Document:

EX-10.5

 Exhibit 10.5 
  

 
  

TAX RECEIVABLE AGREEMENT 

by and among 
 ENDEAVOR GROUP
HOLDINGS, INC., 
 ENDEAVOR MANAGER, LLC, 

ENDEAVOR OPERATING COMPANY, LLC, 

the several EXCHANGE TRA PARTIES (as defined herein), 

the several REORGANIZATION TRA PARTIES (as defined herein), 

REPRESENTATIVE (as defined herein), 

SL REPRESENTATIVE (as defined herein), 

KKR Representative (as defined herein), 

and 
 OTHER PERSONS FROM TIME
TO TIME PARTY HERETO 
 Dated as of April 28, 2021 
  

 
  

 CONTENTS 
  

							
	 	 	 	  	Page	 
	 Article I. DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Rules of Construction	  	 	11	 
		
	 Article II. DETERMINATION OF REALIZED TAX BENEFIT
	  	 	12	 
			
	 Section 2.1
	 	Attribute Schedule	  	 	12	 
	 Section 2.2
	 	Tax Benefit Schedule	  	 	13	 
	 Section 2.3
	 	Procedures, Amendments	  	 	13	 
		
	 Article III. TAX BENEFIT PAYMENTS
	  	 	15	 
			
	 Section 3.1
	 	Timing and Amount of Tax Benefit Payments	  	 	15	 
	 Section 3.2
	 	No Duplicative Payments	  	 	16	 
	 Section 3.3
	 	Pro Rata Payments	  	 	16	 
		
	 Article IV. TERMINATION
	  	 	17	 
			
	 Section 4.1
	 	Early Termination of Agreement; Breach of Agreement	  	 	17	 
	 Section 4.2
	 	Early Termination Notice	  	 	18	 
	 Section 4.3
	 	Payment upon Early Termination	  	 	19	 
		
	 Article V. SUBORDINATION AND LATE PAYMENTS
	  	 	19	 
			
	 Section 5.1
	 	Subordination	  	 	19	 
	 Section 5.2
	 	Late Payments by the Corporation	  	 	20	 
		
	 Article VI. TAX MATTERS; CONSISTENCY; COOPERATION
	  	 	20	 
			
	 Section 6.1
	 	Participation in the Corporation’s and the LLC’s Tax Matters	  	 	20	 
	 Section 6.2
	 	Consistency	  	 	20	 
	 Section 6.3
	 	Cooperation	  	 	20	 
		
	 Article VII. MISCELLANEOUS
	  	 	21	 
			
	 Section 7.1
	 	Notices	  	 	21	 
	 Section 7.2
	 	Counterparts; Electronic Signature	  	 	23	 
	 Section 7.3
	 	Entire Agreement; No Third Party Beneficiaries	  	 	23	 
	 Section 7.4
	 	Governing Law	  	 	23	 
	 Section 7.5
	 	Severability	  	 	23	 
	 Section 7.6
	 	Assignments; Amendments; Successors; No Waiver	  	 	23	 
	 Section 7.7
	 	Titles and Subtitles	  	 	25	 
	 Section 7.8
	 	Resolution of Disputes	  	 	25	 

  
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	 	 	 	  	Page	 
	 Section 7.9
	 	Reconciliation	  	 	26	 
	 Section 7.10
	 	Withholding	  	 	27	 
	 Section 7.11
	 	Consolidated Group; Transfers of Corporate Assets	  	 	27	 
	 Section 7.12
	 	Confidentiality	  	 	28	 
	 Section 7.13
	 	Change in Law	  	 	28	 
	 Section 7.14
	 	Interest Rate Limitation	  	 	29	 
	 Section 7.15
	 	Independent Nature of Rights and Obligations	  	 	29	 

 Annexes and Exhibits 
  

					
	Annex A	  	–  	  	Blocker Entities
	Annex B	  	–  	  	Exchange TRA Parties
	Annex C	  	–  	  	Reorganization TRA Parties
	Annex D	  	–  	  	Representatives
	Annex E	  	–  	  	SL TRA Parties
	Annex F	  		  	KKR TRA Parties
	Exhibit A	  	–  	  	Form of Joinder Agreement
	Exhibit B    	  	–  	  	Net Tax Benefit Splits

  
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 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to
time, this “Agreement”), dated April 28, 2021, is hereby entered into by and among Endeavor Group Holdings, Inc., a Delaware corporation (the “Corporation”), Endeavor Manager, LLC, (“Endeavor
Manager”, and, along with the Corporation and any other member of the U.S. federal income tax consolidated group including Endeavor Manager and the Corporation, the members of the “Corporate Group”), Endeavor Operating
Company, LLC, a Delaware limited liability company (the “LLC”), each of the Exchange TRA Parties from time to time party hereto, each of the Reorganization TRA Parties from time to time party hereto, the Representative (as defined
below), the KKR Representative (as defined below), and SLP West Holdings, L.L.C. (the “SL Representative”). Capitalized terms used but not otherwise defined herein have the respective meanings set forth in Section 1.01. 

RECITALS 
 WHEREAS, the
Reorganization TRA Parties were previously owners of the Blocker Entities, and as a result of their previous ownership of the Blocker Entities, the Reorganization TRA Parties previously indirectly held equity interests in the LLC (the
“Units”) through the Blocker Entities; 
 WHEREAS, the Exchange TRA Parties hold (or prior to an Exchange will hold) Units;

 WHEREAS, Endeavor Manager, which is classified as an association taxable as a corporation for U.S. federal income tax purposes, holds
Units in and is the sole managing member of the LLC, which is classified as a partnership for U.S. federal income tax purposes; 
 WHEREAS,
the Blocker Entities were each classified as corporations for United States federal income tax purposes; 
 WHEREAS, as a result of certain
reorganization transactions undertaken in connection with the IPO of the Corporation, the Blocker Entities were merged with and into the Corporation, with the Corporation surviving (the “Reorganization”); 

WHEREAS, as a result of the Reorganization, the Corporate Group may be entitled to utilize (or otherwise be entitled to the benefits arising
out of) the Pre-IPO Covered Tax Assets; 
 WHEREAS, on the date hereof certain of the TRA Parties
sold Units and/or Zuffa Interests to the Corporation, and whereas on and after the date hereof, pursuant to, and subject to the provisions of, the LLC Agreement and any other applicable documentation, each Exchange TRA Party has the right from time
to time to require the LLC to redeem (a “Redemption”) all or a portion of such TRA Party’s Units, which Redemption would be effected, at the Corporation’s election in its sole discretion, for cash (to be paid by the LLC),
or by the Corporation effecting a direct exchange (a “Direct Exchange”) of Class A Common Stock for such Units, and as a result of such sales, Redemptions or Direct Exchanges the Corporate Group may be entitled to utilize (or
otherwise be entitled to the benefits arising out of) the Exchange Covered Tax Assets; 

  
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 WHEREAS, the income, gain, loss, expense, deduction and other Tax items of the Corporate
Group may be affected by the Pre-IPO Covered Tax Assets and the Exchange Covered Tax Assets; 

WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effects of the
Pre-IPO Covered Tax Assets and the Exchange Covered Tax Assets; 
 NOW, THEREFORE, in connection
with the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I. 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both (i) the singular and plural and (ii) the active and passive forms of the terms defined). 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal, state and local income
Taxes of (i) the Corporate Group and (ii) without duplication, the LLC, but in the case of this clause (ii) only with respect to U.S. federal, state and local income Taxes imposed on the LLC and allocable to the Corporate Group;
provided, that the actual liability for Taxes described in clauses (i) and (ii) shall be calculated (a) assuming that Subsequently Acquired TRA Attributes do not exist, (b) using the Assumed State and Local Tax Rate, solely for
purposes of calculating the state and local Actual Tax Liability of the Corporate Group, and (c) assuming, solely for purposes of calculating the liability for U.S. federal income Taxes, in order to prevent double counting, that state and local
income and franchise Taxes are not deductible by the Corporate Group for U.S. federal income Tax purposes. 
 “Advance
Payment” is defined in Section 3.1(b) of this Agreement. 
 “Affiliate” means, with respect to any Person,
any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreed Rate” means a per annum rate of LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble. 

“Amended Schedule” is defined in Section 2.3(b) of this Agreement. 

“Assumed State and Local Tax Rate” means the tax rate equal to the sum of the product of (x) the LLC’s income and
franchise Tax apportionment rate(s) for each state and local jurisdiction in which the LLC files income or franchise Tax Returns for the relevant Taxable Year and (y) the highest corporate income and franchise Tax rate(s) for each such state
and local jurisdiction in which the LLC files income or franchise Tax Returns for each relevant Taxable Year; provided, that the Assumed State and Local Tax Rate calculated pursuant to the foregoing shall be reduced by the assumed federal income Tax
benefit received by the Corporate Group with respect to state 

  
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and local jurisdiction income and franchise Taxes (with such benefit calculated as the product of (a) the Corporation’s marginal U.S. federal income tax rate for the relevant Taxable
Year and (b) the Assumed State and Local Tax Rate (without regard to this proviso)). At the Corporation’s election, the Corporation shall be entitled to determine the Assumed State and Local Tax Rate for a given Taxable Year as of
January 1 of the relevant Taxable Year based on good faith estimates of its expected apportionment rates for such Taxable Year and on the Tax rates in effect in relevant jurisdictions as of January 1 of the relevant Taxable Year. 

“Attributable” is defined in Section 3.1(b) of this Agreement. 

“Attribute Schedule” is defined in Section 2.1 of this Agreement. 

“Basis Adjustment” means the increase or decrease to the tax basis of, or the Corporation’s share of, the tax basis of
the Reference Assets (i) under Section 734(b), 743(b) and 754 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, following an Exchange, the LLC remains in existence as an entity for
tax purposes) and (ii) under Sections 732 and 1012 of the Code and, in each case, the comparable sections of U.S. state and local tax law (in situations where, as a result of one or more Exchanges, the LLC becomes an entity that is disregarded
as separate from its owner for tax purposes), in each case, as a result of any Exchange and any payments made under this Agreement. For purposes of determining the Basis Adjustments (and any payments made hereunder with respect to such Basis
Adjustments) that are attributable to Reference Assets held by an entity in which the LLC owns a direct or indirect interest and where (i) the value of such direct or indirect interest held by the LLC is no greater than $220,000,000, (ii) such
entity does not constitute a Subsidiary of the LLC and (iii) obtaining information necessary to determine the allocation of the Basis Adjustments is not practicable (as reasonably determined by the Corporation), it shall be assumed (unless the
Corporation, the Representative and the SL Representative agree otherwise) that such Basis Adjustments will be allocable to property that is depreciable over a 15-year period. Notwithstanding any other
provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred. 
 “Blocker Entities” means the entities listed
on Annex A. 
 “Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws
of the State of New York or is a day on which banking institutions located in New York are closed. 
 “Change of Control”
means the occurrence of any of the following events or series of related events after the date hereof: (a) any Person, or group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the
Exchange Act (as defined in the LLC Agreement), or any successor provisions thereto, is or becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing more than 50% of the combined voting power of the
Corporation’s then-outstanding voting securities; (b) there is consummated a merger or consolidation of the Corporation with any other Person or Persons, and, immediately after the 

  
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consummation of such merger or consolidation, the voting securities of the Corporation 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 C 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 the Corporation immediately following such transaction or series of transactions or (ii) by virtue of the consummation of any transaction or series of transactions, immediately
following which, the Corporation 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 C 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 the Corporation and the Other
Constituent Companies, and such transaction or transactions would not otherwise constitute a “Change of Control” assuming references to the Corporation are references to such holding company or (iii) at any time that the Executive
Directors (as defined in the Corporation’s certificate of incorporation), any permitted transferee pursuant to Section 8.02(b) of the LLC Agreement, the SL Member and the SL Related Entities (each as defined in the LLC Agreement),
collectively, continue to beneficially own (or have the right to vote), directly or indirectly, securities of the Corporation representing more than 35% of the combined voting power of the Corporation’s then-outstanding voting securities and no
other Person or “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) that does not include the Executive Directors, any permitted transferee pursuant to Section 8.02(b) of the LLC Agreement, the SL
Member and the SL Related Entities, beneficially owns (or has the right to vote), directly or indirectly, securities of the Corporation representing a greater percentage of the combined voting power of the Corporation’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 LLC Agreement, the SL Member and the SL Related Entities. 

“Class A Common Stock” means Class A common stock, $0.00001 par value per share, of the Corporation.

 “Class B Common Stock” means Class B common stock, $0.00001 par value per share, of the
Corporation. 
 “Class C Common Stock” means Class C common stock, $0.00001 par value per share, of
the Corporation. 
 “Class X Common Stock” means Class X common stock, $0.00001 par value per
share, of the Corporation. 

  
 4 

 “Class Y Common Stock” means Class Y common stock,
$0.00001 par value per share, of the Corporation. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or other agreement. 
 “Corporation” is
defined in the preamble to this Agreement. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative
amount of Realized Tax Benefits for all Taxable Years of the Corporate Group, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for
each Taxable Year shall be based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the time of such determination. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of law,
as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for tax and shall also include the acquiescence of the
Corporation to the amount of any assessed liability for Tax. 
 “Direct Exchange” is defined in the recitals to this
agreement. 
 “Dispute” is defined in Section 7.8(a) of this Agreement. 

“Early Termination Agreed Rate” means LIBOR plus 100 basis points. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Effective Date” is defined in Section 4.2 of this Agreement. 

“Early Termination Notice” is defined in Section 4.2 of this Agreement. 

“Early Termination Payment” is defined in Section 4.3(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.50 % per annum, compounded annually, and (ii) the Early
Termination Agreed Rate. 
 “Early Termination Schedule” is defined in Section 4.2 of this Agreement. 

“Exchange” means any Direct Exchange or Redemption. For purposes of this Agreement, sales of Units (and/or Zuffa Interests)
made on the date of this Agreement by the TRA Parties to the Corporation in exchange for cash shall constitute Exchanges. 

  
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 “Exchange Covered Tax Assets” means, with respect to the Exchange TRA
Parties, (i) existing Tax basis in the Reference Assets (other than cash, cash equivalents, receivables, inventory, and prepaid amounts), determined as of immediately prior to an Exchange, that is allocable to the Units (and/or Zuffa Interests)
being exchanged by such Exchange TRA Party and acquired by the Corporate Group in connection with the relevant Exchange, (ii) Basis Adjustments, and (iii) Imputed Interest. The determination of the portion of the aggregate existing Tax
basis in the Reference Assets and accompanying Basis Adjustments that is allocable to Units (and/or Zuffa Interests) being exchanged by the Exchange TRA Party (and payments made hereunder with respect to such Tax basis) shall be determined in good
faith by the Corporation in consultation with its tax return preparer (which tax return preparer shall be a nationally recognized third party accounting firm) (e.g., by reference to such Units’ share of total enterprise value); provided that in
no event will the portions of existing Tax basis in the Reference Assets that are included as Exchange Covered Tax Assets and Pre-IPO Covered Tax Assets exceed 100% of the existing Tax basis in the Reference
Assets that is allocable to the Corporation at any time (as reasonably determined by the Corporation). For the avoidance of doubt, Exchange Covered Tax Assets shall include any carryforwards or similar attributes that are attributable to the Tax
items described in clauses (i) through (iii). 
 “Exchange TRA Parties” means the Persons listed on Annex B. 

“Executive Director” has the meaning set forth in the Corporation’s certificate of incorporation (as amended). 

“Expert” is defined in Section 7.9 of this Agreement. 

“Governing Body” has the meaning set forth in the Corporation’s certificate of incorporation (as amended). 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal, state and local income
Taxes of (i) the Corporate Group and (ii) without duplication, the LLC, but in the case of this clause (ii) only with respect to U.S. federal, state and local income Taxes imposed on the LLC and allocable to the Corporate Group, in
each case using the same methods, elections, conventions, and practices used on the relevant Corporate Group Tax Return, but (a) calculated without taking into account the Pre-IPO Covered Tax Assets and
the Exchange Covered Tax Assets (including, for the avoidance of doubt, any carryforward or carryback of any tax item attributable to the Pre-IPO Covered Tax Assets and the Exchange Covered Tax Assets), (b)
using the Assumed State and Local Tax Rate, solely for purposes of calculating the state and local Hypothetical Tax Liability of the Corporate Group, and (c) assuming, solely for purposes of calculating the liability for U.S. federal income
Taxes, in order to prevent double counting, that state and local income and franchise Taxes are not deductible by the Corporate Group for U.S. federal income Tax purposes. Furthermore, the Hypothetical Tax Liability shall be calculated assuming that
the Subsequently Acquired TRA Attributes do not exist. 
 “Imputed Interest” in respect of a TRA Party shall mean any
interest imputed under the provisions of the Code with respect to the Corporation’s payment obligations in respect of such TRA Party under this Agreement. 

  
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 “Interest Amount” is defined in Section 3.1(b) of this Agreement. 

“IPO” means the initial public offering of shares of Class A Common Stock by the Corporation. 

“IPO Date” means the closing date of the IPO. 

“IRS” means the U.S. Internal Revenue Service. 

“Joinder” means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement. 

“Joinder Requirement” is defined in Section 7.6(b) of this Agreement. 

“KKR Representative” means Kohlberg Kravis Roberts & Co. L.P. or its designee. 

“KKR TRA Parties” means the persons listed on Annex F. 

“LIBOR” means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg
page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Corporation as an authorized information vendor for the
purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the first
day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page)
or any LIBOR Alternate Source, a comparable replacement rate determined by the Corporation at such time, which determination shall be conclusive absent manifest error; provided, that at no time shall LIBOR be less than 0%. 

“LLC” is defined in the recitals to this Agreement. 

“LLC Agreement” means that certain Limited Liability Company Agreement of the LLC, dated as of the date hereof, as such
agreement may be further amended, restated, supplemented and/or otherwise modified from time to time. 
 “Market Value”
means the Common Unit Redemption Price, as defined in the LLC Agreement, determined as of an Early Termination Date (treating such Early Termination Date as a Redemption Date). 

“Net Tax Benefit” is defined in Section 3.1(b) of this Agreement. 

“Objection Notice” is defined in Section 2.3(a) of this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 

  
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 “Permitted Transfer” has the meaning set forth in the LLC Agreement. 

“Permitted Transferee” has the meaning set forth in the LLC Agreement. 

“Pre-Exchange Transfer” means any transfer of one or more Units (including upon the
death of a Member) (i) that occurs after the IPO but prior to a Redemption or Direct Exchange of such Units and (ii) to which Section 743(b) of the Code applies. 

“Pre-IPO Covered Tax Assets” means, with respect to a Reorganization TRA Party,
(i) any net operating loss carryforwards, disallowed interest expense carryforwards under Section 163(j) of the Code, or tax credit carryforwards attributable to the Blocker Entity previously owned by such Reorganization TRA Party that are
available to offset income or gain of the Corporate Group earned for periods (or portions thereof) beginning after the IPO; (ii) existing Tax basis in the Reference Assets (other than cash, cash equivalents, receivables, inventory, and prepaid
amounts), determined as of immediately prior to the IPO (including for this purpose, without duplication, any adjustments under Section 743(b) of the Code), that is attributable to Units previously owned by such Blocker Entity and acquired by
the Corporation in connection with the Reorganization; and (iii) Imputed Interest. The determination of the portion of existing Tax basis in the Reference Assets that is allocable to Units previously owned by an applicable Blocker Entity (and
payments made hereunder with respect to such Tax basis) shall be determined in good faith by the Corporation in consultation with its tax return preparer (which tax return preparer shall be a nationally recognized third party accounting firm);
provided that in no event will the portions of existing Tax basis in the Reference Assets that are included as Exchange Covered Tax Assets and Pre-IPO Covered Tax Assets at any time exceed 100% of the existing
Tax basis in the Reference Assets that is allocable to the Corporation at such time (as reasonably determined by the Corporation). For the avoidance of doubt, Pre-IPO Covered Tax Assets shall include any
carryforwards, carrybacks or similar attributes that are attributable to the Tax items described in clauses (ii) and (iii). 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit until
there has been a Determination. 
 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual
Tax Liability over the Hypothetical Tax Liability. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in
determining the Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation Dispute” is
defined in Section 7.9 of this Agreement. 
 “Reconciliation Procedures” is defined in Section 2.3(a) of this
Agreement. 
 “Redemption” has the meaning in the recitals to this Agreement. 

  
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 “Reference Asset” means any tangible or intangible asset of the LLC or any
of its successors or assigns, and any asset held by any entities in which the LLC owns a direct or indirect equity interest that are treated as a partnership or disregarded entity for U.S. federal income Tax purposes (but only to the extent such
entities are held only through other entities treated as partnerships or disregarded entities) for purposes of the applicable Tax, as of the relevant date. A Reference Asset also includes any asset that is “substituted basis property”
under Section 7701(a)(42) of the Code with respect to a Reference Asset. 
 “Reorganization” is defined in the
Recitals to this Agreement. 
 “Reorganization TRA Parties” means the persons listed on Annex C. 

“Representative” means, acting jointly, Ari Emanuel and Patrick Whitesell; provided, that if one of Mr. Emanuel or
Mr. Whitesell are (i) no longer employed by the Corporation, the Company or at least one of their respective Subsidiaries, and (ii) no longer serve on the Governing Body, then the other shall become the sole Representative hereunder;
provided, further, that if both Mr. Emanuel and Mr. Whitesell are (x) no longer employed by the Corporation, the Company or one of their respective Subsidiaries, and (y) no longer serve on the Governing Body, then the
Representative shall be determined based on a vote of the TRA Parties listed on Annex D or their Permitted Transferees (with voting rights for this purpose apportioned between the TRA Parties based on the relative amount of Early Termination
Payments that would be hypothetically payable to all such TRA Parties (assuming all equity interests in the LLC that have redemption rights under the LLC Agreement are redeemed and exchanged for shares of Class A Common Stock at such time using
the Valuation Assumptions)). 
 “Schedule” means any of the following: (i) an Attribute Schedule, (ii) a Tax
Benefit Schedule, or (iii) the Early Termination Schedule, and, in each case, any amendments thereto. 
 “Senior
Obligations” is defined in Section 5.1 of this Agreement. 
 “SL TRA Parties” means the persons listed on
Annex E. 
 “Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, by and among the
Corporation and the other persons party thereto or that may become parties thereto from time to time, as the same may be amended, restated, supplemented and/or otherwise modified, from time to time. 

“Subsequently Acquired TRA Attributes” means, except as otherwise determined by the Governing Body (with the approval of the
SL Representative, the KKR Representative and the Representative), any net operating losses, tax basis or other tax attributes to which any of the Corporate Group, the LLC or any entity in which they hold a direct or indirect equity interest become
entitled as a result of a transaction (other than any Exchanges undertaken by an Exchange TRA Party) after the IPO Date to the extent such net operating losses, tax basis and other tax attributes are subject to a tax receivable agreement (or
comparable agreement) entered into by the Corporate Group or any of its Affiliates pursuant to which any member of the Corporate Group is obligated to pay over amounts with respect to tax benefits resulting from such net operating losses or other
tax attributes. 

  
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 “Subsidiary” means, with respect to any Person and as of the date of any
determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls, more than 50% of the voting power or other similar interests, or the sole general partner interest, or managing member or similar interest,
of such Person. 
 “Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.2(a) of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Group under the Code or comparable sections of U.S. state or local tax
law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made), ending on or after the closing date of the IPO. 

“Taxes” means any and all United States federal, state or local taxes, assessments or other charges that are based on or
measured with respect to net income or profits (including alternative minimum taxes). 
 “Taxing Authority” means any
national, federal, state, county, municipal, or local government, or any subdivision, agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation
to tax matters. 
 “TRA Parties” means the Exchange TRA Parties and the Reorganization TRA Parties. 

“Treasury Regulations” means the final, temporary, and (to the extent they can be relied upon) proposed regulations under the
Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“U.S.” means the United States of America. 

“Units” is defined in the recitals to this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that: 

(1) in each Taxable Year ending on or after such Early Termination Date, the Corporate Group will have taxable income
sufficient to fully use the Pre-IPO Covered Tax Assets and the Exchange Covered Tax Assets (other than any such Pre-IPO Covered Tax Assets or Exchange Covered Tax Assets
that constitute or have resulted in net operating losses, excess interest deduction, or credit carryforwards or carryovers (determined as of the Early Termination Date), which shall be governed by paragraph 4 below) during such Taxable Year or
future Taxable Years in which such deductions or other attributes would become available; 

  
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 (2) the U.S. federal income tax rates that will be in effect for each such
Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted into law; 

(3) all taxable income of the Corporate Group will be subject to the maximum applicable tax rate for U.S. federal income tax
purposes throughout the relevant period, and the tax rate for U.S. state and local income taxes shall be the Assumed State and Local Tax Rate as in effect for the Taxable Year of the Early Termination Date; 

(4) any net operating loss, excess interest deduction, or credit carryovers or carrybacks (or similar items with respect to
carryovers or carrybacks) generated by any Pre-IPO Covered Tax Asset or Exchange Covered Tax Asset and available as of the Early Termination Date will be used by the Corporation ratably over a period beginning
on the Early Termination Date and ending on the earlier of (i) 15 years following the Early Termination Date, or (ii) the scheduled expiration date, if any, under applicable Tax law of such net operating losses, excess interest deductions, or
credit carryovers or carrybacks (or similar items with respect to carryovers or carrybacks); 
 (5) any non-amortizable assets (other than equity interests in Subsidiaries that are treated as corporations for U.S. federal income tax purposes) will be disposed of in a fully taxable transaction on the fifteenth
anniversary of the IPO Date (or, if later, on the Early Termination Date) ; provided, that in the event of a Change of Control, (i) such non-amortizable assets shall be disposed of at the time of the sale
of the relevant asset (if earlier than such fifteenth anniversary); and (ii) such non-amortizable assets shall be considered to have been disposed of on the date of the Change of Control, if such Change
of Control occurs more than 15 years after the applicable Exchange or IPO Date, as applicable; 
 (6) if, on the Early
Termination Date, any Exchange TRA Party has Units that have not been Exchanged, then such Units shall be deemed to be Exchanged for the Market Value that would be received by such Exchange TRA Party if such Units had been Exchanged on the Early
Termination Date, and such Exchange TRA Party shall be deemed to receive the amount of cash such Exchange TRA Party would have been entitled to pursuant to Section 4.3(a) had such Units actually been Exchanged on the Early Termination Date; and

 (7) any payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such
payment obligation relates is required to be filed excluding any extensions. 
 “Zuffa Interests” means any equity
interests in Zuffa Parent, LLC (including for this purpose any warrants to acquire equity interests in Zuffa Parent, LLC).. 

Section 1.2 Rules of Construction. Unless otherwise specified herein: 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

  
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 (b) For purposes of interpretation of this Agreement: 

(i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof. 
 (ii)
References in this Agreement to a Schedule, Article, Section, clause or sub-clause refer to the appropriate Schedule to, or Article, Section, clause or subclause in, this Agreement. 

(iii) References in this Agreement to dollars or “$” refer to the lawful currency of the United States of America.

 (iv) The term “including” is by way of example and not limitation. 

(v) The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (c) In the computation of periods of
time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means
“to and including.” 
 (d) Section headings herein are included for convenience of reference only and shall not affect the
interpretation of this Agreement. 
 (e) Unless otherwise expressly provided herein, (a) references to organization documents (including
the LLC Agreement), agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are permitted hereby; and (b) references to any law (including the Code and the Treasury Regulations) shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such law. 
 ARTICLE II. 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.1 Attribute Schedule. Following the IPO Date, within ninety (90) calendar days after the filing of Form 1120 (or
any successor form) of the Corporate Group for a given Taxable Year, the Corporation shall deliver to the Representative, the KKR Representative and the SL Representative a schedule (the “Attribute Schedule”) that shows, in
reasonable detail, (i) the Pre-IPO Covered Tax Assets that are available for use by the Corporate Group with respect to each Reorganization TRA Party with respect to such Taxable Year and the portion of
the Pre-IPO Covered Tax Assets that are available for use by the Corporate Group with respect to each Reorganization TRA Party with respect to future Taxable Years; (ii) the Exchange Covered Tax Assets
that are available for use by the Corporation with respect to such Taxable Year with respect to each Exchange TRA Party that has effected an Exchange (including the Basis Adjustments with 

  
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respect to the Reference Assets resulting from Exchanges effected in such Taxable Year and the periods over which such Basis Adjustments are amortizable or depreciable), and the portion of the
Exchange Covered Tax Assets that are available for use by the Corporate Group with respect to each Exchange TRA Party that has effected an Exchange in future Taxable Years. The Attribute Schedule shall also list any limitations on the ability of the
Corporate Group to utilize any Pre-IPO Covered Tax Assets or Exchange Covered Tax Assets under applicable laws (including as a result of the operation of Section 382 of the Code or Section 383 of the
Code). 
 Section 2.2 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the Form 1120 (or any successor form) of the
Corporate Group for any Taxable Year, the Corporation shall provide to the Representative, the KKR Representative and the SL Representative a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment in respect of each TRA
Party for such Taxable Year and the calculation of the Realized Tax Benefit and Realized Tax Detriment and the components thereof for such Taxable Year (a “Tax Benefit Schedule”). Each Tax Benefit Schedule will become final as
provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

(b) Applicable Principles. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any period, carryovers or
carrybacks of any Tax item attributable to the Pre-IPO Covered Tax Assets and the Exchange Tax Assets shall be considered to be subject to the rules of the Code and the Treasury Regulations, as applicable,
governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to a Pre-IPO Covered Tax Asset
or an Exchange Covered Tax Asset and another portion that is not, such respective portions shall be considered to be used in accordance with the “with and without” methodology. For the avoidance of doubt, the Corporation shall be entitled
to make reasonable simplifying assumptions in making determinations contemplated by this Agreement, including reasonable assumptions regarding basis recovery periods based on available balance sheet information and including the assumption that the
Assumed State and Local Tax Rate is to be applied against the amount of taxable income of the Corporate Group for U.S. federal income tax purposes that is used in calculating the Actual Tax Liability and the Hypothetical Tax Liability (and the
parties hereby agree that that the Corporation’s determination of the Realized Tax Benefit and Realized Tax Detriment with respect to U.S. state and local taxes will not take into account jurisdiction-specific U.S. state and local adjustments
to the U.S. federal taxable income base or to the U.S. federal rules regarding the utilization of tax attribute carryovers). 

Section 2.3 Procedures, Amendments. 

(a) Procedure. Every time the Corporation delivers to the Representative, the KKR Representative and the SL Representative a Schedule
under this Agreement, including any Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (x) deliver to the Representative, the KKR
Representative and the SL Representative schedules, valuation reports, if any, and work papers, as determined by the Corporation or reasonably requested by the Representative, the KKR Representative or the SL Representative, providing reasonable
detail regarding the preparation of 

  
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the Schedule, and (y) allow the Representative, the KKR Representative and the SL Representative reasonable access at no cost to the appropriate representatives of the Corporation, as
determined by the Corporation or requested by the Representative, the KKR Representative or the SL Representative, in connection with the review of such Schedule. Without limiting the application of the preceding sentence, each time the Corporation
delivers to the Representative, the KKR Representative and the SL Representative a Tax Benefit Schedule, in addition to the Tax Benefit Schedule duly completed, the Corporation shall deliver to the Representative, the KKR Representative and the SL
Representative a reasonably detailed calculation of the Corporate Group of the applicable Hypothetical Tax Liability, the reasonably detailed calculation of the applicable Actual Tax Liability, as well as any other work papers as determined by the
Corporation or requested by the Representative, the KKR Representative or SL Representative, provided that the Corporation shall not be required to provide any information that it reasonably believes is unnecessary for purposes of determining the
items in the applicable Schedule or amendment thereto. An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days after the first date on which the Representative, the KKR Representative
and SL Representative has received the applicable Schedule or amendment thereto unless the Representative, the KKR Representative or the SL Representative (i) provides the Corporation with notice of a material objection to such Schedule
(“Objection Notice”) made in good faith or (ii) each provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes
binding on the date the last such waiver is received by the Corporation. If the Corporation and the Representative, the KKR Representative and SL Representative, for any reason, are unable to successfully resolve the issues raised in the Objection
Notice within thirty (30) calendar days after receipt by the Corporation of an Objection Notice, then the Corporation and the Representative, the KKR Representative and the SL Representative shall employ the reconciliation procedures described
in Section 7.9 of this Agreement (the “Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable
Attribute Schedule or Tax Benefit Schedule for any Taxable Year may be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified
after the date the Schedule was provided to the Representative, the KKR Representative and the SL Representative, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the
Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, or (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment
for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule, an “Amended Schedule”). The Attribute Schedule shall be appropriately amended by the Corporation, the Representative, the
KKR Representative and the SL Representative to the extent that, as a result of a Determination, the Corporation is required to calculate its Tax liability in a manner inconsistent with the Attribute Schedule. The Corporation shall provide an
Amended Schedule to the Representative, the KKR Representative and the SL Representative within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (v) of the first sentence of this Section 2.3(b).

  
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 ARTICLE III. 

TAX BENEFIT PAYMENTS 

Section 3.1 Timing and Amount of Tax Benefit Payments. 

(a) Within five (5) Business Days after a Tax Benefit Schedule delivered to the Representative, the SL Representative and the KKR
Representative becomes final in accordance with Section 2.3(a), the Corporation shall pay or cause to be paid to each TRA Party for such Taxable Year an amount equal to the excess, if any, of (i) the Tax Benefit Payment in respect of such
TRA Party for such Taxable Year determined pursuant to Section 3.1(b) over (ii) the aggregate amount of Advance Payments previously made to such TRA Party in respect of such Taxable Year; provided that, if the Corporation makes Advance
Payments, it shall make Advance Payments to all parties eligible to receive payments under this Tax Receivable Agreement with respect to a particular Taxable Year in proportion to their respective amount of anticipated payments under this Tax
Receivable Agreement in respect of such Taxable Year. Each such Tax Benefit Payment or such Advance Payment shall be made by wire transfer of immediately available funds to the bank account previously designed by such TRA Party to the Corporation or
as otherwise agreed by the Corporation and such TRA Party. 
 (b) A “Tax Benefit Payment” in respect of a TRA Party means an
amount, not less than zero, equal to the sum of the portion of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. A Net Tax Benefit is “Attributable” to a Reorganization TRA Party to
the extent that it is derived from a Pre-IPO Covered Tax Asset with respect to the Blocker Entity (or Units owned by such Blocker Entity) that was previously owned by such Reorganization TRA Party (in the case
of a Blocker Entity with respect to which there is more than one Reorganization TRA Party, with the Net Tax Benefit apportioned to such Blocker Entity split among such Reorganization TRA Parties in a manner consistent with Exhibit B). A Net Tax
Benefit is “Attributable” to an Exchange TRA Party to the extent that is derived from an Exchange Covered Tax Asset with respect to Units or Zuffa Interests that were Exchanged by such TRA Party. The “Net Tax Benefit” for a
Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the sum of the total amount of payments previously made under Section 3.1(a) (excluding
payments attributable to Interest Amounts) and the Advance Payments previously made under Section 3.1(b) of this Agreement; provided, for the avoidance of doubt, that (1) a TRA Party shall not be required to return any portion of any
previously made Tax Benefit Payment or Advance Payment it receives under this Agreement; (2) no amounts due to a TRA Party under this Agreement shall be escrowed; (3) no TRA Party shall be required to make a payment to the Corporation on
account of a Realized Tax Detriment. The “Interest Amount” in respect of the TRA Party shall equal the interest on the amount of the unpaid Net Tax Benefit Attributable to such TRA Party for a Taxable Year, which interest shall
accrue on any unpaid Net Tax Benefit from and after the due date (without extensions) for filing the Form 1120 (or any successor form) for the Corporate Group for such Taxable Year, calculated at the Agreed Rate, until the date such unpaid amounts
are paid. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration in the 

  
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Reorganization or Exchange, as applicable, unless otherwise required by law. “Advance Payments” in respect of a TRA Party for a Taxable Year means the payments made by the
Corporation to such TRA Party as an advance of such TRA Party’s anticipated Tax Benefit Payment for such Taxable Year. The Corporation shall be entitled at its option to make Advance Payments. Notwithstanding the foregoing, for each Taxable
Year ending on or after the date of a Change of Control, all Tax Benefit Payments shall be calculated by utilizing Valuation Assumptions (1) and (5), substituting in each case the terms “the date of a Change of Control” for an
“Early Termination Date.” Notwithstanding anything to the contrary in this Agreement, after any lump-sum payment under Article IV of this Agreement in respect of present or future Pre-IPO Covered Tax Assets or Exchange Covered Tax Assets, such Pre-IPO Covered Tax Assets or Exchange Covered Tax Assets shall no longer be considered Pre-IPO Covered Tax Assets or Exchange Covered Tax Assets for purposes of determining Tax Benefit Payments or the Net Tax Benefit. 

Section 3.2 No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment
of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed consistent with such intent. 

Section 3.3 Pro Rata Payments. 

(a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate amount of the tax benefit to the Corporate
Group from the reduction in Tax Liability as a result of the Pre-IPO Covered Tax Assets and the Exchange Covered Tax Assets is limited in a particular Taxable Year because the Corporate Group does not have
sufficient taxable income to fully utilize available deductions and other attributes, the Net Tax Benefit giving rise to Tax Benefit Payments shall be allocated among the TRA Parties in proportion to the respective amounts of Tax Benefit Payments
that would have been paid under this Agreement if the Corporate Group had sufficient taxable income so that there were no such limitation; provided, that, for the avoidance of doubt, for purposes of allocating among the TRA Parties the aggregate Tax
Benefit Payments payable under this Agreement with respect to any Taxable Year, the operation of this Section 3.3(a) with respect to any prior Taxable Years shall be taken into account. Consistent with the foregoing, the Attribute Schedule for
a given Taxable Year shall reflect the operation of this Section 3.3(a) in respect of previous Taxable Years, with the Pre-IPO Covered Tax Assets and Exchange Covered Tax Assets described in such
Attribute Schedule that are attributable to a TRA Party being adjusted to reflect payments received in respect of such Pre-IPO Covered Tax Assets and Exchange Covered Tax Assets (the intention of the parties
being to avoid duplicative payments and maintain records sufficient to allow the Corporation to allocate Tax Benefit Payments consistent with the terms of this Section 3.3(a)). 

(b) After taking into account Section 3.3(a), if for any reason the Corporation does not fully satisfy its payment obligations to make Tax
Benefit Payments due under this Agreement in respect of a particular Taxable Year (for example, as a result of having insufficient cash to make the Tax Benefit Payments due hereunder), then the Corporation and the TRA Parties agree that (i) the
Corporation shall make payments due hereunder to the TRA Parties in respect of a Taxable Year in the same proportion as such payments would have been made if the relevant payment had been made in full by the Corporation, and (ii) no Tax Benefit
Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been paid. 

  
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 (c) To the extent the Corporation makes a payment to a TRA Party in respect of a particular Taxable Year
under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and (b)) in an amount in excess of the amount of such payment that should have been made to the TRA Party in respect of such Taxable Year, then (i) the TRA
Party shall not receive further payments under Section 3.1(a) until the TRA Party has foregone an amount of payments equal to such excess and (ii) the Corporation shall pay the amount of the TRA Party’s foregone payments to other TRA
Parties (to the extent applicable) in a manner such that each of the other TRA Parties, to the extent possible, shall have received aggregate payments under Section 3.1(a) and (b) in the amount it would have received if there had been no
excess payment to the TRA Party. 
 ARTICLE IV. 

TERMINATION 

Section 4.1 Early Termination of Agreement; Breach of Agreement. 

(a) With the prior written approval of the Governing Body (or any Person(s) to whom the Governing Body has delegated such authority), the
Corporation may terminate this Agreement with respect to all amounts payable to the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of the TRA Party; provided, however, that (i) this Agreement shall
only terminate pursuant to this Section 4.1(a) upon the receipt in full of the Early Termination Payment by the TRA Parties; (ii) the Corporation shall deliver an Early Termination Notice only if it is able to make all required Early
Termination Payments under this Agreement; (iii) the Corporation may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. 

(b) In the event that the Corporation breaches any of its material obligations under this Agreement, whether as a result of a failure to make
any payment when due, a failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, and the Corporation fails to
cure such breach within 20 Business Days of a TRA Party informing the Corporation of such breach, then, at the election of the Representative, the KKR Representative or the SL Representative, subject to the following proviso, all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach; provided, that (i) if the Representative makes such election, then such election shall be
binding on all TRA Parties (other than the SL TRA Parties and the KKR TRA Parties), (ii) if the SL Representative makes such election, then the SL Representative’s election shall be binding only on the SL TRA Parties, (iii) if the KKR TRA
Representative makes such election, then the KKR Representative’s election shall be binding only on the KKR TRA Parties, and (iv) at least five (5) Business Days prior to making any such election, the Representative, the KKR
Representative or the SL Representative (as the case may be) shall provide written notice to the others in order to permit the other, if it wishes, to make its election simultaneously. Procedures similar to the procedures of Section 4.2 shall
apply, mutatis mutandis, with respect to the determination of the amounts payable by the Corporation pursuant to this Section 4.1(b). Notwithstanding the foregoing, in the event that the Corporation breaches this Agreement, the
Representative shall be entitled to elect on behalf of all TRA Parties (other than the SL TRA Parties and the KKR TRA Parties) and the SL Representative shall be entitled to elect on behalf of the SL TRA Parties, and the KKR Representative shall be
entitled to elect on behalf 

  
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of the KKR TRA Parties, in each case, to receive the amounts referred to in this Section 4.1(b) or to seek specific performance of the terms of this Agreement. Notwithstanding anything in
this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporation fails to make any Tax Benefit Payment when due to the extent that the Corporation has insufficient funds to make such payment despite using reasonable best
efforts to obtain funds to make such payment (including by causing the LLC or any other Subsidiaries of the LLC to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of available
credit to fund any such amounts); provided, that (x) the interest provisions of Section 5.2 shall apply to such late payment, and (y) solely with respect to a Tax Benefit Payment, if the Corporation does not have sufficient cash to
make such payment as a result of limitations imposed by existing credit agreements to which the LLC is a party, which limitations are effective as of the date of this Agreement, Section 5.2 shall apply, but the Default Rate shall be replaced by
the Agreed Rate. 
 (c) In connection with a Change of Control, (i) at the election of the Representative, all obligations hereunder
with respect to the TRA Parties shall be terminated, (ii) only if the Representative has not elected to terminate pursuant to clause (i), at the election of the SL Representative, all obligations with respect to the SL TRA Parties shall be
terminated, and (iii) only if the Representative has not elected to terminate pursuant to clause (i), at the election of the KKR Representative, all obligations with respect to the KKR TRA Parties shall be terminated. The Corporation hereby
agrees to provide twenty days prior written notice to each TRA Party of a Change of Control. Within ten days of receipt of such notice, the Representative shall provide written notice as to whether it will terminate this Agreement pursuant to clause
(i), and if the Representative does not so elect to terminate, within twenty days of receipt of such notice of such Change of Control from the Corporation, (A) the SL Representative shall provide notice as to whether it will terminate this
Agreement with the SL TRA Parties pursuant to clause (ii) with respect to the applicable TRA Parties and (B) the KKR Representative shall provide notice as to whether it will terminate this Agreement with the KKR TRA Parties pursuant to
clause (iii) with respect to the applicable TRA Parties. If the Representative, the KKR Representative or the SL Representative elects to terminate the Agreement, then all obligations under this Agreement with respect to the applicable TRA
Parties shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of the Change of Control. Procedures similar to the procedures of Section 4.2 shall apply, mutatis
mutandis, with respect to the determination of the amounts payable by the Corporation. 
 Section 4.2 Early Termination
Notice. If the Corporation chooses to exercise its right of early termination under Section 4.1(a) above, the Corporation shall deliver to the Representative, the KKR Representative and the SL Representative notice of such intention to
exercise such right (“Early Termination Notice”). In addition, if the Corporation chooses to exercise its right of early termination under Section 4.1(a) above, the obligations under this Agreement are accelerated under
Section 4.1(b) above or the Representative, the KKR Representative or the SL Representative, as applicable, exercise their right to terminate this Agreement under Section 4.1(c) above, the Corporation shall deliver to the Representative
and the SL Representative and the KKR Representative a schedule (the “Early Termination Schedule”) showing in reasonable detail the calculation of the Early Termination Payment due to each TRA Party. Such Early Termination Schedule
shall become final and binding on all parties consistent with the procedures described in Section 2.3(a). The date on which the Early Termination Schedule becomes final shall be the “Early Termination Effective Date.” 

  
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 Section 4.3 Payment upon Early Termination. 

(a) Within three (3) calendar days after an Early Termination Effective Date, the Corporation shall pay to the TRA Parties an amount equal
to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Party or as otherwise agreed by the Corporation and such
TRA Party. 
 (b) “Early Termination Payment” in respect of a TRA Party shall equal (i) the present value, discounted
at the Early Termination Rate, as of the date of the Early Termination Notice, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by the Corporation beginning from the date of the Early Termination Notice and
applying the Valuation Assumptions, plus (ii) any Tax Benefit Payment agreed to by the Corporation, the Representative, the KKR Representative and the SL Representative as due and payable with respect to such TRA Party that is unpaid as of the
date of the Early Termination Notice, plus (iii) any Tax Benefit Payment due and payable with respect to such TRA Party for a Taxable Year ending prior to the date of the Early Termination Notice, plus (iv) (without duplication) interest
accruing on the amounts described in clauses (i) through (iii) (which shall include interest accruing on the amount described in clause (i) from the date of the Early Termination Notice). 

(c) Upon the payment of the Early Termination Payment by the Corporation to a TRA Party, the Corporation shall not have any further payment
obligations under this Agreement in respect of such TRA Party. 
 ARTICLE V. 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by the Corporation under this Agreement shall rank subordinate and junior in right of payment to any principal, interest, or other amounts due and payable in respect of any obligations owed in respect of
secured or unsecured indebtedness for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations of the
Corporation that are not Senior Obligations. To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of the agreements governing Senior
Obligations, such payment obligation nevertheless shall accrue for the benefit of the applicable TRA Parties and the Corporation shall make such payments at the first opportunity that such payments are permitted to be made in accordance with the
terms of the Senior Obligations. Except as otherwise determined by the Governing Body (with the approval of the SL Representative and the Representative), payments under any tax receivable agreement (or similar agreement) entered into by the
Corporation, the LLC, or their Subsidiaries after the date hereof shall be subordinate to all payments owed pursuant to this Agreement, and no such payments shall be made (i) for so long as the Corporation has any unpaid obligation pursuant
this Agreement; and (ii) with respect to any particular taxable period governed by such tax receivable agreement until payments with respect to such taxable period under this Agreement have been determined and (if any) paid. 

  
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 Section 5.2 Late Payments by the Corporation. The amount of all or any portion
of any Tax Benefit Payment, Early Termination Payment or other payment under this Agreement not made to the TRA Parties when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and
commencing from the date on which such Tax Benefit Payment, Early Termination Payment or other payment was due and payable. 
 ARTICLE VI.

 TAX MATTERS; CONSISTENCY; COOPERATION 

Section 6.1 Participation in the Corporation’s and the LLC’s Tax Matters. Except as otherwise provided herein, the
Corporation (and Endeavor Manager, as applicable) shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporation and the LLC and its Subsidiaries, including without limitation the preparation, filing or
amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes; provided, however, that the Corporation shall notify the Representative, the KKR Representative and the SL Representative of, and keep them reasonably
informed with respect to, the portion of any audit of the Corporation, the LLC or any of their Subsidiaries the outcome of which is reasonably expected to affect the rights and obligations of the TRA Parties under this Agreement, and shall provide
to the Representative, the KKR Representative and the SL Representative reasonable opportunity to provide information and other input to the Corporation, the LLC and their Subsidiaries concerning the conduct of any such portion of such audit, which
information and other input the Corporation, the LLC and their Subsidiaries, as applicable, shall consider in good faith. 

Section 6.2 Consistency. The Corporation, Endeavor Manager, the LLC and the TRA Parties agree to report and cause to be reported
for all purposes, including federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment) in
a manner consistent with that specified in any Schedule finalized consistent with the terms of this Agreement, unless otherwise required by Law. 

Section 6.3 Cooperation. Each of the Corporation, Endeavor Manager, the LLC and the TRA Parties shall (a) furnish to the
other parties in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, completing any
financial statement audit, preparing any Tax Return or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations of documents and
material and such other information as the other party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and
the Corporation shall reimburse each TRA Party for any reasonable third-party costs and expenses incurred pursuant to this Section at the request of the Corporation, Endeavor Manager or the LLC. 

  
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 ARTICLE VII. 

MISCELLANEOUS 

Section 7.1 Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be given
(and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by certified or registered mail (postage prepaid, return receipt requested) to the
respective Parties at the following addresses (or at such other address for a Party as shall be as specified in a notice given in accordance with this Section 7.1). All notices hereunder shall be delivered as set forth below, or pursuant to
such other instructions as may be designated in writing by the Party to receive such notice: 
 If to the Corporation, Endeavor Manager or
the LLC, to: 
 c/o Endeavor Group Holdings, Inc. 

9601 Wilshire Boulevard, 3rd Floor 

Beverly Hills, California 90210 

Attention:   Chief Executive Officer 

                   Executive Chairman 

                   General Counsel 

Facsimile No.: (310) 285-9010 

E-mail: *** 

with a copy (which shall not constitute notice to the Corporation, Endeavor Manager or the LLC) to: 

Latham & Watkins LLP 

1271 Avenue of the Americas 

New York, NY 10020 

Attention:   Justin G. Hamill 

                   Matthew C. Dewitz 

                   Facsimile No.: (212) 751-4864 
 E-mail: *** 

             *** 

If to the Representative: 
 c/o
Endeavor Group Holdings, Inc. 
 9601 Wilshire Boulevard, 3rd Floor 

Beverly Hills, California 90210 

Attention:   Chief Executive Officer 

                   Executive Chairman 

                   General Counsel 

Facsimile No.: (310) 285-9010 

E-mail: *** 

  
 21 

 with a copy (which shall not constitute notice to the Representative) to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York,
NY 10022 
 Attention:   Justin G. Hamill 

                   Lisa G. Watts 

                   Matthew C. Dewitz 

Facsimile No.: (212) 751-4864 

E-mail: *** 

             *** 

             *** 

If to the SL Representative: 

Silver Lake 
 55 Hudson Yards 

550 West 34th Street, 40th Floor 

New York, NY 10001 
 Attention:
Andrew J. Schader 
 E-mail: *** 

with a copy (which shall not constitute notice to the SL Representative) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
California 94304 
 Attention:   Andrew B. Purcell 

                   Daniel N. Webb 

Facsimile No.: (650) 251-5002 

E-mail: *** 

             *** 

If to the KKR Representative: 

Kohl Kravis Roberts & Co. L.P. 

30 Hudson Yards 
 New York, NY
10001 
 Attention: General Counsel 

Fax: (212) 570-0003 
 *** 

with a copy (which shall not constitute notice to the KKR Representative) to: 

Kirkland & Ellis LLP 
 601
Lexington Avenue 
 New York, NY 10022 

Attention: Sean Rodgers, P.C. 

Ravi Agarwal, P.C. 
 Fax: 212
446-4900 
 Email: *** 
 Any Party may change
its address, fax number or e-mail address by giving each of the other Parties written notice thereof in the manner set forth above. 

  
 22 

 Section 7.2 Counterparts; Electronic Signature. This Agreement may be executed
in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that
all Parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission or electronic delivery (i.e. by email of a PDF signature page) shall be as effective as delivery of a manually signed
counterpart of this Agreement and shall constitute and original for all purposes. The parties hereto hereby agree that this Agreement may be executed by way of electronic signatures and that the electronic signature has the same binding effect as a
physical signature. For the avoidance of doubt, the parties hereto further agree that this Agreement, or any part thereof, shall not be denied legal effect, validity or enforceability solely on the ground that it is in the form of an electronic
record. 
 Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and their respective
successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect 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 determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto 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 greatest extent possible. 

Section 7.6 Assignments; Amendments; Successors; No Waiver. 

(a) Assignment. 
 (i) No
TRA Party may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement, including the right to receive any Tax Benefit Payments under this Agreement, to any Person (other than a Permitted Transferee) without
(i) the prior written consent of the Governing Body (or any Person(s) to whom the Governing Body has delegated such authority) (such consent not to be unreasonably withheld) and (ii) such Person executing and delivering a Joinder agreeing
to succeed to the applicable portion of such TRA Party’s interest in this Agreement and to become a Party for all purposes of this Agreement (the “Joinder Requirement”); provided, however, that such consent shall not be
required in the case of (x) Permitted Transfers of Units or transfers by an executive set forth on Schedule 8.02(b) attached to 

  
 23 

 
the LLC Agreement (or one of his or her other Permitted Transferees) to immediate family members or estate planning vehicles or (y) a pledge, assignment or similar transfer to a debt
financing source reasonably acceptable to the Governing Body for the purpose of creating a security interest herein or otherwise assigning collateral. For the avoidance of doubt, if a TRA Party transfers Units in accordance with the terms of the LLC
Agreement but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such TRA Party shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent
Exchange of such Units (and any such transferred Units shall be separately identified, so as to facilitate the determination of Tax Benefit Payments hereunder). The Corporation may not assign any of its rights or obligations under this Agreement to
any Person (other than any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation) without the prior written consent of each of the
Representative and the SL Representative (and any purported assignment without such consent shall be null and void). 
 (ii) Notwithstanding
anything to the contrary in this Section 7.6(a), following the applicable Permitted Transfer Date (as defined below), each of the Executive Directors, their permitted transferees pursuant to Section 8.02(b) of the LLC Agreement and the SL
TRA Parties may assign, sell, pledge or otherwise alienate or transfer any interest in this Agreement subject only to the Joinder Requirement. As used herein, “Permitted Transfer Date” means (i) with respect to the Executive
Directors and their permitted transferees pursuant to Section 8.02(b) of the LLC Agreement, sixty days following delivery of written notice from the Representative to the SL Representative indicating the intent of the Executive Directors and/or
their permitted transferees pursuant to Section 8.02(b) of the LLC Agreement to assign, sell, pledge or otherwise alienate or transfer an interest in this Agreement, provided that such notice cannot be delivered until the earlier of
(x) the seventh anniversary of the date hereof and (y) the Ownership Trigger Date (as defined herein), and (ii) with respect to the SL TRA parties, (A) the later of (x) the seventh anniversary of the date hereof and
(y) such time (the “Ownership Trigger Date”) as the Executive Directors, their permitted transferees pursuant to Section 8.02(b) of the LLC Agreement, the SL Member and the SL Related Entities cease to beneficially own,
directly or indirectly, in the aggregate, securities of the Corporation representing a majority of the combined voting power of the Corporation’s then outstanding securities generally entitled to vote in the election of directors or (B) if
earlier than the time determined pursuant to clause (ii)(A), sixty days after the date of delivery of the written notice described in the foregoing clause (i). At any time that the SL TRA Parties are permitted to assign, sell, pledge or otherwise
alienate or transfer their interests in this Agreement by operation of this Section 7.06(a)(ii), the KKR TRA Parties shall be permitted to sell, pledge or otherwise alienate or transfer their interests in this Agreement (whether or not any SL
TRA Party has assigned, sold, pledged or otherwise alienated or transferred their interests in this Agreement). 
 (b) Amendments. No
provision of this Agreement may be amended unless such amendment is approved in writing by each of (i) the Governing Body (or any Person(s) to whom the Governing Body has delegated such authority); and (ii) the TRA Parties who collectively
would be entitled to receive at least a majority of any Early Termination Payments that would be hypothetically payable to all TRA Parties (assuming all equity interests in the LLC that have redemption rights under the LLC Agreement are redeemed and
exchanged for shares of Class A Common Stock at such time and using the Valuation Assumptions). Notwithstanding the foregoing, (w) no provision of this Agreement may be amended in a manner that has a

  
 24 

 
disproportionate material and adverse effect on the Exchange TRA Parties, on the one hand, or the Reorganization TRA Parties, on the other hand, without the consent of TRA Parties of the relevant
class that are entitled to receive at least a majority of the Early Termination Payments payable to such TRA Parties of such class (assuming all equity interests in the LLC that have redemption rights under the LLC Agreement are redeemed and
exchanged for shares of Class A Common Stock and using the Valuation Assumptions) without such TRA Parties’ consent; (x) no provision of this Agreement may be amended in a manner that has a disproportionate material and adverse effect
on the KKR TRA Parties relative to the SLP TRA Parties (or shall modify unique rights specifically granted to the KKR TRA Parties or KKR Representative in their capacity as such) without the consent of the KKR Representative; (y) no provision
of this Agreement may be amended in a manner that has a disproportionate material and adverse effect on the SL TRA Parties without the consent of the SL Representative, and (z) no provision of this Agreement may be amended in a manner that has
a disproportionate material and adverse effect on any TRA Party (other than a KKR TRA Party or SL TRA Party) without the consent of the Representative. 

(c) Successors. Except as provided in Section 7.6(a), all of the terms and provisions of this Agreement shall be binding upon, and
shall inure to the benefit of and be enforceable by, the Parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor
(whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Corporation would be required to perform if no such succession had taken place. 
 (d) Waiver. No failure by any Party
to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other covenant, duty,
agreement, or condition. 
 Section 7.7 Titles and Subtitles. The titles of the sections and subsections of this Agreement are
for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 7.8 Resolution of
Disputes. 
 (a) Except for Reconciliation Disputes subject to Section 7.9, any and all disputes which cannot be settled amicably,
including any ancillary claims of any party, arising out of, relating to or in connection with this Agreement (each a “Dispute”) shall be finally resolved by arbitration in accordance with the International Institute for Conflict
Prevention and Resolution Rules for Administered Arbitration (the “Rules”) by three arbitrators, of which the Corporation shall appoint one arbitrator and the Representative and SL Representative shall appoint one arbitrator in
accordance with the “screened” appointment procedure provided in Rule 5.4. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award rendered by the arbitrators may be
entered by any court having jurisdiction thereof. The place of the arbitration shall be New York, New York. 

  
 25 

 (b) Notwithstanding the provisions of paragraph (a), any party may bring an action or
special proceeding in any court of competent jurisdiction for the purpose of compelling another party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the
purposes of this paragraph (b), each party (i) expressly consents to the application of paragraph (c) of this Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required that monetary damages
for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in accordance
with the procedures set forth in Section 7.9. 
 (c) Each party irrevocably consents to service of process by means of notice in the
manner provided for in Section 7.1. Nothing in this Agreement shall affect the right of any party to serve process in any other manner permitted by law. 

(d) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

(e) In the event the parties are unable to agree whether a dispute between them is a Reconciliation Dispute subject to the dispute resolution
procedure set forth in Section 7.9 or a Dispute subject to the dispute resolution procedure set forth in this Section 7.8, such disagreement shall be decided and resolved in accordance with the procedure set forth in this Section 7.8.

 Section 7.9 Reconciliation. In the event that the Corporation, the Representative, the KKR Representative and the SL
Representative are unable to resolve a disagreement with respect to a Schedule (a “Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the
“Expert”) in the particular area of disagreement mutually acceptable to such parties. The Expert shall be a partner or principal in a nationally recognized accounting firm, and unless the Corporation, the Representative, the KKR
Representative and the SL Representative agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporation, the Representative, the KKR Representative or the SL Representative
or other actual or potential conflict of interest. If the Corporation, the Representative, the KKR Representative and the SL Representative are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of
written notice of a Reconciliation Dispute, the selection of an Expert shall be treated as a Dispute subject to Section 7.8 and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any
material relationship with the Corporation, the Representative, the KKR Representative or the SL Representative or other actual or potential conflict of interest. The Expert shall resolve any matter relating to a Schedule or an amendment thereto as
soon as reasonably practicable and in any event within thirty (30) calendar days after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is
the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by

  
 26 

 
this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such
Expert or amending any Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and the Representative, the KKR Representative and the SL Representative shall bear their own costs and expenses of such
proceeding, unless (i) the Expert entirely adopts the position of the Representative, the KKR Representative and/or SL Representative, in which case the Corporation shall reimburse the Representative, the KKR Representative and/or SL
Representative (as applicable) for any reasonable and documented out-of-pocket costs and expenses in such proceeding, or (ii) the Expert entirely adopts the
Corporation’s position, in which case the whichever of the Representative, the KKR Representative or SL Representative (or all of them) that disputed the position shall reimburse the Corporation for any reasonable and documented out-of-pocket costs and expenses in such proceeding. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Corporation and the TRA Parties and may be entered and enforced in any court having competent jurisdiction. 

Section 7.10 Representatives. Except as otherwise explicitly provided in this Agreement, (i) the actions of the SL
Representative pursuant to and in accordance with this Agreement shall be binding only with respect to the SL TRA Parties and not with respect to the Representative, the KKR Representative or any other TRA Parties, (ii) the actions of the KKR
Representative pursuant to and in accordance with this Agreement shall be binding only with respect to the KKR TRA Parties and not with respect to the Representative, the SL Representative or any other TRA Parties and (iii) the actions of the
Representative pursuant to and in accordance with this Agreement shall be binding on all TRA Parties (except to the extent a matter is specifically reserved under this Agreement for the SL Representative and/or the KKR Representative, in which case
the actions of the Representative with respect to such matter shall be binding on all TRA Parties other than the SL TRA Parties and/or the KKR Representative). 

Section 7.11 Withholding. The Corporation and its affiliates and representatives shall be entitled to deduct and withhold from any
payment that is payable to any TRA Party pursuant to this Agreement such amounts as are required to be deducted or withheld with respect to the making of such payment in accordance with the Code or any provision of U.S. state, local or foreign tax
law (including for this purpose any withholding required by the Corporation or its affiliates that may be required in connection with the Reorganization, a Redemption or a Direct Exchange). To the extent that amounts are so deducted or withheld and
paid over to the appropriate Taxing Authority, such amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the relevant TRA Party. Each TRA Party shall promptly provide the Corporation with any
applicable tax forms and certifications reasonably requested by the Corporation in connection with determining whether any such deductions and withholdings are required under the Code or any provision of U.S. state, local or foreign tax law,
including under Sections 1441, 1442, 1445 or 1446 of the Code. The Corporation will consider in good faith any applicable certificates, forms or documentation provided by a TRA Party that in such TRA Party’s reasonable determination reduce or
eliminate any such withholding. 

  
 27 

 Section 7.12 Consolidated Group; Transfers of Corporate Assets. 

(a) The parties acknowledge that the Corporation and Endeavor Manager are members of the Corporate Group and that the provisions of this
Agreement shall be applied with respect to the Corporate Group (and any other affiliated or consolidated Tax group of which the Corporation and Endeavor Manager become a part), and that Tax Benefit Payments, Early Termination Payments, and other
applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (b) If the
Corporation, Endeavor Manager, their successors in interest or any member of a group described in Section 7.12(a) transfers one or more assets to a corporation (or a Person classified as a corporation for U.S. income tax purposes) with which
the Corporation does not file a consolidated Tax Return for U.S. federal income Tax purposes (or if any entity that holds Reference Assets transfers any Reference Asset to a corporation (or a Person classified as a corporation for U.S. federal
income tax purposes) with which the Corporation does not file a consolidated Tax Return for U.S. federal income Tax purposes), such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder,
shall be treated as having disposed of such asset (or Reference Asset) in a fully taxable transaction on the date of such transfer. The consideration deemed to be received by such entity shall be equal to the fair market value of the transferred
asset. For purposes of this Section 7.12, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. Notwithstanding anything to the
contrary set forth herein, if the Corporation, its successor in interest or any member of a group described in Section 7.12(a), transfers its assets pursuant to a transaction that qualifies as a “reorganization” (within the meaning of
Section 368(a) of the Code) in which such entity does not survive or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any such reorganization or any such other transaction, in each case, pursuant to
which such entity transfers assets to a corporation with which the Corporation, its successor in interest or any member of the group described in Section 7.12(a) (other than any such member being transferred in such reorganization or other
transaction) does not file a consolidated Tax Return for U.S. federal income Tax purposes), the transfer will not cause such entity to be treated as having transferred any assets to a corporation (or a Person classified as a corporation for U.S.
federal income tax purposes) pursuant to this Section 7.12(b) so long as the relevant successor is bound by the provisions of this Agreement. 

Section 7.13 Confidentiality. Each TRA Party and its assignees acknowledges and agrees that the information of the Corporation and
its Affiliates provided pursuant to this Agreement is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement,
such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors, learned by any TRA Party heretofore or
hereafter. This Section 7.13 shall not apply to (i) any information that has been made publicly available by the Corporation, becomes public knowledge (except as a result of an act of any TRA Party in violation of this Agreement) or is
generally known to the business community, (ii) the disclosure of information to the extent necessary for a TRA Party to prosecute or defend claims arising under or relating to this Agreement, (iii) the disclosure of information to the
extent necessary for a TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax
Returns, (iv) the disclosure of financial and other information of the type typically 

  
 28 

 
disclosed to limited partners and prospective investors in private equity funds affiliated with the SL TRA Parties and is made to the partners of, and/or prospective investors in, private equity
Affiliates of the SL TRA Parties and such partner or prospective investor is bound by the confidentiality provisions of a customary non-disclosure agreement entered into with the disclosing party that covers
the confidential information so disclosed, and (v) the disclosure of information necessary to effect an assignment, sale, pledge, alienation or transfer of any interest in this Agreement pursuant to Section 7.6(a). If a TRA Party or an
assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.13, the Corporation shall have the right and remedy to have the provisions of this Section 7.13 specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of
its Subsidiaries and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.14 Change in Law. Notwithstanding anything herein to the contrary, if, as a result of or, in connection with an actual
or proposed change in Tax law, an Exchange TRA Party reasonably believes that the existence of this Agreement could have material adverse tax consequences to such Exchange TRA Party or any direct or indirect owner of such Exchange TRA Party, then at
the written election of such Exchange TRA Party in its sole discretion (in an instrument signed by such Exchange TRA Party and delivered to the Corporation) and to the extent specified therein by such Exchange TRA Party, this Agreement shall cease
to have further effect and shall not apply to an Exchange with respect to such Exchange TRA Party occurring after a date specified by such Exchange TRA Party, or may be amended by in a manner reasonably determined by such Exchange TRA Party,
provided that such amendment shall not result in an increase in any payments owed by the Corporation under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment
and provided, further, that such amendment shall not have any adverse effect on any other TRA Party. 
 Section 7.15 Interest Rate
Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or agreed to be paid hereunder with respect to amounts due to any TRA Party hereunder shall not exceed the maximum rate of
non-usurious interest permitted by applicable law (the “Maximum Rate”). If any TRA Party shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied
to the Tax Benefit Payment, Advance Payment or Early Termination Payment, as applicable (but in each case exclusive of any component thereof comprising interest) or, if it exceeds such unpaid non-interest
amount, refunded to the Corporation. In determining whether the interest contracted for, charged, or received by any TRA Party exceeds the Maximum Rate, such TRA Party may, to the extent permitted by applicable law, (a) characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the payment obligations owed by the Corporation to such TRA Party hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to any applicable usury laws. 

  
 29 

 Section 7.16 Independent Nature of Rights and Obligations. The rights and
obligations of the each TRA Party hereunder are several and not joint with the rights and obligations of any other Person. A TRA Party shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor
shall a TRA Party have the right to enforce the rights or obligations of any other Person hereunder (other than the Corporation). Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any TRA
Party pursuant hereto or thereto, shall be deemed to constitute the TRA Parties acting as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the TRA Parties are in any way acting in concert or as
a group with respect to such rights or obligations or the transactions contemplated hereby, and the Corporation acknowledges that the TRA Party are not acting in concert or as a group and will not assert any such claim with respect to such rights or
obligations or the transactions contemplated hereby. 
 Section 7.17 LLC Agreement. This Agreement shall be treated as part of
the LLC Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 7.18 Tax Characterization and Elections. The parties intend that (A) each Direct Exchange shall give rise to Basis
Adjustments, (B) each Redemption using cash contributed to the LLC by the Corporation and Endeavor Manager shall be treated as a direct purchase of Units from the applicable Exchange TRA Parties pursuant to Section 707(a)(2)(B) of the Code
that shall give rise to Basis Adjustments, (C) payments pursuant to this Agreement with respect to an Exchange (except with respect to amounts that constitute Imputed Interest) shall be treated as consideration in respect of such Exchange that
give rise to additional Basis Adjustments, and (D) the rights received pursuant to this Agreement by the Reorganization TRA Parties and (without duplication) Tax Benefit Payments (excluding any amount that constitutes Imputed Interest thereon)
made in respect of a Pre-IPO Covered Tax Asset will be treated as non-qualifying property or money for purposes of Section 356 of the Code received in the
Reorganization. The Corporation and Endeavor Manager will ensure that, on and after the date hereof and continuing through the term of this Agreement, the LLC and each of its direct and indirect subsidiaries that they control and that is treated as
a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Code. 
 Section 7.19
Payment Amounts. The Corporation and the Exchange TRA Parties agree that, as of the date of this Agreement and as of the date of any future Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot
be reasonably ascertained for U.S. federal income tax purposes. Notwithstanding anything to the contrary in this Agreement, unless an Exchange TRA Party notifies the Corporation otherwise, (i) the stated maximum selling price (within the
meaning of Treasury Regulation 15A.453-1(c)(2)) with respect to any Exchange by such Exchange TRA Party shall not exceed 200% of the amount of the initial consideration received in connection with such
Exchange (which, for the avoidance of doubt, shall include the amount of any cash and the fair market value of any Class A Common Stock received in such Exchange and shall exclude the fair market value of any Tax Benefit Payments) and
(ii) the sum of the initial consideration received in connection with such Exchange 

  
 30 

 
and the aggregate Tax Benefit Payments paid to such Exchange TRA Party in respect of such Exchange (other than amounts accounted for as interest under the Code) shall not exceed such stated
maximum selling price with respect to such Exchange. For the avoidance of doubt, this Section 7.19 shall not limit any amounts payable in connection with an Early Termination Payment. 

[Signature Page Follows This Page] 

  
 31 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Agreement as of the date first written above. 
  

			
	CORPORATION:
	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Chief Financial Officer

  
 1 

 
			
	THE LLC:
	
	ENDEAVOR OPERATING COMPANY LLC
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Chief Financial Officer

 
			
	ENDEAVOR MANAGER, LLC
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Chief Financial Officer
	
	SILVER LAKE PARTNERS IV DE (AIV III), L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	 By: Sliver Lake Group, L.L.C., its managing member

		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SILVER LAKE TECHNOLOGIES INVESTORS IV (DELAWARE II), L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS CO-INVEST, L.P.
	
	By: SLP Co-Invest GP, L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS CO-INVEST II, L.P.
	
	By: SLP Co-Invest GP, L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO

			
	SLP WEST HOLDINGS, L.L.C.
	
	By: Silver Lake Partners IV DE (AIV IV), L.P., its managing member
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner

	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS II, L.L.C.
	
	By: Silver Lake Partners IV DE (AIV IV), L.P., its managing member 
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS III, L.P.
	
	By: SLP West GP Holdings, L.L.C., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS IV, L.P.
	
	By: SLP West GP Holdings, L.L.C., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO

			
	SLP WEST HOLDINGS CO-INVEST FEEDER II, L.P,
	
	By: SLP Co-Invest GP, L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP IV WEST FEEDER I, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP IV BASQUIAT FEEDER I, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SL SPV-1 FEEDER I, L.P.
	
	By: SLTA SPV-1, L.P., its general partner
	By: SLTA SPV-1 (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO

			
	MSD SPORTS PARTNERS (CAYMAN) TRUST
		
	By:	 	 /s/ Marcello Liguori

	Name:	 	Marcello Liguori
	Title:	 	Authorized Signatory
	
	 FIDELITY SECURITIES FUND:
 FIDELITY
BLUE CHIP GROWTH

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 FIDELITY DESTINY PORTFOLIOS:

FIDELITY ADVISOR DIVERSIFIED STOCK FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 FIDELITY CONTRAFUND:
 FIDELITY
ADVISOR NEW INSIGHTS FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 FIDELITY SECURITIES FUND:
 FIDELITY
SERIES BLUE CHIP GROWTH FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 FIDELITY COMMONWEALTH TRUST:

FIDELITY MID-CAP STOCK FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 FIDELITY MT. VERNON STREET TRUST:

FIDELITY NEW MILLENNIUM FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory

			
	 FIDELITY PURITAN TRUST:
 FIDELITY
PURITAN FUND

		
	By:	 	 /s/ Jonathan Davis

	Name:	 	Jonathan Davis
	Title:	 	Authorized Signatory
	
	 CPP INVESTMENT BOARD (USRE III) INC.

		
	By:	 	 /s/ Geoff McKay

	Name:	 	Geoff McKay
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Sunny Lee

	Name:	 	Sunny Lee
	Title:	 	Authorized Signatory
	
	 JASMINE VENTURE PTE. LTD.

		
	By:	 	 /s/ Jason Young

	Name:	 	Jason Young
	Title:	 	Authorized Signatory
	
	 TONY BATES

		
	By:	 	 /s/ Tony Bates

	Name:	 	Tony Bates
	
	 MARC ANDREESSEN

		
	By:	 	 /s/ Marc Andreessen

	Name:	 	Marc Andreessen
	
	 WEINER DEROUAUX REVOCABLE TRUST
 DTD
11/20/2012

		
	By:	 	 /s/ Jeffrey Weiner

	Name:	 	Jeffrey Weiner
	Title:	 	Trustee
	
	 NIKESH ARORA - AURORA TRUST

		
	By:	 	 /s/ Nikesh Arora

	Name:	 	Nikesh Arora
	Title:	 	Trustee

			
	 Sixjoy LLC

		
	By:	 	 /s/ Tang Yibin

	Name:	 	Tang Yibin
	Title:	 	Authroized Signatory
	
	 Yacht Investment Holdings, LLC

	
	By: Focus Media FountainVest Sports JV, L.P., its managing member
	By: FMF Sports JV GP Limited, its general partner
		
	By:	 	 /s/ Neil Gray

	Name:	 	Neil Colin Gray
	Title:	 	Authorized Signatory
	
	 SCC Growth IV Holdco II, Ltd.

		
	By:	 	 /s/ Ip Siu Wai Eva

	Name:	 	Ip Siu Wa Eva
	Title:	 	Authorized Signatory
	
	 HS INVESTMENTS (W) LIMITED

		
	By:	 	 /s/ Ken Wrigley and Anthony Tennant

	Name:	 	Ken Wrigley and Anthony Tennant
	Title:	 	Directors, Director One Limted
	
	 HS INVESTMENTS (A) LIMITED PARTNERSHIP

		
	By:	 	 /s/ Ken Wrigley

	Name:	 	Ken Wrigley
	Title:	 	Director of HS Investments (L) Limited acting as General Partner
	
	 HS INVESTMENTS NA5 LIMITED

		
	By:	 	 /s/ James Nicolle

	Name:	 	James Nicolle
	Title:	 	Director
	
	 WC HOLDCO (DELAWARE) LLC

	
	By: MDC Capital Partners (SPV) GP, LP, its managing member
	By: MD Capital Partners GP, LLC, its general partner
		
	By:	 	 /s/ Rodney Cannon

	Name:	 	Rodney Cannon
	Title:	 	Authorized Signatory

			
	 ATERUS HOLDINGS LLC

		
	By:	 	 /s/ Ossama Khoreibi

	Name:	 	Ossama Khoreibi
	Title:	 	Authorized Signatory
	
	 /s/ Ariel Emanuel

	 Ariel Emanuel

	
	 /s/ Ariel Emanuel

	 The Ariel Z. Emanuel Living Trust, dated November 13, 2017

	
	 /s/ Patrick Whitsell

	 Patrick Whitesell

	
	 /s/ Mark Shapiro

	 Mark Shaprio

	
	 /s/ Carole Katz

	 Carole Katz

	
	 /s/ Richard Rosen

	 Richard Rosen

	
	 /s/ Brent Richard

	 Brent Richard

	
	 /s/ Christian Muirhead

	 Christian Muirhead

	
	 /s/ Andrew Schleimer

	 Andrew Schleimer

	
	 /s/ Seth Krauss

	 Seth Krauss

	
	 /s/ Jason Lublin

	 Jason Lublin

	
	 /s/ Samuel Zussman

	 Samuel Zussman

			
	 KKR CAGE AGGEGATOR LLC

	
	 By: KKR North America Fund XI (Cage) L.P., its manging member

	By: KKR Associates North America XI AIV L.P., its general partner
	By: KKR North America AIV GP LLC, its general partner
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory
	
	KKR NORTH AMERICA (CAGE) BLOCKER PARENT, L.P.
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory
	
	KKR PRINCIPAL OPPORTUNITIES (OFFSHORE) L.P.
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory
	
	KKR REFERENCE FUND INVESTMENTS L.P.
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory

			
	KKR NORTH AMERICAN CO-INVEST FUND I L.P.
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory
	
	KKR TFO PARTNERS L.P.
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Authorized Signatory
	
	DAW FAMILY TRUST DATED 09/05/06 (AS AMENDED 05/30/13)
		
	By:	 	 /s/ Dana F. White

	Name:	 	Dana F. White
	Title:	 	Trustee
		
	By:	 	 /s/ Anne L. White

	Name:	 	Anne L. White
	Title:	 	Trustee
	
	DANA AND ANNE WHITE 2012 IRREVOCABLE TRUST DATED 12/31/12 (AS AMENDED 05/30/13)
		
	By:	 	 /s/ Lorenzo J. Feritta

	Name:	 	Lorenzo J. Fertittta
	Title:	 	Trustee
		
	By:	 	 /s/ Dana F. White

	 Dana F. White

 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of _________________, 20___ (this “Joinder”), is delivered pursuant to that certain Tax
Receivable Agreement, dated as of April 28, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Tax Receivable Agreement”) by and among Endeavor Group Holdings, Inc., a
Delaware corporation (the “Corporation”), Endeavor Operating Company, LLC, a Delaware limited liability company (“the LLC”), and the other persons time to time party thereto. Capitalized terms used but not otherwise
defined herein have the respective meanings set forth in the Tax Receivable Agreement. 
  

	 	1.	 Joinder to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and
delivery hereof to the Corporation, the undersigned hereby is and hereafter will be a [Reorganization/Exchange] TRA Party under the Tax Receivable Agreement and a Party thereto, with all the rights, privileges and responsibilities of a
[Reorganization/Exchange] TRA Party thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof.

  

	 	2.	 Incorporation by Reference. All terms and conditions of the Tax Receivable Agreement are hereby
incorporated by reference in this Joinder as if set forth herein in full. 

  

	 	3.	 Address. All notices under the Tax Receivable Agreement to the undersigned shall be direct to:

 [Name] 

[Address] 
 [City, State, Zip
Code] 
 Attn: 
 Facsimile:

 E-mail: 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written. 

 

			
	[NAME OF NEW PARTY]
		
	By:	 	
                     
                        

	Name:
	Title:

			
	 Acknowledged and agreed
 as of the
date first set forth above:

	
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	
                     
                        

	Name:
	Title:

 Exhibit B 

Net Tax Benefit Splits 
  

					
	 SPV-1 Feeder LLC
	  			
	 SLP IV West Feeder I, LP
	  	 	47.61166	% 
	 SPV-1 Feeder I, LP
	  	 	52.38834	% 

  

					
	 West Investor-C LLC
	  			
	 SLP SPV-1 Feeder I LP
	  	 	0.8180	% 
	 CPP Investment Board (USRE III) Inc.
	  	 	49.5910	% 
	 Jasmine Ventures Pte Ltd.
	  	 	49.5910	% 

  

					
	 KKR Cage Aggregator Blocker LLC
	  			
	 KKR Principal Opportunities Partnership (Offshore) L.P.
	  	 	58.3237	% 
	 KKR Reference Fund Investments L.P.
	  	 	11.966	% 
	 KKR North America Co-Invest Fund I L.P.
	  	 	3.375	% 
	 KKR TFO Partners L.P.
	  	 	26.3353	% 

 Annex A 

Blocker Entities 

1.     SLP IV West Feeder Corp 

2.     SL SPV-1 Feeder LLC 

3.     SLP IV Basquiat Feeder Corp 

4.     SLP West Holdings Co-Invest Feeder II Corp. 

5.     SLP West Holdings Co-Invest Feeder Corp. 

6.     West Investor-C LLC 

7.     PUREQSB WM Holdings LLC 

8.     BCGF WM Holdings LLC 

9.     MIDCAP WM Holdings LLC 

10.     WILM WM Holdings LLC 

11.     DEST WM Holdings LLC 

12.     FANIFB WM Holdings LLC 

13.     FSBCGF WM Holdings LLC 

14.     Wolf Cub Holdings LLC 

15.     USWI Holding LLC 

16.     KKR North America XI (Cage) Blocker L.P. 

17.     KKR Cage Aggregator Blocker LLC 

18.     MSD Sports Partners II, LLC 

19.     Jet2 Investment Holdings Limited 

 Annex B 

Exchange TRA Parties 

1.     HS Investments (A) LP 

2.     HS Investment NA5 Limited 

3.     HS Investments (W) Limited 

4.     SCG Growth IV Holdco II, Ltd. 

5.     Sixjoy LLC 

6.     SLP West Holdings, L.L.C. 

7.     SLP West Holdings II, L.L.C. 

8.     Silver Lake Partners IV DE (AIV III), L.P. 

9.     Silver Lake Technology Investors IV (Delaware II), L.P. 

10.     SLP West Holdings III, L.P. 

11.     SLP West Holdings IV, L.P. 

12.     SLP West Holdings Co-Invest II, L.P. 

13.     SLP West Holdings Co-Invest, L.P. 

14.     Weiner Derouaux Revocable Trust DTD 11/20/2012 

15.     Anthony J. Bates 

16.     Nikesh Arora – Aurora Trust 

17.     Marc L. Andreessen 

18.     Ariel Emanuel 

19.     The Ariel Z. Emanuel Living Trust, dated November 13, 2017 

20.     Patrick Whitesell 

21.     Carole Katz 

22.     Seth Krauss 

23.     Jason Lublin 

24.     Christian Muirhead 

25.     Brent Richard 

26.     Richard Rosen 

27.     Mark Shapiro 

28.     Samuel Zussman 

29.     Andrew Schleimer 

30.     KKR Cage Aggregator LLC 

31.     DAW Family Trust dated 09/05/06 (as amended 05/30/13) 

32.     Dana and Anne White 2012 Irrevocable Trust dated 12/31/12 

33.     Dana White 

 Annex C 

Reorganization TRA Parties 
 1.
    SLP IV West Feeder I, L.P. 
 2.     SL SPV-1 Feeder, L.L.C. 

3.     SLP West Holdings Co-Invest Feeder II, L.P. 

4.     SLP IV Basquiat Feeder I, LP 
 5.
    Jasmine Ventures Pte Ltd. 
 6.     CPP Investment Board (USRE III) Inc. 

7.     WC HoldCo (Delaware) LLC 
 8.
    Atreus Holdings LLC 
 9.     Fidelity Puritan Trust: Fidelity Puritan Fund 

10.     Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 

11.     Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund 

12.     Fidelity Commonwealth Trust: Fidelity Mid-Cap Stock Fund 

13.     Fidelity Mt. Vernon Street Trust: Fidelity New Millennium Fund 

14.     Fidelity Contrafund: Fidelity Advisor Insights Fund 

15.     Fidelity Destiny Portfolios: Fidelity Advisor Diversified Stock Fund 

16.     Yacht Investment Holdings LLC 
 17.
    KKR North America XI (Cage) Blocker Parent, L.P. 
 18.     KKR Principal Opportunities Partnership (Offshore)
L.P. 
 19.     KKR Reference Fund Investments L.P. 

20.     KKR North America Co-Invest Fund I L.P. 

21.     KKR TFO Partners L.P. 
 22.
    MSD Sports Partners (Cayman) Trust 

 Annex D 

Representatives 
  

	1.	 Ariel Emanuel 

  

	2.	 Patrick Whitesell 

  

	3.	 Jason Lublin 

  

	4.	 Mark Shapiro 

 Annex E 

SL TRA Parties 
 1.
    SLP West Holdings, L.L.C. 
 2.     SLP West Holdings II, L.L.C. 

3.     Silver Lake Partners IV DE (AIV III), L.P. 

4.     Silver Lake Technology Investors IV (Delaware II), L.P. 

5.     SLP West Holdings III, L.P. 
 6.
    SLP West Holdings IV, L.P. 
 7.     SLP West Holdings Co-Invest II, L.P. 

8.     SLP West Holdings Co-Invest, L.P. 

9.     SLP IV West Feeder I, L.P. 
 10.
    SLP IV Basquiat Feeder I, L.P. 
 11.     SLP West Holdings Co-Invest Feeder II, L.P. 

12.     SL SPV-1 Feeder I, L.P. 

 Annex F 

KKR TRA Parties 
 1.
    KKR Cage Aggregator LLC 
 2.     KKR North America XI (Cage) Blocker Parent, L.P. 

3.     KKR Principal Opportunities Partnership (Offshore) L.P. 

4.     KKR Reference Fund Investments L.P. 

5.     KKR North America Co-Invest Fund I L.P. 

6.     KKR TFO Partners L.P.EX-10.6

 Exhibit 10.6 

THIRD AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

of 
 ENDEAVOR OPERATING
COMPANY, LLC 
 Dated as of April 28, 2021 

THE LIMITED LIABILITY COMPANY INTERESTS IN ENDEAVOR OPERATING COMPANY, 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 THIRD AMENDED AND RESTATED OPERATING 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
	  	 	2	 
			
	 Section 1.01
	  	Definitions	  	 	2	 
	 Section 1.02
	  	Other Definitional and Interpretative Provisions	  	 	23	 
		
	 ARTICLE II THE COMPANY
	  	 	24	 
			
	 Section 2.01
	  	Continuation of the Company	  	 	24	 
	 Section 2.02
	  	Name	  	 	24	 
	 Section 2.03
	  	Term	  	 	24	 
	 Section 2.04
	  	Registered Agent and Registered Office	  	 	24	 
	 Section 2.05
	  	Purposes	  	 	25	 
	 Section 2.06
	  	Powers of the Company	  	 	25	 
	 Section 2.07
	  	Partnership Tax Status	  	 	25	 
	 Section 2.08
	  	Regulation of Internal Affairs	  	 	25	 
	 Section 2.09
	  	Ownership of Property	  	 	25	 
		
	 ARTICLE III UNITS; MEMBERS; BOOKS AND RECORDS; REPORTS
	  	 	25	 
			
	 Section 3.01
	  	Units; Admission of Members	  	 	25	 
	 Section 3.02
	  	Substitute Members and Additional Members	  	 	25	 
	 Section 3.03
	  	Tax and Accounting Information	  	 	27	 
	 Section 3.04
	  	Books and Records	  	 	29	 
	 Section 3.05
	  	Equity Incentive Plans	  	 	29	 
		
	 ARTICLE IV MANAGER OWNERSHIP; RESTRICTIONS ON MANAGER UNITS
	  	 	29	 
			
	 Section 4.01
	  	Manager Ownership	  	 	29	 
	 Section 4.02
	  	Restrictions on Manager Units	  	 	30	 
		
	 ARTICLE V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; DISTRIBUTIONS;
ALLOCATIONS
	  	 	28	 
			
	 Section 5.01
	  	Capital Contributions	  	 	28	 
	 Section 5.02
	  	Capital Accounts	  	 	28	 
	 Section 5.03
	  	Amounts and Priority of Distributions	  	 	30	 
	 Section 5.04
	  	Allocations	  	 	33	 
	 Section 5.05
	  	Other Allocation Rules	  	 	36	 
	 Section 5.06
	  	Tax Withholding; Withholding Advances	  	 	37	 
	 Section 5.07
	  	Tax Proceedings	  	 	38	 
		
	 ARTICLE VI CERTAIN TAX MATTERS
	  	 	38	 
			
	 Section 6.01
	  	Company Representative	  	 	38	 
	 Section 6.02
	  	Section 83(b) Elections	  	 	39	 

  
 i 

							
	 ARTICLE VII
	  	MANAGEMENT OF THE COMPANY	  	 	40	 
			
	 Section 7.01
	  	Management by the Managing Member	  	 	40	 
	 Section 7.02
	  	Withdrawal of the Managing Member	  	 	40	 
	 Section 7.03
	  	Decisions by the Members	  	 	41	 
	 Section 7.04
	  	Fiduciary Duties	  	 	41	 
	 Section 7.05
	  	Officers	  	 	41	 
		
	 ARTICLE VIII TRANSFERS OF INTERESTS
	  	 	42	 
			
	 Section 8.01
	  	Restrictions on Transfers	  	 	42	 
	 Section 8.02
	  	Certain Permitted Transfers	  	 	43	 
	 Section 8.03
	  	Registration of Transfers	  	 	43	 
	 Section 8.04
	  	Restricted Units Legend	  	 	44	 
		
	 ARTICLE IX REDEMPTION AND EXCHANGE RIGHTS
	  	 	44	 
			
	 Section 9.01
	  	Redemption Right of a Member	  	 	44	 
	 Section 9.02
	  	Exchange of Profits Units	  	 	48	 
	 Section 9.03
	  	Reservation of Shares of Class A Common Stock; Listing; Certificate of PubCo, etc.	  	 	49	 
	 Section 9.04
	  	Effect of Exercise of Redemption or Exchange	  	 	50	 
	 Section 9.05
	  	Tax Treatment	  	 	50	 
	 Section 9.06
	  	Other Redemption and Exchange Matters	  	 	50	 
	 Section 9.07
	  	Employee Unit Redemption Right	  	 	52	 
		
	 ARTICLE X CERTAIN OTHER MATTERS
	  	 	54	 
			
	 Section 10.01
	  	Employee Holdco Members	  	 	54	 
	 Section 10.02
	  	PubCo Change of Control; PubCo Approved Recap Transaction	  	 	54	 
		
	 ARTICLE XI LIMITATION ON LIABILITY, EXCULPATION AND INDEMNIFICATION
	  	 	56	 
			
	 Section 11.01
	  	Limitation on Liability	  	 	56	 
	 Section 11.02
	  	Exculpation and Indemnification	  	 	56	 
		
	 ARTICLE XII DISSOLUTION AND TERMINATION
	  	 	59	 
			
	 Section 12.01
	  	Dissolution	  	 	59	 
	 Section 12.02
	  	Winding Up of the Company	  	 	60	 
	 Section 12.03
	  	Termination	  	 	60	 
	 Section 12.04
	  	Survival	  	 	60	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	60	 
			
	 Section 13.01
	  	Expenses	  	 	60	 
	 Section 13.02
	  	Further Assurances	  	 	61	 
	 Section 13.03
	  	Notices	  	 	61	 
	 Section 13.04
	  	Binding Effect; Benefit; Assignment	  	 	61	 
	 Section 13.05
	  	Jurisdiction	  	 	61	 

  
 ii 

							
	 Section 13.06
	  	WAIVER OF JURY TRIAL	  	 	62	 
	 Section 13.07
	  	Counterparts	  	 	62	 
	 Section 13.08
	  	Entire Agreement	  	 	62	 
	 Section 13.09
	  	Severability	  	 	62	 
	 Section 13.10
	  	Amendment	  	 	63	 
	 Section 13.11
	  	Governing Law	  	 	63	 
	 Section 13.12
	  	No Presumption	  	 	63	 
	 Section 13.13
	  	Attorney-In-Fact	  	 	63	 
	 Section 13.14
	  	Immunity Waiver	  	 	63	 
	 Section 13.15
	  	Specific Performance	  	 	63	 
	 Section 13.16
	  	Agreement of Certain Members	  	 	64	 
			
	 Schedule A
	  	Member Schedule	  			

  
 iii 

 THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this
“Agreement”) of ENDEAVOR OPERATING COMPANY, LLC, a Delaware limited liability company (the “Company”), dated as of April 28, 2021 (the “Restatement Date”), by and among the Company, Endeavor
Group Holdings, Inc., a Delaware corporation (“PubCo”), Endeavor Manager, LLC, a Delaware limited liability company (“Manager”) and the Members (as defined below). 

WITNESSETH: 
 WHEREAS, the
Company was formed as a limited liability company under the Delaware Act (as defined below) pursuant to a certificate of formation (as amended, the “Certificate”) which was executed and filed with the Secretary of State of the State
of Delaware on December 16, 2013; 
 WHEREAS, prior to the IPO (as defined below), the Company was subject to that certain First
Amended and Restated Limited Liability Company Agreement of the Company, dated as of May 6, 2014 (as amended, the “Initial Agreement”); 

WHEREAS, in connection with the IPO, the Company was a party to a series of reorganization transactions with PubCo, Manager and various other
parties pursuant to which, among other matters, (a) the Company acquired interests in Zuffa Parent, LLC (“UFC Parent”) from certain minority investors of UFC Parent (the “Other UFC Holders”), resulting in the
Company directly or indirectly owning 100% of the issued and outstanding equity interests in Zuffa Parent, LLC, (b) certain of the Other UFC Holders received equity interests in the Company in exchange for their interests in UFC Parent,
(c) PubCo acquired interests in the Company and the Company amended and restated the Initial Agreement to reflect PubCo as the managing member of the Company (such amendment and restatement of the Initial Agreement, the “Prior
Agreement”) and (d) thereafter, Manager became a Subsidiary of PubCo and PubCo contributed its equity interests in the Company to Manager; 

WHEREAS, pursuant to the Prior Agreement, the Company and PubCo (as Managing Member under the Prior Agreement) have the authority to amend the
Prior Agreement by written instrument executed by Company and PubCo; and 
 WHEREAS, in connection with the foregoing matters, the Company
and PubCo desire to amend and restate the Prior Agreement in its entirety to reflect Manager as the sole Managing Member of the Company and to otherwise set forth the terms and conditions on which the Company shall be operated. 

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 is hereby acknowledged, the parties hereto hereby agree to amend and restate the Prior Agreement in its entirety 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 Restatement Date. 
 “Adjusted Capital Account Deficit”
means, with respect to any Member, the deficit balance, if any, in any of such Member’s Capital Accounts as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(b) credit to such Capital Account any amounts that such Member is deemed to be obligated to restore pursuant to the penultimate sentence in
Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(c) debit to such Capital Account the items described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 

The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“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. 
 “Aggregate SL Ownership” has the meaning set forth in the Stockholders 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. 

  
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 “Capital Account” means the capital account established and maintained for
each Member pursuant to Section 5.02. 
 “Capital Contribution” means, with respect to any
Member, the amount of money and the initial Carrying Value of any Property (other than money) contributed to the Company with respect to any Units held or purchased by such Member. 

“Carrying Value” means, with respect to any Property (other than money), such Property’s adjusted basis for federal
income tax purposes, except as follows: 
 (a) the initial Carrying Value of any such Property contributed by a Member to the Company shall
be the fair market value of such Property, as determined by the Managing Member; and 
 (b) the Carrying Values of all such assets may, as
determined by the Managing Member, be adjusted to equal their respective fair market values at the following times: (i) immediately prior to the contribution of more than a de minimis amount of money or other property to the Company by a
new or existing Member as consideration for an interest in the Company; (ii) immediately prior to the distribution by the Company to a Member of more than a de minimis amount of property (other than cash) in exchange for all or a portion
of such Member’s interest in the Company; (iii) immediately prior to the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (iv) in
connection with a grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity or by a new Member
acting in a Member capacity or in anticipation of becoming a Member; provided, however, that adjustments pursuant to clauses (i), (ii) or (iv) of this paragraph need not be made if the Managing Member reasonably determines that
such adjustments are not necessary or appropriate to reflect the relative economic interests of the Members and that the absence of such adjustments does not adversely and disproportionately affect any Member. 

In the case of any asset of the Company that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the
Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Loss. 
 “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. 

“Catch-Up Unit” means a Profits Unit designated as a
“Catch-Up Unit” on the Member Schedule or in the applicable Vesting Letter or other agreement between the holder of such Profits Unit and the Company with respect to the issuance of such Profits
Unit. 
 “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 

  
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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 C 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 C 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 Transferees of such Executive Directors pursuant to Section 8.02(b), the SL Member and the SL Related Entities, 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 Transferees pursuant to Section 8.02(b), 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 Transferees pursuant to Section 8.02(b), the SL Member and the SL Related Entities. 

“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 C Common Stock” means Class C 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. 

  
 4 

 “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 Minimum Gain” means “partnership minimum gain,” as defined in Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d). 

“Company Representative” has, with respect to taxable periods beginning after December 31, 2017, the meaning assigned to
the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder and, with respect to taxable periods beginning on or before
December 31, 2017, the meaning assigned to the term “tax matters partner” as defined in Code Section 6231(a)(7) prior to its amendment by Title XI of the Bipartisan Budget Act of 2015, in each case as appointed pursuant to
Section 6.01(a). 
 “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. 

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

  
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 “Depreciation” means, for each Fiscal Year, an amount equal to the
depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of
such Fiscal Year, Depreciation shall be an amount that bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted
tax basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero (0), Depreciation shall be determined with reference to such beginning Carrying Value
using any reasonable method selected by the Managing Member. 
 “DGCL” means the Delaware General Corporation Law, as
amended from time to time. 
 “Employee Holdco I LLC Agreement” means the Amended and Restated Limited Liability Company
Agreement of Employee Holdco I Member. 
 “Employee Holdco I Member” means Endeavor Executive PIU Holdco LLC, a Delaware
limited liability company, in its capacity as a Member of the Company. 
 “Employee Holdco II LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement of Employee Holdco II Member. 
 “Employee Holdco II Member” means
Endeavor Executive II Holdco, LLC, a Delaware limited liability company, in its capacity as a Member of the Company. 
 “Employee
Holdco Members” means each of Employee Holdco I Member, Employee Holdco II Member and Executive Holdco Member. 

“Employee Member” means (i) any current or former employee or other service provider of PubCo or its Subsidiaries that
holds Common Units (directly or indirectly through an Employee Holdco Member) as of date hereof, (ii) any current or former employee or other service provider of PubCo or its Subsidiaries that holds Profits Units (directly or indirectly through
an Employee Holdco Member), as of the date hereof, and (iii) any other employee or other service provider of PubCo or its Subsidiaries who receives Units (directly or indirectly through an Employee Holdco Member) 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 and Profits Units, in each case, held (directly or indirectly through an Employee
Holdco Member) by an Employee Member or Employee Holdco Member. 
 “Equity Incentive Plan” means any equity incentive or
similar plan, agreement or arrangement adopted or entered into by the Company, PubCo or Manager that is effective on or after the date hereof, including, without limitation, PubCo’s 2021 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 

  
 6 

 
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. 

“Executive Holdco LLC Agreement” means the Limited Liability Company Agreement of Executive Holdco. 

“Executive Holdco Member” means Endeavor Executive Holdco, LLC, a Delaware limited liability company, in its capacity as a
Member of the Company. 
 “Family Member” means, with respect to a Person, such Person’s spouse, domestic partner,
parents, grandparents, lineal descendants or siblings, including any Affiliates thereof, or any trust, family-partnership or estate-planning vehicle, corporation, limited liability company, partnership or other entity of which all of the economic
beneficial ownership thereof belongs to such Person or their Family Members, a charitable institution controlled by such Person and/or their Family Members, an individual mandated under a qualified domestic relations order and a legal or personal
representative of such Person and/or their Family Members in the event of death or disability. 
 “Fiscal Year” means
(i) 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; and, (ii) for purposes
of the allocations described in Article V, any other tax period for which such allocations will be made. 
 “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 or Employee Holdco Member Member, as
applicable, the earlier of (i) death and (ii) first anniversary of Termination of Service; provided, that such Employee Member or Employee Holdco Member Member, as applicable, complies with all restrictive covenants to which he or
she is subject for the benefit of the Company or any of its Affiliates. 
 “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”

  
 7 

 
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. 
 “Initial Capital Account Balance” means,
with respect to any Member, the positive Capital Account balance of such Member as of immediately following the execution hereof, the amount of which is set forth on the Member Schedule. 

“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. 

“KKR Member” means KKR Cage Aggregator, LLC, a Delaware limited liability company and any Permitted Transferee that is a KKR
Related Entity. 
 “KKR Related Entity” means any KKR Related Fund, any KKR Related Fund Subsidiary and any general partner
of a KKR Related Fund. 
 “KKR Related Fund” means a bona fide investment fund, or alternative investment vehicle of a bona
fide investment fund, that is advised by the investment manager of the KKR Member, or by an Affiliate of the investment manager of the KKR Member. 

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

“Liquidation” means a liquidation or winding up of the Company. 

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

“Manager LLC Agreement” means the limited liability company agreement of Manager (as amended, restated, modified or
supplemented from time to time). 
 “Managing Member” means (i) Manager so long as Manager has not withdrawn as the
Managing Member pursuant to Section 7.02 and (ii) any successor thereof appointed as Managing Member in accordance with Section 7.02. 

“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. 

  
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 “Member Nonrecourse Debt” has the same meaning as the term “partner
nonrecourse debt” in Treasury Regulations Section 1.704-2(b)(4). 
 “Member
Nonrecourse Debt Minimum Gain” means an amount with respect to each “partner nonrecourse debt” (as defined in Treasury Regulation Section 1.704-2(b)(4)) equal to the Company Minimum
Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulation Section 1.752-1(a)(2)) determined in accordance with Treasury Regulation Section 1.704-2(i)(3). 
 “Member Nonrecourse Deductions” has the same meaning as
the term “partner nonrecourse deductions” in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Net Income” and “Net Loss” means, for each Fiscal Year, an amount equal to the Company’s taxable
income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall
be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income of the Company that is
exempt from Federal income tax and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of “Net Income” and “Net Loss” shall be added to such taxable income or loss; 

(b) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) of the Code
expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income and Net Loss pursuant to this definition of “Net Income”
and “Net Loss,” shall be subtracted from such taxable income or loss; 
 (c) gain or loss resulting from any disposition of
Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its
Carrying Value; 
 (d) in lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of Depreciation; 

(e) to the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code is required,
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s
interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken
into account for purposes of computing Net Income or Net Loss; 

  
 9 

 (f) if the Carrying Value of any Company asset is adjusted in accordance with clause
(b) of the definition of Carrying Value, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; and

 (g) notwithstanding any other provision of this definition, any items that are specially allocated pursuant to
Section 5.04(b) shall not be taken into account in computing Net Income and Net Loss. 
 The amounts of the items of Company
income, gain, loss, or deduction available to be specially allocated pursuant to Section 5.04(b) shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (e) above. 

“New Common Units” means, with respect to any Exchanged Profits Unit, a number of Common Units equal to the quotient of
(a) the amount to which the holder of such Exchanged Profits Unit would be entitled to receive if an amount equal to the fair market value of the Company as of the date of the Exchange were distributed in cash to the Members in accordance with
Section 5.03(b) (taking into account the relevant Hurdle Amount and, in respect of any Exchanged Profits Units that are Catch-Up Units, any adjustments required to be made to the
distributions in respect of such Catch-Up Units pursuant to Section 5.03, but determined without reduction for any Tax Distributions treated as advances with respect to such Exchange
Profits Unit), divided by (b) the Per Common Unit Equity Value on the date of the Exchange; provided, that if the number of New Common Units determined by the foregoing calculation is a negative number, it shall be deemed to be
zero (0). 
 “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations
Sections 1.704-2(b)(1) and 1.704-2(c). 

“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. 
 “Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, as amended,
together with any final or temporary Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax law). 

“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 Units owned of record thereby and (ii) the denominator of which is the aggregate number of Units issued and outstanding. The sum of the outstanding Percentage Interests of all Members shall at all
times equal 100%. 
 “Per Common Unit Equity Value” means, as of any particular time, the amount to which a Common Unit
held by Manager as of the Restatement Date would be entitled in respect of such Common Unit if the aggregate equity value of the Company as of such time (as reasonably determined by the Managing Member) were distributed to the Members in accordance
with Section 5.03(b). 

  
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 “Permitted Exchange Percentage” means, unless otherwise determined by the
Managing Member: 
 (i) for any Employee Members (other than the Employee Holdco Members) and the Employee Holdco Members with respect to
Units corresponding to any Employee Holdco Member Interests held by Employee Holdco Member Members designated as members of Employee Group A in the Company’s books and records, (A) from the Restatement Date through the first anniversary
thereof, zero percent (0%), (B) from the day following the first anniversary of the Restatement Date through the second anniversary of the Restatement Date, twenty-five percent (25%), (C) from the day following the second anniversary of the
Restatement Date through the third anniversary of the Restatement Date, fifty percent (50%), and (D) from the day following the third anniversary of the Restatement Date, one hundred percent (100%); 

(ii) subject to any further reduction pursuant to Section 9.02(c), for the Employee Holdco Members with respect to
Units corresponding to any Employee Holdco Member Interests held by Employee Holdco Member Members designated as members of Employee Group B in the Company’s books and records, (A) from the Restatement Date through the first anniversary
thereof, zero (0%), (B) from the day following the first anniversary of the Restatement Date through the second anniversary thereof, thirty-five (35%), (C) from the day following the second anniversary of the Restatement Date through the third
anniversary of the Restatement Date, fifty percent (50%), (D) from the day following the third anniversary of the Restatement Date through the fourth anniversary of the Restatement Date, sixty-five percent (65%), (E) from the day following the
fourth anniversary of the Restatement Date through the fifth anniversary thereof, eighty percent (80%), and (F) from the day following the fifth anniversary of the Restatement Date, one hundred percent (100%); 

(iii) for the Employee Holdco Members with respect to Units corresponding to any Employee Holdco Member Interests held by Employee Holdco
Member Members designated as members of Employee Group C in the Company’s books and records, (A) from the Restatement Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the
Restatement Date through the second anniversary thereof, thirty-six percent (36%), (C) from the day following the second anniversary of the Restatement Date through the third anniversary of the Restatement
Date, fifty-two percent (52%), (D) from the day following the third anniversary of the Restatement Date through the fourth anniversary of the Restatement Date, sixty-eight percent (68%), (E) from the day
following the fourth anniversary of the Restatement Date through the fifth anniversary thereof, eighty-four percent (84%), and (F) from the day following the fifth anniversary of the Restatement Date, one hundred percent (100%); 

(iv) for the Employee Holdco Members with respect to Units corresponding to any Employee Holdco Member Interests held by Employee Holdco
Member Members designated as members of Employee Group D in the Company’s books and records, (A) from the Restatement Date through the first anniversary thereof, zero percent (0%), (B) from the day following the first anniversary of the
Restatement Date through the second anniversary thereof, forty-seven percent (47%), (C) from the day following the second anniversary of the Restatement Date through the third anniversary of the Restatement Date, seventy-three percent (73%), and
(D) from the day following the third anniversary of the Restatement Date, one hundred percent (100%); and 

  
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 (v) for the Employee Holdco Members with respect to Units corresponding to any Employee
Holdco Member Interests held by Employee Holdco Member Members designated as members of Employee Group E 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, forty percent (40%), (C) from the day following the second anniversary of the Effective Date through the third anniversary of the Effective Date, sixty
percent (60%), (D) from the day following the third anniversary of the Effective Date, eighty percent (80%), and (E) from and after the day following the fourth 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. 
 “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). 

“Profits Interest” means an interest in the Company that is classified as a partnership profits interest within the meaning
of Internal Revenue Service Revenue Procedures 93-27 and 2001-43 (or the corresponding requirements of any subsequent guidance promulgated by the Internal Revenue
Service or other Law). 
 “Profits Units” means any Profits Interests issued by the Company or such other Units issued by
the Company and designated as “Profits Units.” 
 “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. 

“Record Date” means, with respect to any distribution pursuant to Article V, the Business Day specified by the
Managing Member for purposes of determining the outstanding Units entitled to participate in such distribution. 

  
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 “Redeemable Employee Common Units” means, with respect to any Employee
Member, the number of Common Units held by such Employee Member (or an Employee Holdco Member corresponding to Employee Holdco Member Interests 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 the number of Common Units held by an Employee Holdco Member corresponding to vested Employee Holdco Member Interests 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, PubCo, Manager 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 Common 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 Common 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 (other than Manager) and the members of Manager (other than PubCo in its capacity as a member of Manager). 

“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 the Company, PubCo and other parties thereto. 
 “Restructuring” means the consummation of the transactions
contemplated by the Restructuring Agreement and the UFC Transaction 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. 
 “SL Limited Ownership Minimum” has the meaning set forth in the Stockholders Agreement.

  
 13 

 “SL Member” means 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, SLP
West Holdings Co-Invest II, L.P., a Delaware limited partnership, SLP West Holdings IV, L.P., a Delaware limited partnership, Silver Lake Technology Investors IV (Delaware II), L.P., a Delaware limited
partnership, and Silver Lake Partners IV DE (AIV III), L.P., a Delaware limited partnership and any Permitted Transferee that is an SL Related Entity. Whenever any consent, approval or waiver is to be given under this Agreement by the SL Member,
such consent, approval or waiver shall be given by SLP West Holdings, L.L.C., or any other SL Member designated from time to time by the SL Member. 

“SL Related Entity” means any SL Related Fund, any SL Related Fund Subsidiary and any general partner of a SL Related Fund.

 “SL Related Fund” means a 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 Fund Subsidiary” means 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). For the avoidance of doubt, the SL Member is a SL Related Fund Subsidiary as of the Restatement Date. 

“Stock Exchange” means the New York Stock Exchange. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, by and among PubCo and the other
persons party thereto or that may become parties thereto from time to time, as the same may be amended, restated, supplemented and/or otherwise modified, from time to time. 

“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. 

  
 14 

 “Tax Distribution” means a distribution made by the Company pursuant to
Section 5.03(e)(i) or Section 5.03(e)(ii). 
 “Tax Distribution Amount”
means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for U.S. federal income
tax purposes, allocated to such Member for any fiscal year (or portion thereof) beginning after the consummation of the Restructuring, less prior taxable loss or deductions of the Company allocated to such Member for full or partial fiscal years
commencing on or after the consummation of the Restructuring, in each case, as determined by the Managing Member over (ii) the cumulative Distributions made to such Member after the consummation of the Restructuring pursuant to
Section 5.03 with respect to fiscal years (including any portion thereof) beginning after the consummation of the Restructuring. The Tax Distribution Amount with respect to Manager for a fiscal year shall in no event be
less than an amount that will enable Manager and PubCo to meet both their tax obligations and PubCo’s obligations pursuant to the Tax Receivable Agreement for the relevant fiscal year. The Tax Distribution Amounts of the Members shall be
determined without taking into account the effects of Section 743(b) of the Code. 
 “Tax Rate” means the highest
marginal tax rates for an individual or corporation that is resident in New York City or Los Angeles, California (whichever is highest) applicable to ordinary income, qualified dividend income or capital gains, as appropriate, taking into
account the holding period of the assets disposed of and the year in which the taxable net income is recognized by the Company, and taking into account the deductibility of state and local income taxes as applicable at the time for federal income
tax purposes and any limitations thereon including pursuant to Section 68 of the Code or Section 164 of the Code, which Tax Rate shall be the same for all Members and shall not be less than 45%. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated as or around the date hereof, by and among
PubCo, Manager, the Company and the other parties thereto. 
 “Termination of Service” with respect to an Employee Member
or Employee Holdco Member Member means the date he or she ceases to be an employee or other service provider of PubCo and its Subsidiaries. Manager, 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 or
Employee Holdco Member Member’s employee-employer relationship or consultancy relationship with PubCo 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 PubCo following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). 

“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). 

  
 15 

 “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, Employee Holdco II LLC Agreement, Executive Holdco LLC Agreement, Manager LLC Agreement, Registration Rights Agreement, Restructuring Agreement, Stockholders Agreement, Tax Receivable Agreement, any applicable Vesting Letters
and the UFC Transaction Agreement. 
 “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 (a) 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, (b) (1) any issuance or other transfer of Equity Securities or other interest in an SL Related Fund Subsidiary to any SL Related Entity or in a KKR Related Fund Subsidiary to any KKR Related Entity or (2) any issuance or
other transfer of Equity Securities or other interest (i) in any SL Related Fund or KKR Related Fund, provided, that, to the extent such issuance or other transfer is of a limited partner interest in an alternative investment vehicle, such
transfer must either be to a controlled Affiliate that is beneficially owned by the same Person as the transferor or be made in connection with a corresponding transfer in the bona fide investment fund to which such alternative investment vehicle
relates, or (ii) in any Parent of any SL Related Fund or KKR Related Fund (Parent, for the avoidance of doubt, includes any limited partner, general partner or managing member of any SL Related Fund or KKR Related Fund and any Parent of such
limited partner, general partner or managing member) or (c) may pledge to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or other arrangements, between such third parties (or their
affiliates or designees) and a Member and/or its affiliates or any similar arrangement relating to a financing agreement for the benefit of a Member and/or its affiliates. 

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. 

  
 16 

 “UFC Transaction Agreement” means that certain Transaction Agreement,
dated as of February 16, 2021, by and among the Company, Manager, PubCo and the other parties thereto (as amended, restated, supplemented or otherwise modified from time to time). 

“Units” means Common Units, Profits 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 (directly, or indirectly
through an Employee Holdco Member) that is not “vested” in accordance with such Member’s (or its direct or indirect Transferor’s) applicable Vesting Letter. 

“Unvested Profits Unit” means, on any date of determination, any Profits Unit held by a Member (directly, or indirectly
through an Employee Holdco Member) that is not “vested” in accordance with such Member’s (or its direct or indirect Transferor’s) applicable Vesting Letter. 

“Unvested Unit” means any Unvested Common Unit or Unvested Profits Unit, as applicable. 

“Vesting Letter” means an agreement between a Common Member, Employee Member, Employee Holdco Member, Manager and/or any of
their respective Subsidiaries, as applicable, on the one hand, and the Company and/or an Employee Holdco Member, on the other hand (in each case, as amended from time to time), governing the issuance or other terms of Common Units or Profits Units
or Employee Holdco Member Interests (or any interests which were converted into or exchanged for such Units or Employee Holdco Member Interests), as applicable, to the applicable party. 

(h) Each of the following terms is defined in the Section set forth opposite such term: 

 

					
	Term	  	Section	 
	 ACT
	  	 	8.04	 
	 Agreement
	  	 	Preamble	 
	 Cause
	  	 	13.16	 
	 Certificate
	  	 	Preamble	 
	 Change of Control Exchange Date
	  	 	10.02	(a) 
	 Company
	  	 	Preamble	 
	 Controlled Entities
	  	 	11.02	(c)(ii) 
	 Direct Redemption
	  	 	9.01	(d) 

  
 21 

			
	 Dissolution Event
	  	 12.01(c)

	 Economic Manager Security
	  	 4.01(a)

	 Economic PubCo Security
	  	 4.01(a)

	 Election Notice
	  	 9.01(a)

	 Employee Holdco Member Action
	  	 10.01

	 Employee Holdco Member Interests
	  	 10.01

	 Employee Holdco Member Members
	  	 10.01

	 Employee Holdco Redemption Right
	  	 9.07(a)

	 Employee Member Put Right
	  	 9.07(a)

	 Employee Redemption Price
	  	 9.07(a)

	 Employee Unit Redemption Date
	  	 9.07(a)

	 Employee Unit Redemption Notice
	  	 9.07(a)

	 Employee Unit Redemption Right
	  	 9.07(a)

	 Exchange
	  	 9.02(a)

	 Exchange Date
	  	 9.02(a)

	 Exchange Notice
	  	 9.02(a)

	 Exchange Right
	  	 9.02(a)

	 Exchanged Profits Units
	  	 9.02(a)

	 Exchanging Member
	  	 9.02(a)

	 Expenses
	  	 11.02(c)(ii)

	 Hurdle Amount
	  	 3.01(c)

	 Indemnification Sources
	  	 11.02(c)(ii)

	 Indemnitee-Related Entities
	  	 11.02(c)(ii)(A)

	 Initial Agreement
	  	 Preamble

	 Jointly Indemnifiable Claims
	  	 11.02(c)(ii)(B)

	 Manager
	  	 Preamble

	 Manager Modified Distribution Amount
	  	 5.03(e)(ii)

	 Member Schedule
	  	 3.01(b)

	 Officers
	  	 7.05(a)

	 Permitted Transfer
	  	 8.02

	 Permitted Transferee
	  	 8.02

	 Prior Agreement
	  	 Preamble

	 Process Agent
	  	 13.05(b)

  
 22 

			
	 Proposed Regulations
	  	 6.02(b)

	 PubCo
	  	 Preamble

	 PubCo Approved Recap Transaction
	  	 10.02(b)

	 Redeemed Employee Member
	  	 9.07(a)

	 Redeemed Employee Units
	  	 9.07(a)

	 Redeemed Units
	  	 9.01(a)

	 Redeeming Member
	  	 9.01(a)

	 Redemption
	  	 9.01(a)

	 Redemption Date
	  	 9.01(a)

	 Redemption Notice
	  	 9.01(a)

	 Redemption Right
	  	 9.01(a)

	 Regulatory Allocations
	  	 5.04(c)

	 Restatement Date
	  	 Preamble

	 Short Period 20
	  	 5.03(e)(iii)

	 Specified Covenants
	  	 11.02(a)

	 Transferor Member
	  	 5.02(b)

	 Withholding Advances
	  	 5.06(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, 

  
 23 

 
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 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 Operating Company, 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 December 16, 2013, 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 

  
 24 

 
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. 

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 Partnership Tax Status. The Members intend that the Company shall be treated as a partnership for 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. 

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 (A) an unlimited number of Common Units and
(B) an unlimited number of Profits 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 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. 

  
 25 

 
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 and Profits Units may be subject to vesting and other terms and conditions as set forth in the Vesting Letters. Each
Profits Unit shall be subject to a hurdle amount (the “Hurdle Amount”), which shall be: (i) as of the date hereof with respect to each outstanding Profits Unit, as set forth on the Member Schedule (or in the applicable Vesting
Letter) or, (ii) with respect to each subsequently issued Profits Unit that is intended to constitute a Profits Interest for U.S. federal income tax purposes, an amount not less than the amount determined by the Managing Member to be necessary
to cause such Profits Unit to constitute a Profits Interest, as set forth on the Member Schedule, and (iii) with respect to each subsequently issued Profits Unit that is not intended to constitute a Profits Interest, the amount as determined by
the Managing Member and set forth on the Member Schedule or the applicable Vesting Letter. The Hurdle Amount may be adjusted by the Managing Member in good faith to account for Capital Contributions and distributions made pursuant to
Section 5.03(b). Each subsequently issued Profits Unit that is intended to constitute a Profits Interest shall have an initial Capital Account at the time of its issuance equal to zero dollars ($0.00). 

(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 and Profits Units (taking into account the applicable Hurdle Amounts). 

(e) Unvested Common Units and Unvested Profits 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 and Unvested Profits Units
in accordance with this Agreement and the applicable Vesting Letters. Unvested Common Units and Unvested Profits Units that fail to vest and are forfeited by the applicable Member shall be cancelled by the Company (and corresponding shares of
Class X Common Stock and Class Y Common Stock held by the applicable Member shall be cancelled, in each case 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 and allocations in respect 

  
 26 

 
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, except as explicitly set forth herein, be relieved of all future obligations with 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 to the extent applicable 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,

  
 27 

 
or cause to be delivered, the following to each Member (other than the Employee Holdco Members): 

(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. 
 (d) Tax Returns. 

(i) The Company shall timely cause to be prepared all federal, state, local and foreign tax returns (including information returns) of the
Company and its Subsidiaries, which may be required by a jurisdiction in which the Company and its Subsidiaries operate or conduct business for each year or period for which such returns are required to be filed and shall cause such returns to be
timely filed. Upon request of any Member (other than the Employee Holdco Members), the Company shall furnish to each Member a copy of such tax return. 

(ii) The Company shall furnish to each Member (a) as soon as reasonably practical after the end of each Fiscal Year, all information
concerning the Company and its Subsidiaries reasonably required for the preparation of tax returns of such Members (or any beneficial owner(s) of such Member), including a report (including Schedule K-1),
indicating each Member’s share of the Company’s taxable income, gain, credits, losses and deductions for such year, in sufficient detail to enable such Member to prepare its federal, state and other tax returns; provided, that the
Managing Member shall use commercially reasonable efforts to provide estimates of such information believed by the Managing Member in good faith to be reasonable, (b) as soon as reasonably practical after the close of the relevant fiscal
period, such information concerning the Company as is required to enable such Member (or any beneficial owner of such Member) to pay estimated taxes and (c) as soon as reasonably practical after a request by such Member, such other information
concerning the Company and its Subsidiaries that is reasonably requested by such Member for compliance with its tax obligations (or the tax obligations of any beneficial owner(s) of such Member) or for tax planning purposes. 

(e) Inconsistent Positions. No Member shall take a position on its income tax return with respect to any item of Company income, gain,
deduction, loss or credit that is different from the position taken on the Company’s income tax return with respect to such item unless such Member notifies the Company of the different position the Member desires to take and the Company’s
regular tax advisors, after consulting with the Member, are unable to provide an opinion that (after taking into account all of the relevant facts and circumstances) the arguments in favor of the Company’s position outweigh the arguments in
favor of the Member’s position. 

  
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 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, Manager and their respective Affiliates in
accordance with an equity grant policy adopted by the Company, PubCo and Manager, 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 or Exchanges under Article IX, 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) Manager 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 Manager Common Units (if PubCo issues shares of Class A
Common Stock) or such other Equity Securities of Manager (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 Manager Security”), (ii) the Company shall issue to Manager 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 Manager issues a Manager Common Unit), or such other Equity Securities of the Company
(if Manager issues Economic Manager Securities other than a Manager Common Unit) corresponding to the Economic Manager Security, with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other
economic rights as those of such Economic Manager 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 Manager, and (B) Manager with respect to the corresponding issuance of Manager Common Units or Economic
Manager Securities, if any, shall be concurrently contributed by Manager to the Company. 
 (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 or an Exchange under Article  

  
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IX, 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, including Manager, unless substantially simultaneously therewith (i) Manager or such other Subsidiary issues or sells 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 Manager Common Units or other Equity Securities of Manager or such other Subsidiary with substantially the same rights to
dividends and distributions (including distributions upon liquidation of Manager) and other economic rights as the Equity Securities issued by the Company, and (ii) 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, (i) PubCo or any of its Subsidiaries may not redeem, repurchase or otherwise
acquire any shares of Class A Common Stock unless substantially simultaneously therewith Manager redeems, repurchases or otherwise acquires from PubCo Manager Common Units and the Company redeems, repurchases or otherwise acquires from Manager
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 for the same price per security (or such other price as
determined by the Managing Member in good faith to reflect the respective economic entitlements of the applicable Equity Securities) (or, if PubCo and Manager use funds received from distributions from Manager and the Company, respectively, or the
net proceeds from an issuance of Shares of Class A Common Stock and Manager Common Units, respectively, to fund such redemption, repurchase or acquisition, then the Company shall cancel a corresponding number of Common Units for no
consideration) and (ii) PubCo or any of its Subsidiaries may not redeem or repurchase any other Equity Securities of PubCo unless substantially simultaneously therewith, Manager and the Company redeem or repurchase from PubCo and Manager,
respectively, 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 Equity Securities of Manager and the Company,
respectively, of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation) or other economic rights as those of such Equity Securities of PubCo for the same price per
security (or such other price as determined by the Managing Member in good faith to reflect the respective economic entitlements of the applicable Equity Securities) (or, if PubCo and 

  
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Manager use funds received from distributions from Manager and the Company, respectively, or the net proceeds from an issuance of Equity Securities other than shares of Class A Common Stock
and Manager Common Units, respectively, to fund such redemption, repurchase or acquisition, then the Company shall cancel 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 its corresponding Equity Securities for no consideration). Except as otherwise determined by the Managing Member, the Company may not redeem, repurchase or otherwise acquire Common Units or the
Equity Securities of the Company from PubCo or any of its Subsidiaries, including Manager, unless substantially simultaneously therewith Manager or such other Subsidiary redeems, repurchases or otherwise acquires 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 Manager Common Units or other corresponding Equity Security from PubCo, and PubCo redeems, repurchases
or otherwise acquires 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, Class B
Common Stock or other applicable Economic PubCo Securities for a corresponding price per security from holders thereof (except that if the Company cancels Common Units for no consideration as described in Section 4.02(b)(i)
or (ii), then the price need not be the same). Notwithstanding the immediately preceding sentence, to the extent that any consideration payable to PubCo or Manager or such other Subsidiary of PubCo in connection with the redemption or
repurchase of any shares or other Equity Securities of PubCo or Manager or such other Subsidiary of PubCo, respectively, as applicable, is or consists (in whole or in part) of shares or such other Equity Securities (including, for the avoidance of
doubt, in connection with the cashless exercise of an option or warrant), then redemption or repurchase of the corresponding Equity Securities of the Company shall be effectuated in an equivalent manner (except if the Company cancels Common Units or
other Equity Securities for no consideration as described in this Section 4.02(b)). 
 (c) 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 or Profits Units unless accompanied by a substantively identical subdivision or combination, as applicable, of the
outstanding Equity Securities of Manager (and any other Subsidiary of PubCo that holds Equity Securities of the Company) and PubCo, with corresponding changes made with respect to any other exchangeable or convertible securities. Except as otherwise
determined by the Managing Member, Manager (any other Subsidiary of PubCo that holds Equity Securities of 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 Equity Securities of Manager (or such other
Subsidiary of PubCo), as applicable, unless accompanied by a substantively identical subdivision or combination, as applicable, of the outstanding Common Units or Profits Units and Equity Securities of PubCo, with corresponding changes made with
respect to any other exchangeable or convertible securities. 

  
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 (d) Notwithstanding anything herein or in the Manager LLC Agreement to the contrary, in the
event that PubCo redeems, repurchases or otherwise acquires any shares of Class A Common Stock, Class B Common Stock or Class C Common Stock, (i) the Managing Member and PubCo shall be permitted to cancel for no consideration an
equal number of Manager Common Units held by PubCo and (ii) the Managing Member 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 Common Units, in each case, to the extent the Managing Member determines appropriate to maintain the
ratio between (A) outstanding shares of Class A Common Stock, Class B Common Stock and Class C Common Stock and Manager Common Units held by Persons other than PubCo on the one hand and (B) Common Units held by Manager on
the other hand. In any such event, the Managing Member may also equitably adjust any applicable Hurdle Amount as is necessary or appropriate. 

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 Capital
Accounts. 
 (a) Maintenance of Capital Accounts. The Company shall maintain a Capital Account for each Member on the books of
the Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions: 

(i) Each Member listed on the Member Schedule shall be credited with the Initial Capital Account Balance set forth on the Member
Schedule. The Member Schedule shall be amended by the Managing Member after the closing of the IPO and from time to time to reflect adjustments to the Members’ Capital Accounts made in accordance with
Sections 5.02(a)(ii), 5.02(a)(iii), 5.02(a)(iv), 5.02(c) or otherwise. 
 (ii) To each
Member’s Capital Account there shall be credited: (A) such Member’s Capital Contributions, (B) such Member’s distributive share of Net Income and any item in the nature of income or gain that is allocated pursuant to
Section 5.04 and (C) the amount of any Company liabilities assumed by such Member or that are secured by any Property distributed to such Member. 

  
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 (iii) To each Member’s Capital Account there shall be debited: (A) the amount of
money and the Carrying Value of any Property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of Net Loss and any items in the nature of expenses or losses that are allocated to
such Member pursuant to Section 5.04 and (C) the amount of any liabilities of such Member assumed by the Company or that are secured by any Property contributed by such Member to the Company. 

(iv) In determining the amount of any liability for purposes of subparagraphs (ii) and (iii) above there shall be taken into
account Section 752(c) of the Code and any other applicable provisions of the Code and the Treasury Regulations. 
 The foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such Treasury Regulations. In the event that the Managing Member shall reasonably determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are maintained (including debits or
credits relating to liabilities that are secured by contributed or distributed Property or that are assumed by the Company or the Members), the Managing Member may make such modification so long as such modification will not have any effect on the
amounts distributed to any Person pursuant to Article XII upon the dissolution of the Company. The Managing Member also shall (i) make any adjustments that are necessary or appropriate to maintain equality between
Capital Accounts of the Members and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g), and (ii) make any appropriate
modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b). 

(b) Succession to Capital Accounts. In the event any Person becomes a Substitute Member in accordance with the provisions of this
Agreement, such Substitute Member shall succeed to the Capital Account of the former Member (the “Transferor Member”) to the extent such Capital Account relates to the Transferred Units. 

(c) Adjustments of Capital Accounts. The Company shall revalue the Capital Accounts of the Members in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(f) at the following times: (i) immediately prior to the contribution of more than a de minimis amount of money or other property to the Company by a new
or existing Member as consideration for one or more Units; (ii) immediately prior to the distribution by the Company to a Member of more than a de minimis amount of property in respect of one or more Units; (iii) immediately prior
to the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (iv) in connection with the issuance by the Company of more than a de minimis
amount of Units as consideration for the provision of services to or for the benefit of the Company (as described in Treasury Regulations Section 1.704-1(b)(2)(iv)(f)(5)(iii)); provided,
however, that adjustments pursuant to clauses (i), (ii) and (iv) above need not be made if the Managing Member reasonably determines that such adjustments are not necessary or appropriate to reflect the relative economic interests
of the Members and that the absence of such adjustments does not adversely and disproportionately affect any Member. The Company shall be entitled to take all actions necessary (as determined by the Managing Member) to comply with the provisions of
the Code and Treasury Regulations relating to non-compensatory options. 

  
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 (d) No Member shall be entitled to withdraw capital or receive distributions except as
specifically provided herein. A Member shall have no obligation to the Company, to any other Member or to any creditor of the Company to restore any negative balance in the Capital Account of such Member. Except as expressly provided elsewhere
herein, no interest shall be paid on the balance in any Member’s Capital Account. 
 (e) Whenever it is necessary for purposes of this
Agreement to determine a Member’s Capital Account on a per Unit basis, such amount shall be determined by dividing the Capital Account of such Member attributable to the applicable class of Units held of record by such Member by the number of
Units of such class held of record by such Member, with appropriate adjustments if necessary to reflect the economic differences between Units. 

Section 5.03 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. Subject to Section 5.03(e) and (f), 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 (other than Section 5.03(e) and (f)), (i) no distributions shall be made in respect of any Unvested Units and (ii) distributions shall be made with respect
to a vested Profits Unit if and only if (x) such Profits Unit is entitled to distributions in the applicable Vesting Letter and (y) solely to the extent that the aggregate amount of distributions made by the Company in respect of each
Common Unit that was outstanding on the date of issuance of such Profits Unit (other than Tax Distributions which have not yet been applied against and reduced amounts that would otherwise be payable to the Members (as described in
Section 5.03(e)(iv))) from and after the issuance of any such Profits Unit exceeds the Hurdle Amount of such Profits Unit (and for the avoidance of doubt, such vested Profits Unit shall only be entitled to participate in
the portion of any such distribution that constitutes such excess); provided that, if a Profits Unit is a Catch-Up Unit, then the Managing Member shall, as promptly as reasonably practicable after the Hurdle
Amount of such Catch-Up Unit is satisfied, make adjustments to distributions pursuant to this Section 5.03(b) so that the holder of such
Catch-Up Unit is distributed, on a cumulative basis, the amount to which such Member would have been entitled to in respect of such Catch-Up Unit had the Hurdle Amount
not been in effect and to otherwise equitably account for other distributions made by the Company to its Members after the issuance of such Catch-Up Unit and prior to the time that such Hurdle Amount was
satisfied. Any amounts that are not distributed to holders of such Unvested Units or Profits Units by virtue of the foregoing proviso shall instead be distributed to the Members in accordance with this Section 5.03(b). 

(c) Manager Distributions. Notwithstanding the provisions of Section 5.03(b), the Managing Member, in its
sole discretion, may authorize that (i) cash be paid 

  
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to Manager (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 Manager to the extent
that such cash payment is used to redeem, repurchase or otherwise acquire an equal number of corresponding Equity Securities of Manager from PubCo in accordance with Section 4.02(b) (and used by PubCo to make a
corresponding repurchase of Equity Securities of PubCo in accordance with Section 4.02(b)), 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) (in either case only to the extent economically equivalent Indebtedness or Equity Securities of the Company were not issued to Manager), and payments pursuant to any
legal, tax, accounting and other professional fees and expenses (but, for the avoidance of doubt, excluding any tax liabilities of Manager), (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 by PubCo, as the managing member of Manager and (z) other fees and expenses in connection with the maintenance of the existence of Manager. For the avoidance of doubt, distributions made under 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 clause (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). 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. 

(e) Tax Distributions. 

(i) Notwithstanding any other provision of this Section 5.03 to the contrary (but subject to
Section 5.03(e)(ii)), to the extent permitted by Law and consistent with the Company’s obligations to its creditors as determined by the Managing Member, the Company shall make cash distributions pursuant to this
Section 5.03(e)(i) to each Member at least two (2) Business Days prior to the date on which any U.S. federal corporate estimated tax payments are due, in an amount equal to such Member’s Tax Distribution Amount
(estimated on a quarterly basis by the Managing Member, taking into account estimated taxable income or loss of the Company through the end of the relevant quarterly period). A final accounting for Tax Distributions shall be made after the
allocation of the Company’s actual net taxable income or loss has been determined for a fiscal year (or applicable portion thereof) and any shortfall in the amount of Tax Distributions a Member received for such fiscal year based on such final
accounting shall, to the extent permitted by law and consistent with the Company’s obligations to its creditors as determined by the Managing Member, be promptly distributed to such Member. 

  
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 (ii) To the extent a Member otherwise would be entitled to receive less than its Percentage
Interest (for this purpose, determined solely in respect of Common Units) of the aggregate Tax Distributions to be paid pursuant to this Section 5.03(e) in respect of Common Units (excluding any distribution made pursuant
to Section 5.03(e)(iii)) on any given date, then the Tax Distributions to such Member in respect of its Common Units shall be increased to ensure that all such Tax Distributions made pursuant to this
Section 5.03(e) (excluding any distribution made pursuant to Section 5.03(e)(iii)) are made pro rata in accordance with the Members’ respective Percentage Interests (determined solely
in respect of Common Units). If, on a Tax Distribution date, there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, Tax Distributions pursuant to this
Section 5.03(e) shall be made to the Members to the extent of available funds in accordance with the Tax Distributions that would have been paid to them had no such limitation existed and the Company shall make future Tax
Distributions (pro rata in accordance with the Tax Distributions that would have been paid to the Members had no applicable limitation existed) as soon as funds become available sufficient to pay the remaining portion of Tax Distributions to which
such Members would have been entitled had sufficient funds been available. In addition, notwithstanding the foregoing, to the extent that a Tax Distribution that would be made to Manager exceeds the Manager Modified Distribution Amount, the Managing
Member may reduce the Tax Distribution payable to the Manager in an amount up to the amount of such excess (and, if there are insufficient funds on hand to distribute to the Members other than Manager the full amount of the Tax Distributions to
which such other Members are otherwise entitled, then the Managing Member shall, pursuant to this sentence, reduce the Tax Distribution payable to the Manager in an amount equal to the lesser of (i) the amount of such excess or (ii) the
aggregate amount required to permit the other Members to receive Tax Distributions equal to the amount they would have received under Section 5.03(e)(i) were sufficient cash available to make full Tax Distributions under
such provision, with the amount of any such reduction being paid as Tax Distributions to the other Members pro rata in accordance with the Tax Distributions to which such other Members are otherwise entitled). For purposes of this clause (iv), the
“Manager Modified Distribution Amount” shall mean the Tax Distribution Amount of Manager, adjusted as determined by the Managing Member to (x) reflect the marginal combined corporate income tax rates to which PubCo is subject,
(y) reflect any adjustments with respect to PubCo or Manager pursuant to Section 743(b) of the Code, and (z) include any amounts that PubCo is required to pay pursuant to the Tax Receivable Agreement. Notwithstanding anything else
contained herein, in the event of any PubCo Approved Recap Transaction or any Change of Control involving Units held by a Member (other than Manager), such Member shall be entitled to receive consideration in such transaction worth no less than the
consideration to which such Member would be entitled assuming that its Units (or in the case of Profits Units, New Common Units issuable if such Profits Units were Exchanged) involved in such transaction were Redeemed for shares of Class A
Common Stock pursuant to the terms of this Agreement. 
 (iii) The Members acknowledge and agree that (i) an estimated calculation of
taxable income for 2020 and the portion of 2021 ending on the date of the Restructuring (the “Short Period 2021”) was made by the Company, (ii) based on such estimate, by resolution of the Company, the Company made tax
distributions to its members, (iii) upon a final accounting of taxable income for periods (or portions thereof) ending on or prior to the Restructuring, if the final calculation of taxable income for 2020 and the Short Period 2021 is greater
than the estimate, the Company shall make additional tax distributions that are payable after the date hereof in respect of allocations of such additional taxable income for 2020 and the Short Period 2021 with respect to Units (or predecessor units)
that were held during such period. 

  
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 (iv) Tax Distributions with respect to income or gain allocations made for periods after
the consummation of the Restructuring (or, in the case of Profits Units that were outstanding prior to the Restructuring and remain outstanding as Profits Units after the Restructuring, for periods prior to the consummation of the Restructuring)
shall be treated as advances of amounts otherwise distributable to any Member pursuant to this Section 5.03 (other than this Section 5.03(e)) or Section 12.02(b)(ii), and
accordingly shall be applied against and reduce (without duplication) the next amounts that would otherwise be payable to such Member pursuant to such provisions(provided, that in no event will the distributions payable to Manager in respect
of Units transferred to Manager in connection with a Redemption or Direct Redemption be increased or reduced (as compared to Common Units held by Manager as of the date hereof) as a result of Tax Distributions made (or not made) in respect of such
Units prior to their transfer to Manager in connection with the applicable Redemption or Direct Redemption).
 (f) Limitations in
respect of Profits Units. It is the intention of the parties to this Agreement that distributions to holders of Profits Units be limited to the extent necessary so that each Profits Unit constitutes a Profits Interest, and accordingly, a holder
of a Profits Unit shall not be entitled to receive distributions in respect thereof unless and until the aggregate amount of distributions made by the Company from and after the issuance of any such Profits Unit in respect of a Common Unit that was
outstanding on the date of issuance of such Profits Unit exceeds the Hurdle Amount of such Profits Unit (and for the avoidance of doubt, such Profits Unit shall only be entitled to participate in the portion of any such distribution that constitutes
such excess); provided, however, that a holder of Profits Units may receive distributions under Section 5.03(e) hereof in respect thereof prior to such time as the aggregate amount of distributions made by the
Company from and after the issuance of any such Profits Units in respect of a Common Unit outstanding on the date of issuance of such Profits Unit exceeds the foregoing sum. Any portion of any distribution that is not made to a holder of a Profits
Unit by virtue of this Section 5.03(f) shall instead be distributed to the Members pursuant to Section 5.03(b). 

Section 5.04 Allocations. 

(a) Net Income and Net Loss. Except as otherwise provided in this Agreement, and after giving effect to the special allocations set
forth in Section 5.04(b), Section 5.04(c) and Section 5.04(d), Net Income and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or
credit) of the Company shall be allocated among the Members in a manner such that the Capital Account of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such
Member pursuant to Section 5.03(b) if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Company liabilities were satisfied (limited with respect to each
nonrecourse liability to the Carrying Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 5.03(b), to the Members immediately after making such
allocation (assuming, solely for this purpose that all Unvested Units were fully vested), minus (ii) such Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale
of assets. 

  
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 (b) Special Allocations. The following special allocations shall be made in the
following order: 
 (i) Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(f), notwithstanding any other provision of this Article V, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be
specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury
Regulations Section 1.704-2(g). Allocations pursuant to the immediately preceding sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto.
The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f)(6) and 1.704-2(j)(2). This
Section 5.04(b)(i) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

 (ii) Member Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations
Section 1.704-2(i)(4), notwithstanding any other provision of this Article V, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member
Nonrecourse Debt during any Fiscal Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations
Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the
net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations
Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.04(b)(ii) is intended to comply with the minimum gain chargeback requirement in
Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii) Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described
in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(6),
items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Member as promptly as
possible; provided, that an allocation pursuant to this Section 5.04(b)(iii) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided
for in this Article V have been tentatively made as if this Section 5.04(b)(iii) were not in the Agreement. 

  
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 (iv) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be
specially allocated to the Members in a manner determined by the Managing Member consistent with Treasury Regulations Sections 1.704-2(b) and 1.704-2(c). 

(v) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Member
who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Sections 1.704-2(i)(1)
and 1.704-2(j)(1). 
 (vi) Section 754 Adjustments. (A) To the
extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) to
be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases
the basis of such asset) or loss (if the adjustment decreases the basis of such asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income and Net Loss; and (B) to the extent an adjustment to
the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of such Member’s interest in the Company, the
amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to such
Members in accordance with their interests in the Company in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event
Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (c) Curative
Allocations. The allocations set forth in Section 5.04(b)(i) through Section 5.04(b)(vi) and Section 5.04(d) (the “Regulatory Allocations”) are
intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations
of other items of Company income, gain, loss, or deduction pursuant to this Section 5.04(c). Therefore, notwithstanding any other provision of this Article V (other than the Regulatory
Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s
Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to
Section 5.04. 
 (d) Loss Limitation. Net Loss (or individual items of loss or deduction) allocated
pursuant to Section 5.04 hereof shall not exceed the maximum amount of Net Loss (or individual items of loss or deduction) that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the
end of any Fiscal Year. In the event some but not all of the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of Net Loss (or individual items of loss or deduction) pursuant to
Section 5.04 hereof, the limitation 

  
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set forth in this Section 5.04(d) shall be applied on a Member by Member basis and Net Loss (or individual items of loss or deduction) not allocable to any Member as a
result of such limitation shall be allocated to the other Members in accordance with the positive balances in such Member’s Capital Accounts so as to allocate the maximum permissible Net Loss to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). Any reallocation of Net Loss pursuant to this Section 5.04(d) shall be subject to chargeback pursuant to the curative allocation provision of
Section 5.04(c). 
 Section 5.05 Other Allocation Rules. 

(a) Interim Allocations Due to Percentage Adjustment. If the Members’ interests in the Company change pursuant to the terms of the
Agreement during any Fiscal Year, the amount of Net Income and Net Loss (or items thereof) to be allocated to the Members for such entire Fiscal Year shall be allocated to the portion of such Fiscal Year which precedes the date of such Transfer or
change (and if there shall have been a prior Transfer or change in such Fiscal Year, which commences on the date of such prior Transfer or change) and to the portion of such Fiscal Year which occurs on and after the date of such Transfer or change
(and if there shall be a subsequent Transfer or change in such Fiscal Year, which precedes the date of such subsequent Transfer or change), and the amounts of the items so allocated to each such portion shall be credited or charged to the Members in
accordance with Section 5.04 as in effect during each such portion of the Fiscal Year in question. Such allocation shall be in accordance with Section 706 of the Code and the regulations thereunder and made without
regard to the date, amount or receipt of any distributions that may have been made with respect to the transferred interest to the extent consistent with Section 706 of the Code and the regulations thereunder, and shall be made using any method
permitted by Section 706 of the Code and such regulations as determined by the Managing Member. As of the date of such Transfer, the Transferee Member shall succeed to the Capital Account of the Transferor Member with respect to the transferred
Units. 
 (b) Tax Allocations: Code Section 704(c). In accordance with Section 704(c) of the Code and the
Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any Property contributed to the capital of the Company and with respect to reverse Code Section 704(c) allocations described in Treasury Regulations 1.704-3(a)(6) shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such Property to the Company for federal income tax purposes and its
initial Carrying Value or its Carrying Value determined pursuant to Treasury Regulation 1.704-1(b)(2)(iv)(f) (computed in accordance with the definition of Carrying Value) using the traditional allocation
method under Treasury Regulation 1.704-3(b) and by applying the principles of Treasury Regulation 1.704-3(a)(9) to adjustments made pursuant to Treasury Regulation
1.704(b)(2)(iv)(f). Any elections or other decisions relating to such allocations shall be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this
Section 5.05(b), Section 704(c) of the Code (and the principles thereof), and Treasury Regulation 1.704-1(b)(4)(i) are solely for purposes of federal, state, and local taxes
and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Agreement. 

  
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 Section 5.06 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. 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), for the avoidance of doubt, the Company may withhold amounts from such Member in accordance with Section 5.06(b). 

(ii) After receipt of a written request of any Member or former Member, the Company shall provide such information to such Member and take
such other action as may be reasonably necessary to assist such Member in making any necessary filings, applications or elections to obtain any available exemption from, or any available refund of, any withholding imposed by any taxing authority
with respect to amounts distributable or items of income allocable to such Member hereunder to the extent not adverse to the Company or any Member. In addition, the Company shall, at the request of any Member, make or cause to be made (or cause the
Company to make) any such filings, applications or elections; provided, that any such requesting Member shall cooperate with the Company, with respect to any such filing, application or election to the extent reasonably determined by the
Company and that any filing fees, taxes or other out-of-pocket expenses reasonably incurred and related thereto shall be paid and borne by such requesting Member or, if
there is more than one requesting Member, by such requesting Members in accordance with their Relative Percentage Interests. 
 (b)
Withholding Advances. To the extent PubCo, Manager or the Company is required by Law to withhold or to make tax payments on behalf of or with respect to any Member (e.g., in connection with the delivery of consideration in connection with a
Redemption or Exchange, backup withholding, Section 1445 of the Code, Section 1446 of the Code or any “imputed underpayment” within the meaning of the Code or, in each case, similar provisions of state, local or other tax Law)
(“Withholding Advances”), PubCo, Manager or the Company, as the case may be, may withhold such amounts and make such tax payments as so required. 

(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 (it being understood that no such payment shall increase such
Member’s Capital Account), 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. 

  
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 (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). The obligations of a
Member with respect to the repayment and reimbursement of Withholding Advances will survive the termination, liquidation, winding up and dissolution of the Company and will survive the partial or complete transfer or redemption of a Member’s
interests in the Company. 
 Section 5.07 Tax Proceedings. In representing the Company before any taxing authorities and courts
in tax matters affecting the Company and the Members in their capacity as such, the Company Representative shall, to the extent practicable and permitted under the circumstances, keep the Members promptly informed of any such administrative and
judicial proceedings; provided, that, so long as the Aggregate SL Ownership is equal to or exceeds the SL Limited Ownership Minimum, the SL Member shall (to the extent permitted by applicable Law) be entitled to participate with the Company
Representative in any tax matters that would reasonably be expected to have a material adverse effect, in a materially disproportionate manner on the SL Member (or any beneficial owners of the SL Member) as compared to Holdco (or any beneficial
owners of Holdco). So long as the Aggregate SL Ownership is equal to or exceeds the SL Limited Ownership Minimum, the Company shall not make any tax election or adopt any method of tax allocation in a manner inconsistent with past practice that
would materially affect the SL Member in a materially disproportionate manner as compared to the other Members without the SL Member’s prior written consent. For the avoidance of doubt, nothing in this Section 5.07
shall prevent the Company (or any of its Subsidiaries) from taking actions explicitly provided to be taken by the Company pursuant to this Agreement (including for this purpose making an election pursuant to Section 754 of the Code (or
analogous provisions of state or local Law)). 
 ARTICLE VI 

CERTAIN TAX MATTERS 

Section 6.01 Company Representative. 

(a) The Managing Member is specially authorized and appointed to act as the Company Representative and in any similar capacity under state or
local Law; provided, that the Managing Member may appoint and replace the Company Representative. The Company Representative shall designate a “designated individual” in accordance with Treasury Regulations Section 301.6223-1(b)(3)(i). The Company and the Members (including any Member designated as the Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable
best efforts to cause the Managing Member (or any Person subsequently designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including
(as applicable) by filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d). 

(b) The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional
consultants as it may reasonably deem necessary in the course of fulfilling its obligations as the Company Representative. The Company Representative is authorized to take, and shall determine in its sole discretion whether

  
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or not the Company will take, such actions and execute and file all statements and forms on behalf of the Company that are approved by the Managing Member and are permitted or required by the
applicable provisions of the Partnership Tax Audit Rules (including a “push-out” election under Section 6226 of the Code or any analogous election under state or local tax Law). Each Member
agrees to cooperate with the Company Representative and to use commercially reasonable efforts to do or refrain from doing any or all things requested by the Company Representative (including paying any and all resulting taxes, additions to tax,
penalties and interest in a timely fashion) in connection with any examination of the Company’s affairs by any federal, state, or local tax authorities, including resulting administrative and judicial proceedings. The Managing Member shall have
the authority to amend this Section 6.01 to give effect to the Partnership Tax Audit Rules, and each Member agrees to be bound by the provisions of any such amendment. 

Section 6.02 Section 83(b) Elections. 

(a) Each Member who acquires Units that are subject to a “substantial risk of forfeiture” within the meaning of Code Section 83
at the time of such acquisition shall consult with such Member’s tax advisor to determine the tax consequences of such acquisition and the advisability of filing an election under Code Section 83(b) with respect to such Units. Each Member
who acquires Profits Units that are intended to constitute Profits Interests in accordance with Section 3.01(c) and at the time of such acquisition are subject to a “substantial risk of forfeiture” within the
meaning of Code Section 83 shall make a timely election under Code Section 83 with respect to such Units. It is the sole responsibility of a Member, and not the Company, to file the election under Code Section 83(b) even if such
Member requests the Company or any of its representatives to assist in making such filing. Each Member who files an election under Code Section 83(b) with respect to Units (including each Member who is required to file such an election under
this Section 6.02) shall provide a copy of such election and proof of filing of such election to the Company on or before the due date for the filing of such election. 

(b) The Company and the Manager are authorized to follow the proposed Treasury regulations that were issued on May 24, 2005 regarding
the issuance of partnership equity for services (including Prop. Treas. Reg. §§1.83-3, 1.83-6, 1.704-1, 1.706-3, 1.721-1 and 1.761-1), as such regulations may be subsequently amended (the “Proposed Regulations”), upon the
issuance of a Company interest for services rendered or to be rendered to or for the benefit of the Company or a subsidiary of the Company, until final Treasury regulations regarding such matters are issued. If the Manager determines to follow the
Proposed Regulations, in furtherance of the foregoing, the definition of Capital Accounts and Carrying Value, and the allocations of Net Income and Net Loss set forth in this Agreement, will be made in a manner that is consistent with the Proposed
Regulations. The Manager is expressly authorized by each Member to elect to apply the safe harbor set forth in the Proposed Regulations if the provisions of the Proposed Regulations and the proposed Revenue Procedure described in IRS Notice 2005-43, or provisions similar thereto, are adopted as final (or temporary) regulations. If the Manager determines that the Company should make such election, then the Manager is hereby authorized to amend this
Agreement without the consent of any other Member to provide that (i) the Company is authorized and directed to elect the safe harbor, (ii) the Company and each of its Members (including any person to whom a partnership interest is
transferred in connection with the performance of services) will comply with all requirements of the safe harbor with respect to all Company interests transferred in connection with the performance of services while such election

  
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remains in effect and (iii) the Company and each of its Members will take all actions necessary, including providing the Company with any required information, to permit the Company to
comply with the requirements set forth or referred to in the applicable Proposed Regulations for such election to be effective until such time (if any) as the Manager determines, in its discretion, that the Company should terminate such election.
The Manager is further authorized to amend this Agreement to the extent the Manager determines in its discretion that such modification is necessary or desirable as a result of the issuance of such Treasury regulations relating to the tax treatment
of the transfer of a partnership interest in connection with the performance of services. Notwithstanding anything to the contrary in this Agreement, each Member expressly confirms and agrees that such Member will be legally bound by any such
amendment. 
 ARTICLE VII 

MANAGEMENT OF THE COMPANY 

Section 7.01 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 7.02 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 7.03 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 7.04 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 7.05 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 VIII 

TRANSFERS OF INTERESTS 

Section 8.01 Restrictions on Transfers. 

(a) Except as expressly permitted by Section 8.02, and subject to Section 8.01(b),
Section 8.01(c), Section 8.01(d) and Section 8.01(e), any underwriter lock-up agreement applicable to such Member, any Vesting
Letter and/or any other agreement between such Member and the Company, Manager, 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 VIII 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 IX (to the extent Article IX governs such Transfer of Units). 

(c) Notwithstanding any other provision of this Agreement to the contrary, but subject to Article IX, no Member shall Transfer all or
any part of its Units or any right or economic interest pertaining thereto if such Transfer, in the reasonable discretion of the Managing Member, would cause the Company to (i) be classified as a “publicly traded partnership” as that
term is defined in Section 7704 of the Code and Regulations promulgated thereunder or (ii) fail to qualify for the safe harbor contained in Treasury Regulations Section 1.7704-1(h). 

  
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 (d) Any Transfer of Units pursuant to this Agreement, including this
Article VIII, 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 VIII that may
apply to such Transfer, (i) 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 and (ii) any Transfer of Employee Holdco
Member Interests (as defined below) shall be subject to the restrictions on Transfer applicable thereto pursuant to the Employee Holdco I LLC Agreement, Employee Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable. 

Section 8.02 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, 2022 (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 of Units to any Employee Holdco Member or Employee Holdco Member Member in connection with
(x) the exercise of any repurchase or redemption right in respect of such Units of such Employee Holdco Member or Employee Holdco Member Member pursuant to the terms of the Employee Holdco I LLC Agreement, Employee Holdco II LLC Agreement or
Executive Holdco LLC Agreement, as applicable, (y) the exercise of any right of such Employee Holdco Member or Employee Holdco Member Member to be distributed such Units pursuant to the terms of the Employee Holdco I LLC Agreement, Employee
Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable (including in connection with an Exchange, Redemption or Employee Member Put Right hereunder), or (z) the liquidation, dissolution and/or winding up of any Employee Holdco
Member; 
 (b) Any Transfer of (i) membership interests in an Employee Holdco Member or (ii) Units, in each case, by or on behalf
of an Executive Director (or one of his or her other Permitted Transferees) to its Family Members or Trusts (or back to such executive); 

(c) Any Transfer by any SL Member or any SL Related Entity to any SL Member or any SL Related Entity; 

(d) Any Transfer by any KKR Member or any KKR Related Entity to any KKR Member or any KKR Related Entity; 

(e) Any Transfer pursuant to the terms of Article IX; and 

(f) Any Transfer contemplated by Section 10.02 in connection with a PubCo Approved Change of Control or PubCo
Approved Recap Transaction. 
 Section 8.03 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. 

  
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 Section 8.04 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
            , 2021, 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 THIRD AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF ENDEAVOR OPERATING COMPANY, LLC, AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND ENDEAVOR OPERATING COMPANY, 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 OPERATING COMPANY, LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 

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 IX 

REDEMPTION AND EXCHANGE RIGHTS 

Section 9.01 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, 2022 (unless such time restriction is waived by the Managing Member in its sole discretion with respect to any proposed Redemption; provided that if such restriction is waived by the Managing Member with respect to any
Member, such restriction shall be waived with respect to the SL Member and the KKR Member to the same extent), 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 Common Units) in whole or in part (the “Redemption Right”) at any time and from time to time; provided, that after one hundred eighty (180) days following the
consummation of the IPO and prior to January 1, 2022, the KKR Member 

  
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shall be permitted to elect to make one or more Redemptions over any thirty (30) day period to the extent such Redemptions represent in the aggregate more than two (2) percent (2%) of
the total interests in partnership capital or profits in the Company within the meaning of Treas. Reg. Section 1.7704-1(e)(2); provided, further, that, notwithstanding anything else contained herein, a
Redemption of any Unit(s) contemplated by the preceding proviso, shall not be permitted unless the KKR Member provides the Company with ten (10) days prior written notice of such Redemption and the Company (acting reasonably, and after
consultation with advisors for the KKR Member) has determined in good faith that such Redemption will not cause the Company (x) to fail to qualify for the safe harbor in Treas. Reg.
Section 1.7704-1(j) or (y) otherwise to be treated as a publicly traded partnership (within the meaning of Section 7704 of the Code and the regulations thereunder) (it being agreed that, under
current law and regulations, a “block transfer” within the meaning of Treasury Regulation Section 1.7704-1(e)(2) would not cause the Company to fail to qualify for such safe harbor or to
otherwise be treated as a publicly traded partnership). 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 one (1) 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): 

(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; 
 (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 9.01(a) and the Redeemed Units; and 

  
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 (iii) PubCo shall cancel and retire for no consideration the shares of Class X Common
Stock that were Transferred to PubCo pursuant to Section 9.01(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; 

(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 

  
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 (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 9.01(c), PubCo shall settle such Redemption on the Redemption Date by Transferring the Share Settlement directly to the Redeeming Member in
exchange for the Redeemed Units (a “Direct Redemption”).    In connection with a Direct Redemption, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date), (1)
the Redeeming Member shall Transfer and surrender, free and clear of all liens and encumbrances the Redeemed Units and an equal number of shares of Class X Common Stock to PubCo; (2) PubCo shall Transfer to the Redeeming Member the Share
Settlement; (3) PubCo shall cancel and retire for no consideration such shares of Class X Common Stock; (4) PubCo shall contribute to Manager the Redeemed Units, in exchange for the issuance by Manager to PubCo of a number of Manager
Common Units equal to the number of Redeemed Units and (5) the Company shall register Manager as the owner of the Redeemed Units and, if the Redeemed Units are certificated, shall 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 9.01(d) and the Redeemed Units.
In furtherance of the foregoing, each of the Company, Manager and the Redeeming Member shall take all actions reasonably requested by PubCo to effect the transactions contemplated by this Section 9.01(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 or Manager; 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; provided, further, however, that a Redeeming Member shall be entitled to receive any and all Tax Distributions that such Redeeming Member
otherwise would have received in respect of income allocated to such Member for the portion of any Fiscal Year irrespective of whether such Tax Distribution(s) are declared or made after the Redemption Date. 

(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. 

  
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 Section 9.02 Exchange of Profits Units. 

(a) From and after the later of (i) one hundred eighty (180) days following the consummation of the IPO and
(ii) January 1, 2022 (unless such time restriction is waived by the Managing Member in its sole discretion with respect to any proposed Exchange), and subject to (A) the terms of any Trading Policy (including any Blackout Period
contained therein), (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 and (C) the
limitations set forth in Sections 9.02(b) and 9.02(c), each Member (other than Manager) shall be entitled to cause the Company to exchange (an “Exchange”) its vested Profits Units, in whole or in part (the
“Exchange Right”) at any time and from time to time. A Member desiring to exercise its Exchange Right (an “Exchanging Member”) shall exercise such right by giving written notice (the “Exchange
Notice”) to the Company and PubCo. The Exchange Notice shall specify the number of Profits Units (the “Exchanged Profits Units”) that the Exchanging Member intends to have the Company exchange and a date, not less than two
(2) Business Days nor more than ten (10) Business Days after delivery of such Exchange 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
Exchange Right shall be completed (the “Exchange Date”); provided, that the Company and the Exchanging Member may change the number of Exchanged Profits Units and/or the Exchange Date specified in such Exchange Notice to
another number and/or date by mutual agreement signed in writing by each of them. On the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date): (a) the Exchanging Member shall Transfer and surrender, free
and clear of all liens and encumbrances, the Exchanged Profits Units to the Company, (b) the Company shall (i) cancel the Exchanged Profits Units, (ii) issue to the Exchanging Member the New Common Units applicable to the Exchanged
Profits Units and (iii) if the Exchanged Profits Units are certificated, issue to the Exchanging Member a certificate for a number of Profits Units equal to the difference (if any) between the number of Profits Units evidenced by the
certificate surrendered by the Exchanging Member pursuant to clause (a) of this Section 9.02 and the Exchanged Profits Units and (c) PubCo shall either issue to the Exchanging Member a number of shares of
Class X Common Stock and/or Class Y Common Stock or cancel a number of shares of Class X Common Stock and Class Y Common Stock (and in such event, the Exchanging Member shall surrender to PubCo such shares for cancellation) such
that the number of shares of Class X Common Stock and Class Y Common Stock held by such Exchanging Member immediately after the Exchange on account of the ownership of the New Common Units is equal to the number of such New Common Units
being issued to the Exchanging Member. Upon issuance of the New Common Units, such New Common Units shall immediately be subject to all of the provisions herein applicable to Common Units, including the Redemption provisions contained in this
Article IX, and notwithstanding anything herein to the contrary, immediately upon consummation of any Exchange, the Exchanging Member shall be required to initiate its Redemption Right with respect to the New Common Units received in such
Exchange, and therefore the provisions of the foregoing Section 9.01 shall be deemed to apply as though the applicable Member had sent a Redemption Notice thereunder on the date that it sent the Exchange Notice under this
Section 9.02, such that the Redemption occurs on the same day as, and immediately following, the Exchange. 
 (b)
Exchange Limitation. Notwithstanding Section 9.02(a) but subject to Section 9.02(c), (i) (A) the maximum number of vested Profits Units with respect to which an Employee Member (other
than an Employee Holdco Member) may exercise the Exchange Right at any date equals the product of (x) the Permitted Exchange Percentage, as of such date, and (y) the number of Profits Units held by such Employee Member, less (B) the
number of Profits Units 

  
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held by such Employee Member with respect to which the Exchange Right was exercised prior to such date, and (ii) (A) the maximum number of vested Profits Units corresponding to the Employee
Member Member’s Employee Member Interest with respect to which an Employee Holdco Member may exercise the Exchange Right at any date equals the product of (x) the Permitted Exchange Percentage, as of such date, and (y) the number of
Profits Units held by such Employee Member that correspond to such Employee Member Member’s vested Employee Member Interest, less (B) the number of Profits Units corresponding to such Employee Member Member’s Employee Member Interest
with respect to which the Exchange Right was exercised prior to such date. 
 (c) Holdback Limitation. Notwithstanding anything to
the contrary in this Section 9.02, (i) an Employee Holdco Member may not prior to the Holdback Date exercise the Exchange Right with respect to twenty percent (20%) of the Profits Units corresponding to an Employee Member
Interest held by an Employee Member Member who is designated as a member of Employee Group B in the Company’s books and records and, prior to the Holdback Date, the Profits Units subject to such limitation will reduce the number of Profits
Units taken into account for purposes of Section 9.02(b)(i)(A)(y) and 9.02(b)(ii)(A)(y), and (ii) to the extent an Employee Member Member who is designated as a member of Employee Group B in the Company’s
books and records breaches any restrictive covenants to which he or she is subject for the benefit of the Company or any of its 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 Profits Interests corresponding to the Employee Member Interest held by such Employee Member Member 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 Profits Interests corresponding to the Employee Member Interest held by such Employee Member Member (or a portion thereof) to be cancelled for no consideration. 

Section 9.03 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, including any Redemption of New Common Units that are issuable in connection with any Exchange;
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 IX shall be interpreted and applied in a
manner consistent with any corresponding provisions of PubCo’s certificate of incorporation (if any). 

  
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 (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. 

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

Section 9.05 Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that, in the
event PubCo delivers a timely Election Notice with respect to a Redemption, such Redemption shall be treated as a direct exchange between PubCo and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

Section 9.06 Other Redemption and Exchange 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 

  
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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 9.06(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 9.06(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. 

(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 (including, for the avoidance of doubt, expenses incurred by such Redeeming Member in connection with any Redemption that are invoiced to the Company). 

  
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 Section 9.07 Employee Unit Redemption Right. 

(a) If any Employee Holdco Member elects pursuant to the rights in favor of, and exercisable by, such Employee Holdco Member, the Company,
Managing Member, PubCo or any of their respective Subsidiaries under a Vesting Letter (or is required pursuant to any put right set forth in a Vesting Letter (an “Employee Member Put Right”)) to redeem or repurchase (whether at a
discount or otherwise), or otherwise have forfeited, any Employee Holdco Member Interests held by an Employee Member (other than in connection with a Redemption contemplated by Section 9.01 directly as a result of a request
from an Employee Holdco Member Member to redeem his or her equity interests in the Employee Holdco Member in accordance with Employee Holdco I LLC Agreement or Employee Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable, and
not pursuant to an Employee Member Put Right) (such redemption right, an “Employee Holdco Redemption Right”) and effects all or any portion of such redemption by exchanging Employee Units for Employee Holdco Member Interests held by
such Employee Member (the “Redeemed Employee Member”), then the applicable Employee Holdco Member shall have the right (an “Employee Unit Redemption Right”), exercisable by delivering a written notice to the Company
(an “Employee Unit Redemption Notice”), to require the Company to repurchase any or all of the Employee Units that are transferred to the Redeemed Employee Member by the Employee Holdco Member (the “Redeemed Employee
Units”) at a price per Redeemed Employee Unit equal to the redemption price contemplated by the Employee Holdco Redemption Right (which, for the avoidance of doubt, will take into account any discount set forth in the applicable Vesting
Letter or the Employee Holdco I LLC Agreement, Employee Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable, or otherwise) (the “Employee Redemption Price”). The Employee Unit Redemption Notice shall set forth
the number of Employee Units to be repurchased by the Company and shall include a copy of any notice(s) delivered in connection with the Employee Holdco Redemption Right. The Company shall, promptly after receiving an Employee Unit Redemption
Notice, deliver to the applicable Employee Holdco Member a notice setting forth the Employee Redemption Price to be paid for the Redeemed Employee Units and the date (not later than sixty (60) days after receipt of the Employee Unit Redemption
Notice) and place for the closing of the transaction (such date, the “Employee Unit Redemption Date”). The Company may elect, in its sole discretion, to pay for the Redeemed Employee Units 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; (iii) PubCo’s issuance of Class A Shares (which transaction may, at the election of PubCo, be settled via a direct transfer of such shares to the applicable Member in exchange for the Redeemed Employee Units;
provided, that to the extent that the relevant Employee Redemption Price is less than the fair market value of the Redeemed Employee Units, the applicable Employee Holdco Member shall redeem and cancel a portion of the Employee Units
consistent with the procedure described in the last proviso in this sentence prior to the transfer of PubCo Class A Shares to the Employee Member pursuant to this clause (iii)) or (iv) by offsetting against any indebtedness or obligations
for advanced or borrowed funds owed to the Company, PubCo, Manager, the Employee Holdco Member or any of their respective Affiliates by the applicable Employee Member subject to the Employee Unit Redemption Notice; provided, that if the
Company does not elect a method of payment, the Employee Units shall be paid for in accordance with clause (i); provided further, that in the event the Employee Redemption Price is less than the fair market value of the applicable
Employee Units (i.e., the Employee Units are to be redeemed 

  
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or repurchased at a discount, or otherwise forfeited), and the applicable Employee Holdco Member elects to exercise the Employee Holdco Redemption Right at such Employee Redemption Price by
redeeming and cancelling a portion of the Employee Units for no consideration in accordance with the Employee Holdco I LLC Agreement, Employee Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable, the Company shall cause the
Redeemed Employee Units to be cancelled and retired for no consideration, such that the fair market value of the Employee Units corresponding to the Employee Holdco Member Interests of such Employee Holdco Member Member that are not cancelled and
retired reflects such discount or forfeiture (as provided for in the Employee Holdco I LLC Agreement, Employee Holdco II LLC Agreement or Executive Holdco LLC Agreement, as applicable). For the avoidance of doubt, (x) notwithstanding anything
in this Section 9.07 to the contrary, if an Employee Holdco Member, on the one hand, and an applicable Employee Member, on the other hand, agree that, or it otherwise becomes the case that, the consideration payable by such
Employee Holdco Member to such Employee Member in connection with an Employee Holdco Redemption Right shall be less than one hundred percent (100%) of fair market value of the Employee Units (or corresponding Employee Holdco Member Interests), then
the consideration payable by the Company to the applicable Employee Holdco Member pursuant to this Section 9.07 shall be reduced accordingly so that the Company shall only be obligated to pay a price per Redeemed Employee
Unit equal to the price per corresponding Employee Holdco Member Interest attributable to such Redeemed Employee Unit actually contemplated by the Employee Holdco Redemption Right, and (y) to the extent an Employee Holdco Member exercises the
Employee Unit Redemption Right pursuant to any rights it may have under any Vesting Letter, this Section 9.07 shall apply, regardless of whether or not prior to, on or after the exercise of the Employee Unit Redemption
Right, the Employee Holdco Member Member has submitted a request to effect the Redemption by the Employee Holdco Member contemplated by Section 9.01. 

(b) To the extent the Employee Unit Redemption Right is exercised, on the Employee Unit Redemption Date (to be effective immediately prior to
the close of business on the Employee Unit Redemption Date): 
 (i) after the relevant Employee Holdco Member distributes the Redeemed
Employee Units to the Redeemed Employee Member (x) the Redeemed Employee Member shall Transfer and surrender, free and clear of all liens and encumbrances the Redeemed Employee Units to the Company (including, for the avoidance of doubt, any
such Redeemed Employee Units subject to a discounted repurchase or a forfeiture) and (y) Employee Holdco Member 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. The Employee Holdco Member shall take all actions necessary or appropriate to cause the Redeemed Employee Member to timely complete such Transfer; 

(ii) the Company shall (x) cancel the Redeemed Employee Units, (y) pay to the Redeemed Employee Member the Employee Redemption
Price (except in the case of cancellation and retirement for no consideration described in Section 9.07(a)), and (z) if the Redeemed Employee Units are certificated, issue to the Employee Holdco 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 Holdco Member pursuant to clause (i) of this Section 9.07(b) and
the Redeemed Employee Units; and 

  
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 (iii) PubCo shall cancel and retire for no consideration the shares of Class X Common
Stock that were Transferred to PubCo pursuant to Section 9.07(b)(i)(y) above. 
 (c) Notwithstanding anything
herein to the contrary, all Redeemed 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 Redeemed 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 Section 9.02(c) shall continue to apply to any Employee Units that remain outstanding in respect of such Employee Member. 

ARTICLE X 
 CERTAIN OTHER
MATTERS 
 Section 10.01 Employee Holdco Members. By virtue of their ownership of Equity Securities in the
Employee Holdco Members, the members thereof (the “Employee Holdco Member Members”) indirectly hold interests in the Company (the “Employee Holdco Member Interests”). In applying the
provisions of this Agreement and in order to determine equitably the rights and obligations of each Employee Holdco Member and the Employee Holdco Member Members, the Managing Member, the Company and/or the applicable Employee Holdco Member may
treat (a) the Units held by an Employee Holdco Member as if they were hypothetically directly held by the Employee Holdco Member Members having an indirect economic interest therein and (b) any Employee Holdco Member Member as if it were
hypothetically a Member with a corresponding interest in a proportionate portion of the Units owned by such Employee Holdco Member. Accordingly, with respect to each Employee Holdco Member, upon (i) any issuance of additional Units to such
Employee Holdco Member for the benefit of any Employee Holdco Member Member (or the occurrence of any event that causes the repurchase or forfeiture of any Units), (ii) the Transfer of Units by such Employee Holdco Member or (iii) any
merger, consolidation, sale of all or substantially all of the assets of the Company, issuance of debt or any other similar capital transaction of the Company (each, an “Employee Holdco Member Action”), the Managing
Member, the Company and/or the Employee Holdco Member(s), as applicable, may take any action or make any adjustment with respect to the Employee Holdco Member Interests to replicate, as closely as possible, such Employee Holdco Member Action
(including the effects thereof), and the Members shall take all actions reasonably requested by the Managing Member in connection with any Employee Holdco Member Action and this Section 10.01. 

Section 10.02 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 an Exchange of all of such Member’s vested Profits Units (if any) pursuant to Section 9.02 and, thereafter, a Redemption of all or a portion of such Member’s and all other Members’ Units (including,
but not limited to, any New Common Units received by such Member pursuant to such Exchange and any other 

  
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Common Units otherwise held by such Members) 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 IX (applied for this purpose as if
PubCo had delivered an Election Notice that specified a Share Settlement with respect to such exchanges) and otherwise in accordance with this Section 10.02. Any such exchange pursuant to this
Section 10.02(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 exchange, the “Change of Control Exchange Date”). From and after the Change of Control Exchange Date, (i) the Units and any shares of Class X Common Stock subject to such exchange shall be
deemed to be transferred to PubCo (or, at PubCo’s election, Manager) on the Change of Control Exchange 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 exchange (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 exchange). 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 Exchange 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 10.02 to effect such exchange. 
 (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 

  
 55 

 
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
and Class Y 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 or Class Y Common Stock in connection
therewith. 
 ARTICLE XI 

LIMITATION ON LIABILITY, EXCULPATION 

AND INDEMNIFICATION 

Section 11.01 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. 
 Section 11.02 Exculpation and Indemnification. 

(a) Subject to the duties of the Managing Member and the Officers set forth in Section 7.04 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 

  
 56 

 
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. 

(i) The obligations of the Company under this Section 11.02(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 

  
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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 11.02(c), entitled to enforce this Section 11.02(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 11.02(c) as though each such Controlled Entity was the “Company” under this Agreement. For purposes of this Section 11.02(c), the
following terms shall have the following meanings: 
 (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. 

  
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 ARTICLE XII 

DISSOLUTION AND TERMINATION 

Section 12.01 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;

 (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. 

  
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 Section 12.02 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), subject to
Section 5.03(e). 
 (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 12.02(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 12.02(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. 

Section 12.03 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 XII, and the Certificate shall have been cancelled in the manner required by the
Delaware Act. 
 Section 12.04 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 XIII 

MISCELLANEOUS 

Section 13.01 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. 

  
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 Section 13.02 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 13.03 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 13.04 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 VIII, no Member may assign, delegate or otherwise transfer any of its rights or
obligations under this Agreement without the consent of the Managing Member. 
 Section 13.05 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. 

  
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 (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 13.06 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 13.07 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). 
 Section 13.08
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 13.09 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

  
 62 

 
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 13.10 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 13.11 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 13.12 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 13.13 Attorney-In-Fact. Each Member (other than any Member that is entitled, as of the completion of the IPO, to appoint a director to the executive committee of PubCo
(including, in any event, the SL Member and the SL Related Entities)) 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. 

Section 13.14 Immunity Waiver. Each Member 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 13.15 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 13.08 

  
 63 

 
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 13.16 Agreement of Certain Members. By
accepting the benefits of this Agreement, each Employee Member that is or was an employee or service provider of the Company, PubCo, Manager or any of their respective Affiliates (or is a Member that holds Units Transferred from or on behalf of any
such individual) and each Employee Holdco Member on behalf of any Employee Holdco Member Member that is or was an employee or service provider of the Company or any of its Affiliates (or is an Employee Holdco Member Member 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 Employee 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] 

  
 64 

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

			
	ENDEAVOR OPERATING COMPANY, LLC
		
	By:	 	 /s/ Jason Lublin

	Name: Jason Lublin
	Title:   Chief Financial Officer
	
	ENDEAVOR MANAGER, LLC
		
	By:	 	 /s/ Jason Lublin

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

	Name: Jason Lublin
	Title:   Chief Financial Officer
	
	 /s/ Ariel Emanuel

	Ariel Emanuel
	
	 /s/ Patrick Whitesell

	Patrick Whitesell
	
	ENDEAVOR EXECUTIVE HOLDCO, LLC
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Authorized Signatory
	
	ENDEAVOR EXECUTIVE PIU HOLDCO, LLC
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Authorized Signatory
	
	ENDEAVOR EXECUTIVE II HOLDCO, LLC
		
	By:	 	 /s/ Jason Lublin

	Name:	 	Jason Lublin
	Title:	 	Authorized Signatory
	
	SCC Growth IV Holdco II, Ltd.
		
	By:	 	 /s/ Ip Siu Wai Eva

	Name:	 	Ip Siu Wai Eva
	Title:	 	Authorized Sigantory

  
 [Signature Page to the
Third Amended and Restated 
 Limited Liability Company Agreement of Endeavor Operating Company, LLC] 

			
	HS INVESTMENTS (W) LIMITED
		
	By:	 	 /s/ Ken Wrigley and Anthony Tennant

	Name:	 	Ken Wrigley and Anthony Tennant
	Title:	 	Directors, Director One Limted
	
	HS INVESTMENTS (A) LIMITED PARTNERSHIP
		
	By:	 	 /s/ Ken Wrigley

	Name:	 	Ken Wrigley
	Title:	 	Director of HS Investments (L) Limited acting as General Partner
	
	HS INVESTMENTS NA5 LIMITED
		
	By:	 	 /s/ James Nicolle

	Name:	 	James Nicolle
	Title:	 	Director
	
	NIKESH ARORA - AURORA TRUST
		
	By:	 	 /s/ Nikesh Arora

	Name:	 	Nikesh Arora
	Title:	 	Trustee
	
	WEINER DEROUAUX REVOCABLE TRUST DTD 11/20/2012
		
	By:	 	 /s/ Jeffrey Weiner

	Name:	 	Jeffrey Weiner
	Title:	 	Trustee
	
	MARC ANDREESSEN
		
	By:	 	 /s/ Marc Andreessen

	Name:	 	Marc Andreessen
	
	TONY BATES
		
	By:	 	 /s/ Tony Bates

	Name:	 	Tony Bates
	
	SIXJOY LLC
		
	By:	 	 /s/ Tang Yibin

	Name:	 	Tang Yibin
	Title:	 	Authorized Signatory

  
 [Signature Page to the
Third Amended and Restated 
 Limited Liability Company Agreement of Endeavor Operating Company, LLC] 

			
	SLP WEST HOLDINGS, L.L.C.
	
	By: Silver Lake Partners IV DE (AIV IV), L.P., its managing member
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS II, L.L.C.
	
	By: Silver Lake Partners IV DE (AIV IV), L.P., its managing member
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS III, L.P.
	
	By: SLP West GP Holdings, L.L.C., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO

  
 [Signature Page to the
Third Amended and Restated 
 Limited Liability Company Agreement of Endeavor Operating Company, LLC] 

			
	SLP WEST HOLDINGS IV, L.P.
	
	By: SLP West GP Holdings, L.L.C., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS CO-INVEST, L.P.
	
	By: SLP Co-Invest GP, L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SLP WEST HOLDINGS CO-INVEST II, L.P.
	
	By: SLP Co-Invest GP, L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	SILVER LAKE TECHNOLOGY INVESTORS IV (DELAWARE II), L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO

  
 [Signature Page to the
Third Amended and Restated 
 Limited Liability Company Agreement of Endeavor Operating Company, LLC] 

			
	SILVER LAKE PARTNERS IV DE (AIV III), L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	By: SLTA IV (GP), L.L.C., its general partner
	By: Sliver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Co-CEO
	
	KKR CAGE AGGREGATOR LLC
		
	By:	 	 /s/ Richard Sarnoff

	Name:	 	Richard Sarnoff
	Title:	 	Partner
	
	DAW FAMILY TRUST DATED 09/05/06 (AS AMENDED 05/30/13)
		
	By:	 	 /s/ Dana F. White

	Name:	 	Dana F. White
	Title:	 	Trustee
		
	By:	 	 /s/ Anne L. White

	Name:	 	Anne L. White
	Title:	 	Trustee
	
	DANA AND ANNE WHITE 2012 IRREVOCABLE TRUST DATED 12/31/12 (AS AMENDED 05/30/13)
		
	By:	 	 /s/ Lorenzo J. Feritta

	Name:	 	Lorenzo J. Fertittta
	Title:	 	Trustee
		
	By:	 	 /s/ Dana F. White

	Dana F. White

  
 [Signature Page to the
Third Amended and Restated 
 Limited Liability Company Agreement of Endeavor Operating Company, LLC] 

 Schedule A – Member Schedule 

 

	1.	 Endeavor Manager, LLC 

 

	2.	 Endeavor Executive PIU Holdco, LLC 

 

	3.	 Endeavor Executive II Holdco, LLC 

 

	4.	 Endeavor Executive Holdco, LLC 

 

	5.	 Dana and Anne White 2012 Irrevocable Trust dated 12/31/12 

 

	6.	 DAW Family Trust dated 09/05/06 (as amended 05/30/13) 

 

	7.	 HS Investments (W) Limited 

 

	8.	 HS Investments (A) Limited Partnership 

 

	9.	 HS Investments NA5 Limited 

 

	10.	 KKR Cage Aggregator LLC 

 

	11.	 SCC Growth IV Holdco II, Ltd. 

 

	12.	 Sixjoy LLC 

  

	13.	 Silver Lake Technology Investors IV (Delaware II), L.P. 

 

	14.	 Silver Lake Partners IV DE (AIV III), L.P. 

 

	15.	 SLP West Holdings IV, L.P. 

 

	16.	 SLP West Holdings, L.L.C. 

 

	17.	 SLP West Holdings II, L.L.C. 

 

	18.	 SLP West Holdings III, L.L.C. 

 

	19.	 SLP West Holdings Co-Invest, L.P. 

 

	20.	 SLP West Holdings Co-Invest II, L.P. 

 

	21.	 Ariel Emanuel 

  

	22.	 Patrick Whitesell 

  

	23.	 Dana White 

	24.	 Weiner Derouaux Revocable Trust DTD 11/20/2012 

 

	25.	 Tony Bates 

  

	26.	 Marc Andreessen 

  

	27.	 Nikesh Arora – Aurora Trust

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