total voting power of shares of
stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power
to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof (including
(i) any limited partnership of which such Person, directly or indirectly, is the general partner or otherwise has the power to direct or cause the direction of the management and policies thereof and (ii) any limited liability company of
which such Person, directly or indirectly, is the managing member or otherwise has the power to direct or cause the direction of the management and policies thereof). 

“Substitute Member” means any Person admitted as a Member of the Company pursuant to Section 3.02
in connection with the Transfer of then-existing Units to such Person. 
 “Tax Receivable Agreement” means that certain Tax
Receivable Agreement, dated as of the date hereof, by and among PubCo and the other parties thereto. 
 “Termination of
Service” with respect to an Employee Member means the date he or she ceases to be an employee or other service provider of OpCo and its Subsidiaries. The Company, in its sole discretion, shall determine the effect of all matters and
questions relating to any Termination of Service, including, without limitation, whether a Termination of Service has occurred and all questions of whether particular leaves of absence constitute a Termination of Service. For purposes of this
Agreement, an Employee Member’s employee-employer relationship or consultancy relationship with OpCo and its Subsidiaries shall be deemed to be terminated in the event that the Subsidiary employing or contracting him or her ceases to remain a
Subsidiary of OpCo following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). 

  
 8 

 “Trading Day” means a day on which the Stock Exchange or such other
principal United States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Trading Policy” means any exchange and/or insider trading policy that may be established by Manager or PubCo, as may be
amended from time to time. 
 “Transaction Documents” means the Employee Holdco I LLC Agreement (as defined in the OpCo LLC
Agreement), Employee Holdco II LLC Agreement (as defined in the OpCo LLC Agreement), Executive Holdco LLC Agreement (as defined in the OpCo LLC Agreement), OpCo LLC Agreement, Registration Rights Agreement, Restructuring Agreement, Stockholders
Agreement (as defined in the OpCo LLC Agreement), Tax Receivable Agreement and any applicable Vesting Letters. 

“Transfer” means any sale, assignment, transfer, exchange, gift, bequest, pledge, hypothecation or other disposition or
encumbrance, direct or indirect, in whole or in part, by sale, merger, operation of Law or otherwise, and shall include all matters deemed to constitute a Transfer under Article VIII, including the issuance or other Transfer of Equity
Securities or other interest of a Parent of a Member; provided, that “Transfer” shall be deemed not to include any issuance or other transfer of Equity Securities in a Member’s Parent if both (A) Equity Securities of such
Member’s Parent are publicly listed and traded on a national securities exchange and (B) Units in the Company are not a material portion of such Member’s Parent’s direct and indirect assets. 

The terms “Transferred”, “Transferring”, “Transferor”, “Transferee” and “Transferable” have
meanings correlative to the foregoing. 
 “Treasury Regulations” means the regulations promulgated under the Code, as
amended from time to time. 
 “Trust” means, with respect to any Person, (i) a revocable trust that is treated as a
grantor trust for income tax purposes; provided, that and only so long as (a) the beneficiaries of such Trust include only such Person and such Person’s spouse, domestic partner, parents, grandparents, siblings or lineal
descendants; (b) the Trust shall agree in writing to be bound by the terms of this Agreement; and (c) the Transferor retains exclusive voting control over the Units or other securities so Transferred, in a trustee capacity or otherwise or
(ii) any other trust that is solely for bona fide estate planning purposes that shall not, and shall not be used to, circumvent the provisions herein; provided, that and only so long as the beneficiaries of such Trust include only such
Person and such Person’s spouse, domestic partner or lineal descendants. 

  
 9 

 “Units” means Common Units or any other type, class or series of limited
liability company interests in the Company designated by the Company after the date hereof in accordance with this Agreement; provided, that any type, class or series of Units shall have the designations, preferences and/or special rights set
forth or referenced in this Agreement, and the limited liability company interests of the Company represented by such type, class or series of Units shall be determined in accordance with such designations, preferences and/or special rights. 

“Unvested Common Unit” means, on any date of determination, any Common Unit held by a Member that is not “vested”
in accordance with such Member’s (or its direct or indirect Transferor’s) applicable Vesting Letter. 
 “Vesting
Letter” means an agreement between a Common Member and Manager or any of its Subsidiaries, as applicable, on the one hand, and the Company, on the other hand (in each case, as amended from time to time), governing the issuance or other
terms of Common Units (or any interests which were converted into or exchanged for such Common Units) to the applicable party. 
 (b) Each
of the following terms is defined in the Section set forth opposite such term: 
  

			
		
	Term	  	Section
	Agreement	  	Preamble
		
	Cause	  	12.16
		
	Certificate	  	Preamble
		
	Change of Control Redemption Date	  	9.01(a)
		
	Company	  	Preamble
		
	Controlled Entities	  	10.02(c)(ii)
		
	Direct Redemption	  	8.01(d)
		
	Dissolution Event	  	11.01(c)
		
	Economic Company Security	  	4.01(a)
		
	Economic PubCo Security	  	4.01(a)
		
	Effective Date	  	Preamble
		
	Election Notice	  	8.01(a)
		
	Employee Repurchase Price	  	8.07(a)
		
	Employee Unit Repurchase Date	  	8.07(a)
		
	Employee Unit Repurchase Rights	  	8.07(a)
		
	Expenses	  	10.02(c)(ii)
		
	Indemnification Sources	  	10.02(c)(ii)
		
	Indemnitee-Related Entities	  	10.02(c)(ii)(A)
		
	Jointly Indemnifiable Claims	  	10.02(c)(ii)(B)
		
	Member Schedule	  	3.01(b)

  
 10 

			
		
	Officers	  	6.05(a)
		
	OpCo	  	Preamble
		
	Permitted Transfer	  	7.02
		
	Permitted Transferee	  	7.02
		
	Process Agent	  	12.05(b)
		
	PubCo	  	Preamble
		
	PubCo Approved Recap Transaction	  	9.01(b)
		
	Redeemed Units	  	8.01(a)
		
	Redeeming Member	  	8.01(a)
		
	Redemption	  	8.01(a)
		
	Redemption Date	  	8.01(a)
		
	Redemption Notice	  	8.01(a)
		
	Redemption Right	  	8.01(a)
		
	Repurchased Employee Units	  	8.07(a)
		
	Specified Covenants	  	10.02(a)
		
	Withholding Advances	  	5.03(b)

 Section 1.02 Other Definitional and Interpretative Provisions. The definitions in
Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Schedules are to Articles, Sections and Schedules of this Agreement unless otherwise specified. All
Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein, shall have the
meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. The terms “clause(s)” and “subparagraph(s)” shall be used herein interchangeably.
Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those
words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to
refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. Unless otherwise expressly provided herein, any agreement or instrument defined or referred to herein or in any agreement or instrument that
is referred to herein means such agreement or instrument as from time to time amended, modified, supplemented or restated, including by waiver or consent, and references to all attachments thereto and instruments incorporated therein, but in the
case of each of the foregoing, only to the extent that such amendment, modification, supplement, restatement, waiver or consent 

  
 11 

 is effected in accordance with this Agreement. References to any Person include the successors and permitted
assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. Unless otherwise expressly provided herein, any statute defined or referred to herein or in any
agreement or instrument that is referred to herein means such statute as from time to time amended, modified, supplemented or restated, including by succession of comparable successor statutes. Unless otherwise expressly provided herein, when any
approval, consent or other matter requires any action or approval of any group of Members, including any holders of any class of Units, such approval, consent or other matter shall require the approval of a majority in interest of such group of
Members. Except to the extent otherwise expressly provided herein, all references to any Member shall be deemed to refer solely to such Person in its capacity as such Member and not in any other capacity. 

ARTICLE II 
 THE COMPANY 

Section 2.01 Continuation of the Company. The Members hereby agree to continue the Company as a limited liability company pursuant
to the Delaware Act, upon the terms and subject to the conditions set forth in this Agreement. The authorized officer or representative, as an “authorized person” within the meaning of the Delaware Act, shall file and record any amendments
and/or restatements to the Certificate and such other certificates and documents (and any amendments or restatements thereof) as may be required under the Laws of the State of Delaware and of any other jurisdiction in which the Company may conduct
business. The authorized officer or representative shall, on request, provide any Member with copies of each such document as filed and recorded. The Members hereby agree that the Company and its Subsidiaries shall be governed by the terms and
conditions of this Agreement and, except as provided herein, the Delaware Act. 
 Section 2.02 Name. The name of the Company
shall be Endeavor Manager, LLC. The Managing Member may change the name of the Company in its sole discretion and shall have the authority to execute, acknowledge, deliver, file and record such further certificates, amendments, instruments and
documents, and to do all such other acts and things, as may be required by Law or necessary or advisable to effect such change. 

Section 2.03 Term. The term of the Company began on July 1, 2019, the date the Certificate was filed with the Secretary of
State of the State of Delaware, and the Company shall have perpetual existence unless sooner dissolved and its affairs wound up as provided in Article XII. 

Section 2.04 Registered Agent and Registered Office. The name of the registered agent of the Company for service of process on the
Company in the State of Delaware shall be Corporation Service Company, and the address of such registered agent and the address of the registered office of the Company in the State of Delaware shall be 251 Little Falls Drive, Wilmington, Delaware
19808. Such office and such agent may be changed to such place within the State of Delaware and any successor registered agent, respectively, as may be determined from time to time by the Managing Member in accordance with the Delaware
Act. 

  
 12 

 Section 2.05 Purposes. The Company has been formed for the object and purpose of
engaging in any lawful act or activity for which a limited liability company may be organized under the Delaware Act. 

Section 2.06 Powers of the Company. The Company shall have the power and authority to take any and all actions necessary,
appropriate or advisable to or for the furtherance of the purposes set forth in Section 2.05. 
 Section 2.07
Tax Status. The Members intend that the Company shall be treated as a corporation for U.S. federal, state and local tax purposes to the extent such treatment is available, and agree to take (or refrain from taking) such actions as may be
necessary to receive and maintain such treatment and refrain from taking any actions inconsistent therewith. Accordingly, the Company, the Managing Member, the Officers and any other Persons acting on their behalf are hereby specifically authorized
to take any actions necessary to make an election pursuant to Treasury Regulation Section 301.7701-3 for the Company to be treated as a corporation for U.S. federal income tax purposes (including
preparing, signing and filing U.S. Internal Revenue Service Form 8832). 
 Section 2.08 Regulation of Internal Affairs. The
internal affairs of the Company and the conduct of its business shall be regulated by this Agreement, and to the extent not provided for herein, shall be determined by the Managing Member. 

Section 2.09 Ownership of Property. Legal title to all Property conveyed to, or held by, the Company or its Subsidiaries shall
reside in the Company or its Subsidiaries, as applicable, and shall be conveyed only in the name of the Company or its Subsidiaries, as applicable, and no Member or any other Person, individually, shall have any ownership of such Property. 

ARTICLE III 
 UNITS; MEMBERS;
BOOKS AND RECORDS; REPORTS 
 Section 3.01 Units; Admission of Members. 

(a) Each Member’s ownership interest in the Company shall be represented by Units, which may be divided into one or more types, classes
or series, or subseries of any type, class or series, with each type, class or series, or subseries thereof, having the rights and privileges, set forth in this Agreement. 

(b) The Managing Member shall have the right to authorize and cause the Company to issue an unlimited number of Common Units. The number and
type of Units issued to each Member shall be set forth opposite such Member’s name on the schedule of Members of the Company held by the Company in its books and records (the “Member Schedule”). The Member Schedule shall be
maintained by the Managing Member on behalf of the Company in accordance with this Agreement. When any Units or other Equity Securities of the Company 

  
 13 

 
are issued, repurchased, redeemed, converted or Transferred in accordance with this Agreement, the Member Schedule shall be amended by the Managing Member to reflect such issuance,
repurchase, redemption or Transfer, the admission of Additional Members or Substitute Members and the resulting Percentage Interest of each Member. Following the date hereof, no Person shall be admitted as a Member and no additional Units shall be
issued except as expressly provided herein. 
 (c) The Common Units may be subject to vesting and other terms and conditions as set forth in
the Vesting Letters. 
 (d) The Managing Member may cause the Company to authorize and issue from time to time such other Units or other
Equity Securities of any type, class or series, in each case, having the designations, preferences and/or special rights as may be determined by the Managing Member. Such Units or other Equity Securities may be issued pursuant to such agreements as
the Managing Member shall approve in its discretion. When any such other Units or other Equity Securities are authorized and issued, the Member Schedule and this Agreement shall be amended by the Managing Member to reflect such additional issuances
and the resulting dilution, which shall be borne pro rata by all Members based on their Common Units. 
 (e) Unvested Common Units shall be
subject to the terms of this Agreement and the applicable Vesting Letters, and the Managing Member shall have sole and absolute discretion to interpret and administer the Vesting Letters and to adopt such amendments thereto or otherwise determine
the terms and conditions of such Unvested Common Units in accordance with this Agreement and the applicable Vesting Letters. Unvested Common Units that fail to vest and are forfeited by the applicable Member shall be cancelled by the Company (and
shares of Class X Common Stock held by the applicable Member shall be cancelled, for no consideration) and shall not be entitled to any distributions pursuant to Section 5.03. 

(f) Unless the Managing Member otherwise directs, Units will not be represented by certificates. 

Section 3.02 Substitute Members and Additional Members. 

(a) No Transferee of any Units or Person to whom any Units are issued pursuant to this Agreement shall be admitted as a Member hereunder or
acquire any rights hereunder, including any voting rights or the right to receive distributions in respect of the Transferred or issued Units, as applicable, unless (i) such Units are Transferred or issued in compliance with the provisions of
this Agreement (including Article VIII) and (ii) such Transferee or recipient shall have executed and delivered to the Company such instruments as the Managing Member deems necessary or desirable, in its reasonable
discretion, to effectuate the admission of such Transferee or recipient as a Member and to confirm the agreement of such Transferee or recipient to be bound by all the terms and provisions of this Agreement. Upon complying with the immediately
preceding sentence, without the need for any further action of any Person, a Transferee or recipient shall be deemed admitted to the Company as a Member. A Substitute Member shall enjoy the same rights, and be subject to the same obligations, as the
Transferor; provided, that such Transferor shall not be relieved of any obligation or liability hereunder arising prior to the consummation of such Transfer but shall be relieved of all future obligations with 

  
 14 

 respect to the Units so Transferred. As promptly as practicable after the admission of any Person as a
Member, the books and records of the Company shall be changed to reflect such admission of a Substitute Member or Additional Member. In the event of any admission of a Substitute Member or Additional Member pursuant to this
Section 3.02(a), this Agreement shall be deemed amended to reflect such admission, and any formal amendment of this Agreement (including Schedule A) in connection therewith shall only require execution by the Company
and such Substitute Member or Additional Member, as applicable, to be effective. 
 (b) If a Member shall Transfer all (but not less than
all) of its Units, the Member shall thereupon cease to be a Member of the Company. 
 Section 3.03 Tax and Accounting
Information. 
 (a) Accounting Decisions and Reliance on Others. All decisions as to accounting matters, except as otherwise
specifically set forth herein, shall be made by the Managing Member in accordance with Law and with accounting methods followed for federal income tax purposes. In making such decisions, the Managing Member may rely upon the advice of the
independent accountants of the Company. 
 (b) Records and Accounting Maintained. For financial reporting purposes, unless otherwise
determined by PubCo’s audit committee, the books and records of the Company shall be kept on the accrual method of accounting applied in a consistent manner and shall reflect all Company transactions. For tax purposes, the books and records of
the Company shall be kept on the accrual method. The Fiscal Year of the Company shall be used for financial reporting and for federal income tax purposes. 

(c) Financial Reports. 
 (i) The
books and records of the Company shall be audited as of the end of each Fiscal Year by the same accounting firm that audits the books and records of PubCo (or, if such firm declines to perform such audit, by an accounting firm selected by the
Managing Member). 
 (ii) In the event that neither PubCo nor the Company is required to file an annual report on Form 10-K or quarterly report on Form 10-Q, the Company shall deliver, or cause to be delivered, the following to each Member: 

(A) not later than ninety (90) days after the end of each Fiscal Year of the Company, a copy of the audited consolidated
balance sheet of the Company and its Subsidiaries as of the end of such Fiscal Year and the related statements of operations and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous year, all
in reasonable detail; and 
 (B) not later than forty five (45) days or such later time as permitted under applicable
securities law after the end of each of the first three fiscal quarters of each Fiscal Year, the unaudited consolidated balance sheet of the Company and its Subsidiaries, and the related statements of operations and cash flows for such quarter and
for the period commencing on the first day of the Fiscal Year and ending on the last day of such quarter. 

  
 15 

 Section 3.04 Books and Records. The Company shall keep full and accurate books
of account and other records of the Company at its principal place of business. No Member (other than the Managing Member) shall have any right to inspect the books and records of PubCo, the Company or any of its Subsidiaries. 

Section 3.05 Equity Incentive Plans. If at any time or from time to time, in connection with any Equity Incentive Plan, equity
incentive awards are granted to, vested, settled or exercised by any grantee (including employees of the Company and its Subsidiaries), such awards shall be administered between the Company, PubCo, OpCo and their respective Affiliates in accordance
with an equity grant policy adopted by the Company, PubCo and OpCo, as may be amended from time to time. 
 ARTICLE IV 

MANAGER OWNERSHIP; RESTRICTIONS ON MANAGER UNITS 

Section 4.01 Manager Ownership. 

(a) Except in connection with Redemptions in Article VIII, or as otherwise determined by the Managing Member, if at any time PubCo
issues a share of Class A Common Stock or any other Equity Security of PubCo entitled to any economic rights (including in the IPO) (an “Economic PubCo Security”) with regard thereto, (i) the Company shall issue to PubCo
an equal number (or such other number as determined by the Managing Member in good faith to reflect the respective economic entitlements of the applicable Equity Securities) of Common Units (if PubCo issues shares of Class A Common Stock) or
such other Equity Securities of the Company (if PubCo issues Economic PubCo Securities other than a share of Class A Common Stock) corresponding to the Economic PubCo Security, with substantially the same rights to dividends and distributions
(including distributions on liquidation) and other economic rights as those of such Economic PubCo Security (an “Economic Company Security”), (ii) OpCo shall issue to the Company an equal number (or such other number as determined
by the Company, in its capacity as the managing member of OpCo, in good faith to reflect the respective economic entitlements of the applicable Equity Securities) of OpCo Common Units (if the Company issues a Common Unit), or such other Equity
Securities of OpCo (if the Company issues Economic Company Securities other than a Common Unit) corresponding to the Economic Company Security, with substantially the same rights to dividends and distributions (including distributions upon
liquidation) and other economic rights as those of such Economic Company Security, and (iii) in exchange for the issuances in the foregoing clauses (i) and (ii), the net proceeds or contributed proceeds received by (A) PubCo with
respect to the corresponding issuance of Class A Common Stock or Economic PubCo Securities, if any, shall be concurrently contributed by PubCo to the Company, and (B) the Company with respect to the corresponding issuance of Common Units
or Economic Company Securities, if any, shall be concurrently contributed by the Company to OpCo. 

  
 16 

 (b) Notwithstanding Section 4.01(a), this Article IV shall
not apply (i) to the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (it being understood that upon a
Redemption involving a Share Settlement under Article VIII, the shares of Class A Common Stock and/or Class X Common Stock, as the case may be, issued therein will be issued together with a corresponding right) or (ii) to the
issuance under the PubCo Equity Plan or PubCo’s other employee benefit plans of any warrants, options or other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of
PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property. 

Section 4.02 Restrictions on Manager Units. 

(a) Except as otherwise determined by the Managing Member, the Company may not issue any additional Common Units or any other Equity
Securities of the Company to PubCo or any of its Subsidiaries, unless substantially simultaneously therewith PubCo issues or sells an equal number (or such other number as determined by the Managing Member in good faith to reflect the respective
economic entitlements of the applicable Equity Securities) of shares of Class A Common Stock or other Equity Securities of PubCo with substantially the same rights to dividends and distributions (including distributions upon liquidation of
PubCo) and other economic rights as the Equity Securities issued by the Company. 
 (b) Except as otherwise determined by the Managing
Member, the Company shall not in any manner effect any subdivision (by any stock or Unit split, stock or Unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or Unit split,
reclassification, reorganization, recapitalization or otherwise) of the outstanding Common Units unless accompanied by a substantively identical subdivision or combination, as applicable, of the outstanding Equity Securities of PubCo (and any other
Subsidiary of PubCo that holds Equity Securities of the Company), with corresponding changes made with respect to any other exchangeable or convertible securities. 

(c) Notwithstanding anything herein or in the OpCo LLC Agreement to the contrary, in the event that PubCo redeems, repurchases or otherwise
acquires any shares of Class A Common Stock or Class B Common Stock, (i) the Company and PubCo shall be permitted to cancel for no consideration an equal number of Common Units held by PubCo and (ii) the Company, as managing
member of OpCo, shall be permitted to effect any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split,
reclassification, reorganization, recapitalization or otherwise) of the outstanding OpCo Common Units, in each case, to the extent the Company determines appropriate to maintain the ratio between (A) outstanding shares of Class A Common
Stock, Class B Common Stock and Common Units held by Persons other than PubCo on the one hand and (B) OpCo Common Units held by the Company on the other hand. 

  
 17 

 ARTICLE V 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; 

DISTRIBUTIONS; ALLOCATIONS 

Section 5.01 Capital Contributions. 

(a) From and after the date hereof, no Member shall have any obligation to the Company, to any other Member or to any creditor of the Company
to make any further Capital Contribution, except as expressly provided in this Agreement. 
 (b) Except as expressly provided herein, no
Member, in its capacity as a Member, shall have the right to receive any Property of the Company. 
 Section 5.02 Amounts and
Priority of Distributions. 
 (a) Distributions Generally. Except as otherwise provided in
Article XII, distributions shall be made to the Members as set forth in this Section 5.03, at such times and in such amounts as the Managing Member, in its sole discretion, shall determine. 

(b) Distributions to the Members. At such times and in such amounts as the Managing Member, in its sole discretion, shall determine,
distributions shall be made to the Members in proportion to their respective Percentage Interests; provided, however, that notwithstanding anything in this Section 5.03 to the contrary, no distributions shall
be made in respect of any Unvested Common Units. Any amounts that are not distributed to holders of such Unvested Common Units by virtue of the foregoing proviso shall instead be distributed to the Members in accordance with this
Section 5.03(b). 
 (c) PubCo Distributions. Notwithstanding the provisions of
Section 5.03(b), the Managing Member, in its sole discretion, may authorize that (i) cash be paid to PubCo (which payment shall be made without pro rata distributions to the other Members) in exchange for the
redemption, repurchase or other acquisition of Units held by PubCo to the extent that such cash payment is used by PubCo to make a corresponding repurchase of Equity Securities of PubCo in accordance with Section 4.02(b) of
the OpCo LLC Agreement, and (ii) to the extent that the Managing Member determines that expenses or other obligations of Manager are related to its role as the Managing Member or the business and affairs of Manager that are conducted through
the Company or any of the Company’s direct or indirect Subsidiaries, cash (and, for the avoidance of doubt, only cash) distributions may be made to Manager (which distributions shall be made without pro rata distributions to the other Members)
in amounts required for Manager to pay (w) operating, administrative and other similar costs incurred by Manager, to the extent the proceeds are used or will be used by Manager to pay expenses described in this clause (ii), and payments
pursuant to any legal, tax, accounting and other professional fees and expenses, (x) any judgments, settlements, penalties, fines or other costs and expenses in respect of any claims against, or any litigation or proceedings involving, Manager,
(y) fees and expenses (including any underwriters’ discounts and commissions) related to any securities offering, investment or acquisition transaction (whether or not successful) authorized the Managing Member (z) other fees and
expenses in connection with the maintenance of the existence of Manager. In addition, the 

  
 18 

 
Company shall distribute cash to PubCo (which payment shall be made without pro rata distributions to the other Members) in amounts necessary for PubCo to pay any income Tax liabilities of PubCo
attributable to the operations of the Company or its Subsidiaries or PubCo’s ownership of the Company and its Subsidiaries, any obligations of PubCo in connection with the Tax Receivable Agreement, and any costs and expenses incidental thereto.
Without limiting the generality of the previous sentence, to the extent of available cash (taking into account the Company’s liabilities), the 

Company shall promptly distribute to PubCo (which payment shall be made without pro rata distributions to the other Members) any and all distributions that the
Company receives pursuant to Section 5.03(e) of the OpCo LLC Agreement from OpCo, except that the Company shall retain (and not pay to PubCo pursuant to this sentence) any amounts required to allow the Company to meet its payment obligations to
the Members in connection with the Restructuring transactions pursuant to which the Company acquired such OpCo Common Units in accordance with Section 3.2(c) of the respective Company Merger Agreements. For the avoidance of doubt, distributions
made under clauses (i) and (ii) of this Section 5.03(c) may not be used to pay or facilitate dividends or distributions on the common stock of PubCo and must be used solely for one of the express purposes set forth
under clauses (i) or (ii) of the immediately preceding sentence. 
 (d) Distributions in Kind. Any distributions
in kind shall be made at such times and in such amounts as the Managing Member, in its sole discretion, shall determine based on their fair market value as determined by the Managing Member in the same proportions as if distributed in accordance
with Section 5.03(b), with all Members participating in proportion to their respective Percentage Interests. If cash and Property are to be distributed in kind simultaneously, the Company shall distribute such cash and
Property in kind in the same proportion to each Member. 
 Section 5.03 Tax Withholding; Withholding Advances. 

(a) Tax Withholding. 

(i) If requested by the Managing Member, each Member shall, if able to do so, deliver to the Managing Member: (A) an affidavit in form
satisfactory to the Company that the applicable Member (or its partners, as the case may be) is not subject to withholding under the provisions of any federal, state, local, foreign or other Law; (B) any certificate that the Company may
reasonably request with respect to any such Laws; and/or (C) any other form or instrument reasonably requested by the Company relating to any Member’s status under such Law. For the avoidance of doubt, in the event that a Member fails or
is unable to deliver to the Company an affidavit described in subclause (A) of this clause (i), the Company may withhold amounts from such Member in accordance with Section 5.06(b). 

(b) Withholding Advances. To the extent the Company is required by Law to withhold or to make tax payments on behalf of or with respect
to any Member (“Withholding Advances”) the Company may withhold such amounts and make such tax payments as so required. 

  
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 (c) Repayment of Withholding Advances. All Withholding Advances made on behalf of a
Member, plus interest thereon at a rate equal to the Prime Rate as of the date of such Withholding Advances plus 2.0% per annum, shall (i) be paid on demand by the Member on whose behalf such Withholding Advances were made, or (ii) with
the consent of the Managing Member be repaid by reducing the amount of the current or next succeeding distribution or distributions that would otherwise have been made to such Member or, if such distributions are not sufficient for that purpose, by
so reducing the proceeds of liquidation otherwise payable to such Member. Whenever repayment of a Withholding Advance by a Member is made as described in clause (ii) of this Section 5.06(c), for all other purposes of
this Agreement such Member shall be treated as having received all distributions (whether before or upon any Dissolution Event) unreduced by the amount of such Withholding Advance and interest thereon. 

(d) Withholding Advances — Reimbursement of Liabilities. Each Member hereby agrees to reimburse the Company for any liability with
respect to Withholding Advances (including interest thereon) required or made on behalf of or with respect to such Member (including penalties imposed with respect thereto). 

ARTICLE VI 
 MANAGEMENT OF
THE COMPANY 
 Section 6.01 Management by the Managing Member. Except as otherwise specifically set forth in this Agreement, the
Managing Member shall be deemed to be a “manager” for purposes of the Delaware Act. Except as expressly provided in this Agreement or the Delaware Act, the
day-to-day business and affairs of the Company and its Subsidiaries shall be managed, operated and controlled exclusively by the Managing Member in accordance with the
terms of this Agreement, and no other Members shall have management authority or rights over the Company or its Subsidiaries. The Managing Member is, to the extent of its rights and powers set forth in this Agreement, an agent of the Company for the
purpose of the Company’s and its Subsidiaries’ business, and the actions of the Managing Member taken in accordance with such rights and powers, shall bind the Company (and no other Members shall have such right). Except as expressly
provided in this Agreement, the Managing Member shall have all necessary powers to carry out the purposes, business, and objectives of the Company and its Subsidiaries. The Managing Member may delegate to Members, employees, officers or agents of
the Company or any Subsidiary in its discretion the authority to sign agreements and other documents on behalf of the Company or any Subsidiary. The Managing Member shall have the exclusive power and authority, on behalf of the Company and its
Subsidiaries to take such actions not inconsistent with this Agreement as the Managing Member deems necessary or appropriate to carry on the business and purposes of the Company and its Subsidiaries. 

Section 6.02 Withdrawal of the Managing Member. Manager may withdraw as the Managing Member and appoint as its successor at any
time upon written notice to the Company (i) any wholly-owned Subsidiary of Manager, (ii) any Person into which Manager is merged or consolidated or (iii) any transferee of all or substantially all of the assets of Manager, which
withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a Person as Managing Member shall be effective unless Manager and the new Managing Member provide all other Members with contractual rights, directly
enforceable by such other Members against the new Managing Member, to cause the new Managing Member to comply with all the Managing Member’s obligations under this Agreement. 

  
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 Section 6.03 Decisions by the Members. 

(a) Other than the Managing Member, the Members shall take no part in the management of the Company’s business, shall transact no
business for the Company and shall have no power to act for or to bind the Company; provided, however, that the Company may engage any Member or principal, partner, member, shareholder or interest holder thereof as an employee,
independent contractor or consultant to the Company, in which event the duties and liabilities of such Person with respect to the Company as an employee, independent contractor or consultant, as applicable, shall be governed by the terms of such
engagement with the Company. 
 (b) Except as expressly provided herein, neither the Members nor any class of Members shall have the power
or authority to vote, approve or consent to any matter or action taken by the Company (or by Manager, as Managing Member). 

Section 6.04 Fiduciary Duties. (i) The Managing Member shall, in its capacity as Managing Member, and not in any other
capacity, have the same fiduciary duties to the Company and the Members as a member of the board of directors of a Delaware corporation (assuming such corporation had in its certificate of incorporation a provision eliminating the liabilities of
directors and officers to the maximum extent permitted by Section 102(b)(7) of the DGCL); and (ii) each Officer shall, in their capacity as such, and not in any other capacity, have the same fiduciary duties to the Company and the Members
as an officer of a Delaware corporation (assuming such corporation had in its certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the DGCL).
Notwithstanding the immediately preceding sentence, neither the Managing Member nor any Officer shall be subject to corporate opportunity or similar doctrines. 

Section 6.05 Officers. 

(a) Appointment of Officers. The Managing Member may appoint individuals as officers (“Officers”) of the Company,
which may include such officers as the Managing Member determines are necessary or appropriate. No Officer need be a Member. An individual may be appointed to more than one office. 

(b) Authority of Officers. The Officers shall have the duties, rights, powers and authority as may be prescribed by the Managing Member
from time to time. 
 (c) Removal, Resignation and Filling of Vacancy of Officers. Unless otherwise set forth in the employment
agreement of the applicable Officer, the Managing Member may remove any Officer, for any reason or for no reason, at any time. Any Officer may resign at any time by giving written notice to the Company, and such resignation shall take effect at the
date of the receipt of that notice or any later time specified in that notice; provided, that, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any such resignation shall be
without prejudice to the rights, if any, of the Company or such Officer under this Agreement. A vacancy in any office because of death, resignation, removal or otherwise shall be filled by the Managing Member. 

  
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 ARTICLE VII 

TRANSFERS OF INTERESTS 

Section 7.01 Restrictions on Transfers. 

(a) Except as expressly permitted by Section 7.02, and subject to Section 7.01(b),
Section 7.01(c), Section 7.01(d) and Section 7.01(e), any underwriter lock-up agreement applicable to such Member, any Vesting
Letter and/or any other agreement between such Member and the Company, PubCo or any of their respective Controlled Affiliates, without the prior written approval of the Managing Member, no Member shall directly or indirectly Transfer all or any part
of its Units or any right or economic interest pertaining thereto, including the right to vote or consent on any matter or to receive or have any economic interest in distributions or advances from the Company pursuant thereto. Any such Transfer
which is not in compliance with the provisions of this Agreement shall be deemed a Transfer by such Member of Units in violation of this Agreement (and a breach of this Agreement by such Member) and shall be null and void ab initio. 

(b) Except as otherwise expressly provided herein, it shall be a condition precedent to any Transfer otherwise permitted or approved pursuant
to this Article VII that: 
 (i) the Transferor shall have provided to the Company prior notice of such Transfer;

 (ii) the Transferee shall agree in writing to be bound by this Agreement by signing and delivering to the Company a joinder substantially
in a form acceptable to the Company; 
 (iii) the Transfer shall comply with all applicable Laws; 

(iv) to the knowledge of the Transferee and Transferor after reasonable inquiry of the Company, the Transfer shall not impose material
liability or material reporting obligations on the Company or any Member thereof in any jurisdiction, whether domestic or foreign, or result in the Company or any Member thereof becoming subject to the jurisdiction of any Governmental Authority
anywhere, other than the Governmental Authorities in which the Company is then subject to such liability, reporting obligation or jurisdiction; and 

(v) such Transfer shall comply with Article VIII (to the extent Article VIII governs such Transfer of Units). 

(c) [reserved]. 
 (d) Any
Transfer of Units pursuant to this Agreement, including this Article VII, shall be subject to the provisions of Section 3.01 and Section 3.02. 

(e) For the avoidance of doubt, in addition to any restrictions on Transfer set forth in this Article VII that may
apply to such Transfer, any Transfer of Units by any Member shall be subject to the restrictions on Transfer applicable thereto pursuant to any Vesting Letter to which such Member is a party. 

  
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 (f) Notwithstanding anything else contained herein, without the prior written consent of
the Manager, none of the individuals listed on Schedule B may transfer any Units or other Equity Securities of the Company. 
 (g)
Notwithstanding anything else contained herein, without the prior written consent of the Manager, (i) no Member shall Transfer any Units or other Equity Securities of the Company; and (ii) the Company shall not issue any Units or other
Equity Securities; in each case, to the extent such action would result in PubCo owning less than eighty percent (80%) of the total voting power or value of the Company, as determined under Section 1504(a)(2) of the Code. 

Section 7.02 Certain Permitted Transfers. Notwithstanding anything to the contrary herein, but subject to compliance with
Sections 8.01(b) through (e), from and after the later of (x) one hundred eighty (180) days following the consummation of the IPO and (y) January 1, 2020 (unless such time restriction is waived by the Managing
Member in its sole discretion with respect to any proposed Transfer(s)), the following Transfers shall be permitted (any such Transfer, a “Permitted Transfer” and, the applicable Transferee, a “Permitted
Transferee”): 
 (a) Any Transfer pursuant to the terms of Article VIII; and 

(b) Any Transfer contemplated by Section 9.01 in connection with a PubCo Approved Change of Control or PubCo
Approved Recap Transaction. 
 Section 7.03 Registration of Transfers. When any Units are Transferred in accordance with the
terms of this Agreement, the Company shall cause such Transfer to be registered on the books of the Company. 
 Section 7.04
Restricted Units Legend. The Units have not been registered under the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is then available. To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units (if such
securities remain Units as defined herein after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED
ON                , 2019, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE LIMITED LIABILITY
COMPANY AGREEMENT OF ENDEAVOR MANAGER, LLC, AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND ENDEAVOR MANAGER, LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY
TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY ENDEAVOR MANAGER, LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 

  
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 The Company shall imprint such legend on certificates (if any) evidencing Units. The legend
set forth above shall be removed from the certificates (if any) evidencing any units which cease to be Units in accordance with the definition thereof. 

ARTICLE VIII 
 REDEMPTION
RIGHTS 
 Section 8.01 Redemption Right of a Member. 

(a) From and after the later of (i) one hundred eighty (180) days following the consummation of the IPO and
(ii) January 1, 2020 (unless such time restriction is waived by the Managing Member in its sole discretion with respect to any proposed Redemption), and subject to (A) the terms of any Trading Policy (including any Blackout Period
contained therein) and (B) the waiver or expiration of any contractual lock-up period relating to the shares of PubCo (or any corresponding Units) that may be applicable to such Member, each Member (other
than Manager) shall be entitled to cause the Company to redeem (a “Redemption”) its Common Units (excluding, (1) any Common Units that are subject to vesting conditions or subject to Transfer limitations pursuant to this
Agreement or an applicable Vesting Letter and (2) any Employee Units that are not Redeemable Employee Units) in whole or in part (the “Redemption Right”) at any time and from time to time. A Member desiring to exercise its
Redemption Right (a “Redeeming Member”) shall exercise such right by giving written notice (the “Redemption Notice”) to the Company, with a copy to PubCo. The Redemption Notice shall specify the number of Common
Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem and a date, not less than two (2) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice
(unless and to the extent that the Managing Member in its sole discretion agrees in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the “Redemption Date”); provided, that the
Redemption Notice may specify that the Redemption is to be contingent (including as to the timing) upon the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of the Share
Settlement into which the Redeemed Units are exchangeable, or contingent (including as to timing) upon the closing of an announced merger, consolidation or other transaction or event in which the Share Settlement would be exchanged or converted or
become exchangeable for or convertible into cash or other securities or property; provided, further that the Redeeming Member may withdraw or amend a Redemption Notice, in whole or in part, prior to the effectiveness of the Redemption, at any
time prior to 5:00 p.m. New York City time, on the Business Day immediately preceding the Redemption Date (or any such later time as may be required by applicable Law) by delivery of a written notice of withdrawal to the Company (with a copy to
PubCo), specifying (1) the number of withdrawn Units, (2) if any, the number of Units as to which the Redemption Notice remains in effect and (3) if the Redeeming Member so determines, a new Redemption Date or any other new or revised
information permitted in the Redemption Notice. Following receipt of the Redemption Notice, and in any event at least two (2) Business Days prior to the Redemption Date, PubCo shall deliver to the Redeeming Member a notice, specifying whether
it elects to settle the Redemption with a Share Settlement or a Cash Settlement (an “Election Notice”). If the Election Notice specifies a Cash Settlement, then on the Redemption Date (to be effective immediately prior to the close
of business on the Redemption Date): 

  
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 (i) the Redeeming Member shall Transfer and surrender, free and clear of all liens and
encumbrances (x) the Redeemed Units to the Company, and (y) an equal number of shares of Class X Common Stock to PubCo (to the extent applicable); 

(ii) the Company shall (x) cancel the Redeemed Units, (y) pay to the Redeeming Member the applicable Cash Settlement, and
(z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Member
pursuant to clause (i) of this Section 8.01(a) and the Redeemed Units; and 
 (iii) PubCo shall cancel and
retire for no consideration the shares of Class X Common Stock that were Transferred to PubCo pursuant to Section 8.01(a)(i)(y) above. 

(b) Intentionally Omitted. 
 (c)
If the Election Notice specifies a Share Settlement, a Redeeming Member shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: 

(i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or
immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective; 

(ii) PubCo shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such
Redemption; 
 (iii) PubCo shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the Redemption; 

(iv) PubCo shall have disclosed in good faith to such Redeeming Member any material non-public
information concerning PubCo, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and PubCo
does not permit such disclosure); 
 (v) any stop order relating to the registration statement pursuant to which the Class A Common
Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; 

  
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 (vi) there shall have occurred a material disruption in the securities markets generally or
in the market or markets in which the Class A Common Stock is then traded; 
 (vii) there shall be in effect an injunction, a
restraining order or a decree of any nature of any Governmental Authority that restrains or prohibits the Redemption; 
 (viii) PubCo shall
have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be
received upon such Redemption pursuant to an effective registration statement; or 
 (ix) the Redemption Date would occur three
(3) Business Days or less prior to, or during, a Black-Out Period. 
 (d) If the Election
Notice specifies a Share Settlement, unless the Redeeming Member has revoked the applicable Redemption as provided in Section 8.01(c), PubCo shall settle such Redemption on the Redemption Date by contributing the applicable
Share Settlement to the Company, in which event the Company shall Transfer the Share Settlement directly to the Redeeming Member in exchange for the Redeemed Units (a “Direct Redemption”). In the event that PubCo effects a Direct
Redemption, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date), (1) PubCo shall contribute to the Company the Share Settlement, in exchange for the issuance by the Company to PubCo of a number
of Common Units equal to the number of Redeemed Units; (2) the Redeeming Member shall Transfer and surrender, free and clear of all liens and encumbrances the Redeemed Units to the Company and an equal number of shares of Class X Common
Stock to PubCo; (3) the Company shall Transfer to the Redeeming Member the Share Settlement; (4) PubCo shall cancel and retire for no consideration such shares of Class X Common Stock; and (5) the Company shall, if the Redeemed
Units are certificated, issue to the Redeeming Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause
(1) of this Section 8.01(d) and the Redeemed Units. In furtherance of the foregoing, each of the Company and the Redeeming Member shall take all actions reasonably requested by PubCo to effect the transactions
contemplated by this Section 8.01(d), including executing and delivering any document reasonably requested by PubCo in connection therewith. 

(e) The number of shares of Class A Common Stock applicable to any Share Settlement or Cash Settlement shall not be adjusted on account
of any distributions previously made with respect to the Redeemed Units, dividends previously paid with respect to Class A Common Stock or cash or cash equivalents held by PubCo; provided, however, that if a Redeeming
Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any distribution with respect to the Redeemed Units but prior to payment of such distribution, the Redeeming Member shall be entitled
to receive such distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member Transferred and surrendered the Redeemed Units to the Company prior to such date. 

  
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 (f) In the case of a Share Settlement, in the event a reclassification or other similar
transaction occurs following delivery of a Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security, then a Redeeming Member shall be entitled to receive the
amount of such other security that the Redeeming Member would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction.

 (g) Notwithstanding anything herein to the contrary, in the event that PubCo declares a stock dividend on the Class A Common Stock
or Class B Common Stock as contemplated by the penultimate sentence of Section 5.1(b)(iv) of PubCo’s Amended and Restated Certificate of Incorporation, the number of shares of Class X Common Stock to be transferred to PubCo in
any Redemption that may occur following such declaration may be equitably adjusted by PubCo. 
 Section 8.02 [INTENTIONALLY
OMITTED]. 
 Section 8.03 Reservation of Shares of Class A Common Stock; Listing; Certificate of PubCo,
etc. 
 (a) At all times PubCo shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for
the purpose of issuance upon a Share Settlement in a Redemption such number of shares of Class A Common Stock as shall be issuable upon any such Redemption; provided, that nothing contained herein shall be construed to preclude PubCo from
satisfying its obligations in respect of any such Redemption by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of PubCo). PubCo shall deliver Class A Common Stock that has been registered under the
Securities Act with respect to any Redemption in which a Share Settlement is made, to the extent a registration statement is effective and available for such shares. PubCo shall use its commercially reasonable efforts to list the Class A Common
Stock required to be delivered upon any such Redemption prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Redemption (it being understood that
any such shares may be subject to transfer restrictions under applicable securities Laws). PubCo covenants that all Class A Common Stock issued upon a Redemption in which a Share Settlement is made will, upon issuance, be validly issued, fully
paid and non-assessable. The provisions of this Article VIII shall be interpreted and applied in a manner consistent with any corresponding provisions of PubCo’s certificate of incorporation (if any).

 (b) Subject to the terms of the Registration Rights Agreement, PubCo covenants and agrees to deliver shares of the Share Settlement, if
requested, pursuant to an effective registration statement under the Securities Act with respect to any Redemption to the extent that a registration statement is effective and available for such shares. In the event that any Redemption in accordance
with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Redeeming Member requesting such Redemption, PubCo and
the Company shall use reasonable best efforts to promptly facilitate such Redemption pursuant to an available exemption from such registration requirements. 

  
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 (c) PubCo agrees that it has taken all or will take such steps as may be required to cause
to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions from, or dispositions
to, PubCo of equity securities of PubCo (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of PubCo for such purposes that result from the transactions
contemplated by this Agreement, by each officer or director of PubCo. The authorizing resolutions shall be approved by either PubCo’s board of directors or a committee composed solely of two or more
Non-Employee Directors (as defined in Rule 16b-3) of PubCo. 

Section 8.04 Effect of Exercise of Redemption. This Agreement shall continue notwithstanding the consummation of a Redemption and
all other rights set forth herein shall be exercised by the remaining Members and the Redeeming Member (to the extent of such Redeeming Member’s remaining interest in the Company). No Redemption shall relieve such Redeeming Member of any prior
breach of this Agreement. 
 Section 8.05 [reserved] 

Section 8.06 Other Redemption Matters. 

(a) Each Redemption shall be deemed to be effective immediately prior to the close of business on the Redemption Date, and, in the case of a
Share Settlement, the Redeeming Member (or other Person(s) whose name or names in which the Share Settlement is to be issued) shall be deemed to be a holder of the Equity Securities issued in such Share Settlement, from and after that time, until
such Equity Securities have been disposed of. As promptly as practicable on or after the Redemption Date, PubCo shall deliver or cause to be delivered to the Redeeming Member (or other Person(s) whose name or names in which the Share Settlement is
to be issued) the number of the Share Settlement deliverable upon such Redemption, registered in the name of such Redeeming Member (or other Person(s) whose name or names in which the Share Settlement is to be issued). To the extent the Share
Settlement is settled through the facilities of The Depository Trust Company, PubCo will, subject to Section 8.06(c) below, upon the written instruction of a Redeeming Member, deliver or cause to be delivered the shares of
the Share Settlement deliverable to such Redeeming Member (or other Person(s) whose name or names in which the Share Settlement is to be issued), through the facilities of The Depository Trust Company, to the account of the participant of The
Depository Trust Company designated by such Redeeming Member. 
 (b) Subject to Section 8.06(c), the shares of
Share Settlement issued upon a Redemption shall bear a legend in substantially the following form: 
 THE TRANSFER OF THESE SECURITIES HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED
(OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

  
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 (c) If (i) any shares of the Share Settlement may be sold pursuant to a registration
statement that has been declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) the legend (or a portion thereof) otherwise ceases to be applicable, PubCo, upon the
written request of the Redeeming Member thereof shall promptly provide such Redeeming Member or its respective transferees, without any expense to such Persons (other than applicable transfer taxes and similar governmental charges, if any) with new
certificates (or evidence of book-entry share) for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has terminated. In connection therewith, such Redeeming Member shall provide PubCo with such
information in its possession as PubCo may reasonably request in connection with the removal of any such legend. 
 (d) PubCo shall bear all
of its own expenses in connection with the consummation of any Redemption, whether or not any such Redemption is ultimately consummated, including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by
reason of, any Redemption; provided, however, that if any of the Share Settlement is to be delivered in a name other than that of the Redeeming Member that requested the Redemption (or The Depository Trust Company or its nominee for the account of a
participant of The Depository Trust Company that will hold the shares for the account of such Redeeming Member), then such Redeeming Member and/or the Person in whose name such shares are to be delivered shall pay to PubCo the amount of any transfer
taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Redemption or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable. The Redeeming Member shall
bear all of its own expenses in connection with the consummation of any Redemption. 
 Section 8.07 Employee Unit Redemption
Right. 
 (a) Employee Units shall at all times be subject to any redemption or repurchase rights (whether at a discount or otherwise),
and any forfeiture rights, in favor of, and exercisable only by and in the sole discretion of, the Company or Managing Member or any of their respective Subsidiaries, as applicable, set forth in any applicable Vesting Letter (“Employee Unit
Repurchase Rights”), which, for the avoidance of doubt, are separate and apart from any Redemption contemplated by Section 8.01. If the Company elects to exercise the Employee Unit Repurchase Right, the Company
will repurchase any or all of the Employee Units held by the applicable Employee Member (the “Repurchased Employee Units”) at a price per Repurchased Employee Unit equal to the repurchase price contemplated by the Employee Unit
Repurchase Right (which, for the avoidance of doubt, will take into account any discount set forth in the applicable Vesting Letter or otherwise) (the “Employee Repurchase Price”); provided, that in the event the Repurchased
Employee Units are to be redeemed or repurchased at a discount to the fair market value of the Employee Units subject to the Employee Unit Repurchase Rights (or otherwise forfeited), the Company shall have the right, in its sole discretion, to
effectuate the repurchase contemplated by the Employee Units Repurchase Rights by instead redeeming and cancelling a portion of the Employee Units for no consideration such that the fair market value (as determined by the Managing Member) of the
portion of the Employee Units that is not redeemed and cancelled for no consideration pursuant to the immediately preceding clause is equal to the Employee Repurchase Price that the applicable Employee Member would have otherwise received had all of

  
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 such Employee Member’s Employee Units been redeemed at the applicable Employee Repurchase Price in
cash. Upon exercise of the Employee Unit Repurchase Right, the Company shall deliver to the applicable Employee Member a notice setting forth the number of Employee Repurchased Units, the Employee Repurchase Price to be paid for the Repurchased
Employee Units (or, if applicable, the number of Repurchased Employee Units to be cancelled and retired for no consideration) and the date (not later than sixty (60) days after date of such notice) and place for the closing of the transaction
(such date, the “Employee Unit Repurchase Date”). The Company may elect, in its sole discretion, to pay for the Repurchased Employee Units that are not being cancelled and retired for no consideration (as described above) by any
combination of the following: (i) delivery of a cashier’s check or wire transfer of immediately available funds; (ii) issuance of an unsecured subordinated note bearing interest (payable in installments and/or at maturity) at a simple
rate per annum equal to the prime rate and subject to such other terms and conditions as may be established by the Managing Member; or (iii) by offsetting against any indebtedness or obligations for advanced or borrowed funds owed to the
Company, PubCo, OpCo or any of their respective Affiliates by the applicable Employee Member subject to the repurchase notice; provided, that if the Company does not elect a method of payment, the Repurchased Employee Units shall be paid for
in accordance with clause (i). For the avoidance of doubt, to the extent the Company exercises the Employee Unit Repurchase Right pursuant to any rights it may have under any Vesting Letter, this Section 8.07 shall apply,
regardless of whether or not prior to, on or after the exercise of the Employee Unit Repurchase Right, the Employee Member has submitted a request to effect the Redemption by the Employee Holdco Member contemplated by
Section 8.01. 
 (b) To the extent the Employee Unit Repurchase Right is exercised, on the Employee Unit
Repurchase Date (to be effective immediately prior to the close of business on the Employee Unit Repurchase Date): 
 (i) the Employee
Member holding Repurchased Employee Units (x) shall Transfer and surrender, free and clear of all liens and encumbrances the Repurchased Employee Units (including, for the avoidance of doubt, any such Repurchased Employee Units subject to a
discounted repurchase or a forfeiture) to the Company and (y) shall Transfer and surrender to PubCo for no consideration, free and clear of all liens and encumbrances an equal number of shares of Class X Common Stock. 

(ii) the Company shall (x) cancel the Repurchased Employee Units, (y) pay to the Employee Member holding the Repurchased Employee
Units the Employee Repurchase Price (except in the case of cancellation and retirement for no consideration described in Section 8.07(a)), and (z) if the Repurchased Employee Units are certificated, issue to the
Employee Member a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Employee Member pursuant to clause (i) of this
Section 8.07(b) and the Repurchased Employee Units; and 
 (iii) PubCo shall cancel and retire for no
consideration the shares of Class X Common Stock that were Transferred to PubCo pursuant to Section 8.07(b)(i)(y) above. 

  
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 (c) Notwithstanding anything herein to the contrary, all Repurchased Employee Units
hereunder shall automatically be counted towards the applicable Employee Member’s Permitted Exchange Percentage, and in connection therewith, shall reduce such Employee Member’s Permitted Exchange Percentage on a pro rata basis with
respect to the then-current and each remaining period of time set forth in the portion of the definition thereof applicable to such Employee Member (i.e., the percentage of such Repurchased Employee Units allocated to the then-current and each such
remaining period of time in such Employee Member’s Permitted Exchange Percentage will be equal to the percentage described in such definition for each such period of time); provided, however, that the provisions of the proviso in the definition
of Redeemable Employee Units shall continue to apply to any Employee Units that remain outstanding in respect of such Employee Member. 

ARTICLE IX 
 PUBCO CHANGE OF
CONTROL OR RECAPITALIZATION 
 Section 9.01 PubCo Change of Control; PubCo Approved Recap Transaction. 

(a) In connection with a PubCo Approved Change of Control, Manager shall have the right, in its sole discretion, to require each Member to
effect a Redemption of all or a portion of such Member’s and all other Members’ Units together with an equal number of shares of Class X Common Stock, pursuant to which such Units and such shares of Class X Common Stock will be
exchanged for shares of Class A Common Stock (or economically equivalent cash or securities of a successor entity), mutatis mutandis, in accordance with the Redemption provisions of Article VIII (applied for this purpose as if
PubCo had delivered an Election Notice that specified a Share Settlement with respect to such Redemptions) and otherwise in accordance with this Section 9.01. Any such Redemption pursuant to this
Section 9.01(a) shall be effective immediately prior to the consummation of the PubCo Approved Change of Control (and, for the avoidance of doubt, shall not be effective if such PubCo Approved Change of Control is not
consummated) (the date of such Redemption, the “Change of Control Redemption Date”). From and after the Change of Control Redemption Date, (i) the Units and any shares of Class X Common Stock subject to such redemption
shall be deemed to be transferred to the Company (in the case of Units) and PubCo (in the case of Class X Common Stock) on the Change of Control Redemption Date and (ii) each such Member shall cease to have any rights with respect to the
Units and any shares of Class X Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity securities in a successor entity) pursuant to such
Redemption). Manager shall provide written notice of an expected PubCo Approved Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of an agreement with respect to such PubCo Approved Change
of Control and (y) ten (10) Business Days before the proposed date upon which the contemplated PubCo Approved Change of Control is to be effected, including in such notice such information as may reasonably describe the PubCo Approved Change of
Control transaction, subject to Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of Class A Common Stock in the PubCo Approved
Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such PubCo Approved Change of Control (which election shall be
available to each Member on the same terms as holders of shares of Class A Common Stock). Following delivery of such notice and on or prior to the Change of Control Redemption Date, the Members shall take all actions reasonably requested by
PubCo to effect such exchange, including taking any action and delivering any document required pursuant to this Section 9.01 to effect such exchange. 

  
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 (b) In the event that a tender offer, share exchange offer, issuer bid, take-over bid,
recapitalization or similar transaction with respect to all or any portion of shares of PubCo’s issued and outstanding Class A Common Stock is proposed by PubCo or PubCo’s stockholders and approved by the PubCo board of directors, or
is otherwise consented to or approved by the PubCo board of directors (a “PubCo Approved Recap Transaction”), Manager shall provide written notice of the PubCo Approved Recap Transaction to all Members within the earlier of
(i) five (5) Business Days following the execution of an agreement (if applicable) with respect to, or the commencement of (if applicable), such PubCo Approved Recap Transaction and (ii) ten (10) Business Days before the proposed date upon
which the PubCo Approved Recap Transaction is to be effected, including in such notice such information as may reasonably describe the PubCo Approved Recap Transaction, subject to Law, including the date of execution of such agreement (if
applicable) or of such commencement (if applicable), the material terms of such PubCo Approved Recap Transaction, including the amount and types of consideration to be received by holders of shares of Class A Common Stock in the PubCo Approved
Recap Transaction, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such PubCo Approved Recap Transaction, and the number of Units
(and the corresponding shares of Class X Common Stock) held by such Member that is applicable to such PubCo Approved Recap transaction. The Members (other than Manager) shall be permitted to participate in such offer by delivering a written
notice of participation that is effective immediately prior to the consummation of such offer (and that is contingent upon consummation of such offer), and shall include such information necessary for consummation of such offer as requested by
PubCo. In the case of any PubCo Approved Recap Transaction that was initially proposed by PubCo, PubCo shall use reasonable best efforts to enable and permit the Members (other than the Manager) to participate in such transaction to the same extent
or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to enable such Members to participate in such transaction without being required to exchange Units or shares of Class X Common Stock in connection
therewith. 
 ARTICLE X 

LIMITATION ON LIABILITY, EXCULPATION 

AND INDEMNIFICATION 

Section 10.01 Limitation on Liability. The debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, obligation or liability of the Company; provided, that the foregoing shall not alter a
Member’s obligation to return funds wrongfully distributed to it or other obligations specifically enumerated in this Agreement. 

  
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 Section 10.02 Exculpation and Indemnification. 

(a) Subject to the duties of the Managing Member and the Officers set forth in Section 6.04 and any employment
agreement and/or restrictive covenants agreement with the Company as in effect from time to time (collectively, the “Specified Covenants”), neither the Managing Member nor any other Covered Person shall be liable, including under
any legal or equitable theory of fiduciary duty or other theory of liability, to the Company or to any other Covered Person for any losses, claims, damages or liabilities incurred by reason of any act or omission performed or omitted by such Covered
Person in good faith on behalf of the Company. There shall be, and each Covered Person shall be entitled to, a presumption that such Covered Person acted in good faith. 

(b) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such Person’s professional or expert competence. 

(c) (i) The Company shall indemnify, defend and hold harmless each Covered Person against any losses, claims, damages, liabilities,
expenses (including all reasonable fees and expenses of counsel), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, in which such Covered Person may be involved or become
subject to, in connection with any matter arising out of or in connection with the Company’s business or affairs, or this Agreement or any related document, unless such loss, claim, damage, liability, expense, judgment, fine, settlement or
other amount is as a result of a Covered Person not acting in good faith on behalf of the Company or arose as a result of the willful commission by such Covered Person of any act that is dishonest and materially injurious to the Company or
(ii) results from its contractual obligations under any Transaction Agreement to be performed in a capacity other than as a Covered Person or results from a breach by such Covered Person of a Specified Covenant. If any Covered Person becomes
involved in any capacity in any action, suit, proceeding or investigation in connection with any matter arising out of or in connection with the Company’s business or affairs, or this Agreement or any related document (other than any
Transaction Agreement), other than (x) by reason of any act or omission performed or omitted by such Covered Person that was not in good faith on behalf of the Company or constituted a willful commission by such Covered Person of an act that is
dishonest and materially injurious to the Company, or (y) as a result of any breach by such Covered Person of a Specified Covenant, the Company shall reimburse such Covered Person for its reasonable legal and other reasonable out-of-pocket expenses (including the cost of any investigation and preparation) as they are incurred in connection therewith; provided, that such Covered Person shall
promptly repay to the Company the amount of any such reimbursed expenses paid to it if it shall be finally judicially determined that such Covered Person was not entitled to indemnification by, or contribution from, the Company in connection with
such action, suit, proceeding or investigation. If for any reason (other than the bad faith of a Covered Person or the willful commission by such Covered Person of an act that is dishonest and materially injurious to the Company) the foregoing
indemnification is unavailable to such Covered Person, or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by such Covered Person as a result of such loss, claim, damage, liability, expense, judgment,
fine, settlement or other amount in such proportion as is appropriate to reflect any relevant equitable considerations. There shall be, and each Covered Person shall be entitled to, a rebuttable presumption that such Covered Person acted in good
faith. 

  
 33 

 (i) The obligations of the Company under this Section 10.02(c)
shall be satisfied solely out of and to the extent of the Company’s assets, and no Covered Person shall have any personal liability on account thereof. 

(ii) Given that certain Jointly Indemnifiable Claims may arise by reason of the service of a Covered Person to the Company and/or as a
director, trustee, officer, partner, member, manager, employee, consultant, fiduciary or agent of other corporations, limited liability companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the
Company (collectively, the “Controlled Entities”), or by reason of any action alleged to have been taken or omitted in any such capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable shall
cause the Controlled Entities to, be fully and primarily responsible for the payment to the Covered Person in respect of indemnification or advancement of all
out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements) in each case, actually and
reasonably incurred by or on behalf of a Covered Person in connection with either the investigation, defense or appeal of a claim, demand, action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or
otherwise incurred in connection with a claim that is indemnifiable hereunder (collectively, “Expenses”) in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of
(A) the Delaware Act, (B) this Agreement, (C) any other agreement between the Company or any Controlled Entity and the Covered Person pursuant to which the Covered Person is indemnified, (D) the Laws of the jurisdiction of
incorporation or organization of any Controlled Entity and/or (E) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership,
certificate of qualification or other organizational or governing documents of any Controlled Entity ((A) through (E) collectively, the “Indemnification Sources”), irrespective of any right of recovery the Covered Person may
have from the Indemnitee-Related Entities. Under no circumstance shall the Company or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the
Covered Person may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Covered Person or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the
Indemnitee-Related Entities shall make any payment to the Covered Person in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, (x) the Company shall, and to the extent applicable shall cause
the Controlled Entities to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by the
Company and/or any Controlled Entity pursuant to clause (x), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Covered Person
against the Company and/or any Controlled Entity, as applicable, and (z) the Covered Person shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of
such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and the Covered Person agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries
with respect to this Section 10.02(c), entitled to enforce this Section 10.02(c) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the
Controlled Entities to perform the terms and obligations of this Section 10.02(c) as though each such Controlled Entity was the “Company” under this Agreement. For purposes of this
Section 10.02(c), the following terms shall have the following meanings: 

  
 34 

 (A) The term “Indemnitee-Related Entities” means any
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any
Controlled Entity) from whom a Covered Person may be entitled to indemnification or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification or advancement obligation.

 (B) The term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without
limitation, any claim, demand, action, suit or proceeding for which the Covered Person shall be entitled to indemnification or advancement of Expenses from both (i) the Company and/or any Controlled Entity pursuant to the Indemnification
Sources, on the one hand, and (ii) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Covered Person pursuant to which the Covered Person is indemnified, the Laws of the jurisdiction of
incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or
other organizational or governing documents of any Indemnitee-Related Entity, on the other hand. 
 ARTICLE XI 

DISSOLUTION AND TERMINATION 

Section 11.01 Dissolution. 

(a) The Company shall not be dissolved by the admission of Additional Members or Substitute Members pursuant to
Section 3.02. 
 (b) No Member shall (i) resign from the Company prior to the dissolution and winding up of
the Company except in connection with a Transfer of Units pursuant to the terms of this Agreement or (ii) take any action to dissolve, terminate or liquidate the Company or to require apportionment, appraisal or partition of the Company or any
of its assets, or to file a bill for an accounting, except as specifically provided in this Agreement, and each Member, to the fullest extent permitted by Law, hereby waives any rights to take any such actions under Law, including any right to
petition a court for judicial dissolution under Section 18-802 of the Delaware Act. 
 (c) The
Company shall be dissolved and its business wound up only upon the earliest to occur of any one of the following events (each a “Dissolution Event”): 

(i) the expiration of forty-five (45) days after the sale or other disposition of all or substantially all the assets of the Company;

  
 35 

 (ii) upon the approval of the Managing Member; or 

(iii) the entry of a decree of judicial dissolution under Section 18-802 of the Delaware Act, in contravention of this Agreement. 

The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Dissolution Event and that no Member shall seek a
dissolution of the Company, under Section 18-802 of the Delaware Act or otherwise, other than based on the matters set forth in subsections (i), (ii) and (iii) above. If it is determined by a court of competent jurisdiction that the
Company has dissolved prior to the occurrence of a Dissolution Event, the Members hereby agree to continue the business of the Company without a Liquidation. 

(d) The death, retirement, resignation, expulsion, bankruptcy, insolvency or dissolution of a Member or the occurrence of any other event that
terminates the continued membership of a Member of the Company shall not in and of itself cause dissolution of the Company. 

Section 11.02 Winding Up of the Company. 

(a) The Managing Member shall promptly notify the other Members of any Dissolution Event. Upon dissolution, the Company’s business shall
be liquidated in an orderly manner. The Managing Member shall appoint a liquidating trustee to wind up the affairs of the Company pursuant to this Agreement. In performing its duties, the liquidating trustee is authorized to sell, distribute,
exchange or otherwise dispose of the assets of the Company in accordance with the Delaware Act and in any reasonable manner that the liquidating trustee shall determine to be in the best interest of the Members. 

(b) The proceeds of the liquidation of the Company shall be distributed in the following order and priority: 

(i) first, to the creditors (including any Members or their respective Affiliates that are creditors) of the Company in satisfaction of
all of the Company’s liabilities (whether by payment or by making reasonable provision for payment thereof, including the setting up of any reserves which are, in the judgment of the liquidating trustee, reasonably necessary therefor); and 

(ii) second, to the Members in the same manner as distributions under Section 5.03(b). 

(c) Distribution of Property. In the event it becomes necessary in connection with the Liquidation to make a distribution of Property in-kind, subject to the priority set forth in Section 11.02(b), the liquidating trustee shall have the right to compel each Member, treating each such Member in a substantially similar
manner, to accept a distribution of any Property in-kind (with such Property, as a percentage of the total liquidating distributions to such Member), corresponding as nearly as possible to the distributions
such Member would receive under Section 11.02(b) with such distribution being based upon the amount of cash that would be distributed to such Members if such Property were sold for an amount of cash equal to the fair market
value of such Property, as determined by the liquidating trustee in good faith. 

  
 36 

 Section 11.03 Termination. The Company shall terminate when all of the assets of
the Company, after payment of or reasonable provision for the payment of all debts and liabilities of the Company, shall have been distributed to the Members in the manner provided for in this Article XI, and the Certificate shall have been
cancelled in the manner required by the Delaware Act. 
 Section 11.04 Survival. Termination, dissolution or Liquidation of the
Company for any reason shall not release any party from any liability which at the time of such termination, dissolution or Liquidation already had accrued to any other party or which thereafter may accrue in respect to any act or omission
prior to such termination, dissolution or Liquidation. 
 ARTICLE XII 

MISCELLANEOUS 

Section 12.01 Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such cost or expense. 
 Section 12.02 Further Assurances. Each Member agrees to execute,
acknowledge, deliver, file and record such further certificates, amendments, instruments and documents, and to do all such other acts and things, as may be required by Law or as, in the reasonable judgment of the Managing Member, may be necessary or
advisable to carry out the intent and purposes of this Agreement. 
 Section 12.03 Notices. All notices, requests and
other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given to such party at the address, facsimile number or e-mail address specified for such party on the Member Schedule hereto or
to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient
thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. 

Section 12.04 Binding Effect; Benefit; Assignment. 

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. 

(b) Except as provided in Article VII, no Member may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the Managing Member. 

  
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 Section 12.05 Jurisdiction. 

(a) The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or
in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall
not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such
suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 13.03 shall be deemed effective service of process on such party. 

(b) EACH OF THE COMPANY AND THE MEMBERS HEREBY IRREVOCABLY DESIGNATES THE CORPORATION SERVICE COMPANY (IN SUCH CAPACITY, THE “PROCESS
AGENT”), WITH AN OFFICE AT 251 LITTLE FALLS DRIVE, WILMINGTON, NEW CASTLE COUNTY, DELAWARE 19801, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR
PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON
THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 13.03 OF THIS AGREEMENT. EACH PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE
SAID APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO
SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA. 

Section 12.06 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 12.07
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received
a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

  
 38 

 Section 12.08 Entire Agreement. This Agreement and the Transaction Documents
constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this
Agreement. Nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party, except to the extent provided herein with respect to Indemnitee-Related Entities, each of whom are intended third-party
beneficiaries of those provisions that specifically relate to them with the right to enforce such provisions as if they were a party hereto. 

Section 12.09 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible. 

Section 12.10 Amendment. 

(a) This Agreement can be amended at any time and from time to time by the Managing Member. 

(b) No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated
hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. 

Section 12.11 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of
Delaware, without regard to the conflicts of law rules of such State that would result in the application of the Laws of any other State. 

Section 12.12 No Presumption. With regard to each and every term and condition of this Agreement, the parties hereto understand
and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition, no consideration will be given to the issue of
which party hereto actually prepared, drafted or requested any term or condition of this Agreement. 
 Section 12.13 Attorney-In-Fact. Each Member hereby appoints the Company as such Member’s
attorney-in-fact (with full power of substitution) and hereby authorizes the Company to the execute and deliver in such Member’s name and on its behalf any
amendment of this Agreement or other document relating hereto in furtherance of such Member’s rights and obligations pursuant to this Agreement. Each Member hereby acknowledges and agrees that such proxy is coupled with an interest and shall
not terminate upon any bankruptcy, dissolution, liquidation, death or incapacity of such Member. 

  
 39 

 Section 12.14 Immunity Waiver. Each Member, that is not an individual,
acknowledges that it is a commercial entity and is a separate entity distinct from its ultimate shareholders and/or the executive organs of the government of any state and is capable of suing and being sued. The entry by each Member into this
Agreement constitutes, and the exercise by each Member of its respective rights and performance of its respective obligations hereunder will constitute, private and commercial acts performed for private and commercial purposes that shall not be
deemed as being entered into in the exercise of any public function. 
 Section 12.15 Specific Performance. It is hereby agreed
and acknowledged that it will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that, in the event of any such failure, an aggrieved Member or
other party or third-party beneficiary specified in Section 12.08 will be irreparably damaged and will not have an adequate remedy at Law. Any such Person shall, therefore, be entitled (in addition to any other remedy to
which such party may be entitled at Law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond and if any action should be brought in equity to enforce any of the provisions
of this Agreement, none of the Company or Members shall raise the defense that there is an adequate remedy at Law. 
 Section 12.16
Agreement of Certain Members. By accepting the benefits of this Agreement, each Member that is or was an employee or service provider of the Company or any of its Affiliates (or that holds Units Transferred from or on behalf of any such
individual) agrees that, to the extent any Vesting Letter, award agreement, guaranteed compensation agreement, employment agreement or other similar agreement between the Company or any of its Affiliates, on the one hand, and such employee or
service provider (or any Affiliate that holds Units Transferred from or on behalf of any such individual) on the other hand, provides for rights and obligations of the parties thereto to be triggered upon the termination for “Cause” (or
other similar construct) of such employee or service provider, unless a definition of “Cause” is expressly set forth in such agreement without reference to a definition thereof in any limited liability company or operating agreement, then
the definition of “Cause” applicable to such agreement shall be the definition thereof in the applicable predecessor limited liability company or operating agreement referred to in such Vesting Letter, award agreement, guaranteed
compensation agreement, employment agreement or other similar agreement; provided, however, that, by accepting the benefits of this Agreement, each such Member further agrees and acknowledges that any such definition in any such predecessor limited
liability company or operating agreement shall cease to be effective and shall be superseded at such time as the Managing Member adopts a new definition of “Cause” and provides thirty (30) days advance notice of such new definition to
any such employee or service provider, in which event, such new definition shall become effective, but shall only apply to such employee or service provider with respect to matters first occurring after such effectiveness (whether or not discovered
only after such effectiveness). 
 [signature pages follow] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have caused this Limited Liability Company Agreement
to be duly executed as of the day and year first written above. 
  

			
	ENDEAVOR MANAGER, LLC
		
	By:	 	
                     
        

	Name: Jason Lublin
	Title: Chief Financial Officer
	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	
                     
    

	 Name: Jason Lublin

Title: Chief Financial Officer

	
	[MEMBERS]

 [Signature Page to the Limited Liability Company Agreement of Endeavor Manager, LLC] 

 Schedule A – Member Schedule 

 

	1.	 Endeavor Group Holdings, Inc. 

 

	2.	 Dragon Holdco, LLC 

  

	3.	 [Other Employees] 

 Schedule B – Certain Members 

 

	1.	 Don Aslan and his successors, heirs and estateEX-10.20

 Exhibit 10.20 

ENDEAVOR GROUP HOLDINGS, INC. 

2019 INCENTIVE AWARD PLAN 
 1.
Purpose. The Endeavor Group Holdings, Inc. 2019 Incentive Award Plan (as amended from time to time, the “Plan”) is intended to help Endeavor Group Holdings, Inc., a Delaware corporation (including any successor
thereto, the “Company”), and Affiliates (i) to attract and retain key employees, directors, consultants, advisors and other Eligible Persons and to motivate such Eligible Persons to serve the Company and Affiliates and
to expend maximum effort to improve business results and earnings of the Company by providing them the opportunity to acquire an interest in the operations and future success of the Company, and (ii) align the interests of such Eligible Persons
with those of the Company’s shareholders. To this end, the Plan provides for, among other things, the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock or cash based awards and dividend
equivalents. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein. 
 2. Effective Date. The
effective date of the Plan is the day prior to the date upon which Common Stock is listed (or approved for listing) upon notice of issuance on the NYSE (i.e., the pricing date of the Company’s initial public offering) (the “Effective
Date”). No Incentive Stock Option may be granted pursuant to the Plan after the tenth anniversary of the earlier of (a) the date on which the Plan was adopted by the Board and (b) the date the Plan was approved by the
Company’s stockholders. 
 3. Definitions. The following definitions shall apply throughout the Plan: 

(a) “Affiliate” means (i) any Subsidiary and (ii) any other person or entity that directly or indirectly
controls, is controlled by or is under common control with the Company or OpCo. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or
otherwise. 
 (b) “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right,
Restricted Stock, Restricted Stock Unit, Other Stock or Cash Based Award or Dividend Equivalent granted under the Plan. 
 (c)
“Award Agreement” means the agreement (whether in written or electronic form) or other instrument or document evidencing any Award granted under the Plan. 

(d) “Beneficial Ownership” has the meaning set forth in Rule 13d-3 promulgated
under Section 13 of the Exchange Act. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cause” in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) shall
have the meaning given such term (or term of similar import) in any employment, consulting, change-in-control, severance or any other agreement between the Participant
and the Company or any Subsidiary, or severance plan in which the Participant is eligible to participate, in either case in effect at the time of the Participant’s termination of employment or service with the Company and any Subsidiary, or
(ii) if “cause” or term of similar import is not defined in, or in the absence of, any such employment, consulting, change-in-control, severance or any
other agreement between the Participant and the Company or any Subsidiary, or severance plan in which the Participant is eligible to participate, means: (A) the Participant’s commission of any act or omission that results in or could
reasonably be expected to result in 

 
conviction of, or entry of a plea of no contest to (x) a felony or (y) a misdemeanor involving moral turpitude (or the equivalent of a misdemeanor involving moral turpitude or a felony
in a jurisdiction other than the United States), (B) the Participant’s gross negligence or willful misconduct, or a willful failure to attempt in good faith to substantially perform his or her duties (other than due to physical illness or
incapacity), (C) the Participant’s material breach of a provision of any employment agreement, consulting agreement, directorship agreement or similar services agreement or offer letter between the Participant and the Company or any Subsidiary,
or any non-competition, non-disclosure or non-solicitation agreement with the Company or any Affiliate, (D) the
Participant’s material violation of any written policies adopted by the Company or any Affiliate governing the conduct of persons performing services on behalf of the Company or any Affiliate, (E) the Participant’s obtaining any
material improper personal benefit as result of breach by the Participant of any covenant or agreement (including a breach by the Participant of the Company’s code of ethics or a material breach by the Participant of other written policies
furnished to the Participant relating to personal investment transactions) of which the Participant was or should have been aware, (F) the Participant’s fraud or misappropriation, embezzlement or material misuse of funds or property
belonging to the Company or any Affiliate, (G) the Participant’s use of alcohol or drugs that materially interferes with the performance of his or her duties, or (H) willful or reckless misconduct in respect of the Participant’s
obligations to the Company or Affiliates or other acts of misconduct by the Participant occurring during the course of the Participant’s employment or service that in either case results in or could reasonably be expected to result in material
damage to the property, business or reputation of the Company or any Affiliate. Notwithstanding anything to the contrary herein or elsewhere, if, within six (6) months following a Participant’s termination of employment or service for any
reason other than by the Company or any Subsidiary for Cause, the Company or any Subsidiary determines that such Participant’s termination of employment or service could have been for Cause, such Participant’s termination of employment or
service will be deemed to have been for Cause for all purposes, and such Participant will be required to disgorge to the Company all amounts received under this Plan, any Award Agreement or otherwise that would not have been payable to such
Participant had such termination of employment or service been by the Company or any Subsidiary for Cause. The determination of whether Cause exists shall be made by the Committee in its sole discretion. 

(g) “Change of Control” means, in the case of a particular Award, unless the applicable Award Agreement (or any
employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary) states otherwise, any of the following
events or series of related events after the Effective Date: a merger or consolidation of the Company with any other Person or Persons, including a tender offer followed by a merger in which holders of Class A common stock of the Company, par
value $0.00001 per share, receive the same consideration per share paid in the tender offer, and, immediately after the consummation of such merger or consolidation, the voting securities of the Company immediately prior to such merger or
consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation. Notwithstanding the foregoing, a
“Change of Control” shall not be deemed to have occurred (i) by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Class A common stock,
Class B common stock, Class X common stock and Class Y common stock of the Company, $0.00001 par value per share, immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership in and voting control over, and own substantially all of the shares or equity of, an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, (ii) by
virtue of the consummation of any transaction or series of transactions, immediately following which, the Company and one or more other entities (the “Other Constituent Companies”) shall have become separate wholly-owned
Subsidiaries of a holding company, and the record holders of the Class A common stock, Class B common stock, Class X common stock and Class Y common stock of the Company, $0.00001 par value per share, immediately prior to such
transaction or series of transactions, together with the record holders of the outstanding equity interests in the Other 

  
 2 

 
Constituent Companies immediately prior to such transaction or series of transactions, shall have become the equityholders of the new holding company in exchange for their respective equity
interests in the Company and the Other Constituent Companies and such transaction or transactions would not otherwise constitute a “Change of Control” assuming references to the Company are references to such holding company or
(iii) at any time that the Persons set forth on Schedule A, collectively, continue to beneficially own, directly or indirectly, securities of the Company representing more than 35% of the combined voting power of the Company’s
then-outstanding voting securities and no other Person or “group” (within the meaning of Section 13(d) of the Exchange Act) that does not include the Persons set forth on Schedule A, beneficially owns, directly or indirectly,
securities of the Company representing a greater percentage of the combined voting power of the Company’s then-outstanding voting securities than that then beneficially owned by the Persons set forth on Schedule A. Notwithstanding the
foregoing, if a Change of Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the
imposition of additional taxes under Section 409A of the Code, the event or series of events described above with respect to such Award (or portion thereof) shall only constitute a Change of Control for purposes of the payment timing of such
Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). The Committee shall have full and final authority, which shall
be exercised in its sole discretion, to determine conclusively whether a Change of Control has occurred pursuant to the above definition, the date of the occurrence of such Change of Control and any incidental matters relating thereto; provided that
any exercise of authority in conjunction with a determination of whether a Change of Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be
consistent with such regulation. 
 (i) “Code” means the U.S. Internal Revenue Code of 1986, as amended, and any
successor thereto. References to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successors thereto. 

(h) “Committee” means (i) the Governing Body, (ii) if the Company’s Executive Committee (as defined in
the Company’s certificate of incorporation as may be amended and/or restated from time to time) is the Governing Body and so directs, the Board or (iii) solely to the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act in respect of Awards, the Board or a committee of the Board. 

(i) “Common Stock” means Class A common stock of the Company, par value $0.00001 per share (and any stock or other
securities into which such common stock may be converted or into which it may be exchanged). 
 (j) “Disability” of a
Participant means, unless otherwise set forth in an applicable Award Agreement, that such Participant is either (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (ii) determined to be disabled in accordance with a long-term disability insurance or similar program maintained by the
Company or is subject to a determination by the U.S. Social Security Administration (or similar non-U.S. governmental authority) that he or she is totally disabled. 

(k) “Dividend Equivalent” means a right to receive the equivalent value (in cash, shares of Common Stock or other
property) of dividends paid on shares of Common Stock, awarded under Section 10(b). 
 (l) “$” shall refer to
the United States dollars. 

  
 3 

 (m) “DRO” means a “domestic relations order” as defined by
the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 
 (n)
“Eligible Director” means a director who satisfies the conditions set forth in Section 4(a) of the Plan. 
 (o)
“Eligible Person” means any (i) individual employed by the Company or a Subsidiary; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person,
(ii) director or officer of the Company or a Subsidiary, (iii) consultant or advisor to the Company or any of the Subsidiaries who may be offered securities registrable on Form S-8 under the
Securities Act, or (iv) prospective employee, director, officer, consultant or advisor who has accepted an offer of employment or service from the Company or the Subsidiaries (and would satisfy the provisions of clause (i), (ii) or
(iii) above once such individual begins employment with or providing services to the Company or a Subsidiary). 
 (p)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto. References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations
or other interpretative guidance under such section or rule, and any amendments or successors thereto. 
 (q) “Exercise
Price” has the meaning set forth in Section 7(b) of the Plan. 
 (r) “Fair Market Value” means,
(i) with respect to Common Stock on a given date, (x) if the Common Stock is listed on a national securities exchange, the closing sales price of a share of Common Stock reported on such exchange on such date, or if there is no such sale
on that date, then on the last preceding date on which such a sale was reported, or (y) if the Common Stock is not listed on any national securities exchange, the amount determined by the Committee in good faith to be the fair market value of
the Common Stock, or (ii) with respect to any other property on any given date, the amount determined by the Committee in good faith to be the fair market value of such other property as of such date. Notwithstanding the foregoing, with respect
to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a share of Common Stock as set forth in the Company’s final prospectus relating to its
initial public offering filed with the Securities and Exchange Commission. 
 (s) “Governing Body” has the meaning
set forth in the Company’s certificate of incorporation as may be amended and/or restated from time to time. 
 (t)
“Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 

(u) “Immediate Family Members” has the meaning set forth in Section 14(b)(ii) of the Plan. 

(v) “Indemnifiable Person” has the meaning set forth in Section 4(e) of the Plan. 

(w) “Manager” means Endeavor Manager, LLC. 

(x) “NYSE” means The New York Stock Exchange. 

(y) “Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

  
 4 

 (z) “OpCo” means Endeavor Operating Company, LLC. 

(aa) “Option” means an Award granted under Section 7 of the Plan. 

(bb) “Option Period” has the meaning set forth in Section 7(c) of the Plan. 

(cc) “Other Stock or Cash Based Award” means an Award granted under Section 10 of the Plan. 

(dd) “Participant” has the meaning set forth in Section 6 of the Plan. 

(ee) “Performance Criteria” shall mean the criteria (and adjustments) that the Committee selects for an Award for
purposes of establishing the Performance Goal(s) for an applicable performance period. The Performance Criteria that may be used to establish Performance Goals include, but are not limited to, the following: (i) net earnings or losses (either
before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization and (E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue
or sales or revenue growth; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit (either before or after taxes); (vi) cash flow (including, but not limited to, operating cash flow and
free cash flow); (vii) return on assets; (viii) return on capital (or invested capital) and cost of capital; (ix) return on stockholders’ equity; (x) total stockholder return; (xi) return on sales; (xii) gross or net
profit or operating margin; (xiii) costs, reductions in costs and cost control measures; (xiv) expenses; (xv) working capital; (xvi) earnings or loss per share; (xvii) adjusted earnings or loss per share; (xviii) price per
share or dividends per share (or appreciation in and/or maintenance of such price or dividends); (xix) regulatory achievements or compliance (including, without limitation, regulatory body approval for commercialization of a product); (xx)
implementation or completion of critical projects; (xxi) market share; (xxii) economic value; and (xxiii) individual employee performance, any of which may be measured either in absolute terms or as compared to any incremental
increase or decrease or as compared to results of a peer group or other employees or to market performance indicators or indices. 
 (ff)
“Performance Goals” shall mean, for any applicable performance period, one or more goals established in writing by the Committee based upon one or more Performance Criteria. Depending on the Performance Criteria used to
establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of an Affiliate, division, business unit, or an individual. The achievement of each Performance Goal shall be
determined with reference to methodology determined appropriate by the Committee. 
 (gg) “Permitted Transferee” has
the meaning set forth in Section 14(b)(ii) of the Plan. 
 (hh) “Person” has the meaning given in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
Affiliate, or (ii) an underwriter temporarily holding securities pursuant to an offering of such securities. 
 (ii)
“Released Unit” has the meaning set forth in Section 9(d)(ii) of the Plan. 
 (jj) “Restricted
Period” has the meaning set forth in Section 9(a) of the Plan. 
 (kk) “Restricted Stock” means an
Award of Common Stock, subject to certain specified restrictions, granted under Section 9 of the Plan, including, without limitation, any such Awards that vest based upon and/or subject to achievement of Performance Goals (i.e., performance
shares). 

  
 5 

 (ll) “Restricted Stock Unit” means an Award of an unfunded and
unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain specified restrictions, granted under Section 9 of the Plan, including, without limitation, any such Awards for which the amount
delivered is based upon and/or subject to achievement of Performance Goals (i.e., performance stock units). 
 (mm) “SAR
Period” has the meaning set forth in Section 8(c) of the Plan. 
 (nn) “Securities Act” means the
U.S. Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such
section or rule, and any amendments or successor provisions to such section, rules, regulations or other interpretive guidance. 
 (oo)
“Strike Price” has the meaning set forth in Section 8(b) of the Plan. 
 (pp) “Stock Appreciation
Right” or “SAR” means an Award granted under Section 8 of the Plan. 
 (qq)
“Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company or OpCo. 

(rr) “Substitute Awards” has the meaning set forth in Section 5(e) of the Plan. 

4. Administration. 
 (a) The Committee
shall administer the Plan, and shall have the sole and plenary authority to (i) designate Participants, (ii) determine the type, size, and terms and conditions of Awards to be granted and to grant such Awards, (iii) determine the
method by which an Award may be settled, exercised, canceled, forfeited, suspended, or repurchased by the Company, (iv) determine the circumstances under which the delivery of cash, property or other amounts payable with respect to an Award may
be deferred, either automatically or at the Participant’s or Committee’s election, (v) interpret, administer, reconcile any inconsistency in, correct any defect in and supply any omission in the Plan and any Award granted under the
Plan, (vi) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan, (vii) accelerate the vesting, delivery or exercisability
of, or payment for or lapse of restrictions on, or waive any condition in respect of, Awards, and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan
or to comply with any applicable law. To the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act (if applicable), or any exception or exemption under
applicable securities laws or the applicable rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, as applicable, it is intended that each member of the Committee shall,
at the time such member takes any action with respect to an Award under the Plan, be (1) a “non-employee director” within the meaning of Rule 16b-3
promulgated under the Exchange Act and/or (2) an “independent director” under the rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or a person meeting
any similar requirement under any successor rule or regulation (“Eligible Director”). However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted or action
taken by the Committee that is otherwise validly granted or taken under the Plan. 
 (b) Subject to the requirements of applicable law, the
Committee may delegate all or any portion of its responsibilities and powers to any person(s) selected by it, except for grants of Awards to persons who are non-employee members of the Board or are otherwise
subject to Section 16 of the Exchange Act. Any such delegation may be revoked by the Committee at any time. 

  
 6 

 (c) As further set forth in Section 14(e) of the Plan, the Committee shall have the
authority to amend the Plan and Awards to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms and conditions comparable to those afforded to Eligible Persons located
within the United States; provided, however, that no such action shall be taken without shareholder approval if such approval is required by applicable securities laws or regulation or NYSE listing guidelines. 

(d) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions regarding the Plan
or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons and entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company. 
 (e)
To the fullest extent permitted by law, no member of the Board or the Committee, or any employee or agent of the Company (each such person, an “Indemnifiable Person”), shall be liable for any action taken or omitted to be
taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud, a willful criminal act or a willful criminal omission). Each Indemnifiable Person shall, to the fullest extent permitted by law, be
indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action,
suit or proceeding to which such Indemnifiable Person may be involved as a party, witness or otherwise by reason of any action taken or omitted to be taken or determination made under the Plan or any Award Agreement and against and from any and all
amounts paid by such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld), in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against
such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it
shall ultimately be determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding,
and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of recognized standing of the Company’s choice. The foregoing right of indemnification shall not be
available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of
such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud, willful criminal act or willful criminal omission, or that such right of indemnification is otherwise prohibited by law or by
the Company’s certificate of incorporation or by-laws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such
Indemnifiable Persons may be entitled under the Company’s certificate of incorporation or by-laws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other power
that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

  
 7 

 5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) Awards. The Committee may grant Awards to one or more Eligible Persons. 

(b) Share Limits. Subject to Section 11 of the Plan and subsection (e) below, the following limitations apply to the grant of
Awards: (i) the number of shares of Common Stock that are reserved for issuance and may be delivered in the aggregate pursuant to Awards granted under the Plan may not exceed the sum of (A) 15,000,000 and (B) an annual increase on the
first day of each calendar year beginning on January 1, 2020 and ending on and including January 1, 2029 equal to the lesser of (x) eight-tenths of one percent (0.8%) of the total number of outstanding shares of Common Stock, as of
the close of business on the last business day of the prior calendar year, determined on an “as-converted” basis taking into account any and all securities convertible into, or exercisable,
exchangeable or redeemable for, shares of Common Stock (including Common Units of OpCo and Manager (including Profits Units of OpCo or Manager exchangeable pursuant to the limited liability company agreement of OpCo, as amended from time to time or
the limited liability company agreement of Manager, as amended from time to time (without regard to any timing, vesting or other restrictions on exchange contained therein)) that are redeemable pursuant to the limited liability company agreement of
OpCo, as amended from time to time or the limited liability company agreement of Manager, as amended from time to time (without regard to any timing, vesting or other restrictions on redemptions contained therein and assuming no redemptions for
cash)), and (2) except as provided in the foregoing clause (1), without regard to the conversion, exercise, exchange or redemption of any other securities into or for shares of Common Stock, and (y) such smaller number of shares of Common
Stock as determined by the Governing Body (the “Share Pool”); (ii) no more than 15,000,000 shares of Common Stock may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan; and
(iii) the maximum amount (based on the Fair Market Value of shares of Common Stock on the date of grant as determined in accordance with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee member of the Board, taken together with any cash fees paid to such non-employee member of the Board during such fiscal year, shall be six hundred thousand
($600,000); provided, that the foregoing limitation shall not apply in respect of any Awards issued to a non-employee director (A) in respect of any one-time
initial equity grant upon a non-employee director’s appointment to the Board or (B) in the event of extraordinary circumstances, to the extent such
non-employee director receiving such additional compensation does not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving other non-employee directors. 
 (c) Share Counting. The Share Pool shall be reduced, on the date of
grant, by the relevant number of shares of Common Stock for each Award granted under the Plan that is valued by reference to a share of Common Stock; provided that Awards that are valued by reference to shares of Common Stock but are required to be
paid in cash pursuant to their terms and Dividend Equivalents paid in cash in conjunction with any Award shall not reduce the Share Pool. If and to the extent that Awards originating from the Share Pool terminate, expire, or are canceled, forfeited,
exchanged, or surrendered without having been exercised, vested, or settled, the shares of Common Stock subject to such Awards shall again be available for Awards under the Share Pool. Notwithstanding the foregoing, the following shares of Common
Stock shall not become available for issuance under the Plan: (i) shares of Common Stock tendered by Participants, or withheld by the Company, as full or partial payment to the Company upon the exercise of Stock Options granted under the Plan;
(ii) shares of Common Stock reserved for issuance upon the grant of Stock Appreciation Rights, to the extent that the number of reserved shares of Common Stock exceeds the number of shares of Common Stock actually issued upon the exercise of
the Stock Appreciation Rights; (iii) shares of Common Stock withheld by, or otherwise remitted to, the Company to satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on, settlement of, or exercise of Awards
granted under the Plan; and (iv) shares of Common Stock purchased on the open market by the Company with the cash proceeds received from the exercise of Stock Options. Notwithstanding the 

  
 8 

 
provisions of this Section 5(c), after the tenth anniversary of the earlier of (a) the date on which the Plan was adopted by the Board and (b) the date the Plan was approved by the
Company’s stockholders, no Shares shall again be available for future grants of Awards under the Plan pursuant to this Section 5(c) to the extent that such return of Shares would at such time cause the Plan to constitute a “formula
plan” or constitute a “material revision” of the Plan subject to shareholder approval under then-applicable rules of the NYSE (or any other applicable exchange or quotation system). 

(d) Source of Shares. Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares,
shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

(e) Substitute Awards. The Committee may grant Awards in assumption of, or in substitution for, outstanding awards previously granted by
the Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”), and such Substitute Awards shall not be counted against the aggregate number
of shares of Common Stock available for Awards; provided, that Substitute Awards issued or intended as “incentive stock options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of
Incentive Stock Options available under the Plan. 
 6. Eligibility. Participation shall be limited to Eligible Persons who have been selected
by the Committee and who have entered into an Award Agreement with respect to an Award granted to them under the Plan (each such Eligible Person, a “Participant”). 

7. Options. 
 (a) Generally. Each
Option shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the Award Agreement expressly states otherwise. Incentive Stock
Options shall be granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees of the Company and Affiliates and who are eligible to receive an Incentive Stock Option under the Code. If
for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a
Nonqualified Stock Option properly granted under the Plan. 
 (b) Exercise Price. The exercise price (“Exercise
Price”) per share of Common Stock for each Option (that is not a Substitute Award) shall not be less than 100% of the Fair Market Value of such share, determined as of the date of grant. Any modification to the Exercise Price of an
outstanding Option shall be subject to the prohibition on repricing set forth in Section 13(b). 
 (c) Vesting, Exercise and
Expiration. The Committee shall determine the manner and timing of vesting (which, for the avoidance of doubt, may include service- and/or Performance Goal-based vesting conditions), exercise and expiration of Options. The period between the
date of grant and the scheduled expiration date of the Option (“Option Period”) shall not exceed ten years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in
the shares of Common Stock is prohibited by any exchange and/or insider trading policy that may be established by Manager or the Company, as may be amended from time to time (a “Trading Policy”), or any “black-out” or similar period under the Manager’s or the Company’s policies covering trading in the Company’s securities, including any limited liability company units or other interests of
any subsidiary of the Company that are convertible for or exchangeable into (i) any equity or other security of the Company or (ii) any equity or other security of such subsidiary which in turn is convertible for or exchangeable into any
equity or other security of the Company (including any Trading Policy) to which the applicable Participant is subject (a “Black Out Period”), in which case the Option Period shall be extended automatically until the 30th day
following the expiration of such prohibition (so long as such extension shall not violate Section 409A of the Code). The Committee may accelerate the vesting and/or exercisability of any Option, which acceleration shall not affect any other
terms and conditions of such Option. 

  
 9 

 (d) Method of Exercise and Form of Payment. No shares of Common Stock shall be
delivered pursuant to any exercise of an Option until the Participant has paid the Exercise Price to the Company in full, and an amount equal to any U.S. federal, state and local income and employment taxes and
non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. Options may be exercised by delivery of written or
electronic notice of exercise to the Company or its designee (including a third-party administrator) in accordance with the terms of the Option and the Award Agreement accompanied by payment of the Exercise Price and such applicable taxes. The
Exercise Price and delivery of all applicable required withholding taxes shall be payable (i) in cash or by check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including,
pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company) or any combination of the foregoing; provided,
that such shares of Common Stock are not subject to any pledge or other security interest; or (ii) by such other method as elected by the Participant and that the Committee may permit, in its sole discretion, including without limitation:
(A) in the form of other property having a Fair Market Value on the date of exercise equal to the Exercise Price and all applicable required withholding taxes; (B) if there is a public market for the shares of Common Stock at such time, by
means of a broker-assisted “cashless exercise” pursuant to which the Company or its designee (including third-party administrators) is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock
otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price and all applicable required withholding taxes against delivery of the shares of Common Stock to settle the applicable
trade; or (C) by means of a “net exercise” procedure effected by withholding the minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise Price and all applicable
required withholding taxes. In all events of cashless or net exercise, any fractional shares of Common Stock shall be settled in cash. 
 (e)
Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date on which the Participant makes a
disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of
(i) two years after the date of grant of the Incentive Stock Option and (ii) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established
by the Committee, retain possession, as agent for the applicable Participant, of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying
with any instruction from such Participant as to the sale of such Common Stock. 
 (f) Compliance with Laws. Notwithstanding the
foregoing, in no event shall the Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the
Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation service on which the Common Stock of the Company is listed or quoted. 

  
 10 

 (g) Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to
the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a parent or subsidiary of the Company
(within the meaning of Sections 424(e) and 424(f) of the Code), the Option Period shall not exceed five years from the date of grant of such Option and the Exercise Price shall be at least 110% of the Fair Market Value (on the date of grant) of the
shares subject to the Option. 
 (h) $100,000 Per Year Limitation for Incentive Stock Options. To the extent that the aggregate Fair
Market Value (determined as of the date of grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such
excess Incentive Stock Options shall be treated as Nonqualified Stock Options. 
 8. Stock Appreciation Rights (SARs). 

(a) Generally. Each SAR shall be subject to the conditions set forth in the Plan and the Award Agreement. Any Option granted under the
Plan may include a tandem SAR. The Committee also may award SARs independent of any Option. 
 (b) Strike Price. The strike price
(“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share, determined as of the date of grant; provided, however, that a SAR granted in tandem
with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the prohibition on repricing
set forth in Section 13(b). 
 (c) Vesting and Expiration. A SAR granted in tandem with an Option shall vest and become
exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independently of an Option shall vest and become exercisable and shall expire in such manner and on such date or
dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting or
exercisability dates set by the Committee, the Committee may accelerate the vesting and/or exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to vesting and/or exercisability.
If the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by a Trading Policy or Black Out Period, the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition
(so long as such extension shall not violate Section 409A of the Code). 
 (d) Method of Exercise. SARs may be exercised by
delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator) in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were
awarded. 
 (e) Payment. Upon the exercise of a SAR, the Company shall pay to the holder thereof an amount equal to the number of
shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any U.S. federal, state and local income
and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. The Company shall pay such
amount in cash, in shares of Common Stock valued at Fair Market Value as determined on the date of exercise, or any combination thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash. 

  
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 9. Restricted Stock and Restricted Stock Units. 

(a) Generally. Each Restricted Stock and Restricted Stock Unit Award shall be subject to the conditions set forth in the Plan and the
applicable Award Agreement. The Committee shall establish restrictions applicable to Restricted Stock and Restricted Stock Units, including the period over which the restrictions shall apply (the “Restricted Period”), and the
time or times at which Restricted Stock or Restricted Stock Units shall become vested (which, for the avoidance of doubt, may include service- and/or Performance Goal-based vesting conditions). Subject to such rules, approvals, and conditions as the
Committee may impose from time to time, an Eligible Person who is a non-employee director may elect to receive all or a portion of such Eligible Person’s cash director fees and other cash director
compensation payable for director services provided to the Company by such Eligible Person in any fiscal year, in whole or in part, in the form of Restricted Stock Units. The Committee may accelerate the vesting and/or the lapse of any or all of the
restrictions on Restricted Stock and Restricted Stock Units which acceleration shall not affect any other terms and conditions of such Awards. No share of Common Stock shall be issued at the time an Award of Restricted Stock Units is made, and the
Company will not be required to set aside a fund for the payment of any such Award. 
 (b) Stock Certificates; Escrow or Similar
Arrangement. Upon the grant of Restricted Stock, the Committee shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions. The Committee may also
cause a stock certificate registered in the name of the Participant to be issued. In such event, the Committee may provide that such certificates shall be held by the Company or in escrow rather than delivered to the Participant pending vesting and
release of restrictions, in which case the Committee may require the Participant to execute and deliver to the Company or its designee (including third-party administrators) (i) an escrow agreement satisfactory to the Committee, if applicable,
and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock. If the Participant shall fail to execute and deliver the escrow agreement and blank stock power within the amount of time specified by the Committee,
the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the Award Agreement, the Participant shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation
the right to vote such Restricted Stock. 
 (c) Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the
Participant shall be subject to forfeiture until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, and shall be subject to the restrictions on transferability set forth in
Section 14(b) and the Award Agreement. In the event of any forfeiture, all rights of the Participant to such Restricted Stock (or as a shareholder with respect thereto), and to such Restricted Stock Units, as applicable, including to any
dividends and/or Dividend Equivalents that may have been accumulated and withheld during the Restricted Period in respect thereof, shall terminate without further action or obligation on the part of the Company. The Committee shall have the
authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of grant of the
Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate. 
 (d) Delivery of Restricted Stock and Settlement of
Restricted Stock Units. 
 (i) Upon the expiration of the Restricted Period with respect to any shares of Restricted
Stock and the attainment of any other vesting criteria, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect, except as set forth in the Award Agreement. If an escrow arrangement is used, upon such
expiration the Company shall deliver to the Participant or such Participant’s beneficiary (via book-entry notation or, if applicable, in stock certificate form) the shares of Restricted Stock with respect to which the Restricted Period has
expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to the Restricted Stock shall be distributed to the Participant in cash or in shares of Common Stock having a Fair
Market Value on the date of distribution (or a combination of cash and shares of Common Stock) equal to the amount of such dividends, upon the release of restrictions on the Restricted Stock. 

  
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 (ii) Unless otherwise provided by the Committee in an Award Agreement, upon
the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or such Participant’s
beneficiary (via book-entry notation or, if applicable, in stock certificate form), one or more shares of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit that has not then been
forfeited and with respect to which the Restricted Period has expired and any other such vesting criteria are attained (“Released Unit”), as set forth in the applicable Award Agreement; provided, however, that
the Committee may elect to (A) pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or (B) defer the delivery of Common Stock (or cash or part Common Stock and part
cash, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of delivering shares of Common Stock, the
amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the shares of Common Stock would have otherwise been delivered to the Participant in respect of such Restricted Stock Units. 

(iii) If and to the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units may be granted
Dividend Equivalents payable upon or in connection with the payment by the Company of dividends on shares of Common Stock either in cash or, if determined by the Committee, in shares of Common Stock or other property having a Fair Market Value equal
to the amount of such dividends as of the date of payment (or a combination of cash, shares of Common Stock or other property) (and interest may, if determined by the Committee, be credited on the amount payable in respect of the Dividend
Equivalents in cash at a rate and subject to such terms as determined by the Committee). Payments in respect of the Dividend Equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units
are settled (in the case of Restricted Stock Units, following the release of restrictions on such Restricted Stock Units), and if such Restricted Stock Units are forfeited, the holder thereof shall have no right to payments in respect of such
Dividend Equivalents. 
 (e) Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if
any, shall bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions with respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE ENDEAVOR GROUP HOLDINGS, INC. 2019
INCENTIVE AWARD PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF __________, BETWEEN ENDEAVOR GROUP HOLDINGS, INC. AND _________. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF ENDEAVOR GROUP
HOLDINGS, INC. 

  
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 10. Other Stock or Cash Based Awards; Dividend Equivalents. 

 

	 	(a)	 Other Stock or Cash Based Awards. The Committee may issue unrestricted Common Stock, rights to receive
future grants of Awards, or other Awards denominated in Common Stock (including performance shares or performance units), or Awards that provide for cash payments, whether based in whole or in part on the value or future value of shares of Common
Stock or otherwise, under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and on such terms and conditions as the Committee shall from time to time determine (“Other Stock or Cash Based
Awards”). Each Other Stock or Cash Based Award shall be evidenced by an Award Agreement, which may include conditions including, without limitation, the payment by the Participant of the Fair Market Value of the shares of Common Stock
underlying such Award on the date of grant. Other Stock or Cash Based Awards may be available as a form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments, as a part of a bonus, deferred bonus, deferred
compensation, phantom equity or other arrangement, and/or as payment in lieu of compensation to which an Eligible Individual is otherwise entitled. 

  

	 	(b)	 Dividend Equivalents. The Committee may provide a Participant with Dividend Equivalents alone or as part
of an Award, on a current or deferred basis, on such terms and conditions as may be determined by the Committee, including, without limitation, a requirement of reinvestment of additional shares of Common Stock received in connection therewith;
provided, that no dividend equivalents shall be payable (i) in respect of outstanding Options or SARs or (ii) in respect of any other Award unless and until the Participant vests in such underlying Award; provided,
further, that Dividend Equivalents may be accumulated in respect of unearned or unvested Awards and paid as soon as administratively practicable, but no more than 60 days, after such Awards are earned and vested and become payable or
distributable or are settled (and the right to any such accumulated Dividend Equivalents shall be forfeited upon the forfeiture of the Award to which such Dividend Equivalents relate). 

11. Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other
distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company,
issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change of Control) that affects the shares of Common Stock,
or (b) unusual or nonrecurring events (including, without limitation, a Change of Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations
or other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting principles or law, such that in any case an adjustment is determined by the Committee to be necessary or appropriate, then the
Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation any or all of the following: 

(i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and
kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the
Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding
Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award and/or (3) any applicable Performance Goals; 

  
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 (ii) providing for a substitution or assumption of Awards (or awards of an
acquiring company), accelerating the delivery, vesting and/or exercisability of, lapse of restrictions and/or other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than ten
(10) days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall terminate or become no longer exercisable upon the occurrence of such event); 

(iii) cancelling any one or more outstanding Awards (or awards of an acquiring company) and causing to be paid to the holders
thereof, in cash, shares of Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock
received or to be received by other shareholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a
date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per-share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value (as of the date specified by the Committee) of a share of Common Stock subject thereto may be canceled and terminated without
any payment or consideration therefor); and 
 (iv) providing that any or all of the Awards cannot vest, be exercised or
become payable after such event and any or all of the unvested Awards are cancelled and terminated without any payment or consideration therefor. 

provided, however, that the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity
restructuring” (within the meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Except as otherwise determined by the Committee, any adjustment in Incentive Stock Options under this
Section 11 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this
Section 11 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 promulgated under the Exchange Act. The Company shall give each Participant notice of an
adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. In anticipation of the occurrence of any event listed in the first sentence of this Section 11, for reasons of administrative convenience,
the Committee in its sole discretion may refuse to permit the exercise of any Award during a period of up to 30 days prior to, and/or up to 30 days after, the anticipated occurrence of any such event. 

12. Effect of Change of Control. Except to the extent otherwise provided in an Award Agreement, or any applicable employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary, in the event of a Change of Control, notwithstanding any provision
of the Plan to the contrary (but without limiting the Committee’s rights under Section 11): 
 (a) If the Participant’s
employment with or service to the Company or any Subsidiary is terminated by the Company or such Subsidiary without Cause (and other than due to death or Disability) on or within 12 months following a Change of Control, the Committee may (but is not
obligated to) provide that all Options and SARs held by such Participant shall become immediately exercisable with respect to 100% of the shares subject to such Options and SARs, and that the Restricted Period (and any other conditions) shall expire
immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any other Awards held by such Participant (including a waiver of any applicable Performance Goals); provided, that if the vesting or
exercisability of any Award would otherwise be subject 

  
 15 

 
to the achievement of Performance Goals, the portion of such Award that shall become fully vested and immediately exercisable (if any) shall be based on the assumed achievement of actual or
target performance as determined by the Committee and, unless otherwise determined by the Committee, prorated for the number of days elapsed from the grant date of such Award through the date of termination. 

(b) In addition, the Committee may (but is not obligated to) upon at least ten (10) days’ advance notice to the affected
Participants, cancel any outstanding Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company), or any combination thereof, the value of such Awards based upon the price per share
of Common Stock received or to be received by other shareholders of the Company in the event (it being understood that any Option or SAR having a per-share Exercise Price or Strike Price equal to, or in excess
of, the Fair Market Value (as of the date specified by the Committee) of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). Notwithstanding the above, the Committee shall exercise
such discretion over the timing of settlement of any Award subject to Code Section 409A at the time such Award is granted. 
 13. Amendments and
Termination. 
 (a) Amendment and Termination of the Plan. The Committee may amend, alter, suspend, discontinue, or terminate the
Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Plan (including, without limitation, as necessary to comply with any applicable rules or requirements of any securities exchange or inter-dealer quotation service on which the shares of Common Stock may be listed or
quoted, for changes in GAAP to new accounting standards); provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any
holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration, suspension,
discontinuance or termination is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation. Notwithstanding the foregoing, no amendment shall be made to the last proviso of
Section 13(b) without shareholder approval. 
 (b) Amendment of Award Agreements. The Committee may, to the extent not
inconsistent with the terms of any applicable Award Agreement or the Plan, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award
Agreement, prospectively or retroactively (including after the Participant’s termination of employment or service with the Company or any Subsidiary); provided, that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant unless the
Committee determines that such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation;
provided, further, that except as otherwise permitted under Section 11 of the Plan, if (i) the Committee reduces the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee cancels any outstanding
Option or SAR and replaces it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner that would either (A) be reportable on the Company’s proxy statement or Form 10-K (if applicable) as Options that have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result
in any “repricing” for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment), (iii) the Committee takes any other action that is considered

  
 16 

 
a “repricing” for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or
(iv) the Committee cancels any outstanding Option or SAR that has a per-share Exercise Price or Strike Price (as applicable) at or above the Fair Market Value of a share of Common Stock on the date of
cancellation, and pays any consideration to the holder thereof, whether in cash, securities, or other property, or any combination thereof, then, in the case of the immediately preceding clauses (i) through (iv), any such action shall not be
effective without shareholder approval. 
 14. General. 

(a) Award Agreements; Other Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to
the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. In the event of any conflict between the terms of the Plan and any Award Agreement or employment, change-in-control, severance or other agreement in effect with the Participant, the term of the Plan shall control. 

(b) Nontransferability. 

(i) Each Award shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible under
applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and
distribution or, subject to the consent of the Committee, pursuant to a DRO, unless and until such Award has been exercised (if applicable) and the Shares underlying such Award have been issued and all restrictions applicable to such Shares have
lapsed, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided, that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the foregoing, the
Committee may permit Awards (other than Incentive Stock Options) to be transferred by the Participant, without consideration, subject to such rules as the Committee may adopt, to (A) any person who is a “family member” of the
Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated by the Securities and Exchange Commission (collectively,
the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant or the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only partners or
shareholders are the Participant and the Participant’s Immediate Family Members; or (D) any other transferee as may be approved either (1) by the Committee, or (2) as provided in the applicable Award Agreement; (each transferee
described in clause (A), (B), (C) or (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the
proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with the immediately preceding paragraph shall apply to the Permitted
Transferee, and any reference in the Plan, or in any applicable Award Agreement, to the Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other
than by will or the laws of descent and distribution or, subject to the consent of the Committee, pursuant to a DRO; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a
registration statement on an appropriate form covering the 

  
 17 

 
shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is
necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan
or otherwise; (D) the consequences of the termination of the Participant’s employment by, or services to, the Company or any Subsidiary under the terms of the Plan and the applicable Award Agreement shall continue to be applied with
respect to the transferred Award, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement; and (E) any non-competition, non-solicitation, non-disparagement, non-disclosure, or other restrictive
covenants contained in any Award Agreement or other agreement between the Participant and the Company or any Affiliate shall continue to apply to the Participant and the consequences of the violation of such covenants shall continue to be applied
with respect to the transferred Award, including without limitation the clawback and forfeiture provisions of Section 14(u) of the Plan. 

(c) Tax Withholding. 

(i) The Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the
right (but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to the Participant, the amount
(in cash, Common Stock, other securities or other property) of any required withholding taxes (up to the maximum permissible withholding amounts) in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and
to take such other action that the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes. 

(ii) Without limiting the generality of paragraph (i) above, the Committee may permit the Participant to satisfy, in whole
or in part, the foregoing withholding liability by (A) payment in cash, (B) the delivery of shares of Common Stock (which shares are not subject to any pledge or other security interest) owned by the Participant having a Fair Market Value
on such date equal to such withholding liability or (C) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair
Market Value on such date equal to such withholding liability. In addition, subject to any requirements of applicable law, the Participant may also satisfy the tax withholding obligations by other methods, including selling shares of Common Stock
that would otherwise be available for delivery, provided that the Board or the Committee has specifically approved such payment method in advance. 

(d) No Claim to Awards; No Rights to Continued Employment, Directorship or Engagement. No employee, director, consultant or other person
employed by or providing service to the Company or an Affiliate shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no
obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to
each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the
employ or service of the Company or an Affiliate, or to continue in the employ or the service of the Company or an Affiliate, nor shall it be construed as giving any Participant who is a director any rights to continued service on the Board. 

  
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 (e) International Participants. With respect to Participants who reside or work
outside of the United States, the Committee may amend the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants, in order to conform such terms with or accommodate the requirements of local laws,
procedures or practices or to obtain more favorable tax or other treatment for the Participant, the Company or Affiliates. Without limiting the generality of this subsection, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability, retirement or other terminations of employment, available methods of exercise or settlement of an Award, payment of income, social
insurance contributions or payroll taxes, withholding procedures and handling of any stock certificates or other indicia of ownership that vary with local requirements. The Committee may also adopt rules, procedures or
sub-plans applicable to particular Affiliates or locations. 
 (f) Beneficiary Designation.
The Participant’s beneficiary shall be the Participant’s spouse (or domestic partner if such status is recognized by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time of death, the
Participant’s estate, except to the extent that a different beneficiary is designated in accordance with procedures that may be established by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a
beneficiary validly designated under such Committee-established procedures and/or applicable law who is living (or in existence) at the time of death of a Participant residing or working outside the United States, any required distribution under the
Plan shall be made to the executor or administrator of the estate of the Participant, or to such other individual as may be prescribed by applicable law. 

(g) Termination of Employment or Service. The Committee, in its sole discretion, shall determine the effect of all matters and questions
related to the termination of employment of or service of a Participant. Except as otherwise provided in an Award Agreement, or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary, unless determined otherwise by the Committee: (i) neither
a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or
service with the Company to employment or service with any of the Subsidiaries (or vice versa) shall be considered a termination of employment or service with the Company or such Subsidiary; and (ii) if the Participant’s employment with
the Company or any Subsidiary terminates, but such Participant continues to provide services with the Company or any Subsidiary in a non-employee capacity (including as a
non-employee director) (or vice versa), such change in status shall not be considered a termination of employment or service with the Company or any Subsidiary for purposes of the Plan. 

(h) No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be
entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person. 

(i) Government and Other Regulations. 

(i) Nothing in the Plan shall be deemed to authorize the Committee or any members thereof to take any action contrary to
applicable law or regulation, or rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted. 

(ii) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable
laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall

  
 19 

 
be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the
Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to and in compliance with the terms of an available
exemption. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common
Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, U.S. federal
securities laws, or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission, any securities exchange or inter-dealer quotation service upon which such shares or other securities of the Company are then listed or
quoted and any other applicable federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a
legend or legends to be put on any such certificates of Common Stock or other securities of the Company or any Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities
of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the
Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental
entity to whose jurisdiction the Award is subject. 
 (iii) The Committee may cancel an Award or any portion thereof if it
determines that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the
Participant, the Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion
of an Award in accordance with the foregoing, unless prevented by applicable laws, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award
or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR,
respectively) or any amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion
thereof. 
 (j) No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the
Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If the Participant, in connection with the
acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within ten days of filing notice of the
election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

(k) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for such person’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or such person’s estate (unless 

  
 20 

 
a prior claim therefor has been made by a duly appointed legal representative or a beneficiary designation form has been filed with the Company) may, if the Committee so directs the Company, be
paid to such person’s spouse, child, or relative, or an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any
such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 
 (l) Nonexclusivity of the
Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board or Committee to adopt such other
incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(m) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any
obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or to otherwise segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other
evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company. 

(n) Reliance on Reports. Each member of the Committee, each member of the Board and each member of a committee or subcommittee thereof
shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent registered public accounting firm of the
Company and Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board (other than such member) as to matters the member reasonably believes are within such agent’s
professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. 
 (o) Relationship to
Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in
such other plan. 
 (p) Purchase for Investment. Whether or not the Options and shares covered by the Plan have been registered under
the Securities Act, each person exercising an Option under the Plan or acquiring shares under the Plan may be required by the Company to give a representation in writing that such person is acquiring such shares for investment and not with a view
to, or for sale in connection with, the distribution of any part thereof. The Company will endorse any necessary legend referring to the foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the
Participant upon the exercise of any Option granted under the Plan. 
 (q) Governing Law. The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than
the State of Delaware. 
 (r) Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, 

  
 21 

 
such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

(s) Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company. 

(t) Section 409A of the Code. 

(i) It is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed
and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on or in respect of such Participant in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of the Code, and neither the Company nor any Affiliate shall have any obligation
to indemnify or otherwise hold such Participant or any beneficiary harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code,
references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code,
each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment. 

(ii) Notwithstanding anything in the Plan to the contrary, if the Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code shall be made to such Participant prior to the date that is
six months after the date of such Participant’s “separation from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death. All such delayed payments or deliveries will be paid
or delivered (without interest) in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. 

(iii) In the event that the timing of payments in respect of any Award that would otherwise be considered “deferred
compensation” subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change of Control, no such acceleration shall be permitted unless the event giving rise to the Change of Control satisfies the
definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations promulgated
thereunder or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “disability” pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder.

 (u) Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, the Committee may, to the extent
provided in any Award Agreement, cancel an Award if the Participant, without the consent of the Company, (A) has engaged in or engages in activity that is in conflict with or adverse to the interests of the Company or any Affiliate while
employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or 

  
 22 

 
irregularities or (B) violates a non-competition, non-solicitation,
non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate, as determined by the Committee, or if the Participant’s employment or
service is terminated for Cause. The Committee may also provide in an Award Agreement that in any such event the Participant will forfeit any compensation, gain or other value realized thereafter on the vesting, exercise or settlement of such Award,
the sale or other transfer of such Award, or the sale of shares of Common Stock acquired in respect of such Award, and must promptly repay such amounts to the Company. The Committee may also provide in an Award Agreement that if the Participant
receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as
determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company. In addition, the Company shall retain the right to bring an action at equity or law to enjoin the Participant’s
activity and recover damages resulting from such activity. Further, to the extent required by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act) and/or the rules and regulations of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the
Company, Awards shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into all outstanding Award Agreements). 

(v) No Representations or Covenants With Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award
for favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid
unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. 

(w) No Interference. The existence of the Plan, any Award Agreement, and the Awards granted hereunder shall not affect or restrict in
any way the right or power of the Company, the Board, the Committee, or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business,
any merger or consolidation of the Company, any issue of stock or of options, warrants, or rights to purchase stock or of bonds, debentures, or preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the
rights thereof or that are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of their assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise. 
 (x) Expenses; Titles and Headings. The expenses of administering the Plan
shall be borne by the Company and Affiliates. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

(y) Whistleblower Acknowledgments. Notwithstanding anything to the contrary herein, nothing in this Plan or any Award Agreement will
(i) prohibit a Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Exchange Act or
Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (ii) require prior approval by the Company or any of the Affiliates of any reporting described in clause
(i). 
  

  
 23 

 (z) Defend Trade Secrets Act Acknowledgment. Notwithstanding anything to the contrary
contained nothing in this Plan or any Award Agreement, pursuant to the Defend Trade Secrets Act of 2016, no Participant shall be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that:
(A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If a Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, such Participant
may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if such Participant (x) files any document containing the trade secret under seal, and (y) does not disclose the trade
secret, except pursuant to court order. 
 (aa) Lock-Up Period. The Company may, in connection
with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any shares of Common Stock or other Company securities during a period of up to
one hundred eighty days following the effective date of a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter. In order to enforce the foregoing, the Company shall have the right to
place restrictive legends on the certificates of any securities of the Company held by the Participant and to impose stop transfer instructions with the Company’s transfer agent with respect to any securities of the Company held by the
Participant until the end of such period. 
 (bb) Data Privacy. As a condition of receipt of any Award, each Participant explicitly
and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this Section 14(bb) by and among, as applicable, the Company and Affiliates for the exclusive purpose of implementing,
administering and managing the Participant’s participation in the Plan. The Company and Affiliates may hold certain personal information about a Participant, including but not limited to, the Participant’s name, home address and telephone
number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of the Affiliates, details of all Awards, in each case, for the purpose of
implementing, managing and administering the Plan and Awards (the “Data”). The Company and Affiliates may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of a
Participant’s participation in the Plan, and the Company and Affiliates may each further transfer the Data to any third parties assisting the Company and Affiliates in the implementation, administration and management of the Plan. These
recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’ country. Through acceptance of an Award, each Participant
authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite
transfer of such Data as may be required to a broker or other third party with whom the Company or any of the Affiliates or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long
as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the
storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or
her local human resources representative. The Company may cancel the Participant’s ability to participate in the Plan and, in the Committee’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or
withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative. 

 

  
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 (cc) Section 162(m) Reliance Period. To the maximum extent permitted under
Section 162(m) of the Code and applicable law, Awards under this Plan shall not be subject to the deduction limit set forth in U.S. Treasury Regulation 1.162-27(b) pursuant to Section 162(m) of the
Code and the rules and regulations promulgated thereunder, to the extent such Awards may qualify for any post-public offering reliance period deduction limit exception set forth in U.S. Treasury Regulation
1.162-27(f) (or any successor thereto), and the Plan and Award Agreements shall be interpreted accordingly. 

*     *     * 

As adopted by the Board of Directors of the Company and approved by the shareholders of the Company on July 19, 2019. 

  
 25 

 Schedule A 

 

	 	•	 	 Executive Directors (as defined in the Company’s certificate of incorporation as may be amend from time to
time) 

  

	 	•	 	 Any Permitted Transferees of the Executive Directors (as defined in the Third Amended and Restated Limited
Liability Company Agreement of Endeavor Operating Company, LLC, as may be amended from time to time 

  

	 	•	 	 SLP West Holdings, L.L.C., a Delaware limited liability company, SLP West Holdings II, L.L.C., a Delaware limited
liability company, SLP West Holdings III, L.P., a Delaware limited partnership, SLP West Holdings Co-Invest, L.P., a Delaware limited partnership, and SLP West Holdings
Co-Invest II, L.P., a Delaware limited partnership, and any Permitted Transferee that is an SL Related Entity (the “SL Member”) 

 

	 	•	 	 Any SL Related Fund, any SL Related Fund Subsidiary and any general partner of a SL Related Fund (the
“SL Related Entity”). 

  

	 	•	 	 Any bona fide investment fund, or alternative investment vehicle of a bona fide investment fund, that is advised
by the investment manager of the SL Member, or by an affiliate of the investment manager of the SL Member (“SL Related Funds”) 

  

	 	•	 	 Any Person whose equity is directly or indirectly one hundred percent (100%) owned by (i) one or more SL
Related Funds and/or (ii) to the extent that the general partner(s) of such SL Related Funds acquired an equity interest in such Person in connection with the SL Related Fund’s investment in the Company, such general partner(s)
(“SL Related Fund Subsidiaries”). For the avoidance of doubt, the SL Member is a SL Related Fund Subsidiary as of the Effective Date. 

  

	 	•	 	 Any general partner of a SL Related Fund

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