Document:

EX-10.17

 Exhibit 10.17 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated October 13, 2017 (the “Agreement”), is entered into by and among SBA
Communications Corporation, a Florida corporation (the “Company”), and the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”). 

The Company and the Initial Purchasers are parties to the Purchase Agreement dated September 28, 2017 (the “Purchase
Agreement”), which provides for the sale by the Company to the Initial Purchasers of $750,000,000 aggregate principal amount of 4.000% Senior Notes due 2022 of the Company (the “Securities”). 

As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers
and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Agreement” shall have the meaning set forth in the preamble. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Closing Date” shall mean the first date on which any Securities are
initially issued. 
 “Company” shall have the meaning set forth in the preamble and shall also include any successor
entity. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any
document incorporated by reference therein. 

 “Exchange Securities” shall mean senior notes issued by the Company under the
Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to
Holders of Securities in exchange for Registrable Securities pursuant to the Exchange Offer. 
 “FINRA” shall mean the
Financial Industry Regulatory Authority. 
 “Free Writing Prospectus” shall mean a free writing prospectus, as defined in
Rule 405 under the Securities Act. 
 “Holder” shall mean each Initial Purchaser, for so long as it owns any Registrable
Securities, and each of the Initial Purchasers’ successors, assigns and direct and indirect transferees who becomes an owner of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the
term “Holders” shall include Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set
forth in Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof.

 “Indenture” shall mean the indenture relating to the Securities, dated as of October 13, 2017 between the Company
and U.S. Bank National Association, as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiii) hereof. 

“Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433 under the Securities
Act. 
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 

“Permitted Free Writing Prospectus” shall have the meaning set forth in Section 6(k) hereof. 

“Person” shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof. 
 “Prospectus” shall mean the prospectus included in, or,
pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document
incorporated by reference therein. 

  
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 “Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that such Securities shall cease to be Registrable Securities
(i) when such Securities cease to be outstanding, (ii) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such
Registration Statement or (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the Exchange Offer is
consummated. 
 “Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the
Company with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of one counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any
other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the
reasonable fees and disbursements of the Trustee and its counsel, (vii) the reasonable fees and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the reasonable fees and disbursements of one counsel
for the Holders (which counsel shall initially be counsel for the Initial Purchasers, subject to replacement upon action by a majority of Holders) and (viii) the fees and disbursements of the independent public accountants of the Company,
including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and
expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Company that covers any of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “SEC” shall mean the United States
Securities and Exchange Commission. 

  
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 “Securities” shall have the meaning set forth in the preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shelf Additional Interest Date” shall have the meaning set forth in Section 2(d) hereof. 

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company filed under the
Securities Act providing for the registration on a continuous or delayed basis of the Registrable Securities pursuant to Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to
such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Shelf Request” shall have the meaning set forth in Section 2(b) hereof. 

“Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall have the meaning set forth in Section 2(d) hereof. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to
the public. 
 2. Registration Under the Securities Act. a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Company shall use reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering offers to the Holders to exchange all the Registrable Securities for Exchange Securities,
(ii) have such Registration Statement remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers, (iii) commence the Exchange Offer promptly after the Exchange Offer Registration
Statement is declared effective by the SEC and (iv) complete the Exchange Offer within 360 days after the Closing Date. 

  
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 The Company shall commence the Exchange Offer by mailing the related Prospectus, appropriate
letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: 

 

	 	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; 

 

	 	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 

 

	 	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein; 

 

	 	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letter of transmittal, to
the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for
such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  

	 	(v)	that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address (located in the Borough of Manhattan,
The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is
withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (i) any Exchange
Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Company and
(iv) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a
Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

As soon as practicable after the last Exchange Date, the Company shall: 

  
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	 	(i)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 

 

	 	(ii)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and
deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder. 

The Company shall use reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable
requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer shall not violate any
applicable law or applicable interpretations of the Staff. 
 (b) In the event that (i) the Company determines that the Exchange Offer
Registration provided for in Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the
Exchange Offer is not, for any other reason completed by the 360th calendar day following the Closing Date or (iii) upon receipt of a written request (a “Shelf Request”) from
any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company shall use reasonable best efforts to cause to be filed as soon as practicable after such
determination date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective. 

In the event that the Company is requested to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the
Company shall use reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a
combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 

The Company agrees to use reasonable best efforts to keep the Shelf Registration Statement continuously effective until the expiration of the
time period referred to in Rule 144 under the Securities Act (or any similar rule in force, but not Rule 144A), or such shorter period that will terminate when the Registrable Securities have been sold pursuant to the Shelf Registration Statement
(the period from the Closing Date to such earlier day, the “Shelf Effectiveness Period”). The Company further agrees to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable
Securities 

  
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with respect to information relating to such Holder, and to use reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement and
Prospectus to become usable as soon as thereafter practicable. The Company agrees to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

(c) The Company shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b)
hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration
Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective
unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon
filing with the SEC as provided by Rule 462 under the Securities Act. 
 In the event that either the Exchange Offer is not completed or the
Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(ii) hereof, has not become effective on or prior to the 360th calendar day following the Closing Date (the
“Target Registration Date”), the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an
additional 0.25% per annum with respect to each subsequent 90 day period thereafter, in each case until the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, becomes effective, up to a maximum increase of
1.00% per annum. In the event that the Company receives a Shelf Request pursuant to Section 2(b)(iii), and the Shelf Registration Statement required to be filed thereby has not become effective by the later of the 360th calendar day following the Closing Date or (y) 120 days after delivery of such Shelf Request (such later date, the “Shelf Additional Interest Date”), then the interest rate on
the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period payable commencing from one day after the Shelf Additional Interest Date and (ii) an additional 0.25% per annum with respect to each
subsequent 90 day period thereafter, in each case until the Shelf Registration Statement becomes effective or the expiration of the Shelf Effectiveness Period, up to a maximum increase of 1.00% per annum. 

If the Shelf Registration Statement, if required hereby, has become effective and thereafter either ceases to be effective or the Prospectus
contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 30 days (whether or not
consecutive) in any 12-month period, then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period commencing on the 31st day
in such 12-month period that such Shelf Registration Statement ceases to be effective or the Prospectus contained therein ceases to be usable and (ii) an additional 0.25% per annum with respect to each subsequent 90 day

  
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period thereafter, in each case until the Shelf Registration Statement has again become effective, the Prospectus again becomes usable or the expiration of the Shelf Effectiveness Period, up to a
maximum increase of 1.00% per annum. 
 (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the
Company acknowledges that any failure by the Company to comply with its obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no
adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce
the Company’s obligations under Section 2(a) and Section 2(b) hereof. 
 (f) The Company represents, warrants and covenants
that it (including its agents and representatives) will not prepare, make, use, authorize, approve or refer to any Free Writing Prospectus. 

3. Registration Procedures. 

(a) In connection with its obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as expeditiously as
possible: 
  

	 	(i)	use reasonable best efforts to prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the Company, (y) shall, in the case
of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements
required by the SEC to be filed therewith; and use reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 

 

	 	(ii)	use reasonable best efforts to prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the
applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each
Prospectus current during the period described in Section 4(a)(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities;

  

	 	(iii)	 in the case of a Shelf Registration, use reasonable best efforts to furnish to each Holder of Registrable
Securities, to counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus or preliminary prospectus, and
any amendment or 

  
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supplement thereto, as such Holder, counsel or Underwriters may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company
consents to the use of such Prospectus, preliminary prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and
sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or any amendment or supplement thereto in accordance with applicable law; 

 

	 	(iv)	use reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Holders in connection with any filings required to be made with FINRA; and do any and all other acts
and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that the Company shall not be required to
(1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction
or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

  

	 	(v)	 notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Holder of
Registrable Securities and counsel for such Holders promptly and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has
been filed and becomes effective and when any amendment or supplement to the Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement or Prospectus or
for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act,
(4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement,
securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of
the qualification of 

  
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the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is
effective that makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus in order to make the statements
therein not misleading and (6) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus would be appropriate; 

 

	 	(vi)	use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to
Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest possible moment and provide immediate notice to each Holder of the withdrawal of any such order or such resolution;

  

	 	(vii)	in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any
documents incorporated therein by reference or exhibits thereto, unless requested); 

  

	 	(viii)	in the case of a Shelf Registration, cooperate with the Holders of Registrable Securities 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 issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Holders may reasonably request at least one Business Day prior
to the closing of any sale of Registrable Securities; 

  

	 	(ix)	 in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(v)(3) or
3(a)(v)(5) hereof, use reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or any related Prospectus or Issuer Free Writing Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Issuer Free Writing Prospectus will cease
to have the identified deficiencies and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and the Company shall notify the Holders of Registrable Securities to suspend use of the Prospectus or Issuer Free Writing Prospectus as promptly as practicable after the 

  
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occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus or Issuer Free Writing Prospectus until the Company has amended or supplemented the Prospectus or
Issuer Free Writing Prospectus to correct such misstatement or omission; 

  

	 	(x)	a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Issuer Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or Issuer
Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their
counsel (and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) and make such of the representatives of the Company as shall be reasonably requested by the Initial Purchasers or their counsel
(and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Company shall not, at any time after initial filing of a Registration Statement, use or
file any Prospectus, any Issuer Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus, or any document that is to be incorporated by reference into a Registration Statement or a Prospectus, of which the
Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or
their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall reasonably object within five Business Days after the receipt thereof; 

 

	 	(xi)	obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement; 

 

	 	(xii)	cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders
to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use reasonable best efforts to cause the Trustee to execute, all documents as
may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

 

	 	(xiii)	 in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the
Registrable Securities (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a

  
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majority of the Holders of Registrable Securities to be included in such Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a
reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company to supply all information reasonably requested by any such
Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company as being confidential or proprietary, each Person receiving such information
shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector,
Holder or Underwriter; 

  

	 	(xiv)	in the case of a Shelf Registration, use reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or
guaranteed by the Company are then listed if requested by the majority of Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 

 

	 	(xv)	if reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such
Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the
matters to be so included in such filing; and 

  

	 	(xvi)	 in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in
connection therewith (including those requested by a majority of the Holders) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection,
(1) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus
and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested,
(2) obtain opinions of counsel to the Company (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel) addressed to each selling Holder and
Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent certified public accountants of the Company

  
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(and, if necessary, any other certified public accountant of the Company or any subsidiary of the Company, or of any business acquired by the Company for which financial statements and financial
data are or are required to be included in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form
and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus or Prospectus and
(4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten
offerings, to evidence the continued validity of the representations and warranties of the Company made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement.

 (b) In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish
to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. 

(c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(v)(3) or 3(a)(v)(5) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 3(a)(ix) hereof and, if so directed by the Company, such Holder will
deliver to the Company all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus and any Issuer Free Writing Prospectuses covering such Registrable Securities that are current at the time
of receipt of such notice. 
 (d) If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such
notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions. The Company may give any such notice only twice during any
365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period. 

  
 13 

 (e) The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to
do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each, an “Underwriter”) that will administer the offering will be
selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering. 
 4. Participation
of Broker-Dealers in Exchange Offer. 
 (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities
for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an
“underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 

The Company understands that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with
resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus
contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) of this Agreement), in order to expedite or facilitate the disposition
of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company further agrees that Participating Broker-Dealers shall be authorized to deliver such Prospectus
(or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 

(c) The Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that they may make pursuant to
Section 4(b) above. 
 5. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and
officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any 

  
 14 

 
claim asserted, as such fees and expenses are incurred), that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus or any Issuer Free Writing Prospectus, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in conformity with any information provided by any Initial Purchaser or Holder expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters, if any, selling
brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same
extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus or any Issuer Free Writing Prospectus. 

(b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Initial Purchasers and the other selling
Holders, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement,
any Prospectus or any Issuer Free Writing Prospectus. 
 (c) If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall
promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it
may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it
shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this
Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the 

  
 15 

 
fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time
to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the
Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees
and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) if designated for one or more
Initial Purchasers or affiliates, directors, officers or control Persons of one or more Initial Purchasers shall be designated in writing by Citigroup Global Markets Inc. and J.P. Morgan Securities LLC unless such representation is to include
Holders that are not Initial Purchasers, (y) if designated for one or more Holders or directors, officers or control Persons of any Holder, in each case including one or more Holders other than Initial Purchasers, shall be designated in writing
by a majority of the Holders to be represented and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its prior written
consent, but if settled with such consent or if there is a final non-appealable judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the
Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request, (ii) the
Indemnifying Person shall not have reimbursed the Indemnified Person for such amounts as are not in dispute in accordance with such request prior to the date of such settlement and (iii) the Indemnifying Person shall not have notified the
Indemnified Person in writing (and in reasonable detail) of its good faith belief that such reimbursement is not required. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the indemnification provided for in
paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying
such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, 

  
 16 

 
claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the Securities and the Exchange
Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the applicable Holders, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e) The Company and the Holders agree
that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a
Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 

(f) The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be
available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or
any Holder, or by or on behalf of the Company or the officers or directors of or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf
Registration Statement. 

  
 17 

 6. General. 

(a) No Inconsistent Agreements. The Company represents, warrants and agrees that (i) the rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company under any other agreement and (ii) the Company has not entered into, or on or
after the date of this Agreement will not enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of a majority of the Holders affected by such amendment, modification, supplement, waiver or consent;
provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such
Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. 

(c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial Purchasers, the addresses set forth in the Purchase Agreement; (ii) if to the Company, initially at the Company’s address set forth in the Purchase Agreement and
thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if transmitted by facsimile; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of
each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held
subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person
shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any breach by any
Holder of, any of the obligations of such Holder under this Agreement. 

  
 18 

 (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its
rights or the rights of other Holders hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit
or otherwise affect the meaning hereof. 
 (h) Governing Law. This Agreement, and any claim, controversy or dispute relating to or
arising out of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the federal and state courts located in New York County, New York, including the United States District Court for the Southern District of New York, in connection with any claim brought with respect to this Agreement or related matter and waives any
right to claim such forum would be inappropriate, including concepts of forum non conveniens. 
 (i) Waiver of Jury Trial. The
Company and each of the Initial Purchasers hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. 
 (j) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating
to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company and the Initial
Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions.

 (k) Free Writing Prospectuses. Each Holder represents that it has not prepared or had prepared on its behalf or used or referred
to, and agrees that it will not prepare or have prepared on its behalf or use or refer to, any Free Writing Prospectus, and has not distributed and will not distribute any written materials in connection with the offer or sale of the Registrable
Securities without the prior express written consent of the Company. Any such Free Writing Prospectus consented to by the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and agrees
that it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including in respect of timely filing with the SEC, legends and record-keeping. 

  
 19 

 (l) Majorities. Any reference herein to a majority of Holders shall be deemed to refer to
a majority of the relevant aggregate principal amount of the outstanding Registrable Securities; provided that whenever the consent or approval of Holders is required hereunder, any Registrable Securities owned directly or indirectly by the
Company or any of its affiliates shall not be counted in determining whether such consent or approval was given by the required majority. 

[Signature Page Follows] 

  
 20 

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

  

	
	SBA COMMUNICATIONS CORPORATION
	
	By: /s/ Thomas P.
Hunt                                         
   
	      Name: Thomas P. Hunt
	       Title: Executive Vice President,

                General Counsel and Secretary

 [Signature Page to the Registration Right Agreement] 

	
	Confirmed and accepted as of the date first above written:
	
	CITIGROUP GLOBAL MARKETS INC.
	
	By:  /s/ Scott
Slavik                                        
    
	       Name: Scott Slavik
	       Title: Director
	
	J.P. MORGAN SECURITIES LLC
	
	By:  /s/ Varun
Rastogi                                        
    
	       Name: Varun Rastogi
	       Title: Executive Director

 Acting severally on behalf of themselves and as Representatives of the several Initial Purchasers named on Schedule 1 hereto.

 [Signature Page to the Registration Right Agreement] 

 Schedule 1 

Initial Purchasers 
 Citigroup Global
Markets Inc. 
 J.P. Morgan Securities LLC 
 Barclays Capital
Inc. 
 Deutsche Bank Securities Inc. 
 Mizuho Securities USA
LLC 
 TD Securities (USA) LLC 
 Wells Fargo Securities, LLCManagement
Agreement

 

This
Management Agreement (this “Agreement”), dated October 12, 2017 (“Effective Date”), is entered into between
MGT Capital Investments, Inc., a Delaware corporation (“Provider”), and ______ LLC, a Delaware limited liability company
(“User”, and together with Provider, the “Parties”, and each, a “Party”).

 

WHEREAS,
Provider is in the business of, among other things, mining bitcoins and providing services to manage and operate bitcoin mining
business on behalf of the owners of bitcoin mining hardware;

 

WHEREAS,
User was formed for the sole purpose of mining bitcoins with the Provider and/or one of Provider’s operating subsidiaries
as its exclusive manager of its bitcoin mining business, as described in greater detail herein;

 

WHEREAS,
based on Provider’s recommendation, User intends to purchase 1,080 Bitmain
Antminer S9 mining computers together with customized power supplies and freight (the “Bitcoin Hardware”)
subject to adjustments as Provider sees fit and suitable, for an aggregate price of $_____, inclusive of duties and installation
expenses, payable to the seller of the Bitcoin Hardware;

 

WHEREAS,
User desires to engage Provider to mine bitcoins and service and maintain the Bitcoin Hardware on its behalf and in return share
profits with, and pay the operating fees to, Provider as specified below.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.
Services.

 

(a)
Services. Beginning on the date of delivery of the Bitcoin Hardware to the location(s) as designated by Provider, User
engages Provider to provide the Services (as defined below) and Provider agrees to provide the Services to User. For purposes
of this Agreement, “Services” shall include selecting, acquiring, installing, hosting, maintaining and repairing the
Bitcoin Hardware, providing the computer programs, networking interconnectivity, electricity and associated facilities and staffing
necessary to mine bitcoins. User is undertaking the task of bitcoin mining on User’s own behalf only, at User’s own
risk and for User’s own benefits. Provider, if required by User, will contract to guarantee the supply of electricity necessary
for the Bitcoin Hardware to function for one year from the date of delivery of the Bitcoin Hardware.

 

(b)
Initial Payments. Upon User’s execution of a purchase order or bill of sale to purchase the Bitcoin Hardware, User
shall i) make a payment to Provider in an amount of $__ (the “Initial Electricity Cost”) to cover the Electricity
Costs (as defined below) of the first three months of the bitcoin mining operations; ii) transfer funds in an amount of $_______
(the “Bitcoin Hardware Price”) to the seller of the Bitcoin Hardware (the “Seller”) and iii) direct the
Seller to deliver such Bitcoin Hardware to the locations as specified by Provider. User
is not required to provide further capital beyond the Bitcoin Hardware Price and Initial Electricity Cost.

 

(c)
Distribution of Mined Bitcoins. The bitcoins produced by the Bitcoin Hardware (the “Products”) will be collected
by Provider, and Provider will distribute a portion of the Products to User (the “User Distribution Portion”) after
deducting the Operating Fee and Electricity Costs, on a weekly basis, within one business day of the week following each week
when the Bitcoin Hardware is in operation. Provider shall distribute the User Distribution Portion in accordance with the terms
of this Agreement to User’s Digital Currency Wallet as defined below. The User Distribution Portion will equal fifty percent
(50%) of the Products remaining after deducting the Operating Fee and Electricity Costs as described below.

 

(d)
Operating Fee. User shall pay to Provider, as a deduction before the distribution of the User Distribution Portion, the
operating fee (the “Operating Fee”), which will equal ten percent (10%) of the gross Products. The Operating Fee shall
be paid weekly in arrears simultaneously with the User Distribution Portion. The Operating Fee will be used by Provider for the
purposes of, without limitation, providing operating personnel to monitor and maintain the Bitcoin Hardware, purchasing insurance
for, and providing maintenance and repair of the Bitcoin Hardware, as well as any other expenses associated with the performance
of User’s Services, with the express limitation that the Operating Fee does not include Electricity Costs.

 

(e)
Electricity Costs. In addition to the Operating Fee, User agrees to pay, on a weekly basis, the expenses and costs of the
electrical power required to operate the Bitcoin Hardware, together with the hosting fees and ancillary power needed for the facilities
where the Bitcoin Hardware resides (collectively, “Electricity Costs”). Electricity Costs will be paid to an unrelated
party chosen by Provider, and will be paid in U.S. dollars monetized from the Products. Notwithstanding the foregoing, the Initial
Electricity Cost for the first three months following delivery of the Bitcoin Hardware shall be reimbursed to User in the form
of Products within the first three months of operation.

 

    	 

    	 

    

 

(f)
User’s Digital Currency Wallet.
As part of engaging Provider to perform the Services, User is required to create and maintain a digital currency wallet (“User’s
Digital Currency Wallet”). User’s Digital Currency Wallet is the address that User provides to Provider, as instructed
by User from time to time, for the payment to User of the User Distribution Portion and transfer of bitcoins pursuant to this
Agreement. Provider does not operate User’s Digital Currency Wallet. User is solely responsible for maintaining and controlling
User’s Digital Currency Wallet. For the avoidance of doubt, Provider has no liability for any operation or failure of User’s
Digital Currency Wallet.

 

(g)
User’s Acknowledgement. Because Services may entail financial risks on both User and Provider, concurrent with the
execution of this Agreement, User and each of its member investors shall sign the User Acknowledgement and Acceptance Agreement
dated on the Effective Date.

 

(h)
Restrictions and Prohibitions on User. User shall not use the Services or the content or information delivered through
the Services to conduct any business or activity or solicit the performance of any activity for any illegal, fraudulent, unauthorized
or improper purposes. User shall comply with all applicable constitutions, laws, ordinances, principles of common law, codes,
regulations, statutes or treaties and all applicable orders, rulings, instructions, requirements, directives or requests of any
courts, regulators or other governmental authorities in connection with User’s use of the Services. User agrees that User
shall not attempt to: (a) access any software or part of the Services without consent from Provider; (b) access the Bitcoin Hardware
without notice to Provider; or (c) interfere in any manner with the provision of the Services or Provider’s software, or
otherwise abuse the Services or Provider’s software. Notwithstanding the foregoing, User is entitled to physical access
to view the Bitcoin Hardware with reasonable notice to Provider.

 

(i)
Residual Value of the Bitcoin Hardware. Provider shall have the right to determine, in good faith, the retirement of each
piece of the Bitcoin Hardware purchased by the User and dispose thereof in Provider’s sole discretion, after the expiration
of the term of this Agreement. After the disposition, each of Provider and User shall be entitled to fifty percent (50%) of the
consideration received on the sale of each piece of the Bitcoin Hardware, exclusive any cost and expenses associated with such
disposition.

 

(j)
Provider’s Securities. Upon transferring the Bitcoin Hardware Price to the Seller and Initial Electricity Cost to Provider,
as an incentive or inducement for User entering into this Agreement, Provider shall issue or cause to be issued to the User Provider’s
restricted common stock (ticker: OTC QB: MGTI) of 193,000 shares together with a warrant to purchase 193,000 shares of Provider’s
common stock at a price of $2.00 per share (the shares and warrant being collectively referred as “MGT Securities”).

 

(k)
Ownership.

 

1)
Ownership of Technology. This Agreement does not transfer to User any ownership or proprietary rights in the Technology (as defined
below) or any work or any part thereof, and all right, title and interest in and to the Technology will remain solely with Provider.
User is not purchasing title to any Technology. User is permitted to use Technology to the extent and for the sole purposes of
enabling User to benefit from the Services in the manner permitted by this Agreement. User’s rights under this Agreement
are not transferable to any other person absent Provider’s prior express written consent. User
shall not in any manner duplicate the Technology or use the Technology independently other than as set forth above, and Provider
grants no license, whether express or implied, in any copyright, patent or any other intellectual property rights embodied in
the Technology. For purposes of this Agreement, “Technology” shall
mean the computer programs Provider uses, literary works, audiovisual works, all other original works of expression, methods,
apparati and processes that Provider publishes, distributes, uses or otherwise exploits to facilitate User’s use of the
Services, and includes without limitation any software, software tools, user interface designs, and any derivatives, improvements,
enhancements or extensions thereof developed or provided by Provider and used in the provision of the Services.

 

2)
Ownership of the Bitcoin Hardware. User shall be the sole owner of the Bitcoin Hardware upon making the payment of the Bitcoin
Hardware Purchase Price.

 

(l)
Insurance. The Provider shall maintain insurance in such amounts and covering such risks as are customarily maintained
by similar businesses. All such policies of insurance shall be in full force and effect throughout the duration of the provision
of the Services to User and shall name the User as an additional insured, if practicable.

 

(m)
Competition. User knows and acknowledges that there may be theoretical
or practical competition between User and Provider respecting bitcoin mining and bitcoin trading. User hereby waives any and all
potential and existing conflict of interest that Provider may have in providing Services pursuant to this Agreement.

 

    	2

    	 

    

 

2.
Representations and Warranties of User. User hereby represents and warrants as of the date hereof to Provider as follows:

 

(a)
Organization; Authority. User is an entity duly incorporated or formed, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company
or similar power and authority to enter into and to consummate the transactions contemplated by the Agreement and otherwise to
carry out its obligations hereunder and thereunder. The execution and delivery of the Agreement and performance by User have been
duly authorized by User. This Agreement together with each affiliated document to implement the transaction (the “Transaction
Document”) have been duly executed by User and, when delivered by User in accordance with the terms hereof, will constitute
the valid and legally binding obligation of User, enforceable against it in accordance with its terms, except: (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally; (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

 

(b)
Own Account. User understands that MGT Securities it receives in connection with the transactions contemplated under this
Agreement are “restricted securities” and it is acquiring MGT Securities as principal for its own account and not
with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons
to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting User’s right to sell MGT Securities in compliance with applicable federal
and state securities laws). Provider shall assist, upon User’s request, in good faith, with the disbursement of the MGT
Securities to the members of User per User’s instruction. Notwithstanding the foregoing, this provision does not prohibit
the User from disbursing the MGT Securities to any of its members.

 

(c)
User Status. At the time User was offered MGT Securities, it and together with each of its members were, and as of the
date hereof are, and on each date on which it exercises any part of the warrant, will be “accredited investors” as
defined in Rule 501 under the Securities Act.

 

(d)
Experience of User. User, either alone or together with its representatives or general partner, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in MGT Securities, and has so evaluated the merits and risks of such investment. User is able to bear the economic risks of an
investment in MGT Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. User is not purchasing MGT Securities as a result of any advertisement, article, notice or other
communication regarding MGT Securities published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar or any other general solicitation or general advertisement.

 

(f)
Certain Transactions and Confidentiality. Other than securities acquired pursuant to consummating the transactions contemplated
hereunder, User has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with User,
such as a managing member of User, executed any purchases or sales, including Short Sales, of the securities of Provider during
the period commencing as of the time that User first received a term sheet (written or oral) from Provider or any other Person
representing Provider setting forth the material terms of the transactions contemplated hereunder and ending immediately prior
to the execution hereof. User has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

 

3.
Representations and Warranties of Provider. Provider hereby makes the following representations and warranties to User
as of the date hereof:

 

(a)
Organization, Good Standing and Qualification. Provider is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has full corporate power and authority to conduct its business.

 

(b)
Authorization; Enforceability. Provider has all corporate right, power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. All corporate action on the part of Provider, its directors and stockholders
necessary for the (i) authorization, execution, delivery and performance of this Agreement by Provider; and (ii) sale, issuance
and delivery of MGT Securities contemplated hereby has been duly authorized. This Agreement has been duly executed and delivered
by Provider and constitutes a legal, valid and binding obligation of Provider, enforceable against Provider in accordance with
its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally; (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies; and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law. MGT Securities, when issued and fully paid for in accordance with
the terms of this Agreement, will be validly issued, fully paid and nonassessable. The issuance and sale of MGT Securities contemplated
hereby will not give rise to any preemptive rights or rights of first refusal on behalf of any person which has not been waived
in connection with this transaction.

 

    	3

    	 

    

 

(c)
SEC Reports; Financial Statements. Provider
has filed all reports required to be filed by it under the Securities Act and Exchange Act (the foregoing materials being collectively
referred to herein as the “SEC Reports”) for the twelve (12) months preceding the Effective Date of this Agreement.
As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Exchange Act and
the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder. Provider’s
financial statements included in the SEC Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of the SEC with respect thereto as in effect at the time of filing.

 

(d)
Licenses. Provider and its subsidiaries have sufficient licenses, permits and other governmental authorizations currently
required for provision of the Services contemplated herein and are in all material respects in compliance therewith.

 

(e)
Investment Company. Provider is not an “investment company” within the meaning of such term under the Investment
Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

4.
Limitation of Liability.

 

(a)
IN NO EVENT SHALL PROVIDER BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR ENHANCED DAMAGES,
LOST PROFITS OR REVENUES OR DIMINUTION IN VALUE, ARISING OUT OF, OR RELATING TO, OR IN CONNECTION WITH ANY BREACH OF THIS AGREEMENT,
REGARDLESS OF (A) WHETHER SUCH DAMAGES WERE FORESEEABLE, (B) WHETHER OR NOT PROVIDER WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
(C) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT OR OTHERWISE) UPON WHICH THE CLAIM IS BASED, AND (D) THE FAILURE OF ANY AGREED
OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

 

(b)
IN NO EVENT SHALL PROVIDER’S AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR
RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EXCEED THE AGGREGATE AMOUNTS PAID TO PROVIDER AND THE
SELLER FOR THE SERVICES PROVIDED HEREUNDER.

 

5.
Compliance with Law.
User is in compliance with and shall comply with all applicable
laws, regulations and ordinances. User represents and warrants to the Provider that User has the power, authority, and legal capacity
to enter into and to perform under this Agreement.

 

6.
Indemnification. User shall indemnify,
defend and hold harmless Provider and its officers, directors, employees, agents, affiliates, successors and permitted assigns
(collectively, “Indemnified Party”) against any and all losses, damages, liabilities, deficiencies, claims, actions,
judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys’
fees, fees and the costs of enforcing any right to indemnification under this Agreement and the cost of pursuing any insurance
providers, incurred by Indemnified Party relating to any claim of a third party or Provider arising out of or occurring in connection
with the provision of the Services from Provider to User or User’s negligence, wilful misconduct or material breach of this
Agreement. User shall not enter into any settlement without Provider’s or Indemnified Party’s prior written consent.

 

7.
Term and Termination.

 

(a)
Term of the Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall
continue for twenty-four (24) months following the date the Bitcoin Hardware begins mining operations, unless earlier terminated
in accordance with the terms hereof. User and Provider mutually agree to negotiate a renewal, extension or right of first refusal
for a renewal or extension, in good faith, 30 days prior to the expiration of this Agreement.

 

    	4

    	 

    

 

(b)
Termination. This Agreement may be terminated or rescinded at any time (the “Termination Date”) prior to the
expiration of the Term: (1) by mutual written agreement of User and Provider; or (2) upon material breach of this Agreement by
the non-breaching Party, after the non-breaching Party gives notice to the breaching Party and the breaching Party fails to cure
the breach within five (5) business days upon notice.

 

(c)
Survival. Notwithstanding anything to the contrary herein, Sections 6, 7 and 8 of this Agreement shall survive the termination
and expiration of this Agreement.

 

(d)
Liquidation. Upon the expiration of the Term or termination of this Agreement, Provider shall immediately stop bitcoin
mining Services, including ceasing the operation of the Bitcoin Hardware, and commence uninstallation and disconnection of the
Bitcoin Hardware from the internet network and power. Provider shall compute the True-up Adjustment as of the date of termination
or expiration of the Agreement and notify User of such Adjustment promptly within five (5) business days from such termination
or expiration. Provider shall transfer or request User to transfer the balance of the True-up Adjustment within one (1) business
day upon Provider’s notice of the True-up Adjustment. User may not use Provider’s name, trademarks, brands, patents,
other types of intellectual property or Confidential Information after the termination or expiration of the Agreement. Provider
shall assist User to dispose the Bitcoin Hardware and share the proceeds of the disposition equally with User. If User’s
wrongful activity or violations of this Agreement entitle or potentially entitle Provider to damages or User otherwise has unpaid
obligations or potential obligations to Provider at the time of termination, then Provider is permitted to retain any amounts
owed to Provider as a setoff against those damages and other obligations. Once all obligations of User have been satisfied, Provider
shall return to User any unencumbered profits owned by User.

 

8.
Confidential Information.
All non-public, confidential or proprietary information of Provider,
including, but not limited to, specifications, samples, patterns, designs, plans, drawings, documents, data, business operations,
customer lists, pricing, discounts or rebates, disclosed by Provider to User, whether disclosed orally or disclosed or accessed
in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as “Confidential,”
in connection with this Agreement is confidential, solely for the use of performing this Agreement and may not be disclosed or
copied unless authorized by Provider in writing. Upon Provider’s request, User shall promptly return all documents and other
materials received from Provider. Provider shall be entitled to injunctive relief for any violation of this Section. This Section
shall not apply to information that is: (a) in the public domain; (b) known to the User at the time of disclosure; or (c) rightfully
obtained by the User on a non-confidential basis from a third party.

 

9.
Entire Agreement. This Agreement,
including and together with any related exhibits, schedules, attachments and appendices, constitutes the sole and entire agreement
of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, regarding such subject matter.

 

10.
Notices. All notices, requests, consents,
claims, demands, waivers and other communications under this Agreement must be in writing and to the other Party at its email
address or address set forth on the signature page hereto (or to such other address that the receiving Party may designate from
time to time in accordance with this Section). Unless otherwise agreed herein, all notices may be delivered by personal delivery,
nationally recognized overnight courier, certified or registered mail or email. Except as otherwise provided in this Agreement,
a notice is effective only (a) on receipt by the receiving Party, and (b) if the Party giving the Notice has complied with the
requirements of this Section.

 

11.
Severability.
If any term or provision of this Agreement is invalid, illegal
or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision
of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon a determination
that any term or provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement
to effect the original intent of the Parties as closely as possible in order that the transactions contemplated hereby be consummated
as originally contemplated to the greatest extent possible.

 

12.
Amendments.
No amendment to or modification of or rescission, termination
or discharge of this Agreement is effective unless it is in writing and signed by each Party.

 

13.
Waiver.
No waiver by any party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and
signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

    	5

    	 

    

 

14.
Cumulative Remedies. All rights
and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by either Party of any right or remedy
does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by
statute, in any other agreement between the Parties or otherwise.

 

15.
Assignment.
User shall not assign, transfer, delegate or subcontract any
of its rights or obligations under this Agreement without the prior written consent of Provider. Provider may at any time assign,
transfer, delegate or subcontract any or all of its rights or obligations under this Agreement subject to User’s prior written
consent. Any purported assignment, transfer, delegation or subcontract in violation of this Section shall be null and void. No
assignment, transfer, delegation or subcontract shall relieve User of any of its obligations hereunder.

 

16.
Successors and Assigns.
This Agreement is binding on and inures to the benefit of the
Parties to this Agreement and their respective permitted successors and permitted assigns.

 

17.
No Third-Party Beneficiaries. This
Agreement benefits solely the Parties to this Agreement and their respective permitted successors and assigns and nothing in this
Agreement, express or implied, confers on any other Person any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

18.
Choice of Law;
Venue.
This Agreement, including all exhibits, schedules, attachments and appendices attached to this Agreement and thereto, and all
matters arising out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State
of New York, United States of America, without regard to the conflict of laws provisions thereof to the extent such principles
or rules would require or permit the application of the laws of any jurisdiction other than those of the State of New York. Each
Party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is
an inconvenient venue for such proceeding. Each Party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such Party at the address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by law. If either Party shall commence an action, suit
or proceeding to enforce any provisions of this Agreement, the prevailing Party in such action, suit or proceeding shall be reimbursed
by the other Party for its reasonable attorneys’ fees and other costs and expenses incurred in connection with the investigation,
preparation and prosecution of such action or proceeding unless the Parties have specific arrangement in that regard in a settlement
thereof.

 

19.
Arbitration of Future Disputes.

 

(a)
Scope, governing rules. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be
determined by final and binding arbitration administered by the American Arbitration Association (“AAA”) under its
Commercial Arbitration Rules and Mediation Procedures (“Commercial Rules”).

 

(b)
Authority of tribunal, judicial review. The award rendered by the arbitrator shall be final, non-reviewable, non-appealable and
binding on the Parties and may be entered and enforced in any court having jurisdiction. Judgment on the award shall be final
and non-appealable.

 

(c)
Selection of tribunal. There shall be one arbitrator agreed to by the Parties
within twenty (20) days of receipt by respondent of the request for arbitration or in default thereof appointed by the AAA in
accordance with its Commercial Rules.

 

(d)
Seat of arbitration, languages. The seat or place of arbitration shall be New York, New York. The arbitration shall be conducted
and the award shall be rendered in the English language.

 

(e)
Remedies. The arbitrator will have no authority
to award punitive damages, consequential damages, or compensatory damages, collectively, exceeding the aggregate amount of payments
made by the User under this Agreement.

 

20.
Waiver of Jury Trial.
Each Party acknowledges and agrees that any controversy that may arise under this Agreement, including exhibits, schedules, attachments
and appendices attached to this Agreement, is likely to involve complicated and difficult issues and, therefore, each such Party
irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of
or relating to this Agreement, including any exhibits, schedules, attachments or appendices attached to this Agreement, or the
transactions contemplated hereby.

 

    	6

    	 

    

 

21.
Counterparts.
This Agreement may be executed in counterparts, each of which
is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement
delivered by facsimile, email or other means of electronic transmission is deemed to have the same legal effect as delivery of
an original signed copy of this Agreement.

 

22.
Force Majeure.
Any delay or failure of Provider to perform its obligations
under this Agreement will be excused to the extent that the delay or failure was caused directly by an event beyond such Party’s
control, without such Party’s fault or negligence and that by its nature could not have been foreseen by such Party or,
if it could have been foreseen, was unavoidable (which events may include natural disasters, embargoes, explosions, riots, wars,
acts of terrorism, strikes, labor stoppages or slowdowns or other industrial disturbances, and shortage of adequate power or transportation
facilities).

 

[SIGNATURE
PAGE FOLLOWS]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their
respective officers thereunto duly authorized.

 

	__________
    LLC	 	MGT
    Capital Investments, Inc.
	 	 	 
	By:
    ________________________ 	 	By:
    ________________________
	Name:	 	Name:
    Robert Ladd
	Title:	 	Title:
    President and CEO
	Email
    for Notices: 	 	Email
    for Notices: rladd@mgtci.com
	Address:	 	Address:
    512 S. Mangum Street, Suite 408,
	 	 	Durham,
    NC 27701
	By:
________________________    	 	 
	Name:	 	 
	Title:	 	 
	Email
    for Notices: 	 	 
	Address:	 	 

 

    	8

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