Document:

EX-4.8

 Exhibit 4.8 

REPRESENTATIVE’S PURCHASE WARRANT 

QUANERGY SYSTEMS, INC. 
  

			
	Warrant Shares: _________1	  	Initial Exercise Date: _____, 20232
		
		  	Issue Date: _______, 2022

 This REPRESENTATIVE’S PURCHASE WARRANT (the “Warrant”) certifies that, for value
received, ___________________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date referred to above as the
Initial Exercise Date (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on ____, 20273 (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Quanergy Systems, Inc., a Delaware corporation (the “Company”), up to _______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price
of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
 Section 1.
Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement (the “Underwriting Agreement”), dated _____, 2022, between the Company and Maxim
Group LLC, as representative of the several Underwriters named in Schedule A thereto. 
 Section 2.
Exercise. 
 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made,
in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by email (or
e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by
wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No
ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the
total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company
shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at
any given time may be less than the amount stated on the face hereof. 
  
  

 

	1 	 Insert 4% of the total shares sold in the Offering. 

	2 	 Insert the six month anniversary of the effective date of the registration statement. 

	3 	 Insert the five year anniversary of the effective date of the registration statement. 

 b) Exercise Price. The exercise price per share of Common Stock under
this Warrant shall be $____4, subject to adjustment hereunder (the “Exercise Price”). 

c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the
prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be
entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A) =	 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of
Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading
Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable
Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading
hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and
delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day; 

  

	 	(B) =	 the Exercise Price of this Warrant, as adjusted hereunder; and 

 

	 	(X) =	 the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms
of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock are then listed or quoted on The New York Stock Exchange, the NYSE American or any tier of The Nasdaq Stock Market (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock are then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b) if the Common Stock are listed or quoted on the OTCQB or OTCQX (each as operated by OTC Markets Group, Inc., or any successor market), the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on
OTCQB or OTCQX as applicable, (c) if the Common Stock are not then listed or quoted for trading on the OTCQB or OTCQX Markets and if prices for the Common Stock are then reported in the OTC Pink Market published by OTC Markets Group Inc. (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a Common Stock as determined by an
independent appraiser selected in good faith by the Board of Directors of the Company and reasonably acceptable to the Holder, the fees and expenses of which shall be paid by the Company. 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked onto the holding period of the Warrant
Shares. The Company agrees not to take any position contrary to this Section 2(c). 
  

	4 	 Insert 110% of the public offering price of the shares.

 Notwithstanding anything herein to the contrary, on the Termination Date,
this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c). 
  

	 	d)	 Mechanics of Exercise. 

 

	 	i.	 Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company by the Holder of the Notice of
Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise
(such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by
the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the
applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are
delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement
Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part,
the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant
Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such
exercise; provided, however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise notice concurrently with the return to the Holder of the aggregate Exercise Price paid to the
Company for such Warrant Shares and the restoration of the Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right). 

 iv. Compensation for Buy-In on
Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of
Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges, Taxes and
Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 

	 	e)	 Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a
Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder
(together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, collectively, “Attribution Parties”)), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares
of Common Stock held by the Holder, its Affiliates and Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the
unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Company each time it delivers a Notice of Exercise that such Notice of Exercise has
not violated the restrictions set forth in this paragraph, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) promptly notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the
extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 2(e), to exceed the lesser of the Beneficial Ownership Limitation and Maximum Percentage, the Holder must
notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the
Company shall return to the Holder any exercise price paid by the Holder for the Reduction 

	 	
Shares. Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any
Warrants, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
re-classification. For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any subsidiary thereof, as applicable, sells or grants any option
to purchase, or sell or any grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per
share less than the Exercise Price then in effect. 
 b) Subsequent Rights Offerings. In addition to any adjustments
pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of
shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken
for the grant, issuance or sale of such Purchase Rights, or, if no such record is 

 
taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial
ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). 
 c) Pro Rata Distribution. During such time as this Warrant is
outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution (other than cash) of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at
any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).  
 d) Fundamental Transaction. If, at any time
while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries,
taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or
indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person
or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in
Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate 

 
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of
Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to
such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any
such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. 

e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if
any) issued and outstanding. 
 f) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement
of the facts requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case,
the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the
holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become 

 
effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise
of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person
for a period of 180 days immediately following the commencement of sales of the offering pursuant to which this Warrant is being issued, except as permitted under FINRA Rule 5110(e)(2). Subject to the foregoing restriction, this Warrant and all
rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in
which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer
which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by or on behalf of the
Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 d)
Representation by Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not
with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 

 Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant
Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day. 
 d) Authorized Shares. 

i. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

ii. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

 iii. Before taking any action which would result in an adjustment in the
number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof. 
 e) Governing Law; Venue. This Warrant shall be deemed to have been executed and
delivered in New York and both this Warrant and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect, and in all other respects by the laws of the State of New York applicable to agreements
wholly performed within the borders of such state and without regard to the conflicts of laws principals thereof (other than Section 5-1401 of The New York General Obligations Law). Each of the Holder and
the Company: (a) agrees that any legal suit, action or proceeding arising out of or relating to this Warrant and/or the transactions contemplated hereby shall be instituted exclusively in the Supreme Court of the State of New York, New York
County, or in the United States District Court for the Southern District of New York, (b) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (c) irrevocably consents to the
jurisdiction of Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Holder and the Company further agrees to accept
and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of New York
and agrees that service of process upon the Company mailed by certified mail to the Company’s address or delivered by Federal Express via overnight delivery shall be deemed in every respect effective service of process upon the Company, in any
such suit, action or proceeding, and service of process upon the Holder mailed by certified mail to the Holder’s address or delivered by Federal Express via overnight delivery shall be deemed in every respect effective service process upon the
Holder, in any such suit, action or proceeding. THE HOLDER (ON BEHALF OF ITSELF, ITS SUBSIDIARIES AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT HOLDER MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS WARRANT AND THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT. 

f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any and all notices or other communications or deliveries to be provided hereunder shall be made in
accordance with Section 7.3 of the Underwriting Agreement. 
 i) Limitation of Liability. No provision hereof, in
the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of
any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

 j) Remedies. The Holder, in addition to being entitled to exercise
all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 l) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand. 

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant. 
 n) Headings. The headings used in this
Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ********************

 (Signature Page Follows) 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	QUANERGY SYSTEMS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 NOTICE OF EXERCISE 

 

	TO:	 QUANERGY SYSTEMS, INC. 

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2)
Payment shall take the form of (check applicable box): 
 ☐ in lawful money of the United States; or 

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

									
		 	  
	 		 	

 The Warrant Shares shall be delivered to the following DWAC Account Number: 

 

									
		 	  
	 		 	
		 	  
	 		 	
		 	  
	 		 	

 [SIGNATURE OF HOLDER] 

Name of Investing Entity: ___________________________________________________ 

________________________________________________________________________ 

Signature of Authorized Signatory of Investing Entity: 

___________________________________________________ 
 Name of
Authorized Signatory: 
 _______________________________________________________________________ 

Title of Authorized Signatory: 
 Date:
___________________________________________________________________ 

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

			
	Name:	  	  

		  	(Please Print)
		
	Address:	  	  

		  	(Please Print)
		
	Phone Number:	  	  

		
	Email Address:	  	  

		
	Dated: _______________ __, ______	  	
		
	Holder’s Signature: ___________________________	  	
		
	Holder’s Address: ___________________________EX-10.1

 Exhibit 10.1 

INVESTOR RIGHTS AGREEMENT 

BY AND BETWEEN 
 ADT
INC. 
 AND 

STATE FARM FIRE & CASUALTY COMPANY 

DATED AS OF 

October 13, 2022 

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
			
	 Section 1.
	 	Definitions	  	 	1	 
			
	 Section 2.
	 	Transfer Restrictions	  	 	8	 
	 2.1.
	 	Investor Transfer Restrictions	  	 	8	 
	 2.2.
	 	Company Issuance Restrictions	  	 	10	 
			
	 Section 3.
	 	Securities Restrictions; Legends	  	 	12	 
	 3.1.
	 	Securities Restrictions; Legends	  	 	12	 
			
	 Section 4.
	 	Registration Rights	  	 	13	 
	 4.1.
	 	Shelf Registration Statement	  	 	13	 
	 4.2.
	 	Demand Registration Rights	  	 	14	 
	 4.3.
	 	Piggy-Back Registration Rights	  	 	15	 
	 4.4.
	 	Registration Procedures	  	 	17	 
	 4.5.
	 	Company Suspension Rights	  	 	20	 
	 4.6.
	 	Expenses	  	 	20	 
	 4.7.
	 	Indemnification	  	 	21	 
	 4.8.
	 	Assignment	  	 	23	 
			
	 Section 5.
	 	Drag-Along Rights	  	 	23	 
	 5.1.
	 	General	  	 	23	 
	 5.2.
	 	Notice	  	 	23	 
	 5.3.
	 	Terms of a Drag-Along Transaction	  	 	24	 
	 5.4.
	 	Cooperation	  	 	24	 
	 5.5.
	 	Costs	  	 	25	 
	 5.6.
	 	Drag-Along Transaction Not Consummated	  	 	25	 
			
	 Section 6.
	 	Election of Directors	  	 	25	 
	 6.1.
	 	Nomination Rights	  	 	25	 
	 6.2.
	 	Vacancies; Removal	  	 	26	 
	 6.3.
	 	Fall-Away	  	 	26	 
	 6.4.
	 	Indemnification; Exculpation; Directors and Officers Insurance; Fees and Expenses	  	 	26	 
	 6.5.
	 	Conditions	  	 	26	 
			
	 Section 7.
	 	Voting	  	 	27	 
			
	 Section 8.
	 	Standstill	  	 	27	 
			
	 Section 9.
	 	Information Rights; Confidentiality	  	 	30	 
	 9.1.
	 	Information Rights	  	 	30	 
	 9.2.
	 	Confidentiality	  	 	31	 

  
 i 

							
	 Section 10.
	 	Reorganization Transactions	  	 	31	 
			
	 Section 11.
	 	Miscellaneous Provisions	  	 	32	 
	 11.1.
	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	32	 
	 11.2.
	 	Amendment	  	 	33	 
	 11.3.
	 	Termination	  	 	33	 
	 11.4.
	 	Transfer of Lock-Up Shares	  	 	33	 
	 11.5.
	 	Notices	  	 	34	 
	 11.6.
	 	Specific Performance	  	 	35	 
	 11.7.
	 	Treatment of Certain Transfers	  	 	35	 
	 11.8.
	 	Counterparts	  	 	35	 
	 11.9.
	 	Severability	  	 	35	 
	 11.10.
	 	Further Efforts	  	 	36	 
	 11.11.
	 	Extension of Time, Waiver, Etc.	  	 	36	 
	 11.12.
	 	Entire Agreement; No Third-Party Beneficiaries	  	 	36	 
	 11.13.
	 	No Personal Liability	  	 	36	 
	 11.14.
	 	Non-Recourse	  	 	36	 
	 11.15.
	 	No Partnership Status	  	 	37	 
	 11.16.
	 	Binding Effect	  	 	37	 
	 11.17.
	 	Further Acknowledgements	  	 	38	 
	 11.18.
	 	Interpretation	  	 	38	 
	 11.19.
	 	Assignment	  	 	39	 

  
 ii 

 This INVESTOR RIGHTS AGREEMENT is made as of October 13, 2022 (this
“Agreement”) by and between ADT Inc., a Delaware corporation (the “Company”), and State Farm Fire & Casualty Company, an Illinois stock insurance company (the “Investor” and, together with
the Company, the “Parties”). Capitalized terms used herein but not defined herein are as defined in the Purchase Agreement (as defined below). 

WHEREAS, in connection with the transactions contemplated by that certain Securities Purchase Agreement by and between the Company and
the Investor dated as of September 5, 2022 (the “Purchase Agreement”), the Company has issued, sold and delivered to the Investor, and the Investor has purchased and acquired from the Company, 133,333,333 shares of common
stock, par value $0.01 per share, of the Company (“Common Stock”, and the shares of Common Stock purchased by the Investor pursuant to the Purchase Agreement, the “Lock-Up
Shares”) at a price of $9.00 per share of Common Stock (the “Purchase Price”, and such issuance, sale, delivery, purchase and acquisition, the “Purchase”); 

WHEREAS, pursuant to the Purchase Agreement, the Company agreed to commence a cash tender offer (the “Tender Offer”)
to purchase up to 133,333,333 shares of Common Stock and, in order to comply with the terms of the Company Charter, shares of Class B Common Stock (as defined below), in the aggregate (the “Maximum Amount”) at a price per share
equal to the Purchase Price; 
 WHEREAS, concurrently with the execution of the Purchase Agreement, and as a condition and material
inducement to the willingness of the Company to enter into the Purchase Agreement, the Company entered into a Tender and Support Agreement with certain of the Company’s stockholders, pursuant to which such stockholders have, among other
matters, agreed to collectively tender a number of shares of Common Stock beneficially owned by such stockholders equal in the aggregate to at least the Maximum Amount in the Tender Offer; 

WHEREAS, concurrently with the execution of the Purchase Agreement, and as a condition and material inducement to the willingness of
the Company to enter into the Purchase Agreement, the Company entered into a Support Agreement with Google LLC (“Google Investor”), pursuant to which Google Investor has, among other matters, agreed to not tender any shares of
Class B common stock, par value $0.01 per share, of the Company (“Class B Common Stock”) or shares of Common Stock issued or issuable upon conversion of any shares of Class B Common Stock in the Tender
Offer; and 
 WHEREAS, as a condition to the willingness of the Company and the Investor to consummate the transactions contemplated
by the Purchase Agreement and for other good and valuable consideration received, the Parties are entering into this Agreement, which sets forth certain terms and conditions regarding, among other things, transfer restrictions and registration
rights to which the Lock-Up Shares will be subject. 
 NOW, THEREFORE, the Parties hereby
agree as follows: 
 Section 1. Definitions. 

As used in this Agreement: 

  
 1 

 “50% Beneficial Ownership Requirement” means that the Investor and its
Permitted Transferees continue to beneficially own shares of Common Stock that represent at least fifty percent (50%) of the Lock-Up Shares. 

“Acceptance Notice” has the meaning ascribed to such term in Section 2.1(d). 

“Activist Shareholder” means, as of any date of determination, a Person (other than the Investor and its Affiliates) that, to
the Investor’s actual knowledge (after reasonable inquiry, which shall be satisfied by review of Factset, Activist Insight or a similar online resource), has, directly or indirectly through its Affiliates, whether individually or as a member of
a Group, within the three (3)-year period immediately preceding such date of determination (a) called or publicly sought to call a meeting of the stockholders or other equityholders of any Person not
publicly approved (at the time of the first such action) by the board of directors or similar governing body of such Person, (b) publicly initiated any proposal for action by stockholders or other equityholders of any Person initially publicly
opposed by the board of directors or similar governing body of such Person, (c) publicly sought election to, or to place a director or representative on, the board of directors or similar governing body of a Person, or publicly sought the
removal of a director or other representative from such board of directors or similar governing body, in each case, which election or removal was not recommended or approved publicly (at the time such election or removal is first sought) by the
board of directors or governing body of such Person or (d) publicly disclosed any intention, plan or arrangement to do any of the foregoing. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise, including the ability to elect at least a majority of the members of the board of directors or other governing body of a Person, and the terms
“controlled” and “controlling” have correlative meanings. Notwithstanding anything herein to the contrary, for purposes of this Agreement, other than in the case of the definitions of “Control Transfer,”
“Transferring Party” and “Related Parties,” Section 5.1, Section 5.3(c), Section 11.14, and Section 11.17, no portfolio
company (other than the Company and its Subsidiaries) or investment fund or account affiliated with or managed by affiliates of Apollo Global Management, Inc. shall be deemed Affiliates of any of the Company or its Subsidiaries, nor shall any of the
Company or its Subsidiaries be deemed Affiliates of any portfolio company (other than any of the Company or its Subsidiaries) or investment fund or account affiliated with or managed by affiliates of Apollo Global Management, Inc. 

“Agreement” has the meaning ascribed to such term in the preamble. 

“Board” means the Board of Directors of the Company and any duly authorized committee thereof. 

“Closing” means the consummation of the Purchase. 

“Common Stock” has the meaning ascribed to such term in the recitals. 

  
 2 

 “Company” has the meaning ascribed to such term in the preamble. 

“Company Acceptance Notice” has the meaning ascribed to such term in Section 2.2. 

“Company Proposed Sale” has the meaning ascribed to such term in Section 2.2. 

“Company ROFR Acceptance Period” has the meaning ascribed to such term in Section 2.2. 

“Company ROFR Offer” has the meaning ascribed to such term in Section 2.2. 

“Company ROFR Purchase Price” has the meaning ascribed to such term in Section 2.2. 

“Compass Solar Agreement” means that certain Investor Rights Agreement, dated December 8, 2021, by and among the Company
and the holders thereto, as may be amended, supplemented, restated or otherwise modified from time to time. 
 “Confidential
Information” has the meaning ascribed to such term in Section 9.2. 
 “Control Transfer”
means a Transfer (other than a Permitted Transfer) which would have the effect of transferring to a Person or Group that is not an Affiliate of TopCo Parent a number of shares of Common Stock such that, following the consummation of such
Transfer, such Person or Group possesses fifty percent (50%) or more of the outstanding voting stock or equity securities of the Company or the voting power to elect a majority of the Board (whether by merger, consolidation or sale or transfer or
otherwise). 
 “Drag-Along Holder” has the meaning ascribed to such term in Section 5.1. 

“Drag-Along Notice” has the meaning ascribed to such term in Section 5.2. 

“Drag-Along Transaction” has the meaning ascribed to such term in Section 5.1. 

“Excluded Securities Transaction” means any issuance of Common Stock, Class B Common Stock or other Company Securities
by the Company (i) pursuant to Rule 144 in brokers’ transactions (as defined thereunder), (ii) in a market transaction exempted under Rule 144A under the Securities Act to a “qualified institutional buyer” that is a financial
institution or (iii) in any other underwritten offering; provided, in each case, that the Company does not issue any Common Stock, Class B Common Stock or other Company Securities to, or request, encourage or knowingly permit any
brokers or “qualified institutional buyers” to resell such Common Stock, Class B Common Stock or other Company Securities, as applicable, to, any Person who is known or reasonably should be known by such entity to be a Specified
Purchaser. 
 “Exempt Prospectus Supplement” means any prospectus supplement to a Registration Statement pursuant to which
the Company shall offer solely equity securities as consideration for an acquisition. For the avoidance of doubt, a prospectus supplement that provides for the offer of securities by any Person other than the Company shall not be an Exempt
Prospectus Supplement. 

  
 3 

 “Fall-Away Event” means the first day on which the Investor and its
Permitted Transferees no longer meet the 50% Beneficial Ownership Requirement. 
 “Google Investor” has the meaning
ascribed to such term in the recitals. 
 “Google Investor Rights Agreement” means, collectively, (a) the Investor
Rights Agreement, by and between the Company and Google LLC, dated as of September 17, 2020 and (b) the Investor Side Agreement, by and between TopCo Parent and Google LLC, dated as of July 31, 2020. 

“Group” has the meaning ascribed thereto in Section 13(d)(3) of the Exchange Act. 

“Inspectors” has the meaning ascribed to such term in Section 4.4(o). 

“Investor” has the meaning ascribed to such term in the preamble. 

“Investor Designee” has the meaning ascribed to such term in Section 6.1. 

“Investor Parent” has the meaning ascribed to such term in Section 2.1(b)(i). 

“Investor Parties” means the Investor and each permitted transferee of the Investor to whom shares of Common Stock are
transferred pursuant to Section 2.1(b)(i). 
 “Investor Side Agreement” has the meaning ascribed
to such term in Section 2.1(a). 
 “Lock-Up Period” has
the meaning ascribed to such term in Section 2.1. 
 “Lock-Up
Shares” has the meaning ascribed to such term in the recitals. 
 “Marketable Securities” means any security that
(a) is of a class that is publicly traded on a U.S. national securities exchange and (b) as of the relevant date of determination, is not subject to any material legal or other restrictions (including volume and timing) on the sale or
disposition thereof. 
 “Marketed Underwritten Offering” has the meaning ascribed to such term in
Section 4.2(a). 
 “Maximum Amount” has the meaning ascribed to such term in the recitals. 

“MIRA” means the Amended and Restated Management Investor Rights Agreement among the Company, Prime Security Services Topco
Parent, L.P. and other parties thereto, dated January 23, 2018. 

  
 4 

 “New Holdco” has the meaning ascribed to such term in
Section 10. 
 “Non-Marketed Underwritten Offering” has
the meaning ascribed to such term in Section 4.2(b). 

“Non-Underwritten Shelf Takedown” has the meaning ascribed to such term in
Section 4.2(c). 
 “offer” means an irrevocable written offer. 

“Offering Party” has the meaning ascribed to such term in Section 2.1(d). 

“Parties” has the meaning ascribed to such term in the preamble. 

“Permitted Transfer” has the meaning ascribed to such term in Section 2.1(b). 

“Permitted Transferees” has the meaning ascribed to such term in Section 2.1(b)(i). 

“Piggy-Back Notice” has the meaning ascribed to such term in Section 4.3(a). 

“Piggy-Back Registration Right” has the meaning ascribed to such term in Section 4.3(a). 

“Prohibited Transferee” means (a) Vivint Smart Home, Inc., Monitronics International, Inc. (doing business as Brinks
Home Security), Comcast Corporation and AT&T Inc., Verizon Communications Inc., Amazon.com, Inc., SimpliSafe, Inc., Sunrun, Inc., Sunnova Energy International Inc, Tesla Inc. and SunPower Inc. (as well as their respective Affiliates and any
direct or indirect successors of such Persons) and (b) any Activist Shareholder. 
 “Proposed Sale” has the meaning
ascribed to such term in Section 2.1(d). 
 “Purchase” has the meaning ascribed to such term in
the recitals. 
 “Purchase Agreement” has the meaning ascribed to such term in the recitals. 

“Purchase Price” has the meaning ascribed to such term in the recitals. 

“Records” has the meaning ascribed to such term in Section 4.4(o). 

“Registrable Securities” shall mean (a) any shares of Common Stock owned by the Investor or other securities of the
Company owned by the Investor or acquired by the Investor after the date hereof, and (b) any shares of Common Stock issued as or in (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as or in) a
dividend, stock split or other distribution with respect to, or in exchange for or upon conversion or exercise of, or in replacement of, the shares or securities referenced in clause (a); provided, however, that any Registrable
Securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such Registrable Securities has been declared 

  
 5 

 
effective under the Securities Act and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such
Registrable Securities are distributed or sold, pursuant to Rule 144 under the Securities Act, or (iii) such Registrable Securities shall have been otherwise transferred and new certificates for them not bearing a legend restricting
further transfer under the Securities Act shall have been delivered by the Company and subsequent disposition of such securities does not require registration or qualification of such securities under the Securities Act or any state securities or
“blue sky” Law then in force, except, in the case of the foregoing clause (i) and clause (ii), with respect to any such distribution or sale of Registrable Securities to a single Person and its Affiliates of not less than 50,000,000
shares of Common Stock (subject to appropriate adjustment, if any, for changes in the outstanding shares of capital stock of the Company, including by reason of any reclassification, recapitalization, consolidation, stock split (including reverse
stock split) or combination, exchange or readjustment of shares, or any stock dividend or similar transaction). 
 “Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of January 23, 2018, between TopCo Parent and the Company, as amended by that certain Amendment, dated June 22, 2018, among TopCo Parent, Prime Security
Services TopCo Parent II, L.P. and the Company. 
 “Registration Statement” means any registration statement of the Company
filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act (other than a Registration Statement on Form S-4 or
Form S-8, or any successor forms thereto, promulgated under the Securities Act), including the related prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and material incorporated by reference in such registration statement. 

“Related Parties” has the meaning ascribed to such term in Section 11.13. 

“Reorganization” has the meaning ascribed to such term in Section 10. 

“Required Information” has the meaning ascribed to such term in Section 4.1(c). 

“ROFR Acceptance Period” has the meaning ascribed to such term in Section 2.1(d). 

“ROFR Offer” has the meaning ascribed to such term in Section 2.1(d). 

“ROFR Purchase Price” has the meaning ascribed to such term in Section 2.1(d). 

“Rule 144” means Rule 144 (or any successor provisions) under the Securities Act. 

“Rule 415” means Rule 415 (or any successor provisions) under the Securities Act. 

“SEC” has the meaning ascribed to such term in Section 9. 

  
 6 

 “securities” shall mean, with respect to any Person, all equity interests
of such Person, all securities convertible into, exercisable or exchangeable for equity interests of such Person, and all options, warrants, and other rights to purchase or otherwise acquire from such Person equity interests, including any equity
appreciation or similar rights, contractual or otherwise. 
 “Securities Indemnified Party” has the meaning ascribed to
such term in Section 4.7(c). 
 “Securities Indemnifying Party” has the meaning ascribed to such
term in Section 4.7(c). 
 “Shelf Registration Statement” means a Registration Statement of the
Company filed with the SEC on Form S-3 (or any successor form or other appropriate form under the Securities Act) or a prospectus supplement to an existing
Form S-3 (or any successor form or other appropriate form under the Securities Act), for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar
rule that may be adopted by the SEC) covering all of the Registrable Securities, as applicable, and which may also cover any other securities of the Company. For purposes of clarity, this term shall include a Registration Statement of the Company
filed with the SEC on such other form available to register for resale all of the Registrable Securities as a secondary offering, if the Company is then ineligible to register for resale all of the Registrable Securities on Form S-3. 
 “Specified Purchaser” means: (a) American International Group,
Inc., The Hartford Financial Services Group, Inc., Munich Reinsurance Company, Swiss Reinsurance Company Ltd and Berkshire Hathaway Inc. (as well as their respective Affiliates and any direct or indirect successors of such Persons) and (b) any
other Person that, as of the date hereof or the date a Company ROFR Offer is delivered, is one of the ten (10) largest homeowners insurance companies in the United States, measured on the basis of the total amount of direct written premiums in
the non-tenant homeowner insurance category. 
 “TopCo Parent” means Prime Security
Services TopCo Parent, L.P., a Delaware limited partnership. 
 “Transfer” by any Person means, directly or indirectly, to
sell, transfer, assign, pledge, encumber, hypothecate or otherwise dispose of or transfer (by the operation of Law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement, agreement or
understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other disposition or transfer (by the operation of Law or otherwise), of any shares of equity securities beneficially owned by such Person or of any
interest in any shares of equity securities beneficially owned by such Person. The terms “Transfers”, “Transferred” and “Transferring” shall have correlative meanings. 

“Transferring Party” has the meaning ascribed to such term in Section 5.1. 

“Underwritten Offering” means a sale of Common Stock to an underwriter for reoffering to the public. 

  
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 “Underwritten Offering Notice” has the meaning ascribed to such term in
Section 4.2(d). 
 Section 2. Transfer Restrictions. 

2.1. Investor Transfer Restrictions. 

(a) Except as otherwise permitted in this Agreement or as otherwise set forth in that certain Investor Side Agreement, dated as of
September 5, 2022 and effective as of the Closing, by and between TopCo Parent and the Investor (the “Investor Side Agreement”), until the earlier of (x) the date that is the three
(3)-year anniversary of the date hereof or (y) the date on which the Development Agreement has been validly terminated in accordance with its terms for any reason other than termination by ADT LLC
pursuant to Section 7.2(b) thereof (the “Lock-Up Period”), the Investor will not (i) Transfer any Lock-Up Shares or (ii) make any short
sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a short sale of or the purpose of which is to offset the loss which results from a decline in the market price of, any Lock-Up Shares, or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, with respect to
any of the Lock-Up Shares or any other capital stock of the Company. 
 (b) Notwithstanding
Section 2.1(a), the Investor shall be permitted to Transfer any portion or all of its Lock-Up Shares at any time under the following circumstances (each, a “Permitted
Transfer”): 
 (i) Transfers to any controlled Affiliates of State Farm Mutual Automobile Insurance Company
(“Investor Parent”), but only if the transferee agrees in writing prior to such Transfer for the express benefit of the Company (in form and substance reasonably satisfactory to the Company and with a copy thereof to be furnished to
the Company) to be bound by the terms of this Agreement and if the transferee and the transferor agree for the express benefit of the Company that the transferee shall Transfer the Lock-Up Shares so
Transferred back to the transferor at or before such time as the transferee ceases to be a controlled Affiliate of Investor Parent (any such transferee, a “Permitted Transferee”); 

(ii) Transfers in connection with a Drag-Along Transaction pursuant to the terms of Section 5 (and,
for the avoidance of doubt, if the Investor does Transfer Lock-Up Shares to a third party in connection with a Drag-Along Transaction pursuant to the terms of Section 5, the
restrictions set forth in Section 2.1 shall not apply to such third party with respect to such Lock-Up Shares); 

(iii) Transfers in connection with (A) any third party tender or exchange offer involving the Common Stock that has been
approved by the Board or (B) any tender or exchange offer by the Company (and, for the avoidance of doubt, if the Investor does Transfer Lock-Up Shares to a third party in connection with such tender or
exchange offer, the restrictions set forth in Section 2.1 shall not apply to such third party with respect to such Lock-Up Shares); 

  
 8 

 (iv) Transfers in accordance with the Investor Side Agreement (and, for the
avoidance of doubt, if the Investor does Transfer Lock-Up Shares to a third party in accordance with the Investor Side Agreement, the restrictions set forth in Section 2.1 shall not
apply to such third party with respect to such Lock-Up Shares); and 
 (v) Transfers
that have been approved by the Board (and, for the avoidance of doubt, if the Investor does Transfer Lock-Up Shares to a third party with the Board’s approval, the restrictions set forth in
Section 2.1 shall not apply to such third party with respect to such Lock-Up Shares). 

(c) Notwithstanding Section 2.1(a) and Section 2.1(b), but subject to
Section 2.1(d), unless the Lock-Up Period shall have terminated as a result of Section 2.1(a)(y) (in which case the restrictions set forth in
Section 2.1 shall no longer remain in effect), the Investor will not at any time during or following the Lock-Up Period, without the prior written consent of the Company, directly or
knowingly indirectly: 
 (i) Transfer any Lock-Up Shares to a Prohibited Transferee
or to a Person or Group that, after giving effect to a proposed Transfer, would beneficially own greater than ten percent (10%) of the then outstanding Common Stock on an as-converted basis; or 

(ii) Transfer, on any day, an aggregate number of Lock-Up Shares that would be in
excess of ten percent (10%) of the average daily trading volume of the Common Stock for the preceding four (4) weeks on the NYSE; provided that, notwithstanding the foregoing, the Investor shall be permitted to undertake one
(1) Transfer per week by means of a block trade (even if the number of Lock-Up Shares Transferred in such block trade exceeds the foregoing limitation) so long as the
Lock-Up Shares Transferred in such block trade are the only Lock-Up Shares Transferred by the Investor and its Affiliates on such trading day. 

Notwithstanding the foregoing, nothing in this Section 2.1(c) shall restrict any Transfer into the public market pursuant to a bona
fide, broadly distributed underwritten public offering made pursuant to Section 4. 
 (d) At any time following
the expiration of the Lock-Up Period, in the event that the Investor or its permitted transferees receive a bona fide offer or offers from a third party (such party, an “Offering Party”) to
Transfer to the Offering Party any portion of the Lock-Up Shares held by the Investor or its permitted transferees and the Investor or its permitted transferees would otherwise be prohibited by
Section 2.1(c)(i) from making such Transfer (a “Proposed Sale”), the Investor or its permitted transferees shall promptly deliver to the Company in writing a notice of the Proposed Sale (the “ROFR
Offer”) setting forth in reasonable detail (i) a description of the Proposed Sale and the identification of the Offering Party, (ii) the number of Lock-Up Shares subject to the ROFR Offer
and the amount and value of consideration therefor (the value of such consideration, the “ROFR Purchase Price”) and (iii) any and all other material terms and conditions of the ROFR Offer. The Company shall have the right (but
not the obligation) to elect to purchase all (but not less than all) of the Lock-Up Shares subject to the ROFR Offer (at the ROFR Purchase Price and on the terms and conditions set forth in the ROFR

  
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Offer) within ten (10) days of its receipt of the ROFR Offer (such period of time, the “ROFR Acceptance Period”). If the Company accepts the ROFR Offer as to all (but not
less than all) of the Lock-Up Shares subject to the ROFR Offer, it shall evidence its acceptance by delivering to the Investor or its permitted transferees a written notice of intent to purchase the Lock-Up Shares subject to the ROFR Offer (such notice, an “Acceptance Notice”). The consummation of the acquisition of the Lock-Up Shares subject to the
Acceptance Notice shall be consummated within thirty (30) days following receipt by the Investor or its permitted transferee of the Acceptance Notice, at which time the ROFR Purchase Price shall be paid in cash (regardless of the form of
consideration the Offering Party would otherwise have paid in the Proposed Sale) to the Investor or its permitted transferees, and the Investor or its permitted transferees shall deliver to the Company the certificates representing the Lock-Up Shares so purchased, duly endorsed for Transfer or accompanied by duly executed stock powers or assignment forms, if any, or in the event any such certificates are alleged to have been lost, stolen or
destroyed, an affidavit of lost, stolen or destroyed certificates to be delivered to the Company in a form reasonably satisfactory to the Company (including, if so requested, a bond in customary amount), and evidence of good title to the Lock-Up Shares subject to the ROFR Offer so purchased and the absence of liens, encumbrances and adverse claims with respect thereto (other than restrictions under applicable securities Laws, the Company Charter,
and any applicable transfer documents) and such other matters as are deemed reasonably necessary by the Company for the proper Transfer of the applicable Lock-Up Shares to the Company. If the Company does not
accept the ROFR Offer with respect to all of the Lock-Up Shares subject to the ROFR Offer prior to the expiration of the ROFR Acceptance Period, the Investor or its permitted transferees shall be permitted to
Transfer all (but not less than all) of the Lock-Up Shares described in the ROFR Offer to the Offering Party at a price not less than the ROFR Purchase Price and otherwise on terms and conditions not more
favorable to the Offering Party than those set forth in the ROFR Offer and the restrictions set forth in Section 2.1(c)(i) shall not apply to such Proposed Sale; provided, however, if such Proposed Sale to the
Offering Party is not consummated within sixty (60) days after the expiration of the ROFR Acceptance Period, the restrictions set forth in Section 2.1(c)(i) shall again apply to the applicable Lock-Up Shares, and no Transfer of such Lock-Up Shares that is otherwise prohibited by Section 2.1(c)(i) may be made thereafter by the Investor or
its permitted transferees without first complying with the procedures set forth in this Section 2.1(d). 
 2.2.
Company Issuance Restrictions. In the event that the Company (x) receives a bona fide offer from a Specified Purchaser to purchase from the Company, or (y) makes a bona fide offer to a Specified Purchaser to issue, in each case, any
Common Stock, Class B Common Stock or other Company Securities pursuant to a negotiated transaction (excluding any Excluded Securities Transaction) (a “Company Proposed Sale”), the Company shall promptly deliver to the Investor
in writing a notice of the Company Proposed Sale (the “Company ROFR Offer”) setting forth in reasonable detail (i) a description of the Company Proposed Sale and the identification of the Specified Purchaser, (ii) the
number of Common Stock, Class B Common Stock or other Company Securities subject to the Company ROFR Offer and the amount and value of consideration therefor (the value of consideration, the “Company ROFR Purchase Price”) and
(iii) any and all other material terms and conditions of the Company ROFR Offer. The Investor shall have the right (but not the obligation) to elect to purchase all (but not less than all) of the Common Stock, Class B Common Stock or other
Company Securities subject to the Company ROFR Offer (at the Company ROFR Purchase 

  
 10 

 
Price and on the terms and conditions set forth in the Company ROFR Offer) within ten (10) days of its receipt of the Company ROFR Offer (such period of time, the “Company ROFR
Acceptance Period”). If the Investor accepts the Company ROFR Offer as to all (but not less than all) of the Common Stock, Class B Common Stock or other Company Securities subject to the Company ROFR Offer, it shall evidence its
acceptance by delivering to the Company a written notice of intent to purchase the Common Stock, Class B Common Stock or other Company Securities subject to the Company ROFR Offer (such notice, a “Company Acceptance Notice”).
The consummation of the acquisition of the Common Stock, Class B Common Stock or other Company Securities subject to the Company Acceptance Notice shall be consummated within thirty (30) days following receipt by the Company of the Company
Acceptance Notice (provided, however, that such thirty (30)-day period shall be extended by the time necessary to obtain any required approvals of any governmental authority under any applicable
laws; provided, further, and notwithstanding anything to the contrary set forth herein, if the proposed time of closing of a sale pursuant to this Section 2.2 is delayed or extended by more than one hundred
eighty (180) days following receipt by the Company of the Acceptance Notice, the Investor shall have the right to withdraw its Acceptance Notice) at which time the Company ROFR Purchase Price shall be paid in cash (regardless of the form of
consideration the Specified Purchaser would otherwise have paid in the Company Proposed Sale) to the Company, and the Company shall deliver to the Investor the certificates (if any) representing the Common Stock, Class B Common Stock or other
Company Securities so purchased, and evidence of good title to the Common Stock, Class B Common Stock or other Company Securities subject to the Company ROFR Offer so purchased and the absence of liens, encumbrances and adverse claims with
respect thereto (other than restrictions under applicable securities Laws, the Company Charter, and any applicable transfer documents) and such other matters as are deemed reasonably necessary by the Investor for the proper purchase of the
applicable Common Stock, Class B Common Stock or other Company Securities. If the Investor does not accept the Company ROFR Offer with respect to all of the Common Stock, Class B Common Stock or other Company Securities subject to the
Company ROFR Offer prior to the expiration of the Company ROFR Acceptance Period, the Company shall be permitted to issue all (but not less than all) of the Common Stock, Class B Common Stock or other Company Securities described in the Company
ROFR Offer to the Specified Purchaser at a price not less than the Company ROFR Purchase Price and otherwise on terms and conditions not more materially favorable in the aggregate to the Specified Purchaser than those set forth in the Company ROFR
Offer; provided, however, if such Company Proposed Sale to the Specified Purchaser is not consummated within one hundred and twenty (120) days after the expiration of the Company ROFR Acceptance Period, the restrictions set forth
in this Section 2.2 shall again apply to the applicable Common Stock, Class B Common Stock or other Company Securities, and no issuance of such Common Stock, Class B Common Stock or other Company Securities that
is otherwise prohibited by Section 2.2 may be made thereafter by the Company without first complying with the procedures set forth in this Section 2.2. Notwithstanding anything to the contrary
herein, the Investor shall cease to have any rights pursuant to this Section 2.2 upon the earliest of (x) the occurrence of a Fall-Away Event, (y) the termination of the Development Agreement by ADT LLC pursuant
to Section 7.2(b) thereof and (z) the five (5) year anniversary of the date of this Agreement; provided that this clause (z) shall not apply if the Development Agreement remains in effect on such date. 

  
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 Section 3. Securities Restrictions; Legends. 

3.1. Securities Restrictions; Legends. 

(a) The Investor acknowledges that its Lock-Up Shares have not been registered under the Securities
Act and as such its Lock-Up Shares may not be transferred except pursuant to an effective Registration Statement under the Securities Act or pursuant to an exemption from registration under the Securities Act.
The Investor agrees that it will not make any Transfer at any time if such action would or would be likely to (i) constitute a violation of any securities Laws of any applicable jurisdiction or a breach of the conditions to any exemption from
registration of Lock-Up Shares under any such Laws or (ii) cause the Company to become subject to the registration requirements of the U.S. Investment Company Act of 1940. 

(b) Each certificate representing Lock-Up Shares, or other instrument (including a statement issued by
the registrar in connection with a book-entry system) representing Lock-Up Shares, shall (unless otherwise permitted by the provisions of Section 3.1(e) below) be stamped or otherwise
imprinted with a legend in substantially the following form: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 (c) Each certificate or other instrument evidencing the securities issued upon
the transfer of any Lock-Up Shares shall bear the legend set forth above in Section 3.1(b) unless (i) in such opinion of counsel to the Company registration of any future
transfer is not required by the applicable provisions of the Securities Act or (ii) the Company shall have waived the requirement of such legends. 

(d) When (i) any Lock-Up Shares are sold or otherwise Transferred pursuant to an effective
Registration Statement under the Securities Act or (ii) the Investor has transferred or intends to transfer such shares pursuant to Rule 144, the Investor shall be entitled to receive from the Company, without expense to the Investor, a
new certificate or other instrument (including a statement issued by the registrar in connection with a book-entry system) representing shares of Common Stock not bearing the restrictive legend set forth above in
Section 3.1(b). 

  
 12 

 (e) Each certificate representing Lock-Up Shares, or
other instrument (including a statement issued by the registrar in connection with a book-entry system) representing Lock-Up Shares, shall during the Lock-Up Period be
stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE ALSO SUBJECT TO AN INVESTOR RIGHTS AGREEMENT, DATED AS OF OCTOBER 13, 2022, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE OTHER PARTIES NAMED THEREIN, AND AN INVESTOR SIDE AGREEMENT, DATED AS OF
SEPTEMBER 5, 2022, BY AND BETWEEN TOPCO PARENT AND THE OTHER PARTIES NAMED THEREIN, IN EACH CASE, AS THE SAME MAY BE AMENDED, RESTATED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME. THE TERMS OF SUCH INVESTOR RIGHTS AGREEMENT OR INVESTOR SIDE
AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER AND OWNERSHIP OF THE SECURITIES REPRESENTED HEREBY. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE INVESTOR HEREOF UPON WRITTEN REQUEST.” 

(f) At the expiration of the Lock-Up Period, the Investor shall be entitled to receive from the
Company, without expense and without undue delay, a new certificate or other instrument (including a statement issued by the registrar in connection with a book-entry system) representing shares of Common Stock not bearing the restrictive legend set
forth above in Section 3.1(e). 
 Section 4. Registration Rights. 

4.1. Shelf Registration Statement. 

(a) Obligation to File Shelf Registration Statement. Subject to the receipt of the Required Information (as defined below), the Company
shall file with the SEC a Shelf Registration Statement relating to the offer and sale by the Investor from time to time of all its Registrable Securities in accordance with the methods of distribution set forth in the Shelf Registration Statement
and shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Securities Act or become automatically effective, as applicable, no later than upon the expiration of the Lock-Up Period (for purposes of clarity, if the Company is then ineligible to register for resale all of the Registrable Securities on Form S-3, such registration shall
be on such other form available to register for resale all of the Registrable Securities as a secondary offering). 
 (b) Continued
Effectiveness. Subject to the provisions of Section 4.5, the Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective under the Securities Act in order to permit the
prospectus forming a part thereof to be usable by the Investor until the earlier of (i) the day the Investor no longer holds any Registrable Securities and (ii) the three (3)-year anniversary of the expiration of the Lock-Up Period. 

  
 13 

 (c) Required Information. The Investor agrees to promptly provide to the Company any
information reasonably requested by the Company in order to satisfy the applicable disclosure requirements in connection with any Shelf Registration Statement or prospectus forming a part thereof (the “Required Information”). It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 4.1 with respect to any Registrable Securities held by the Investor that the Company shall have received all the
applicable Required Information from the Investor, it being understood that the Investor shall consult as appropriate with its own counsel and advisors at its own expense in connection with the completion of the Required Information. 

4.2. Demand Registration Rights. 

(a) Requests for Marketed Underwritten Offerings. After the expiration of the Lock-Up Period,
the Investor may from time to time request to sell Registrable Securities in an underwritten offering that is registered pursuant to the Shelf Registration Statement that includes roadshow presentations or investor calls by management of the Company
or other marketing efforts by the Company (a “Marketed Underwritten Offering”); provided that in the case of each such Marketed Underwritten Offering the Registrable Securities proposed to be sold shall have an aggregate
offering price of at least $100 million; and provided, further, that the Company shall not be required to effect (A) a Marketed Underwritten Offering if another Marketed Underwritten Offering has been effected and priced
within ninety (90) days or (B) more than two (2) Marketed Underwritten Offerings within any twelve (12)-month period (it being understood that for purposes of this proviso, a Marketed
Underwritten Offering will be deemed to include any Marketed Underwritten Offering as defined under the Registration Rights Agreement or the Google Investor Rights Agreement). 

(b) Requests for Non-Marketed Underwritten Offerings. The Investor may from time to time
request to sell Registrable Securities in an underwritten offering that is registered under the Shelf Registration Statement that does not include any marketing efforts by the Company or its management, including a “block trade” and an
“overnight transaction” (a “Non-Marketed Underwritten Offering”); provided that, in the case of each such Non-Marketed Underwritten
Offering the Registrable Securities proposed to be sold shall have an aggregate offering price of at least $20 million. 
 (c)
Requests for Non-Underwritten Offerings. The Investor may from time to time request to initiate an offering or sale of all or part of its Registrable Securities that does not constitute an Underwritten
Offering (a “Non-Underwritten Shelf Takedown”), the Investor shall so indicate in a written request delivered to the Company no later than three (3) Business Days prior to the expected
date of such Non-Underwritten Shelf Takedown, which request shall include (i) the type and total number of Registrable Securities expected to be offered and sold in such
Non-Underwritten Shelf Takedown and (ii) the expected plan of distribution of such Non-Underwritten Shelf Takedown. 

(d) Underwritten Offering Notices. All requests for Underwritten Offerings shall be made by giving written notice to the Company (an
“Underwritten Offering Notice”), and upon receipt of an Underwritten Offering Notice the Company shall use its reasonable best efforts to effect an Underwritten Offering as expeditiously as reasonably possible for the number of
Registrable Securities requested and in the manner requested by the Investor, subject to the terms of this Agreement. Each Underwritten Offering Notice shall specify (i) the approximate number of Registrable Securities to be sold in the
Underwritten Offering, (ii) whether such offering will be a Marketed Underwritten Offering or a Non-Marketed Underwritten Offering, (iii) the intended marketing efforts, if any, and (iv) the
name(s) of the underwriter(s), if then known. 

  
 14 

 (e) Selection of Underwriters and Underwriting Agreement. In an Underwritten
Offering, (i) the Investor shall select the investment banker or investment bankers and managers that will serve as lead and co-managing underwriters with respect to the offering of such Registrable
Securities, and (ii) the Company shall enter into an underwriting agreement that is reasonably acceptable to the Investor and the Company, which agreement shall contain representations, warranties, indemnities and agreements customarily
included (but not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers.

 (f) Cut-backs. The Investor acknowledges that certain other stockholders of the Company
have demand rights and piggyback rights pursuant to the Registration Rights Agreement, the MIRA, the Google Investor Rights Agreement and the Compass Solar Agreement, as applicable. If, in connection with an Underwritten Offering, the lead
bookrunning underwriters advise the Company, in writing, that, in their reasonable opinion, the inclusion of all of the securities, including securities of the Company that are not Registrable Securities, sought to be registered in connection with
such Underwritten Offering would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall include in such Underwritten Offering only such securities as the Company is reasonably
advised by such underwriters can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number of securities requested to be included in such Underwritten Offering by (a) the Investor,
(b) any Stockholder (as defined in the Registration Rights Agreement) pursuant to the Registration Rights Agreement, (c) the Google Investor pursuant to the Google Investor Rights Agreement, (d) the Major Holders (as defined in the
Compass Solar Agreement) pursuant to the Compass Solar Agreement and (e) any other stockholders holding pari passu registration rights, pro rata among all such Persons referenced in clauses (a) through (e) based upon the
number of securities which such Persons requested to be included in such offering; and (ii) second, securities the Company proposes to sell for its own account. 

4.3. Piggy-Back Registration Rights. 

(a) Participation. After the expiration of the Lock-Up Period, in the event that the Company
proposes to register any shares of Common Stock under the Securities Act (other than pursuant to (i) a Registration Statement on Form S-4 or Form S-8, or
any successor forms thereto, promulgated under the Securities Act or (ii) an Exempt Prospectus Supplement), for its own account or the account of any of its other stockholders, including take-downs or offerings off a Shelf Registration
Statement (excluding block trades and overnight transactions), the Company shall give the Investor prior written notice (the “Piggy-Back Notice”) of its intention to effect such a registration at least ten (10) Business Days
before the anticipated filing date, or at least two (2) Business Days in the case of a block trade or an overnight transaction. The Piggy-Back Notice shall set forth (A) the anticipated filing date of such Registration Statement and
(B) the number of shares of Common Stock that the Company intends to include in such 

  
 15 

 
Registration Statement. Subject to Section 4.3(b), the Investor shall have the right (the “Piggy-Back Registration Right”) to request that the Company
use its reasonable best efforts to cause all the Registrable Securities that the Investor specifies in a written request and delivers to the Company within five (5) Business Days after the giving of such Piggy-Back Notice to be included in such
registration on the same terms and conditions as the other securities otherwise being sold in such registration. 
 (b)
Underwriter’s Cutback. If the Piggy-Back Notice is with respect to a registration of securities in an Underwritten Offering, the Company shall so advise the Investor in the Piggy-Back Notice and the Investor shall (together with the
Company) enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for the Underwritten Offering. Notwithstanding any other provision of this Section 4.3, if the managing
underwriter or underwriters determine that the inclusion of some or all of the Registrable Securities and securities proposed to be included in the registration and the Underwritten Offering would adversely affect the successful marketing (including
pricing) of the offering, then the Company shall include in such Registration Statement only such number of Registrable Securities and securities as such underwriters have advised the Company can be sold in such offering without such adverse effect,
to be allocated in the following manner: (i) in cases initially involving the registration for sale of securities for the Company’s own account: (A) first, one hundred percent (100%) of the securities that the Company proposes to sell
for its own account; (B) second, the number of securities, if any, requested to be included in such offering by any stockholder pursuant to the Registration Rights Agreement; (C) third, the number of securities requested to be included in
such offering by the Google Investor pursuant to the Google Investor Rights Agreement; (D) fourth, the number of securities requested to be included in such offering by the Major Holders (as defined in the Compass Solar Agreement), pro
rata between such Major Holders based upon the number of securities which such Major Holders requested to be included in such offering; (E) fifth, the number of Registrable Securities requested to be included in such offering by the
Investor; and (F) only if all of the securities referred to in clauses (A) through (E) have been included in such registration, any other securities eligible for inclusion in such registration; and (ii) in cases not initially
involving the registration for sale of securities for the Company’s own account, (A) first, the number of securities, if any, requested to be included in such offering by any stockholder pursuant to the Registration Rights Agreement or the
MIRA; (B) second, the number of securities requested to be included in such offering by the Google Investor pursuant to the Google Investor Rights Agreement; (C) third, the number of securities requested to be included in such offering by
the Major Holders (as defined in the Compass Solar Agreement), pro rata between such Major Holders based upon the number of securities which such Major Holders requested to be included in such offering; (D) fourth, the number of
Registrable Securities requested to be included in such offering by the Investor; (E) fifth, the number of securities that the Company proposes to sell for its own account; and (F) only if all of the securities referred to in
clauses (A) through (E) have been included in such registration, any other securities eligible for inclusion in such registration. 

  
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 (c) Underwriter’s Lock-Up Period. In
connection with any registration of Registrable Securities under the Securities Act pursuant to this Section 4.3 for sale to the public, the Investor agrees to enter into a
“lock-up” agreement on customary terms if requested by the underwriter of such offering; provided that (A) such agreement shall not restrict the selling of any Registrable Security for
more than ninety (90) days after the effective date of such Registration Statement and (B) the Investor shall be released from any such “lock-up” agreement in the event and to the extent
that the underwriter of such offering does not impose a similar restriction on, or permits a discretionary waiver or termination of a similar restriction with respect to, any officer or director of the Company or holder of greater than five percent
(5%) of the Common Stock; provided, further, that this Section 4.3(c) shall only apply to the Investor if its Registrable Securities are included in such offering. 

4.4. Registration Procedures. In connection with any registration pursuant to this Section 4, subject
to the provisions of such Section 4: 
 (a) The Company shall furnish to the Investor without charge such number
of copies of the Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each
preliminary prospectus and any summary prospectus) and any other prospectus filed under the Securities Act and such other documents as the Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by
the Investor. The Investor shall have the right to request that the Company modify any information contained in such Registration Statement, amendment and supplement thereto pertaining to the Investor and the Company shall use all reasonable best
efforts to comply with such request; provided that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (b) In
connection with any filing of any Registration Statement or prospectus or amendment or supplement thereto, the Company shall cause such document (i) to comply in all material respects with the requirements of the Securities Act and the rules
and regulations of the SEC thereunder and (ii) with respect to information supplied by or on behalf of the Company for inclusion in the Registration Statement, to not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading. 
 (c) The Company shall promptly notify the
Investor and, if requested by the Investor, confirm in writing, when the Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective. 

(d) The Company shall promptly furnish the Investor and its respective counsel with copies of any written comments from the SEC or any state
securities authority or any written request by the SEC or any state securities authority for amendments or supplements to a Registration Statement or prospectus or for additional information generally. 

(e) After the filing of a Registration Statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the
Registration Statement during the applicable period in accordance with the intended methods of disposition by the Investor set forth in such Registration Statement or supplement to such prospectus and (iii) promptly notify the Investor and its
respective counsel of any stop order issued or threatened in writing by the SEC or any state securities commission and use reasonable best efforts to prevent the entry of such stop order or to remove it if entered. 

  
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 (f) The Company shall use all reasonable best efforts to (i) register or qualify the
Registrable Securities covered by the Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United States as the Investor reasonably requests and (ii) cause such Registrable Securities to be
registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to
enable the Investor to consummate the disposition of the Registrable Securities owned by the Investor, provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 4.4(f), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 

(g) The Company shall use reasonable best efforts to list such Registrable Securities on the principal securities exchange on which Common
Stock is then listed and provide a transfer agent, registrar and CUSIP number for all such Registrable Securities not later than the effective date of the Registration Statement. 

(h) The Company shall use reasonable best efforts to cooperate with the Investor to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to be in such denominations (consistent with the provisions of the governing documents thereof) and
registered in such names as the Investor may reasonably request at least two (2) Business Days prior to any sale of Registrable Securities. 

(i) The Company shall promptly notify the Investor and its respective counsel, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to the Investor and file with the
SEC any such supplement or amendment subject to any suspension rights contained herein. 
 (j) The Company shall take all reasonable actions
to ensure that any free writing prospectus utilized in connection with an offering of a Registration Statement hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required
thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. 

  
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 (k) The Company shall otherwise use all reasonable best efforts to comply with all
applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder. 
 (l) The Investor agrees that, upon receipt of any notice from the Company of the occurrence of any event of
the kind described in Section 4.4(i), the Investor shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.4(i), and, if so directed by the Company, the Investor shall deliver to the Company all copies, other than any permanent file copies
then in the Investor’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such
Registration Statement shall be maintained effective by the number of days during the period from and including the date of the giving of notice pursuant to Section 4.4(i) to the date when the Company shall make available
to the Investor a prospectus supplemented or amended to conform with the requirements of Section 4.4(i), which extension shall apply regardless of whether Registrable Securities are eligible to be sold under Rule 144.

 (m) The Company shall use reasonable best efforts to take such action as is reasonably necessary to enable the Investor to deliver their
Registrable Securities sold pursuant to a Registration Statement, including the removal of any applicable restrictive legends with respect to the Registrable Securities that have been sold pursuant to a Registration Statement and, if required,
delivery of an opinion of counsel to the Company solely in connection with such removal. 
 (n) In connection with an Underwritten Offering,
the Company shall obtain for each underwriter: (i) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by the
underwriters, and (ii) a “comfort” letter (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort” letter specified in AU 634, an “agreed upon procedures” letter)
signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement. 

(o) The Company shall promptly make available for inspection by a representative of the selling stockholders, any underwriter participating in
any disposition pursuant to any Registration Statement, and any attorney, accountant or other agent or representative retained by the selling stockholders (collectively and not individually) or underwriter (collectively, the
“Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due
diligence responsibility in connection with such registration statement, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement;
provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the Registration Statement or the release of such Records is ordered pursuant to a subpoena or other order
from a court of competent jurisdiction, the Company shall not be required to provide any information under this Section 4.4(o) if (i) the Company believes, 

  
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after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either
(A) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines that
such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such selling stockholder requesting such information agrees, and causes each of its Inspectors,
to enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each selling stockholder agrees that it will, upon learning that disclosure of such Records is sought in a court of
competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential. 

(p) The Company shall have appropriate officers of the Company prepare and make presentations at any “road shows” and before
analysts and other information meetings organized by the underwriters, and otherwise use its commercially reasonable efforts to cooperate as reasonably requested by the selling stockholders and the underwriters in the offering, marketing or selling
of the securities. 
 (q) The Company shall take all other reasonable steps necessary to effect the registration and disposition of the
Registrable Securities contemplated hereby. 
 4.5. Company Suspension Rights. Notwithstanding anything contained herein to
the contrary, the Company shall have the right to require the Investor to suspend offers and sales of Registrable Securities included on any Registration Statement filed whenever, and for so long as, in the judgment of the Company either (a) an
event has occurred which makes any statement made in such Registration Statement or related prospectus or document incorporated therein or deemed to be incorporated therein by reference untrue in any material respect or which requires the making of
any changes in such Registration Statement or prospectus so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
or (b) it is advisable to suspend use of the Registration Statement and prospectus due to pending corporate developments or public filings with the SEC or similar events; provided, however, that (i) the aggregate number of
days included in any such suspension period shall not exceed ninety (90) days in any twelve (12)-month period and (ii) during such suspension period the Company will not register any securities for
its own account or the account of any other Person. 
 4.6. Expenses. The Company shall pay all reasonable out-of-pocket expenses of the Investor in connection with each registration of Registrable Securities requested pursuant to this Section 4 and other
expenses incidental to the Company’s performance of, or compliance with, this Section 4; provided that (a) the Company only shall pay reasonable fees and expenses of no more than one (1) firm of
counsel for the Investor whose Registrable Securities are to be included in a registration and (b) the Investor shall pay its portion of all applicable underwriting fees, discounts and similar charges, if any, relating to the sale of its
Registrable Securities included in any Registration Statement pursuant to this Section 4. 

  
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 4.7. Indemnification. 

(a) Indemnification by the Company. To the fullest extent permitted by applicable Law, the Company shall indemnify the Investor, the
Investor’s Affiliates, each of their respective directors and officers and each underwriter of the Company’s securities covered by a Registration Statement, if any, and each Person who controls any underwriter within the meaning of the
Securities Act or the Exchange Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained in any
Registration Statement, including any preliminary or final prospectus contained therein and any amendments or supplements thereto incident to any such registration; (ii) any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading; or (iii) any violation by the Company of the Securities Act, the Exchange Act, any state securities or “blue sky” Laws or any rule or regulation
thereunder in connection with any such registration, and will reimburse the Investor, the Investor’s Affiliates, each of their respective directors and officers, each such underwriter and each Person who controls any such underwriter, as
applicable, for any legal and any other expenses reasonably incurred in connection with investigating and defending any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent
that any such claim, loss, damage, liability or expense arises out of or is based on (A) any untrue statement or omission based upon written information furnished to the Company by the Investor or the Investor’s Affiliate or underwriter
and stated to be specifically for use or (B) the failure of the Investor or any agent acting on behalf of the Investor to timely deliver a prospectus, except to the extent such failure was a result of the act or failure to act by the Company;
provided, further, that the Company shall in no instance be liable for consequential, punitive, exemplary, special or indirect damages or lost profits related to this Agreement except to the extent incurred in connection with a
third-party claim. The indemnity agreement contained in this Section 4.7 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 at its sole discretion. 
 (b) Indemnification by the Investor. To the fullest extent permitted by applicable Law, the
Investor will, if Registrable Securities held by it are included in the securities as to which such registration, qualification or compliance is being effected, severally, but not jointly, indemnify the Company, each of its directors and officers
and each underwriter of the Company’s securities covered by a Registration Statement, if any, and each Person who controls the Company or such underwriter within the meaning of the Securities Act or the Exchange Act, against all claims, losses,
damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, including any preliminary or final
prospectus contained therein and any amendments or supplements thereto, made by the Investor; or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements by the
Investor therein not misleading, and will reimburse the Company and such directors, officers, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement or omission (or alleged untrue statement or omission) is made in such Registration 

  
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Statement, including any preliminary or final prospectus contained therein and any amendments or supplements thereto, in reliance upon and in conformity with written information furnished to the
Company by the Investor and stated to be specifically for use therein; provided, however, that the obligations of the Investor hereunder shall be limited to an amount equal to the net proceeds that the Investor received by sale of
securities as contemplated herein, except in the case of fraud or gross negligence by the Investor; provided, further, that the Investor shall in no instance be liable for consequential, punitive, exemplary, special or indirect damages
or lost profits related to this Agreement except to the extent incurred in connection with a third-party claim, and that the indemnity agreement contained in this Section 4.7 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 Investor at its sole discretion. 

(c) Indemnification Procedures. Each Person entitled to indemnification under this Section 4.7 (each, a
“Securities Indemnified Party”) shall give notice to the Person required to provide indemnification (the “Securities Indemnifying Party”) promptly (but in any event within thirty (30) days) after such
Securities Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Securities Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided,
that counsel for the Securities Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Securities Indemnified Party (whose approval shall not unreasonably be withheld) and the
Securities Indemnified Party may participate in such defense at such Person’s expense (unless the Securities Indemnified Party shall have reasonably concluded, and shall have informed the Securities Indemnifying Party of such conclusion, that
there may be a conflict of interest between the Securities Indemnifying Party and the Securities Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the expense of the Securities Indemnifying Party);
provided, further, that the failure of any Securities Indemnified Party to give notice as provided herein shall not relieve the Securities Indemnifying Party of its obligations under this Section 4.7 unless
the Securities Indemnifying Party is materially prejudiced thereby in its ability to defend such action. No Securities Indemnifying Party, in the defense of any such claim or litigation shall, except with the written consent of each Securities
Indemnified Party, consent to entry of any judgment or enter into any settlement. Each Securities Indemnified Party shall furnish such information regarding itself or the claim in question as a Securities Indemnifying Party may reasonably request in
writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. The Securities Indemnifying Party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to
diligently contest such matter (except to the extent settled without the consent of the Securities Indemnified Party). 
 (d)
Contribution. If the indemnification provided for in Section 4.7 is not available or insufficient, for any reason or reasons other than as specified herein, with respect to any loss, liability, claim, damage or
expense referred to herein, then the Securities Indemnifying Party, in lieu of indemnifying such Securities Indemnified Party hereunder, shall contribute to the amount paid or payable by such Securities 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 Securities Indemnifying Party on the one hand, and of the Securities Indemnified Party on the other, in connection with the statements or
omissions which resulted in such loss, liability, claim, 

  
 22 

 
damage or expense, as well as any other relevant equitable considerations. The relative fault of the Securities Indemnifying Party and of the Securities Indemnified Party shall be determined by
reference to, among other things, whether the untrue (or allegedly untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the Securities Indemnifying Party or by the
Securities Indemnified Party and the Persons’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

4.8. Assignment. Except (i) in connection with a Transfer contemplated by Section 2.1(b)(i) or
(ii) in connection with any Transfer of more than 50,000,000 shares of Common Stock (subject to appropriate adjustment, if any, for changes in the outstanding shares of capital stock of the Company, including by reason of any reclassification,
recapitalization, consolidation, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or any stock dividend or similar transaction), the Investor may not assign its rights under this
Section 4 to any other party, provided, further that no assignment of rights under this Section 4 shall result in any expansion of rights or obligations of any Party under this
Section 4. 
 Section 5. Drag-Along Rights. 

5.1. General. If, after the six (6) month anniversary from the date hereof, TopCo Parent or any of its Affiliates (other
than the Company and its Subsidiaries) (each, a “Transferring Party”) proposes to make a Control Transfer to a non-Affiliated third party where the amount of consideration to be paid for each
share of Common Stock is equal to or greater than the Minimum Price (as defined in the Investor Side Agreement) (subject to appropriate adjustment, if any, for changes in the outstanding shares of capital stock of the Company, including by reason of
any reclassification, recapitalization, consolidation, stock split (including reverse stock split) or combination, exchange or readjustment of shares, or any stock dividend or similar transaction), such Transferring Party shall have the right at any
time to exercise drag-along rights in accordance with the terms, conditions and procedures set forth in this Section 5 to cause the Investor or its Affiliates (each, a “Drag-Along Holder”) to Transfer such
number of Lock-Up Shares determined by multiplying (a) a fraction, the numerator of which is the total number of shares of Common Stock proposed to be Transferred by such Transferring Party in a
Control Transfer and the denominator of which is the aggregate number of shares of Common Stock held by such Transferring Party and its Affiliates immediately prior to the proposed Control Transfer, by (b) the aggregate number of Lock-Up Shares owned by such Drag-Along Holder immediately prior to such Control Transfer (a “Drag-Along Transaction”). 

5.2. Notice. The Company shall cause the Transferring Party to deliver written notice (the “Drag-Along Notice”)
to the Investor at least ten (10) Business Days prior to the date on which the Drag-Along Transaction is expected to be consummated, which notice shall set forth (a) the name and address of the proposed acquirer, (b) the number of
shares of Common Stock proposed to be transferred to the proposed acquirer, (c) the amount and form of consideration for such shares of Common Stock (which consideration shall consist entirely of cash and/or Marketable Securities),
(d) other material terms and conditions of the Drag-Along Transaction (including a copy of the definitive agreement to effect such Control Transfer) and (e) the anticipated closing date for the Drag-Along Transaction. 

  
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 5.3. Terms of a Drag-Along Transaction. 

(a) Each Drag-Along Holder shall (i) be required to make individual customary representations and warranties solely as to the
unencumbered title to its Lock-Up Shares, the power, authority and legal right to transfer such Lock-Up Shares, the due execution and enforceability of the relevant
documents and the absence of any adverse claim (as set forth in Section 8-102 of the applicable Uniform Commercial Code) or litigation with respect to such Lock-Up
Shares, as well as customary representations with respect to the absence of conflicts or required consents and the lack of any brokerage, finder’s or other similar fee being payable based on arrangements made by such Drag-Along Holder and that
are also entered into (on substantially the same terms and conditions) by the Transferring Party in connection with the Drag-Along Transaction, (ii) agree to the same covenants, indemnities and agreements (and shall be subject on a pro
rata basis to the same escrow or other holdback arrangements) as made by the Transferring Party and (iii) otherwise agree to the same terms and conditions as the Transferring Party agrees to with respect to the Drag-Along Transaction (which
shall not include any non-competition, non-solicitation or similar restrictive agreements or covenants that would bind such Drag-Along Holder or its Affiliates),
provided that, notwithstanding anything herein to the contrary, the Drag-Along Holder shall not have any liability under any indemnities related to the Transferring Party or any other selling participant in the Drag-Along Transaction (except
for the Company, in accordance with this Section 5.3(a)). Liability under any indemnities related to the Company or its Subsidiaries shall be allocated among the Transferring Party and each Drag-Along Holder, pro
rata based on the value of the proceeds received by each of them, and the aggregate amount of liability for each Drag-Along Holder to the acquirer shall not exceed the net proceeds actually received by such Drag-Along Holder (other than in case
of fraud by such Drag-Along Holder). 
 (b) The consummation of any proposed Drag-Along Transaction (in whole or part) shall occur in the
sole discretion of the Transferring Party, who shall have no liability or obligation to the Investor or any Drag-Along Holder other than as set forth in this Agreement or as set forth in any definitive agreements with respect to such Drag-Along
Transaction in connection with the negotiation of, structuring, restructuring and cancellation (in whole or part) of such Drag-Along Transaction (it being understood that any consummation or cancellation in part shall apply proportionally based on
the number of shares of Common Stock and the Lock-Up Shares, as applicable, that the Transferring Party and each of the Drag-Along Holders are proposing to Transfer). 

(c) Notwithstanding anything to the contrary contained herein, each Drag-Along Holder acknowledges and agrees that it shall not be entitled to
any governance or similar rights or benefits granted to or otherwise conferred upon the Transferring Party or any of its Affiliates in such Drag-Along Transaction. 

5.4. Cooperation. Subject to the other terms in this Section 5, each Drag-Along Holder shall cooperate
with the Transferring Party and shall take any and all actions reasonably requested by the Transferring Party in connection with a Drag-Along Transaction, including voting all equity securities in favor of the Drag-Along Transaction and executing
any and all agreements and instruments reasonably requested by the Transferring Party, which in each case are no more burdensome than those executed by the Transferring Party. Without limiting the generality of the immediately preceding sentence,
each Drag-Along Holder hereby waives any and all dissenters, appraisal, quasi-appraisal or other similar rights such Drag-Along Holder may have in connection with any Drag-Along Transaction. 

  
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 5.5. Costs. All reasonable out-of-pocket costs and expenses incurred by or on behalf of the Company in connection with any proposed Drag-Along Transaction (whether or not consummated), including all attorneys’ fees and charges,
all accounting fees and charges and all finder, brokerage or investment banking fees, charges or commissions, shall be paid by the Company or its Subsidiaries. 

5.6. Drag-Along Transaction Not Consummated. In the event that a binding and definitive agreement for the sale or transfer in a
Drag-Along Transaction pursuant to this Section 5 is not entered into within one hundred and twenty (120) days after the Investor receives the Drag-Along Notice or the Drag-Along Transaction is not consummated
following satisfaction or waiver of all applicable conditions precedent within nine (9) months after the Investor receives the Drag-Along Notice, upon expiration of any definitive agreement for the Drag-Along Transaction then in effect, the
Drag-Along Holders shall cease to be bound by the obligations set forth in this Section 5 with regard to such transaction. 

Section 6. Election of Directors. 

6.1. Nomination Rights. Concurrently with the Closing, the Board shall take such actions as are necessary to increase the size
of the Board by one (1) director and appoint a designee of the Investor reasonably acceptable to the Company (an “Investor Designee”) as a member of the Board, in each case, in accordance with the Company’s Amended and
Restated Certificate of Incorporation, the Company’s Amended and Restated Bylaws and the General Corporation Law of the State of Delaware, to serve as a Class II director and with a term expiring at the 2025 annual meeting of the
Company’s stockholders and until his or her successor is duly elected and qualified. Thereafter, until the occurrence of the Fall-Away Event, at any annual meeting of the Company’s stockholders at which the term of an Investor Designee
shall expire, the Investor shall have the right to nominate to the Board one (1) Investor Designee as a member of the Board and the Company agrees, to the fullest extent permitted by applicable Law, to include such Investor Designee in the
slate of nominees recommended by the Board for election at such annual meeting of the Company’s stockholders and to nominate and recommend such Investor Designee to be elected as a director, and to solicit proxies or consents in favor thereof,
and to support the Investor Designee in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees. Notwithstanding anything herein to the contrary, any employee of the Investor with a title of senior
vice president (or any title that is of a more senior designation) as of the date hereof shall be deemed reasonably acceptable to the Company for purposes of this Section 6.1, and the Company shall not unreasonably
withhold, condition or delay approving any other employee of the Investor with a title of senior vice president (or any title that is of a more senior designation) following the date hereof for purposes of this Section 6.1.
The Company acknowledges that, as of the date hereof, the Investor intends to designate Paul Smith as the initial Investor Designee, and the Company deems Paul Smith as a reasonably acceptable designee for purposes hereof should Investor so
designate him as the initial Investor Designee. 

  
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 6.2. Vacancies; Removal. In the event that an Investor Designee shall cease to
serve as a director of the Company for any reason, the Investor shall be entitled to designate such person’s successor in accordance with this Agreement, and the remaining directors and the Company shall, to the fullest extent permitted by
applicable Law, take all actions necessary at any time and from time to time to cause the vacancy created thereby to be filled by such new Investor Designee as soon as possible. No Investor Designee shall be removed from the Board by the Company
without the prior written consent of the Investor, other than for “cause,” as reasonably determined by the Board in good faith. 

6.3. Fall-Away. Upon the occurrence of a Fall-Away Event (a) the Investor Designee shall be deemed to have resigned from
the Board with immediate effect if so elected by the Company, and the Investor shall cease to have any rights under this Section 6 and (b) Investor shall cause the Investor Designee to deliver to the Company a
resignation letter, pursuant to which such Investor Designee shall resign from the Board if so elected by the Company. 
 6.4.
Indemnification; Exculpation; Directors and Officers Insurance; Fees and Expenses. The Company shall add the Investor Designee as a beneficiary to the Company’s directors’ and officers’ liability insurance policy
effective from the date such Investor Designee is appointed and shall provide all other contractual, insurance and other director liability indemnification or exculpation coverages and rights provided to other members of the Board. The Company shall
enter into an indemnification agreement with each Investor Designee that is on the same form as the indemnification agreements it has entered into with other members of the Board. The Investor Designee shall be entitled to reimbursement of
expenses incurred in such capacity on the same basis as the Company provides such reimbursement to the other members of its Board. 
 6.5.
Conditions. As a condition to the appointment of any Investor Designee or nomination for election as a director of the Company pursuant to this Section 6, the Investor agrees and acknowledges that the Company
will require: 
 (a) Any such Investor Designee to provide to the Company all information reasonably requested by the Company that is
required to be or is customarily disclosed for directors, candidates for directors and their respective Affiliates and representatives in a proxy statement or other filing in accordance with applicable Law or any stock exchange rules or listing
standards; 
 (b) Any such Investor Designee to provide to the Company all information reasonably requested by the Company in connection
with assessing eligibility, independence and other criteria applicable to directors or satisfying compliance and legal or regulatory obligations; and 

(c) Any such Investor Designee to provide to the Company an undertaking in writing by such Investor Designee to agree to recuse himself or
herself from any deliberations or discussions of the Board regarding the Transaction Documents and the transactions contemplated hereby if elicited by a majority of the members of the Board. 

  
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 6.6. Assignment. Except in a connection with a Transfer contemplated by
Section 2.1(b)(i), the Investor may not assign its rights under this Section 6 to any other party, provided that, for the avoidance of doubt, if Investor Transfers less than all of its Lock-Up Shares to a controlled Affiliate of Investor Parent, Investor and such controlled Affiliates of Investor Parent shall, subject to Section 6.3, collectively be entitled to appoint
one Investor Designee to the Board. 
 Section 7. Voting. Until the first day on which no Investor Designee serves as a member of the Board and
the Investor has no rights (or has irrevocably waived its rights) to nominate to the Board an Investor Designee under Section 6: 

7.1. At each meeting of the stockholders of the Company and at every postponement or adjournment thereof, the Investor shall, and shall cause
the Investor Parties to, take such action as may be required so that all of the shares of Common Stock beneficially owned, directly or indirectly, by the Investor Parties and entitled to vote at such meeting of stockholders are voted (i) in
favor of each director nominated and recommended by the Board for election at such meeting and (ii) against any stockholder nominations for director which are not approved and recommended by the Board for election; provided that no
Investor Party shall be under any obligation to vote in the same manner as recommended by the Board or in any other manner, other than in the Investor’s sole discretion, with respect to any other matter, including the approval (or nonapproval)
or adoption (or non-adoption) of, or other proposal directly related to, any merger or other business combination transaction involving the Company, the sale of all or substantially all of the assets of the
Company and its Subsidiaries or any other change of control transaction involving the Company. 
 7.2. The Investor shall, and shall (to the
extent necessary to comply with this Section 7) cause the Investor Parties to, be present, in person or by proxy, at all meetings of the stockholders of the Company so that all shares of Common Stock beneficially owned by
the Investor or the Investor Parties may be counted for the purposes of determining the presence of a quorum and voted in accordance with Section 7.1 at such meetings (including at any adjournments or postponements
thereof). 
 Section 8. Standstill.  

8.1. The Investor agrees that until five (5) days after the first day on which no Investor Designee serves on the Board and the Investor
has no rights (or has irrevocably waived its rights) to nominate to the Board an Investor Designee under Section 6, without the prior written approval of the Board, the Investor will not, directly or indirectly, and will
cause its Affiliates (including any other Investor Parties) not to: 
 (a) acquire, offer or seek to acquire, agree to acquire or make a
proposal to acquire, by purchase or otherwise, any equity securities or direct or indirect rights to acquire any equity securities of the Company, any securities convertible into or exchangeable for any such equity securities, any options or other
derivative securities (solely to the extent that, after giving effect to such acquisition, the Investor and its Affiliates would beneficially own, in the aggregate, greater than eighteen percent (18%) of the then outstanding Common Stock on an as-converted basis (which calculation shall, for the avoidance of doubt, include the notional or other number of shares of Common Stock specified in the documentation for any Contract to which any of the Investor
Parties are party which is designed to produce economic benefits and risks to any of the Investor Parties that correspond substantially to the ownership by the Investor Parties of shares of Common Stock, except in the case of any such Contract which
is settled only in cash)); 

  
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 (b) make or knowingly encourage or participate in any “solicitation” of
“proxies” (whether or not relating to the election or removal of directors), as such terms are used in the rules of the SEC, to vote, or knowingly seek to advise or influence any Person with respect to voting of, any voting securities of
the Company or any of its Subsidiaries, or call or seek to call a meeting of the Company’s stockholders or initiate any stockholder proposal for action by the Company’s stockholders, or seek election to or to place a representative on the
Board or seek the removal of any director from the Board; 
 (c) make any public announcement with respect to, or offer, seek or propose (in
each case with or without conditions), any merger, consolidation, business combination, tender or exchange offer, recapitalization, reorganization or purchase of more than fifty percent (50%) of the assets, properties or securities of the Company or
any Subsidiary of the Company, or any other extraordinary transaction involving the Company or any Subsidiary of the Company or any of their respective securities, or enter into any discussions, negotiations, arrangements, understandings or
agreements (whether written or oral) with any other Person regarding any of the foregoing; 
 (d) otherwise act, alone or in concert with
others, to seek to control or influence, in any manner, the management, board of directors or policies of the Company or any of its Subsidiaries; 

(e) make any proposal or statement of inquiry or disclose any intention, plan or arrangement inconsistent with any of the foregoing prohibited
actions; 
 (f) advise, assist, knowingly encourage or direct any Person to do, or to advise, assist, knowingly encourage or direct any
other Person to do, any of the foregoing prohibited actions; 
 (g) take any action that would require the Company to make a public
announcement regarding any of the events described in or actions prohibited by this Section 8; 
 (h) enter into
any agreements, arrangements or understandings with any third party (including security holders of the Company, but excluding, for the avoidance of doubt, any Investor Parties) with respect to any of the foregoing, including forming, joining or in
any way participating in a Group with any third party in connection with any of the foregoing prohibited actions; 
 (i) request the Company
or any of its Representatives, directly or indirectly, to amend or waive any provision of this Section 8; provided that this clause shall not prohibit the Investor Parties from making a confidential request to the
Company seeking an amendment or waiver of the provisions of this Section 8, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that would not reasonably be
expected to require public disclosure thereof by any Person; or 

  
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 (j) contest the validity of this Section 8 or make, initiate, take
or participate in any demand, Action (legal or otherwise) or proposal to amend, waive or terminate any provision of this Section 8; 

provided, however, that nothing in this Section 8 will limit the Investor Parties’ ability to (A) vote
(subject to Section 7), Transfer (subject to Section 2) or otherwise exercise rights under its Common Stock, (B) designate an Investor Designee and the ability of any Investor Designee to
deliberate, vote or otherwise exercise his or her legal duties or otherwise act in his or her capacity as a member of the Board, (C) privately make and submit to the Company and/or the Board any proposal that is intended by the Investor Parties
to be made and submitted on a non-publicly disclosed or announced basis (and would not reasonably be expected to require public disclosure by any Person), (D) purchase Common Stock or other Company Securities pursuant to
Section 2.2, (E) purchase Common Stock or other Company Securities from TopCo Parent or any of its Affiliates (solely to the extent that, after giving effect to such purchase, the Investor and its Affiliates would not
beneficially own, in the aggregate, greater than twenty-five percent (25%) of the then outstanding Common Stock on an as-converted basis (which calculation shall, for the avoidance of doubt, include the
notional or other number of shares of Common Stock specified in the documentation for any Contract to which any of the Investor Parties are party which is designed to produce economic benefits and risks to any of the Investor Parties that correspond
substantially to the ownership by the Investor Parties of shares of Common Stock, except in the case of any such Contract which is settled only in cash), provided, that the foregoing limitation shall not be applicable to purchases of Common
Stock or other Company Securities made pursuant to Section 3 of the Investor Side Agreement), (F) perform or otherwise comply with its obligations, or exercise its rights, under the Development Agreement, or engage in discussions or render
services with respect to, consummate or otherwise pursue the transactions contemplated thereby or related thereto or (G) engage in any discussions with, or make or submit proposals to, TopCo Parent or any of its Affiliates intended to be on a non-publicly disclosed or announced basis (and which would not reasonably be expected to require public disclosure by any Person). 

The provisions of Section 8 shall be inoperative and of no force or effect if, from and after the date thereof: (a) any Person
or group that is not an Affiliate of TopCo Parent shall have acquired or entered into a binding definitive agreement that has been approved by the Board (or any duly constituted committee thereof composed entirely of independent directors) to
acquire more than fifty percent (50%) of the outstanding voting stock or equity securities of the Company or the voting power to elect a majority of the Board or assets of the Company or its subsidiaries representing more than fifty percent (50%) of
the consolidated assets of the Company and its subsidiaries, taken as a whole, (b) any Person that is not an Affiliate of TopCo Parent commences a tender or exchange offer which, if successful, would result in such Person’s acquisition of
beneficial ownership of more than fifty percent (50%) of the outstanding voting stock or equity securities of the Company or the voting power to elect a majority of the Board, and in connection therewith, the Company does not, within ten
(10) Business Days after the date of the commencement of such solicitation, file with the SEC a Schedule 14D-9 with respect to such offer that recommends that the Company’s stockholders reject such
offer or (c) the Company becoming subject to any voluntary or involuntary reorganization or restructuring process relating to bankruptcy, insolvency or protection of creditors generally. 

  
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 Section 9. Information Rights; Confidentiality. 

9.1. Information Rights. Following the Closing and so long as the Fall-Away Event has not occurred, in order to facilitate
(x) the Investor’s compliance with legal and regulatory requirements applicable to the beneficial ownership by the Investor of equity securities of the Company and (y) the Investor’s oversight of its investment in the Company,
the Company agrees to provide the Investor with the following: 
 (a) within ninety (90) days after the end of each fiscal year of the
Company, (i) an audited, consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal year, (ii) an audited, consolidated income statement of the Company and its Subsidiaries for such fiscal year and
(iii) an audited, consolidated statement of cash flows of the Company and its Subsidiaries for such fiscal year; provided that this requirement shall be deemed to have been satisfied when the Company files its annual report on Form 10-K for the applicable fiscal year with the Securities and Exchange Commission (the “SEC”) (regardless of whether such filing occurs within ninety (90) days after the end of such fiscal year);

 (b) within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company,
(i) an unaudited, consolidated balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter, (ii) an unaudited, consolidated income statement of the Company and its Subsidiaries for such fiscal quarter and
(iii) an unaudited, consolidated statement of cash flows of the Company and its Subsidiaries for such fiscal quarter; provided that this requirement shall be deemed to have been satisfied when the Company files its quarterly report on
Form 10-Q for the applicable fiscal quarter with the SEC (regardless of whether such filing occurs within forty-five (45) days after the end of such fiscal quarter); and 

(c) reasonable access, to the extent reasonably requested by the Investor, to the offices and the properties of the Company and its
Subsidiaries, including its and their books and records, and to discuss its and their affairs, finances and accounts with its and their officers, all upon reasonable notice and at such reasonable times and as often as the Investor may reasonably
request; provided that any investigation pursuant to this Section 8 shall be conducted in a manner as not to interfere unreasonably with the conduct of the business of the Company and its Subsidiaries; 

provided that the Company shall not be obligated to provide such access or materials if the Company determines, in its reasonable judgment, that doing
so would reasonably be expected to (i) violate applicable Law or an applicable order, (ii) jeopardize the protection of an attorney-client privilege, attorney work product protection or other legal privilege (provided, however, that the
Company shall use reasonable efforts to provide alternative, redacted or substitute documents or information in a manner that would not result in the loss of the ability to assert attorney-client privilege, attorney work product protection or other
legal privileges), or (iii) expose the Company to liability for disclosure of personal information; provided, further, that the Parties shall use their commercially reasonable efforts to disclose such information in a manner

  
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that would not violate the foregoing. In addition, notwithstanding anything to the contrary contained herein, neither the Company nor any of its Subsidiaries will be required to provide any
information or material that relate to, contain or reflect any analyses, studies, notes, memoranda and other information related to or prepared in connection with any Transaction Document or the transactions contemplated thereby or any matters
relating thereto or any transactions with or matters relating to the Investor. 
 9.2. Confidentiality. The Investor will, and
will cause its Affiliates and its and their respective Representatives to, keep confidential any information (including oral, written and electronic information) concerning the Company, its Subsidiaries or its Affiliates that may be furnished to the
Investor, its Affiliates or their respective Representatives by or on behalf of the Company or any of its Representatives pursuant to this Agreement, including any such information provided pursuant to Section 9.1
(“Confidential Information”) and to use the Confidential Information solely in connection with the Transaction Documents, the Transactions or the Investor’s investment in the Company; provided that the Confidential
Information shall not include information that (i) was or becomes generally available to the public other than as a result of a disclosure by the Investor, any of its Affiliates or any of their respective Representatives in violation of this
Section 9.2, (ii) becomes available to the Investor, any of its Affiliates or any of their respective Representatives on a non-confidential basis from a source other than the Company
or its Representatives; provided that such source is reasonably believed by the Investor not to be subject to an obligation of confidentiality (whether by agreement or otherwise) to the Company or its Affiliates with respect to such
information, (iii) is, at the time of disclosure to the Investor by or on behalf of the Company or its Representatives, already in the possession of the Investor; provided that such information is reasonably believed by the Investor not
to be subject to an obligation of confidentiality (whether by agreement or otherwise) to the Company or any of its Affiliates, or (iv) was or is independently developed by or on behalf of the Investor without reference to, incorporation of, or
other use of any Confidential Information. The Investor agrees, on behalf of itself and its Affiliates and its and their respective Representatives, that Confidential Information may be disclosed solely (A) to the Investor’s Affiliates and
its and their respective Representatives on a need-to-know basis or (B) in the event that the Investor, any of its Affiliates or any of its or their respective
Representatives are required by applicable Law, Judgment, stock exchange rule or other applicable judicial or governmental process (including by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar
process) to disclose any Confidential Information, in each of which instances described in this clause (B) the Investor, its Affiliates and its and their respective Representatives, as the case may be, shall use reasonable efforts to provide
notice to the Company sufficiently in advance of any such disclosure so that the Company will have a reasonable opportunity to timely seek to limit, condition or quash such disclosure. 

9.3. Assignment. Except in a connection with a Transfer contemplated by Section 2.1(b)(i), the Investor may
not assign its rights under this Section 9 to any other party. 
 Section 10. Reorganization Transactions. 

  
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 In the event that TopCo Parent or one of its Affiliates enters into a capital reorganization
transaction (a “Reorganization”) (whether structured as a contribution, merger, conversion, consolidation, recapitalization or otherwise) in which TopCo Parent, directly or indirectly, exchanges all of its Common Stock for
substantially similar equity securities of a newly formed holding company (“New Holdco”), the Investor shall, in connection with such Reorganization, exchange all of its Lock-Up Shares for
substantially similar equity securities of New Holdco and, upon such exchange, the Investor shall cease to be a holder of its Lock-Up Shares. Upon the occurrence of a Reorganization, either (a) New Holdco
shall assume all obligations of the Company under this Agreement and all references herein to the Company and its Lock-Up Shares (or terms of similar import) would be deemed changed mutatis mutandis to
reflect the issuance of the substantially similar equity securities of New Holdco by New Holdco and their attendant rights, privileges, covenants and restrictions and the assumption of this Agreement or (b) the Investor and New Holdco shall
enter into a new agreement based on terms that are no less favorable to the Investor than the terms set forth in this Agreement. The Investor agrees to execute any agreements, documents or other instruments in connection with the Reorganization that
are reasonably necessary and/or proper to consummate the Reorganization. 
 Section 11. Miscellaneous Provisions. 

11.1. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement and all matters, claims or Actions (whether at Law, in equity, in Contract, in tort or otherwise) based upon, arising out
of or relating to this Agreement, execution or performance of this Agreement, shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed in and to be performed entirely within that
State, regardless of the Laws that might otherwise govern under any applicable conflict of Laws principles. 
 (b) All Actions arising out
of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over any Action, any state or federal court within the
State of Delaware) and the Parties hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such
Action. The consents to jurisdiction and venue set forth in this Section 11.1 shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided
in this paragraph and shall not be deemed to confer rights on any Person other than the Parties. Each Party hereto agrees that service of process upon such Party in any Action arising out of or relating to this Agreement shall be effective if notice
is given by overnight courier at the address set forth in Section 11.5. The Parties agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict any Party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY 

  
 32 

 
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND
CERTIFICATIONS IN THIS SECTION 11.1(c). 
 11.2. Amendment. 

(a) Except as otherwise expressly set forth herein, this Agreement may only be modified or amended, and provisions hereof may be waived, by an
instrument in writing duly executed and delivered by the Parties. Upon obtaining such approvals required by this Agreement, each of the Parties may execute the relevant amendment, restatement, modification or waiver of this Agreement and shall be
deemed a party to and bound by such amendment, restatement, modification or waiver of this Agreement. 
 (b) If this Agreement is amended
solely to reflect the substitution of the Investor, in accordance with the terms hereof, such amendment to this Agreement shall be sufficient when it is signed by the Company, the Investor and by the Person to be substituted. 

11.3. Termination. 
 This
Agreement shall terminate automatically upon the dissolution of the Company; provided that any Reorganization or any other action taken pursuant to Section 9 shall not constitute a dissolution of the Company for
purposes of this Section 11.3; provided, further, that (a) the provisions of this Section 11 shall survive such termination and (b) such termination shall not relieve any
Party from any liability for the breach of any obligations set forth in this Agreement prior to such termination. 
 11.4. Transfer of Lock-Up Shares. 
 Upon the Transfer of all Lock-Up Shares
held by the Investor, the Investor shall cease to be a party to this Agreement and shall have no further rights and obligations hereunder, except with respect to the Investor’s indemnification rights and obligations under
Section 4 with respect to indemnifiable matters occurring prior to the date on which Investor Transfers all of the Lock-Up Shares held by it, it being understood that such Transfer
shall not relieve the Investor or the Company from any liability for the breach of any obligations set forth in this Agreement prior to such Transfer. 

  
 33 

 11.5. Notices. All notices, requests and other communications to any Party
hereunder shall be in writing and shall be deemed given if delivered personally, emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the Parties at the following addresses: 

(a) If to the Company, to it at: 

ADT Inc. 

1501 Yamato Road 

Boca Raton, FL, 33431 

Attention: Chief Legal Officer 

Email: dsmail@adt.com 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 

New York, New York 10019 

Attention: Robert I. Townsend, III 

                 O. Keith Hallam, III

                  Sanjay Murti 

Email:      RTownsend@cravath.com 

                KHallam@cravath.com 

                SMurti@cravath.com 

(b) If to the Investor, to it at: 

State Farm Fire & Casualty Company 

One State Farm Plaza 

Bloomington, Illinois 61710 

Attention: Steve McManus, SVP & General Counsel 

Email:        steve.mcmanus.benm@statefarm.com 

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

Sidley Austin LLP 

One South Dearborn Street 

Chicago, Illinois 60603 

Attention: Pran Jha 

                Joseph P. Michaels 

Email:     Pjha@sidley.com 

                Joseph.Michaels@sidley.com

 or such other address or email address as such Party may hereafter specify by like notice to the other Party. All such notices, requests and other
communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice,
request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

  
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 11.6. Specific Performance. 

The Parties agree that irreparable damage for which monetary relief, even if available, would not be an adequate remedy, would occur in the
event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. The Parties acknowledge and agree that (a) the Parties shall be entitled to an injunction or injunctions, specific
performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in Section 11.1 without proof of damages or otherwise, this
being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of the transactions contemplated hereby and without that right, neither the Company nor the
Investor would have entered into this Agreement. The Parties agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert that a remedy of monetary
damages would provide an adequate remedy or that the Parties otherwise have an adequate remedy at Law. The Parties acknowledge and agree that any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in accordance with this Section 11.6 shall not be required to provide any bond or other security in connection with any such order or injunction. 

11.7. Treatment of Certain Transfers. 

Any Transfer or attempted Transfer in breach of this Agreement shall be void ab initio and of no effect. In connection with any
attempted Transfer in breach of this Agreement, the Company may hold and refuse to transfer any Lock-Up Shares or any certificate therefor, in addition to and without prejudice to any and all other rights or
remedies which may be available to it and/or the Investor. 
 11.8. Counterparts. 

This Agreement may be executed in one or more counterparts (including by electronic mail), each of which shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties (including by electronic signature) and delivered to the other Party (including
electronically, e.g., in PDF format). 
 11.9. Severability. 

If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or
incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is
invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by applicable Law. 

  
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 11.10. Further Efforts. 

Each party hereto shall do and perform or cause to be done and performed, without further consideration, all such further acts and things and
shall execute and deliver all such other agreements, certificates, instruments, and documents as the other Party may reasonably request in order to carry out the provisions of this Agreement and to consummate the transactions contemplated hereby.

 11.11. Extension of Time, Waiver, Etc. 

The Parties may, subject to applicable Law, (a) extend the time for the performance of any of the obligations or acts of the other Party
or (b) waive compliance by the other Party with any of the agreements contained herein applicable to such Party or, except as otherwise provided herein, waive any of such Party’s conditions. Notwithstanding the foregoing, no failure or
delay by any Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the
part of a Party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party. 

11.12. Entire Agreement; No Third-Party Beneficiaries. 

This Agreement constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among
the Parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof. No provision of this Agreement shall confer upon any Person other than the Parties and their permitted assigns any rights or remedies hereunder,
except that Section 11.14 shall be for the benefit of, and enforceable by, each of the Related Parties. 
 11.13.
No Personal Liability. 
 To the fullest extent permitted by Law, no director of the Company or its Subsidiaries shall be personally
liable to the Company or the Investor as a result of any acts or omissions taken under this Agreement in good faith. 
 11.14. Non-Recourse. 
 Each party hereto agrees, on behalf of itself and its Affiliates, that all Actions,
claims, obligations, liabilities or causes of action (whether in Contract or in tort, in Law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited
liability company veil or any other theory or doctrine, including alter ego or otherwise) that may be based upon, in respect of, arise under, out of or by reason of, be connected with, or relate in any manner to: (a) this Agreement, any other
agreement referenced herein or the transactions contemplated hereby or thereby, (b) the negotiation, execution or performance of this Agreement or any other agreement referenced 

  
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herein (including any representation or warranty made in, in connection with, or as an inducement to, this Agreement or such other agreement), (c) any breach or violation of this Agreement
or any other agreement referenced herein, and (d) any failure of the transactions contemplated hereby or under any other agreement referenced herein to be consummated, in each case, may be made only against (and are those solely of) the Persons
that are expressly identified as parties to this Agreement or, in the case of the other agreements referenced herein, the persons that are expressly named as parties thereof, and, in accordance with, and subject to the terms and conditions of, this
Agreement or such other agreement referenced herein, as applicable. In furtherance and not in limitation of the foregoing, each party hereto covenants, agrees and acknowledges, on behalf of itself and its respective Affiliates, that no recourse
under this Agreement, any other agreement referenced herein or the transactions contemplated hereby or thereby shall be sought or had against any other Person, and no other Person shall have any liabilities or obligations (whether in Contract or in
tort, in Law or in equity or otherwise, or granted by statute or otherwise, whether by or through attempted piercing of the corporate, limited partnership or limited liability company veil or any other theory or doctrine, including alter ego or
otherwise) for any claims, causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to the items in clauses (a) through (d) of the immediately preceding sentence, it being expressly
agreed and acknowledged that no personal liability or losses whatsoever shall attach to, be imposed on or otherwise be incurred by any of the aforementioned, as such, arising under, out of, in connection with or related in any manner to the items in
clauses (a) through (d) of the immediately preceding sentence. Notwithstanding anything to the contrary herein or otherwise, except as contemplated in the proviso of the first sentence of this Section 11.14, with
respect to each party hereto, no past, present or future director, manager, officer, employee, incorporator, member, partner, shareholder, agent, attorney, advisor, lender or Representative or Affiliate of such named party (the “Related
Parties”) shall be responsible or liable for any multiple, consequential, indirect, special, statutory, exemplary or punitive damages which may be alleged as a result of this Agreement, any other agreement referenced herein or the
transactions contemplated hereby or thereby, or the valid termination or abandonment of any of the foregoing. 
 11.15. No Partnership
Status. 
 Nothing in this Agreement and no actions taken by the Parties under this Agreement shall constitute a partnership,
association or other co-operative entity between any of the Parties or constitute any Party the agent of any other Party for any purpose. 

11.16. Binding Effect. 

This Agreement shall be binding upon the Company, the Investor and permitted successors and assigns of the Investor. 

  
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 11.17. Further Acknowledgements. 

The Investor acknowledges and agrees that the restrictions on transfer set forth in this Agreement are reasonable and have been imposed to
accomplish legitimate corporate objectives and may adversely affect the proceeds received by the Investor in any sale, transfer or liquidation of any Lock-Up Shares, and as a result of such restrictions on
transfer and ownership, it may not be possible for the Investor to liquidate all or any part of the Investor’s interest in Lock-Up Shares at the time of the Investor’s choosing, in exigent
circumstances or otherwise. The Investor further acknowledges and agrees that each of the Company, TopCo Parent and their respective Affiliates shall have no liability whatsoever to the Investor arising from, relating to or in connection with the
restrictions on transfer of Lock-Up Shares or any interest therein as set forth in this Agreement, except to the extent the Company fails to comply with its obligations to the Investor pursuant to this
Agreement or any of the other Transaction Documents. 
 11.18. Interpretation. 

(a) When a reference is made in this Agreement to an Article, a Section, Annex, Exhibit or Schedule, such reference shall be to an Article of,
a Section of, or an Annex, Exhibit or Schedule to, this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The words
“hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “date
hereof” when used in this Agreement shall refer to the date of this Agreement. The terms “or”, “any” and “either” are not exclusive. The word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The definitions contained in
this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. In the event that the Common Stock is listed on a national securities exchange
other than the NYSE, all references herein to the NYSE shall be deemed to be references to such other national securities exchange. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred
to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable
successor statutes and references to all attachments thereto and instruments incorporated therein. Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer to the lawful money of the United States.
References to a Person are also to its permitted assigns and successors. When calculating the period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the
reference date in calculating such period shall be excluded (and unless if otherwise required by Law, if the last day of such period is not a Business Day, the period in question shall end on the next succeeding Business Day). 

(b) The Parties have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

  
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 11.19. Assignment. 

Except as expressly set forth herein, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in
whole or in part, by operation of Law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto. 

[Remainder of page intentionally left blank] 

  
 39 

 This Agreement is executed by the Company and the Investor to be effective as of the date
first above written. 
  

			
	
	COMPANY
	
	ADT INC.
		
	By:	 	 /s/ Jeff Likosar

		 	Name: Jeff Likosar
		 	Title: President, Corp. Dev. and Chief Transformation Officer

 Signature Page to Investor Rights Agreement 

 
			
	
	INVESTOR
	
	STATE FARM FIRE & CASUALTY COMPANY
		
	By:	 	 /s/ Paul Smith

		 	Name: Paul Smith
		 	Title: Senior Vice President

 Signature Page to Investor Rights Agreement

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