Document:

EX-10.12

 Exhibit 10.12 
 PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS 
 THIS PURCHASE
AGREEMENT AND ESCROW INSTRUCTIONS (“Agreement”) is made as of July 31, 2011 (“Agreement Date”), by and between BRYAN FAMILY PARTNERSHIP II, LTD., a California limited partnership (“Seller”),
and BARRACUDA NETWORKS, INC., a Delaware corporation, or assignee (“Buyer”), collectively referred to herein as the “Parties,” with reference to the following: 

RECITALS 

A. Seller is the owner of the Real Property (hereinafter defined) consisting of approximately 3.33 acres, including improvements thereon
consisting of and including, among many things, an approximately sixty-one thousand four hundred and twenty-four (61,424) square foot building (the “Building”) and parking spaces located at 3165 and 3175 Winchester Boulevard,
City of Campbell, County of Santa Clara, State of California, which is commonly identified by APNs 406-21-016, 406-21-017 and 406-21¬019 and more particularly described in Exhibit A to this Agreement and hereby incorporated by this
reference. 
 B. Seller and Buyer previously entered into an agreement to lease the Building on January 19, 2007
(the “Lease Agreement”). The Patios modified the Lease Agreement by entering into a first amendment to the Lease Agreement on October 4, 2010. 
 C. Seller entered into a Real Estate Note with Symetra Life Insurance Company, a Washington corporation (“Symetra”), on June 20, 2007, Loan No. 1673, for the original
principal sum of Six Million Seven Hundred Fifty Thousand and no/100 Dollars ($6,750,000.00) and a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Existing Debt Obligation”). The Real Estate Note and
the Deed of Trust, Assignment of Rents, Security Agreement and Fixture are attached as Exhibit B and Exhibit C to this Agreement respectively. 
 D. Buyer desires to purchase and Seller desires to sell the Property (hereinafter defined) only upon the following terms and conditions, which includes the assumption of the Existing Debt Obligation.

 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements hereinafter contained and for other
good and valuable consideration, the Parties hereto agree as follows: 
 Seller’s Initial: /s/ RB, JF &
DZ             
 Buyer’s Initials: /s/
DD             

 ARTICLE 1 

DEFINITIONS AND EXHIBITS 
 1.1 Definitions. In addition to the terms defined above and throughout this Agreement, for purposes of this Agreement, each of the following terms, when used, herein with an initial capital letter,
shall have the meaning ascribed to it as follows: 
 (A) “Closing Date” shall be the date upon which the Deed
(hereinafter defined) is, recorded in the Official Records of Santa Clara County where the Property is located, which shall occur on the date selected by Buyer that is no later than five (5) days after delivery of the Approval Notice
(hereinafter defined) or Buyer notifies Seller in writing that all of the conditions described in Article 4 have been satisfied or waived, whichever is later, but in any event no later than October 31, 2011, the outside closing date.

 (B) “Escrow Agent” and “Title Company” refer to First American Insurance Company, 1737 North First
Street, Suite 500, San Jose, CA 95112, attention Linda Tugade, Escrow Agent, Phone 408-579-8340. 
 (C) “Property”
includes all of the following items, in addition to the items described above in Paragraph A: 
 (1) Real Property. All
that certain real property located at 3165 and 3175 Winchester Boulevard, City of Campbell, County of Santa Clara, State of California, as more particularly shown in Exhibit A attached hereto (the “Real Property”);

 (2) Appurtenances. All rights, privileges and easements appurtenant to the Real Property, including, without
limitation, (a) all minerals, oil, gas and other hydrocarbon substances on and under the Real Property, (b) all development rights, air rights, water, water rights and water stock relating to the Real Property, (c) all other
easements, rights-of-ways or appurtenances used in connection with the beneficial use and enjoyment of the Real Property, (d) all right, title and interest of Seller in. and to any streets, alley, passages, or other appurtenances included in,
adjacent to or used in connection with the Real Property, before or after the vacation thereof (all of which are collectively referred to as the “Appurtenances”); 

(3) Personal Property. All personal property and personal property rights, if any, of Seller used in the ownership, use and
operation of the Real Property, including furniture, fixtures and equipment as well as the generator and other like items (the “Personal Property”); and 
 (4) Intangible Property. All of the interest of Seller in any intangible personal property now or hereafter owned by Seller and used in the ownership, use and operation of the Real Property and
Personal Property, including, without limitation, (a) all entitlements and approvals, building permits, zoning approvals, conditional use permits and any and all documents and work products relating thereto in which Seller has an interest, and
(b) all warranties or guaranties (all of which are collectively referred to as the “Intangible Property”). 
 (D) “Purchase Price” is Eleven Million Eight Hundred Fifty Thousand and no/100 Dollars ($11,850,000.00), which includes the outstanding principal balance on the Existing Debt Obligation of Six
Million Two Hundred Fifty Thousand and no/100 Dollars ($6,250,000.00) and the balance of Five Million Six Hundred Thousand and no/100 Dollars (5,600,000.00) (“Balance of the Purchase Price”) payable, all cash, at Close of Escrow,
which is defined below. 
  
 Seller’s Initial:
/s/ RB, JF & DZ         
 Buyer’s Initials: /s/
DD         

  
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 1.2 Exhibits: Attached hereto and forming an integral part of this Agreement are the
following exhibits, all of which are incorporated into this Agreement as though fully set forth: 
 Exhibit A
        Legal Description of Real Property 
 Exhibit B
        Real Estate Note 
 Exhibit C
        Deed of Trust, Assignment of Rents, Security Agreement and Fixture 

ARTICLE 2 
 PURCHASE AND SALE 
 2.1 Purchase and Sale. Seller agrees to
sell the Property to Buyer, and Buyer agrees to purchase the Property from Seller, upon all of the terms, covenants and conditions herein set forth. 
 2.2 Purchase Price and Method of Payment(s). Buyer shall pay Seller the Purchase Price for the Property. The Purchase Price shall be subject to the prorations and adjustments required below, and
shall be payable as follows: 
 (A) Deposit and Release of Deposit: 

(1) Deposit. Upon Buyer’s execution of the Agreement, Buyer shall place Six Hundred Thousand One Hundred and no/100 Dollars
($600,100.00) as a deposit (“Deposit”) with the Title Company to be held in trust pursuant to the terms of this Agreement: Title Company shall place the Deposit in an interest-bearing account. Any interest earned on the Deposit
shall be part of the Deposit. If the Approval Notice (defined below) is not provided, the Deposit and interest shall be refunded to Buyer during the period commencing on the Agreement Date and ending at 5:00 p.m. (local time) on the date that is
forty-five (45) days after the Agreement Date (“Feasibility Period”). The last day of the Feasibility Period is referred to as the “Approval Date”. If Buyer decides to proceed with the transaction contemplated
herein, Buyer shall deliver written notice thereof to Seller prior to the expiration of the Feasibility Period (the “Approval Notice”). If Buyer fails to timely deliver the Approval Notice, this Agreement shall be deemed
automatically terminated and of no further force or effect (except for the Parties’ Surviving Obligations [defined below]), and Escrow Agent shall retain the Deposit, less reasonable and customary escrow termination fees charged by Escrow
Agent, if any (the “Escrow Fees”), to Buyer without further instruction or written approval from Seller. The Deposit includes the amount of One Hundred Dollars ($100.00) (the “Independent Consideration”) as
independent consideration for Seller’s performance under this Agreement and shall be retained by Seller in all instances. The Independent Consideration shall be non-refundable to Buyer as independent consideration for rights and options
extended to Buyer under this Agreement, including, without limitation the right and option to terminate the Agreement as provided therein. The Independent Consideration shall be released to Seller immediately following Buyer’s deposit of such
funds with the Title Company. In all instances 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
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under this Agreement in which Buyer elects to terminate or is deemed to have terminated the Agreement and the Deposit is returned to Buyer, Seller shall retain the Independent Consideration. The
Independent Consideration shall not be applicable towards the Purchase Price or treated as consideration given by Buyer for any purpose other than stated in this Section 2.2(A)(1). Buyer and Seller expressly acknowledge and agree that
(i) the Independent Consideration, plus Buyer’s agreement to pay the costs provided in this Agreement has been bargained for as consideration for Seller’s execution and delivery of this Agreement and for Buyer’s review,
inspection and termination rights during the Feasibility Period, and (ii) such consideration is adequate for all purposes under any applicable law or judicial decision. 
 (2) Release of Deposit. Following Buyer’s delivery of the Approval Notice and written confirmation that all of the conditions described in Article 4 have been satisfied or waived, the balance
of the Deposit shall be released to Seller. Upon release and subject to the terms of this Agreement, the Deposit shall be non-refundable but applicable toward the Purchase Price. 

(B) Payment of Purchase Price. At least one (1) business day prior to the Close of Escrow, Buyer shall deposit or cause to be
deposited with Escrow Agent, in cash, by certified or bank cashier’s check made payable to Escrow Agent, or by confirmed Federal Reserve wire transfer of funds (“Immediately Available Funds”), the Balance of the Purchase Price
plus Escrow Agent’s estimate of Buyer’s share of closing costs, prorations and charges payable pursuant to this Agreement. 
 2.3 Closing and Escrow. The Close of Escrow shall occur on the Closing Date and shall take place at the offices of Escrow Agent or such other location mutually agreeable to the parties (the
“Closing”). 
 (A) Escrow. Upon the complete execution and delivery of this Agreement by Buyer and
Seller, Buyer shall deliver a fully executed copy of this Agreement to Escrow Agent. This Agreement shall constitute the joint escrow instructions of Buyer and Seller to Escrow Agent. Escrow Agent is authorized to act in accordance with the terms of
this Agreement. Upon Escrow Agent’s request, the Parties shall execute such additional and supplementary escrow instructions as may be appropriate or required by Escrow Agent to enable the Escrow Agent to comply with the terms of Agreement;
provided, however, that if there is any conflict or inconsistency between such additional and supplementary escrow instructions and this Agreement, this Agreement shall control. 

(B) Seller Deliveries in Escrow. Prior to the Closing, Seller shall deliver to Escrow Agent for delivery to Buyer the following:

 (1) Grant Deed. The Grant Deed in the form customarily used by the Title Company (the “Deed”), duly
executed and acknowledged, including a statement of transfer taxes. 
 (2) FIRPTA Certificate. A certificate from
Seller, in form, scope and substance reasonably satisfactory to Buyer and Escrow Agent, reaffirming Seller’s representation and warranty that it is not a “foreign person” under section 1445(f)(3) of the Internal Revenue Code.

  
 Seller’s Initial: /s/ RB, JF &
DZ         
 Buyer’s Initials: /s/
DD         

  
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 (3) State Withholding Certificate. The California Form 597W, duly executed by
Seller, certifying that no withholding of proceeds of the Purchase Price is required under California law. in connection with the sale of real estate and any personal property in connection therewith. 

(4) Owner’s Affidavit. Such affidavits, other evidence of title, tenancy-in-common or entity documents and the like from
Seller and/or other third parties as may be required by the Title Company, on or in forms required by the Title Company in Order to issue the Title Policy (hereinafter defined) as specified in this Agreement. 

(5) Assumption of Existing Debt Obligation. Documents from Seller and/or other third parties as may be required by Symetra or
other third parties evidencing Buyer’s assumption of the Existing Debt Obligation. 
 (C) Buyer Deliveries in
Escrow. At or prior to the Closing, Buyer shall deliver to Escrow Agent for delivery to Seller the following: 
 (1)
Funds. The Immediately Available Funds required of Buyer under the terms of this Agreement. 
 (2) Assumption of
Existing Debt Obligation. Documents from Buyer and/or other third parties as may be required by Symetra or other third parties evidencing Buyer’s assumption of the Existing Debt Obligation AS SUCH EXISTING DEBT OBLIGATION IS TO BE MODIFIED
AS SET FORTH BELOW IN ARTICLE 4. 
 (D) Other Documents. Seller and Buyer shall, prior to the Closing Date, execute any
and all documents and perform any and all acts reasonably necessary or appropriate to consummate the purchase and sale pursuant to the terms of the transaction set forth in this Agreement, including, without limitation, a closing statement
reflecting all prorations, adjustments and closing costs, and escrow instructions for Closing, and such other documentation as the Title Company may reasonably require for the issuance of the Title Policy, including any quitclaim and spousal consent
for any individual. Buyer and Seller shall execute all documents reasonably required by Symetra to effect the assumption by Buyer of the Existing Debt Obligation. 
 2.4 Title and Survey. 
 (A) Title Commitment. Within two
(2) days after the Agreement Date, Seller shall arrange for delivery to Buyer, for its review and approval in its discretion, a commitment for a American Land Title Association (“ALTA”) owner’s policy of title insurance
covering the Property, issued by the Title Company, together with legible copies of all exceptions and matters referred to therein (said commitment, together with the copies of the materials referred to above shall be referred to as the
“Title Commitment”). The Title Commitment shall show that Seller has marketable and insurable fee simple title to the Property. 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
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 (B) Survey. Seller shall provide Buyer with any existing survey of the Property it
possesses. At its own expense, Buyer may have obtained a survey of the Property, prepared by a surveyor or civil engineer licensed in the State where the Property is located (“Survey”). 

(C) Title and Survey Review. Buyer shall have fourteen (14) days from receipt of the Title Commitment to review and approve
the Title Commitment or to notify Seller in writing of any exceptions, qualifications, conditions, or matters shown in the Survey, disclosed in the Title Commitment or discovered by the inspection of the Property that are not acceptable to Buyer in
its discretion (all such items and all monetary liens, deeds of trust or encumbrances shall be referred to as “Title Objections”). Buyer waives any claims resulting from or based on title issues that could have been discovered by
Buyer’s review of the Title Commitment, a Survey or inspection of the Property and become a Title Objection, including but not limited to easements or encumbrances. 
 (D) Seller’s Right to Cure. Seller shall have the right, upon written notice to Buyer• within five (5) days after receipt of Buyer’s notice of Title Objections, to
(1) elect by written notice to Buyer and Escrow Agent to cause the Title Objections to be removed of record or otherwise cured to the satisfaction of Buyer in its discretion by the Closing Date (“Approved Title Objections”), or
(2) elect not to cure. Seller must remove all exceptions relating to tax liens (other than non-delinquent real estate taxes and assessments), judgment liens and mechanics’ and materialman’s liens, other than any mechanics’ or
materialman’s liens resulting from Buyer’s due diligence investigations of or on. the Property (“Monetary Liens”). If Seller elects not to cure such Title Objections as provided in clause (2) above, Buyer shall have
the right, upon written notice to Seller, to acquire the Property subject to such Title Objections without any abatement in the Purchase Price. If Seller elects to cure and does not remove all Approved Title Objections or Monetary Liens by the
Closing Date, Seller shall be in default under this Agreement, in which case, Buyer, in addition to all other rights and remedies available under this Agreement, at law or in equity, shall have the right, but not obligation, upon written notice to
Seller, to cancel this Agreement and receive a refund of any funds deposited in escrow, together with all interest thereon, except the Independent Consideration. 
 (E) Permitted Exceptions. The exceptions and Survey matters Buyer has agreed to in writing to accept shall be referred to herein as the “Permitted Exceptions.” 

(F) Owner’s Policy. As a condition to Closing, the Title Company shall issue to Buyer an ALTA Owner’s Policy of Title
Insurance in the amount of the Purchase Price, insuring fee simple title to the Real Property, and the Appurtenances in Buyer, subject only to the Permitted Exceptions (“Title Policy”). 

2.5 Closing Costs. All closing costs or expenses of escrow shall be paid as follows: 

(A) Title Insurance. Buyer and Seller shall pay the premium for the policy of title insurance, in accordance with custom in Santa
Clara County, in the amount of the Purchase Price for the Property. If the premium for the ALTA Owner’s Policy of Title Insurance is greater than the premium for a CLTA Owner’s Policy of Title Insurance, Buyer shall pay the difference in
the premium amounts. 
  
 Seller’s Initial: /s/
RB, JF & DZ         
 Buyer’s Initials: /s/
DD         

  
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 (B) Recording Fees. The cost of recording the Deed and any other documents shall be
paid by the Parties as is customary in Santa Clara County. 
 (C) Transfer Taxes. All county transfer taxes and any
applicable city transfer taxes shall be paid by the Parties as is customary in Santa Clara County. 
 (D) Other. The
Parties shall, pay for the escrow fees charged by the Escrow Agent as is customary in Santa Clara County. Each party shall be responsible for their own attorneys’ fees. If this Agreement is terminated, the Parties shall pay equally for any
title and escrow cancellation fees of Escrow Agent, unless such termination is due to a default by either party, in which case the defaulting party shall pay such escrow cancellation fees. 

2.6 Prorations. All prorations and adjustments for the Property shall be made as of midnight of the day preceding the
Closing Date, unless otherwise mutually agreed in writing by the Parties (the “Adjustment Date”). If the prorations and adjustments are found to be incorrect within six (6) months after the Closing Date, Seller and Buyer agree
to re-prorate or readjust the same accordingly. All prorations and adjustments shall be in cash, as a cash credit or debit as follows: 
 (A) Taxes. General real estate taxes and assessments for all fiscal years prior to the Closing Date shall be paid by Seller, including, without limitation, all supplemental taxes levied as a result
of any changes in ownership or improvements to the Property occurring prior to the Closing Date. General real estate taxes and assessments payable for the current year shall be prorated between Seller and Buyer as of the Adjustment Date. 

(B) Other Items. Seller will be responsible for payment of all other expenses affecting the Property that are incurred, or relate
to services provided, prior to the Closing Date. 
 (C) Post-Closing Reconciliation. If any of the aforesaid prorations
cannot be calculated accurately on the Closing Date, then they shall be calculated as soon after the Closing Date as feasible, but in any event within six (6) months after the Closing Date. 

2.7 Brokerage Commission. Seller shall pay a brokerage commission to Jay Phillips at Cornish & Carey Commercial Newmark
Knight Frank (“Seller’s Broker”) pursuant to a separate written agreement between Seller and Seller’s Broker. The Parties represent and warrant to each other that Seller’s Broker is the only real estate brokers that
represented the Parties in connection with the sale of the Property. With the exception of the commission described above, Seller and Buyer each represent and warrant that no other broker’s commission or finder’s fee is payable with
respect to this transaction. Buyer and Seller each agree to indemnify, defend, and hold the other party harmless from and against any and all claims to a commission or finder’s fee resulting from the erroneous representation of the indemnifying
party in this Section 2.7. 
 2.8 Assumption of Existing Debt Obligation. Subject to Buyer’s acceptance of any
conditions to assumption imposed by Symetra and the receipt of those certain conditions precedent specified in Article 4, Buyer shall assume and agrees to perform each and every obligation for the Existing Debt Obligation on the Property. The
Existing Debt Obligation currently includes: (a) the 
  
 Seller’s Initial: /s/ RB, JF & DZ         
 Buyer’s Initials: /s/ DD         

  
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outstanding principal balance of approximately Six Million Two Hundred Fifty Thousand and no/100 Dollars ($6,250,000.00); (b) an interest rate of 6.23%; (c) the monthly payment of
approximately Forty Four Thousand Four Hundred Forty Five and no/100 Dollars ($44,445.00); (d) due date of July 1, 2017; and (e) a balance due at expiration of approximately Five Million One Hundred Ninety Thousand and no/100 Dollars
($5,190,000.00), in addition to the additional terms and conditions contained in the Real Estate Loan and Deed of Trust described in paragraph C of the Recitals above. Seller shall be relieved of personal liability for acts or occurrences arising
out of matters relating to the Existing Debt Obligation occurring after the Closing. Seller shall pay the assumption fee equal to one percent (1%) of the unpaid principal balance of the Real Estate Note that exists at the time of Closing.
Seller shall pay all of Seller’s and Lender’s cost related to Buyer assuming the Existing Debt Obligation. Buyer shall pay all of Buyer’s costs related to Buyer assuming the Existing Debt Obligation. Buyer’s assumption of the
Existing Debt Obligation is conditioned upon Buyer receiving, among other things, a one-time only right to convey the Property to an un-affiliated transferee as set forth in Exhibit B. 

ARTICLE 3 
 COVENANTS OF SELLER 
 3.1 Operation of Property. Prior to the
Closing Date, Seller and Buyer will operate the Property subject to the following provisions and limitations: 
 (A)
Requirements. Seller and Buyer shall continue to operate the Property consistent with the terms of the lease agreement between Seller and Buyer, Seller, at its expense and prior to the Closing Date, shall terminate all service, maintenance
and similar agreements affecting the Property, if required. 
 (B) Compliance with Law. Seller shall comply with all
governmental laws, ordinances and regulations pertaining to the Property or any portion thereof; provided, however, that Seller shall not be required to make any capital improvements to the Property unless Seller is expressly directed by
governmental authority to do so. 
 (C) Notices. Seller shall give immediate notice to Buyer if Seller receives notice or
obtains actual knowledge of (1) the violation of any law, ordinance or regulation relating to the Property, (2) any casualty relating to the Property, or (3) the filing or threat to file an action, claim or proceeding in any court or
administrative agency against Seller which may affect the Property. 
 (D) Cooperation with Processing. Seller hereby
grants Buyer permission and authority to prepare and submit applications, plans and drawings, and to obtain the approvals of the City and other governmental agencies reasonably necessary for any new tenant improvements or other developments for the
Property. Seller agrees to cooperate fully with Buyer’s development of the Property at no cost to Seller by executing upon Buyer’s reasonable demand all necessary and reasonable documents confirming Buyer’s authority to submit
applications for development, but not any agreements or documents that would create a dedication or recorded title encumbrance with respect to the Property. Such development may include, but is not limited to conditional use applications, rezoning,
construction permits or any other document reasonably necessary to complete the development process. 
  
 Seller’s Initial: /s/ RB, JF & DZ         
 Buyer’s Initials: /s/ DD         

  
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 3.2 Access. Seller will permit Buyer and its agents and consultants the following
access and provide Buyer the following information: 
 (A) Access to Information and Property. Seller shall allow Buyer
and its agents and consultants, from and after the Agreement Date, continuing access to the Property. However, Buyer and its agents and consultants shall only have forty-five (45) days from and after the Agreement Date for the right to inspect
the Property, and the right to drill test wells and take soil borings, and geological, seismic, environmental tests and other invasive tests. Soil and ground water environmental tests shall be subject to the reasonable approval of Seller as to the
scope and methods for such testing. Seller shall provide its written notice to Buyer of approval, or the grounds for disapproval of such tests within three (3) business days after receipt of notice from Buyer describing the type and scope of
the soil and ground water environmental tests that Buyer want to perform at the Property. The failure of Seller to provide its written notice of approval or disapproval within said three (3) business day period shall be deemed a disapproval.
Seller may have a representative present during such tests. Such access shall be exercised by Buyer at such times as deemed reasonably necessary to Buyer. Buyer will conduct its activities on the Property in a reasonable manner that causes the least
practicable interference with Seller’s ownership of the Property. Buyer shall restore the Property to its condition prior to Buyer’s entry on the Property for the testing. Buyer shall provide Seller with copies any third party test results
and/or reports obtained by Buyer as a result of Buyer’s investigations. Buyer agrees to indemnify, defend and hold Seller harmless from any damage, claim, liability, including attorney’s fees and costs, or injury to persons or property
caused by Buyer or its authorized representatives during their entry and investigations prior to Closing. This indemnity shall survive the termination of this Agreement or the Closing Date for four years. Buyer acknowledges that it has been afforded
the required access to the Property. 
 (B) Due Diligence Materials. Upon execution of the Agreement, Seller shall
deliver or make available to Buyer true and correct copies of the documents in Seller’s possession related to the physical structure of the Building and the condition of the Property (collectively, “Due Diligence Materials”).

 3.3 Title Covenants. To the best of Seller’s knowledge and ability, Seller shall maintain the legal title to the
Property free from (1) any and all defects, and (2) any and all liens, encumbrances, and other recorded exceptions, other than the utility and access easements and the Agreed to Exceptions of record as of the end of the title review period
defined above. 
 ARTICLE 4 
 BUYER’S CONDITIONS PRECEDENT 
 Anything in this Agreement to
the contrary notwithstanding, Buyer’s obligation to acquire the Property and to perform other covenants and obligations prior to Closing shall be subject to and contingent upon the satisfaction of the following conditions precedent: 

4.1 Approval of Documents. Review and approval by Buyer of the Due Diligence Materials and such other documents Buyer may have
reasonably requested in writing from Seller. 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
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 4.2 Condition of the Property. Review and approval by Buyer of the condition of the
Property, including soils, topography, geology, utilities, environmental, hazardous materials that shall be completed during the Feasibility Period. If Buyer disapproves of any of the physical aspects of the Property as a result of any reports or
inspections made or received by Buyer, Buyer shall notify Seller immediately of the items disapproved before the expiration of the Feasibility Period. Seller shall then either inform Buyer that Seller will repair and correct such disapproved items
prior to the Close of Escrow or will not address the items. At that time, Buyer may either terminate the Agreement, and receive a refund of all monies deposited, or proceed with the purchase of the Property. 

4.3 Title Policy. Review and approval by Buyer of title as described above in Section 2.4 and the Title Company must
unconditionally commit to issue a Title Policy as described herein. 
 4.4 Lender’s Approval of Buyer’s Assumption
of Existing Debt Obligation. Symetra shall have approved in writing, upon terms acceptable to Buyer and accepted by Buyer in writing, Buyer’s assumption of the Existing Debt Obligation. 

4.5 Amendment of Transfer and Assumption Rights. Buyer’s obligations hereunder are expressly conditioned upon an agreement in
writing from Symetra (i) evidencing Buyer’s right to transfer the Property to any related or unrelated third party subject to the Existing Debt Obligation at least one-time following Buyer’s acquisition of the Property from Seller
without allowing Symetra or any other holder of the Existing Debt Obligation to accelerate the maturity of the Existing Debt Obligation and without requiring the payment of any pre-payment fees or other penalties thereunder, except for customary and
commercially reasonable fees or expenses charged for approval of the transfer and (ii) evidencing Buyer’s right to transfer the Property to any related party(ies) an unlimited number of times following Buyer’s acquisition of the
Property from Seller subject to the Existing Debt Obligation without allowing Symetra or any other holder of the Existing Debt Obligation to accelerate the maturity of the Existing Debt Obligation and without requiring the payment of any pre-payment
fees or other penalties thereunder except for customary and commercially reasonable fees or expenses charged for approval of the transfer. 
 4.6 Assignment. Buyer’s obligations hereunder are expressly conditioned upon a reasonably acceptable document in writing from Symetra or other holders of the Existing Debt Obligation
evidencing Buyer’s right to assign this Agreement, without restriction, to any party related to Buyer (including, but not limited to, a buying group comprising individual employees of Buyer). 

 
 Seller’s Initial: /s/ RB, JF &
DZ         
 Buyer’s Initials: /s/
DD         

  
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 ARTICLE 5 

REPRESENTATIONS & WARRANTIES 
 5.1 Seller Warranties. Seller hereby represents and warrants to Buyer as follows: 
 (A) Entity. With respect to Seller and its business: 
 (1)
Organization. Seller is a duly formed and validly existing limited partnership and is qualified to do business in the State of California. 
 (2) Approvals. Seller is duly authorized to execute and deliver and perform this Agreement and all documents and instruments and the transaction contemplated hereby or incidental hereto without any
other approval or consent from any other party or governing body; and this Agreement and the other documents required of Seller hereunder shall be binding on and enforceable against Seller. 

(3) FIRPTA. Seller is not a foreign person or entity under section 1445 of the Internal Revenue Code, nor is any withholding
required under California law in connection with the sale of the Property. 
 (B) Title. Seller is the owner of fee
simple title to the Property. There are no options to purchase or rights of first offer or first refusal or similar agreements with any other party to acquire the Property or any interest therein. Seller makes no other representations or warranties
as to title, other than those set forth herein. 
 (C) Occupancy Agreements. There is no lease, license, concession or
other occupancy or use agreement or arrangement that affects any portion of the Property which cannot be cancelled or terminated by Seller prior to the Closing Date, other than the Lease Agreement. 

(D) Service Contracts. There are no service, supply, maintenance, security, cable, management or other agreements affecting the
Property, or the operation of any part thereof, which cannot be cancelled by Seller prior to the Closing Date. 
 (E) Due
Diligence Materials. Copies of the Due Diligence Materials, which shall be delivered to Buyer by Seller as provided in this Agreement, are to the best of Seller’s actual knowledge, true, accurate and complete copies of all documents
comprising the Due Diligence Materials; and there are no modifications or other agreements, written or oral, affecting the Due Diligence Materials other than as expressly set forth in the copies thereof so delivered to Buyer. To the best of
Seller’s knowledge, no other documents exist that should be a part of the Due Diligence Materials. 
 (F)
Litigation. There is no litigation, claim, audit, action, or proceeding pending or to the best of Seller’s actual knowledge, threatened before or by any court, public board or body or governmental or administrative agency or
instrumentality affecting Seller or in any manner affecting title or the Property. 
 (G) Condemnation. There is no
pending, or to the best of, Seller’s actual knowledge, threatened, condemnation, environmental, zoning or other land-use regulation proceeding against the Property or any portion thereof, nor does Seller or its agents have any actual knowledge
or written notice of any public request, plans or proposals for changes in road grade, 
  
 Seller’s Initial: /s/ RB, JF & DZ         
 Buyer’s Initials: /s/ DD         

  
 -11-

 
access or other municipal improvements that may affect the Property or result in a tax, levy or assessment against the Property or otherwise detrimentally affect the use, operation or value of
the Property. 
 (H) Environmental. With respect to environmental matters affecting the Property; 

(1) To the best of Seller’s actual knowledge, the Property is not in violation of any of the Environmental Laws (hereinafter
defined). Neither Seller nor to the best of Seller’s actual knowledge any third party, including, without limitation, any occupant at the Property, has engaged in any operations or activities upon, or any use or occupancy of the Property, or
any portion thereof, for the purpose of or in any way involving the handling, manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials (whether legal or illegal, accidental or
intentional) on, under or in the Property, or transported any Hazardous Materials to, from or across the Property, nor has Seller provided written notice to any tenant regarding any such activity. 

(2) Seller has not received written notice nor does Seller have actual knowledge that any Hazardous Materials have migrated from other
properties upon or beneath the Property to be acquired by the Buyer under this Agreement; 
 (3) The term
“Environmental Laws” shall mean any federal, state, local or administrative agency ordinance, law, rule, regulation, order or requirement relating to environmental conditions or Hazardous Materials. The term “Hazardous
Materials” shall mean any substance, chemical, waste or other material which is listed, defined or otherwise identified as “hazardous” or “toxic” under any of the Environmental Laws, including, without limitation,
formaldehyde, urea, polychlorinated biphenyls, petroleum, petroleum product or by-product, crude oil, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel or mixture thereof, radon, mold, asbestos and any
by-product of same. 
 As used herein, the phrase “to the best of Seller’s knowledge” or “to the best of
Seller’s actual knowledge” means the actual (not constructive or imputed) personal knowledge of Dan Amend, Seller’s property management agent. 
 5.2 Buyer Warranties. Buyer hereby represents and warrants to Seller as follows: 
 (A) Organization. Buyer is a duly formed and validly existing Delaware corporation and is qualified to do business in the State of California. 

(B) Approvals. Buyer is duly authorized to execute and deliver and perform this Agreement and all documents and instruments and
the transaction contemplated hereby or incidental hereto without any other approval or consent from any other party. 
 (C)
Satisfied Buyer. Buyer has satisfied itself in its investigation as to all aspects of the Property, including but not limited to title issues and the AS IS, WHERE IS and WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR
OTHERWISE, KNOWN OR UNKNOWN condition of the Property, and Buyer is only relying on Seller’s warranties stated herein. 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
 -12-

 5.3 Warranties Applicable at Close of Escrow. The Parties hereby represent and
warrant that their warranties stated herein shall be true and correct as of the Close of Escrow and Seller shall assign to Buyer all transferable warranties. 
 ARTICLE 6 
 “AS IS” CONDITION 

6.1 “AS IS WITH ALL FAULTS” Condition. Buyer represents and warrants that Buyer has satisfied itself during the
Feasibility Period, or prior to the Closing Date will satisfy itself, as to the physical, environmental, legal and economic condition of the Property and its suitability for the purposes intended by Buyer. Buyer acknowledges and agrees that Buyer is
acquiring the Property on an “AS IS, WHERE IS” and “WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” basis subject to all existing laws, ordinances, rules and regulations, and that
neither Seller nor any of Seller’s officers, directors, employees, agents, representatives or attorneys have made any warranties, representations or statements regarding the availability of any approvals, or the laws, ordinances, rules or
regulations of any governmental or quasi-governmental body, entity, district or agency having authority with respect to the ownership, possession, development, occupancy, condition and/or use of the Property. Except for those representations and
warranties expressly set forth in this Agreement, Seller disclaims the making of any representations or warranties, express or implied, regarding the Property, the condition of the Property or matters-affecting the Property, including, without
limitation, the physical condition of the Property, title to or boundaries of the Property, soil condition, the presence of hazardous waste, hazardous materials, toxic waste or other environmental matters, compliance with building, health, safety,
land use or zoning laws, regulations and orders, structural or other engineering characteristics, traffic patterns and all other information pertaining to the Property. Buyer further acknowledges and agrees that no patent or latent physical
condition, including, without limitation, any condition or contamination related to hazardous materials or waste materials, of the Property, whether known or unknown or discovered at a later date, shall affect the Purchase Price to be paid for the
Property, be it through a right of set-off or reduction in the Purchase Price, and Buyer shall be obligated to close Escrow notwithstanding the condition of the Property after the Feasibility Period. Buyer moreover acknowledges that (a) Buyer
has entered into this Agreement with the intention of making and relying upon its own or its expert’s investigation of the physical, environmental, economic and legal condition of the Property, including, without limitation, the compliance of
the Property with laws and governmental regulations and the operation of the Property, and (b) that, except for those representations and warranties expressly set forth in this Agreement, Buyer is not relying on any representations or
warranties made by Seller or anyone acting or claiming to act on Seller’s behalf. Buyer shall purchase the Property in its “AS IS, WHERE IS” and “WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR
UNKNOWN” condition on the Closing Date and assumes the risk that adverse physical, environmental, economic or legal conditions may not have been revealed by  

 
 Seller’s Initial: /s/ RB, JF &
DZ         
 Buyer’s Initials: /s/
DD         

  
 -13-

 
its investigations. Seller shall have no liability for any subsequently discovered defects, whether latent or patent, except if such defect is caused by Seller or any of its employees or
agents, or if such defect or discovery thereof is the subject of any breach of a representation or warranty made by Seller under section 5.1 of this Agreement. Except as otherwise set forth in this Agreement, Buyer hereby waives, releases, acquits
and forever discharges Seller, Seller’s officers, directors, employees, agents, partners, and any other person acting on or in behalf of Seller, and the heirs, successors and assigns of each of the foregoing, of and from any and all claims,
liabilities, obligations, demands actions, causes of action, rights, damages, costs, expenses or compensation whatsoever (collectively “Claims”), direct or indirect, known or unknown, foreseen or unforeseen, that Buyer now has, or
which may arise in the future, on account of or in any way growing out of or connected with the conditions of the Property. Notwithstanding anything in this section or in this Agreement to the contrary, nothing herein shall relieve Seller of any
fraud. 
 6.2 Survival. Buyer represents and warrants that the provisions of this Section 6 shall survive the
Close of Escrow, 
 ARTICLE 7 
 RELEASE OR RETURN OF DEPOSIT AND DEFAULT 
 7.1 Release or Return
of Deposit. If Buyer gives the Approval Notice and notifies Seller in writing that all of the conditions described in Article 4 have been satisfied or waived, the Deposit and the interest accrued thereon shall be nonrefundable and be immediately
released to Seller by Escrow Agent on the day after Buyer gives the Approval Notice or the day after Buyer gives Seller the second notice described previously in this sentence, whichever occurs later, and without the requirement of any further
instruction from the parties; provided, however, the amounts of the Deposit, except for the Independent Consideration, and the interest accrued thereon shall be applicable to the Purchase Price. If, on or before the expiration of the Feasibility
Period, Buyer gives notice of its election not to proceed with purchasing the Property, the Deposit, except for the Independent Consideration, and the interest accrued thereon as of such date shall be immediately released to Buyer by Escrow Agent
without the requirement of any further instruction from the Parties, whereupon this Agreement shall terminate. The Deposit shall be non-refundable unless the Closing does not occur due to a third-party’s inability to satisfy the Condition
Precedents listed in Article 4 or perform as required by this Agreement, at which point the Deposit shall be returned to Buyer whether or not the Approval Notice or any other notice may have been given. 

7.2 Seller’s Default. If the sale of the Property is not consummated because of a default under this Agreement on the part of
Seller, Buyer shall have all remedies afforded by law and in equity, including the right of specific performance, and recovery of the Deposit, if previously released to Seller, all additional costs and expenses including, without limitation,
reasonable attorneys’ fees incurred in connection therewith and in the delay in acquiring title to the Property as a result. 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
 -14-

 ARTICLE 8 

GENERAL PROVISIONS 
 8.1 Notice. Any and all notices, elections, or demands permitted or required to be made under this Agreement shall be in writing and shall be sent by overnight courier service by a company
regularly engaged in the business of delivering business packages or sent by registered or certified mail or by facsimile transmission (so long as confirmed by the appropriate automatic confirmation page), by electronic mail (so long as receipt is
acknowledged or otherwise confirmed) or by courier to the other party at the address set forth below, or at such other address as may be supplied hi writing from time to time by either party to the other. The date of delivery or refusal thereof as
evidenced by the courier’s or carrier’s receipt, shall be the effective date of such notice, election, or demand. 
 To Seller: 
 Bryan Family Partnership II, Ltd. 

C/O Toeniskoetter Development 
 1960 The Alameda, Suite 20 
 San Jose, California 95126

 Attention: Dan Amend 

Telephone: 408-246-7500 
 Facsimile: 408-241-9983 
 E-mail: Dan@Toeniskoetter.com

 With a Copy to: 

Hoge, Fenton, Jones & Appel 

60 S. Market St., Suite 1400 
 San Jose, CA 95113-2396 
 Attention: Sean A. Cottle 

Telephone: 408-947-2404 
 Facsimile: 408-287-2583 
 E-mail: sac@hogefenton.com 

To Buyer: 
 Barracuda Networks, Inc. 
 3175 Winchester Boulevard 

Campbell, CA 95008 
 Attention: David Faugno 
 Telephone: 408-342-5357 

Facsimile:                  
               
 E-mail:
dfaugno@baifacuda.com 
  
 Seller’s Initial: /s/
RB, JF & DZ         
 Buyer’s Initials: /s/
DD         

  
 -15-

 Notice of change of address shall be given by written notice in the manner detailed in this
Section 8.1. Rejection or other refusal to accept shall be deemed to constitute receipt of the notice, demand, request or communication sent. 
 8.2 Headings. The titles and headings of the various Articles and sections hereof are intended solely for means of reference and are not intended for any purpose whatsoever to modify, explain or
place any construction on any of the provisions of this Agreement. 
 8.3 Severability. If any of the provisions of the
Agreement or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement by the application of such provision or provisions to persons or circumstances other than those
as to whom or which it is held invalid or unenforceable shall not be affected thereby, and every remaining provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

8.4 Attorneys’ Fees. If either party hereto fails to perform any of their obligations under this Agreement or if a dispute
arises between the Parties concerning the meaning or interpretation of any provision of this Agreement, the defaulting party or the party not prevailing in such dispute shall pay reasonable costs and expenses incurred by the other party on account
of such default and/or in enforcing or establishing the rights hereunder, including, without limitation, ADR costs and reasonable attorneys’ fees and disbursements. Any such attorneys’ fees and other expenses incurred by either party in
enforcing a judgment in their favor under this Agreement shall be recoverable separately from and in addition to any other amount included in such judgment, and such obligation is intended to be severable from the other provision of this Agreement
and to survive and not be merged into any such judgment. 
 8.5 Integration. This Agreement constitutes the entire
agreement between the Parties hereto with respect to the subject matter hereof and may not be modified, amended or otherwise changed in any manner except by a writing executed by the party against whom enforcement is sought. All exhibits attached
hereto are incorporated herein by reference. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 8.6 Successors and Assigns. This Agreement and all covenants, terms and provisions contained herein shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors and assignees. 
 8.7 Tax Deferred Exchange. Buyer and Seller each agree to cooperate with the other and any
escrow agent or exchange facilitator selected by the other in facilitating an exchange under Section 1031 of the Internal Revenue Code of 1986, as most recently amended, undertaken by the other with respect to the Property, provided that:
(A) consummation or accomplishment of such an exchange shall not be a condition precedent or a condition subsequent to either party’s obligations under this Agreement and shall not delay the Closing Date; (B) the party undertaking the
exchange shall effect the exchange through an assignment of this Agreement, or their rights under this Agreement, to a qualified intermediary without release of the assigning party from any liability hereunder; (C) the party undertaking the
exchange shall pay any additional out-of-pocket costs that 
  
 Seller’s Initial: /s/ RB, JF & DZ         
 Buyer’s Initials: /s/ DD         

  
 -16-

 
would not otherwise have been incurred by such party or the cooperating party had such party not undertaken such exchange; and (D) the cooperating party shall not be required to take an
assignment of the purchase agreement for any exchange property or be required to acquire or hold title to any real property for purposes of consummating the exchange. Neither party by this Agreement or acquiescence to an exchange shall their rights
under this Agreement affected or diminished in any manner or be responsible for compliance with or be deemed to have warranted to the other party that the exchange in fact complies with Section 1031 of the Internal Revenue Code, Exchanging
party shall indemnify and hold the cooperating party harmless from any claims, costs or liabilities against the cooperating party, including attorney’s fees, arising out of or in connection with the exchange transaction. 

8.8 Time of the Essence. Time is of the essence of every provision herein contained. 

8.9 Construction. The Parties acknowledge that with respect to the transactions contemplated herein (A) each party and their
counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any
amendments or exhibits thereto; (B) neither party has received from the other any accounting, tax, legal or other advice, and (C) each party has relied solely upon the advise of their own accounting, tax, legal and other advisor.

 8.10 Survival. All representations and warranties by the respective parties contained herein or made in writing
pursuant to this Agreement are intended to and shall remain true and correct as of the time of Closing, shall be deemed to be material, and shall survive the Closing Date for period of one year from the Closing Date. 

8.11 Counterparts. This Agreement may be executed in two or more counterparts, including any facsimile of same, each of which is
deemed an original, but all of which when taken together shall constitute one agreement. Any facsimile signature shall constitute a valid and binding method for executing this document. 

8.12 Day. The reference to “day” shall mean a calendar day, unless modified to be a business day. If the day upon which
a certain event or time period (such as the Closing Date, or time to respond) falls or expires is a weekend or holiday, then the time period shall be automatically extended to the next business day. A holiday shall be deemed a day which is a legal
holiday for national banks in Santa Clara County or a day when the recorder’s office in Santa Clara County is closed, 

8.13 Assignment. Buyer may not assign its rights, obligations and interest in this Agreement to any other person or entity
(“Assignee”) without first obtaining Seller’s prior written consent, which consent may be given or withheld in Seller’s sole discretion; provided, however, that such consent shall not be unreasonably withheld ‘so long
as Symetra has approved the assumption of the Existing Debt Obligation by Assignee. Buyer may assign its interest in this Agreement so long as (i) Assignee is an affiliated entity of Buyer, (ii) Assignee assumes all of Buyer’s
obligations under this Agreement and agrees to timely perform same pursuant to an assignment agreement in form 
  

Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
 -17-

 
reasonably acceptable to Seller, (iii) Buyer delivers to Seller at least seven (7) business days prior to Closing (a) written notice of said proposed assignment and (b) a copy
of the draft assignment agreement for Seller’s reasonable approval, and (iv) Assignee unconditionally ratifies and remakes all applicable covenants, indemnities, representations and warranties of Buyer made in or in connection with this
Agreement, all of the foregoing for the express benefit and reliance of Seller. No assignment shall relieve Buyer from any liability or its obligations under this Agreement. Any attempted assignment not in compliance with the provisions of this
Section shall be null and void. This Agreement shall inure to the benefit of and be binding upon the Parties to this Agreement and their respective successors and permitted assigns. 
  
 Seller’s Initial: /s/ RB, JF & DZ         

Buyer’s Initials: /s/ DD         

  
 -18-

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
 SELLER: 
 BRYAN FAMILY PARTNERSHIP II, LTD. 
 a California limited partnership 

 

					
	By:	 	 BFZ, LLC, a California limited liability
 Company, General Partner

			
		 	By:	 	  /s/ Ross E. Bryan

		 		 	Ross E. Bryan, Managing Manager
			
		 	By:	 	  /s/ John D. Frazer

		 		 	John D. Frazer, Jr., Manager
			
		 	By:	 	  /s/ Diana B. Zinser

		 		 	Diana B. Zinser, Manager

 BUYER: 

BARRACUDA NETWORKS, INC. 
 a Delaware
corporation 
  

			
	  /s/ Dean Drako

	By:	 	Dean Drako
	Its:	 	CEO

  
 Seller’s Initial: /s/
RB, JF & DZ         
 Buyer’s Initials: /s/
DD         

  
 -19-

 EXHIBIT A 
 LEGAL DESCRIPTION OF THE REAL PROPERTY 
 Land and improvements situated in the City of
Campbell, County of Santa Clara, State or California, described as follows: 
 PARCEL ONE, AS SHOWN ON THAT CERTAIN PARCEL MAP FILED FOR RECORD
IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON OCTOBER 11, 1984 IN BOOK 535 OF MAPS, PAGES 24 AND 25. 

EXCEPTING THEREFROM THAT THE INTEREST THEREOF AS CONVEYED TO THE CITY OF CAMPBELL, FOR STREET PURPOSES BY DEED RECORDED DECEMBER 10, 1984 IN BOOK J101,
PAGE 321, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 BEGINNING AT THE MOST EASTERLY CORNER OF PARCEL ONE AS SAID PARCEL IS SHOWN ON
THAT CERTAIN PARCEL MAP FILED IN BOOK 535 OF MAPS AT PAGES 24 AND 25 IN THE OFFICE OF THE COUNTY RECORDER, COUNTY OF SANTA CLARA, STATE OF CALIFORNIA. THENCE SOUTHWESTERLY FROM SAID CORNER SOUTH 31° 31’ 00” WEST 490.81 FEET ALONG THE
SOUTHEASTERLY LINE OF SAID “PARCEL ONE” TO ITS MOST SOUTHERLY CORNER. THENCE NORTHWESTERLY FROM LAST SAID CORNER 67° 52’ 58” WEST 4.05 FEET ALONG THE SOUTHWESTERLY LINE OF SAID “PARCEL ONE” TO A POINT LYING DISTANT
4.00 FEET NORTHWESTERLY BY PERPENDICULAR. MEASUREMENT FROM SOUTHEASTERLY LINE OF SAID “PARCEL ONE.” THENCE NORTHEASTERLY FROM LAST SAID POINT AND ALONG LAST SAID PARALLEL LINE NORTH 31° 31’ 00” EAST 491.47 FEET TO A POINT
LYING ON THE NORTHEASTERLY LINE OF SAID “PARCEL ONE.” THENCE SOUTHEASTERLY FROM LAST SAID POINT AND ALONG LAST SAID LINE SOUTH 58° 29’ 00” EAST 4.00 FEET RETURNING TO THE POINT OF BEGINNING. 

APN: 406-21-019 and 406-21-016 and 406-21-017 
 Seller’s Initial: /s/ RB, JF & DZ         
 Buyer’s Initials: /s/ DD         

 EXHIBIT B 
 REAL ESTATE NOTE 
 (To be attached) 

 SYMETRA 
 Financial 
 Loan No. 1673 

REAL ESTATE NOTE 
  

			
	$6,750,000.00	  	June 20, 2007

 FOR VALUE RECEIVED, the undersigned (hereinafter called “Maker”) promises
to pay to the order of Symetra Life Insurance Company, a Washington corporation, its successors and assigns, (hereinafter called “Holder”) at Mortgage Loan Dept., PO Box 84066, Seattle, WA 98124-8466, or at such other place as Holder may
designate in writing, the principal sum of SIX MILLION SEVEN HUNDRED FIFTY THOUSAND AND NO/100 U.S. DOLLARS ($6,750,000.00), or so much thereof as may be advanced, together with interest on the unpaid principal balance from the date funds are first
disbursed by Holder at the rate of 6.23% per annum. Principal and Interest shall be due and payable in one hundred nineteen (119) consecutive monthly payments of $44,445.00 each, commencing on the 1st day of August, 2007 and continuing on
the same day of each month thereafter; plus a final payment in the amount of all unpaid principal and interest which shall be due and payable in full on July 1, 2017. Interest accrued from the date of first disbursement until July 1, 2007
shall be due at closing. All payments made on this Note shall be paid by a pre-authorized debit from Maker’s account using electronic funds transfer through the Automated Clearing House (“ACH”). The interest rate specified above
assumes that monthly payments will be paid by Maker to Holder through ACH until this Note has been fully paid. If Maker at any time for any reason discontinues making payments through ACH, the interest rate specified above will be increased
automatically by 1/16th of one percent (.0625%) for the
remainder of the term to offset any additional expense to Holder. All payments made on this Note shall be applied at the option of Holder to any prepayment premium or late charges due hereunder, then no Interest, and then to the reduction of unpaid
principal. 
 If any payment provided for herein is not paid on its due date or within five (5) days thereafter, Maker
hereby agrees to pay to Holder a late charge equal to ten percent (10%) of the payment to defray the expenses incident to handling such delinquent payment. Payment of a late charge shall not relieve Maker of its obligation to pay all sums
promptly when due, or cure any default, or in any way affect the exercise of Holder’s remedies. 
 This Note may be prepaid
in full (and not in part) on any scheduled payment date, upon giving Holder ninety (90) days prior written notice, by paying, in addition to the outstanding-principal balance at the date of prepayment (plus all accrued interest and other sums
due under the terms of the Security Documents, us defined herein), a “Prepayment Fee.” The Prepayment Fee is equal to the greater of: 
 (i) 1% of the principal prepaid (principal outstanding after application of payment due on date of prepayment) at the date of prepayment, or 

 (ii) the present value computed on a monthly basis as of the date of prepayment of all
future principal and interest payments due under this Note (starting with the first monthly payment due after the prepayment date and including any balloon payments) using the Discount Rate (as defined below) less the principal prepaid. The Discount
Rate (“DR”) is the rate which when compounded monthly, is equivalent to the Reinvestment Rate (as defined below) when compounded semi-annually. The DR shall be rounded to the nearest one hundredth of one percent. The Reinvestment Rate
(“RR”) is the yield in percent per annum of the Treasury Constant Maturity (“TCM”) that equals the remaining Weighted Average Life (as defined below) of the Note as published 5 business days prior to the date of prepayment in the
Federal Reserve Statistical Release H.15 Selected Interest Rates. The Weighted Average Life (“WAL”) of the Note is the average number of years that each dollar of unpaid principal due on the Note remains outstanding. WAL is computed as the
weighted-averaged time to the receipt of all future cash flows, using as the weights the dollar amounts of the principal pay downs. The WAL shall be rounded to the second decimal place. If the remaining WAL of this Note does not equal any of the
published TCM’s then the RR will be determined by interpolating linearly between two TCM’s, one having a maturity as close as possible to, but greater than the remaining WAL of this Note and one having a maturity as close as possible to,
but less than the remaining WAL of this Note. The RR shall be rounded to the nearest one hundredth of one percent. If the Federal Reserve Statistical Release H.15 Selected Interest Rates is discontinued or no longer published, the Holder shall, in
its sole discretion, designate some other daily financial or governmental publication national circulation to determine the RR which most nearly corresponds to the yield of the TCM Holder shall notify Maker of the amount and the basis of
determination of the Prepayment Fee, which absent manifest error, shall be conclusive and binding upon Holder and Maker. No Prepayment Fee, shall be due if this Note is prepaid (a) during the 90 days prior to the maturity-date or
(b) solely in connection with the application of Insurance proceeds or any condemnation award Maker waives any right of prepayment except as expressly provided herein. 
 This Note is secured by a Deed of Trust and an Assignment of Leases and Rents, each of even date herewith, encumbering certain real property located in the County of Santa Clara, State of California, (the
“Premises”) and by any other Instruments, now or hereafter executed by Maker in favor of Holder, which in any manner constitute additional security for this Note (all of which are hereinafter called the “Security Documents”).

 Time is of the essence in the performance by Maker of all obligations of this Note and the Security Documents. If Maker fails
to make any payment within ten days of its due date, or defaults in the performance or observance of any of the terms, agreements, covenants or conditions contained in the Security Documents and fails to cure such default within the applicable cure
period, if any, specified in the Security Documents, then, or at any time thereafter, the entire principal balance of this Note, irrespective of the maturity date specified herein, together with accrued interest thereon, and any applicable
prepayment premium, shall, at the election of the Holder, without notice, become immediately due and payable. The principal balance of this Note shall thereafter bear interest at a default rate equal to six percent (6%) per annum above the
interest rate then applicable hereunder until all defaults are cured. 
 Maker waives diligence, demand, presentment, protest
and notice of dishonor. All endorsers and guarantors consent to any renewals, extensions or modifications of this Note, including the terms or times for payment; and further agree that any such renewal, extension or modification of this Note or the
Security Documents or the release or substitution of any security for this Note or any other indulgences may be made without notice to any of said parties and shall not otherwise affect the liability of any party. 

 Holder has examined and relied upon the creditworthiness, financial strength, reputation,
experience and managerial ability of Maker (and its owners and managers) with respect to owning, leasing and operating properties such as the Premises in agreeing to make the Loan to Maker, and will continue to rely on Maker as a means of preserving
the value of the Premises as security. Except as provided below, if (i) the Premises or any pert thereof or interest therein he sold, transferred, leased (other than space lease without option to purchase), conveyed, traded, assigned, or
otherwise alienated, or n contract of sale of other conveyance is entered into with respect thereto (each a “Conveyance”), or (ii) there is a change in the form of organization of, or transfer of a controlling interest in, Maker (each
a “Change of Control”) without the prior written consent of Holder, then, upon the occurrence of any one or more of the foregoing events, and regardless of whether or not an event of default shall have occurred and be continuing under this
Note or any Security Document, Holder may, at its option, declare the then outstanding principal balance evidenced by the Note plus accrued interest thereon, and any applicable delinquency charge. or prepayment premium, immediately due and payable
or, at its sole option, it may consent to the Conveyance or Change of Control in writing and may increase the interest rate on the Note to the interest rate on which Holder would then commit to make a first mortgage loan with like terms and
security, as determined by Holder in its sole discretion, and impose whatever other terms and conditions it may deem necessary to compensate it for the increased risk resulting from the Conveyance or Change of Control. Any increase in interest rate
shall entitle Holder to increase monthly payments under this Note so that the increased monthly payments will fully amortize the unpaid principal balance of this Note over the unexpired amortization term of this Note. Any joint venture agreement,
partnership agreement, declaration or revocation of trust, option agreement or other agreement whereby any other person or entity may become entitled, directly or indirectly, to the possession or enjoyment of the Premises (other than a space lease
with no option to purchase), or the income or other benefits of the Premises, shall, in each case, be deemed to be a Conveyance or Change of Control for the purposes of this paragraph, and shall require prior written consent from the Holder. Any
transfer of a partnership interest or interests in Maker which in tine aggregate over the term of this Note comprise less than 50% of the total partnership interests in Maker will not constitute a Conveyance or Change of Control, so long as no
default has occurred and is continuing under this Note or the Security Documents, and the controlling interest in Maker does not change. Such transfers of partnership interests in Maker will not require approval of Holder but will acquire prior
written notice to Holder. 
 Notwithstanding the foregoing, and provided Maker is not then in default under this Note, or any of
the Security Documents, Maker shall have a one-time only right upon prior written notice to Holder, and payment of all expenses of Holder plus an assumption fee equal to one percent (1%) of the unpaid principal balance of the Note to convey the
Premises to a transferee whose creditworthiness, financial strength, reputation, experience and property management ability with respect to the ownership, operation and leasing of properties similar to tine Premises are equal to or greater than
Maker in the Judgment of Holder, which approval shall not be unreasonably withheld or delayed. If Holder withholds its approval because of the proposed transferee’s lack of creditworthiness, reputation, experience, property management ability
or financial strength or other reasonable basis which Leads Holder to reasonably believe the Loan or the security would be impaired, Holder shall not be deemed to have unreasonably withheld its approval. As a condition of any consent by Holder, the
transferee must fully assume in writing Maker’s obligations under this 

 
Note and the Security Documents and Maker and any guarantors of the Indebtedness, except as set forth below, must agree in writing to remain fully bound. Any consent given by Holder shall not
constitute consent to any other such transaction. If title to the Premises or any part thereof or interest therein becomes vested in a person or an entity other then Maker, whether or not Holder has given written consent, Holder may deal with
such-successor or successors in interest with reference to the Note and Security Documents in the same manner as dealing with Maker, without in any way diminishing or discharging Maker’s obligations. Upon satisfaction of the other terms and
conditions of this paragraph, Holder will release Maker and each guarantor of Maker’s obligations of personal liability under the Note and Security Documents upon a conveyance of the Premises to a transferee approved by Holder, as set forth
herein, provided the loan-to-value ratio with respect to the Premises at such time is less than 50%. Calculation of the loan-to-value ratio shall be based on Holder’s reasonable business judgment. The transferee and its principals shall be
liable for standard industry “carve-outs” with respect to the obligations of the Note and Security Documents and each must execute appropriate written Instruments incorporating those terms 

In no event whatsoever shall the amount of interest received, charged or contracted for by Holder for the use, forbearance or detention
of money exceed the highest lawful rate permissible under applicable law, it being the intent of Holder and Maker in the execution of this Note to contract in strict accordance with applicable usury laws. If Holder or any other holder of this Note
shall ever receive as interest on the Indebtedness an amount which exceeds the maximum amount of interest permitted by applicable law, such excess amount shall be applied to reduction of the principal amount owing on the indebtedness so as to fully
comply with such law. Without limiting the foregoing, all calculations of Interest shall be made, to the extent permitted by law, by prorating, allocating and spreading all Interest in equal parts over the full stated term of the Note. Any provision
of this Note, or of any other agreement between Holder and Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum rate shall be construed to require the payment of the maximum rate only. The provisions
of this paragraph shall be given precedence over any contrary provision contained herein or in any other agreement between Holder and Maker. 
 No exercise by Holder, or delay or omission in the exercise by Holder, of any right or remedy hereunder or under the Security Documents, or otherwise afforded by applicable law, shall preclude, waive or
limit the exercise of any right or remedy. Neither the acceptance by Holder of any partial payment, nor acceptance of a payment after the due date of such payment, shall be a waiver of Holder’s right to require prompt payment in full when due
of all other sums payable hereunder or declare a default for failure to make prompt payment in full. 
 This Note shall be
governed by the laws of the State of California and shall be the joint and several obligation of all markets, endorsers and guarantors binding upon them and their successors and assigns. 

If an attorney is retained for collection or enforcement of this Note or the Security Documents, or defense of Holder’s interest in
the Premises or Rents, Maker agrees to pay, in addition to the sums stated herein, all costs of collection and of suit and foreclosure, including reasonable attorney’s fees incurred by Holder in instituting, prosecuting or defending any such
notion (including attorneys’ fees for (i) any appeal, (ii) relief from stay motions, cash collateral disputes, assumption/rejection motions and disputes regarding proposed disclosure statements and plans in any bankruptcy proceeding
and (iii) any other judicial or nonjudicial proceeding or arbitration). 

 MAKER ACKNOWLEDGES RECEIPT Or A COPY OF THIS REAL ESTATE NOTE. 

 MAKER: 
 BRYAN FAMILY PARTNERSHIP II, LTD, a California limited partnership 
  

					
	 By:
	 	 BFZ, LLC, a Californialimited liability company, its General Partner

			
		 	By:	 	/s/ Robert A. Frazer
		 		 	   Robert A. Frazer, Manager
			
		 	By:	 	/s/ John D. Frazer Jr.
		 		 	   John D. Frazer, Jr., Manager

 MAILING ADDRESS: 
 BRYAN FAMILY PARTNERSHIP II, LTD 
 c/o Toeniskoetter & Breeding, Inc. – Attn: Dan
Amend 
 1960 The Alameda 
 San Jose, CA
95126 

 EXHIBIT C 
 DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND 
 FIXTURE

 (To be attached) 
  

									
		 		 		 		 	Seller’s Initial: /s/ RB, JF & DZ
		 		 		 		 	Buyer’s Initials: /s/ DD

					
	First American Title Company	 	
		
	Escrow No. NCS-296567-SC	 	FIRST AMERICAN TITLE COMPANY
	Recorded at the Request of	 	HEREBY CERTIFIES THAT THIS IS A
	And After Recording Return To:	 	TRUE AND CORRECT COPY OF THE ORIGINAL DOCUMENT
			
	Symetra Life Insurance Company	 		  	
	Mortgage Loan Department	 		  	
	PO Box 84066	 	BY:	  	 
	Seattle, WA 98124-8466	 	RECORDED:	  	 
	Loan No.1673	 	SERIES NO:	  	 

  
  

APN: 406-21-019, 406-21-016 & 406-21-017 
 DEED OF TRUST, ASSIGNMENT OF RENTS, 
 SECURITY AGREEMENT AND FIXTURE
FILING 
 THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEIVIENT AND FIXTURE FILING, (“Deed of Trust”) is
made as of June 20, 2007, by BRYAN FAMILY PARTNERSHIP II, LTD., a California limited partnership, (“Trustor”), whose address is c/o Toeniskoetter & Breeding, Inc., 1960 The Alameda, San Jose, CA 95126, Attn: Dan Amend,
to FIRST AMERICAN TITLE INSURANCE COMPANY, a corporation, (“Trustee”), whose address is 1737 North First Street, Suite 500, San Jose, CA 95112, for the benefit of Symetra Life insurance Company, a Washington corporation,
(“Beneficiary”), whose mailing address is Mortgage Loan Department, PO Box 84066, Seattle, WA 98124-8466. 
 WITNESSETH:
Trustor irrevocably grants, bargains, sells, warrants and transfers to Trustee in trust in fee simple, WITH POWER OF SALE, all right, title and interest of Trustor in, to, under and derived from the following described real property and rights,
including any after acquired interest therein, situated in Santa Clara County, State of California: 
 SEE ATTACHED EXHIBIT
“A” WHICH IS INCORPORATED HEREIN BY THIS REFERENCE FOR A FULL LEGAL DESCRIPTION OF THE PROPERTY (the “Premises”). 

together with all buildings, structures, fixtures and improvements now or hereafter erected or placed thereon, and all water rights, rights of way,
casements, rents, issues, profits, income, tenements, hereditaments, privileges, and appurtenances thereunto belonging now or hereafter used or enjoyed with said Premises, or any part thereof, and the reversion and reversions, remainder and
remainders thereof, and all other estate, property and rights hereinafter described, including without limitation, (a) all land lying in streets, ways, alleys, water courses and roads adjoining the Premises, and all access rights and easements
pertaining to the Premises; (b) all the lands, privileges, reversions, remainders, and water rights and stock, oil and gas rights, royalties, minerals and mineral rights belonging or in any way pertaining to the Premises; (c) all fixtures,
materials, machinery, fittings and other property now or hereafter attached to or used in the operation of the Premises which shall be 

  
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deemed part of the Premises and not severable wholly or in part without material injury to the property (including, but not limited to, heating and incinerating apparatus and equipment, boilers,
generating equipment, piping and plumbing fixtures, cooling, ventilating, sprinkling and vacuum cleaning systems, fire extinguishing apparatus, carpeting, elevators, escalators, partitions, window shades, blinds, screens, furnishings or public
spaces, halls and lobbies, and shrubbery and plants); (d) all existing and future leases of the Premises (including extensions, renewals and subleases), all agreements for use and occupancy of the Premises (all such leases and agreements
whether written or oral, are hereafter referred to as the “Leases”); (e) all rents, issues, revenues and profits of the Premises, and all proceeds payable as a result of a tenant’s exercise of an option to purchase the
property, all proceeds derived from the sale, conveyance or transfer of the Premises or any part thereof, all proceeds derived from the termination or rejection of any Lease in a bankruptcy or other insolvency proceeding, and all proceeds from any
rights and claims of any kind which Trustor may have against any tenant under the Leases or any occupants of the property (all of the above are hereafter collectively referred to as the “Rents”); (f) all compensation, awards,
damages, causes of action and proceeds (including insurance proceeds) arising out of or relating to a taking or damaging of the Premises by reason of any public. or private improvement, condemnation proceeding, fire, earthquake or other casualty,
injury or decrease in the value of the Premises, and any claims, causes of action and rights arising from damage to the Property, including without limitation, claims for construction defects; and (g) all contracts and agreements pertaining to
or affecting the Premises including management and operating agreements; and all additions, accessions, replacements, substitutions, and proceeds of any of the foregoing (all of the foregoing interests and rights together with the Premises are
hereinafter collectively referred to as the “Property”). 
 For the Purpose of Securing: 

(a) the payment of the indebtedness evidenced by a Real Estate Note of even date hereof in the principal amount of $6,750,000.00 made by Trustor (the
“Note”), payable to the order of Beneficiary at the times, in the manner and with interest as therein set forth, and any extensions, renewals, modifications or substitutions of the Note; (b) the performance of each agreement of
Trustor herein or in the Loan Documents contained; (c) the payment of such additional loans or advances as hereafter may be made to Trustor, or its successors or assigns, when evidenced by a promissory note or notes reciting that they are
secured by this Deed of Trust; and (d) the payment of all sums expended or advanced by Beneficiary under or pursuant to the terms hereof, together with interest as herein provided. 
 As used in this Deed of Trust, the “Loan Documents” shall mean the Note, this Deed of Trust, the Assignment of Leases and Rents (the “Assignment of Leases and Rents”),
and the other documents and instruments executed and delivered in connection therewith. The principal amount of the Note, interest thereon, and all other sums advanced or clue hereunder and thereunder are collectively referred to herein as the
“Loan”. 

  
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 TO MAINTAIN AND PROTECT THE SECURITY OF THIS DEED OF TRUST, TO SECURE THE FULL AND TIMELY PERFORMANCE BY
TRUSTOR OF ALL OBLIGATIONS, COVENANTS AND AGREEMENTS OE THIS DEED OF TRUST AND THE OTHER LOAN DOCUMENTS, TRUSTOR REPRESENTS, WARRANTS AND COVENANTS AS FOLLOWS: 
 1. Personal Property Security. Trustor hereby grants to Beneficiary a security interest in that portion of the Property not deemed to be real property for the purpose of seeming performance of all
of Trustor’s obligations under the Loan Documents. 
 2. Security Agreement. This Deed of Trust shall also
constitute a Security Agreement as that term is used in the California Commercial Code (“UCC”) or other law applicable to the creation of’ liens or security interests in personal property with respect to any Property not deemed
to be real property which is described herein, or in any way connected with the use and enjoyment of the Property, and the remedies for any violation of the covenants, terms and conditions of’ the agreements herein contained shall be as
specified in the UCC or at law. Trustor authorizes Beneficiary to file one or more financing statements under the UCC with Trustor as Debtor and Beneficiary as Secured Party to perfect or give public notice of the security interest granted herein.
Trustor and Beneficiary agree that the filing of a financing statement in the records normally having to do with personal property shall not be construed as in anywise derogating from or impairing the lien of this Deed of Trust. 

3. Performance of Obligations. Trustor agrees to timely pay all sums when due pursuant to the Note and the Loan Documents without
deduction or credit for taxes, insurance and other charges paid by Trustor, and strictly comply with all the terms and conditions of the Loan Documents. 
 4. Warranty of Title. Trustor warrants to Beneficiary that Trustor has good and marketable title to an indefeasible fee simple estate in the Premises, subject to no liens, encumbrances,
easements, assessments, security interests, claims or defects of any kind except easements of record, recorded declarations, restrictions, reservations and covenants, if any, approved by Beneficiary in writing as specific exceptions in
Beneficiary’s title insurance policy, and real estate taxes for the current year, a lien not yet payable (the “Permitted Exceptions”). Neither the real estate taxes nor any Permitted Exceptions are delinquent or in default.
Trustor has the right to convey the Premises to Trustee for the benefit of Beneficiary, and the right to grant a security interest in the personal property security. Trustor will warrant and defend title to the Property and will defend the validity
and priority of the lien of this Deed of Trust and the security interest granted herein against any claims or demands. 

5. Prohibited Liens. Trustor shall not permit any governmental or statutory liens (including tax and mechanic’s and
materialmen’s liens) to be filed against the Property except for real estate taxes and assessments not yet due and liens permitted by the Loan Documents or approved by Beneficiary in writing. 

6. Payment of Fees and Taxes and Other Liens and Assessments; Contest. Trustor shall pay all filing, registration and recording
fees, stamp and documentation taxes, and other fees, taxes, duties, imposts, and other charges incident to, arising from, or in connection with the preparation, execution, delivery or recording of any Loan Document. Trustor shall pay the real estate
taxes and any assessments with respect to the Property at least ten (10) days prior to delinquency unless otherwise agreed to in writing by Beneficiary. After timely notice to Beneficiary, Trustor shall have the right to contest any real
property tax or special assessment on the Property by appropriate proceedings so long as (a) no default has occurred and is continuing under the Note, this Deed or any 

  
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of the other Loan Documents; (b) Trustor makes any payment or deposit or posts any bond as and when required as a condition of pursuing such contest; (c) Trustor commences such contest
prior to such tax or assessment becoming delinquent, and continuously pursues same in good faith with due diligence; (d) such contest or any bond furnished by Trustor stays the foreclosure and enforcement of any lien securing the payment of any
such tax or assessment; and (e) Trustor pays any tax or assessment within ten (10) days following the resolution of such contest. All other encumbrance charges, fees, and liens affecting the Property, including mortgages and deeds of
trust, whether prior to or subordinate to the lien of this Deed of Trust, shall be paid when due and shall not be in default. On request Trustor shall furnish receipts or other evidence of payment of these items. 

7. Maintenance; No Waste. Trustor shall protect and preserve the Property and maintain it in good condition and repair. Trustor
shall do all acts and take all precautions which, from the character and use of the Property, are reasonable, proper or necessary to preserve and maintain the Property in the state in which it exists on the date hereof, reasonable wear and tear from
ordinary use alone excepted. Trustor shall not commit or permit any waste of the Property, or suffer or permit any condition to exist which will (i) increase the risk of fire or other hazard to the Property, or (ii) invalidate or allow
cancellation of any insurance policy covering the Property. 
 8. Alterations, Removal and Demolition. Trustor shall not,
nor permit others to, structurally alter, remove or demolish any building or improvement on the Property without Beneficiary’s prior written consent. Trustor shall not remove any fixture or other item or property which is part of the Property
without Beneficiary’s prior written consent unless the fixture or item of property is immediately replaced by an article of equal value and utility owned by Trustor free and clear of any lien or security interest. 

9. Completion, Repair and Restoration. Trustor shall promptly complete or repair and restore in good workmanlike manner any
building or improvement on the Property which may be constructed or damaged or destroyed and shall pay all costs incurred therefor. 
 10. Compliance with Laws. The Premises are zoned for its existing or contemplated use, and are in present compliance with all zoning and subdivision laws, regulations, and ordinances applicable
thereto. Trustor shall comply with all laws, ordinances, regulations, covenants, conditions, declarations, and restrictions affecting the Premises and shall not commit or permit any act upon or concerning the Premises in violation of any such laws,
ordinances, regulations, covenants, declarations, and restrictions. Without limiting the foregoing, Trustor represents and covenants that the Property is in present compliance with, and in the future shall fully comply with, as applicable, the
Americans With Disabilities Act of 1990 (42 USC 12101, et seq.), as amended from time to time, and the rules and regulations adopted pursuant thereto. 
 11. Impairment of Property. Trustor shall not, without Beneficiary’s prior written consent, change the general nature of the use of the Property, initiate, acquire or permit any change in any
public or private restrictions (including a zoning reclassification) limiting the uses which may be made of the Property, or take or permit any notion which would impair the value of the Property or Beneficiary’s lien or security interest in
the Property. 

  
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 12. Inspection of Property. Beneficiary or its authorized representative may inspect
the Property at reasonable times after reasonable notice. 
 13. Trustor’s Defense of Property. Trustor shall appear
in and defend any action or proceeding which may affect the Property or the rights or powers of Beneficiary or Trustee. 
 14.
Beneficiary’s Right to Protect Property. Beneficiary may commence, appear in, and defend any action or proceeding which may affect the Property or the rights or powers of Beneficiary or Trustee if Trustor fails to undertake such actions
after reasonable notice from Beneficiary. Beneficiary may pay, purchase, contest or compromise any encumbrance, charge or lien which in its judgment appears to be prior or superior to the lien of this Deed of Trust and Trustor shall promptly
reimburse Beneficiary therefor. If Trustor fails to make any payment or do any act required under the Loan Documents, including without limitation, payment of taxes and assessments and maintenance of insurance on the Property, Beneficiary, without
any obligation to do so, but without releasing Trustor from any obligations under the Loan Documents, may make the payment or cause the act to be performed in such manner and to such extent as Beneficiary may deem necessary to protect
Beneficiary’s interest in the Property. Beneficiary is authorized to enter upon the Property for such purposes. In exercising any of these powers Beneficiary may incur such expenses, in its absolute discretion, it deems necessary. 

15. Repayment of Beneficiary’s Expenditures. Trustor shall pay within 10 days after written notice from Beneficiary all sums
expended by and all costs and expenses incurred by Beneficiary in taking any actions or exercising any remedies pursuant to the Loan Documents including attorneys’ fees, appraisal and inspection fees, and the costs for title reports.
Expenditures by Beneficiary shall bear interest from the date of such advance or expenditure at the default rate specified in the Note, shall constitute advances made under this Deed of Trust and shall be secured by and have the same priority as the
lien of this Deed of Trust. If Trustor falls to pay any such expenditures, costs and expenses and interest thereon, Beneficiary may, at its option, without foreclosing the lien of this Deed of Trust, commence an independent action against Trustor
for the recovery of the expenditures and advance any undisbursed loan proceeds to pay the expenditures. 
 16. Due On Sale or
Transfer Change of Control. Beneficiary has examined and relied upon the creditworthiness, financial strength, reputation, experience and managerial ability of Trustor (and its owners and managers) with respect to owning, leasing and operating
properties such as the Property in agreeing to make the Loan to Trustor, and will continue to rely on Trustor as a means of preserving the value of the Property as security. If (i) the Property or any part thereof or interest therein is sold,
transferred, leased (other than space lease without option to purchase), conveyed, traded, assigned, or otherwise alienated whether voluntarily or involuntarily, or a contract of sale or other conveyance is entered into with respect thereto (each a
“Conveyance”), or (ii) there is a change in the form of organization of, or transfer of a controlling interest in, Trustor (each a “Change of Control”), without the prior written consent of Beneficiary, then,
upon the occurrence of any one or more of the foregoing events, and regardless of whether or not an event of default shall have occurred and be continuing under the Note or this Deed of Trust or any other Loan Document, Beneficiary may, at its
option, declare the then outstanding principal balance evidenced by the Note plus accrued interest thereon, and any applicable delinquency charge or prepayment premium, immediately due and payable or at its sole option, it may consent to the
Conveyance or Change of 

  
 -5-

 
Control in writing and may increase the interest rate on the Note to the interest rate on which Beneficiary would then commit to make a first mortgage loan of similar character with like terms
and security, as determined by Beneficiary in its sole discretion, and impose whatever other terms and conditions it may deem necessary to compensate or protect it for the increased risk resulting from the Conveyance or Change of Control. Such
increase in interest rate shall entitle Beneficiary to increase monthly payments under the Note so that the increased monthly payments will fully amortize the unpaid principal balance of the Note over the unexpired amortization term. Any joint
venture agreement, partnership agreement, declaration or revocation of trust, option agreement or other agreement whereby any other person or entity may become entitled, directly or indirectly, to the possession or enjoyment of the Property (other
than a space lease without option to purchase), or the income or other benefits of the Property, shall, in each case, be deemed to be a Conveyance for the purposes of this paragraph, and shall require prior written consent from the Beneficiary. Any
transfer of a partnership interest or interests in Trustor which in the aggregate over the term of the Note comprise less than 50% of the total partnership interests in Trustor will not constitute a Conveyance or Change of Control, so long as no
default under this Note or the other Loan Documents has occurred and is controlling, and the controlling interest in Trustor does not change. Such transfers of partnership interests will not require approval of Beneficiary but will require prior
written notice to Beneficiary. Notwithstanding the foregoing, and provided Trustor is not then in default under the Note, this Deed of Trust or any of the other Loan Documents, Trustor shall have a one-time
only right upon prior written notice to Beneficiary and payment of all expenses of Beneficiary plus an assumption fee equal to one percent (1%) of the unpaid principal balance of the Note to convey the Premises to a transferee whose
creditworthiness, financial strength, reputation, experience and property management ability with respect to the ownership, operation and leasing of properties similar to the Property are equal to or greater than Trustor in the judgment of
Beneficiary, which approval shall not be unreasonably withheld or delayed. If Beneficiary withholds its approval because of the proposed transferee’s lack of creditworthiness, reputation, experience, property management ability or financial
strength or other reasonable basis which leads Beneficiary to reasonably believe the Loan or the security would be impaired, Beneficiary shall not be deemed to have unreasonably withheld its acceptance. Any transferee must fully assume in writing
Trustor’s obligations under the Note and the Loan Documents in a form satisfactory to Beneficiary and Trustor and any guarantors must agree in writing to remain fully bound. Any approval given by Beneficiary shall not constitute an approval of
any future such transaction. If ownership of the Property or any part thereof or interest therein becomes vested in a person or an entity other than Trustor, whether or not Beneficiary has given written consent, Beneficiary may deal with such
successor or successors in interest with reference to this Deed of Trust and the Loan, in the same manner as with Trustor, without in any way diminishing or discharging Trustor’s obligations. Upon satisfaction of the other terms and conditions
of this Section 16, Beneficiary will release Trustor and each guarantor of Trustor’s obligations of personal liability under the Loan Documents upon a sale of the Property to an assuming buyer approved by Beneficiary, provided that the
loan-to-value ratio with respect to the Property at such time is less than 50%. Calculation of the loan-to-value ratio shall be based on Beneficiary’s reasonable business judgment. The assuming buyer and its principals shall be liable for
standard industry “carve-outs” with respect to the Loan and each must execute appropriate written instruments incorporating those terms. 

  
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 17. No Other Encumbrances; Due On Encumbrance. At no time while the Loan remains
unpaid, shall Trustor create, assume, or suffer to exist on the Property, or any part thereof, any mortgage, trust deed or other security instrument (other than this Deed of Trust) without first obtaining the prior written consent of Beneficiary.
Trustor agrees that should the Property or any part thereof at any time be or become subject to the lien of any other mortgage or deed of trust or subject to any other encumbrance, pledge, or security interest (except with the prior written consent
of Beneficiary), the whole of the principal and interest secured hereby and any applicable delinquency charge or prepayment premium shall, at the option of the Beneficiary, become immediately due and payable. Whether or not the consent of
Beneficiary has been obtained, Trustor, for itself and for all future owners of the Property, agrees that this Deed of Trust may be modified, varied, extended, renewed, or reinstated at any time by agreement between the holder of this Deed of Trust
and Trustor, or the then owner of the Property, without notice to, or the consent of, any subordinate mortgagee, beneficiary or lienor, and any such modification, variance, extension, renewal, or reinstatement shall be binding upon such subordinate
mortgagee, beneficiary or lienor with the same force and effect as if such subordinate mortgagee, beneficiary or lienor had consented thereto 
 18. Insurance. Without limiting the generality of any other provision contained in this Deed of Trust, Trustor shall procure and continuously maintain “All Risk” property insurance on the
Property with premiums prepaid providing 100% replacement cost coverage and insuring against loss by fire, smoke, explosion, riot, lightning, hail, windstorm, vandalism and other risks covered by the broadest form of extended coverage available from
time to time, loss of rents/income or business interruption (if owner occupied) coverage for a minimum of one year, and earthquake coverage to the extent required by Beneficiary in the exercise of its business judgment in light of commercial real
estate practices by institutional lenders existing in the general vicinity where the Property is located at the time the insurance is issued, and coverage for such other perils and risks as may be reasonably required by Beneficiary from time to
time. If the Property is over designated as having special flood hazards or any other designation which would make the Property subject to the National Flood Insurance Act of 1968 or the Federal flood Disaster Protection Act of 1973, as amended,
modified, supplemented, or replaced from time to time, or any similar law, Trustor agrees to do everything reasonably necessary to comply with the requirements of said law and related regulations in order that flood insurance will be available to
Trustor, and to obtain and maintain for the benefit of Beneficiary such an insurance policy in form, amount and content satisfactory to Beneficiary. Trustor shall also procure and maintain occurrence form commercial general liability insurance
against bodily injury or death or property damage occurring in, upon or about, or resulting from, the Property with limits in such amounts as are acceptable to Beneficiary, but in no event less than $2,000,000 combined single limit per occurrence
and $2,000,000 general aggregate, naming Beneficiary as an additional insured on a non-contributory basis. All insurance shall be with companies licensed to do business in California satisfactory to Beneficiary having an A.M. Best rating of B+VI or
better and in such amounts and with deductibles acceptable to Beneficiary with lender’s loss payable clauses (438 BFU or equivalent) in favor of and in form satisfactory to Beneficiary. Each policy must provide no less than thirty
(30) days prior written notice to Beneficiary of any cancellation, non-renewal or material change. No approval by Beneficiary of the amount, type or form of any insurance may be construed to be a representation or warranty by Beneficiary of its
sufficiency. At least 30 days prior to the expiration of the term of any insurance policy, Trustor shall furnish Beneficiary with written evidence of renewal or issuance of a 

  
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satisfactory replacement policy. If requested, Trustor shall deliver copies of all policies to Beneficiary. In the event of foreclosure of this Deed of Trust all interest of Trustor in any
insurance policies pertaining to the Property and in any claims against the policies and in any proceeds due under the policies shall pass to Beneficiary. 
 19. Condemnation and Insurance Proceeds. All insurance proceeds and condemnation awards with respect to the Property are assigned to Beneficiary as additional security. Trustor shall give immediate
notice to Beneficiary of any condemnation proceeding, or material loss or damage to the Property in excess of $50,000 (“Material Loss”). Trustor shall have the right to settle and receive the proceeds payable with respect to a
condemnation, loss or damage except for a Material Loss. With respect to a Material Loss, all proceeds payable as a result of a condemnation, or material loss or damage shall be paid to Beneficiary and applied to repair or restore the Property,
provided no event of default has occurred and is continuing under this Deed of Trust, and such repair or restoration is economically feasible and the security of this Deed of Trust is not impaired. Upon a Material Loss to such an extent as would
make repair uneconomical, or if a default under this Deed of Trust shall have occurred and be continuing at the time of such condemnation or loss, or if less than two years remains on the unexpired term of the Note, Beneficiary shall, at its option,
after deducting its expenses including attorney’s fees, (a) apply all or part of the proceeds against the sums owed under the Loan Documents including the Note whether or not (i) the sums are actually due or (ii) the security is
impaired, and without affecting the due dates or amount of payments thereafter due under the Note, or (b) release all or any part of the proceeds to Trustor, or (c) permit all or any part of the proceeds to be used for repair and
restoration of the Property on such conditions as Beneficiary may impose including evidence of sufficient funds to complete the work, approval of the plans and specifications and periodic disbursement of the proceeds during the course of repair and
restoration. 
 20. Leases. The terms of all now Leases of the Property must be acceptable to Beneficiary. Trustor shall
fully comply with all of the terms, conditions and provision of the Leases so that no breach shall occur and do all that is necessary to preserve all the Leases in force. With respect to any Lease involving an initial term of three years or more,
Trustor shall not without the prior written consent of Beneficiary, modify or amend the Lease for a lesser rental or term, accelerate the payment of rent, change the terms of any renewal option, or accept surrender of the Lease or terminate the
Lease except in accordance with the terms of the lease providing for termination in the event of default. Any proceeds or damages resulting from a tenant’s default under any such Lease, at Beneficiary’s option, shall be paid to Beneficiary
and applied against sums owed under the Loan Documents even though such sums may not be due and payable. Except for the lien of real estate taxes and assessments, Trustor shall not permit any lien to be created against the Property which may be or
may become prior to any Lease. If the Property is partially condemned or suffers a casualty, Trustor shall promptly repair and restore the Property in order to comply with the Leases. 

21. Assignment of Leases and Rents; Trustor’s Right to Collect. Trustor hereby absolutely and irrevocably assigns to
Beneficiary all Trustor’s interest in the Rents and Leases. This assignment shall be subject to the terms and conditions of any separate Assignment of Leases and Rents, whenever executed, in favor of Beneficiary and covering the Premises.
Unless otherwise provided in any separate Assignment of Leases and Rents, and so long as Trustor is not in default 

  
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under the Loan Documents, Trustor may collect the Rents as they become due. Trustor shall use the Rents to pay normal operating expenses for the Property and sums due and payments required under
the Loan Documents. No Rents shall be collected more than two months in advance of the due date. Trustor warrants that it has made no prior assignment of the Rents or Leases and will make no subsequent assignment without the prior written consent of
Beneficiary. Trustor’s right to collect the Rents shall not constitute Beneficiary’s consent to the use of cash collateral in any bankruptcy proceeding. 
 22. Beneficiary’s Right to Collect Rents. If a default has occurred under the Loan Documents and has not been cured after any applicable notice and cure period specified in the Loan Documents,
Beneficiary shall have all the rights set forth in California Civil Code Section 2938, and Beneficiary or its agents, or a court appointed receiver, may collect the Rents without further notice to Trustor. In doing so, Beneficiary may
(a) evict tenants for nonpayment of rent, (b) terminate in any lawful manner any tenancy or occupancy, (c) lease the Premises in the name of the then owner on such terms as it may deem best and (d) institute proceedings against
any tenant for past due rent. The Rents received shall be applied to payment of the costs and expenses of collecting the Rents, including a reasonable fee to Beneficiary, a receiver or an agent, operating expenses for the Property and any sums due
or payments required under the Loan Documents, in such amounts as Beneficiary may determine. Any excess shall be paid to Trustor, however, Beneficiary may withhold from any excess a reasonable amount to pay sums anticipated to become due which
exceed the anticipated future Rents. Beneficiary’s failure to collect or discontinuing collection at any time shall not in any manner affect the subsequent enforcement by Beneficiary of its rights to collect the Rents. The collection or
application of the Rents shall not cure or waive any default under the Loan Documents. Beneficiary or a receiver shall have no obligation in perform any of Trustor’s obligations under the Leases. In exercising its rights under this section
Beneficiary shall be liable only for the proper application of and accounting for the Rents collected by Beneficiary or its agents. Any Rents paid to Beneficiary or a receiver shall be credited against the amount due from the tenant under the Lease.
In the event any tenant under the Lease becomes the subject of any proceeding under the Bankruptcy Code or any other federal, state or local statute which provides for the possible termination or rejection of the leases assigned hereby, Trustor
covenants and agrees that in the event any of the Leases are so rejected, no damages settlement shall be made without the prior written consent of Beneficiary; any check in payment of damages for rejection or termination of any such Lease will be
made payable to both the Trustor and Beneficiary; and Trustor hereby assigns any such payment to Beneficiary and further covenants and agrees that upon request of Beneficiary, it will duly endorse to the order of Beneficiary any such check, the
proceeds of which will be applied to the Loan in such manner as Beneficiary may elect. 
 23. Fixture Filling. This Deed
of Trust shall also serve as a financing statement filed for record in the real estate records as a fixture filing pursuant to the UCC with Trustor being named as the Debtor and the Beneficiary being named as the Secured Party and the Property being
the collateral. 
 24. Late Charge. In the event that any payment or portion thereof is not paid within five
(5) days commencing with the date it is due, Beneficiary may collect, and Trustor agrees to pay a “late charge” of 10% of the delinquent payment, but not to exceed the highest such charge permitted by applicable law. This late charge
shall apply individually to each payment past due. Payment of a 

  
 -9-

 
late charge shall not relieve the Trustor of the obligation to make payments on or before the date on which they are due, or cure any default, or in any way affect Beneficiary’s remedies
pursuant to the terms of the Note secured hereby or this Deed of Trust. 
 25. Default; Remedies. TIME IS OF THE ESSENCE
HEREOF. If Trustor fails to pay any installment of principal or interest on the Note within ten (10) days of the date the same is due and payable, or fails to pay when due any taxes, assessments or insurance premiums or any lien or charge upon
the Property, or if Trustor fails to perform or observe any other, covenant or agreement of Trustor contained in this Deed of Trust or in the Loan Documents for more than thirty (30) days after receipt of written notice specifying such default,
or if any representation or warranty made by Trustor or any guarantor of the Note was materially false or misleading at the time it was made, or if Trustor or any guarantor fails to disclose any material fact, or if Trustor falls to provide or
maintain the insurance required by this Deed of Trust, or fails to perform or observe any other obligation of Trustor to Beneficiary when due, or makes an assignment for the benefit of creditors, or if a petition in bankruptcy is filed by or against
Trustor and is not dismissed within sixty (60) days, or if Trustor is dissolved, changes its form of legal entity or ceases doing business as a going concern, or if any guarantor of the Loan revokes, or attempts to revoke, its guaranty, or is
the subject of a petition in bankruptcy or other insolvency proceeding, or if a Conveyance has occurred without the prior written consent of Beneficiary, or a Change of Control has occurred with respect to Trustor or any guarantor without the prior
written consent of Beneficiary, then and in any such event (each of such events being a default by Trustor under this Deed of Trust for all purposes of this Deed of Trust, including the acceleration previsions contained in the Note), the entire
unpaid principal balance of the Loan with interest thereon, at the option of the Beneficiary or the holder of the Note, shall become immediately due and payable and Beneficiary may exercise its rights and remedies under the Loan Documents and
applicable law. Without limiting the foregoing, Beneficiary may enter upon the Property, exclude Trustor and its employees therefrom, and having and holding same, may use, operate, manage and control the Property and conduct the business thereof.
Upon entry, Beneficiary may maintain and restore the Property, and make repairs and improvements as Beneficiary may deem necessary. Beneficiary may cause Trustee to execute a written notice of default and of election to cause the Property to be sold
to satisfy the indebtedness and obligations hereof, and Trustee shall file such notice of record in each county wherein the Property or some part or parcel thereof is situated. Beneficiary shall deposit with Trustee the Note and all other documents
evidencing expenditures secured hereby. After lapse of such time as may then be required by law following the recordation of said notice of default, and notice of default and notice of sale having been given as then required by law, Trustee, without
demand on Trustor, shall sell the Property on the date and at the time and place designated in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of Trustor to
direct the order in which the Property, if consisting of several lots or parcels, shall be sold), at public auction to the highest bidder, the purchase price payable in lawful money of the United States at the time of sale. The person conducting the
sale may, for any cause he deems expedient, postpone the sale from time to time until it shall be completed, and in every such case, notice of postponement shall be given by public declaration thereof by such person at the time and place last
appointed for the sale; provided, if the sale is postponed for longer than seventy-two (72) hours beyond the day designated in the notice of sale, notice thereof shall be given in the same manner as the original notice of sale. Trustee shall
execute and deliver to the purchaser its deed conveying the Property so sold, but without any 

  
 -10-

 
covenant or warranty, expressed or implied. The recitals in this deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Beneficiary, may bid at
the sale. Trustee shall apply the proceeds of the sale to the payment of (1) the costs and expenses of retaking the Property and exercising the power of sale, and of the sale, including the payment of the Trustee’s and attorneys fees;
(2) cost of any evidence of title procured in connection with such sale; (3) all sums expended under the terms hereof, not then repaid, with accrued interest thereon at 10% per annum from the date of the expenditure; (4) all sums
then secured hereby; and (5) the remainder, if any, to the person or persons legally entitled thereto, or to the Trustee, in its discretion, may deposit the balance of such proceeds with the County Clerk of the county in which the sale took
place. Trustor agrees to surrender possession of the Property to the purchaser at the aforesaid sale, immediately after such sale, in the event such possession has not previously been surrendered by Trustor. Alternatively, Beneficiary shall have the
option to declare all sums secured hereby immediately due and payable and foreclose this Deed of Trust in the manner provided by law for the foreclosure of mortgages on real property and Beneficiary shall be entitled to recover in such proceedings
all costs and expenses incident thereto, including a reasonable attorneys fee in such amount as may be fixed by the court. Beneficiary may bid for and acquire the Property or any part thereof and in lieu of paying cash therefor may make settlement
for the purchase price by crediting upon the Loan the net sales price after deducting therefrom the expenses of the sale and the cost of the action and any other sums which Beneficiary is authorized to deduct under this Deed of Trust.
Beneficiary’s exercise of any of its rights and remedies shall not constitute a waiver or cure of a default. Beneficiary’s failure to enforce any default shall not constitute a waiver of the default or any subsequent default. In the event
the Loan Documents are referred to an attorney for enforcement or defense of Beneficiary’s rights or remedies, whether or not suit is filed or any proceedings are commenced, Trustor shall pay all Beneficiary’s costs and expenses including
Trustee’s and reasonable attorneys’ fees (including attorneys’ fees for (i) any appeal, (ii) relief from stay motions, cash collateral disputes, assumption/rejection motions and disputes regarding proposed disclosure
statements and plans in any bankruptcy proceeding or (iii) for any other judicial or nonjudicial proceeding or arbitration), appraisal and inspection fees and cost of a title report.) To the extent permitted by applicable law, Trustor waives
the benefit of any statute regulating the entry of a deficiency judgment or requiring that the value of the Property be set off against any part of the indebtedness secured hereby. If Beneficiary has initiated any action or proceeding to enforce any
right or remedy under this Deed of Trust by foreclosure, entry or otherwise, and such action or proceedings has been discontinued or abandoned for any reason, or has been determined adversely to Beneficiary, then, Trustor and Beneficiary shall be
restored to their former positions and rights hereunder, and all rights, powers and remedies of Beneficiary shall continue in full force and effect as if no such action or proceeding had been undertaken. 

26. Cumulative Remedies. All Beneficiary’s and Trustee’s rights and remedies specified in the Loan Documents are
cumulative, not mutually exclusive and not in substitution for any rights or remedies available in law or equity. In order to obtain performance of Trustor’s obligations under the Loan Documents, without waiving its rights in the Property,
Beneficiary may proceed against Trustor or may proceed against any other security or guaranty for the Note, in such order and manner as Beneficiary may elect. The commencement of proceedings to enforce a particular remedy shall not preclude the
discontinuance of the proceedings and the commencement of proceedings to enforce a different remedy. 

  
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 27. Sale of Property After Default. The Property may be sold separately or as a
whole, at the option of Beneficiary. In the event of a Trustee’s sale of all the Property, Beneficiary hereby assigns its security interest in any personal property to the Trustee. Beneficiary may also realize on the personal property security
in accordance with the remedies available under the UCC at law. In the event of a foreclosure sale, Trustor and the holders of any subordinate liens or security interest waive any equitable, statutory or other right they may have to require
marshaling of assets or foreclosure in the inverse order of alienation. 
 28. Appointment of Receiver. In the event of a
default and the expiration of any applicable notice and cure period specified in the Loan Documents, Beneficiary shall be entitled, without notice, without bond, and without regard to the adequacy of the security, to the appointment of a receiver
for the Premises to take possession of and operate the Property and collect the rents, profits, issues and revenues thereof. The receiver shall have, in addition to all the rights and powers customarily given to and exercised by a receiver, all the
rights and powers granted to Beneficiary by the Loan Documents. 
 29. Foreclosure of Tenant’s Rights;
Subordination. Beneficiary shall have the right, at its option, to foreclose this Deed of Trust subject to the rights of any tenants on the Property. Beneficiary’s failure to foreclose against any tenant shall not be asserted as a claim
against Beneficiary or as a defense against any claim by Beneficiary in any action or proceeding. Beneficiary at any time may subordinate this Deed of Trust to any or all of the Leases except that Beneficiary shall retain its priority claim to any
condemnation or insurance proceeds. 
 30. Reconveyance After Payment. Upon written request of Beneficiary stating that
all obligations secured by this Deed of Trust have been paid, Trustee shall reconvey, without warranty, the Property then subject to the lien of this Deed of Trust. The recitals in any reconveyance of any matters of fact shall be conclusive proof of
the truthfulness thereof. The grantee in the reconveyance may be described as “the person or person legally entitled thereto” Trustor shall pay any Trustee’s fees or recording fees. 

31. Release of Parties or Poverty. Without affecting the obligations of any party under the Loan Documents (including any
guarantor, surety or endorser of Trustor’s obligations) or any subsequent purchaser of the Property, and without affecting the lien of this Deed of Trust and Beneficiary’s security interest in the Property, Beneficiary may, without notice
(a) release Trustor and any other party now or hereafter liable for the payment or performance of any obligations under the Loan Documents, including guarantors of the Loan, (b) release all or any part of the Property, (c) subordinate
the lien of this Deed of Trust or Beneficiary’s security interest in the Property, (d) take or release any other security or guaranty, (e) grant an extension of time or accelerate the time for performance of the obligations owed under
the Loan Documents, (f) modify, waive, forbear, delay or fail to enforce any obligations owed under the Loan Documents, (g) sell or otherwise realize on any other security or guaranty prior to, contemporaneously with or subsequent to a
sale of all or any part of the Property, (h) make advances pursuant to the Loan Documents including advances in excess of the Note amount, (i) consent to the making of any map or plot of the Property, and (j) join in the grant of any
easement on the Property. Any subordinate lienholder shall be subject to all such releases, extensions or modifications without notice to or consent from the subordinate lienholder. Trustor shall pay any Trustee’s or attorneys fees, title
insurance premiums or recording fees in connection with any of the foregoing. 

  
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 32. Nonwaiver of Terms and Conditions. Time is of the essence with respect to
performance of the obligations due under the Loan Documents. Beneficiary’s failure to require prompt enforcement of any required obligations shall not constitute a waiver of the obligations due or any subsequent required performance of the
obligation. No term or condition of the Loan Documents may be waived, modified or amended except by a written agreement signed by Trustor and Beneficiary. Any waiver of any term or condition of the Loan Documents shall apply only to the time and
occasion specified in the waiver and shall not constitute a waiver of the term or condition at any subsequent time or occasion. 

33. Business Use. The Property shall be used for business or commercial purposes and does not include agricultural or residential
use property. 
 34. Joint and Several Liability. If there is more than one Trustor of this Deed of Trust, their
obligations shall be joint and several. 
 35. Operating and Financial Statements. Trustor will deliver to Beneficiary
upon Beneficiary’s request, operating statements and occupancy reports (including a rent roll) for the Property in a form and for periods satisfactory to Beneficiary certified as correct by Trustor. Trustor shall permit Beneficiary to examine
all books and records of Trustor pertaining to the Property and deliver to Beneficiary upon request all financial statements, credit reports and other documents in the possession of Trustor relating to the financial condition of Trustor, any tenant
of the Property and any guarantor of the Loan, including rental, income and expense statements pertaining to the Property and tax returns and audits. 
 36. Maximum Interest Rate. No person shall be obligated to pay the amount of any interest to the extent it is in excess of the maximum amount of interest permitted by applicable law. The Loan
Documents are expressly limited so that in no contingency or event whatsoever shall the amount paid, or agreed to be paid, to Beneficiary for the use, forbearance or detention of the money loaned under the Note or otherwise, or for the performance
or payment of any indebtedness, exceed the maximum amount permitted under applicable law. Trustor and Beneficiary intend to comply strictly with the applicable usury laws of the State of California. If Beneficiary or any other holder of this Deed of
Trust shall over receive as interest on the Loan an amount which exceeds the maximum amount of interest permitted by applicable law, such excess amount shall be applied to reduction of the principal amount owing on the loan so as to fully and
strictly comply with such law. Without limiting the foregoing, all calculations of interest shall be made, to the extent permitted by law, by amortizing, prorating, allocating and spreading all interest in equal parts over the full stated term of
the Note. 
 37. Evasion of the Prepayment Penalty. 1f Trustor is in default under the Loan Documents, any tender of
payment sufficient to satisfy all sums due under the Loan Documents made at any time prior to foreclosure sale shall constitute an evasion of the prepayment terms contained in the Note, if any, and shall be deemed a voluntary prepayment and subject
to payment of any applicable prepayment premium. 

  
 -13-

 38. Payment of New Taxes. If any federal, state or local law is passed subsequent to
the date of this Deed of Trust which requires Beneficiary to pay any tax because of this Deed of Trust or the sums due under the Loan Documents, then Trustor shall pay to Beneficiary on demand any such taxes if it is lawful for Trustor to pay them.
If it is not lawful for Trustor to pay such taxes, then at its option Beneficiary may declare the entire unpaid balance of the indebtedness to be immediately due and payable under the Loan Documents and exercise any remedies permitted under this
Deed of Trust. 
 39. Acceptance By Trustee. Trustee accepts this Trust when this Deed of Trust, duly executed and
acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of any pending sale under any other deed of trust or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a
party, unless brought by the Trustee. 
 40. Substitution of Trustee. Beneficiary may at any time discharge the Trustee
and appoint a successor Trustee who shall have all of the powers, duties, authority and title of the original Trustee. Appointment of a successor Trustee shall become effective upon filing for record in the office of the County Recorder of each
county in which said Premises is situated a Substitution of Trustee. Each such substitution shall be executed and acknowledged, and notice thereof shall be given and proof thereof made, in the manner provided by law. 

41. Reserves. Upon (i) occurrence of an Event of Default, and (ii) written notice to Trustor from Beneficiary, Trustor
shall thereafter pay to Beneficiary, together with and in addition to the monthly payments of principal and interest payable on the Note, on the date set forth in the Note for the making of monthly payments, until the Note is fully paid, a sum, as
estimated by Beneficiary, equal to the taxes and special assessments next due on the Premises, plus the premiums that will next become due and payable on insurance policies required by this Deed of Trust, divided by the number of months to elapse
before the premiums, taxes and special assessments are due, such sums to be held by Beneficiary to pay said premiums, taxes and special assessments. Such payments (“Reserves”) are to be held without allowance of interest to Trustor
(except as required by applicable law) and need not be kept separate and apart from other funds of Beneficiary. Such Reserves shall be applied by Beneficiary to real estate taxes, special assessments and insurance premiums on the Premises as the
same become due and payable. Collection of the reserves are solely for the added protection of Beneficiary and entails no responsibility on the part of Beneficiary beyond allowance of due credit for sums actually received by Beneficiary and the
payment by Beneficiary of such taxes, special assessments and insurance premiums to the extent of the Reserves when statements therefor are actually presented to Beneficiary by Trustor. If the total of the Reserves shall exceed the amount of
payments actually applied by Beneficiary, such excess may be credited by Beneficiary on subsequent payments to be made by Trustor, or at the option of Beneficiary, refunded to Trustors. 

42. Property Management. Trustor agrees that Beneficiary shall have, and reserves the right to install, professional management of
the Premises at any time following the occurrence of default under this Deed of Trust, if such default remains uncured following the expiration of any applicable cure period. Such professional management shall be at the sole discretion of
Beneficiary and nothing herein shall obligate Beneficiary to exercise its right to install professional management. The cost of such management shall be borne by Trustor, shall be secured by this Deed of Trust and shall be treated as an additional
advance under the Loan Documents. 

  
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 43. Environmental Compliance and Indemnification. Trustor represents and warrants to
Beneficiary that to the best of Trustees knowledge after due and diligent inquiry, neither the Property nor any improvements thereon presently contain asbestos, or signs of water damage or mold in any form, and except as disclosed by the
Environmental Site Assessment provided by Trustor to Beneficiary in writing prior to closing the Loan, no hazardous or toxic waste or substances are being stored on (or located in the soil, groundwater, surface water or waterways) at or under the
Property or any adjacent properly in quantities or concentrations sufficient to require investigation, removal or remediation under the Environmental Laws (as hereinafter defined) nor have any such quantities or concentrations of waste or substances
been stored or used on the Property or any adjacent property prior to Trustees ownership, possession or control of the Property, nor are any underground storage tanks (whether or not in use located in, on or under any part of the Property. Trustor
agrees to provide written notice to Beneficiary immediately upon Trustor becoming aware of any underground storage tanks on the Property, or that the Property or any adjacent property is being or has been contaminated with hazardous or toxic waste
or substances. Trustor will not cause nor permit any activities on the Property which directly or indirectly could result in the Property or any adjoining property becoming contaminated with hazardous or toxic waste or substances. For purposes of
this Deed of Trust, the term “hazardous or toxic waste or substances” means asbestos, urea formaldehyde foam insulation, flammable explosives, radioactive materials, hazardous materials and petroleum and its refined products, and any
substance or material defined, regulated, controlled, limited, prohibited or classified as hazardous or toxic wastes, hazardous or toxic material, a hazardous, toxic or radioactive substance, or other similar term in the Comprehensive Environmental
Response Compensation Act of 1980 (“CIRCLA”), as amended (42 USC 9601, et seq.), the Hazardous Materials Transportation Act, as amended, (49 USC 1801, at seq.), the Resource Conservation and Recovery Act (“RCRA”), as amended, (42
USC 6901, et seq.) the Clean Water Act, as amended, (33 USC 1251, et seq.), the Clean Air Act, as amended, (42 USC 7401, at seq.), the Toxic Substances Control Act, as amended, (15 USC 2601, et seq.) or in any other applicable federal, state or
local environmental statute, regulation or ordinance now or hereafter in effect governing the Property, its businesses, products or assets, with respect to discharges into the ground and surface water, emissions into ambient air and generation,
control, accumulation, storage, treatment, transportation, removal, labeling, or disposal of waste materials or process by-products, the existence, cleanup, and/or remedy of contamination on property, the protection of the environment from soil; air
or water pollution, or from spilled, deposited or otherwise emplaced contamination (the “Environmental Laws”) Trustor shall promptly comply with all statutes, regulations and ordinances which apply to Trustor or the Property and
with all orders, decrees or judgments of governmental authorities or courts having jurisdiction or by which Trustor is bound, relating to the use, collection, storage, treatment, control, removal or cleanup of hazardous or toxic substances in, on or
under the Property or in, on or under any adjacent property that becomes contaminated with hazardous or toxic substances as a result of construction, operations or other activities on, or the contamination of, the Property, at Trustor’s
expense. Beneficiary may, but is not obligated to, enter upon the Property and take such actions and incur such costs and expenses to effect such compliance as it deems advisable to protect its interest as Beneficiary; and whether or not Trustor has
actual knowledge of the existence of hazardous or toxic substances in, on or under the Property or any adjacent property as of the date of this instrument, Trustor shall reimburse Beneficiary on demand for the full amount of all costs and expenses
incurred by Beneficiary in connection with such compliance activities. Trustor agrees to indemnify and hold harmless Beneficiary, its officers, agents and employees from and 

  
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 against any and all loss, damage, expense (including without limitation reasonable attorneys’ fees and
the cost of environmental consultants), liability, claims, suits, judgments, fines and penalties or liability associated with or related to the presence, use, manufacture, storage, dumping, disposal, discharge, cleanup or removal of hazardous
materials or toxic waste affecting the Property, except for any of the foregoing caused by the willful misconduct or gross negligence of Beneficiary, or its employees, agents and representatives while in possession of the Property. These covenants
and agreements shall survive any foreclosure, release, discharge or satisfaction of this Deed of Trust or the indebtedness secured thereby. 
 44. Trustor Not a Foreign Person. Trustor is not a “foreign person” as that term is defined by Section 1445(f)(3) of the U.S. Internal Revenue Code. 

45. Representations of Trustor. Trustor represents and warrants to Beneficiary that Trustor (a) is (1) an individual of
legal age and capacity, or (2) a corporation, general partnership, limited partnership, limited liability company, trust or other legal entity, duly organized, validly existing and in good standing under the laws of its creation, and is
authorized to do business in each other jurisdiction wherein its ownership of property or conduct of business legally requires such authorization; (b) has the power and authority to own its properties and assets and to carry on its business as
now being conducted and as now contemplated; and (c) has the power and authority to execute, deliver and perform, and by all necessary action has authorized the execution, delivery and performance of all of its obligations under this Deed of
Trust and the other Loan Documents. 
 46. Waiver of Right of Offset. No portion of the indebtedness secured by this Deed
of Trust shall be offset or compensated by any claim, cause of action, counterclaim, or cross-claim, whether liquidated or unliquidated, that Trustor may have against Beneficiary. Trustor waives to the fullest extent permitted by applicable law, the
benefits of California Code of Civil Procedure Section 431.70. 
 47. Notices. Except for any notice required by law
to be given in another manner, (a) any notice to Trustor provided in-this Deed of Trust shall be in writing and shall be given and be effective upon (1) delivery to Trustor or (2) mailing such notice by certified mail, return receipt
requested, addressed to Trustor at Trustor’s address stated herein or at such other address as Trustor may designate in writing by notice to Beneficiary as provided herein and (b) any notice to Beneficiary shall be in writing and shall be
given and be effective upon (1) delivery to Beneficiary or (2) mailing such notice by certified mail, return receipt requested, addressed to Beneficiary stated herein or to such other address as Beneficiary may designate by notice to
Trustor as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Trustor or Beneficiary when given in the manner designated herein. 

48. Successors and Assigns. This Deed of Trust applies to, inures to the benefit of, and binds all parties hereto and their
successors and the terms “Trustor,” “Trustee” and “Beneficiary” include their successors and assigns. 
 49. Controlling Document. In the event of a conflict or inconsistency between the terms and conditions of this Deed of Trust and the terms and conditions of any other of the Loan Documents (except
for any separate Assignment of Leases and Rents which shall prevail over this Deed of Trust), the terms and conditions of this Deed of Trust shall prevail. 

  
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 50. Invalidity of Terms and Conditions. If any term or condition of this Deed of
Trust is found to be invalid, the invalidity shall not affect any other term or condition of this Deed of Trust and this Deed of Trust shall be construed as if not containing the invalid term or condition. 

51. Rules of Construction. This Deed of Trust shall be construed so that whenever applicable, the use of the singular shall
include the plural, the plural shall include the singular, and the use of any gender shall be applicable to all genders and shall include corporations, partnerships, limited liability companies, trusts and limited partnerships. 

52. Section Headings. The heading to the various sections have been inserted for convenience of reference only and shall not be
used to construe this Deed of Trust. 
 53. Applicable Law. This Deed of Trust shall be construed, interpreted, enforced
and governed by and in accordance with the Laws of the State of California, including the laws governing the creation, perfection, enforceability and priority of the liens and security interests created by this Deed of Trust and the procedures for
foreclosure and for enforcement of the rights and remedies of Beneficiary under this Deed of Trust. In the event that any provision of this Deed of Trust shall be inconsistent with any provision of the laws of California, the laws of California
shall govern over the provisions of this Deed of Trust, but shall not invalidate or render unenforceable any other provision of this Deed of Trust that can be construed in a manner consistent with California law. 

54. Request For Notice. Trustor requests that a copy of any notice of default and of any notice of sale hereunder be mailed to it
at the address hereinabove set forth. 
 TRUSTOR: 
 BRYAN FAMILY PARTNERSHIP II LTD., a California limited partnership 

					
		
	By:	 	BFZ, LLC, a California limited liability company, Its General Partner
			
		 	By:	 	 /s/ Robert A. Frazer

		 		 	Robert A. Frazer, Manager
			
		 	By:	 	 /s/ John D. Frazer

		 		 	John D. Frazer, Manager

 (Signatures must be acknowledged) 

  
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 STATE OF California 
 COUNTY OF Santa Clara 
 On 6/28/07, before me, L. Tugade, the undersigned Notary Public,
personally appeared Robert A. Frazer [    ] personally known to me -OR- [    ] proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) are/is subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their authorized capacities, and that by his/her/their signature(s) on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 WITNESS my hand and official seal 
  

	
	 /s/ L. Tugade

	SIGNATURE OF NOTARY PUBLIC

 STATE OF California 
 COUNTY OF Santa Clara 
 On 6/22/07, before me, Lisa W. Lemoin, the undersigned Notary Public,
personally appeared John D. Frazer [    ] personally known to me -OR- [    ] proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) are/is subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized capacities, and that by his/her/their signature(s) on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

 WITNESS my hand and official seal. 

	
	
	/s/ Lisa W. Lemoin
	SIGNATURE OF NOTARY PUBLIC

  
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 EXHIBIT “A” TO DEED OF TRUST, ASSIGNMENT OF RENTS, 

SECURITY AGREEMENT AND FIXTURE FILING 
 This Exhibit “A” is attached to and made a part of the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated June 20, 2007, between BRYAN FAMILY PARTNERSHIP II,
LTD., a California limited partnership, (“’Trustor”), FIRST AMERICAN TITLE INSURANCE COMPANY, a corporation, (“Trustee”) and Symetra Life Insurance Company, a Washington corporation, (“Beneficiary”),
for the purpose of securing a note in the principal amount of $6,750,000.00. 
 (Legal Description of Real Property) 

Land and improvements situated in the City of Campbell, County of Santa Clara, State of California, described as follows; 

PARCEL ONE, AS SHOWN ON THAT CERTAIN PARCEL MAP FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON
OCTOBER 11, 1984 IN BOOK 535 OF MAPS, PAGES 24 AND 25. 
 EXCEPTING THEREFROM THAT THE INTEREST THEREOF AS CONVEYED TO THE CITY OF
CAMPBELL, FOR STREET PURPOSES BY DEED RECORDED DECEMBER 10, 1984 IN BOOK J101, PAGE 321, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

BEGINNING AT THE MOST EASTERLY CORNER OF PARCEL ONE AS SAID PARCEL IS SHOWN ON THAT CERTAIN PARCEL MAP FILED IN BOOK 535 OF MAPS AT PAGES 24 AND 25 IN
THE OFFICE OF THE COUNTY RECORDER, COUNTY OF SANTA CLARA, STATE OF CALIFORNIA. THENCE SOUTHWESTERLY FROM SAID CORNER SOUTH 31° 31’ 00” WEST 490.81 FEET ALONG THE SOUTHEASTERLY LINE OF SAID “PARCEL ONE” TO ITS MOST SOUTHERLY
CORNER. THENCE NORTHWESTERLY FROM LAST SAID CORNER 67° 52’ 58” WEST 4.05 FEET ALONG THE SOUTHWESTERLY LINE OF SAID “PARCEL ONE” TO A POINT LYING DISTANT 4.00 FEET NORTHWESTERLY BY PERPENDICULAR MEASUREMENT FROM SOUTHEASTERLY
LINE OF SAID “PARCEL ONE.” THENCE NORTHEASTERLY FROM LAST SAID POINT AND ALONG LAST SAID PARALLEL LINE NORTH 31° 31’ 00” EAST 491.47 FEET TO A POINT LYING ON THE NORTHEASTERLY LINE OF SAID “PARCEL ONE.” THENCE
SOUTHEASTERLY FROM LAST SAID POINT AND ALONG LAST SAID LINE SOUTH 58° 29’ 00” EAST 4.00 FEET RETURNING-TO THE POINT OF BEGINNING. 

APN: 406-21-019 and 406-21-016 and 406-21-017 

  
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 FIRST AMENDMENT TO PRUCHASE AND SALE AGREEMENT 

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (“First Amendment”) is made and entered into effective as of
October 28, 2011, by and between BRYAN FAMILY PARTNERSHIP II, LTD., a California limited partnership (“Seller”), and BARRACUDA NETWORKS, INC., a Delaware corporation, or assignee (“Buyer”). 

RECITALS 
 A, Seller and Buyer entered into that certain Purchase and Sale Agreement, dated as of July 31, 2011 (the “Agreement”), for the purchase of certain improved real property located at 3165
and 3175 Winchester Boulevard, City of Campbell, County of Santa Clara, State of California, which is commonly identified by APNs 406-21-016, 406-21-017 and 406-21-019 and more particularly described in Exhibit A to the Agreement. 

B. Seller and Buyer desire to amend the Agreement as described below. 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements in this First Amendment and the Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows: 
 AMENDMENT 
 1. Capitalized Terms. Capitalized terms not
otherwise defined herein, shall have the meanings given them in the Agreement. 
 2. Closing Date. The Closing Date shall
be no later than November 15, 2011, the new outside closing date. 
 3. Effect of Amendment. Except as expressly
modified by this First Amendment, the. Agreement shall continue in full force and effect according to its terms, and Buyer and Seller hereby. ratify and affirm all their respective rights and obligations under the Agreement. In the event of any
conflict between this First Amendment and the Agreement, this First Amendment shall govern. 
 4. Counterparts. This
First Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument. Furthermore, this First Amendment may be executed and delivered
by the exchange of electronic facsimile or PDF (or similar) copies or counterparts of the signed documents, which facsimile or PDF (or similar) copies or counterparts shall be binding on the parties. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
 -1-

 IN WITNESS WHEREOF, Seller and Buyer have executed this First Amendment effective as of the
date set forth above. 
 SELLER: 
 BRYAN FAMILY PARTNERSHIP II, LTD.  
 a California limited partnership

  

			
	  /s/ Ross E. Bryan

	By:	 	Ross E. Bryan
	Its:	 	Managing Partner

 BUYER: 

BARRACUDA NETWORKS, INC.  
 a
Delaware corporation 
  

			
	  /s/ David Faugno

	By:	 	David Faugno
	Its:	 	

  
 -2-

 THIRD AMENDMENT TO PRUCHASE AND SALE AGREEMENT 

THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (“Third Amendment”) is made and entered into effective as of
November 30, 2011, by and between BRYAN FAMILY PARTNERSHIP II, LTD., a California limited partnership (“Seller”), BARRACUDA NETWORKS, INC., a Delaware corporation, or assignee (“Buyer”). 

RECITALS 
 A. Seller and Buyer entered into that certain Purchase and Sale Agreement, dated as of July 31, 2011, as amended by that certain First Amendment to Purchase and Sale Agreement dated October 28,
2011 and as amended by that certain Second Amendment to Purchase and Sale Agreement November 15, 2011 (collectively, the “Agreement”), for the purchase of certain improved real property located at 3165 and 3175 Winchester
Boulevard, City of Campbell, County of Santa Clara, State California, which is commonly identified by APNs 406-21-016, 406-21-017 and 406-21-019 and more particularly described in Exhibit A to the Agreement. 

B. Seller and Buyer desire to amend the Agreement as described below. 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements in Third Amendment and the Agreement, and for other good
and valuable consideration, the receipt sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows: 

AMENDMENT 
 1. Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings given them in the Agreement. 
 2. Closing Date. The Closing Date shall be no later than December 21, 2011, the new outside closing date. 
 3. Effect of Amendment. Except as expressly modified by this Third Amendment, the Agreement shall continue in full force and effect according to its terms, and Buyer and Seller hereby ratify and
affirm all their respective rights and obligations under the Agreement. In the event of any conflict between this Third Amendment and the Agreement, this Third Amendment shall govern. 

4. Counterparts. This Third Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and
all of which, taken together, shall constitute one and the same instrument. Furthermore, this Third Amendment may be executed and delivered by the exchange of electronic facsimile or PDF (or similar) copies or counterparts of the signed documents,
which facsimile or PDF (or similar) copies or counterparts shall be binding on the Parties. 
 [SIGNATURES APPEAR ON THE
FOLLOWING PAGE] 

  
 -1-

 IN WITNESS WHEREOF, Seller and Buyer have executed this Third Amendment effective as of the
date set forth above. 
 SELLER: 
 BRYAN FAMILY PARTNERSHIP II, LTD.  
 a California limited partnership

  

			
	      

	By:	 	  

	Its:	 	  

 BUYER: 

BARRACUDA NETWORKS, INC.  
 a
Delaware corporation 
  

			
	      

	By:	 	  

	Its:	 	  

  
 -2-EX-10.15

 Exhibit 10.15 
 Execution 
  
  

 
 RECAPITALIZATION AGREEMENT

 by and among 
 BARRACUDA NETWORKS, INC., 
 THE INVESTORS NAMED HEREIN 

and 
 THE SELLING
STOCKHOLDERS NAMED HEREIN 
 August 23, 2012 

 
  

 

  
 [***] Information has
been omitted and submitted separately to the Securities and Exchange Commission. 
 Confidential treatment has been requested with respect to the
omitted portions. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DIVIDEND
	  			
	 1A.
	  	Dividend	  	 	1	  
		
	 ARTICLE 2 STOCK PURCHASE AND REPURCHASE
	  			
	 2A.
	  	Authorization	  	 	2	  
	 2B.
	  	Investment Transaction	  	 	2	  
	 2C.
	  	Repurchase Transaction	  	 	3	  
	 2D.
	  	Closing	  	 	3	  
	 2E.
	  	Closing Documents	  	 	4	  
		
	 ARTICLE 3 CONDITIONS TO THE OBLIGATIONS OF THE INVESTORS
	  			
	 3A.
	  	Representations and Warranties	  	 	5	  
	 3B.
	  	Covenants	  	 	5	  
	 3C.
	  	Closing Certificate	  	 	5	  
	 3D.
	  	Opinion	  	 	5	  
	 3E.
	  	Repurchase Transaction	  	 	5	  
	 3F.
	  	Litigation	  	 	5	  
	 3G.
	  	Third Party Consents and Approvals	  	 	5	  
	 3H.
	  	Governmental Consents and Approvals	  	 	6	  
	 3I.
	  	Good Standing Certificate	  	 	6	  
	 3J.
	  	Material Adverse Effect	  	 	6	  
	 3K.
	  	Internal Investigation Report	  	 	6	  
		
	 ARTICLE 4 CONDITIONS TO THE OBLIGATIONS OF THE COMPANY
	  			
	 4A.
	  	Representations and Warranties	  	 	6	  
	 4B.
	  	Covenants	  	 	6	  
	 4C.
	  	Litigation	  	 	6	  
	 4D.
	  	Governmental Consents and Approvals	  	 	7	  
	 4E.
	  	Investment Transaction	  	 	7	  
	 4F.
	  	Repurchase Transaction	  	 	7	  
	 4G.
	  	Opinion	  	 	7	  
		
	 ARTICLE 5 CONDITIONS TO THE OBLIGATIONS OF THE SELLING STOCKHOLDERS
	  			
	 5A.
	  	Representations and Warranties	  	 	7	  
	 5B.
	  	Covenants	  	 	7	  
	 5C.
	  	Litigation	  	 	7	  
	 5D.
	  	Opinion	  	 	8	  
	 5E.
	  	Repurchase Transaction	  	 	8	  
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  			
	 6A.
	  	Organization, Corporate Power and Licenses	  	 	8	  
	 6B.
	  	Capital Stock and Related Matters	  	 	8	  
	 6C.
	  	Subsidiaries; Investments	  	 	10	  
	 6D.
	  	Authorization; No Breach	  	 	10	  
	 6E.
	  	Financial Statements	  	 	10	  
	 6F.
	  	Absence of Undisclosed Liabilities	  	 	11	  
	 6G.
	  	Accounts Receivable	  	 	11	  
	 6H.
	  	No Material Adverse Effect	  	 	11	  
	 6I.
	  	Absence of Certain Developments	  	 	12	  

  
 -i-

 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	  	 	  	Page	 
			
	 6J.
	  	Assets	  	 	13	  
	 6K.
	  	Indebtedness	  	 	13	  
	 6L.
	  	Tax Matters	  	 	13	  
	 6M.
	  	Contracts and Commitments	  	 	15	  
	 6N.
	  	Intellectual Property Rights	  	 	16	  
	 6O.
	  	Litigation, Etc	  	 	17	  
	 6P.
	  	Brokerage	  	 	18	  
	 6Q.
	  	Insurance	  	 	18	  
	 6R.
	  	Employees	  	 	18	  
	 6S.
	  	ERISA	  	 	18	  
	 6T.
	  	Compliance with Laws; Licenses; Certain Operations	  	 	19	  
	 6U.
	  	Affiliated Transactions	  	 	20	  
	 6V.
	  	Real Property	  	 	20	  
		
	 ARTICLE 7 REPRESENTATIONS AND WARRANTIES OF THE SELLING STOCKHOLDERS
	  			
	 7A.
	  	Capacity; Power and Authority	  	 	21	  
	 7B.
	  	Authorization; No Breach	  	 	21	  
	 7C.
	  	Title to Shares, Etc	  	 	21	  
	 7D.
	  	Brokerage	  	 	22	  
	 7E.
	  	Litigation, Etc	  	 	22	  
	 7F.
	  	Representations and Warranties of the Company	  	 	22	  
	 7G.
	  	Access to Data	  	 	22	  
	 7H.
	  	Advisors; Tax Liability	  	 	22	  
		
	 ARTICLE 8 REPRESENTATIONS AND WARRANTIES OF THE INVESTORS
	  			
	 8A.
	  	Organization, Power and Authority	  	 	23	  
	 8B.
	  	Authorization; No Breach	  	 	23	  
	 8C.
	  	Brokerage	  	 	23	  
	 8D.
	  	Investment Representations	  	 	23	  
	 8E.
	  	Rule 144	  	 	24	  
	 8F.
	  	Access to Data	  	 	25	  
	 8G.
	  	Tax Advisors	  	 	25	  
	 8H.
	  	Legends	  	 	25	  
	 8I.
	  	Litigation, Etc	  	 	26	  
		
	 ARTICLE 9 INDEMNIFICATION AND OTHER AGREEMENTS
	  			
	 9A.
	  	Survival of Representations and Warranties	  	 	26	  
	 9B.
	  	General Indemnification	  	 	26	  
	 9C.
	  	Special Indemnification	  	 	29	  
	 9D.
	  	Certain Waivers	  	 	31	  
	 9E.
	  	Press Release and Announcements	  	 	31	  
	 9F.
	  	Confidentiality	  	 	31	  
	 9G.
	  	Further Assurances	  	 	32	  
	 9H.
	  	Certain Restrictions	  	 	32	  
	 9I.
	  	Pre-Closing Covenants	  	 	32	  
		
	 ARTICLE 10 DEFINITIONS
	  			
		
	 ARTICLE 11 TERMINATION
	  			
	 11A.
	  	Termination	  	 	39	  
	 11B.
	  	Effect of Termination	  	 	40	  

  
 -ii-

 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 12 MISCELLANEOUS
	  			
	 12A.
	  	Fees and Expenses	  	 	40	  
	 12B.
	  	Remedies	  	 	40	  
	 12C.
	  	Consent to Amendments	  	 	40	  
	 12D.
	  	Successors and Assigns	  	 	40	  
	 12E.
	  	Severability	  	 	41	  
	 12F.
	  	Counterparts	  	 	41	  
	 12G.
	  	Descriptive Headings; Interpretation	  	 	41	  
	 12H.
	  	Entire Agreement	  	 	41	  
	 12I.
	  	No Third-Party Beneficiaries	  	 	41	  
	 12J.
	  	Governing Law	  	 	42	  
	 12K.
	  	Notices	  	 	42	  
	 12L.
	  	No Strict Construction	  	 	43	  
	 12M.
	  	California Corporate Securities Law	  	 	43	  
	 12N.
	  	Waiver of Potential Conflicts of Interest	  	 	43	  
	 12O.
	  	Waiver of All Rights	  	 	44	  

  
 -iii-

 EXHIBITS AND SCHEDULES 
 Exhibits: 
  

							
	 Exhibit A
	 	–	 	  	  	Amended and Restated Certificate of Incorporation
	 Exhibit B
	 	–	 	  	  	Amended and Restated Voting Agreement
	 Exhibit C
	 	–	 	  	  	Amended and Restated Investors Rights Agreement
	 Exhibit D
	 	–	 	  	  	Right of First Refusal Agreement
	 Exhibit E
	 	–	 	  	  	Management Rights Agreement for Sequoia Capital
	 Exhibit F
	 	–	 	  	  	Management Rights Agreement for Francisco Partners
	 Exhibit G
	 	–	 	  	  	Director Indemnification Agreement
	 Exhibit H
	 	–	 	  	  	Non-Competition Agreement
	 Exhibit I
	 	–	 	  	  	No-Hire and Non-Solicitation Agreement

 Schedules: 
 Dividend Schedule 
 Schedule of Investors 
 Schedule of Selling Stockholders 

  
 -iv-

 RECAPITALIZATION AGREEMENT 

THIS RECAPITALIZATION AGREEMENT (this “Agreement”) is made and entered into as of August 23, 2012, by and among
Barracuda Networks, Inc., a Delaware corporation (the “Company”), the Persons listed on the Schedule of Investors attached hereto (collectively referred to herein as the “Investors” and individually as an
“Investor”), the Persons listed on the Schedule of Selling Stockholders attached hereto (collectively referred to herein as the “Selling Stockholders” and individually as a “Selling
Stockholder”). The Company, the Investors and the Selling Stockholders are sometimes collectively referred to herein as the “Parties” and individually as a “Party.” Capitalized terms used herein and not
otherwise defined herein have the meanings given to such terms in ARTICLE 10. 
 WHEREAS, the Selling Stockholders
own an aggregate of 88,024,941 shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”), representing approximately 55.9% of the Common Stock on a Fully-Diluted Basis; 

WHEREAS, the Investors and their Affiliates own an aggregate of 30,150,753 shares of the Company’s Series A Preferred Stock,
par value $0.001 per share (the “Series A Preferred”), and 7,539,186 shares of Common Stock representing approximately 23.9% of the Common Stock on a Fully-Diluted Basis; 

WHEREAS, the Company desires to pay a dividend to all stockholders of the Company; 

WHEREAS, the Company desires to issue and sell to the Investors and the Investors desire to purchase from the Company newly-authorized
shares of Series B Preferred Stock of the Company, par value $0.001 (the “Series B Preferred” and, together with the Series A Preferred, the “Preferred Stock”), a portion of which will be paid by
certain Investors by reinvesting all or part of the Dividend received by such Investors; and 
 WHEREAS, the Company desires to
use the entire amount raised in connection with the sale of the Series B Preferred to repurchase shares of Common Stock from the Selling Stockholders. 
 NOW, THEREFORE, in consideration of the mutual covenants, agreements and understandings contained herein, and intending to be legally bound, the Parties hereby agree as follows: 

ARTICLE 1 

DIVIDEND 
  

	 	1A.	Dividend 

 The Company
shall use cash on hand to pay a dividend (the “Dividend”) pursuant to the terms of the Company’s Certificate of Incorporation in an amount as close to One Hundred Thirty Million Dollars ($130,000,000) as possible (taking rounding into
account). For information purposes only, the portion of the Dividend which would be payable to each of the Company’s stockholders if there are no changes to the Company’s issued and outstanding capital stock prior to the record date set by
the Board in connection with the declaration of the Dividend (the “Record Date”) is set forth on the Dividend Schedule attached hereto. The Company shall provide a final, updated Dividend Schedule (the “Final Dividend Schedule”)
based on the issued and outstanding capital stock as of the Record Date promptly following such Record Date and in any event, no later than two (2) business days prior to the Closing. 

 ARTICLE 2 
 STOCK PURCHASE AND REPURCHASE 
  

	 	2A.	Authorization 

 (i) Subject to the satisfaction or waiver of the conditions set forth in ARTICLE 4, immediately prior to the Closing, the Company shall file the Amended and Restated Certificate of
Incorporation of the Company, in the form of Exhibit A attached hereto (the “Certificate of Incorporation”), with the Secretary of State of the State of Delaware. 

(ii) Subject to the satisfaction or waiver of the conditions set forth in ARTICLE 4, immediately prior to the
Closing, the Company shall authorize the issuance to the Investors of an aggregate of Twenty Two Million Seven Hundred Twenty Seven Thousand Nine Hundred Thirteen (22,727,913) shares of Series B Preferred, having the rights and preferences
set forth in the Certificate of Incorporation. The Series B Preferred shall be initially convertible into Twenty Two Million Seven Hundred Twenty Seven Thousand Nine Hundred Thirteen (22,727,913) shares of Common Stock (representing 14.4%
of the Company’s Common Stock on a Fully-Diluted Basis as of the Closing, assuming conversion of the Series B Preferred, the Series A Preferred and the issuance of all unallocated stock options. 

 

	 	2B.	Investment Transaction 

On the basis of the representations, warranties, covenants and agreements set forth herein and subject to the satisfaction or waiver of
the conditions set forth in ARTICLE 3 and ARTICLE 4 and the simultaneous consummation of the Repurchase Transaction (as defined below), the Company and each of the Investors agree to and shall consummate the following
transaction (the “Investment Transaction”) at the Closing: 
 (i) the Company shall sell to the
Investors, and the Investors shall purchase from the Company, an aggregate of Twenty Two Million Seven Hundred Twenty Seven Thousand Nine Hundred Thirteen (22,727,913) shares of Series B Preferred, with the number of shares of
Series B Preferred to be purchased by each Investor set forth opposite such Investor’s name on the Schedule of Investors attached hereto (as such number of shares may be adjusted, if necessary, in accordance with the footnotes set
forth on the Schedule of Investors) for an aggregate purchase price equal to One Hundred Twenty Seven Million Seven Hundred Fifty Two Thousand Two Hundred Seventy Two Dollars and Eighty Eight Cents ($127,752,272.88) (the “Preferred
Stock Purchase Price”), payable in the manner set forth in Paragraph 2D(iii) below; and 

(ii) the Investors shall pay to the Company (in the manner set forth in Paragraph 2D(iii) below) the portion
of the Preferred Stock Purchase Price set forth opposite such Investor’s name on the Schedule of Investors attached hereto (as such amount may be adjusted, if necessary, in accordance with the footnotes set forth on the Schedule of
Investors). 

  
 -2-

	 	2C.	Repurchase Transaction 

On the basis of the representations, warranties, covenants and agreements set forth herein and subject to the satisfaction or waiver of
the conditions set forth in ARTICLE 4 and the simultaneous consummation of the Investment Transaction, the Company and each of the Selling Stockholders agree to and shall consummate the following transaction (the “Repurchase
Transaction”) at the Closing: 
 (i) each Selling Stockholder shall sell, transfer, assign and deliver
to the Company, and the Company shall accept, assume and receive from each Selling Stockholder, the number of shares of Common Stock set forth opposite such Selling Stockholder’s name on the Schedule of Selling Stockholders attached
hereto for an aggregate purchase price equal to One Hundred Twenty Seven Million Seven Hundred Fifty Two Thousand Two Hundred Seventy Two Dollars and Eighty Six Cents ($127,752,272.86) (the “Common Stock Purchase Price”), payable in
the manner set forth in Paragraph 2D(iv) below; and 
 (iii) the Company shall pay to each Selling
Stockholder (in the manner set forth in Paragraph 2D(iv) below) the portion of the Common Stock Purchase Price set forth opposite such Selling Stockholder’s name on the Schedule of Selling Stockholders attached hereto.

  

	 	2D.	Closing 

 The closing of
the Dividend, the Investment Transaction and Repurchase Transaction (the “Closing”) shall take place at the offices of Kirkland & Ellis LLP, 950 Page Mill Road, Palo Alto, California 94304, or at such other place as may be
mutually agreeable to each of the Parties, at 10:00 a.m., local time, on (i) the second business day following the satisfaction or waiver by the Party entitled to the benefit thereof of the conditions to the Closing set forth in
ARTICLE 3, ARTICLE 4 and ARTICLE 5 (other than the conditions to be satisfied at the Closing, but subject to the satisfaction of such conditions at the Closing), or (ii) such other date as the Investors, the
Company and the Selling Stockholders mutually agree (the “Closing Date”). The Dividend, the Investment Transaction and the Repurchase Transaction shall each constitute a separate transaction hereunder. Subject to the satisfaction of
the conditions to the Closing set forth in ARTICLE 3, ARTICLE 4 and ARTICLE 5, at the Closing, the Parties shall consummate the Dividend, the Investment Transaction and the Repurchase Transaction in the following
manner and in the following order (except that each of the transactions shall be deemed to have been consummated simultaneously and none of the transactions described below shall be consummated unless all of such transactions are consummated):

 (i) The Company shall pay to each stockholder the percentage of the Dividend set forth opposite such
stockholder’s name on the Final Dividend Schedule; provided that any Investor shall be entitled to direct the Company to apply all or any portion of such dividend payment to be received by such Investor towards such Investor’s obligation
to make a payment to the Company under Paragraph 2D(ii) below. Payments to be made pursuant to this Paragraph 2D(i) to Investors and Selling Stockholders shall be made by wire transfer of immediately available funds to an
account designated by such Person. 
 (ii) Each Investor shall deliver to the Company such Investor’s
portion of the Preferred Stock Purchase Price as set forth on the Final Dividend Schedule by wire transfer of immediately available funds to an account designated by the Company or by offsetting such amount by the amount payable to such Investor
under Paragraph 2D(i) above. 
 (iv) The Company shall deliver to each Investor a stock certificate
representing the shares of Series B Preferred purchased by such Investor, as set forth opposite such Investor’s name on the Schedule of Investors attached hereto, registered in such Investor’s name. 

(v) The Company shall pay to each Selling Stockholder by wire transfer of immediately available funds to an account
designated by such Selling Stockholders an amount equal to such Selling Stockholder’s portion of the Common Stock Purchase Price allocable to each of the Selling Stockholders as set forth on the Schedule of Selling Stockholders attached
hereto (the “Repurchase Transaction Proceeds”). 

  
 -3-

 (vi) Each of the Selling Stockholders shall deliver to the Company the
original stock certificate(s) representing the shares of Common Stock sold by such Selling Stockholder to the Company, as set forth on the Schedule of Stockholders attached hereto, duly endorsed in blank; and, if a Selling Stockholder
delivers a stock certificate(s) representing more than the number of shares of Common Stock sold by such Selling Stockholders to the Company, the Company shall deliver to such Selling Stockholder a stock certificate representing the shares of Common
Stock owned by such Selling Stockholder after such sale. 
  

	 	2E.	Closing Documents 

Subject to the satisfaction or waiver of the conditions to the Closing set forth in ARTICLE 3 and ARTICLE 4, at
the Closing: 
 (i) the Company shall deliver to the Investors all of the following documents: (a) certified
copies of the resolutions duly adopted by the Board authorizing the execution, delivery and performance of this Agreement and the other Transaction Agreements to which it is a party and the transactions contemplated hereby and thereby, including
without limitation, the adoption and filing of the Certificate of Incorporation, the amendment to the Equity Incentive Plan, the declaration of the Dividend and the approval of the Investment Transaction and the Repurchase Transaction; and
(b) certified copies of the Certificate of Incorporation and the Bylaws of the Company, both of which shall be in full force and effect under the laws of the State of Delaware as of the Closing and shall not have been amended or modified.

 (ii) the Company, the Selling Stockholders, the Investors and all Persons listed on the signature pages
attached thereto shall enter into: (a) an Amended and Restated Voting Agreement in the form of Exhibit B attached hereto (the “Voting Agreement”); (b) an Amended and Restated Investor Rights in the form of
Exhibit C attached hereto (the “Investors Rights Agreement”); and (c) an Amended and Restated Right of First Refusal Agreement in the form of Exhibit D attached hereto (the “ROFR
Agreement”). 
 (iii) the Company shall enter into a Management Rights Agreements with the Investors in
the forms of Exhibit E and Exhibit F attached hereto (the “Management Rights Agreements”). 
 (iv) the Company and the Directors nominated by the Investors (as defined in the Voting Agreement) shall enter into a Director Indemnification Agreement in the form of Exhibit G attached
hereto (the “Director Indemnification Agreement”). 
 (v) each of the Selling Stockholders shall
execute and deliver a Non-Competition Agreement in the form of Exhibit H attached hereto (the “Non-Competition Agreement”). 
 (vi) each of the Selling Stockholders shall execute and deliver a No-Hire and Non-Solicitation Agreement in the form of Exhibit I attached hereto (the “No-Hire and Non-Solicitation
Agreement”). 

  
 -4-

 ARTICLE 3 
 CONDITIONS TO THE OBLIGATIONS OF THE INVESTORS 
 The obligation of the Investors to consummate the
transactions contemplated hereby at the Closing is subject to the satisfaction as of the Closing of the following conditions (any of which may be waived in whole or in part solely by the unanimous consent of all Investors): 

 

	 	3A.	Representations and Warranties 

 Each of the representations and warranties contained in ARTICLE 6 and ARTICLE 7 hereof that are subject to materiality qualifications shall be true and correct in all respects at
and as of the Closing, and each of the representations and warranties contained in ARTICLE 6 and ARTICLE 7 hereof that are not subject to materiality qualifications shall be true and correct in all material respects at and as
of the Closing, in each case as though made on and as of the Closing Date. 
  

	 	3B.	Covenants 

 The Company
and the Selling Stockholders shall have performed in all material respects all of the covenants required to be performed by such Parties hereunder prior to the Closing. 

 

	 	3C.	Closing Certificate 

 The
Investors shall have received a certificate of the Company, signed by an officer of the Company, stating that the conditions specified in Paragraphs 3A and 3B have been fully satisfied. 

 

	 	3D.	Opinion 

 The Company
shall have received the opinion of Valuation Research Corporation that the payment of the Dividend (i) will not cause the Company to be insolvent and (ii) satisfies the financial requirements of applicable corporate law and the Dividend
shall have been declared by the Company’s board of directors (“Board”) with a record date prior to the Closing Date. 
  

	 	3E.	Repurchase Transaction 

The Company and the Selling Stockholders shall have simultaneously consummated the Repurchase Transaction in the manner set forth in
Paragraph 2C. 
  

	 	3F.	Litigation 

 No suit,
action or other proceeding shall be pending or threatened before any Governmental Entity seeking to restrain or prohibit the transactions contemplated hereby (other than any such suit, action or proceeding brought by any of the Parties against any
of the other Parties), and no injunction, judgment, order, decree or ruling with respect thereto shall be in effect. 
  

	 	3G.	Third Party Consents and Approvals 

 The Company shall have received or obtained all consents and approvals that are required in order to prevent a breach of or default under, a termination or modification of, or acceleration of the terms
of, any contract, agreement or document identified with an asterisk “(*)” on the attached Contracts Schedule (collectively, the “Third Party Approvals”) as a result of the consummation of the transactions contemplated
hereby, in each case on terms and conditions reasonably satisfactory to the Investors. 

  
 -5-

	 	3H.	Governmental Consents and Approvals 

 The Parties shall have received or obtained all governmental and regulatory consents and approvals that are required to consummate the transactions contemplated by this Agreement (collectively, the
“Governmental Approvals”). 
  

	 	3I.	Good Standing Certificate 

The Investors shall have received a good standing certificate of the Company from the Secretary of State of the State of Delaware, dated
as of a date not more than three (3) business days prior to the Closing Date. 
  

	 	3J.	Material Adverse Effect 

Since February 29, 2011, there shall have been no Material Adverse Effect. 

 

	 	3K.	Internal Investigation Report 

 The Investors shall have received the final report detailing the results of the Company’s internal investigation regarding the Company’s compliance with applicable U.S. export control and
economic sanctions laws, regulations administered by the U.S. Office of Foreign Asset Control (“OFAC”), the U.S. Department of Commerce (“Commerce”) and the Department of State (“State”) (the
“Internal Investigation Report”) and shall have had ten (10) business days to review the Internal Investigation Report. 
 ARTICLE 4 
 CONDITIONS TO THE OBLIGATIONS OF THE COMPANY 

The obligation of the Company to consummate the transactions contemplated hereby at the Closing is subject to the satisfaction as of the Closing of the
following conditions (any of which may be waived in whole or in part solely by the Company): 
  

	 	4A.	Representations and Warranties 

 Each of the representations and warranties contained in ARTICLE 7 and ARTICLE 8 hereof that are subject to materiality qualifications shall be true and correct in all respects at
and as of the Closing, and each of the representations and warranties contained in ARTICLE 7 and ARTICLE 8 hereof that are not subject to materiality qualifications shall be true and correct in all material respects at and as
of the Closing, in each case as though made on and as of the Closing Date. Covenants. The Investors shall have performed in all material respects all of the covenants required to be performed by the Investors hereunder prior to the Closing.
The Selling Stockholders shall have performed in all material respects all of the covenants required to be performed by the Selling Stockholders hereunder prior to the Closing. 

 

	 	4C.	Litigation 

 No suit,
action or other proceeding shall be pending or threatened before any Governmental Entity seeking to restrain or prohibit the transactions contemplated hereby (other than any such suit, action or proceeding brought by any of the Parties against any
of the other Parties), and no injunction, judgment, order, decree or ruling with respect thereto shall be in effect. 

  
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	 	4D.	Governmental Consents and Approvals 

 The Parties shall have received or obtained all Governmental Approvals that are required to consummate the transactions contemplated hereby. 

 

	 	4E.	Investment Transaction 

The Investors shall have simultaneously purchased the shares of Series B Preferred and delivered the Preferred Stock Purchase Price
to the Company in the manner set forth in Paragraph 2B. 
  

	 	4F.	Repurchase Transaction 

The Selling Stockholders shall have tendered their shares of Common Stock to consummate the Repurchase Transaction in the manner set forth
in Paragraph 2C. 
  

	 	4G.	Opinion 

 The Company
shall have received the opinion of Valuation Research Corporation that the payment of the Dividend (a) will not cause the Company to be insolvent and (b) satisfies the financial requirements of applicable corporate law. 

ARTICLE 5 

CONDITIONS TO THE OBLIGATIONS OF THE SELLING STOCKHOLDERS 
 The obligation of the Selling Stockholders to consummate the transactions contemplated hereby at the Closing is subject to the satisfaction as of the Closing of the following conditions (any of which may
be waived in whole or in part solely by the unanimous consent of the Selling Stockholders): 
  

	 	5A.	Representations and Warranties 

 Each of the representations and warranties contained in ARTICLE 8 that are subject to materiality qualifications shall be true and correct in all respects at and as of the Closing, and each of the
representations and warranties contained in ARTICLE 8 hereof that are not subject to materiality qualifications shall be true and correct in all material respects at and as of the Closing, in each case as though made on and as of the Closing
Date. 
  

	 	5B.	Covenants 

 The Company
shall have performed in all material respects all of the covenants required to be performed by the Company hereunder in connection with the Repurchase Transaction prior to the Closing. 

 

	 	5C.	Litigation 

 No suit,
action or other proceeding shall be pending or threatened before any Governmental Entity seeking to restrain or prohibit the Repurchase Transaction (other than any such suit, action or proceeding brought by any of the Parties against any of the
other Parties), and no injunction, judgment, order, decree or ruling with respect thereto shall be in effect. 

  
 -7-

	 	5D.	Opinion 

 The Company
shall have received the opinion of Valuation Research Corporation that the payment of the Dividend (i) will not cause the Company to be insolvent and (ii) satisfies the financial requirements of applicable corporate law and the Dividend
shall have been declared by the Company’s Board with a record date prior to the Closing Date. 
  

	 	5E.	Repurchase Transaction 

 The Company and
the Selling Stockholders shall have simultaneously consummated the Repurchase Transaction in the manner set forth in Paragraph 2C. 
 ARTICLE 6 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

As a material inducement to the Investors to enter into this Agreement and purchase the Series B Preferred hereunder, the Company
hereby represents and warrants to the Investors, as of the date of this Agreement, that except as set forth in the disclosure letter delivered by the Company to the Investors pursuant to Paragraph 9I(ix) hereof (which disclosures shall
identify the paragraph or subparagraph of this Agreement to which they apply but shall also qualify such other paragraphs or subparagraphs of this Agreement to the extent that it is reasonably apparent on its face (with or without a specific
cross-reference) from a reading of the disclosure items that such disclosure is applicable to such other paragraph or subparagraph) (the “Company Disclosure Letter”) as follows: 

 

	 	6A.	Organization, Corporate Power and Licenses 

 The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which its ownership of
property or conduct of business requires it to qualify, except where the failure to be so qualified would not have a Material Adverse Effect. The Company possesses all requisite corporate power and authority and all Licenses and authorizations
necessary to own and operate its properties, to carry on its businesses as now conducted and to carry out the transactions contemplated by this Agreement, except for those Licenses the failure of which to have would not reasonably be expected to
(x) subject the Company to any material liability or (y) adversely affect in any material respect the Company’s ability to conduct its business as presently conducted. A correct and complete copy of the Company’s current Bylaws
have been furnished or made available to the Investors’ counsel, and there are no amendments to the Company’s current Bylaws that have not been furnished or made available to the Investors’ counsel. The attached Officers and
Directors Schedule lists all of the current officers and directors of the Company and each of its Subsidiaries on the date hereof. 
  

	 	6B.	Capital Stock and Related Matters 

 (i) On the date hereof, the authorized capital stock of the Company consists of (a) 31,500,000 shares of preferred stock, of which 31,500,000 shares are designated as Series A Preferred Stock
and 30,150,753 of which are outstanding and held by certain of the Investors as set forth on the attached Capitalization Schedule and (b) 195,000,000 shares of Common Stock, of which 105,762,189 shares are issued and outstanding and held
of record by the Selling Stockholders and other Persons as set forth on the attached Capitalization Schedule, 31,500,000 shares are reserved for issuance upon conversion of the Series A Preferred and 21,516,196 shares are reserved for
issuance upon exercise of stock options or vesting of restricted stock units issued or available for issuance under the Equity Incentive Plan. 

  
 -8-

 (ii) Immediately following the consummation of the Investment Transaction
and the Repurchase Transaction, the authorized capital stock of the Company will consist of (a) 52,878,666 shares of preferred stock, of which 30,150,753 are outstanding shares will be designated as Series A Preferred Stock and held by
certain of the Investors as set forth on the attached Capitalization Schedule and 22,727,913 shares will be designated as Series B Preferred Stock and held by the Investors as set forth on the Schedule of Investors and
(b) 210,307,804 shares of Common Stock, of which 83,034,276 shares shall be issued and outstanding and held of record by the Selling Stockholders and other Persons as set forth on the attached Capitalization Schedule, 52,878,666 shares
shall be reserved for issuance upon conversion of the Series A Preferred and the Series B Preferred and 21,516,196 shares shall be reserved for issuance upon exercise of stock options or vesting of restricted stock units issued or
available for issuance under the Equity Incentive Plan. 
 (iii) Except as set forth on the Capitalization
Schedule and except as provided in this Agreement, on the date hereof, neither the Company or any of its Subsidiaries will have authorized or outstanding any stock or securities convertible or exchangeable for any shares of its capital stock or
containing any profit participation features, nor any rights (whether contract rights or otherwise) or options to subscribe for or to purchase or otherwise acquire its capital stock or any stock or securities convertible into or exchangeable for its
capital stock or any stock appreciation rights or phantom stock plans. Neither the Company or any of its Subsidiaries is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital stock
or any warrants, options or other rights to acquire its capital stock, other than in connection with the Repurchase Transaction and as set forth in the Certificate of Incorporation. All of the outstanding shares of the Company’s capital stock
were validly issued and are fully paid and non-assessable. 
 (iv) Except as set forth on the Capitalization
Schedule and except as provided in the Investors’ Rights Agreement, there are no statutory or contractual shareholder preemptive rights or rights of first refusal or other similar restrictions with respect to the issuance of the
Series B Preferred hereunder, the issuance of any Common Stock upon the conversion of the Preferred Stock or the consummation of the Repurchase Transaction, provided, however, the Common Stock issuable upon conversion of the Preferred Stock is
subject to restrictions on transfer under applicable federal or state securities Laws. Subject to the accuracy of the Investors’ representations and warranties in ARTICLE 8, and the representations and warranties made by all of the
Company’s investors in connection with the offer, sale or issuance of all equity securities previously issued, the Company has not violated, in any material respect, any applicable federal or state securities Laws in connection with the offer,
sale or issuance of any of its equity securities and the issuance of the Series B Preferred hereunder and the issuance of Common Stock upon the conversion of the Preferred Stock does not require registration under the Securities Act or any
applicable state securities Laws. Except as set forth in the Voting Agreement, there are no agreements or understandings between the Company, on the one hand, and the Company’s shareholders or any other Person on the other hand with respect to
the voting or transfer of the Company’s capital stock or with respect to any other aspect of the Company’s governance and, to the Company’s knowledge, there is no agreement among the Company’s shareholders or among any other
person with respect to the foregoing. 

  
 -9-

	 	6C.	Subsidiaries; Investments 

 The attached Investments and Subsidiaries Schedule correctly sets forth the name of each Subsidiary of the Company, the jurisdiction of its incorporation and, with respect to any wholly-owned
Subsidiary, the Persons owning the outstanding capital stock of such Subsidiary and, with respect to any non wholly-owned Subsidiary, the ownership interest of the Company or its direct or indirect Subsidiary in such entity. Each Subsidiary is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, possesses all requisite corporate power and authority and all material Licenses and authorizations necessary to own its properties and to carry
on its businesses as now being conducted and is qualified in every jurisdiction in which the failure to so qualify has had or could reasonably be expected to have a Material Adverse Effect. All of the outstanding shares of capital stock of each
Subsidiary are validly issued, fully paid and nonassessable, and all such shares that are owned by the Company or another Subsidiary are free and clear of any Encumbrance and not subject to any option or right to purchase any such shares. Neither
the Company nor any Subsidiary has any obligation to make any additional Investments in any Person. 
  

	 	6D.	Authorization; No Breach 

 The execution, delivery and performance of this Agreement, the Voting Agreement, the Investors’ Rights Agreement and all of the other agreements and instruments contemplated hereby to which the
Company is a party, the offering, sale and issuance of the Series B Preferred, the consummation of the Repurchase Transaction and the issuance of Common Stock upon the conversion of the Preferred Stock have been duly authorized by the Company.
This Agreement, when executed and delivered by the Company, constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or similar Laws from time to time in effect which affect creditors’ rights generally and by general principles of equity, and the Certificate of Incorporation, when filed under the laws of the State of Delaware in accordance with
the terms hereof, and all other agreements and instruments contemplated hereby to which the Company is a party, except for the Non-Competition Agreement and No-Hire and Non-Solicitation Agreements, when executed and delivered by the Company in
accordance with the terms hereof, shall each constitute a valid and binding obligation of the Company, enforceable in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar
Laws from time to time in effect which affect creditors’ rights generally and by general principles of equity. The execution and delivery by the Company of this Agreement, the Voting Agreement, the Investors’ Rights Agreement and all other
agreements and instruments contemplated hereby to which the Company is a party, the issuance of the Series B Preferred, the consummation of the Repurchase Transaction, the issuance of Common Stock upon the conversion of the Preferred Stock and
the fulfillment of and compliance with the respective terms hereof and thereof by the Company do not and shall not (i) conflict with or result in a breach of the material terms, conditions or provisions of, (ii) constitute a default under
(whether with or without the passage of time, the giving of notice or both), (iii) result in the creation of any Lien or Encumbrance upon the Company’s capital stock or assets pursuant to, (iv) give any third party the right to
modify, terminate or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any third party or any
Governmental Entity pursuant to, the Certificate of Incorporation or Bylaws, or any Law to which the Company is subject, or any Material Contract, order, judgment or decree to which the Company is subject, and, in the case of Laws to which the
Company is subject and Material Contracts, as could not reasonably be expected to have a Material Adverse Effect. 
  

	 	6E.	Financial Statements 

Attached hereto as the Financial Statements Schedule are the following financial statements (the “Financial
Statements”): 
 (i) the audited consolidated balance sheet of the Company and its consolidated
Subsidiaries as of February 28, 2011 and February 28, 2010 and the related statements of income and cash flows (or the equivalent) for the fiscal year then ended; and 

  
 -10-

 (ii) the unaudited consolidated balance sheet of the Company and its
consolidated Subsidiaries as of May 31, 2012 and the related statements of income and cash flows (or the equivalent) for the fiscal year then ended (the “Latest Balance Sheet”). 

Each of the foregoing Financial Statements (including the notes thereto, if any) presents fairly in all material respects the financial condition and
results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates thereof and for the periods covered thereby (subject, in the case of the unaudited Financial Statements, to normal and recurring year-end audit
adjustments) and has been prepared in accordance with GAAP consistently applied throughout the periods covered thereby (subject, in the case of the Latest Balance Sheet, to the absence of footnote disclosures and normal and recurring year-end audit
adjustments (none of which are expected to be material)). 
  

	 	6F.	Absence of Undisclosed Liabilities 

 Neither the Company nor any of its Subsidiaries has any obligation or liability (whether accrued, absolute, contingent, unliquidated or otherwise, whether due or to become due and regardless of when
asserted) arising out of transactions entered into by the Company or any of its Subsidiaries, or state of facts existing at or prior to the date hereof, or any action or inaction on the part of the Company or any of its Subsidiaries at or prior to
the date hereof, other than: (i) liabilities set forth on the face of the Latest Balance Sheet (rather than in any notes thereto); (ii) liabilities and obligations which have arisen after the date of the Latest Balance Sheet in the
ordinary course of business (none of which is a liability resulting from noncompliance with any applicable Laws, breach of contract, breach of warranty, tort, infringement, claim or lawsuit); (iii) obligations in respect of the transactions
contemplated hereby; (iv) obligations under executory contracts entered into by the Company or any of its Subsidiaries in the ordinary course of business consistent with past practice and (v) liabilities that individually could not
reasonably be expected to exceed $500,000. Notwithstanding the foregoing, this representation and warranty will not apply to (and will exclude) any liability arising out of or related to facts, events, transactions, or actions or inactions, the
subject matter of which is specifically addressed by another representation or warranty set forth in this Article 6. 
  

	 	6G.	Accounts Receivable 

 All
accounts and notes receivable reflected on the Latest Balance Sheet and all accounts receivable which have arisen after that date (net of allowances for doubtful accounts or provision for returns or other offsets as reflected thereon or, with
respect to accounts receivable that have arisen since the date of the Latest Balance Sheet in the books and records of the Company and its consolidated Subsidiaries) are not, to the knowledge of the Company, subject to any valid set-off or
counterclaim. No Person has any Lien on such receivables or any part thereof (other than Permitted Encumbrances). 
  

	 	6H.	No Material Adverse Effect 

Since February 29, 2012 through the date hereof, there has not occurred any fact, event or circumstance which has had or would
reasonably be expected to have a Material Adverse Effect. Since February 29, 2012 through the date hereof, the Company and each of its Subsidiaries has conducted its business only in the ordinary course of business. 

  
 -11-

	 	6I.	Absence of Certain Developments 

 Except as expressly contemplated by this Agreement and all of the other agreements and instruments contemplated hereby to which the Company is a party, since February 29, 2012 through the date
hereof, neither the Company nor any of its Subsidiaries has: 
 (i) issued any notes, bonds or other debt or any
capital stock or other equity securities or any securities or rights convertible, exchangeable or exercisable into any capital stock or other equity securities; 
 (ii) borrowed or incurred or become subject to any material liabilities, except as set forth in the Latest Balance Sheet or Section 6(g) of the Company Disclosure Letter and except for current
liabilities incurred in the ordinary course of business; 
 (iii) discharged or satisfied any material Lien or
paid any obligations in excess of $500,000, other than current liabilities paid in the ordinary course of business; 
 (iv) declared, set aside or made any payment or dividend of cash or other property to any of the Company’s stockholders, or purchased, redeemed or otherwise acquired any stockholders’ equity
securities (including any warrants, options or other rights to acquire equity securities), except for repurchases from employees, directors or consultants pursuant to the terms of their stock option or purchase agreements or similar agreements;

 (v) mortgaged or pledged any of its properties or assets or subjected them to any Lien, except for Permitted
Encumbrances; 
 (vi) sold, assigned, leased, licensed or otherwise transferred any of its material tangible
assets, except in the ordinary course of business consistent with past practice; 
 (vii) canceled, compromised,
waived, or released any material right or claim (outside of the ordinary course of business); 
 (viii) other
than in the ordinary course of business, sold, assigned, transferred, leased, licensed or otherwise encumbered any material Company Intellectual Property Rights, disclosed any proprietary confidential information related to any Company Intellectual
Property Rights to any Person (other than to the Investors and other than in circumstances in which it has imposed reasonable confidentiality restrictions), or abandoned or permitted to lapse any Company Intellectual Property Rights material to its
business; 
 (ix) made or granted any bonus or any wage or salary increase to any executive officer (except as
approved by the Compensation Committee of the Board or required by pre-existing Material Contracts and for changes in compensation in the ordinary course of business and consistent with past practice in connection with promotions or periodic
reviews), or, except as approved by the Compensation Committee of the Board or as required by Law, made or granted any material increase in any employee benefit plan or arrangement applicable to any executive officer, or amended or terminated any
existing employee benefit plan or arrangement or adopted any new employee benefit plan or arrangement applicable to any executive officer; 
 (x) made capital expenditures or commitments therefor that aggregate in excess of $500,000, except as otherwise contemplated and permitted by the Company’s current business plan and budget approved
by the Board of Directors; 

  
 -12-

 (xi) made any loans or advances to, guarantees for the benefit of, or any
Investments in, any Person (including incorporation of any Subsidiary), other than advances to employees in the ordinary course of business consistent with past practice; 

(xii) made any charitable contributions or pledges exceeding in the aggregate $200,000 or made any political
contributions; 
 (xiii) suffered any damage, destruction or casualty loss exceeding in excess of $200,000, that
is not covered by insurance; 
 (xiv) made any change in any method of accounting or accounting policies that is
material, except as required by concurrent changes in GAAP; 
 (xv) amended its certificate of incorporation,
bylaws or other organizational documents; 
 (xvi) entered into any agreement or arrangement prohibiting or
restricting it from freely engaging in its current business; 
 (xvii) entered into any collective bargaining
agreement or other agreement with a labor organization; 
 (xviii) entered into any Material Contract outside of
the ordinary course of business; or 
 (xix) agreed to do any of the foregoing. 

 

	 	6J.	Assets 

 The Company or
one of its Subsidiaries has good and valid title to, a valid leasehold interest in, or a valid license to use, the properties and tangible assets, used by it, located on its premises or shown on the Latest Balance Sheet or acquired thereafter, free
and clear of all Liens, except for (i) properties and tangible assets disposed of in the ordinary course of business since the date of the Latest Balance Sheet, (ii) Liens disclosed on the Latest Balance Sheet and (iii) Permitted
Encumbrances. Each of the Company and its Subsidiaries owns or has a valid leasehold interest in, all of the material tangible assets, properties and rights necessary for the conduct of its business as presently conducted. Notwithstanding any other
provision of this Paragraph (k) to the contrary, no representation or warranty is made in this Paragraph (k) with respect to Intellectual Property Rights. 
  

	 	6K.	Indebtedness 

 Neither the
Company nor any of its consolidated Subsidiaries has any Indebtedness. As of the Closing, neither the Company, nor any of its consolidated Subsidiaries shall have any Indebtedness. 

 

	 	6L.	Tax Matters 

 (a) each of the Company and each of its Subsidiaries has filed all Tax Returns which it is required to file under applicable laws and regulations, and all such Tax Returns are complete and correct in all
material respects and have been prepared in material compliance with all applicable laws and regulations; 

  
 -13-

 (b) each of the Company and each of its Subsidiaries has paid all Taxes due
and owing by it (whether or not such Taxes are shown or required to be shown on a Tax Return) and has withheld and paid over to the appropriate taxing authority all Taxes which it is required to withhold from amounts paid or owing to any employee,
shareholder, creditor or other third party; 
 (c) none of the Company or any of its Subsidiaries has
(1) waived any statute of limitations with respect to any Taxes or agreed to any extension of time for filing any Tax Return which has not been filed or (2) consented to extend to a date later than the date hereof the period in which any
Tax may be assessed or collected by any taxing authority; 
 (d) the Latest Balance Sheet contains an adequate
accrual or reserve for all Tax liabilities of the Company and its Subsidiaries as of the date thereof in accordance with relevant GAAP, and, since the date of the Latest Balance Sheet, none of the Company or any of its Subsidiaries has incurred any
liability for Taxes other than in the ordinary course of business; 
 (e) no foreign, federal, state or local tax
audits or administrative or judicial Tax proceedings are being conducted, pending, or, to the knowledge of the Company, threatened, with respect to the Company or any of its Subsidiaries; 

(f) none of the Company or any of its Subsidiaries has received from any foreign, Federal, state or local taxing authority
any notice of deficiency or proposed adjustment for any amount of Tax; 
 (g) there are no written claim has been
made within the past three (3) years by a taxing authority in a jurisdiction where the Company or any of its Subsidiaries does not file Tax Returns that allege such entity is or may be subject to Taxes assessed by such jurisdiction; 

(h) none of the Company or any of its Subsidiaries has filed or been included in a combined, consolidated or unitary
income Tax Return or any Person other than the Company; 
 (i) none of the Company or any of its Subsidiaries is
(1) a party to or bound by any Tax allocation or Tax sharing agreement or (2) liable for the Taxes of another Person (A) as a transferee or successor or (B) by contract, indemnity, or otherwise; 

(j) none of the Company or any of its Subsidiaries has filed or been included in a combined, consolidated or unitary
income Tax Return or any Person other than the Company; 
 (k) none of the Company or any of its Subsidiaries is
(1) a party to or bound by any Tax allocation or Tax sharing agreement or (2) liable for the Taxes of another Person (A) as a transferee or successor or (B) by contract, indemnity, or otherwise; 

(l) none of the Company or any of its Subsidiaries has a permanent establishment in any foreign country, as defined in the
relevant tax treaty between the United States and such foreign country; 
 (m) to the Company’s knowledge,
none of the Company or any of its Subsidiaries has (1) granted to any Person an interest in a nonqualified deferred compensation plan (as defined in Code Section 409A(d)(1)) which interest has been or, upon the lapse of a substantial risk
of forfeiture with respect to such interest, will be subject to the Tax imposed by Code Sections 409A(a)(1)(B) or 409A(b)(4)(A), (2) modified the terms of any nonqualified 

  
 -14-

 
deferred compensation plan in a manner that could cause an interest previously granted under such plan to become subject to the Tax imposed by Code Sections 409A(a)(1)(B) or 409A(b)(4), or
(3) any obligation to indemnify or otherwise reimburse any employee or other service provider for Taxes imposed on such Person as a result of the application of Section 409A of the Code to any deferred compensation arrangement to which the
Corporation or the Company is a party; and 
 (n) there are no Liens for Taxes (other than for current Taxes not
yet due and payable) upon the assets of the Company or any of its Subsidiaries. 
 Notwithstanding the foregoing representations and warranties
in this Section 6L, for purposes of disclosure only (i.e. not for indemnification purposes) the Company and its Subsidiaries shall have no obligation to provide disclosure with respect to any individual matter as to which the aggregate
liability for Taxes related thereto is not expected to exceed an aggregate of $50,000 (each, an “Undisclosed Tax Matter”). For the avoidance of doubt, each Undisclosed Tax Matter shall be subject to indemnification pursuant to the
provisions of Paragraph 9B below. 
  

	 	6M.	Contracts and Commitments 

 (i) Except as expressly contemplated by this Agreement, as of the date hereof, neither the Company nor any of its Subsidiaries is a party to or bound by any: 

(a) contract (other than distribution agreements, reseller agreements and intercompany agreements) which provides for the
grant of rights to manufacture, produce, assemble, market, or sell the Company Products to any other Person, or that limits the Company’s and its Subsidiaries’ exclusive right to develop, manufacture, assemble, distribute, market or sell
the Company Products, in each case that involves annual consideration in excess of $500,000; 
 (b) contract
which imposes any limitation on the Company’s and its Subsidiaries freedom to engage or participate, or compete with any other Person, in any line of business, market or geographic area; 

(c) contract pursuant to which it has agreed to provide any Person with access to the Source Code for any of the material
Company Products, or to provide for the Source Code of any of the Company Products to be put in escrow; 
 (d)
contract which includes any settlement, consent-to-use, standstill or standalone indemnification obligation with respect to Company Intellectual Property rights, which involve total consideration in excess of $500,000; or 

(e) any other agreement that is material to the operation of the Company’s business and which involves annual
consideration in excess of $500,000, other than agreements in the ordinary course of business. 
 (ii) All of the
contracts, agreements and instruments set forth or required to be set forth in Section 6(m) of the Company Disclosure Letter (each, a “Material Contract”) are valid, binding and enforceable against the Company or its
Subsidiaries, as applicable, and, to the knowledge of the Company, against the other parties thereto, in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time
to time in effect which affect creditors’ rights generally and by general principles 

  
 -15-

 
of equity. Each of the Company and its Subsidiaries is not in receipt of any claim of material default or material breach under each Material Contract; and neither the Company nor any of its
Subsidiaries has any knowledge of any breach or cancellation or anticipated cancellation by the other parties to any Material Contract. 
 (iii) Investors’ counsel have been furnished with a true and correct copy of each Material Contract, together with all amendments, waivers or other changes thereto, other than Material Contracts with
any of the Company’s Subsidiaries that are wholly-owned. 
  

	 	6N.	Intellectual Property Rights 

 (i) To the knowledge of the Company, the Company and/or its Subsidiaries exclusively own and possess all right, title and interest in and to, or have the right to use pursuant to a valid license set forth
in subsections (a) through (c) of Section 6(n) of the Company Disclosure Letter (or not required to be listed therein) all Intellectual Property used in or necessary to operate the Company’s and its
Subsidiaries’ business as currently conducted, free and clear of all Liens, except for Permitted Encumbrances; provided, that the Investors acknowledge that the Open Source Software used in or necessary to operate the Company’s and
its Subsidiaries’ business as currently conducted are not owned by the Company. 
 (ii)
Section 6(n)(ii) of the Company Disclosure Letter sets forth true, complete and correct lists, as of the date hereof, of all of the following of the Company and its Subsidiaries: (a) issued patents and pending patent applications;
(b) trademark and service mark registrations and pending applications for registration thereof; (c) copyright registrations and applications for registration thereof; (d) Internet domain name registrations; and (e) Company
Products. All such registered Intellectual Property is owned solely by the Company and its Subsidiaries and, to the knowledge of Company, is not invalid or unenforceable, and has not expired or been cancelled or abandoned except for Intellectual
Property not material to the business of the Company or its Subsidiaries. 
 (iii) All employees, officers,
consultants and independent contractors of the Company and its Subsidiaries that are engaged in the development of any material Intellectual Property for the Company have executed a written nondisclosure agreement (in the form provided to counsel
for the Investors) applicable to the protection of Confidential Information and to the ownership by the Company and its Subsidiaries of Intellectual Property. To the Company’s knowledge, none of its or any of its Subsidiaries’ employees,
officers, consultants or independent contractors is in violation thereof. Other than under an appropriate confidentiality or nondisclosure agreement or contractual provision relating to confidentiality and nondisclosure, there has been no disclosure
to any Person of material Confidential Information or trade secrets of the Company or any of its Subsidiaries. 

(iv) The Company and its Subsidiaries has made reasonable business determinations with respect to the steps it has taken
to maintain, protect and enforce all of the material Company Intellectual Property Rights. 
 (v) The
consummation of the transactions contemplated by this Agreement will not (a) entitle any Person to claim any right to use or practice the Company Intellectual Property Rights or cause the Company or any of its Subsidiaries to grant, or be
obligated to grant, to any Person any additional or new rights or licenses to the Company Intellectual Property Rights, or (b) impair the right, title or interest of the Company or any of its Subsidiaries in or to any of the Company
Intellectual Property Rights. 

  
 -16-

 (vi) To the Company’s knowledge, (A) neither the Company nor any
of its Subsidiaries has, infringed, misappropriated, diluted or otherwise violated (collectively, “Infringement”, “Infringe”, “Infringed” or “Infringing”), and (B) the conduct of the business of the
Company and its Subsidiaries as previously conducted and as currently conducted does not Infringe, any Intellectual Property Rights of any Person. The Company (a) does not know of any facts or circumstances that are reasonably likely to give
rise to a third Person prevailing in a claim of Infringement against Company or its Subsidiaries and (b) no suit has been made within the past four (4) years, is presently pending, or, to the Company’s knowledge, is threatened related
to infringement or, challenging the Company’s or its Subsidiaries’, as applicable, exclusive ownership, or the validity, enforceability or registrability, of any of the Company Intellectual Property Rights, and (c) neither the Company
nor any Subsidiary has requested nor received any opinions of counsel related to the foregoing. 
 (vii) Neither
the Company nor any Subsidiary has disclosed or licensed, and neither the Company nor any Subsidiary has a duty or obligation (whether present, contingent, or otherwise) to disclose or license the Source Code for any Company Product to any escrow
agent or to any Person who is not, as of the date of this Agreement, an employee of the Company or one of its Subsidiaries. To the Company’s knowledge, no event has occurred, and no circumstance or condition exists, that (with or without notice
or lapse of time) will, or could reasonably be expected to, result in the disclosure or license of the Source Code for any Company Product to any Person who is not, as of the date of this Agreement, an employee of the Company or one of its
Subsidiaries. 
 (viii) Neither the Company nor any Subsidiary has any obligation to develop any Software,
content, technology or other Intellectual Property on behalf of any third party. 
  

	 	6O.	Litigation, Etc 

 As of
the date hereof, (i) there are no (and in the last four years there have not been any) written actions, suits, proceedings (including any administrative, self regulatory organization or arbitration proceedings), orders, or, to the
Company’s knowledge, investigations or claims pending or threatened against the Company or its Subsidiaries (or to the Company’s knowledge, pending or threatened against any of the officers, directors or employees of the Company or any of
its Subsidiaries with respect to or its businesses), or pending or threatened by the Company or any of its Subsidiaries against any Person, at law or in equity, or before or by any Governmental Entity (including any actions, suits, proceedings or
investigations with respect to the transactions contemplated by this Agreement) that would result in material liability, either individually or in the aggregate, to the Company and its Subsidiaries; and (ii) neither the Company nor any of its
Subsidiaries is subject to any arbitration proceedings under collective bargaining agreements or otherwise or any governmental investigations or inquiries. The foregoing includes, without limitation, written actions pending or threatened involving
the prior employment of any of the current employees of the Company or any of its Subsidiaries, their use in connection with the Company’s or any of its Subsidiaries’ business of any information or techniques allegedly proprietary to any
of their former employers or their obligations under any agreements with prior employers. As of the date hereof, neither the Company nor any of its Subsidiaries is subject to any judgment, order or decree of any court or other governmental agency or
self-regulatory organization, and neither the Company nor any of its Subsidiaries has received any opinion or memorandum or advice from legal counsel or compliance personnel to the effect that it is exposed, from a legal standpoint, to any liability
which may be (individually or in the aggregate) material to its business. 

  
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	 	6P.	Brokerage 

 There are no
claims for brokerage commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement to which the Company or any of its Subsidiaries is a party or to
which the Company or any of its Subsidiaries is bound. 
  

	 	6Q.	Insurance 

 The Company
and each of its Subsidiaries maintains commercially reasonable levels of insurance with respect to its properties, assets and business, and each such policy is in full force and effect as of the date hereof. Neither the Company nor each of its
Subsidiaries is in default in any material respect with respect to its obligations under any insurance policy maintained by it. Neither the Company nor each of its Subsidiaries has any self-insurance or co-insurance programs. 

 

	 	6R.	Employees 

 To the
Company’s knowledge, no executive officer of the Company or any of its Subsidiaries and no key group of employees or independent contractors of the Company or any of its Subsidiaries has any plans to terminate employment with the Company or its
Subsidiaries. The Company and each of its Subsidiaries have complied in all material respects with all Laws relating to the employment of labor (including, without limitation, provisions thereof relating to wages, hours, equal opportunity,
collective bargaining and the payment of social security and other taxes) and have complied in all material respects with all Laws related to the licensing of employees under its applicable Licenses. To the Company’s knowledge, the Company is
not a party to any deferred compensation arrangement subject to Section 409A of the Code that does not comply with the requirements of Sections 409A(b)(2), (3), and (4). 

 

	 	6S.	ERISA 

(i) Neither the Company nor any of its Subsidiaries maintains, contributes to or has any actual or potential material
liability with respect to any (x) “employee pension benefit plan” (as defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) (a “Savings Plan”),
(y) “employee welfare benefit plan” (as defined in Section 3(1) of ERISA) (a “Welfare Plan”) or (z) to the Company’s knowledge, any nonqualified deferred compensation, incentive, bonus, severance,
retention, change-in-control, material fringe benefit, stock bonus or other material benefit arrangements (collectively (x), (y) and (z) above referred to as the “Plans”). 

(ii) Neither the Company nor any of its Subsidiaries maintains, contributes to or has any actual or potential liability
with respect to any active or terminated, funded or unfunded (w) employee benefit plan subject to Section 412 of the Code or Section 302 of Title I of ERISA, (x) multiemployer plan (as defined in Section 3(37) of ERISA),
(y) defined benefit plan (as defined in Section 3(35) of ERISA) or (z) plan or arrangement to provide medical, health, life insurance or other welfare-type benefits for current or future retired or terminated employees (except for
continued health benefit coverage required to be provided under Section 4980B of the Code or similar state Law). 

  
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 (iii) The Company has provided to the Investors accurate and complete copies
of each of the Plans and any related trusts, insurance contracts or other agreements, the most recent IRS favorable determination letter (if any) issued with respect to any Savings Plan, IRS Form 5500s (including all attachments) for any Savings
Plan and any Welfare Plan for the most recently completed plan year (unless the time for filing such 5500, including extensions has not yet passed, in which case the last filed 5500 shall be provided) and the most recent financial statement with
respect to any Savings Plan. 
 (iv) Each of the Plans and all related funding arrangements materially comply in
all material respects in form and operation with its terms and the applicable requirements of ERISA, the Code and any other Laws. Any Savings Plan has received a favorable GUST determination letter that it qualifies under the Code (and that its
trust is exempt from Tax under the Code). Neither the Company nor any of its Subsidiaries has taken any action and, to the knowledge of the Company, nothing has occurred since the date of such favorable determination letter that could reasonably be
expected to adversely affect the qualified status of any Savings Plan or the tax-exempt status of the trust. No asset of the Company or any of its Subsidiaries is subject to any Lien under ERISA or the Code. No Welfare Plan is self-insured.

 (v) None of the Company or any of its Subsidiaries, nor, to the knowledge of the Company, any trustee or
administrator of any Plan or other Person has engaged in any transaction with respect to any Plan which could subject the Stockholders or any of its employees to any material Tax, penalty or other liability imposed by ERISA or the Code. No material
actions, suits, investigations, inquiries, audits or written claims with respect to any of the Plans (other than routine claims for benefits) are pending or, to the knowledge of the Company, threatened, and the Company is not aware of any facts or
circumstances which could reasonably be expected to give rise to any such actions, suits, investigations, inquiries, audits or claims. The Company has complied in all material respects with the requirements of Section 4980B of the Code and
Section 601 et seq. of ERISA (“COBRA”). To the Company’s knowledge, each individual who has received compensation for the performance of services on behalf of the Stockholders has been properly classified as an employee or
independent contractor in accordance with applicable laws and each Plan has complied in all material respects with the “leased employee” provisions of the Code, if applicable. All contributions which are due under each of the Plans has
been made, and all other contributions not yet due have been properly accrued for by the Company and its Subsidiaries. None of the Plans has any unfunded liabilities which are not fully accrued on the Latest Balance Sheet. The Company and its
Subsidiaries have complied in all material respects with all reporting and disclosure obligations with respect to the Plans. 
 (vi) Neither the Company nor any of its Subsidiaries nor any affiliate has any material liability with respect to any “employee benefit plan” (as defined in Section 3(3) of ERISA) solely by
reason of being treated as a single employer under Section 414 of the Code with any trade, business or entity other than the Company and its Subsidiaries. 
  

	 	6T.	Compliance with Laws; Licenses; Certain Operations 

(i) To the Company’s knowledge, the Company and its Subsidiaries are, and since January 1, 2012 have been, in
compliance in all material respects with all applicable Laws of all Governmental Entities. No written notices have been received by and no claims have been filed against the Company or any of its Subsidiaries alleging a violation of any such Laws.
To the Company’s knowledge, neither the Company nor any of its Subsidiaries is under investigation with respect to violations of such Laws. 

  
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 (ii) Since January 1, 2012, the Company and its Subsidiaries hold and
are in compliance in all material respects with all Licenses of or from Governmental Entities required for the conduct of their businesses as presently conducted and the ownership of their properties, and the attached Licenses Schedule sets
forth a list of all of such Licenses; and no written notices have been received by the Company or any of its Subsidiaries alleging the failure to hold any of the foregoing. All of such Licenses will be available for use by the Company and its
Subsidiaries immediately after the Closing. 
 (iii) To the Company’s knowledge, neither the Company nor any
of its Subsidiaries has at any time made any bribes, kickback payments or unlawful compensation payments to Government Officials to obtain or retain business. The Company represents that it has not (and has not permitted any of its Subsidiaries or
any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any
third party, including any Non-U.S. Official, in each case, in violation of the Foreign Corrupt Practices Act of 1977, as amended, or any other similar applicable U.S. federal or state or non-U.S. Laws (the “FCPA”), the U.K. Bribery Act,
or any other applicable anti-bribery or anticorruption law. 
 (iv) Neither the Company nor any of its
Subsidiaries, nor any of their officers or directors, nor any agent acting on their behalf (i) has been or is designated on the OFAC’s Specially Designated Nationals and Blocked Persons List, Commerce’s Denied Persons List, the
Commerce Entity List, the State Department Debarred List, or any similar list of a Governmental Entity. Neither the Company nor any of its Subsidiaries has (ii) participated in any transaction involving such designated person or entity, or any
country that is subject to U.S. sanctions administered by OFAC and would be in violation of the OFAC sanctions regulations and (iii) exported or re-exported, directly or indirectly, any good, technology or service in violation of any applicable
U.S. export control or economic sanctions laws, regulations or orders administered by OFAC, Commerce or the State Department. 
  

	 	6U.	Affiliated Transactions 

No officer, director, shareholder or Affiliate of the Company (other than any of its Subsidiaries) or, to the Company’s knowledge,
any individual related by blood, marriage or adoption to any such individual or any entity in which any such Person or individual owns any beneficial interest, is a party to any material agreement, contract, commitment or transaction with the
Company or any of its Subsidiaries or has any interest in any property used by the Company or any of its Subsidiaries (including any Company Intellectual Property Rights). 

 

	 	6V.	Real Property 

Section 6(w) of the Company Disclosure Letter sets forth a list of all leases, subleases, licenses or other agreements for the use or
occupancy of any real property (the “Leased Real Property”) (including all amendments) held by the Company or any of its Subsidiaries (collectively, the “Leases”) and the address for each Leased Real Property. The
Company has delivered or made available to the Investors a true and complete copy of each material Lease. With respect to each of the Leases: (i) the Lease is valid, binding and enforceable against the Company and its Subsidiaries, as
applicable, and, to the knowledge of the Company, against the other parties thereto, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time to time in effect which affect creditors’
rights generally and by general principles of equity, and in full force and effect; (ii) the consummation of the transactions contemplated hereunder will not result in a breach of or default under the Lease;

  
 -20-

 
(iii) neither the Company, any of its Subsidiaries nor, to the Company’s knowledge, any other party to the Lease is in material breach or default under the Lease; (iv) neither the
Company nor any of its Subsidiaries nor, to the Company’s knowledge, the other party to the Lease has repudiated any term thereof; and (v) neither the Company or any of its Subsidiaries has assigned, subleased, mortgaged, deeded in trust
or otherwise transferred or encumbered the Lease or any interest therein. The Company and all of its Subsidiaries have valid title to all owned real property. 
 ARTICLE 7 
 REPRESENTATIONS AND WARRANTIES OF THE SELLING STOCKHOLDERS 

As a material inducement to the Investors to enter into this Agreement and purchase the Series B Preferred hereunder, each Selling Stockholder,
severally as to itself and not jointly with any other, or as to any other, Selling Stockholder hereby represents and warrants to the Investors and the Company as follows: 

 

	 	7A.	Capacity; Power and Authority 

 Such Selling Stockholder possesses all requisite capacity, power and authority to enter into and carry out the transactions contemplated by this Agreement. 

 

	 	7B.	Authorization; No Breach 

 This Agreement and all other agreements contemplated hereby to which such Selling Stockholder is a party, when executed and delivered by such Selling Stockholder in accordance with the terms hereof, shall
each constitute a valid and binding obligation of such Selling Stockholder, enforceable against such Selling Stockholder in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or
similar Laws from time to time in effect which affect creditors’ rights generally and by general principles of equity. The execution and delivery by such Selling Stockholder of this Agreement and all other agreements contemplated hereby to
which such Selling Stockholder is a party, the repurchase of such Selling Stockholder’s shares of Common Stock hereunder, and the fulfillment of and compliance with the respective terms hereof and thereof by such Selling Stockholder, do not and
shall not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under (whether with or without the passage of time, the giving of notice or both), (iii) result in the creation of
any lien, security interest, charge or encumbrance upon such Selling Stockholder’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of, or
(vi) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any third party or any Governmental Entity pursuant to, any Law to which such Selling Stockholder is subject, or any
agreement, instrument, order, judgment or decree to which such Selling Stockholder is subject. 
  

	 	7C.	Title to Shares, Etc 

Such Selling Stockholder is the sole record and beneficial owner of, and has good and marketable title to, the shares of Common Stock set
forth adjacent to such Selling Stockholder’s name on the Schedule of Selling Stockholders, free and clear of all Liens, agreements, voting trusts, proxies and other arrangements or restrictions of any kind whatsoever (collectively,
“Encumbrances”), other than Encumbrances created by this Agreement, the Voting Agreement and restrictions on transfer under applicable federal and state securities laws. At the Closing, such Selling Stockholder shall assign,
transfer, and contribute to the Company good and marketable title to shares of Common Stock set forth adjacent to such Selling Stockholder’s name on the Schedule of Selling Stockholders free and clear of all Encumbrances, other than
Encumbrances created by the Voting Agreement and restrictions on transfer under applicable federal and state securities laws. 

  
 -21-

	 	7D.	Brokerage 

 Except as set
forth on the attached Brokerage Schedule, there are no claims for brokerage commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement to which
such Selling Stockholder is a party or to which such Selling Stockholder is subject. 
  

	 	7E.	Litigation, Etc 

 As of
the date hereof, there are no actions, suits, proceedings (including any arbitration proceedings), orders, investigations or claims pending or, to such Selling Stockholder’s knowledge, threatened against or affecting such Selling Stockholder in
which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the transactions contemplated hereby. 
  

	 	7F.	Representations and Warranties of the Company 

 To the actual knowledge of such Selling Stockholder, each of the representations and warranties contained in ARTICLE 6 are true and correct in all respects as of the date hereof and as of the
Closing. 
  

	 	7G.	Access to Data 

 Such
Selling Stockholder has had an opportunity to ask questions of, and receive answers from, the officers of Company concerning this Agreement and any Transaction Agreements and transactions contemplated hereby and thereby, as well as the
Company’s business, management and financial affairs. Such Selling Stockholder believes that it has received all the information such Selling Stockholder considers necessary or appropriate for deciding whether to enter into this Agreement and
any Transaction Agreements to which it is a party and to accept an amount equal to such Selling Stockholder’s portion of the Common Stock Purchase Price allocable to such Selling Stockholder set forth on the Schedule of Selling Stockholders
attached hereto as consideration payable by the Company in connection with the Repurchase Transaction. 
  

	 	7H.	Advisors; Tax Liability 

 Such Selling Stockholder has reviewed with its own counsel and advisors the federal, state, local and foreign Tax consequences of the transaction contemplated by this Agreement and any Transaction
Agreements to which such Selling Stockholder is a party. Such Selling Stockholder acknowledges that it is relying solely on its own counsel and not on any statements or representations of the Company or its agents for legal or Tax advice with
respect to this Agreement, the Transaction Agreements and transactions contemplated hereby and thereby. Such Selling Stockholder understands that it (and not the Company) shall be responsible for any Tax liability of such Selling Stockholder that
may arise as a result of the transaction contemplated by this Agreement and any Transaction Agreements to which such Selling Stockholder is a party. 

  
 -22-

 ARTICLE 8 
 REPRESENTATIONS AND WARRANTIES OF THE INVESTORS 
 As a material inducement to the Company and the
Selling Stockholders to enter into this Agreement and take the actions set forth in ARTICLE 1 and ARTICLE 2, each Investor hereby represents and warrants to the Company and the Selling Stockholders as follows: 

 

	 	8A.	Organization, Power and Authority 

 Such Investor is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Such Investor possesses all requisite power and authority necessary to enter into
and carry out the transactions contemplated by this Agreement. 
  

	 	8B.	Authorization; No Breach 

 The execution, delivery and performance of this Agreement and all other agreements contemplated hereby to which such Investor is a party have been duly authorized by such Investor. This Agreement and all
other agreements contemplated hereby to which such Investor is a party, when executed and delivered by such Investor in accordance with the terms hereof, shall each constitute a valid and binding obligation of such Investor, enforceable in
accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws from time to time in effect which affect creditors’ rights generally and by general principles of equity. The
execution and delivery by such Investor of this Agreement and all other agreements contemplated hereby to which such Investor is a party, the purchase of shares of Series B Preferred hereunder, and the fulfillment of and compliance with the
respective terms hereof and thereof by such Investor, do not and shall not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under (whether with or without the passage of time, the
giving of notice or both), (iii) result in the creation of any lien, security interest, charge or encumbrance upon such Investor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any Governmental Entity pursuant to, the organizational
documents of such Investor, or any Law to which such Investor is subject, or any agreement, instrument, order, judgment or decree to which such Investor is subject. 
  

	 	8C.	Brokerage 

 There are no
claims for brokerage commissions, finders’ fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement to which such Investor is a party or to which such Investor is
subject. 
  

	 	8D.	Investment Representations 

 (i) Such Investor is acquiring Restricted Securities hereunder for its own account with the present intention of holding such securities for purposes of investment, and such Investor has no intention of
selling such securities in a public distribution in violation of the federal securities Laws or any applicable state securities Laws; provided that nothing contained herein shall prevent such Investor or any subsequent holder of such
Restricted Securities from transferring such securities in compliance with the provisions of Paragraph 12C below. 

  
 -23-

 (ii) Such Investor is an “accredited investor” as defined in Rule
501(a) under the Securities Act. 
 (iii) Such Investor has substantial experience in evaluating and investing in
private placement transactions of securities in companies similar to the Company and acknowledges that such Investor can protect its own interests. Such Investor has such knowledge and experience in financial and business matters so that such
Investor is capable of evaluating the merits and risks of its investment in the Company. 
 (iv) Such Investor
understands and acknowledges that the Company has a limited financial and operating history and that an investment in the Company is highly speculative and involves substantial risks. Such Investor can bear the economic risk of its investment and is
able, without impairing the Investor’s financial condition, to hold the Preferred Stock and the Common Stock issuable on conversion of the Preferred Stock for an indefinite period of time and to suffer a complete loss of such Investor’s
investment. 
 (v) Such Investor understands that the Restricted Securities to be purchased by it hereunder have
not been registered under the Securities Act on the basis that the sale provided for in this Agreement is exempt from the registration provisions thereof and that the Company’s reliance on such exemption is predicated in part upon the
representations of the Investors set forth herein. 
 (vi) Such Investor understands and acknowledges that no
public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 

 

	 	8E.	Rule 144 

 Such Investor
acknowledges that the Preferred Stock and the Common Stock issuable on conversion of the Preferred Stock must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. Such
Investor is aware of the provisions of Rule 144 promulgated under the Securities Act which permit resale of shares purchased in a private placement subject to the satisfaction of certain conditions, which may include, among other things, the
availability of certain current public information about the Company; the resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number of shares being sold during any three-month
period not exceeding specified limitations; the sale being effected through a “brokers’ transaction,” a transaction directly with a “market maker” or a “riskless principal transaction” (as those terms are defined
in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. Such Investor understands that the current public information
referred to above is not now available and the Company has no present plans to make such information available. Such Investor acknowledges and understands that notwithstanding any obligation under the Investors’ Rights Agreement, the Company
may not be satisfying the current public information requirement of Rule 144 at the time the Investor wishes to sell the Preferred Stock and the Common Stock issuable on conversion of the Preferred Stock, and that, in such event, such Investor may
be precluded from selling such securities under Rule 144, even if the other applicable requirements of Rule 144 have been satisfied. Such Investor acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration
under the Securities Act or an exemption from registration will be required for any disposition of the Preferred Stock and the Common Stock issuable on conversion of the Preferred Stock. Such Investor understands that, although Rule 144 is not
exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a 

  
 -24-

 
registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales and that such persons
and the brokers who participate in the transactions do so at their own risk. 
  

	 	8F.	Access to Data 

 Such
Investor has had an opportunity to ask questions of, and receive answers from, the officers of the Company concerning this Agreement and all of the other agreements and instruments contemplated hereby to which Such Investor is a party, as well as
the Company’s business, management and financial affairs, which questions were answered to its satisfaction. Such Investor believes that it has received all the information such Investor considers necessary or appropriate for deciding whether
to purchase the Series B Preferred and the Common Stock issuable on conversion of the Preferred Stock. Such Investor acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any
projections included in such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual
results. Such Investor also acknowledges that it is relying solely on its own counsel and not on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by this
Agreement and all of the other agreements and instruments contemplated hereby to which Such Investor is a party. The foregoing, however, does not limit or modify the representations and warranties of the Company in ARTICLE 6 of this
Agreement or the right of the Investors to rely thereon. 
  

	 	8G.	Tax Advisors 

 Each
Investor has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax consequences to such Investor of this investment and the transactions contemplated by this Agreement and all other agreements contemplated hereby to which
such Investor is a party. With respect to such matters, such Investor relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Such Investor understands that it (and not the
Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement and all other agreements contemplated hereby to which such Investor is a party. 

 

	 	8H.	Legends 

 Such Investor
understands and agrees that the certificates evidencing the Series B Preferred and the Common Stock issuable on conversion of the Preferred Stock, or any other securities issued in respect thereof upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall bear the following legend (in addition to any legend required by the Investors’ Rights Agreement or under applicable state securities laws): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER
EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 

  
 -25-

	 	8I.	Litigation, Etc 

As of the date hereof, there are no actions, suits, proceedings (including any arbitration proceedings), orders, investigations or claims
pending or, to such Investor’s knowledge, threatened against or affecting such Investor in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the transactions contemplated hereby. 

ARTICLE 9 

INDEMNIFICATION AND OTHER AGREEMENTS 
  

	 	9A.	Survival of Representations and Warranties 

 The representations and warranties in this Agreement and the schedules attached hereto or in any writing delivered by any Party to another Party in connection with this Agreement shall survive the Closing
as follows: 
 (i) the representations and warranties in Paragraphs 6A, 6B(i), 6B(ii),
6B(iii), 6C, 6D (the first two sentences), 6N(i), 6N(vi), 7A, 7B, 7C, 7D, 8A, 8B (the first two sentences) and 8C (each, an “Excluded
Representation”) shall survive until the applicable statute of limitations for which an Indemnitee may have liability thereunder; and 
 (ii) all other representations and warranties in this Agreement (and the Parties’ right to make indemnification claims hereunder based on such representations) shall terminate on the first
anniversary of the date hereof; 
 provided that a Party’s right to seek indemnification pursuant to Paragraph 9B for
any particular inaccuracy or breach shall survive the time at which it would otherwise terminate pursuant to this Paragraph 9A if a Claim Notice shall have been delivered to the Party against whom such indemnity may be sought prior to
such time (regardless of when Losses in respect thereof may actually be incurred). 
  

	 	9B.	General Indemnification 

 (i) Indemnification by the Company. Subject to the applicable limitations set forth in this ARTICLE 9, the Company shall indemnify each of the Investor Parties and save and hold each of
them harmless against and pay on behalf of or reimburse such Investor Parties as and when incurred for Losses which any such Investor Party suffers, sustains or becomes subject to as a result of: (a) any breach of any representation or warranty
of the Company under this Agreement; (b) any nonfulfillment or breach of any covenant, agreement or other provision under this Agreement by the Company; provided that (i) the Company shall not be liable to indemnify any of the
Investor Parties pursuant to clause (a) above (other than with respect to any Excluded Representation unless and until the Losses related thereto exceed an amount equal to $2,500,000 in the aggregate (the “Basket”);
(ii) the Company’s aggregate cash liability under clauses (a) and (b) above (other than with respect to the Excluded Representations) shall in no event exceed $20,000,000, but with it being understood, however, that nothing in
this Agreement (including this Paragraph 9B) shall limit or restrict any of the Investor Parties’ right to maintain or recover any amount from the Company in connection with any action or claim based upon fraud or intentional
misrepresentation). 
 For purposes of determining under ARTICLE 6 the inaccuracy or breach of any representation or
warranty herein or in any instrument or document delivered hereunder and the amount of any Losses that are indemnifiable hereunder, each such representation and warranty (other than the representation and

  
 -26-

 
warranty contained in the first sentence of Paragraph 6H) shall be read without regard and without giving effect to any materiality or Material Adverse Effect or similar qualification
contained therein (as if such standard or qualification were deleted from such representation or warranty). For the avoidance of doubt, the Parties agree that the dollar thresholds contained in Paragraphs 6M(i)(a), 6M(i)(d) and
6M(i)(e) shall not be disregarded by operation of the preceding sentence. 
 All indemnification payments received by any
Investor Party under this Paragraph 9B(i) shall be deemed adjustments to the Preferred Stock Purchase Price in respect of such Investor. 
 (ii) Indemnification by the Selling Stockholders. Each of the Selling Stockholders shall severally and not jointly indemnify the Company Parties and save and hold each of them harmless against and
pay on behalf of or reimburse such Company Party as and when incurred for any Losses in excess of the Basket (as defined in Section 9B(i)) which any such Company Party suffers, sustains or becomes subject to, as a result of: (a) any
breach of any representation or warranty of such Selling Stockholder under this Agreement; or (b) any nonfulfillment or breach of any covenant, agreement or other provision in this Agreement by such Selling Stockholder; provided that a
Selling Stockholder’s aggregate liability under clauses (a) and (b) above (other than with respect to the Excluded Representations) shall in no event exceed the amount paid to such Selling Stockholder in the Repurchase Transaction
(the “Stockholder Cap”), but with it being understood, however, that nothing in this Agreement (including this Paragraph 9B) shall limit or restrict any of the Company Parties’ right to maintain or recover any
amount from a particular Selling Stockholder in connection with any action or claim based upon fraud or intentional misrepresentation. For purposes of determining the inaccuracy or breach of any representation or warranty in ARTICLE 7
and the amount of any Losses that are indemnifiable hereunder, each such representation and warranty (including any representation or warranty referenced therein) shall be read without regard and without giving effect to any materiality or Material
Adverse Effect or similar qualification contained therein (as if such standard or qualification were deleted from such representation or warranty). The indemnification obligations of each Selling Stockholder shall be several and not joint and no
Selling Stockholder shall have any liability for any breach of representation or warranty by any other Selling Stockholder. All indemnification payments made by Selling Stockholders under this Paragraph 9B(ii) shall be deemed adjustments
to the amount paid to such Selling Stockholder in the Repurchase Transaction. 
 (iii) Indemnification by the
Investors. Each of the Investors shall severally and not jointly indemnify the Company Parties and save and hold each of them harmless against and pay on behalf of or reimburse such Company Party as and when incurred for Losses which any such
Company Party may suffer, sustain or become subject to, as a result of: (a) any breach of any representation or warranty of the Investors under ARTICLE 8 of this Agreement; or (b) any nonfulfillment or breach of any covenant,
agreement or other provision by the Investors under this Agreement 
 (iv) Nature of Certain Indemnification
Obligations. The representations and warranties of each of the Selling Stockholders in ARTICLE 7 of this Agreement and the covenants and agreements made by each of the Selling Stockholders under this Agreement in such Selling
Stockholder’s individual capacity that are required to be performed or complied with by such Selling Stockholder after the Closing (such as those set forth in Paragraph 9C of this Agreement) are several obligations. This means that
the particular Selling Stockholder making the representation, warranty, covenant or agreement will be solely responsible for any Losses the Company Parties may suffer as a result of any breach or nonfulfillment of any such representations,
warranties, covenants or agreements. 

  
 -27-

 (v) Manner of Payment. Except as otherwise provided in this
Paragraph 9B, any indemnification of the Investor Parties or the Company Parties pursuant to this Paragraph 9B shall be effected by wire transfer of immediately available funds from one or more of the Company, the Selling
Stockholders or the Investors, as the case may be, to an account designated by any Investor Party or Company Party, as the case may be, within 15 days after the determination thereof. 

(vi) Claims; Defense of Third Party Claims. Upon the occurrence of any event that any Person making a claim
for indemnification (an “Indemnitee”) asserts to be the basis for a claim for indemnification against any Person obligated to provide indemnification to such Indemnitee (an “Indemnitor”) under this
Paragraph 9B (a “Claim”), the Indemnitee shall deliver a Claim Notice to the Indemnitor in respect of the Claim in writing promptly after obtaining knowledge of the circumstances giving rise to such Claim (including,
with respect to any Claim arising from any action, lawsuit, proceeding, investigation, demand or other claim by a third party (a “Third Party Claim”), receiving written notice of such Third Party Claim). For purposes hereof, a
“Claim Notice” shall mean a certificate signed by an officer of such Party (A) stating that such Party has may suffer, sustain or become subject to Losses and specifying the individual items of Losses included in the amount so
stated, (B) describing the Claim in reasonable detail, including the nature of the facts giving rise to such Claim and the basis thereof (specifying the applicable representation, warranty or covenant), and (C) together with supporting
documentation as needed to provide the factual basis for such Claim, the amount reasonably necessary to satisfy such Claim, and the basis thereof. The delay or failure to so notify the Indemnitor shall not relieve the Indemnitor of its obligations
hereunder except to the extent that (and only to the extent that) such failure shall have caused the damages for which the Indemnitor is obligated to be greater, in the reasonable estimation of the trier of fact, than such damages would have been
had the Indemnitee given prompt notice hereunder. The Indemnitee shall respond promptly and in good faith to reasonable inquiries from the Indemnitor related to such Claim Notice. Whenever the Indemnitee shall have delivered a Claim Notice to the
Indemnitor, the Indemnitor may, within thirty (30) days after receipt of such Claim Notice, notify the Indemnitee that the Indemnitor disputes the Claim for indemnification set forth in the Claim Notice, setting forth in reasonable detail the
nature of the objections to the Claim in dispute (a “Dispute Notice”). If no Dispute Notice is delivered to the Indemnitee within such thirty (30) day period, such Claim shall be deemed valid, and the Indemnitor shall be
obligated to pay the Indemnitee the amount specified in the Claim Notice with respect to such Claim. With respect to any Third Party Claim, the Indemnitor shall be entitled to control the defense of the action, lawsuit, proceeding, investigation,
demand or other claim giving rise to such Claim. The Indemnitee shall reasonably cooperate with the Indemnitor in connection with the investigation and defense of such Third Party Claim and shall be entitled to participate in, but not determine or
conduct, the defense of such Third Party Claim, and employ counsel of its own choice for such purpose, at its own expense, and at its option. The Indemnitee and its counsel and other representatives shall not communicate with the claimants with
respect to any Third Party Claim, or their counsel or other representatives, about matters which may be relevant to such Third Party Claim or its defense or resolution, without the prior consent of the Indemnitor. 

(vii) Losses Net of Insurance. The amount of any Loss for which indemnification is provided under this
Paragraph 9B shall be net of any amounts actually recovered by the Indemnitee as a result of such Loss under insurance policies and any amount so recovered after the payment of indemnity shall be remitted to the Indemnitor(s) and, if
more than one, on a pro rata basis based on the amount of indemnity originally paid. 

  
 -28-

 (viii) Mini-Basket; Limitation on Diminution in Value Claims.
Notwithstanding anything herein to the contrary, the Investors shall not be entitled to any indemnification for (x) any individual event, occurrence, condition or set of facts or circumstances that would otherwise be indemnifiable pursuant to
Paragraph 9B (other than with regard to Excluded Representations) where the aggregate Loss actually incurred by the Company with respect thereto (together with Losses from any substantially similar event, occurrence, condition or set of
facts or circumstances) is less than One Hundred Thousand Dollars ($100,000) or (y) any portion of a Loss which is based on the diminution in value of the Series B Preferred resulting from the event, occurrence, condition or facts or
circumstances on which the indemnification claim was based. 
 (ix) Sole Remedy. Except as set forth in
Paragraph 9C, the Parties each acknowledge and agree that, following the Closing, the indemnification provisions in this Paragraph 9B shall be the sole and exclusive remedy of the Parties for all matters arising under or
relating to this Agreement, except in the case of fraud or intentional misrepresentation, in which case the party being subject to such fraud or intentional misrepresentation shall have all rights and remedies under this Agreement and provided by
law against the party that committed such fraud or intentional misrepresentation. 
  

	 	9C.	Special Indemnification 

Notwithstanding anything to the contrary, including, but not limited to, any limitations on indemnification set forth in
Paragraph 9B and any disclosures made by the Company or any other persons to the Investors on the Company Disclosure Letter attached hereto or otherwise or any knowledge of the Investors or their representatives or advisors, in the event
that the Company incurs aggregate Losses related to or incurred in connection with any failure by the Company to comply with any United States economic sanctions and export control laws, orders and regulations, including those administered by the
OFAC, Commerce, and any related state or local laws in excess of $10,000,000 (collectively, the “Excess Export Losses”, which, for the avoidance of doubt, shall apply to all Indemnitors), the Selling Stockholders will indemnify the
Investors and hold them harmless from and against an amount (the “Export Loss Indemnity Amount”) equal to the product of (i) the Excess Export Losses and (ii) the quotient, expressed as a decimal, determined by dividing
(i) the number of shares of Common Stock into which the Series B Preferred Stock then held by the Investors is then convertible by (ii) the total number of shares of Common Stock outstanding at such time (on an as-converted basis).
The Export Loss Indemnity Amount shall be satisfied by a cash payment of the Export Loss Indemnity Amount by each Selling Stockholder equal to the Export Loss Indemnity Amount multiplied by such Selling Stockholders Indemnity Percentage, as set
forth on the Schedule of Selling Stockholders, attached hereto. The liability of each Selling Stockholder pursuant to this Paragraph 9C shall be capped at the Repurchase Transaction Proceeds received by such Selling Stockholder as
set forth on the Schedule of Selling Stockholders attached hereto. All payments to the Investors under this Paragraph 9C shall be allocated among the Investors pro rata in accordance with each Investors’ relative ownership
interest in the Series B Preferred Stock at Closing (as set forth on the Schedule of Investors attached hereto). All indemnification payments under this Paragraph 9C shall be deemed to be adjustments to the purchase price
paid by the Investors hereunder. All obligations of the Selling Stockholders pursuant to this Paragraph 9C shall expire upon the earlier of (i) twenty-four (24) months from the date hereof or (ii) a Public Offering (as
defined in the Company’s Certificate of Incorporation). An example of how the special indemnification provided in this Paragraph 9C would operate is as follows: 

[Remainder of page intentionally left blank] 

  
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 SPECIAL INDEMNITY EXAMPLE – FOR ILLUSTRATIVE PURPOSES ONLY 

 

									
	
	   Calculation of Export Loss Indemnity Amount

				
		 	$	20,000,000	  	 		  	 Illustrative Export Losses

		 	 	(10,000,000	) 	 		  	 Deductible

		 	  
	  
	 	 		  	
		 	$	10,000,000	  	 	“A”	  	 Excess Export Losses

		 	 	22,727,913	  	 		  	 Series B Preferred Stock held by Investors

(on an as converted basis)

		 	 	135,912,942	  	 		  	 Total Common Stock outstanding (on as-converted basis), at time of payment

		 	  
	  
	 	 		  	
		 	 	16.7	% 	 	“B”	  	
		 	  
	  
	 	 		  	
		 	$	1,672,241	  	 	“C”= “A” x “B”	  	 Export Loss Indemnity Amount

		 	  
	  
	 	 		  	
	
	   Calculation for Payment from Selling Stockholders

				
		 	 	4,500,000	  	 		  	 Shares sold by Dean Drako

		 	 	1,404,127	  	 		  	 Shares sold by Michael Perone

		 	 	16,825,766	  	 		  	 Shares sold by Zach Levow

		 	  
	  
	 	 		  	
		 	 	22,727,913	  	 		  	 Total shares sold by Selling Stockholders

		 	 	19.8	% 	 	“D”	  	 Dean Drako’s Indemnity Percentage

		 	 	6.2	% 	 	“E”	  	 Michael Perone’s Indemnity Percentage

		 	 	74.0	% 	 	“F”	  	 Zach Levow’s Indemnity Percentage

		 	$	331,094	  	 	“D” x “C”	  	 Cash payment by Dean Drako

		 	$	103,165	  	 	“E” x “C”	  	 Cash payment by Michael Perone

		 	$	1,237,981	  	 	“F” x “C”	  	 Cash payment by Zach Levow

		 	  
	  
	 	 		  	
		 	$	1,672,241	  	 	“C”	  	 Export Loss Indemnity Amount

		 	  
	  
	 	 		  	
	
	   Calculation for Payment to Investors

				
		 	 	14,204,946	  	 		  	 Series B Preferred Stock shares purchased by FP

		 	 	8,522,967	  	 		  	 Series B Preferred Stock shares purchased by Sequoia

		 	  
	  
	 	 		  	
		 	 	22,727,913	  	 		  	 Total Series B shares purchased by Investors

		 	 	62.5	% 	 	“G”	  	 FP’s percentage ownership interest of Series B Preferred Stock

		 	 	37.5	% 	 	“H”	  	 Sequoia’s percentage ownership interest of Series B Preferred Stock

		 	$	1,045,150	  	 	“G” x “C”	  	 Cash payment to FP

		 	$	628,090	  	 	“H” x “C”	  	 Cash payment to Sequoia

		 	  
	  
	 	 		  	
		 	$	1,672,241	  	 	“C”	  	 Export Loss Indemnity Amount

		 	  
	  
	 	 		  	

  

  
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	 	9D.	Certain Waivers 

 Each
Selling Stockholder agrees that such Selling Stockholder and its Affiliates shall not make or have any right to make any claim for indemnification against the Company or any of its Affiliates by reason of the fact that he or it is or was a
shareholder, director, officer, employee or agent of the Company or any of its Affiliates or is or was serving at the request of the Company as a director, officer, employee or agent of another entity (whether such claim is for judgments, damages,
penalties, fines, costs, amounts paid in settlement, losses, expenses or otherwise and whether such claim is pursuant to any statute, charter document, bylaw, agreement or otherwise) with respect to any action, suit, proceeding, complaint, claim or
demand brought by any of the Investor Parties against such Selling Stockholder pursuant to this Agreement, and each Selling Stockholder hereby acknowledges and agrees that such Selling Stockholder shall not have any claim or right to contribution or
indemnity from the Company or any of its Affiliates with respect to any amounts paid by such Selling Stockholder pursuant to this ARTICLE 9. Effective upon the Closing, each of the Selling Stockholders hereby irrevocably waives, releases
and discharges, and shall cause its Affiliates to irrevocably waive, release and discharge, the Company Parties and all of their Affiliates from any and all liabilities and obligations to such Selling Stockholder of any kind or nature whatsoever,
whether in its or his capacity as a shareholder, officer or director of the Company or otherwise (other than compensation as an employee of the Company), in each case whether absolute or contingent, liquidated or unliquidated, and whether arising
under any agreement or understanding (other than this Agreement and any of the other agreements executed and delivered in connection herewith) or otherwise at law or equity, and no Selling Stockholder or its Affiliates shall seek to recover any
amounts in connection therewith or thereunder from the Stockholders. In no event shall the Company have any liability to any of the Selling Stockholders or any of their Affiliates whatsoever for any breaches of the representations, warranties,
agreements or covenants of the Selling Stockholders hereunder. 
  

	 	9E.	Press Release and Announcements 

 Unless required by law (in which case each Party agrees to consult with the other Parties prior to any such disclosure as to the form and content of such disclosure), no press releases or other releases
of information related to this Agreement or the transactions contemplated hereby will be issued or released by any Party without the consent of the Company, the Investors and the Selling Stockholders; provided, however, that it is understood and
agreed that the Company may make any such filings that are required by applicable federal or state securities Laws, including but not limited to the filing of a Form D within the meaning of Regulation D, promulgated by the Securities and Exchange
Commission, without consulting with or obtaining consent from the other Parties prior to such filings if such filings are approved by the Company’s Board of Directors. 

 

	 	9F.	Confidentiality 

 Each
Selling Stockholder and each Investor agrees not to disclose or use at any time (and shall cause each of its Affiliates not to disclose or use at any time) any Confidential Information (whether or not such information is or was developed by the
Selling Stockholders), except to the extent that such disclosure or use is undertaken in good faith in connection with the performance of such Selling Stockholder’s or Investor’s (as the case may be) duties to the Company and its
Subsidiaries. Each Selling Stockholder and each Investor further agrees to take all appropriate steps (and to cause or its Affiliates to take all appropriate steps) to safeguard such Confidential Information and to protect it against disclosure,
misuse, espionage, loss and theft. In the event that any of the Selling Stockholders or Investors is required by Law to disclose any Confidential Information, such Selling Stockholder or Investor (as the case may be) shall promptly notify the
Company in writing (to the extent such notification is permitted by applicable Law), which notification shall include the nature of the legal requirement and the extent of the required disclosure, and shall cooperate with the Company to preserve the
confidentiality of such information consistent with applicable Law, but such Selling Stockholder or Investor (as the case may be) shall in any event be permitted to make such disclosure solely to the extent required by Law. 

  
 -31-

	 	9G.	Further Assurances 

 In
case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this Agreement or the transactions contemplated hereby, each of the Parties will take such further action (including the execution and
delivery of such further instruments and documents) as any other Party may reasonably request, all at the sole cost and expense of the requesting Party (unless the requesting Party is entitled to indemnification therefor under
ARTICLE 9). 
  

	 	9H.	Certain Restrictions 

 The
Company and its Subsidiaries shall not enter into any banking or nonbanking transaction with Green Dot Corporation or any of its subsidiaries (Next Estate Communications and Bonneville Bancorp) (collectively, “Green Dot”) without the prior
written consent of Sequoia Capital; provided, however, that this Paragraph 9H shall terminate upon such time as Sequoia Capital and its Affiliates are no longer subject to passivity commitments to the Federal Reserve Board with respect to Green
Dot (the “Green Dot Expiration Condition”). Sequoia Capital shall provide the Company with reasonably prompt written notice of the occurrence of the Green Dot Expiration Condition. 

 

	 	9I.	Pre-Closing Covenants 

The Parties agree as follows with respect to the period of time between the execution of this Agreement and the Closing: 

(i) General. Each of the Parties will use his, her, or its reasonable best efforts to take all actions and to do
all things necessary in order to consummate and make effective the transactions contemplated by this Agreement (including satisfaction, but not waiver, of the Closing conditions set forth in ARTICLE 3, ARTICLE 4 and
ARTICLE 5 above). 
 (ii) Operation of Business. The Company shall operate its business in the
ordinary course consistent with past practices and not engage in any activity described in Paragraph 6J above, except as otherwise contemplated and permitted by the Company’s current business plan and budget approved by the Board of
Directors. The Selling Stockholders will not cause or permit the Company or any of its Subsidiaries to engage in any practice, take any action, or enter into any transaction: (a) outside the ordinary course of business; or (b) of the sort
described in Paragraph 6J above. 
 (iii) Preservation of Business. The Company and its
Subsidiaries shall, and the Selling Stockholders will cause each of the Company and its Subsidiaries to, use commercially reasonable efforts to keep their business and properties substantially intact, including its present operations, physical
facilities, working conditions, insurance policies, and relationships with lessors, licensors, suppliers, customers, and employees. 
 (iv) Third Party Consents and Approvals. The Company shall use reasonable best efforts to obtain all Third Party Approvals marked with an asterisk (*) on the Closing Condition Schedule and
commercially reasonable efforts to get other Third Party Approvals required as a result of the consummation of the transactions contemplated hereby. 

  
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 (v) Notice of Developments. The Company and the Selling Stockholders
will give prompt written notice to the Investors of any material adverse development causing a breach of any of the representations and warranties in ARTICLE 6 above promptly after becoming aware of such material adverse development and
the fact that such material adverse development would cause a breach of a representation and warranty in ARTICLE 6. No disclosure made pursuant to this Paragraph 9I(v) shall be deemed to amend or supplement the schedules
attached hereto or to prevent or cure any misrepresentation, breach of warranty, or breach of covenant. 
 (vi)
Access Rights. The Company and its Subsidiaries shall, and the Selling Stockholders shall cause the Company and its Subsidiaries to, cause each of their respective officers, employees, and agents to give the Investors and their
representatives reasonable access, during normal business hours, to the premises, facilities, properties, employees, books, records (including tax records), contracts, and documents of the Company and its Subsidiaries as from time to time may be
reasonably requested by the Investors. 
 (vii) Regulatory Filings. Each of the Investors and the Company
shall make all applicable filings, notices, petitions, statements, registrations, submissions of information, applications or submissions of other documents required by any Governmental Entity in connection with the Investment Transaction and the
transactions contemplated hereby, including, without limitation, the Notification and Report Forms with the United States Federal Trade Commission (the “FTC”) and the Antitrust Division of the United States Department of Justice
(“DOJ”) as required by the HSR Act (and each of the Investors and the Company shall use reasonable best efforts to file such forms as soon as practicable, and in no event later than five (5) business days following the execution and
delivery of this Agreement). 
 (viii) Insurance. Prior to Closing, the Company will purchase directors
and officers liability insurance with terms and conditions, including premiums and exclusions, that are approved by the Board of Directors. In furtherance of the foregoing, the Investors and the Selling Stockholders will cause their representatives
on the Board of Directors to consider and approve a directors and officers liability insurance policy on terms available in the marketplace with coverage reasonably comparable to private companies of the approximate size and in businesses similar to
the Company. 
 (ix) Company Disclosure Letter. The Company and the Selling Stockholders shall mutually
deliver to the Investors the Company Disclosure Letter as soon as practicable but in any event within twenty (20) days after the date hereof. The Company and the Selling Stockholders shall cooperate with one another in the production of the
Company Disclosure Letter. The Company shall accept for inclusion therein any disclosure that any Selling Stockholder feels is necessary to make the representation and warranty of such Selling Stockholder set forth in Paragraph 7F true
and correct (with such modifications as the Company and the Selling Stockholders shall agree are necessary to make such disclosure factually accurate based on the information otherwise available to the Company with respect thereto). 

ARTICLE 10 

DEFINITIONS 
 For
the purposes of this Agreement, the following terms have the meanings set forth below: 
 “Affiliate” of any
particular Person means any other Person controlling, controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and
policies of a Person whether through the ownership of voting securities, contract or otherwise. 

  
 -33-

 “Affiliated Group” means any affiliated group as defined in Code §1504
that has filed a consolidated return for federal income tax purposes (or any similar group under state, local or foreign Law) for a period during which the Company or any of its Subsidiaries was a member. 

“Cash” means as of any date of determination, the sum of the Company’s and its consolidated Subsidiaries’
actual consolidated cash (bank) balances (net of any bank overdrafts), as adjusted for any deposits in transit, any outstanding checks and any other proper reconciling items, in each case as determined in accordance with GAAP. 

“Code” means the Internal Revenue Code of 1986, as amended, and any reference to any particular Code section shall be
interpreted to include any revision of or successor to that section regardless of how numbered or classified. 

“Company Intellectual Property Rights” means Intellectual Property owned by the Company or its Subsidiaries at any time
prior to and through the Closing Date. 
 “Company Loss” means any Loss which the Company may suffer, sustain
or become subject to, as a result of, in connection with, relating or incidental to or by virtue of any matter set forth in Paragraph 8B(i). 
 “Company Parties” means the Company and its Subsidiaries and each of its Affiliates, shareholders, officers, directors, employees, agents, representatives, successors and permitted
assigns. 
 “Company Products” means the Company’s security solutions (e.g., Barracuda Spam &
Virus Firewall, Barracuda Web Filter, Barracuda Web Application Firewall, Barracuda NG Firewall, Barracuda SSL VPN), Networking Solutions (e.g., Barracuda Load Balancer, Barracuda Link Balancer), data protection solutions (e.g., Barracuda Message
Archiver, Barracuda Backup Service), and cloud services (Barracuda Web Security Flex, Barracuda Email Security Service). 

“Confidential Information” means all information of a confidential or proprietary nature (whether or not specifically
labeled or identified as “confidential”), in any form or medium, that relates to the Company or any of its Subsidiaries or their business relations and or its business activities. The term “Confidential Information” shall not
apply to any information, documents or materials which are, as shown by appropriate written evidence, in the public domain or, as shown by appropriate written evidence, shall come into the public domain, other than by reason of breach by the
applicable party bound hereunder or its Affiliates. 
 “Equity Incentive Plan” means the Company’s 2004
Stock Option Plan, the Company’s 2012 Stock Option Plan, Purewire, Inc.’s 2008 Stock Incentive Plan and Restricted Stock Units issued by the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal law then in force. 

“Fully-Diluted Basis”„ means, as of the date of determination, all of the
Company’s issued and outstanding Common Stock as of such date, assuming the exercise of all outstanding options, warrants, or other rights to acquire the Common Stock and the conversion of all outstanding convertible debt and equity securities
and other instruments that are convertible into Common Stock (irrespective of whether (x) the holder of any such convertible, exchangeable or exercisable securities is entitled to convert, exchange or exercise such security as of such date, or
(y) such security is “in the money” on such date). 

  
 -34-

 “GAAP” means United States generally accepted accounting principles.

 “Governmental Entity” means (i) any federal, state, local, municipal, foreign or other government;
(ii) any governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, entity or self-regulatory organization and any court or other tribunal); or (iii) any body exercising, or
entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral tribunal. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules and regulations
thereto. 
 “Indebtedness” means at any particular time, without duplication, (i) all indebtedness or
other obligations of the Company and its Subsidiaries for borrowed money, whether current, short-term or long-term, secured or unsecured, (ii) all obligations of the Company and its Subsidiaries evidenced by any note, bond, debenture or other
similar instrument or debt security, (iii) all indebtedness for the deferred purchase price of property or services with respect to which the Company or any of its Subsidiaries is liable, contingently or otherwise, as obligor or otherwise,
which is not evidenced by a trade payable or other current liability, (iv) all obligations of the Company and its Subsidiaries under capitalized leases, (v) any indebtedness secured by a Lien on the assets of the Company or any of its
Subsidiaries, and (vi) all guarantees by the Company or any of its Subsidiaries of the obligations of another Person; provided that trade payables incurred in the ordinary course of business and intra-company accounts shall not constitute
“Indebtedness.” 
 “Intellectual Property” means any and all intellectual and proprietary rights,
including any of the following: (i) patents and industrial designs (including utility model rights, design rights and industrial property rights), patent and industrial design applications, patent disclosures together with all reissues,
continuations, continuations-in-part, revisions, divisionals, extensions, and reexaminations in connection therewith, (ii) internet domain names, trademarks, service marks, trade dress, trade names, logos and corporate names and registrations
and applications for registration thereof together with all of the goodwill associated therewith, (iii) copyrights (registered or unregistered) and copyrightable works and registrations and applications for registration thereof, (iv) mask
works and registrations and applications for registration thereof, (v) all Software, (vi) trade secrets and other Confidential Information (including ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether
or not reduced to practice), know-how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, copyrightable works, financial and marketing
plans and customer and supplier lists and information). 
 “Investment” as applied to any Person means
(i) any direct or indirect purchase or other acquisition by such Person of any notes, obligations, instruments, stock, securities or ownership interests (including Stockholders interests and joint venture interests) of any other Person and
(ii) any capital contribution by such Person to any other Person. 
 “Investor Parties” means the
Investors and their Affiliates, partners, members, officers, directors, employees, agents, representatives, successors and assigns and the Company, to the extent so designated from time to time by the Investors. 

  
 -35-

 “knowledge” means, when referring to the “knowledge of the
Company” or any similar phrase or qualification based on knowledge of the Company, the actual knowledge of any of the Selling Stockholders and David Faugno. 
 “Law” means any federal, state, local, municipal or foreign statute, law, ordinance, regulation, rule, code, order, principle of common law or judgment enacted, promulgated, issued,
enforced or entered by any Governmental Entity. 
 “Licenses” means all licenses, memberships, registrations,
certifications, accreditations, permits, bonds, franchises, approvals, authorizations, consents or orders of, or filings with, any Governmental Entity, necessary for the Company’s and its Subsidiaries business as presently conducted. For the
avoidance of doubt, the term “License” shall not include any license of Intellectual Property. 

“Lien” or “Liens” means any mortgage, pledge, security interest, encumbrance, lien or charge of any
kind, any sale of receivables with recourse against the Company or any of its Subsidiaries, any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar statute. 

“Losses” means any loss, liability, cost, damage, fines, penalties, sanctions, deficiency, Tax, penalty, fine or
expense, whether or not arising out of third party claims (including interest, penalties, reasonable attorneys’ fees and expenses and all amounts paid in investigation, defense or settlement of any of the foregoing). For the avoidance of doubt,
the preceding sentence shall include all Losses relating to United States economic sanctions and export control laws, orders and regulations, including those administered by Office of Foreign Asset Control, the United States Department of Commerce,
and any related state or local laws. 
 “Material Adverse Effect” means any change, event, effect, occurrence,
or development that, individually or in the aggregate with any such other changes, events, effects, occurrences or developments has had a material adverse effect upon the business, operations, assets, liabilities, financial condition or operating
results of the Company and or its Subsidiaries taken as a whole; provided, however, that any adverse change, event or effect arising from or attributable to any of the following shall not be taken into account in determining whether a Material
Adverse Effect has occurred or would reasonably be expected to occur with respect to such entity: (i) conditions generally affecting the United States economy or generally affecting the industries in which the Company and or its Subsidiaries
operate; (ii) any natural disasters or any national or international political or social conditions, including terrorism or the engagement by the United State in hostilities or acts of war; (iii) any changes in financial, banking or
securities markets and any changes in interest rates (including any disruption thereof, or the decline in the price of any security or any market index); (iv) changes in any Laws, (v) the negotiation, entry into, announcement or
performance of this Agreement and all of the agreements and instruments contemplated hereby to which the Company is a party (including compliance with the covenants set forth herein, and any action taken or omitted to be taken at the request of the
Investors) or the taking of any action contemplated hereby or thereby; or (vi) the resignation of Mr. Drako pursuant to the Separation Agreement; provided, however, that the exclusions in clauses (i), (ii) and (iii) above
shall be inapplicable to the extent that such events, conditions or events impact the Company and its Subsidiaries in a manner that is materially disproportionate relative to other Persons engaged in similar commercial activities, in similar
geographic areas, as the Company and its Subsidiaries. 
 “Net Working Capital” means, as of immediately
following the Closing and taking into account all payments to be made at or in connection with the Closing, the excess of the Stockholders’s total current assets as of such date (excluding any restricted cash balances) over the
Stockholders’s total current liabilities as of such date, in each case as determined on a consolidated basis in accordance with 

  
 -36-

 
GAAP. In determining total current assets and total current liabilities hereunder, (i) all accounting entries shall be taken into account regardless of their amount and all errors and
omissions shall be corrected, (ii) all proper adjustments in accordance with GAAP shall be made and (iii) all appropriate reserves as determined in accordance with GAAP shall be included. 

“Object Code” means computer software code, substantially or entirely in binary form, which is intended to be directly
executable by a computer after suitable processing and linking but without the intervening steps of compilation or assembly. 

“Option” means an option to purchase Common Stock (or a grant of restricted shares of Common Stock subject to vesting),
and where referred to as a number of Options means the number of shares subject to such Option or the number of restricted shares granted, as applicable. 
 “Permitted Encumbrances” shall mean (i) statutory liens for current Taxes or other governmental charges not yet delinquent or the amount or validity of which is being contested in
good faith by appropriate proceedings by the Company (or its Subsidiaries) and for which appropriate reserves have been established in accordance with GAAP; (ii) mechanics’, carriers’, workers’, repairers’ and similar
statutory liens arising or incurred in the ordinary course of business for amounts which are not delinquent and which are not, individually or in the aggregate, significant; (iii) zoning, entitlement, building and other land use regulations
imposed by Governmental Entities having jurisdiction over the Leased Real Property which are not violated by the current use and operation of the Leased Real Property; (iv) covenants, conditions, restrictions, easements and other similar
matters of record affecting title to the Leased Real Property which do not materially impair the occupancy or use of the Leased Real Property for the purposes for which it is currently used in connection with the Company’s or any of its
Subsidiaries’ business; (v) any interest or title of a lessor or sublessor under any lease of real estate (and any Liens created by such lessor or sublessor on such party’s leasehold); (vi) licenses, sublicenses, leases or
subleases granted to third parties in the ordinary course of business not materially detracting from the value of the business of the Company and or its Subsidiaries; (vii) any interest or title of a licensor under any license entered into in
the ordinary course of business and covering only the assets licensed; (viii) purchase money Liens and Liens securing payments under capital lease arrangements; and (ix) Liens securing indebtedness or liabilities that are reflected in the
Financial Statements or incurred in the ordinary course of business since the date of the Latest Balance Sheet. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a Governmental Entity. 
 “Restricted
Securities” means (i) the Series B Preferred issued hereunder, (ii) the Common Stock issued upon conversion of the Preferred Stock, (iii) any other securities of the Company held by any of the Parties as of the Closing
Date and (iv) any securities issued or exchanged with respect to the securities referred to in clauses (i), (ii) and (iii) above by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. As to any particular Restricted Securities, such securities shall cease to be Restricted Securities when they have been (a) effectively registered under the Securities Act and
disposed of in accordance with the registration statement covering them, (b) distributed to the public through a broker, dealer or market maker pursuant to Rule 144 (or any similar provision then in force) under the Securities Act or become
eligible for sale pursuant to Rule 144 under the Securities Act or (c) otherwise transferred and new certificates for them not bearing the Securities Act legend set forth in Paragraph 8H have been delivered by the Company in
accordance with Paragraph 12C(v). Whenever any particular securities cease to be Restricted Securities, the holder thereof shall be entitled to receive from the Company, without expense, new certificates representing such securities of
like tenor not bearing a Securities Act legend of the character set forth in Paragraph 8H. 

  
 -37-

 “Securities Act” means the Securities Act of 1933, as amended, or any
successor federal law then in force. 
 “Sequoia Capital” means Sequoia Capital Franchise Partners, Sequoia
Capital Franchise Fund, Sequoia Capital Growth Fund III, Sequoia Capital Growth Partners III and Sequoia Capital Growth III Principals Fund. 
 “Software” means any and all (i) computer programs, operating systems, applications systems, interfaces, firmware or software code of any nature, whether operational, under
development or inactive, including all Object Code, Source Code, rules, definitions, models and methodologies derived from the foregoing and any derivations, updates, enhancements and customization of any of the foregoing, whether in
machine-readable form or otherwise and irrespective of the programming language, and whether stored, encoded, recorded or written on disk, tape, film, memory device, paper or other media of any nature; (ii) databases and compilations, including
any and all data and collections of data whether machine readable or otherwise; (iii) diagrams, descriptions, schematics, flow-charts and other work product used to design, plan, organize and develop any of the foregoing; and (iv) all
documentation, including user documentation, user manuals and training materials relating to any of the foregoing. 

“Source Code” means human-readable computer software code, in a form other than Object Code form or machine-readable
form, including related programmer comments and annotations, help text, data and data structures, object-oriented and other code, which may be printed out or displayed in human-readable form. 

“Subject Business” means the Company’s core SMB and Enterprise focused products, including physical appliance,
virtual appliance, and cloud versions of: (a) Spam & Virus Firewall, Web Filter, Web Application Firewall, NG Firewall; (b) Load Balancer; and (c) Message Archiver and Backup Service. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority
of the limited liability company, Stockholders or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of the limited liability
company, partnership, association or other business entity gains or losses or shall be or control each managing member, managing director or general partner of such limited liability company, partnership, association or other business entity.
Notwithstanding anything to the contrary herein, for the purposes of this Agreement, the following entities shall not be Subsidiaries: (i) Barracuda Network AG, an entity formed under the laws of Austria, and formerly known as Phion AG, and its
respective Subsidiaries (ii) Third Iris Corporation, an entity formed under the laws of the Cayman Islands, and its respective Subsidiaries and (iii) Nutshell, Inc, a Delaware corporation. 

  
 -38-

 “Tax” or “Taxes” means federal, state, county, local,
foreign or other income, gross receipts, ad valorem, franchise, profits, sales or use, transfer, registration, excise, utility, environmental, communications, real or personal property, capital stock, license, payroll, wage or other withholding,
employment, social security, severance, stamp, occupation, alternative or add-on minimum, estimated and other taxes of any kind whatsoever (including deficiencies, penalties, additions to tax, and interest attributable thereto) whether disputed or
not. 
 “Tax Return” means any return, information report or filing with respect to Taxes, including any
schedules attached thereto and including any amendment thereof. 
 “Transaction Agreements” means this
Agreement, the Certificate of Incorporation, Voting Agreement, Investors’ Rights Agreement, ROFR Agreement, Management Rights Agreements, and Director Indemnification Agreements. 

“Treasury Regulations” means the United States Treasury Regulations promulgated under the Code, and any reference to any
particular Treasury Regulation section shall be interpreted to include any final or temporary revision of or successor to that section regardless of how numbered or classified. 
 ARTICLE 11 
 TERMINATION 

 

	 	11A.	Termination 

 Except as
provided in Paragraph 11A hereof, this Agreement may be terminated and the transactions contemplated hereby abandoned at any time prior to the Closing: 

(i) By written consent of the Company, each of the Investors and each of the Selling Stockholders; or 

(ii) By the Company or the Investors if the Closing Date shall not have occurred by October 1, 2012 (the “End
Date”); provided, however, that in the event that the Internal Investigation Report is not delivered to the Investors on or prior to September 21, 2012, the End Date shall automatically be extended to the date which is ten
(10) business days after the Internal Investigation Report is delivered to the Investors; and provided, further, that the right to terminate this Agreement under this Paragraph 11A shall not be available to any party whose action or
failure to act has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement; or 

(iii) By the Investors, within five (5) business days from the receipt by the Investors of the Company Disclosure
Letter, in the event the Company Disclosure Letter discloses any events, occurrences, conditions, facts or circumstances (x) not actually known by the Investors on the date hereof, and (y) which, in the good faith discretion of the
Investors, subjects the Company to, or could reasonably be expected to subject the Company to, any material Loss or could reasonably be expected to materially impair the Company’s business, assets, properties, financial condition or prospects.

 (iv) By the Investors, in their sole discretion, within five (5) business days from the receipt by the
Investors of the Internal Investigation Report. 

  
 -39-

	 	11B.	Effect of Termination 

 In
the event of termination of this Agreement by any Party as provided above, this Agreement shall forthwith become void and of no further force and effect without any liability on the part of any Party hereto, and all rights and obligations of any
Party hereto shall cease, except that Paragraphs 9E, 9F and 11B and ARTICLE 12 shall survive such termination indefinitely. 
 ARTICLE 12 
 MISCELLANEOUS 

 

	 	12A.	Fees and Expenses 

 The
Investors shall pay all of their own costs, fees and expenses incurred by the Investors in connection with this Agreement and the consummation (or the preparation for the consummation) of the transactions contemplated hereby (including fees and
expenses of legal counsel, accountants and other representatives and consultants) (collectively referred to herein as “Investor Expenses”); provided that if the Closing is effected, the Company shall pay the documented, third
party Investor Expenses. The Selling Stockholders shall be solely responsible for and shall pay all of the costs, fees and expenses incurred by the Selling Stockholders in connection with this Agreement and the consummation (or the preparation for
the consummation) of the transactions contemplated hereby (including fees and expenses of legal counsel) (collectively, referred to herein as “Selling Stockholder Expenses”); provided that if the Closing is effected, the Company
shall pay the documented, third party Selling Stockholder Expenses. 
  

	 	12B.	Remedies 

(i) Each of the Parties acknowledges and agrees that the other Parties would be damaged irreparably in the event any of
the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached. Accordingly, each of the Parties agrees that the other Parties shall be entitled to seek an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in any action instituted in any court of the United States or any state thereof having jurisdiction over the Parties and the
matter. 
  

	 	12C.	Consent to Amendments 

This Agreement may be amended or modified only with the written consent of the Company, the Selling Stockholders and the Investors. Any
provision of this Agreement for the benefit of a Party may be waived in a writing executed by such Party and referring specifically to the provision being waived. No course of dealing between or among the Parties shall be deemed effective to modify,
amend or discharge any part of this Agreement or any rights or obligations of any Party under or by reason of this Agreement. 
  

	 	12D.	Successors and Assigns 

. This Agreement and all of the covenants and agreements contained herein and rights, interests or obligations hereunder, by or on
behalf of any of the Parties hereto, shall bind and inure to the benefit of the respective successors and permitted assigns of the Parties hereto whether so expressed or not, except that neither this Agreement nor any of the covenants and agreements
herein or rights, interests or obligations hereunder may be assigned or delegated by the Company or the Selling Stockholders, without the prior written consent of the Investors. The rights of each Investor pursuant to this Agreement may be assigned
only in connection with, and in proportion to, the transfer by such Investor of shares of Preferred Stock. 

  
 -40-

	 	12E.	Severability 

 Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be
held to be prohibited by, illegal or unenforceable under applicable Law in any respect by a court of competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition or illegality or unenforceability, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

	 	12F.	Counterparts 

 This
Agreement may be executed simultaneously in counterparts (including by means of telecopied or electronically transmitted signature pages), any one of which need not contain the signatures of more than one Party, but all such counterparts taken
together shall constitute one and the same Agreement. 
  

	 	12G.	Descriptive Headings; Interpretation 

 The headings and captions used in this Agreement and the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Any capitalized terms used in any schedule or exhibit attached hereto and not otherwise defined therein shall have the meanings set forth in this Agreement. The use of the word “including” herein shall mean “including
without limitation.” The Parties intend that each representation, warranty and covenant contained herein shall have independent significance. If any Party has breached any representation, warranty or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which the Party has not breached shall not detract from or mitigate the fact that the
Party is in breach of the first representation, warranty or covenant. Any reference to the masculine, feminine or neuter gender shall be deemed to include any gender or all three as appropriate. 

 

	 	12H.	Entire Agreement 

 This
Agreement and the schedules attached hereto taken together with the other Transaction Agreements contain the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior agreements and
understandings (including that certain term sheet, dated March 23, 2012, by and between Francisco Partners III, L.P. and the Selling Stockholders), whether written or oral, relating to such subject matter in any way. 

 

	 	12I.	No Third-Party Beneficiaries 

 This Agreement is for the sole benefit of the Parties and their successors and permitted assigns and nothing herein expressed or implied shall give or be construed to give any Person, other than the
Parties and such successors and permitted assigns, any legal or equitable rights hereunder. 

  
 -41-

	 	12J.	Governing Law 

 (i) All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the schedules and exhibits attached hereto shall be governed by, and construed in
accordance with, the laws of the State of Delaware without giving effect to any choice of law or conflict of laws rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware shall control the interpretation and construction of this Agreement (and all schedules and exhibits attached hereto), even
though under that jurisdiction’s choice of law or conflict of laws analysis, the substantive law of some other jurisdiction would ordinarily apply. 
 (ii) Notwithstanding anything herein to the contrary, the Selling Stockholders hereto acknowledge and irrevocably agree (i) that any lawsuit, claim, complaint, or action, whether in law or in equity,
whether in contract or in tort or otherwise (an “Action”), involving a Selling Stockholder arising out of, or relating to, the Restrictive Covenants shall be subject to the exclusive jurisdiction of any state or federal court
sitting in the State of Delaware, and any appellate court thereof and each Selling Stockholder hereto submits for himself and his property with respect to any such Action to the exclusive jurisdiction of such court, (ii) not to bring or permit
any of his Affiliates to bring or support anyone else in bringing any such Action in any court, other than the applicable courts specified in the preceding subclause (i), (iii) that service of process, summons, notice or document by
registered mail addressed to them at their respective addresses provided herein shall be effective service of process against them for any such Action brought in any such court, (iv) to waive and hereby waive, to the fullest extent permitted by
law, any objection which any of them may now or hereafter have to the laying of venue of, and the defense of an inconvenient forum to the maintenance of, any such Action in any such court, and (v) to waive and hereby waive any right to trial by
jury in respect of any such Action. 
  

	 	12K.	Notices 

 All notices,
demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, one (1) day after being sent
to the recipient by reputable overnight courier service (charges prepaid), upon machine-generated acknowledgment of receipt after transmittal by facsimile or five (5) days after being mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Company at the address indicated below, to the Investors at the addresses indicated on the Schedule of Investors attached hereto
and to the Selling Stockholders at the addresses indicated on the Schedule of Selling Stockholders attached hereto or to such other address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. 
 The Company: 
 Barracuda Networks, Inc. 
 3175 Winchester Blvd. 

Campbell, California 95008 
 Attention: David Faugno 
 Telephone: (408)342-5400 

Facsimile: (408)342-1061 
 Email: dfaugno@barracuda.com 

  
 -42-

 with a copy to: 

(which shall not constitute notice) 
 Wilson Sonsini Goodrich & Rosati 
 Professional Corporation 

650 Page Mill Road 
 Palo Alto, California 94304 
 Attention: Steven E. Bochner 

                 Michael S. Ringler 

                 Mark B. Baudler 

Facsimile: (650) 493-6811 
 Email: mbaudler@wsgr.com 
 An electronic communication (“Electronic Notice”)
shall be deemed written notice for purposes of this Paragraph 12O if sent with return receipt requested to the electronic mail address specified by the receiving party in a signed writing in a nonelectronic form. Electronic Notice shall
be deemed received at the time the party sending the Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper in nonelectronic
form (“Nonelectronic Notice”), which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice. 

 

	 	12L.	No Strict Construction 

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

	 	12M.	California Corporate Securities Law 

 THE SALE OF THE PREFERRED STOCK HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE
CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE
EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
  

	 	12N.	Waiver of Potential Conflicts of Interest 

 Each of the Investors and the Company acknowledges that Wilson Sonsini Goodrich & Rosati, Professional Corporation (“WSGR”) may have represented and may currently represent
certain of the Investors. In the course of such representation, WSGR may have come into possession of confidential information relating to such Investors. Each of the Investors and the Company acknowledges that WSGR is representing only the Company
in this transaction. Pursuant to Rule 3-310 of the Rules of Professional Conduct promulgated by the State Bar of California, an attorney must avoid representations in which the attorney has or had a relationship with another party interested in the
representation without the informed written consent of all parties affected. By executing this Agreement, each of the Investors and the Company hereby waives any actual or potential conflict of interest which may arise as a result of WSGR’s
representation of such persons and entities and WSGR’s possession of such confidential information. Each of the Investors and the Company represents that it has had the opportunity to consult with independent counsel concerning the giving of
this waiver. 

  
 -43-

	 	12O.	Waiver of All Rights 

Each of the Investors and the Selling Stockholders, in his or its capacity as a stockholder of the Company, hereby consents to the
Investment Transaction and the Repurchase Transaction and irrevocably waives all rights such Person may have to participate in the Investment Transaction or the Repurchase Transaction, except as expressly provided herein. Such waiver includes,
without limitation, any preemptive rights such Person may have pursuant to Section 4 of the Investors Rights Agreement and any purchase rights such Person may have pursuant to Sections 2.3 of the ROFR Agreement. 

*        *        *      
  *        * 

  
 -44-

 IN WITNESS WHEREOF, the Parties hereto have executed this Recapitalization Agreement on the
date first written above. 
  

			
	BARRACUDA NETWORKS, INC.:
		
	By:	 	David Faugno, CFO
	Its:	 	/s/ David Faugno
	
	SELLING STOCKHOLDERS
		
	By:	 	Dean M. Drako
		
		 	 
		
	By:	 	Dean M. Drako Living Trust
		
	By:	 	 
	Its:	 	 
		
	By:	 	Michael Perone
		
		 	 
		
	By:	 	Zachary Levow
		
		 	 

  
 [Signature
Page to Recapitalization Agreement] 

 
			
	SELLING STOCKHOLDERS
		
	By:	 	Dean M. Drako
		
		 	/s/ Dean Drako
		
	By:	 	Dean M. Drako Living Trust
		
	By:	 	/s/ Dean Drako
	Its:	 	 

  
 [Signature
Page to Recapitalization Agreement] 

 
			
	SELLING STOCKHOLDERS
		
	By:	 	Zachary Levow
		
		 	/s/ Zachary Levow

  
 [Signature
Page to Recapitalization Agreement] 

 
			
	SELLING STOCKHOLDERS
		
	By:	 	Michael Perone
		
		 	/s/ Michael Perone

  
 [Signature
Page to Recapitalization Agreement] 

 
			
	INVESTORS:
	
	SEQUOIA CAPITAL FRANCHISE FUND SEQUOIA CAPITAL FRANCHISE PARTNERS
		
	By:	 	 SCFF Management, LLC
 a
Delaware Limited Liability Company
 General Partner of Each

		
	By:	 	/s/ Jim Goetz
	Its:	 	Managing Member
	
	SEQUOIA CAPITAL GROWTH FUND III SEQUOIA CAPITAL GROWTH PARTNERS III
	SEQUOIA CAPITAL GROWTH III PRINCIPALS FUND
		
	By:	 	 SCGF III Management, LLC
 a
Delaware Limited Liability Company
 General Partner of Each

		
	By:	 	/s/ Jim Goetz
	Its:	 	Managing Member

  
 [Signature
Page to Recapitalization Agreement] 

 
			
	INVESTORS:
	
	FRANCISCO PARTNERS, L.P.
		
	By:	 	Francisco Partners GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David R. Golob
	Its:	 	Authorized Representative
	
	FRANCISCO PARTNERS FUND A, L.P.
		
	By:	 	Francisco Partners GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David R. Golob
	Its:	 	Authorized Representative
	
	FRANCISCO PARTNERS III, L.P.
		
	By:	 	Francisco Partners GP III, L.P.
	Its:	 	General Partner
		
	By:	 	Francisco Partners GP III Management, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David R. Golob
	Its:	 	Manager
	
	FRANCISCO PARTNERS PARALLEL FUND III, L.P.
		
	By:	 	Francisco Partners GP III, L.P.
	Its:	 	General Partner
		
	By:	 	Francisco Partners GP III Management, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David R. Golob
	Its:	 	Manager

  
 [Signature
Page to Recapitalization Agreement] 

 Dividend Schedule 

 

															
	 Name
	  	 Common 
Shares
	  	Preferred Shares	 	  	Total Shares 
Available for 
Dividend	 	  	Dividend	 
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 David Faugno
	  	2,019,704.00	  	 	0.00	  	  	 	2,019,704.00	  	  	 	$1,931,836.05	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Dean Drako
	  	15,969,524.00	  	 	0.00	  	  	 	15,969,524.00	  	  	 	$15,274,764.05	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Dean M. Drako Living Trust
	  	15,969,529.00	  	 	0.00	  	  	 	15,969,529.00	  	  	 	$15,274,768.83	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Donna Drako
	  	75,000.00	  	 	0.00	  	  	 	75,000.00	  	  	 	$71,737.10	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

  
 [***] Information has
been omitted and submitted separately to the Securities and Exchange Commission. 
 Confidential treatment has been requested with respect to the
omitted portions. 

															
	 Name
	  	 Common 
Shares
	  	Preferred
Shares	 	  	Total Shares 
Available for 
Dividend	 	  	Dividend	 
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 FP Annual Fund Investors, LLC
	  	2,165.00	  	 	0.00	  	  	 	2,165.00	  	  	 	$2,070.82	  
	 Francisco Partners Fund A, L.P.
	  	16,886.00	  	 	0.00	  	  	 	16,886.00	  	  	 	$16,151.37	  
	 Francisco Partners, L.P.
	  	3,429,224.00	  	 	0.00	  	  	 	3,429,224.00	  	  	 	$3,280,034.37	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Gordon Stitt
	  	150,000.00	  	 	0.00	  	  	 	150,000.00	  	  	 	$143,474.20	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Jeffrey Allen
	  	360,000.00	  	 	0.00	  	  	 	360,000.00	  	  	 	$344,338.07	  
	 Jeffry and Teri Allen Revocable Trust--Dated January 29, 2002
	  	194,805.00	  	 	0.00	  	  	 	194,805.00	  	  	 	$186,329.94	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  

  
 [***] Information has
been omitted and submitted separately to the Securities and Exchange Commission. 
 Confidential treatment has been requested with respect to the
omitted portions. 

															
	 Name
	  	 Common 
Shares
	  	Preferred
Shares	 	  	Total Shares 
Available for 
Dividend	 	  	Dividend	 
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Michael Perone
	  	22,434,356.00	  	 	0.00	  	  	 	22,434,356.00	  	  	 	$21,458,341.18	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Sequoia Capital Franchise Fund
	  	900,000.00	  	 	0.00	  	  	 	900,000.00	  	  	 	$860,845.18	  
	 Sequoia Capital Franchise Partners
	  	122,730.00	  	 	0.00	  	  	 	122,730.00	  	  	 	$117,390.59	  
	 Sequoia Capital Growth Fund III
	  	2,887,464.00	  	 	0.00	  	  	 	2,887,464.00	  	  	 	$2,761,843.83	  
	 Sequoia Capital Growth III
	  		  				  				  			
	 Principals Fund
	  	149,115.00	  	 	0.00	  	  	 	149,115.00	  	  	 	$142,627.70	  
	 Sequoia Capital Growth Partners III
	  	31,602.00	  	 	0.00	  	  	 	31,602.00	  	  	 	$30,227.15	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 The Holly Levow 2010 Grantor Retained Annuity Trust
	  	1,500,000.00	  	 	0.00	  	  	 	1,500,000.00	  	  	 	$1,434,741.96	  
	 The Michael Perone 2010 Four Year Grantor Retained Annuity Trust
	  	1,402,147.00	  	 	0.00	  	  	 	1,402,147.00	  	  	 	$1,341,146.09	  
	 The Michael Perone 2010 Three Year Grantor Retained Annuity Trust
	  	1,402,147.00	  	 	0.00	  	  	 	1,402,147.00	  	  	 	$1,341,146.09	  
	 The Michelle Perone 2010 Four Year Grantor Retained Annuity Trust
	  	1,402,147.00	  	 	0.00	  	  	 	1,402,147.00	  	  	 	$1,341,146.09	  

  
 [***] Information has
been omitted and submitted separately to the Securities and Exchange Commission. 
 Confidential treatment has been requested with respect to the
omitted portions. 

															
	 Name
	  	 Common 
Shares
	  	Preferred
Shares	 	  	Total Shares 
Available for 
Dividend	 	  	Dividend	 
	 The Michelle Perone 2010 Three Year Grantor Retained Annuity Trust
	  	1,402,147.00	  	 	0.00	  	  	 	1,402,147.00	  	  	 	$1,341,146.09	  
	 The Zach Levow 2010 Grantor Retained Annuity Trust
	  	1,500,000.00	  	 	0.00	  	  	 	1,500,000.00	  	  	 	$1,434,741.96	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 Zachary Levow
	  	25,042,944.00	  	 	0.00	  	  	 	25,042,944.00	  	  	 	$23,953,441.61	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	[***]	  	 	[***]	  	  	 	[***]	  	  	 	[***]	  
	 FP Annual Fund Investors, LLC
	  	0.00	  	 	14,118.00	  	  	 	14,118.00	  	  	 	$13,503.80	  
	 Francisco Partners Fund A, L.P.
	  	0.00	  	 	92,268.00	  	  	 	92,268.00	  	  	 	$88,253.85	  
	 Francisco Partners, L.P.
	  	0.00	  	 	18,737,835.00	  	  	 	18,737,835.00	  	  	 	$17,922,638.67	  
	 Sequoia Capital Franchise Fund
	  	0.00	  	 	2,487,438.00	  	  	 	2,487,438.00	  	  	 	$2,379,221.11	  
	 Sequoia Capital Franchise Partners
	  	0.00	  	 	339,195.00	  	  	 	339,195.00	  	  	 	$324,438.20	  
	 Sequoia Capital Growth Fund III
	  	0.00	  	 	7,999,938.00	  	  	 	7,999,938.00	  	  	 	$7,651,897.79	  
	 Sequoia Capital Growth III Principals Fund
	  	0.00	  	 	391,770.00	  	  	 	391,770.00	  	  	 	$374,725.91	  
	 Sequoia Capital Growth Partners III
	  	0.00	  	 	88,191.00	  	  	 	88,191.00	  	  	 	$84,354.22	  
		  	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	105,762,189.00	  	 	30,150,753.00	  	  	 	135,912,942.00	  	  	 	$130,000,000.95	  

  
 [***] Information has
been omitted and submitted separately to the Securities and Exchange Commission. 
 Confidential treatment has been requested with respect to the
omitted portions. 

 SCHEDULE OF INVESTORS 

 

									
	 Investor
	  	Shares of
Series B
Preferred to be
Purchased	 	  	Total Investment
in Series B
Preferred Stock	 
	 Francisco Partners III, L.P.
	  	 	14,048,028.00	  	  	$	78,963,145.72	  
	 Francisco Partners Parallel Fund III, L.P.
	  	 	156,918.00	  	  	$	882,026.93	  
	 Sequoia Capital Growth III Principals Fund*
	  	 	92,040.00	  	  	$	517,351.47	  
	 Sequoia Capital Growth Partners III*
	  	 	20,384.00	  	  	$	114,577.28	  
	 Sequoia Capital Growth Fund III**
	  	 	7,755,512.00	  	  	$	43,593,280.44	  
	 Sequoia Capital Franchise Partners*
	  	 	78,604.00	  	  	$	441,828.50	  
	 Sequoia Capital Franchise Fund*
	  	 	576,427.00	  	  	$	3,240,062.54	  

  

	*	In the event that the amount of the Dividend paid to this Investor is less than the amount of the aggregate Preferred Stock Purchase Price to be paid by this Investor
pursuant to this Schedule, (x) the number of shares of Series B Preferred Stock to be purchased by this Investor at the Closing shall be reduced to the maximum whole number of shares which can be purchased by this Investor using the entire
amount of the Dividend paid to this Investor and (y) the aggregate Preferred Stock Purchase Price to be paid by this Investor reduced to reflect such lesser number of shares of Series B Preferred Stock purchased. 

 

	**	In the event that the number of shares of Series B Preferred Stock to be purchased by other funds managed by Sequoia Capital are reduced at the Closing pursuant to
this Schedule, (x) the number of shares of Series B Preferred Stock to be purchased by this Investor at the Closing shall be increased by the number of shares so reduced and (y) the aggregate Preferred Stock Purchase Price to be paid
by this Investor increased to reflect such greater number of shares of Series B Preferred Stock purchased. 

 c/o Francisco
Partners 
 One Letterman Drive 

Building C 
 Suite 410 

San Francisco, CA 94129 
 Attention: David Golob

 Telephone: (415) 418-2900 

Facsimile: (415) 418-2999 
 Email:
golob@franciscopartners.com 
 c/o Sequoia Capital 
 3000 Sand Hill Road 
 Building 4, Suite 180 

Menlo Park, CA 94025 
 Attention: Jim Goetz

 Telephone: (650) 854-3927 

Telecopy: (650) 854-2977 
 Email:
goetz@sequoiacap.com 

 with a copy to: 
 (which shall not constitute notice to such Investors) 
 Kirkland & Ellis LLP 

Page Mill Road 
 Palo Alto, CA 94304 

Attention: Adam D. Phillips 
 Telephone:
(650) 859-7050 
 Telecopy: (650) 859-7500 
 Email: aphillips@kirkland.com 

 SCHEDULE OF SELLING STOCKHOLDERS 

 

													
	 Selling Stockholder
	  	Shares of
Common Stock
to be
Repurchased	 	  	Repurchase
Transaction
Proceeds	 	  	Indemnity
Percentage	 
	 Dean M. Drako
	  	 	2,250,000.00	  	  	$	12,647,118.72	  	  	 	9.9	% 
	 Dean M. Drako Living Trust
	  	 	2,250,000.00	  	  	$	12,647,118.72	  	  	 	9.9	% 
	 Michael Perone
	  	 	1,402,147.00	  	  	$	7,881,386.48	  	  	 	6.2	% 
	 Zachary Levow
	  	 	16,825,766.00	  	  	$	94,576,648.94	  	  	 	74.0	% 
	 Total:
	  	 	22,727,913.00	  	  	$	127,752,272.86	  	  	 	100.00	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]