Document:

EXHIBIT 10.1

    

     

      

     

      

    

    

    THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of May 8, 2019 (the "Effective Date"), by and between MICHAEL MAGNUSSON (the "Executive"),
      JETFLEET MANAGEMENT CORP., (the "JMC") and AEROCENTURY CORP. (“ACY” or the “Company”). ACY, JMC and Executive may be referred to together as the "Parties." 

    

    

    R E C I T A L S

    

    

    A. Executive and JMC entered into an employment agreement dated September 1, 2016 (the “JMC Employment Agreement”) which provided for Executive’s employment as Managing Director of
        JMC for a three-year term expiring on August 31, 2019.  As part of Executive’s duties, Mr. Magnusson was to act as President of ACY, which, at the time, was managed by JMC pursuant to a management contract.  At all times during the JMC Employment
        Agreement, Executive was compensated solely by JMC and not ACY.

    

    

    B.  On October 1, 2018, ACY acquired JetFleet Holding Corp., the parent corporation of JMC.

    

    

    C. Executive, JMC, and ACY desire that effective as of the Effective Date, the JMC Employment Agreement be terminated and replaced by this Agreement, and that ACY employ Executive
        directly, and direct JMC to make the payroll payments set forth herein.

     

    

    NOW, THEREFORE, in consideration of the mutual covenants
        and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

    

    

    For ease of reference, this Agreement is divided into the following parts, which begin on the pages indicated:

    

    

    FIRST PART:  TERM OF EMPLOYMENT, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING EMPLOYMENT (Sections 1-5, beginning on page 2)

    

    

    SECOND PART:  COMPENSATION AND BENEFITS IN CASE OF ACTUAL OR CONSTRUCTIVE TERMINATION (Section 6, beginning on page 7)

    

    

    THIRD PART:  SUCCESSORS, ARBITRATION, EXECUTIVE REPRESENTATIONS, MISCELLANEOUS PROVISIONS, CODE SECTION 409A, SIGNATURE PAGE (Sections 7-10,
        beginning on page 7)

    

    

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    FIRST PART:  TERM OF EMPLOYMENT, DUTIES AND SCOPE, COMPENSATION AND BENEFITS DURING
        EMPLOYMENT

    

    

    
      	
              1.

            	
              Term of Employment

            

    

    

    

    
      	
              a.

            	
              Basic Rule.  ACY agrees to employ the Executive in the capacity of President and the Executive agrees to such employment.  Executive's employment with ACY on the terms set forth herein shall begin on the Effective Date. 
                  Upon the Effective Date, the JMC Employment Agreement shall be of no further force and effect, and the termination of such Agreement pursuant to the terms of this Agreement shall not entitle Executive or JMC to any remedies for
                  termination or breach as set forth in the JMC Employment Agreement.

            

    

    

    

    
      	
              b.

            	
              Initial Term. ACY agrees to continue the Executive's employment, and the Executive agrees to remain in employment with ACY, from the Effective Date until the earliest of:

            

    

    
      	
              i.

            	
              December 31, 2021 ("Initial Term Expiration Date"); or

            

    

    
      	
              ii.

            	
              The date of the Executive's death or when  the  Executive's  employment
                  expires or terminates pursuant to Subsections (c), (d), (e) or (f) below.

            

    

    

    

    
      	
              c.

            	
              Automatic Extensions.  The term and provisions of this Agreement shall automatically extend for additional one-year periods if Executive remains employed on and after the Initial Term Expiration Date, unless either party
                  notifies the other in writing to the contrary at least 90 days prior to the applicable expiration that it, or he, does not want the term to so extend.  The Initial Term, and if applicable, any automatic extensions pursuant to this
                  subsection (c) is hereinafter referred to as the "Employment Period."

            

    

    

    

    
      	
              d.

            	
              Termination By Company for Cause.  ACY may terminate the Executive's employment at any time for Cause.  For all purposes under this Agreement,
                    "Cause" shall mean (1) a material breach by the Executive of his duties and responsibilities as set forth under this Agreement, resulting from other than the Executive's complete or partial incapacity due to physical or mental
                    disability or impairment, as defined in Section 1(e) below and except as otherwise prohibited by law, (2)a willful act by the Executive that constitutes gross misconduct and that is materially injurious to ACY, a customer of the Company
                    or an employee, officer, shareholder or affiliate of the Company, (3) a willful breach by the Executive of a material provision of this Agreement, (4) a material violation by the Executive of one of ACY’s General Standards of Conduct as
                    set forth in the JMC Employment Handbook (as defined in 2(c) below) and, as adopted by ACY, (5) Executive’s material or habitual neglect of Executive’s duties under this Agreement, including, but not limited to, Executive’s intentional
                    or grossly negligent failure to perform reasonably assigned duties; or (6) a material and willful  violation of a federal or state law or regulation applicable to the business of ACY that is materially and demonstrably injurious to
                    ACY.  No act, or failure to act, by the Executive shall be considered "willful" unless committed without good faith and without a reasonable belief that the act or omission was in ACY’s best interest.  However, if such Cause is
                    reasonably curable, ACY shall not terminate the Executive's employment hereunder unless ACY first gives written notice of its intention to terminate and of the grounds for such termination, and Executive has not, within sixty (60) days
                    following receipt of notice, cured such Cause.  In the event of a termination for Cause by ACY, Executive shall be entitled to receive his salary and benefits through the date of termination.  For avoidance of doubt, ACY will use best
                    efforts to timely and contemporaneously inform Executive of any material

                    or habitual neglect of Executive’s duties under this Agreement, including, but not limited to, Executive’s intentional or grossly negligent failure to perform reasonably assigned duties.

            

    

    

    

    
      	
              e.

            	
              Termination by ACY for Disability. ACY may terminate the Executive's employment for Disability by giving the Executive written notice.  For all purposes under this Agreement, "Disability" shall mean, unless otherwise
                  required by law, any physical or mental incapacitation that results in Executive's inability to perform his duties and responsibilities for ACY, as determined by the Board of Directors of ACY, for a period in excess of 90 consecutive days
                  or for more than 120 days during any consecutive 12 month period, except as otherwise required by federal, state or local law.  Disability will be deemed to have occurred on the 120th day of such inability to perform.  In the
                  event that the Executive resumes the performance of substantially all of the Executive's duties under this Agreement before the termination of the Executive's employment under this Section becomes effective, the notice of termination
                  shall automatically be deemed to have been revoked.  In the event of a termination for Disability by ACY, Executive shall be entitled to receive his salary and benefits through the date of termination.

            

    

    

    

    
      	
              f.

            	
              Termination by Executive For Good Reason.  The Executive may terminate his employment with ACY for Good Reason.  Termination by the Executive for
                    "Good Reason" shall mean one or more of the following undertaken without Executive’s consent:  (i) there is a material and adverse change in
                    Executive's position, duties, responsibilities, or status, following a Change in Control or otherwise; (ii) there is a material reduction in Executive's salary or benefits then in effect, other than a reduction comparable to reductions
                    generally applicable to similarly situated employees of ACY, following a Change in Control or otherwise; or (iii) the Company materially breaches this Agreement.  Executive agrees to deliver to ACY written notice of his termination for
                    Good Reason no later than 30 days after the occurrence of any such event in order for Executive's termination for Good Reason to be effective hereunder; such termination for Good Reason will not be effective until the 30th day following receipt of such written notice by ACY and such termination shall not be deemed to be for "Good Reason" hereunder unless the circumstance giving rise
                    to Executive's Good Reason remains uncured at the end of such 30-day period.  If Executive terminates this Agreement for Good Reason, he is entitled to the payments described in Section 6 below.

            

    

    

    

    For
          purposes of paragraph 1(f) of this Agreement, except as otherwise specified herein, "Change in Control" means:  the consummation of: (1) a liquidation or dissolution of the Company, (2) an agreement for the sale or disposition of or all
        or substantially all of ACY’s assets, (3) a reorganization, merger or consolidation of ACY with any other corporation, or (4) a similar transaction or series of transactions involving ACY, however, if after any of the transactions discussed in (1)
        through (4) of this Section 1(f) the Company's shareholders immediately before the transaction continue to own at least a majority of the voting securities of the new (or continued) entity immediately after the transaction, then (1) through (4) of
        this Section 1(f) will not be considered a Change in Control. 

    

    

    
      	
              2.

            	
              Duties and Scope of Employment.

            

    

    

    

    
      	
              a.

            	
              Scope. ACY agrees to employ the Executive for the Employment Period in the position of President, and shall have the normal duties, responsibilities, functions and authority of such position as directed by ACY’s Board of
                  Directors, including those set forth below, subject to the overall direction and authority of the ACY Board of Directors.  Executive shall be given such duties, responsibilities and authorities as are appropriate to his position
                  including, without limitation:

            

    

    
      	
              ·

            	
              strategic planning and management
                    of all aircraft acquisition, leasing and remarketing activities of ACY and any other agreements entered into by ACY or its subsidiaries for management of aircraft 

            

    

    

    

    
      	
              ·

            	
              overseeing the overall direction of Company growth through financing, business development, strategic
                  positioning, distribution, branding, and day to day operations. Day to day operational duties include, but shall not be limited to, having the final approval in the negotiations of all major contracts, hiring of management and other
                  employees, the creative and business direction of the Company, and, working directly with the Company’s legal counsel, auditors, and other senior management, consultants, brokers and vendors.

            

    

    

    

    
      	
              ·

            	
              as President and Chief Executive Officer of ACY, reporting to the ACY Board of Directors and
                  assuming any responsibilities as designated by the ACY Board of Directors, including review and execution of audit representation letters, review and certification of ACY federal and/or state securities, stock exchange and other
                  administrative filings requiring  execution in Executive's capacity as Chief Executive Officer of ACY; and filling and assuming duties of other officer and director positions at the subsidiaries of ACY as directed by the Board of
                  Directors;

            

    

    

    

    
      	
              ·

            	
              representing ACY at industry conferences worldwide; and

            

    

    

    

    
      	
              ·

            	
              assisting in ACY debt and equity capital raising activities.

            

    

    

    

    
      	
              b.

            	
              Obligations.  During the
                  Employment Period, the Executive shall devote such business efforts and time to the business and affairs of ACY and its subsidiaries as are needed to carry out his duties and responsibilities hereunder, subject to the overall supervision
                  of ACY’s Board of Directors, and shall not accept other employment.  The foregoing shall not preclude Executive from engaging in appropriate civic, educational, charitable or religious activities or from devoting a reasonable amount of
                  time to private investments or from serving on the boards of directors of other entities, as long as such activities and service are disclosed to the Chairman of the Board and do not interfere or conflict with the Executive's
                  responsibilities to ACY.  Executive will perform his duties and responsibilities hereunder to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner and shall comply with the Company’s policies and
                  procedures in all material respects.

            

    

    

    

    
      	
              c.

            	
              Employer Handbook.  Executive shall comply with and be subject to terms of the JMC Employee Handbook, as may be amended from time to time with notice to all employees at ACY’s discretion (the "Handbook"); provided,
                  however, that terms set forth in this Agreement that conflict with terms of the Handbook shall supersede such terms in the Handbook.  Executive hereby acknowledges receipt of such Handbook, and that he has read and reviewed the terms
                  contained therein.

            

    

    

    

    
      	
              d.

            	
              Confidentiality Agreement.  Executive acknowledges that it has read, executed and delivered, and will comply at all times with, the Confidentiality Agreement in the form attached as Exhibit A hereto.

            

    

    

    

    
      	
              e.

            	
              Inventions and Patents.  Executive acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable)
                  that relate to ACY’s or any of its affiliates' actual or anticipated business, research and development or existing or future products or services and that are conceived, developed or made by Executive (1) in the course of Executive's
                  employment with ACY; or (2) during Executive's employment with ACY if related to ACY’s actual or anticipated business, research and development ("Work Product"),

                  belong to ACY or such affiliate. Executive shall promptly disclose such Work Product to ACY and perform all actions requested by ACY (whether during or after the Employment Period) to establish and confirm such ownership (including,
                  without limitation, assignments, consents, powers of attorney and other instruments). Any work product that constitutes a pre-existing invention consistent with California Labor Code Sections 2870 and 2872 or other applicable law is
                  specifically excluded from this provision.  Executive agrees to disclose any such work product prior to beginning employment with ACY and to complete the appropriate forms.

            

    

    

    

    
      	
              f.

            	
              Additional Acknowledgments: Executive acknowledges that the provisions of Sections 2 (d) and 2(e) are in consideration of:
                  (i) employment with ACY and (ii) additional good and valuable consideration as set forth in this Agreement. Executive expressly agrees and acknowledges that the restrictions contained in Sections 2(d) and 2(e) do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive's ability to earn a living. Executive acknowledges that he/she
                  has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement.

            

    

    

    

    
      	
              3.

            	
              Compensation

            

    

    

    

    
      	
              a.

            	
              Base Salary. During the Employment Period, and as compensation for the agreements made by Executive herein and the performance by the Executive of his obligations hereunder, Executive shall earn compensation as set by the
                  Compensation Committee of the Board of Directors of ACY (“Comp Committee”).  On the Effective Date and for the 2019 fiscal year of the Company, Executive shall earn a base salary (“Base Salary”) at the annual rate of $375,000 (the
                  "Initial Base Salary").  Executive’s Base Salary rate for subsequent years shall be determined by the Comp Committee in its sole discretion, but in no event shall the Base Salary be less than $375,000.  The Base Salary specified in this
                  Section 3, together with any increases made in accordance with this Section 3, is referred to in this Agreement as "Base Compensation".  Such Base Compensation shall be payable in accordance with standard payroll procedures and shall be
                  subject to customary withholdings. 

            

    

    

    

    
      	
              b.

            	
              Bonus Compensation. Executive shall earn bonus compensation for any calendar year as set forth in this subsection as follows:

            

    

    

    

    
      	
              i.

            	
              Upon mutual execution of this Agreement, Executive shall be paid a one-time lump sum signing
                  bonus of $75,000.  Executive shall be a participant in any executive cash bonus/long term incentive compensation plan approved by the Board of Directors for certain executive officers and key executives of the Company, with such terms as
                  negotiated in good faith between the Comp Committee and the Executive, including provisions for accelerated vesting upon termination following a Change in Control Provided that other executives under the applicable bonus plan are eligible
                  to receive and are paid a Fixed Bonus (defined below) for the calendar year, Executive shall be entitled to such Fixed Bonus under the following terms and conditions: (i) Executive must be employed on or after September 30 of the
                  qualifying calendar year in order to be eligible for the Fixed Bonus for that year; if Executive’s employment terminates prior to September 30 of the calendar year, regardless of the reason for termination, Executive will not be entitled
                  to the Fixed Bonus for that year; (ii) in the event of a Qualifying Termination (as defined below) that occurs after September 30 but before December 31 of the calendar year, Executive shall be entitled to receive a pro rata proportion
                  (based on percentage of the calendar year that Executive was employed with the Company) of the Fixed Bonus amount under such bonus plan that he would have received had he been employed for the entire calendar year; (iii) if Executive
                  remains employed with the Company on December 31 of the calendar year, Executive will be entitled to receive his entire Fixed Bonus amount for the calendar year regardless of whether Executive’s employment terminates prior to the time of
                  payout of the Fixed Bonus following the end of the bonus plan year.   As used in this Agreement, the term “Fixed Bonus” refers to a non-discretionary cash bonus, the eligibility for, and amount of which, is approved by the Board and is
                  dependent on certain objective factors or company performance targets being met for the entire calendar year.

            

    

    

    

    
      	
              ii.

            	
              In each calendar year, Executive may, but is not required to, receive an
                  additional discretionary bonus, at the total discretion of the Comp Committee.  Upon determination by the Comp Committee of such bonus to be paid, the Company will pay the bonus amount as quickly as possible in lump sum, but no later than
                  March 15th following the end of said calendar year.  If Executive is awarded a discretionary bonus for the final year of the Employment Period, Executive shall still receive such bonus whether or not he is employed with the
                  Company on the date such bonus payment is to be distributed.

            

    

    

    

    
      	
              iii.

            	
              For the avoidance of doubt, any bonus compensation paid pursuant to this subsection 3(b) shall
                  not be deemed a part of Executive's Base Salary, nor constitute an increase in Base Salary for purposes of subsection 3(a) above.

            

    

    

    

    
      	
              4.

            	
              Employee Benefits

            

    

    

    

    
      	
              a.

            	
              Benefits.  During the term of employment under this 
                    Agreement, the Executive shall be eligible to participate in the employee benefit plans and employee compensation and fringe benefit programs maintained by Company, including life, disability, health, accident and other insurance
                    programs for employees and eligible dependents, paid vacations, and similar plans or programs, as set forth in the JMC Employment Handbook, subject in each case to the generally applicable terms and conditions of the plan or program in
                    question and to the discretion and determinations of any person, committee or entity administering such plan or program. Executive will be responsible for all costs related to his/her retirement contributions.

            

    

    

    

    
      	
              b.

            	
              Paid Vacation and Other Vested Benefits Earned under JMC Employment Agreement: Both Company and Executive acknowledge and agree that any
                  accrued paid time off (and any other vested benefits) earned by Executive pursuant to the JMC Employment Agreement shall be transferred to ACY and shall be governed by ACY’s plan going forward.

            

    

     

    
      	
              c.

            	
              Vacation and other Paid Leave: Executive will be entitled to 25 days of vacation per calendar year.  The timing of any vacation should be coordinated with the Board and/or other members of ACY’s executive leadership team
                  to ensure that business needs are adequately addressed during Executive’s absence. Executive will also be entitled to other paid leave as required by federal, state or local law and as set forth in the Company’s policies as in effect from
                  time to time.

            

    

    

    

    
      	
              5.

            	
              Business Expenses and Travel.  During the
                    term of employment under this Agreement, the Executive shall be authorized to incur necessary and reasonable travel, entertainment and other business expenses in  connection  with the  Executive's  duties  hereunder.  The Company shall
                    reimburse the Executive for such expenses upon presentation of an itemized account and appropriate supporting documentation, all in accordance with generally applicable policies established by the Company.  Notwithstanding the Company's
                    corporate travel policy as set forth in the JMC Employee Handbook, flights within North America and flight segments of five hours or less shall be booked in upgrade economy class that provides extra legroom ("Economy Plus").  Flights of
                    greater than five hours will be booked in Economy Plus or Business Class, depending on availability and cost.

            

    

    

    

    SECOND PART:  COMPENSATION AND BENEFITS IN CASE OF TERMINATION

    

    

    
      	
              6.

            	
              Termination By Company Without Cause, Or By Executive For Good Reason.  In the event that, during the term of this Agreement, the Executive's employment terminates in a Qualifying Termination, as defined in Subsection (a),
                  the Executive shall be entitled to receive the payment amounts described in Subsections (b) and (c), on the condition that Executive executes a general release, the content of which will be mutually agreed to between Employer and
                  Executive at the time of the Qualifying Termination, in a form substantially similar to the Severance Agreement and General Release attached as Exhibit B to this Agreement.

            

    

    

    

    
      	
              a.

            	
              Qualifying Termination.  A Qualifying Termination occurs if:

            

    

    
      	
              i.

            	
              The Company terminates the Executive's employment for any reason other than Cause (as
                  described in Section 1(d)) or Disability (as described in Section 1(e)) of this Agreement; or

            

    

    
      	
              ii.

            	
              The Executive terminates his employment with the Company for Good Reason
                  (as described in Section 1(f)).

            

    

    

    

    
      	
              b.

            	
              Severance.  Upon a Qualifying Termination, Executive shall continue to be paid on a semi-monthly basis the Executive's Base Compensation in effect on the date of the employment termination from the date of such Qualifying
                  Termination until the date (“Severance Pay End Date”) that is the earlier of (i) twenty-four months after such Qualifying Termination or (ii) the scheduled expiration date of this Agreement.

            

    

    

    

    
      	
              c.

            	
              Mitigation Obligation.  In the event that a Qualifying Termination occurs, and Executive obtains subsequent employment prior to the Severance Pay End Date, any periodic severance payments described in paragraph 6b that are
                  made after commencement of the subsequent employment (“New Employment Start Date”) shall be reduced by an amount equal to 75% of the base compensation received from Executive's new employer during the period beginning on New Employment
                  Start Date and ending on the Severance Pay End Date.

            

    

    
      
        

    

    

    

    

    

    THIRD PART: SUCCESSORS, EXECUTIVE REPRESENTATIONS, MISCELLANEOUS PROVISIONS, CODE
        SECTION 409A, SIGNATURE PAGE

    

    

    
      	
              7.

            	
              Successors

            

    

    

    

    
      	
              a.

            	
              ACY’s Successors.  ACY shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of ACY’s business and/or assets,
                  by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as ACY would be required to perform it in the absence
                  of a succession.  ACY’s failure to obtain such agreement prior to the effectiveness of a succession shall be a breach of this Agreement and shall entitle the Executive to all of the compensation and benefits to which the Executive would
                  have been entitled hereunder if ACY had involuntarily terminated the Executive's employment without Cause or Disability, on the date when such succession becomes effective. For all purposes under this Agreement, the term "ACY" shall
                  include any successor to ACY's business and/or assets that executes and delivers the assumption agreement described in this Subsection (a) or that becomes bound by this Agreement by operation of law.

            

    

    

    

    
      	
              b.

            	
              Executive's Successors.  This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive's personal or legal representatives, executors, administrators,
                  successors, heirs, distributees, devisees, and legatees.

            

    

    

    

    
      	
              8.

            	
              Executive Representations.  Executive hereby represents and warrants to ACY that (i) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a
                  default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he or she is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete agreement, or
                  confidentiality agreement with any other person or entity (other than a Nondisclosure Agreement with Executive's prior employer, the terms of which he has disclosed to ACY and which he does not expect to materially interfere with the
                  performance of his obligations hereunder) and (iii) upon the execution and delivery of this Agreement by ACY this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms.  Executive
                  hereby acknowledges and represents that he has had the opportunity to consult with independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained
                  herein.

            

    

    

    

    
      	
              9.

            	
              Code Section 409A

            

    

    

    

    
      	
              a.

            	
              The parties hereto intend that all benefits and payments to be made to the Executive hereunder
                  will be provided or paid to him in compliance with all applicable provisions of Code Section 409A. This Agreement shall be construed and administered in accordance with such intent. If any provision of this Agreement (or of any award of
                  compensation) would cause Executive to incur any additional tax or interest under Code Section 409A, the Parties will negotiate in good faith to amend this Agreement as necessary to comply with Section 409A in a manner that preserves the
                  original intent of the Parties to the extent reasonably possible.  No action or failure to act, pursuant to this Section 9, shall subject ACY to any claim, liability, or expense, and the Company shall not have any obligation to indemnify
                  or otherwise protect the Executive from the obligation to pay any taxes pursuant to Section 409A of the Code.

            

    

    

    

    
      	
              b.

            	
              A termination of employment shall not be deemed to have occurred for purposes of any provision
                  of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Code Section 409A upon or following a termination of employment unless such termination is also a
                  "separation from service" within the meaning of Code Section 409A, and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service."
                  The determination of whether and when a separation from service has occurred for purposes of this Agreement shall be made in accordance with the presumptions set forth in Section 1.409A-1(h) of the Treasury Regulations.

            

    

    

    

    
      	
              c.

            	
              For purposes of Section 409A, each payment made after termination of employment, including any
                  COBRA continuation reimbursement payments, will be considered one of a series of separate payments.

            

    

    

    

    
      	
              d.

            	
              Any amount that the Executive is entitled to be reimbursed under this Agreement that may be
                  treated as taxable compensation, including any gross-up payment, will be reimbursed to the Executive as promptly as practical and in any event not later than the end of the calendar year following the calendar year in which the expenses
                  are incurred. The amount of the expenses eligible for reimbursement during any calendar year will not affect the amount of expenses for reimbursement in any other calendar year, except as may be required pursuant to an arrangement
                  providing for the reimbursement of expenses referred to in Section 105(b) of the Code.

            

    

    

    

    
      	
              e.

            	
               Unless this Agreement provides a specified and objectively determinable payment schedule to
                  the contrary, to the extent that any payment of Base Salary, Base Compensation, or other compensation is to be paid for a specified continuing period of time beyond the date of termination of the Executive's employment in accordance with
                  the Company's payroll practices (or other similar term), the payments of such Base Salary, Base Compensation, or other compensation shall be made on a semi-monthly basis.

            

    

    

    

    
      	
              10.

            	
              Miscellaneous Provisions

            

    

    

    

    
      	
              a.

            	
              Amendment and Waiver.  No provision of this Agreement shall be modified, waived, or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer
                  of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision
                  or of the same condition or provision at another time.

            

    

    

    

    
      	
              b.

            	
               Complete Agreement. This Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior
                    understandings, agreements or representations by or among the parties (whether written or oral, and whether express or implied), which may have related to the subject matter hereof in any way.

            

    

    

    

    
      	
              c.

            	
              Choice of Law. The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of California.

            

    

    

    

    
      	
              d.

            	
              Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal
                  or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed,
                  construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.  In the event any ruling of any court or governmental authority calls into question the validity of any
                  portion of this Agreement, the parties hereto shall consult with each other concerning such matters and shall negotiate in good faith a modification to this Agreement which would obviate any such questions as to validity while preserving,
                  to the extent possible, the intent of the parties and the economic and other benefits of this Agreement and the portion thereof whose validity is called into question.

            

    

    

    

    
      	
              e.

            	
              Arbitration.  Any dispute or controversy arising out of the Executive's employment relationship with ACY, or the termination thereof, or the
                    validity, enforcement, or breach of this Agreement (including this section) shall be resolved by binding  arbitration, in accordance with the then-applicable National Employment Dispute Resolution rules ("Rules") of the American
                    Arbitration Association (which can be viewed at www.adr.org/aaa/faces/rules), provided, however, that nothing in this arbitration
                  provision shall prevent either the Executive or the Company from seeking interim or temporary injunctive or equitable relief from a court of competent jurisdiction pending arbitration, nor shall this Section 11(e) require arbitration of disputes or claims that are excluded from coverage by law. The arbitration shall take place in the San Francisco Bay Area, California, and, notwithstanding anything to the contrary in the Rules, shall be conducted by one
                    (1) arbitrator.  The arbitrator shall be chosen in accordance with the selection procedures set forth in the Rules.  Judgment may be entered on the arbitrator's award in any court having jurisdiction. ACY and Executive agree that any
                    dispute in arbitration will be brought on an individual basis only, and not on a class, collective, or representative basis on behalf of others (this specific agreement to be referred to as the “Class Action Waiver.”)  The Class Action
                    Waiver does not apply to any claim that Executive brings on behalf of both himself and others under the California Private Attorneys General Act.

            

    

    

    

    
      	
              f.

            	
               Attorneys' Fees.  If any action is brought to enforce the rights and obligations set forth herein, the prevailing party shall be entitled to
                    receive all of the fees and costs, including reasonable attorneys' fees, incurred in the action.  Any fees and costs awarded under this provision shall be in addition to any other relief awarded to the prevailing party.

            

    

    

    

    
      	
              g.

            	
              Assignment.  This Agreement is binding upon and shall be for the benefit of the successors and assigns of the Company, including any
                  corporation or any other form of business organization with which the Company may merge or consolidate, or to which it may transfer substantially all of its assets.  The Executive shall not assign his interest in this Agreement or any
                  part thereof.

            

    

    

    

    
      	
              h.

            	
               Employment Taxes.  All payments made pursuant to this Agreement shall be subject to withholding of applicable taxes.

            

    

    

    

    
      	
              i.

            	
              Counterparts:  This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

            

    

    

    

    
      	
              j.

            	
              Notices.  Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed by first class mail, return receipt requested, or emailed at the following address

            

    

    

    

    To Executive:

    Michael Magnusson

    Two Clark Drive, Apt. 217

    San Mateo, CA 94401

    

    

    To ACY or JMC:

    Chairman of the Board of Directors

    AeroCentury Corp.

    1440 Chapin Avenue #310,

    Burlingame, CA 94010

    

    

    Any
          notice under this Agreement shall be deemed to have been received when personally delivered or  three (3) days after it is sent via email or deposited in the U.S. mail, as specified above.  Either party may change its address for notices
        by giving notice to the other party in the manner specified in this Section.

    

    

    [remainder of page intentionally blank]

    
      
        

    

    

    

    

    

    IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its
        duly authorized officer, as of the day and year first above written.  Executive represents that he has consulted (or has had the opportunity to consult) with his own counsel prior to execution of this Agreement.

    

    

    

    

    EXECUTIVE

    MICHAEL MAGNUSSON

    

    

    ________________________________

    

    

    COMPANY

    AEROCENTURY CORP.

    

    

    ________________________________

    By:  Toni M. Perazzo, Sr. Vice President - Finance

    

    

    JMC

    _______________________________

    By: Michael G. Magnusson, Managing Director

    

    

    

    

    
      
        

    

    

    

    

    

    

    

    ATTACHMENT A

    EXECUTIVE CONFIDENTIALITY AGREEMENT

    

    

    ("Executive") in consideration of his employment by AeroCentury Corp. (“ACY”)
        represents and agrees with ACY as follows:

    

    

    1. Executive understands that the ACY is engaged in a continuing business of aircraft leasing businesses. Executive further understands that in his position with ACY he will have
          access to and, in some cases, develop or derive confidential and proprietary information of ACY, its clients and business associates.

    

    

    2. Executive understands and acknowledges that his employment by ACY creates a fiduciary relationship of confidence and trust with respect to all proprietary business information
          of a confidential nature that may be disclosed to him or developed or derived by him which relates to the business of ACY, its customers and its business associates. Such proprietary, confidential business information is the property of the
          Company, its clients and/or its business associates and includes but is not limited to product, research and investment plans, inventions, formulas, processes, technology, designs, business strategies, financial information, marketing and
          advertising materials, sales and profit figures, other Executives' personnel information, customer or client identifying information (including but not limited to customer lists),   particular customer or client requirements, business forecasts,
          and other technical and business information, except as may be required by law.

    

    

    3. At all times, both during his employment and after its termination, Executive agrees to keep and hold all proprietary, confidential business information in strict confidence
          and trust, and agrees not to use or disclose any such proprietary, confidential business information without the prior written consent of ACY, except as may be required to perform his work for ACY or required by law. Upon termination of his
          employment with ACY, for whatever reason, Executive agrees to promptly deliver to ACY all documents and materials of whatever nature belonging to ACY which pertain to his work at ACY and agrees further that he will not take with him any documents
          or materials or copies thereof containing any proprietary, confidential business information.

    4.    Executive acknowledges that in the event of breach or threatened breach of
        this Confidentiality Agreement by him, ACY may suffer irreparable harm and will therefore be entitled to injunctive relief to enforce this Agreement, and in the event ACY prevails in any proceeding in connection therewith, Executive agrees to pay
        to ACY all costs and expenses including reasonable attorney's fees incurred in connection therewith.

     

    5. This Agreement will be governed and interpreted in accordance with the laws of the State of California.

    

    

    AEROCENTURY CORP. EXECUTIVE

    

    

    __________________________ _________________________________

    BY:  Sr. Vice President, Finance Michael Magnusson

     

     

    
      
        

    

    

    

    

    

    EXHIBIT B

    FORM OF SEPARATION AGREEMENT

    

    

    SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

    This Separation Agreement and Release of All Claims ("Separation Agreement") is made and entered into by
        and between MICHAEL MAGNUSSON, an individual residing at 2 Clark Drive, Apt. 305, San Mateo CA 94401.  ("Executive") and AEROCENTURY CORP. a corporation with its principal place of business at 1440 Chapin Avenue, Suite 310, Burlingame, CA 94010 
        ("Employer" or "Company") to establish the terms and conditions of Executive's separation from Employer.  Executive and Employer hereby agree as follows:

    

    

    1.  Separation Date.  Executive's employment with the Company will cease on [  ] ("Separation Date").  Executive hereby resigns, effective as of the Separation Date, as an Executive of the Company.

    2.  Compensation.  Executive has been paid all salary, accrued vacation, and other benefits due to Executive through the Separation
          Date.  The Company will reimburse Executive for his final expenses in the amount of [  ] within five (5) business days of the receipt of this signed Separation Agreement.

    3.  Separation Payment.  Employer agrees to pay Executive on a semi-monthly basis Executive's Base Salary in effect on the
          Separation Date, [specify amount] for the period of time from the Separation Date until December 31, 2021, which is the end of the term  specified in Executive's Agreement to which this Separation Agreement is attached.  Accordingly, Employer
          will pay [specify how many months between separation and such end of term] base salary, [specify amount to be paid twice a month based on Base Salary in effect at time of separation] per month, totaling the gross sum of $ [    ], reduced by all
          legally required and previously authorized deductions and withholdings  ("Separation Pay").  The Company's obligation to provide Executive with the Severance Pay shall be suspended until the expiration of the seven-day revocation period described
          in section 17(g).

    4.  Health Insurance.  Executive acknowledges that his eligibility to participate in Employer's current group health insurance policy will cease on the last day of the calendar month in with the
          Separation Date occurs.  Any employer contributions to Executive's group health insurance will cease as of the Separation Date.  Executive understands that after such date, he may have rights under the Consolidated Omnibus Budget Reconciliation
          Act of 1985 ("COBRA") that allow him to continue participating in Employer's health plan. Executive acknowledges that nothing in this section 4 shall prohibit Employer from changing, withdrawing, or in any way modifying its group health plans,
          and nothing herein shall be construed as a guarantee of payment of any particular claim submitted by Executive to such plans.

    5. Sole Consideration.  It is understood and agreed that the Separation Pay constitute(s) the sole consideration
          for and settlement in full of any and all potential claims by Executive against Employer and that Executive would not be entitled to receive any portion of the sums set forth in section 3 above absent this Separation Agreement.

    6.  Executive’s Release.  The parties understand and agree that this Separation Agreement resolves and settles all obligations and
          differences between Employer and its past and present owners, partners, investors, officers, directors, stockholders, affiliates, predecessors, successors, assigns, agents, employees, representatives and attorneys (the "Released Parties") on the
          one hand, and Executive, and for each of Executive's past and present agents, assigns, transferees, heirs, spouses, relatives, executors, attorneys, administrators, employees, predecessors, affiliates, successors, insurers, and representatives
          ("Releasors") on the other hand, arising out of Executive's employment with Employer and the cessation of that employment.  This is a compromise settlement of all claims and therefore does not constitute an admission of liability on the part of
          the Releasees or Executive, or an admission, directly or by implication, that the Releasees or Executive have individually or collectively violated any law, rule, regulation, contractual right or any other duty or obligation.   Releasors
          irrevocably and unconditionally waive, release and forever discharge, the Releasees from all claims for relief, causes of action and liabilities, known or unknown, that Releasors have or may have against any of the Releasees individually and/or
          collectively, arising out of, relating to, or resulting from, any events occurring prior to the execution of this Separation Agreement including, but not limited to, any claims for relief, causes of action and liabilities arising out of, relating
          to, or resulting from, Executive's employment with Employer or the cessation of that employment.  Nothing contained herein or elsewhere in this Separation Agreement shall constitute any release or waiver by Executive of any rights to seek
          specific performance of any provision of this Separation Agreement or to bring any action or claim based on any breach of any covenant contained in this Separation Agreement.

    7.  Executive's Waiver of Potential and Actual Claims.  It is understood and agreed that the total amount specified in paragraph 3
          above, constitutes the sole consideration for and settlement in full of any and all claims by Executive against the Released Parties, including claims for costs and attorneys' fees.  It is expressly understood by Executive that among the various
          rights and claims being waived in this release are all claims for breach of any implied or express contract or covenant; claims for promissory estoppel; claims of entitlement to any pay (other than the consideration promised in paragraph 3);
          claims of wrongful denial of insurance and employee benefits, including, but not limited to claims for benefits or monies under Employer's benefit plans or any other plan; claims for wrongful termination, public policy violations, defamation,
          invasion of privacy, fraud, misrepresentation, emotional distress or other common law or tort causes of action; claims of harassment, retaliation or discrimination under federal, state, or local law; claims based on any federal, state or other
          governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, the Civil Rights Act of 1871, the Civil Rights Act of 1991, the Americans with
          Disabilities Act, the Family and Medical Leave Act, the National Labor Relations Act, the Older Worker's Benefit Protection Act, the Employee Retirement Income Security Act, the Age Discrimination in Employment Act of 1967, 29 U.S.C.  § 621, et
          seq., the California Fair Employment and Housing Act, the California Family Rights Act, the California Constitution, and/or the California Labor Code, including wage and hour issues and claims arising under Labor Code Section 132a.  This
        release does not affect vested retirement benefits, benefits to which Executive is entitled under COBRA, any claims for workers’ compensation benefits, or any other claims that cannot be released or waived as a matter of law. This includes the
        right to file a charge with any administrative agency (such as the U.S. Equal Employment Opportunity Commission or state fair employment practices agency), provide information to an agency, or otherwise participate in an agency investigation or
        other administrative proceeding. however, Executive does waive and release Executive's
          right to any monetary recovery or other personal relief should the EEOC or any other agency pursue claims on Executive's behalf.  This release also does not apply to any claim brought to challenge the validity of this Separation Agreement under
          the ADEA, to enforce the terms of this Separation Agreement, or for claims that arise under the ADEA after the Separation Agreement becomes effective pursuant to section 17(g).  The parties acknowledge that Executive may be required to respond to
          subpoena(s) to the extent required by law and Executive agrees that Executive will give prompt written notice to Employer at such time that such involvement is requested of Executive.

    8.  Waiver Under CCP § 1542.  Executive waives all rights under § 1542 of the California Civil Code, which section has been fully
          read and understood by Executive or explained to him by his counsel.  Section 1542 provides as follows:

    

    

    A general release does not extend to claims that the creditor or releasing party does
        not know or suspect to exist in his or his favor at the time of executing the release, that if known by him or his must have materially affected his or his settlement with the debtor or released party.

    

    

    9.  Confidential Information Obligation.  Executive agrees that he will keep confidential all matters, documents and information
          disclosed to him by the Employer or to which he has or had access and will not at any time disclose such materials and information to third parties or use or attempt to use any such materials and information in any manner which may injure or
          cause loss or may be calculated to injure or cause loss, whether directly or indirectly, to the Employer.  By the Separation Date, Executive shall return to Employer, and will not retain any copies of, all documents, information and other
          property of Employer or Employer's customers or partners in his possession or control, including, but not limited to: files, notes, memoranda, correspondence, agreements, draft documents, notebooks, logs, drawings, records, plans, proposals,
          reports, forecasts, financial information, specifications, computer-recorded information, tangible property and equipment, credit cards, entry cards, identification badges and keys, and any materials of any kind that contain or embody any
          proprietary or confidential information of Employer or Employer's customers or partners (and all reproductions thereof in whole or in part).  Executive agrees to make a diligent search for any documents, information and property (as described
          above) in his possession or control prior to the Separation Date.  Nothing in this Separation Agreement shall prohibit Executive from publicly disclosing that he worked for the Company and to publicly disclose the work he performed, services he
          provided and accomplishments he achieved while working for the Company.

    

    

    10.  Nondisparagement.  The parties agree that they will not, at any time now or in the future, disparage or discredit the other or
          any of Employer's directors, officers and employees in any communication.

    11.  References and Employment Verification.  Executive agrees that he will direct all requests for verification of his employment
          with Employer to Toni Perazzo at Employer.  Employer agrees that it will instruct Toni Perazzo and any successor to the position Perazzo currently holds, to respond to inquiries regarding Executive's employment with Employer by giving the dates
          of Executive's employment with Employer and the last position held by Executive.  If Employer is required by law to provide other or different information regarding Executive's employment with Employer, nothing in this Separation Agreement will
          require Employer to violate that legal requirement.  In the event Executive directs any request for information regarding his employment with Employer to anyone other than Toni Perazzo or his successor, Employer will not be legally responsible
          for any responses to said information request(s).

    

    

    12.  Attorneys' Fees.  It is fully understood and agreed that each party shall pay that party's own attorneys' fees and costs, if
          any.

    

    

    13.  Arbitration.  It is understood and agreed that if, at any time, a violation of any term of this Separation Agreement is
          asserted by any party hereto or any dispute arises hereunder or related hereto, the parties shall submit such dispute to binding arbitration before a sole arbitrator in the San Francisco Bay Area, California.  Such arbitration shall be governed
          by the American Arbitration Association's National Rules for the Resolution of Employment Disputes, which can be viewed at www.adr.org/aaa/faces/rules.  The prevailing party shall be entitled to recover its reasonable costs and attorneys' fees. 
          The parties agree that judgment upon any such award may be ordered in a court properly having jurisdiction over such claims.

    

    

    14.  Governing Law.  This Separation Agreement shall be interpreted, enforced and governed by the laws of the State of California
          without reference to conflicts of laws principles.

    

    

    15.  Waiver of Age Claims under the Age Discrimination in Employment Act (ADEA).  Executive fully understands, acknowledges and
          agrees that he:

    

    

    
      	
              a)

            	
              is granted a full twenty one (21) days within which to consider this Separation Agreement
                  before executing it;

            

    

    
      	
              b)

            	
               has carefully
                    read and fully understands all of the terms and provisions of this Separation Agreement;

            

    

    
      	
              c)

            	
               is, through this
                    Separation Agreement, releasing the Released Parties from any and all claims he may have against any of the Released Parties;

            

    

    
      	
              d)

            	
               knowingly and
                    voluntarily agrees to all of the terms and provisions of this Separation Agreement;

            

    

    
      	
              e)

            	
               knowingly and
                    voluntarily intends to be legally bound by all of the terms and provisions of this Separation Agreement;

            

    

    
      	
              f)

            	
              was advised to, and has been given an opportunity to, consult an attorney of his choice before
                  executing this Separation Agreement;

            

    

    
      	
              g)

            	
               has a period of
                    seven (7) days following his execution of this Separation Agreement to revoke this Separation Agreement and has been and hereby is advised in writing that this Separation Agreement will not become effective and enforceable until the
                    revocation period has expired; and

            

    

    
      	
              h)

            	
               understands that
                    any claims under the Federal Age Discrimination in Employment Act of 1967, 29 U.S.C.  § 621 et seq., that may arise after the date this Separation Agreement is executed by Executive are not waived.

            

    

    

    

    15. Informed and Voluntary Execution of
          Separation Agreement.  Executive acknowledges and agrees that (i) he has been advised that this Separation Agreement is a final and binding legal document, (ii) he has had reasonable and sufficient opportunity to consult with an
        independent legal representative of his own choosing before signing this Separation Agreement, (iii) he has either (A) so consulted with such an independent legal representative of his own choosing or (B) freely, independently and voluntarily
        declined to do so, and (iv) in signing this Separation Agreement he has acted voluntarily of his own free will and has not relied upon any representation made by the Employer regarding this Separation Agreement's subject matter or its effect.

    

    

    16.  No Assignment of Claims. Executive represents and warrants that he has not transferred or assigned to any person or entity any
          rights, claims and/or causes of action released herein.

    

    

    17.  Successors. It

          is understood and agreed that this Separation Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, administrators, representatives, including, but not limited to, attorneys, executors, successors, and
          assigns.

    

    

    18.  Severability. The parties agree that if any provision of this Separation Agreement is declared or determined by any court of
          competent jurisdiction to be illegal, invalid, or unenforceable, the legality, validity, and enforceability of the remaining parts, terms, or provisions shall not be affected thereby, and said illegal, unenforceable or invalid part, term, or
          provision shall be deemed not to be part of this Separation Agreement.

    

    

    19.  Ambiguity. It is agreed
          that the general rule pertaining to the construction of contracts, that ambiguities are to be construed against the drafter, shall not apply to this Separation Agreement.

    

    

    20.  Entire Separation Agreement.Except as specifically stated herein, this Separation Agreement sets forth the entire Separation
          Agreement between the parties relating to the rights herein and the obligations herein assumed, and supersedes any and all previous negotiations, separation agreements and/or understandings of any kind relating to the subject matter hereof.  Any
          oral representations or modifications concerning this Separation Agreement shall be of no force or effect.  This Separation Agreement can be modified only in the form of a writing signed by both parties hereto.

    

    

    21.  No Claims.The Company represents that it is not aware of any claims it may have against Executive.

    

    

    HAVING READ the foregoing, consisting of this and _____ other typewritten pages, the parties hereby voluntarily sign below
        and execute this Separation Agreement.

    

    

    PLEASE READ CAREFULLY.  THIS SEPARATION AGREEMENT INCLUDES THE RELEASE OF ALL KNOWN
        AND UNKNOWN CLAIMS.

    

    

    	
            DATED:_________________

          	
            "EXECUTIVE"

            By:_________________________________

                   Michael Magnusson

             

             

             

          
	
            DATED:_________________

          	
            "EMPLOYER"

            AEROCENTURY CORP.

             

            By:_________________________________

             

            Its: _________________________________Exhibit

Exhibit 4.2

SLACK TECHNOLOGIES, INC. 
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
May 9, 2019

TABLE OF CONTENTS
	
					
	 
	 
	 
	Page
	

	1.
	Registration Rights
	2
	

	 
	1.1
	Definitions
	2
	

	 
	1.2
	Request for Registration
	3
	

	 
	1.3
	Company Registration
	5
	

	 
	1.4
	Form S‐3 Registration
	6
	

	 
	1.5
	Obligations of the Company
	7
	

	 
	1.6
	Information from Holder
	9
	

	 
	1.7
	Expenses of Registration
	9
	

	 
	1.8
	Delay of Registration
	9
	

	 
	1.9
	Indemnification
	10
	

	 
	1.10
	Reports Under the 1934 Act
	12
	

	 
	1.11
	Assignment of Registration Rights
	12
	

	 
	1.12
	Limitations on Subsequent Registration Rights
	13
	

	 
	1.13
	“Market Stand-Off” Agreement
	13
	

	 
	1.14
	Termination of Registration Rights
	14
	

	2.
	Covenants of the Company
	14
	

	 
	2.1
	Delivery of Financial Statements
	14
	

	 
	2.2
	Inspection
	15
	

	 
	2.3
	Termination of Information and Inspection Covenants
	15
	

	 
	2.4
	Right of First Offer
	16
	

	 
	2.5
	Indemnification Matters
	17
	

	 
	2.6
	D&O Insurance
	18
	

	 
	2.7
	Directors’ Liability and Indemnification
	18
	

	 
	2.8
	Stock Vesting
	18
	

	 
	2.9
	Reservation of Common Stock
	18
	

	 
	2.10
	Proprietary Information and Inventions Agreement
	18
	

	 
	2.11
	Observer Rights
	19
	

	 
	2.12
	Confidentiality
	20
	

	 
	2.13
	Applicable ABAC/Sanctions/Money Laundering Laws.
	21
	

	 
	2.14
	Termination of Certain Covenants
	24
	

	3.
	Miscellaneous
	25
	

	 
	3.1
	Successors and Assigns
	25
	

	 
	3.2
	Governing Law
	25
	

	 
	3.3
	Counterparts; Facsimile
	25
	

	 
	3.4
	Titles and Subtitles
	25
	

	 
	3.5
	Notices
	25
	

	 
	3.6
	Expenses
	25
	

i

	
					
	 
	3.7
	Entire Agreement; Amendments and Waivers
	25
	

	 
	3.8
	Severability
	26
	

	 
	3.9
	Aggregation of Stock
	26
	

	 
	3.10
	Termination of Prior Agreement
	26
	

	 
	3.11
	Publicity
	26
	

	 
	3.12
	Additional Investors
	27
	

ii

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 9th day of May, 2019, by and among Slack Technologies, Inc., a Delaware corporation (f/k/a Tiny Speck, Inc., referred to herein as the “Company”), the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor” and collectively as the “Investors”.
RECITALS
WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), shares of the Company’s Series B Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), shares of the Company’s Series C Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), shares of the Company’s Series D Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”), shares of the Company’s Series E Preferred Stock, par value $0.0001 per share (the “Series E Preferred Stock”), shares of the Company’s Series E-1 Preferred Stock, par value $0.0001 per share (the “Series E-1 Preferred Stock”), shares of the Company’s Series F Preferred Stock, par value $0.0001 per share (the “Series F Preferred Stock”), shares of the Company’s Series F-1 Preferred Stock, par value $0.0001 per share (the “Series F-1 Preferred Stock”), shares of the Company’s Series G Preferred Stock, par value $0.0001 per share (the “Series G Preferred Stock”), shares of the Company’s Series G-1 Preferred Stock, par value $0.0001 per share (the “Series G-1 Preferred Stock”), shares of the Company’s Series G-2 Preferred Stock, par value $0.0001 per share (the “Series G-2 Preferred Stock”), shares of the Company’s Series G-3 Preferred Stock, par value $0.0001 per share (the “Series G-3 Preferred Stock”), shares of the Company’s Series H Preferred Stock, par value $0.0001 per share (the “Series H Preferred Stock”), shares of the Company’s Series H-1 Preferred Stock, par value $0.0001 per share (the “Series H-1 Preferred Stock” and collectively with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series E-1 Preferred Stock, the Series F Preferred Stock, the Series F-1 Preferred Stock, the Series G Preferred Stock, the Series G-1 Preferred Stock, the Series G-2 Preferred Stock, the Series G-3 Preferred Stock and the Series H Preferred Stock, the “Preferred Stock”) and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer and other rights pursuant to an Amended and Restated Investors’ Rights Agreement dated as of August 13, 2018 by and among the Company and such Existing Investors, as amended (the “Prior Agreement”); 
WHEREAS, the Prior Agreement may be amended, and any provision therein waived, with the consent of the Company and the holders of at least sixty percent (60%) of the outstanding Registrable Securities (as such term is defined in the Prior Agreement); and
WHEREAS, the Existing Investors as holders of at least sixty percent (60%) of the outstanding Registrable Securities (as such term is defined in the Prior Agreement) of the Company 

1

desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu of the rights granted to them under the Prior Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Existing Investors hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows:
1.    Registration Rights.  The Company covenants and agrees as follows:
1.1    Definitions.  For purposes of this Agreement:
(a)    The term “Act” means the Securities Act of 1933, as amended.
(b)    The term “Affiliate” means, with respect to any specified person, any other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, any general partner, managing member, officer, director or manager of such person and any venture capital fund, private equity fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management (or shares the same management company, investment advisor or advisory company) with, such person.  For the avoidance of doubt, The Social+Capital Partnership Opportunities Fund, L.P. shall be deemed to be an Affiliate of The Social+Capital Partnership II, L.P.
(c)    The term “Common Stock” shall mean, collectively, the Class A Common Stock and Class B Common Stock of the Company, each par value $0.0001 per share.
(d)    The term “Competitor” shall mean a person or entity engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)) in the business of the Company, but shall not include (i) any financial investment firm or collective investment vehicle solely by virtue of its ownership (and/or its Affiliates’ ownership) of an equity interest in any Competitor held solely for investment purposes, (ii) neither GV 2014, L.P., GV 2017, L.P. nor their affiliated funds (“GV”), solely as a result of any affiliation between such fund and Alphabet Inc. (including any Affiliate of Alphabet Inc.) or (iii) any of their respective representatives.
(e)    The term “Direct Listing” means the Company’s initial listing of its Class A Common Stock on a national securities exchange by means of a registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services. Any and all mentions of an underwritten offering or underwriters contained herein shall not apply to a Direct Listing.
(f)    The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

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(g)    The term “Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.
(h)    The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof.
(i)    The term “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Class A Common Stock under the Act. 
(j)    The term “1934 Act” means the Securities Exchange Act of 1934, as amended.
(k)    The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.
(l)    The term “Registrable Securities” means (i) the Class A Common Stock issuable or issued upon conversion of the Preferred Stock or Class B Common Stock (including the Class B Common Stock issuable or issued upon conversion of the Preferred Stock), and (ii) any Class A Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned.  In addition, the number of shares of Registrable Securities outstanding shall equal the aggregate of the number of shares of Class A Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities.
(m)    The term “Restated Certificate” shall mean the Company’s Restated Certificate of Incorporation, as amended and/or restated from time to time.
(n)    The term “Rule 144” shall mean Rule 144 under the Act.
(o)    The term “Rule 144(b)(1)(i)” shall mean subsection (b)(1)(i) of Rule 144 under the Act as it applies to persons who have held shares for more than one (1) year.
(p)    The term “Rule 405” shall mean Rule 405 under the Act.
(q)    The term “SEC” shall mean the Securities and Exchange Commission.
1.2    Request for Registration.
(a)    Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) October 28, 2021, or (ii) six (6) months after the effective date of an Initial Offering or Direct Listing (whichever occurs first), a written request from the 

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Holders of twenty-five percent (25%) or more of the Registrable Securities then outstanding (for purposes of this Section 1.2, the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $15,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2a).
(b)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2, and the Company shall include such information in the written notice referred to in Section 1.2a).  In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to those Initiating Holders holding a majority of the Registrable Securities held by all Initiating Holders).  Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders).  In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded.  Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.
(c)    Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 1.2:
(i)    in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or
(ii)    after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective; or
(iii)    during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company‐initiated registration subject to 

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Section 1.3 below, provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; or
(iv)    if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S‐3 pursuant to Section 1.4 hereof; or 
(v)    if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 within thirty (30) days of such request a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12) month period.
1.3    Company Registration.
(a)    If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than (i) a Direct Listing, (ii) a registration relating to a demand pursuant to Section 1.2, or (iii) a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration.  Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of Section 1.3c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.
(b)    Right to Terminate Registration.  The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration.  The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.7 hereof.
(c)    Underwriting Requirements.  In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering 

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by the Company.  If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering.  In no event shall any Registrable Securities be excluded from such offering unless all other stockholders’ securities have been first excluded.  In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders.  Notwithstanding the foregoing, in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Initial Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included in such offering.  For purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a private equity fund, venture capital fund, investment fund, partnership, corporation or other investment vehicle, the affiliated private equity funds, venture capital funds, investment funds, investment vehicles, partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals.
1.4    Form S‐3 Registration.  In case the Company shall receive from the Holders of at least twenty-five percent (25%) of the Registrable Securities (for purposes of this Section 1.4, the “S-3 Initiating Holders”) a written request or requests that the Company effect a registration on Form S‐3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:
(a)    promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and
(b)    use all commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4:
(i)    if Form S‐3 is not available for such offering by the Holders;

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(ii)    if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000;
(iii)    if the Company shall furnish to all Holders requesting a registration statement pursuant to this Section 1.4 a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the S-3 Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12) month period;
(iv)    if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form S‐3 pursuant to this Section 1.4; or
(c)    If the S-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4a).  The provisions of Section 1.2b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2).  
(d)    Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the S-3 Initiating Holders.  Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2.
1.5    Obligations of the Company.  Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed;
(b)    prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;

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(c)    furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;
(d)    use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;
(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering;
(f)    notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;
(g)    cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; and
(h)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.
Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board of Directors of the Company: 
(i)    materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other similar transaction involving the Company for which the Board of Directors of the Company has authorized negotiations;

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(ii)    materially adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or
(iii)    require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its stockholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates).
In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.
1.6    Information from Holder.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities.
1.7    Expenses of Registration.  All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including, without limitation, all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders (not to exceed $50,000) shall be borne by the Company.  Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2 and provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 and 1.4. All expenses incurred by the Company in connection with a Direct Listing, including, without limitation, all registration, filing and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company shall be borne by the Company.  
1.8    Delay of Registration.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

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1.9    Indemnification.  In the event any Registrable Securities are included in a registration statement (i) under this Section 1 or (ii) in connection with a Direct Listing:
(a)    To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and stockholders of each Holder, legal counsel, accountants and investment advisers for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”):  (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.9a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling person or other aforementioned person.
(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.9b) for any legal or 

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other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.9b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this subsection 1.9b), when combined with amounts paid or payable by such Holder pursuant to subsection 1.9(d), exceed the net proceeds from the offering received by such Holder.
(c)    Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.9, but the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.9.
(d)    If the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9b), shall exceed the net proceeds from the offering received by such Holder and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 1.9d), when combined with the amounts paid or payable by such Holder pursuant to Section 1.9b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder).  The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement 

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of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement (if applicable) entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
(f)    The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1 and otherwise.
1.10    Reports Under the 1934 Act.  With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S‐3, the Company agrees to:
(a)    make and keep adequate current public information available, as those terms are understood and defined in Rule 144, at all times after the effective date of an Initial Offering or the effective date of a registration statement on Form S-1 in connection with a Direct Listing (whichever occurs first);
(b)    file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and
(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S‐3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.
1.11    Assignment of Registration Rights.  The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to (a) any subsidiary, parent, partner, retired partner, member, retired member or Affiliate of a Holder that is a corporation, partnership or limited liability company or (b) a transferee or assignee of such securities that after such assignment or transfer, holds at least 3,000,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization), provided:  (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (ii) such 

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transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 1.13 below; and (iii) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.
1.12    Limitations on Subsequent Registration Rights.  From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders holding a majority of the Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities.
1.13    “Market Stand-Off” Agreement.
(a)    Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the effectiveness of the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise.  The foregoing provisions of this Section 1.13 shall apply only to the Company’s initial offering of equity securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater than one percent (1%) stockholders of the Company enter into similar agreements.  The underwriters in connection with the Company’s Initial Offering are intended third‐party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.  Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with this Section 1.13 or that are necessary to give further effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements (including, for avoidance of doubt, any similar lock up or “market stand-off” agreement with an officer, director or greater than one percent (1%) stockholder of the Company) by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. The foregoing provisions of this Section 1.13 shall not apply to a Direct Listing and shall only be applicable to the Company’s initial offering of equity securities if the Company has not already completed a Direct Listing.

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In order to enforce the foregoing covenant, the Company may impose stop‐transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.  
(b)    Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.13):
	
	
	THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE.  SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

1.14    Termination of Registration Rights.  No Holder shall be entitled to exercise any right provided for in this Section 1 (a) after five (5) years following the consummation of an Initial Offering or Direct Listing (whichever occurs first), (b) as to any Holder, such earlier time after an Initial Offering or Direct Listing at which such Holder (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144 or (c) after the consummation of a Liquidation Event, as that term is defined in the Restated Certificate.
2.    Covenants of the Company.
2.1    Delivery of Financial Statements.  The Company shall, upon request, deliver to each Investor (or transferee of an Investor) that holds (together with their respective Affiliates) at least (x) 3,000,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization) or (y) 2,000,000 shares of Series H Preferred Stock and/or Series H-1 Preferred Stock (appropriately adjusted for any stock split, dividend, combination or other recapitalization) (a “Major Investor”):
(a)    as soon as practicable, but in any event within one hundred and twenty (120) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year‐end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company;
(b)    at least thirty (30) days prior to the beginning of each fiscal year an annual budget and operating plans for such fiscal year (and as soon as available, any subsequent written revisions thereto);

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(c)    as soon as practicable after the end of each month, and in any event within twenty (20) days thereafter, a balance sheet of the Company as of the end of each such month, and a statement of income and a statement of cash flows of the Company for such month and for the current fiscal year to date, including a comparison to plan figures for such period, prepared in accordance with GAAP consistently applied, except as noted thereon (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(d)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(e)    as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company; and
(f)    such other information relating to the financial condition, business or corporate affairs of the Company as the Major Investor may from time to time request, provided, however, that the Company shall not be obligated under this subsection f or any other subsection of Section 2.1 to provide information that (i) it deems in good faith to be a trade secret or similar confidential information or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
2.2    Inspection.  The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information.
2.3    Termination of Information and Inspection Covenants.  The covenants set forth in Sections 2.1 and 2.2 shall terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of its securities to the general public, (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur, or (c) the consummation of a Liquidation Event, as that term is defined in the Restated Certificate, pursuant 

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to which the Investors receive only cash and/or securities of a company that is subject to the reporting requirements of the 1934 Act.
2.4    Right of First Offer.  Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined).  For purposes of this Section 2.4, the term “Major Investor” includes any general partners and Affiliates of a Major Investor.  A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems appropriate.
Each time the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions:
(a)    The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such Shares.
(b)    By written notification received by the Company within twenty (20) calendar days after the giving of Notice, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Common Stock issued and held by such Major Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding).  The Company shall promptly, in writing, inform each Major Investor that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise.  During the ten (10) day period commencing after such information is given, each Fully‐Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, that is equal to the proportion that the number of shares of Common Stock issued and held by such Fully‐Exercising Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Common Stock issued and held by all Fully‐Exercising Investors who wish to purchase some of the unsubscribed shares (assuming full conversion and exercise of all convertible and exercisable securities then outstanding).
(c)    If all Shares that Major Investors are entitled to obtain pursuant to subsection 2.4b) are not elected to be obtained as provided in subsection 2.4b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.4b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice.  If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith.

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(d)    The right of first offer in this Section 2.4 shall not be applicable to (i) the issuance or sale of shares of Common Stock (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the Company’s Board of Directors; (ii) the issuance of securities pursuant to a bona fide, firmly underwritten public offering of shares of Common Stock registered under the Act in which the Preferred Stock is converted to Common Stock, (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities (including, without limitation, the conversion of the Class B Common Stock), (iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, which acquisition is approved by the Board of Directors (including a majority of the Preferred Directors, as defined in the Restated Certificate), (v) the issuance and sale of Series H Preferred Stock and Series H-1 Preferred Stock pursuant to the Series H Preferred and Series H-1 Preferred Stock Purchase Agreement, (vi) the issuance of stock, warrants or other securities or rights to persons or entities with which the Company has strategic business relationships, provided such issuance is approved by the Board of Directors (including a majority of the Preferred Directors, as defined in the Restated Certificate) and is primarily for non-equity financing purposes or (vii) the issuance of securities pursuant to any equipment leasing arrangement or debt financing arrangement, which arrangement is approved by the Board of Directors (including a majority of the Preferred Directors, as defined in the Restated Certificate) and is primarily for non-equity financing purposes.  In addition to the foregoing, the right of first offer in this Section 2.4 shall not be applicable with respect to any Major Investor in any subsequent offering of Shares if (i) at the time of such offering, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited investors.
(e)    The rights provided in this Section 2.4 may not be assigned or transferred by any Major Investor; provided, however, that a Major Investor that is a venture capital fund may assign or transfer such rights to its Affiliates.
(f)    The covenants set forth in this Section 2.4 shall terminate and be of no further force or effect upon the earlier to occur of the consummation of (i) a Qualified Public Offering, as that term is defined in the Restated Certificate, (ii) a Liquidation Event, as that term is defined in the Restated Certificate, or (iii) a Direct Listing.
2.5    Indemnification Matters.  The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”).  The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or 

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any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company.
2.6    D&O Insurance.  The Company shall use commercially reasonable efforts to maintain directors and officers liability insurance (which shall include any Affiliates of such director or officer) in customary amount and scope reasonably satisfactory to the Board of Directors, including all of the Preferred Directors (as defined in the Restated Certificate).  Such insurance shall be maintained for so long as Accel X L.P. and/or Andreessen Horowitz Fund I, L.P. and/or The Social+Capital Partnership II, L.P. has the right to designate at least one member of the Company’s Board of Directors.
2.7    Directors’ Liability and Indemnification.  The Company’s Certificate of Incorporation and Bylaws shall provide (a) for elimination of the liability of directors to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law.  In addition, the Company shall enter into and use its best efforts to at all times maintain indemnification agreements with each of its directors to indemnify such directors to the maximum extent permissible under applicable law.
2.8    Stock Vesting.  Unless otherwise approved by the Company’s Board of Directors, all stock options and other stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest at the end of the first year following the earlier of the date of issuance or such person’s services commencement date with the Company, and (b) seventy-five percent (75%) of such stock shall vest in equal installments over the remaining three (3) years.  No person shall be entitled to acceleration of vesting of such options unless otherwise approved by the Company’s Board of Directors.
2.9    Reservation of Common Stock.  The Company will at all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion.
2.10    Proprietary Information and Inventions Agreement.  The Company shall require all employees and consultants to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or Board of Directors.

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2.11    Observer Rights.  
(a)    As long as KPCB Holdings, Inc., as nominee (“KPCB”) owns not less than fifty percent (50%) of the shares of the Series D Preferred Stock it holds as of the date of this Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of KPCB (the “KPCB Observer”) to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such KPCB Observer copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such KPCB Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such KPCB Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or the KPCB Observer is a Competitor of the Company.  The KPCB Observer shall initially be John Doerr.
(b)    As long as GV owns not less than fifty percent (50%) of the shares of the Series D Preferred Stock it holds as of the date of this Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of GV (the “GV Observer”) to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such GV Observer copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such GV Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such GV Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or the GV Observer is a Competitor of the Company.  The GV Observer shall initially be MG Siegler.
(c)    The holders of a majority of the outstanding shares of Series E Preferred Stock shall be entitled to designate a representative (the “Series E Observer”) to attend all meetings of the Company’s Board of Directors in a nonvoting observer capacity and, in this respect, shall give such Series E Observer copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such Series E Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided (except that such Series E Observer may share such information with the holders of outstanding shares of Series E Preferred Stock, provided that such holders agree to hold such information in confidence and trust); and provided further, that the Company reserves the right to withhold any information and to exclude such Series E Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Series E Observer is, or is an Affiliate of, a Competitor of the Company.  The Series E Observer shall initially be Ilya Fushman.

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(d)    As long as Thrive Capital Partners IV, L.P. (“Thrive Capital”) owns not less than fifty percent (50%) of the shares of the Series F Preferred Stock it holds as of the date of this Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Thrive Capital (the “Thrive Capital Observer”) to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such Thrive Capital Observer copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such Thrive Capital Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such Thrive Capital Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or the Thrive Capital Observer is a Competitor of the Company.  The Thrive Capital Observer shall initially be Joshua Kushner.
(e)    As long as SoftBank Vision Fund (AIV MI) L.P. or an Affiliate thereof (collectively, “SoftBank”) owns not less than fifty percent (50%) of the shares of the Series G Preferred Stock it holds as of the date of this Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of SoftBank (the “SoftBank Observer”) to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such SoftBank Observer copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such SoftBank Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such SoftBank Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or the SoftBank Observer is a Competitor of the Company.  The SoftBank Observer shall initially be Deep Nishar.
2.12    Confidentiality.  Each Investor agrees, severally and not jointly, to use the same degree of care, but no less than a reasonable degree of care, as such Investor uses to protect its own confidential information for any information obtained pursuant to this Agreement or otherwise as a stockholder of the Company prior to the Company’s initial public offering which the Company identifies in writing as being proprietary or confidential and such Investor acknowledges that it will not, unless otherwise required by law or the rules of any national securities exchange, association or marketplace, disclose such information without the prior written consent of the Company except such information that (a) was in the public domain prior to the time it was furnished to such Investor, (b) is or becomes (through no willful improper action or inaction by such Investor) generally available to the public, (c) was in its possession or known by such Investor without restriction prior to receipt from the Company, (d) was rightfully disclosed to such Investor by a third party without restriction or (e) was independently developed without any use of the Company’s confidential information.  Notwithstanding the foregoing, each Investor that is a limited partnership, limited liability company or other investment fund may disclose such proprietary or confidential information to any former partners or members who retained an economic interest in such Investor, 

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current or prospective partner of the partnership or any subsequent partnership under common investment management, limited partner, general partner, member, management company or investment adviser of such Investor (or any employee or representative of any of the foregoing) (each of the foregoing Persons, a “Permitted Disclosee”) or legal counsel, accountants or representatives for such Investor; provided, however, that each Investor agrees that it may only share the financial information provided by the Company pursuant to Section 3.1 hereof with any such Permitted Disclosee(s).  Furthermore, the Company acknowledges that certain of the Investors are in the business of venture capital investing, and nothing contained herein shall prevent any Investor or any Permitted Disclosee from (i) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with or continuing to hold any securities of any other company (whether or not competitive with the Company), provided that such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 2.12, disclose or otherwise make use of any proprietary or confidential information of the Company in connection with such activities, or (ii) making any disclosures, filings or submissions required by law, rule, regulation or court or other governmental order.
2.13    Applicable ABAC/Sanctions/Money Laundering Laws.  
(a)    For the purposes of this Section 2.13 of this Agreement: 
(i)    “Applicable ABAC Laws” means all laws and regulations applying to the Company, any of its Subsidiaries, an Associated Person of either the Company or any of its Subsidiaries and/or SoftBank prohibiting bribery and other related forms of corruption, including fraud, tax evasion, insider dealing and market manipulation. 
(ii)    “Applicable Money Laundering Laws” means all laws and regulations applying to the Company, any of its Subsidiaries, an Associated Person of either the Company or any of its Subsidiaries and/or SoftBank prohibiting money laundering and any acts or attempted acts to conceal or disguise the identity of illegally obtained proceeds or property.
(iii)    “Associated Person” means, in relation to a company, an individual or entity (including a director, officer, employee, consultant, agent or other representative) acting or purporting to act for or on behalf of that company or having the right to perform or performing or purporting to perform services for or on behalf of that company. 
(iv)    “BIS” means the Bureau of Industry and Security of the US Department of Commerce.
(v)     “EU” means the European Union.
(vi)     “Government Official” means (A) an officer or employee of any national, regional, local or other component of government; (B) a director, officer or employee of any entity in which a government or any component of a government possesses a majority or controlling interest; (C) a candidate for public office; (D) a political party or political party official; (E) an officer or employee of a public international organization (e.g., the European Commission or World Bank); and (F) any individual who is acting in an official capacity for any government, 

21

component of a government, political party or public international organization, even if such individual is acting in that capacity temporarily and without compensation.
(vii)    “OFAC” means the Office of Foreign Assets Control of the US Department of the Treasury.
(viii)    “Sanctioned Country” means Cuba, Iran, North Korea, Sudan, Syria, and the Crimea region of Ukraine, and the government (including any branch, agency, or instrumentality of such government) or Government Officials of any such jurisdiction.
(ix)     “Sanctions” refers to the following economic or financial sanctions, trade embargoes, and export controls:
(1)    United Nations sanctions imposed pursuant to a United Nations Security Council Resolution; 
(2)    US sanctions administered by OFAC, US Department of State, US Department of Commerce, or any other US Government authority or department; export controls administered by the US Department of Commerce, US Department of State, Nuclear Regulatory Commission, or US Department of Energy;
(3)    EU restrictive measures implemented pursuant to an EU Council or Commission Regulation or Decision adopted pursuant to a Common Position in furtherance of the EU’s Common Foreign and Security Policy; 
(4)    UK sanctions adopted by the Terrorist-Asset Freezing etc Act 2010 or other legislation and statutory instruments enacted pursuant to the United Nations Act 1946 or European Communities Act 1972 or enacted by or pursuant to other laws; and
(5)    any other trade, economic or financial sanction laws, regulations, embargoes, export controls, or restrictive measures administered, enacted or enforced by any authority, government, or official institution as applicable to the Company, any of its Subsidiaries, or any Associated Person of either the Company or any of its Subsidiaries or to SoftBank or any transaction in which the Company, any of its Subsidiaries, or an Associated Person of either the Company or any of its Subsidiaries is engaged. 
(x)     “Sanctions List” refers to the “Specially Designated Nationals and Blocked Persons” list, including the EO 13599 list, Foreign Sanctions Evaders list, and, and the “Sectoral Sanctions Identifications List” maintained by OFAC, the Entity list and the Denied Persons list maintained by BIS, the “Consolidated List of Persons, Groups and Entities Subject to EU Financial Sanctions” maintained by the European Union, the lists of persons set out under Annexes III, V, and VI to Council Regulation (EU) 833/2014 as amended, the “Consolidated List of Financial Sanctions Targets” maintained by Her Majesty’s Treasury, or any similar list maintained by the United States of America, European Union, United Kingdom or United Nations, each as amended, supplemented or substituted from time to time.

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(xi)    “Sanctioned Person” refers to any individual who or entity that is:
(1)    specifically listed on any Sanctions List; or
(2)    controlled or owned by any individual or entity referred to in any Sanctions List, or government or Government Official of any Sanctioned Country.
(xii)    “Subsidiary” means, in relation to the Company, any current or future direct or indirect majority owned or controlled subsidiary of the Company, any holding company of the Company and any other direct or indirect majority owned or controlled subsidiary of that holding company including, but not limited to, Slack Japan KK, Slack Fund Investments, Slack Canada Ltd., Slack Technologies Limited, Slack Fund LLC, Slack Australia Pty Limited, Slack Singapore PTE LTD, Screenhero LLC and Slack UK Limited.
(xiii)    “UK” shall mean the United Kingdom.
(xiv)    “US” shall mean the United States of America.
(b)    The Company covenants and agrees:
(i)    Neither the Company, any of its Subsidiaries, nor any Associated Person of either the Company or any of its Subsidiaries shall, directly or indirectly, offer, promise, give or authorize any payment or anything else of value to a Government Official or individual employed by another entity in the private sector in violation of Applicable ABAC Laws or engage in any other conduct that would result in a violation of any of the Applicable ABAC Laws or Applicable Money Laundering Laws or a material violation of Sanctions after the effective date of this Agreement. 
(ii)    Neither the Company, any of its Subsidiaries, nor any Associated Person of either the Company or any of its Subsidiaries shall use any funds received from SoftBank directly or indirectly (A) for the benefit of activities or parties subject to and in violation of Sanctions, (B) in material violation of Sanctions, (C) for any Sanctioned Person or for the benefit of any Sanctioned Person or (D) in any way that would violate the Applicable Money Laundering Laws after the effective date of this Agreement. 
(iii)    The Company and its Subsidiaries shall maintain policies and procedures reasonably designed to prevent the Company, its Subsidiaries, and any Associated Person of either the Company or any of its Subsidiaries from engaging in any activity, practice or conduct that would violate any Applicable ABAC Laws, Applicable Money Laundering Laws or Sanctions.  The Company and its Subsidiaries shall take all reasonable steps to complete such implementation as soon as possible.  Such policies and procedures shall be consistent with applicable guidance that has been provided by government authorities.
(iv)    The Company and its Subsidiaries shall keep and maintain books and records reflecting accurately and in reasonable detail transactions involving the Company 

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and its Subsidiaries and, if they have not already done so, implement financial controls designed to give reasonable assurance that payments will be made by or on behalf of any of the Company and its Subsidiaries only in accordance with management instructions.
(v)    Upon receipt of a written request by SoftBank made no more frequently than on a quarterly basis, the Company shall confirm in writing that the Company and its Subsidiaries have complied with the undertakings set forth in this Section 2.13, including whether the Company or any of its Subsidiaries has received a written enquiry from any government authority regarding a possible violation by either the Company, any of its Subsidiaries or any Associated Person of either the Company or any of its Subsidiaries of any of the Applicable ABAC Laws, Applicable Money Laundering Laws and/or Sanctions.
(vi)    Notwithstanding anything else in this Agreement, the Company, its Subsidiaries, and any Associated Person of either the Company or any of its Subsidiaries shall cooperate in good faith with SoftBank, if SoftBank decides to seek to determine whether the Company, its Subsidiaries, and/or any Associated Person of either the Company or any of its Subsidiaries have complied with the undertakings set forth in this Section 2.13.  If so requested by SoftBank, the Company and its Subsidiaries shall in good faith answer any reasonable questions put to them by SoftBank as well as by its authorized representative(s) pertaining to compliance with the undertakings set forth in this Section 2.13 and shall encourage their Associated Persons to do the same, provided that the Company will not be compelled to waive privilege under any circumstance.   
(vii)     The Company, its Subsidiaries, and/or any Associated Person of either the Company or any of its Subsidiaries shall not violate any of the Applicable ABAC Laws, Applicable Money Laundering Laws or Sanctions and the Company shall indemnify and hold harmless SoftBank from and against any and all liabilities, damages, costs and expenses (including reasonable legal expenses) caused by or attributable to any violation of Applicable ABAC Laws, Applicable Money Laundering Laws or Sanctions by (i) the Company or any of its Subsidiaries or (ii) any Associated Person of either the Company or any of its Subsidiaries.
2.14    Termination of Certain Covenants.  The covenants set forth in Sections 2.8, 2.9, 2.10 and 2.11, shall terminate and be of no further force or effect upon the consummation of (a) a Qualified Public Offering, as that term is defined in the Restated Certificate, (b) a Liquidation Event, as that term is defined in the Restated Certificate, or (c) a Direct Listing.  The covenants set forth in Section 2.13 shall terminate and be of no further force or effect (i) upon the consummation of a Qualified Public Offering, a Liquidation Event or Direct Listing if SoftBank fails to hold at least five percent (5%) of the then outstanding voting equity of the Company immediately following the consummation of such Qualified Public Offering, Liquidation Event or Direct Listing, as applicable (the “Minimum Ownership Threshold”) or (ii) if SoftBank holds the Minimum Ownership Threshold immediately following the consummation of a Qualified Public Offering, Liquidation Event or Direct Listing, immediately at such time thereafter as SoftBank fails to hold the Minimum Ownership Threshold.

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3.    Miscellaneous.
3.1    Successors and Assigns.  Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities).  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
3.2    Governing Law.  This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware.
3.3    Counterparts; Facsimile.  This Agreement may be executed and delivered by facsimile or electronic signature and in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument.
3.4    Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
3.5    Notices.  All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) for Investors located in the United States, five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at the addresses set forth on the schedules attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 3.5).
3.6    Expenses.  If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.
3.7    Entire Agreement; Amendments and Waivers.  This Agreement (including the Exhibits hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof.  This Agreement and any term hereof may be terminated or amended and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) (other than Section 2.1, Section 2.2, Section 2.3, Section 2.4 and Section 2.11) only with the written consent of the Company and the Investors holding at least sixty percent (60%) of the Registrable Securities.  The provisions of Section 2.1, Section 2.2, Section 2.3 and Section 2.4 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities that are held by all of the Major Investors; provided, however, that if the right of first offer in Section 2.4 

25

is waived with respect to a particular issuance pursuant by the Major Investors holding a majority of the Registrable Securities that are held by all of the Major Investors, and any such waiving Major Investor purchases securities in such issuance, then each other Major Investor shall have the opportunity to purchase an aggregate amount of securities in such issuance at least equal, as a percentage of their respective pro rata amount (as determined pursuant to Section 2.4b)) of such issuance, to the percentage of such purchasing Major Investor’s pro rata amount (as determined pursuant to Section 2.4b)) of such issuance purchased by such purchasing Major Investor in such issuance.  The provisions of Section 2.11a) may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and KPCB.  The provisions of Section 2.11b) may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and GV.  The provisions of Section 2.11c) may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the outstanding shares of Series E Preferred Stock.  The provisions of Section 2.11d) may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and Thrive Capital.  The provisions of Section 2.11e) and Section 2.13 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and SoftBank.  Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities and the Company.
3.8    Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
3.9    Aggregation of Stock.  All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.
3.10    Termination of Prior Agreement.  Upon the effectiveness of this Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement.
3.11    Publicity.  Neither the Company, its subsidiaries nor any of their respective representatives shall (i) use the name of The Social+Capital Partnership II, L.P., GV, KPCB, Institutional Venture Partners XIV, L.P., Star Blaze Investments Limited, DST Global IV, L.P., Index Ventures, Comcast Ventures, LP, TrueBridge Direct Fund, L.P., Thrive Capital, GFC Global Founders Capital GmbH, Rocket Internet Capital Partners SCS, Rocket Internet Capital Partners (Euro) SCS, SoftBank, String DF Holdings, LP or General Atlantic (SL), L.P. (each, a “Significant Investor”) or the name(s) of any of their respective Affiliates in the context of such Significant Investor’s investment in the Company in any manner or format (including reference on or links to websites, press releases, etc.) without the prior approval of the applicable Significant Investor or 

26

(ii) issue any statement or communication to any third party (other than to their legal, accounting and financial advisors) regarding any Significant Investor’s investment in the Company without the consent of such Significant Investor.  Notwithstanding the foregoing, the Company may, without the prior approval of a Significant Investor, (i) if such Significant Investor’s investment in the Company has been publicly disclosed by or with the prior consent of such Significant Investor, from then forward confirm and/or disclose in public and non-public communications that such Significant Investor has invested in the Company, without disclosing the terms or amount of such investment, or (ii) disclose the terms and/or amount of such Significant Investor’s investment (1) to a bona fide potential investor in the Company in connection with such potential investor’s due diligence process or (2) as required by law, rule, regulation or listing standard to do so; provided that in the case of subsection (2), the Company (x) shall promptly notify the applicable Significant Investor of such requirement and will cooperate with such Significant Investor to the extent practicable to limit the information disclosed to only such information that the Company, as advised by counsel, is required by law to be disclosed and (y) will, to the extent practicable and at the request and expense of such Significant Investor, seek to obtain a protective order over, or confidential treatment of, such information.
3.12    Additional Investors.  Notwithstanding Section 3.7, no consent shall be necessary to add additional Investors as signatories to this Agreement by execution and delivery of a joinder reasonably acceptable to the Company.  

27

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	SLACK TECHNOLOGIES, INC.

	 
	 

	 
	 

	By:
	/s/ Daniel Stewart Butterfield

	Name: Daniel Stewart Butterfield

	Title:          President and CEO

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	SOFTBANK VISION FUND (AIV M1) L.P.

	 
	 

	 
	 

	By:
	/s/ Ruwan Weerasekera

	Name: Ruwan Weerasekera

	Title:   Director, for and on behalf of SB Investment 
Advisers (UK) Limited acting as manager of 
SoftBank Vision Fund (AIV M1) L.P.

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 
	 

	ACCEL GROWTH FUND IV L.P.

	By: Accel Growth Fund IV Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

	 

	ACCEL GROWTH FUND IV STRATEGIC 
PARTNERS L.P.

	By: Accel Growth Fund IV Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

	 

	ACCEL GROWTH FUND INVESTORS 2016 
L.L.C.

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 
	 

	ACCEL LEADERS FUND L.P.

	By: Accel Leaders Fund Associates L.L.C..

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

	 
	 

	ACCEL LEADERS FUND INVESTORS 2016 
L.L.C.

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	ACCEL X L.P.

	By: Accel X Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

	 

	ACCEL X STRATEGIC PARTNERS L.P.

	By: Accel X Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

	 

	ACCEL INVESTORS 2009 L.L.C.

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	ACCEL XI L.P.

	By: Accel XI Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

	 

	ACCEL XI STRATEGIC PARTNERS L.P.

	By: Accel XI Associates L.L.C.

	Its General Partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

	 

	ACCEL INVESTORS 2013 L.L.C.

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney in Fact

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	ACCEL GROWTH FUND III L.P.

	By: Accel Growth Fund III Associates L.L.C., its general partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

	 

	ACCEL GROWTH FUND III  STRATEGIC 
PARTNERS L.P.

	By: Accel Growth Fund III Associates L.L.C., its general partner

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

	 

	ACCEL GROWTH FUND INVESTORS 2014 L.L.C.

	 
	 

	By:
	/s/ Tracy L. Sedlock

	Attorney-in-Fact

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	ANDREESSEN HOROWITZ FUND I, L.P.

	as nominee for

	Andreessen Horowitz Fund I, L.P.

	Andreessen Horowitz Fund I-A, L.P. and

	Andreessen Horowitz Fund I-B, L.P.

	 

	By:
	AH Equity Partners I, L.L.C.

	Its general partner
	Its general partner

	 
	 

	By:
	/s/ Ben Horowitz

	Name: Ben Horowitz

	Title: Managing Member

	 

	AH PARALLEL FUND IV, L.P.

	for itself and as nominee for

	AH PARALLEL FUND IV-A, L.P.,

	AH PARALLEL FUND IV-B, L.P. and

	AH PARALLEL FUND IV-Q, L.P.

	 

	By:
	AH Equity Partners IV (Parallel), L.L.C.

	Its general partner
	Its general partner

	 
	 

	By:
	/s/ Ben Horowitz

	Name: Ben Horowitz

	Title: Managing Member

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	A16Z SEED-III, LLC

	 
	 

	By:
	/s/ Ben Horowitz

	Name: Ben Horowitz

	Title: Managing Member

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	THE SOCIAL+CAPITAL PARTNERSHIP II, L.P.,

	for itself and as nominee for certain other individuals and entities

	 

	By: The Social+Capital Partnership GP II, L.P.,

	Its general partner

	 

	By: The Social+Capital Partnership GP II, Ltd.,

	its general partner

	 
	 

	By:
	/s/ Chamath Palihapitiya

	Name:
	Chamath Palihapitiya

	Title:
	Director

	 
	 

	THE SOCIAL+CAPITAL PARTNERSHIP III, L.P.,

	for itself and as nominee for The Social+Capital Partnership Principals Fund III, L.P.

	 

	By: The Social+Capital Partnership GP III, L.P.,

	Its general partner

	 

	By: The Social+Capital Partnership GP III, Ltd.,

	its general partner

	 
	 

	By:
	/s/ Chamath Palihapitiya

	Name:
	Chamath Palihapitiya

	Title:
	Director

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
	
		
	INVESTOR:

	 

	THE SOCIAL+CAPITAL PARTNERSHIP OPPORTUNITIES FUND, L.P.

	 

	By: The Social+Capital Partnership Opportunities Fund GP, L.P. 

	Its:
	General Partner

	 
	 

	By:
	Social+Capital Partnership Opportunities Fund GP, Ltd.

	Its:
	General Partner

	 
	 

	By:
	/s/ Chamath Palihapitiya

	Name:
	Chamath Palihapitiya

	Title:
	Director

SIGNATURE PAGE TO SLACK TECHNOLOGIES, INC.  
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

SCHEDULE A
SCHEDULE OF INVESTORS
	
	
	Name

	
	
	KPCB Holdings, Inc., as nominee

	 

	GV 2014, L.P.

	 

	GV 2017, L.P.

	 

	Slow Ventures III, LLC

	 

	IGSB IVP III, LLC

	 

	IGSB Internal Venture Fund III, LLC

	 

	Jaguarundi Partners, LLC

	 

	Math + Magic, LLC

	 

	AFVC2

	 

	Liberty Trust Company LTD, custodian for the David O Sacks Roth IRA

	 

	First Republic Bank, trustee for the Sacks Family 2012 GST Trust 

	 

	Archangel 1 LLC, David Sacks - Manager

	 

	The Social+Capital Partnership Opportunities Fund, L.P.

	 

	The Social+Capital Partnership II, L.P., for itself and as nominee for certain other individuals and entities

	 

	The Social+Capital Partnership III, L.P., for itself and as nominee for The Social+Capital Partnership Principals Fund III, L.P. 

	 

	Accel X L.P.

	 

	Accel X Strategic 
Partners L.P.

	 

	Accel Investors 
2009 L.L.C.

	 

	Accel XI L.P.

	 

	Accel XI Strategic 
Partners L.P.

	 

	
	
	Accel Investors 
2013 L.L.C.

	 

	Accel Growth Fund III L.P.

	 

	Accel Growth Fund III Strategic Partners L.P.

	 

	Accel Growth Fund Investors 2014 L.L.C.

	 

	Accel Growth Fund IV L.P.

	 

	Accel Growth Fund IV Strategic Partners L.P.

	 

	Accel Growth Fund Investors 2016 L.L.C.

	 

	Accel Leaders Fund L.P.

	 

	Accel Leaders Fund Investors 2016 L.L.C.

	 

	Andreessen Horowitz 
Fund I, L.P.

	 

	AH Parallel Fund IV, L.P.

	 

	a16z Seed-III, LLC

	 

	Jeffrey Weiner

	 

	Robert Solomon

	 

	Daniel Simmons

	 

	G&H Partners

	 

	0849664 B.C. Ltd

	 

	Eric Costello

	 

	Christopher Issac Stone

	 

	SV Angel II, LLC 

	 

	Lund Small Holdings

	 

	Bradley Horowitz

	 

	Tony and Mary Conrad Revocable Trust U/A/D July 27, 2000 as amended September 16, 2011

	 

	Jeremy Stoppelman Ttee UTD 3/16/10

	 

	Om Malik

	 

	Noe Investors

	 

	Anthony Casalena

	
	
	 

	Adam Ludwin

	 

	Institutional Venture Partners XIV, L.P.

	 

	Star Blaze Investments Limited

	 

	DST Global IV, L.P.

	 

	Index Ventures Growth II (Jersey), L.P.

	 

	Index Ventures Growth II Parallel Entrepreneur Fund (Jersey), L.P.

	 

	Yucca (Jersey) SLP

	 

	Spark Capital Growth Fund, L.P.

	 

	James P. Bankoff

	 

	Ricardo L. Elias

	 

	Lowercase RT GP, LLC

	 

	Lowercase Sidecar, LP

	 

	JG Private Holdings, LLC

	 

	David C. Lee

	 

	Corvina Holdings Limited

	 

	Technology Opportunity Partners, LP

	 

	Le Peigné

	 

	DAXN, Inc.

	 

	Slck 2 Fund 1 LP

	 

	AME Cloud Ventures, LLC

	 

	Paul D. Hewson

	 

	A-SEL-13-FUND, A SERIES OF ANGELLIST-SLES-FUNDS, LLC

	 

	Slow Ventures IV, LP

	 

	Slow Ventures IV, LP

	 

	Federal Trust Company Limited as Trustee of The Innisfree No 2 Trust

	 

	The Higa Family Trust Dated January 11, 2007

	 

	Spark Capital Growth Founders' Fund, L.P.

	 

	Thrive Capital Partners IV, L.P.

	 

	Thrive Capital Partners IV-B, LLC

	 

	
	
	Thrive Capital Partners IV Supplemental, L.P.

	 

	Claremount IV Associates, L.P.

	 

	GGV Capital V L.P.

	 

	GGV Capital V Entrepreneurs Fund L.P.

	 

	GGV Capital Select L.P.

	 

	Comcast Ventures, LP

	 

	Gary Vaynerchuk

	 

	Alan Jack Vaynerchuk

	 

	Bloomberg Beta L.P.

	 

	TrueBridge Direct Fund, L.P.

	 

	SherpaEverest Fund, LP

	 

	SoftBank Vision Fund (AIV M1) L.P. 

	 

	Venture Core Fund VII, L.P.

	 

	Private Equity Core Fund VII, L.P.

	 

	GFC Global Founders Capital GmbH

	 

	Rocket Internet Capital Partners SCS

	 

	Rocket Internet Capital Partners (Euro) SCS

	 

	Jonathan D Klein

	 

	Wicklow Fund I LLC

	 

	String DF Holdings, LP

	 

	General Atlantic (SL), L.P.

	 

	Hadley Harbor Master Investors (Cayman) II L.P.

	 

	T. Rowe Price Mid-Cap Growth Fund, Inc.

	 

	T. Rowe Price Institutional Mid-Cap Equity Growth Fund

	 

	T. Rowe Price Mid-Cap Growth Portfolio

	 

	T. Rowe Price U.S. Equities Trust 

	 

	Great-West Funds, Inc. - Great-West T. Rowe Price Mid Cap Growth Fund

	 

	TD Mutual Funds  - TD U.S. Mid-Cap Growth Fund

	 

	
	
	MassMutual Select Funds  - MassMutual Select Mid Cap Growth Fund

	 

	MML Series Investment Fund - MML Mid Cap Growth Fund

	 

	Brighthouse Funds Trust I - T. Rowe Price Mid Cap Growth Portfolio

	 

	Marriott International, Inc. Pooled Investment Trust for Participant Directed Accounts

	 

	T. Rowe Price U.S. Mid-Cap Growth Equity Trust

	 

	L'Oreal USA, Inc. Employee Retirement Savings Plan

	 

	Costco 401(k) Retirement Plan

	 

	MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund

	 

	T. Rowe Price Communications & Technology Fund, Inc.

	 

	TD Mutual Funds - TD Entertainment & Communications Fund

	 

	T. Rowe Price Global Technology Fund, Inc.

	 

	TD Mutual Funds - TD Science & Technology Fund

	 

	UniSuper

	 

	T. Rowe Price Global Stock Fund

	 

	T. Rowe Price Institutional Global Focused Growth Equity Fund

	 

	Arkansas Teacher Retirement System 

	 

	T. Rowe Price Global Focused Growth Equity Pool

	 

	T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.

	 

	The Bunting Family III, LLC

	 

	Seasons Series Trust - SA Multi-Managed Mid Cap Growth Portfolio

	 

	The Bunting Family VI Socially Responsible LLC

	 

	
	
	Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Structured Mid-Cap Growth Fund

	 

	Voya Partners, Inc. - VY T. Rowe Price

	 

	T. Rowe Price Tax-Efficient Equity Fund

	 

	Lincoln Variable Insurance Products Trust - LVIP Blended Mid Cap Managed Volatility Fund

	 

	Jeffrey LLC

	 

	Baillie Gifford US Growth Trust PLC

	 

	The States of Jersey Public Employees Contributory Retirement Scheme

	 

	Warman Investments Pty Limited

	 

	The Board of Trustees of the Saskatchewan Healthcare Employees’ Pension Plan

	 

	Interventure Equity Investments Limited

	 

	Host-Plus Pty Limited

	 

	Pooled Super Pty Ltd

	 

	Scottish Mortgage Investment Trust Plc

	 

	Sands Capital Ventures Fund-SLK,
L.P.

	 

	Sands Capital Management, LLC, as Attorney-In-Fact for UniSuper

	 

	Light Street Beacon I, L.P.

	 

	Light Street Beacon Co-Invest 1, L.P.

	 

	Light Street Mercury Master Fund, L.P.

	 

	Eric E.G. Costello Revocable Trust

	 

	Quantum Partners LP

	 

	Soros Capital LP

	 

	JS Capital LLC

	 

	Palindrome Master Fund LP

	 

	Vision Super Pty Ltd

	 

	Disruptive Technology Solutions XIII, LLC

	 

	Coatue Offshore Master Fund, Ltd.

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