Document:

EX-10.15

 Exhibit 10.15 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [_________], 2019 by and among Endeavor Group
Holdings, Inc., a Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Holders attached hereto as of the date hereof (such Persons, collectively, the “Holders”). 

RECITALS 

WHEREAS, the Corporation is contemplating an offer and sale of its shares of Class A common stock, par value $0.00001 per share (the
“Class A Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”); 

WHEREAS, in contemplation of the IPO, the Corporation underwent a reorganization of its business structure (the
“Reorganization”), pursuant to which, among other things, (i) the Corporation became the sole managing member of a newly formed subsidiary of the Corporation, Endeavor Manager, LLC, a Delaware limited liability company
(“Endeavor Manager”), (ii) Endeavor Manager became the sole managing member of Endeavor Operating Company, LLC, a Delaware limited liability company (the “Company”), (iii) all of the existing equity
interests in the Company (other than the PIUs (as defined below)) were reclassified into common units of the Company (“Opco Common Units”), (iv) certain pre-IPO investors
of the Company merged with and into the Corporation and the members and/or stockholders, as applicable, of such pre-IPO investors (the “Investor Members”) were issued shares of
Class A Common Stock and/or Class Y Common Stock in consideration for the units and/or shares, as applicable, of such pre-IPO investors (v) (A) the Management Holdcos merged with and into
Endeavor Manager, the consideration for which was the Opco Common Units held by the Management Holdcos, in exchange for the issuance of common units of Endeavor Manager (“Manager Common Units” and together with the Opco
Common Units, the “Common Units”) to the members of the Management Holdcos (the “Manager Equity Owners”) and (B) the members of the Management Holdcos (as defined below) received shares of
Class X Common Stock (as defined below) in connection with the mergers with and into Endeavor Manager in an equal number to the Manager Common Units held by such members, and (vi) each member of the Company (other than Endeavor Manager)
(the “Opco Equity Owners” and together with the Manager Equity Owners and the Investor Members, the “Equity Owners”) subscribed for shares of Class X Common Stock and Class Y
Common Stock (as defined below), in each case in an equal number to the Opco Common Units held by such Opco Equity Owner; 
 WHEREAS, the
Corporation desires to use a portion of the net proceeds from the IPO to purchase Manager Common Units of Endeavor Manager, and Endeavor Manager desires to issue its Manager Common Units to the Corporation in exchange for such portion of the net
proceeds from the IPO; 
 WHEREAS, Endeavor Manager desires to use the proceeds from the sale of Manager Common Units to purchase Opco
Common Units of the Company, and the Company desires to issue its Common Units to Endeavor Manager in exchange for such proceeds; 

 WHEREAS, immediately prior to or simultaneous with the purchase by the Corporation of the
Manager Common Units, the Corporation and Endeavor Manager will enter into that certain Amended and Restated Limited Liability Company Agreement of Endeavor Manager (such agreement, as it may be amended, restated, amended and restated, supplemented
or otherwise modified form time to time, the “Manager LLC Agreement”); 
 WHEREAS, immediately prior to or
simultaneous with the purchase by Endeavor Manager of the Opco Common Units, the Corporation, Endeavor Manager, the Company and the Opco Equity Owners will enter into that certain Third Amended and Restated Limited Liability Company Agreement of the
Company (such agreement, as it may be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “Opco LLC Agreement” and together with the Manager LLC Agreement, the
“LLC Agreements”); 
 WHEREAS, in connection with the closing of the IPO, (i) the Company has provided the Opco
Equity Owners with a redemption right pursuant to which the Opco Equity Owners can redeem their Opco Common Units (and an equal number of shares of Class X Common Stock) for cash or, at the Corporation’s option, exchange Opco Common Units
(and an equal number of shares of Class X Common Stock) for shares of Class A Common Stock the terms set forth in the Opco LLC Agreement, and (ii) Endeavor Manager has provided the Manager Equity Owners with a redemption right
pursuant to which the Manager Equity Owners can redeem their Manager Common Units (and an equal number of shares of Class X Common Stock) for cash or, at the Corporation’s option, exchange Manager Common Units (and an equal number of
shares of Class X Common Stock) for shares of Class A Common Stock the terms set forth in the Manager LLC Agreement; and 

WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined
below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Definitions.
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1: 

“Acquired Common” has the meaning set forth in Section 9. 

“Additional Holder” has the meaning set forth in Section 9, and shall be deemed to include
each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Affiliate” of (a) any Person means any other Person controlled by, controlling or under common control with such
Person and (b) Fidelity and any Fidelity Holder means any investment company registered under the Investment Company Act of 1940 advised or sub-advised by Fidelity or any affiliated investment advisor of
Fidelity, one or more mutual fund, pension fund, pooled investment vehicle or institutional client advised or sub-advised by Fidelity 

  
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or any affiliated investment advisor of Fidelity; provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition,
“control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of
management or policies (whether through ownership of securities, by contract or otherwise). 
 “Agreement” has the
meaning set forth in the recitals. 
 “Automatic Shelf Registration Statement” has the meaning set forth in
Section 2(a). 
 “Business Day” means any day of the year on which national banking
institutions in New York are open to the public for conducting business and are not required or authorized to close. 
 “Capital
Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect
to any Person that is not a corporation, individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive (A) a
share of the profits and losses of, or the distribution of assets of the issuing Person, and/or (B) voting rights in such Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any
security described in the clause (i) or (ii) above. 
 “Class A Common
Stock” has the meaning set forth in the recitals. 
 “Class B Common
Stock” means the Corporation’s Class B common stock, par value $0.00001 per share. 

“Class X Common Stock” means the Corporation’s Class X common stock, par
value $0.00001 per share. 
 “Class Y Common Stock” means the Corporation’s
Class Y common stock, par value $0.00001 per share. 
 “Common Units” has the meaning set forth in the
recitals. 
 “Company” has the meaning set forth in the recitals. 

“Corporation” has the meaning set forth in the recitals. 

“Demand Holder” means each of the Management Holders and SL Holders, so long as such Management Holders and SL Holders
continue to hold Registrable Securities. 
 “Demand Registrations” has the meaning set forth in
Section 2(a). 
 “End of Suspension Notice” has the meaning set forth in
Section 2(f)(ii). 

  
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 “Endeavor Manager” has the meaning set forth in the recitals. 

“Equity Owners” has the meaning set forth in the recitals 

“Equity Owner Parties” means the Equity Owners and their respective Affiliates, immediate family members, heirs,
successors and assigns who may succeed to such Person as a Holder hereunder. 
 “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Executive Holders” means each of the Executive Holders as identified on the Schedule of Holders, so long as such
Holders continue to hold Registrable Securities. 
 “Fidelity” means Fidelity Management & Research
Company, and any successor or affiliated registered investment advisor to the Fidelity Holders. 
 “Fidelity Holder”
means any Holder that is advised or sub-advised by Fidelity. 
 “FINRA”
means the Financial Industry Regulatory Authority. 
 “Follow-on Holdback
Period” has the meaning set forth in Section 4(a)(ii). 
 “Free Writing
Prospectus” means a free-writing prospectus, as defined in Rule 405. 
 “Holdback Period” has the
meaning set forth in Section 4(a)(ii). 
 “Holder” means any Person that is a party to
this Agreement from time to time, as set forth on the signature pages hereto. 
 “Holder Indemnified
Parties” has the meaning set forth in Section 7(a). 
 “IPO” has the meaning
set forth in the recitals. 
 “IPO Holdback Period” has the meaning set forth in
Section 4(a)(i). 
 “Joinder” has the meaning set forth in
Section 9. 
 “Key Executives” means Ariel Emanuel and Patrick Whitesell, jointly and
severally. 
 “LLC Agreements” has the meaning set forth in the recitals. 

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“Management Blackout Window” means the Corporation’s regular quarterly trading blackout window during which
directors, officers and employees of the Corporation are restricted from making sales of the Capital Stock of the Corporation or any of its subsidiaries, as set forth in Corporation’s insider trading policy. 

  
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 “Management Holdcos” means collectively WME Holdco, LLC, a Delaware
limited liability company, WME Iris Management Holdco, LLC, a Delaware limited liability company, WME Iris Management III Holdco, LLC, a Delaware limited liability company, WME Iris Management V Holdco, LLC, a Delaware limited liability company and
WME IMG SCP, LLC, a Delaware limited liability company. 
 “Management Holders” means each of the Management Holders
as identified on the Schedule of Holders, so long as such Holders continue to hold Registrable Securities. 
 “Manager Common
Units” has the meaning set forth in the recitals. 
 “Manager Equity Owners” has the meaning set forth
in the recitals. 
 “Manager LLC Agreement” has the meaning set forth in the recitals. 

“MNPI” means material non-public information within the meaning of Regulation
FD promulgated under the Exchange Act. 
 “Non-Demand Holders” means each of
the Non-Demand Holders as identified on the Schedule of Holders, so long as such Holders continue to hold Registrable Securities. 

“Non-Employee Holders” means, collectively, the SL Holders and the Non-Demand Holders. 
 “Opco Common Units” has the meaning set forth in the
recitals. 
 “Opco Equity Owners” has the meaning set forth in the recitals. 

“Opco LLC Agreement” has the meaning set forth in the recitals. 

“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 or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

“PIUs” means the profits interest units of the Company 

“Pricing Date” has the meaning set forth in Section 4(a)(i). 

“Public Offering” means any sale or distribution to the public of Capital Stock of the Corporation pursuant to an
offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock. 

“Registrable Securities” means (i) any Class A Common Stock (A) issued by the Corporation in connection
with the IPO or (B) issued by the Corporation in a Share Settlement in connection with (x) the redemption by the Company or Endeavor Manager, as applicable of Common Units owned by any Equity Owner Parties or (y) at the election of
the Corporation, in a direct exchange for Common Units owned by any Equity Owner Party, in each case in 

  
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accordance with the terms of the LLC Agreements, (ii) any Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable with respect to the securities referred
to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and (iii) any other shares of Class A Common
Stock owned, directly or indirectly, by Holders from time to time. As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date such securities (a) have been sold or
distributed pursuant to a Public Offering, (b) have been sold in compliance with Rule 144 following the consummation of the IPO, (c) have been repurchased by the Corporation or a Subsidiary of the Corporation or (d) together with
securities of such class owned by such Holder’s Affiliates and securities that may be acquired by such Holder and such Holder’s Affiliates upon redemption, exchange, conversion or exercise of such class of securities may be disposed of
pursuant to Rule 144 in a single transaction without volume limitation or other restrictions on transfer thereunder; provided, that, so long as Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE III) Inc. is a party to the Stockholders
Agreement, dated July [ ● ], 2019, by and among the Corporation and the stockholders party thereto, this clause (d) shall not apply to any shares of Class A Common Stock held by Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE
III) Inc., respectively, solely for the purpose of allowing Jasmine Ventures Pte Ltd. or CPP Investment Board (USRE III) Inc., respectively, to “piggyback” as a Holder of Registrable Securities in any Demand Registration or Shelf Offering
initiated by one of the SL Holders in accordance with the terms of Section 2 hereof or in any Piggyback Registration where any SL Holder has exercised its “piggyback” rights. For purposes of this Agreement, a Person shall be deemed to
be a Holder, and the Registrable Securities shall be deemed to be in existence, whenever such Person (i) holds PIUs or (ii) has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in
connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the
rights of a holder of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class
under Section 12 of the Exchange Act be registered pursuant to this Agreement. For the avoidance of doubt, while Common Units may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to register Common
Units, and only Shares issuable upon redemption or exchange of Common Units will be registered. 
 “Registration
Expenses” has the meaning set forth in Section 6(a). 
 “Reorganization” has
the meaning set forth in the recitals. 
 “Representative” means (i) the Key Executives in the case of the
Management Holders and (ii) the SL Party in the case of the SL Holders. 
 “Requesting Holder” has the meaning
set forth in Section 8(b). 
 “Rule 144,” “Rule 158,”
“Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from
time to time, or any successor rule then in force. 

  
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 “Sale Transaction” has the meaning set forth in
Section 4(a)(i). 
 “Schedule of Holders” means the schedule attached to this Agreement
entitled “Schedule of Holders,” which shall reflect each Holder from time to time party to this Agreement. 

“Section 13 Representatives” has the meaning set forth in
Section 13(b). 
 “Securities” has the meaning set forth in
Section 4(a)(i). 
 “Securities Act” means the U.S. Securities Act of 1933, as amended
from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Share Settlement” means “Share Settlement” as defined in the LLC Agreements, as applicable. 

“Shares” has the meaning set forth in the recitals. 

“Shelf Offering” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Notice” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Request” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registrable Securities” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registration” has the meaning set forth in Section 2(a). 

“Shelf Registration Statement” has the meaning set forth in Section 2(d)(i). 

“Short-Form Registrations” has the meaning set forth in Section 2(a). 

“SL Holders” means each of the SL Holders as identified on the Schedule of Holders and their transferees who become
party to this Agreement, so long as such Holders continue to hold Registrable Securities. 
 “SL Party” means
[●], or any other SL Holder designated from time to time by a majority in interest of the SL Holders. 

“Subsidiary” means, with respect to the Corporation, 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 Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at
the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person entitled
(without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly or
indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person. 

  
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 “Suspension Event” has the meaning set forth in
Section 2(f)(ii). 
 “Suspension Notice” has the meaning set forth in
Section 2(f)(ii). 
 “Suspension Period” has the meaning set forth in
Section 2(f)(i). 
 “Transferee” has the meaning set forth in the Third Amended and
Restated Limited Liability Company Agreement of Company, dated as of [ ● ], 2019. 
 “Underwriting
Agreement” means the underwriting agreement dated as of [ ● ], 2019, by and among the Corporation, Endeavor Manager, the Company and Goldman Sachs & Co. LLC and KKR Capital Markets LLC, as representatives of the several
underwriters named in Schedule I thereto. 
 “Underwritten Takedown” has the meaning set forth in
Section 2(d)(ii). 
 “Violation” has the meaning set forth in
Section 7(a). 
 “WKSI” means a “well-known seasoned issuer” as defined under
Rule 405. 
 Section 2. Demand Registrations. 

(a) Requests for Registration. Subject to the terms and conditions of this Agreement, at any time from and after the date that is 180
days following the IPO, the Demand Holders, through their respective Representatives, may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any
similar long-form registration (“Long-Form Registrations”), and Demand Holders, through their respective Representatives, may request registration under the Securities Act of all or any portion of their Registrable Securities
on Form S-3 or any similar short-form registration (“Short-Form Registrations”) if available; provided that the Company shall not be obligated to file registration statements
relating to any Long-Form Registration or Short-Form Registration under this Section 2(a) unless the market value of the Registrable Securities proposed to be registered is at least $75 million (or, if less, such Registrable Securities
represent all Registrable Securities then held by the Demand Holder requesting such registration). All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand
Registrations.” The Demand Holder making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Corporation is a WKSI at
the time any request for a Demand Registration is submitted to the Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration
Statement”). Except to the extent that Section 2(d) applies, upon receipt of the request for the Demand Registration, the Corporation shall as promptly as reasonably practicable (but in no event later than ten
days after receipt of the request for the Demand Registration) give written notice of the Demand Registration to all other Holders who hold Registrable Securities and, subject to the terms of Section 2(e), shall include in
such Demand Registration (and in all related registrations and qualifications under state blue sky laws 

  
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and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within (i) 15 days, in the case of any notice
with respect to a Long-Form Registration, or (ii) ten days, in the case of any notice with respect to a Short-Form Registration, after the receipt of the Corporation’s notice. Notwithstanding the foregoing, the Corporation shall not be
required to take any action that would otherwise be required under this Section 2 if such action would violate Section 4(a) hereof or any similar provision contained in the underwriting agreement
entered into in connection with any underwritten Public Offering. 
 (b) Long-Form Registrations. The Management Holders shall be
entitled to request, through the Key Executives, six Long-Form Registrations in the aggregate and the SL Holders shall be entitled to request, through the SL Party, six Long-Form Registrations in the aggregate, in each case in which the Corporation
shall pay all Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the
applicable Holders. All Long-Form Registrations shall be underwritten registrations unless otherwise approved by the applicable Demand Holder. An initiating Demand Holder can abandon a Demand Registration without losing a demand right under this
Section if (a) such Demand Holder pays the Corporation’s registration expenses or (b) the Corporation or the trading price of the Class A Common Stock on the principal U.S. stock exchange on which the Class A Common Stock is
then listed has undergone a material adverse change since the demand notice. 
 (c) Short-Form Registrations. In addition to the
Long-Form Registrations described in Section 2(b), each Demand Holder shall be entitled to request, through its Representative, an unlimited number of Short-Form Registrations in which the Corporation shall pay all
Registration Expenses, regardless of whether any registration statement is filed or any such Demand Registration is consummated, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the applicable
Holders. Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form Registration. After the Corporation has
become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. 

(d) Shelf Registrations. 

(i) As promptly as reasonably practicable after the completion of twelve calendar months following the effectiveness of the
Form 8-A related to the IPO, the Corporation shall file with the Securities and Exchange Commission a registration statement under the Securities Act for the Shelf Registration (a “Shelf
Registration Statement”), which shall be on an Automatic Shelf Registration Statement if the Corporation is then eligible to file such a registration statement. The Corporation shall use commercially reasonable efforts to cause any
Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to
remain continuously effective for such time period as is 

  
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specified in the request by the Holders, but for no time period longer than the period ending on the earliest of (A) in the case of an Automatic Shelf Registration statement (and without
limitation of Section 5(a)(xxiii)), the third anniversary of the initial effective date of such Shelf Registration Statement, (B) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement, and (C) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence. Without limiting the generality of the foregoing, the
Corporation shall use its commercially reasonable efforts to prepare a Shelf Registration Statement with respect to all of the Registrable Securities owned by or issuable to the Equity Owner Parties in accordance with the terms of the LLC Agreements
(or such other number of Registrable Securities specified in writing by the Holder with respect to the Registrable Securities owned by or issuable to such Holder) to enable and cause such Shelf Registration Statement to be filed and maintained with
the Securities and Exchange Commission as soon as practicable after the later to occur of (i) the expiration of the IPO Holdback Period and (ii) the Corporation becomes eligible to file a Shelf Registration Statement for a Short-Form
Registration; provided that any of the Equity Owner Parties may, with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by or issuable to such Holder.
In order for any of the Equity Owner Parties to be named as a selling securityholder in such Shelf Registration Statement, the Corporation may require such Holder to deliver all information about such Holder that is required to be included in such
Shelf Registration Statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto.

 (ii) In the event that a Shelf Registration Statement is effective, Holders representing Registrable Securities with a
market value of at least $50 million shall have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an “Underwritten Takedown”)) Registrable Securities
available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect, and the Corporation shall pay all Registration Expenses in connection
therewith, excluding any underwriting commissions or fees for shares sold by Holders or other third parties; provided that any of the Demand Holders, through their respective Representatives, shall have the right at any time and from time to
time to elect to sell pursuant to an offering (including an Underwritten Takedown) pursuant to a Shelf Offering Request (as defined below) made by such Demand Holder(s). The applicable Holders shall make such election by delivering to the
Corporation a written request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf
Offering”). In the case of an Underwritten Takedown, as promptly as practicable, but no later than three Business Days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering
Notice”) of such Shelf Offering Request to all other holders of Shelf Registrable Securities. The Corporation, subject to Sections 2(e) and 8 hereof, shall include in such Shelf Offering that is an Underwritten Offering
the Shelf Registrable Securities of any other Holder that shall have made a written request to the Corporation for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities

  
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intended to be sold by such Holder) within five Business Days after the receipt of the Shelf Offering Notice. The Corporation shall, as expeditiously as possible (and in any event within ten
Business Days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering Request), use its reasonable best efforts to
facilitate such Shelf Offering. For the avoidance of doubt, no Holder shall have piggy-back or other rights of participation in any sales of Shelf Registrable Securities, or rights of inclusion in any amendment or supplement to any applicable
prospectus, in each case for any Shelf Offering that is not an Underwritten Takedown. 
 (iii) If any Holders representing
Registrable Securities with a market value of at least $50 million (or less than $50 million, if the applicable Shelf Registrable Securities constitute all of the Registrable Securities then held by such Holder(s)) desire to effect a sale
of Shelf Registrable Securities that (A) does not constitute an Underwritten Takedown and (B) requires an amendment or supplement to the applicable prospectus prior to the time of sale to reflect changes in information regarding such
Holder or the plan of distribution as related to such sale, the Holder shall deliver to the Corporation a Shelf Offering Request no later than two Business Days prior to the expected date of the sale of such Shelf Registrable Securities, and subject
to the limitations set forth in Section 2(d)(i), the Corporation shall file and effect an amendment or supplement to its Shelf Registration Statement for such purpose as soon as reasonably practicable. 

(iv) Notwithstanding the foregoing, if a Demand Holder wishes to engage in an underwritten block trade off of a Shelf
Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the foregoing time periods, such Holder(s) only need to notify the
Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period (A) is necessary for the completion of a customary due diligence process required for counsel to each of the
Corporation and the underwriters to provide customary “10b-5” negative assurance letters and for the Corporation’s accountants to provide customary “comfort letters” or (B) is
otherwise agreed to by Holders representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to
participate by the next Business Day (i.e., one Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities wishing to engage in the
underwritten block trade) and the Corporation shall use its commercially reasonable efforts to facilitate such offering (which may close as early as two Business Days after the date it commences); provided that Holders representing a majority
of the Registrable Securities wishing to engage in the underwritten block trade shall use commercially reasonable efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the
registration statement, prospectus and other offering documentation related to the underwritten block trade. 

  
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 (v) The Corporation shall, at the request of Holders representing a majority
of the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take
any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering. 

(e) Priority on Demand Registrations and Shelf Offerings. The Corporation shall not include in any Demand Registration or Shelf Offering
any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering. If a Demand Registration or a Shelf Offering is an
underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the
number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration or offering, as applicable, (i) first, the Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the
such Holders on the basis of the number of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein, (ii) second, other securities requested to be included in such
registration which, in the opinion of the underwriters, can be sold without any such adverse effect, and (iii) third, securities the Corporation requested to be included in such registration for its own account which, in the opinion of the
underwriters, can be sold without any such adverse effect. Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of Registrable
Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof calculated on the
proportion of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein to the total number of Registrable Securities requested by all such Holders. 

(f) Restrictions on Demand Registration and Shelf Offerings. 

(i) The Corporation shall not be obligated to effect or participate in any Demand Registration or Underwritten Takedown within
30 days after the effective date of a previous Demand Registration or Underwritten Takedown. The Corporation shall not be obligated to effect or participate in any Demand Registration, Underwritten Takedown or Shelf Offering during a Management
Blackout Window. The Corporation may on one or more occasions postpone, for up to 180 days from the date of the request, the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is
part of a Shelf Registration Statement for up to 180 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period, the “Suspension Period”) by
providing written notice to the Holders of Registrable Securities or Shelf Registrable 

  
 12 

 
Securities, as applicable, if (A) the Corporation’s executive committee, or in the case the executive committee does not exist, the board of directors, determines in its reasonable good
faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Corporation or any Subsidiary to engage in any material acquisition of assets or stock
(other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Corporation or any Subsidiary, (B) the sale of Registrable Securities
pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, or (C) could not be effected by the Corporation in compliance with the applicable financial statement
requirements under the Securities Act; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all Registration Expenses in
connection with such Demand Registration or Shelf Offering. 
 (ii) In the case of an event that causes the Corporation to
suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a “Suspension Event”), the Corporation shall give a
notice to the Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state generally the basis
for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. If the basis of such suspension is nondisclosure of MNPI, the Corporation shall not be required to disclose the subject
matter of such MNPI to Holders. A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Corporation and prior to
receipt of an End of Suspension Notice (as defined below). Holders may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an
“End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders and their counsel, if any, promptly following the conclusion of any Suspension Event;
provided that an End of Suspension Notice must be given prior to the end of the Suspension Period unless with the consent of each Demand Holder. 

(iii) Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any
Shelf Registration Statement pursuant to this Section 2(f), the Corporation agrees that it shall (A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any
supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf
Registration Statement. 

  
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 (g) Selection of Underwriters. Demand Holder(s) initiating any Demand Registration
shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed. If any Shelf
Offering is an Underwritten Takedown, the Demand Holder(s) initiating the Underwritten Takedown shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the
Corporation’s approval not be unreasonably withheld, conditioned or delayed; provided, that if such Underwritten Takedown has not been initiated by any Demand Holder(s), Holders representing a majority of the Registrable Securities
participating in such Underwritten Takedown shall have the right to select the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s
approval not to be unreasonably withheld, conditioned or delayed. 
 (h) Fulfillment of Registration Obligations. Notwithstanding any
other provision of this Agreement, a registration requested pursuant to this Section 2 shall not be deemed to have been effected: (i) if the number of Registrable Securities requested to be included in a Long-Form Registration by the
initiating Demand Holder is cut back by the managing underwriters pursuant to Section 2(e) by more than twenty percent (20%); (ii) if the registration statement is withdrawn without becoming effective in accordance with
Section 2(f) or otherwise without the consent of the initiating Demand Holder; (iii) if after it has become effective such registration is interfered with by any stop order, injunction or other order or requirement of
the Securities and Exchange Commission or any other governmental authority for any reason other than a misrepresentation or an omission by the Holder making such Demand Registration, or an Affiliate of such Holder (other than the Corporation and its
controlled Affiliates), and, as a result thereof, the Registrable Securities requested to be registered cannot be completely distributed in accordance with the plan of distribution set forth in the related registration statement; (iv) if the
registration does not contemplate an underwritten offering, if it does not remain effective for at least 180 days (or such shorter period as will terminate when all securities covered by such registration statement have been sold or withdrawn); or
if such registration statement contemplates an underwritten offering, if it does not remain effective for at least 180 days plus such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required by
applicable law to be delivered in connection with the sale of Registrable Securities by an underwriter or dealer; or (v) in the event of an underwritten offering, if the conditions to closing (including any condition relating to an
overallotment option) specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied or waived other than by reason of some wrongful act or omission by the Holder that made the
Demand Registration, or an Affiliate of such Holder. 
 (i) Other Registration Rights. The Corporation represents and warrants that it
is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation. 

Section 3. Piggyback Registrations. 

(a) Right to Piggyback. In connection with the IPO and thereafter, whenever the Corporation proposes to register any of its securities
under the Securities Act (other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8

  
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promulgated by the Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form that does not include substantially the same information as would
be required to be included in a registration statement covering the sale of Registrable Securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”),
the Corporation shall give prompt written notice to all Holders who hold Registrable Securities of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c), shall include in such
Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein
within ten days after delivery of the Corporation’s notice. 
 (b) Piggyback Expenses. The Registration Expenses of the Holders
shall be paid by the Corporation in all Piggyback Registrations, whether or not any such registration became effective, excluding any underwriting commissions or fees for shares sold by the Holders which shall be paid by the respective Holders. 

(c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation,
and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without adversely affecting the
marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable
Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the Holders calculated on the basis of the number of Registrable Securities owned by each
such Holder that such Holder of Registrable Securities shall have requested to be included therein to the total number of Registrable Securities requested by all such Holders, and (iii) third, other securities requested to be included in such
registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 
 (d) Selection of Underwriters.
If any Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of
other Corporation securities requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or
more investment banker(s) or manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities). 

(e) Right to Terminate Registration. The Corporation shall have the right to terminate or withdraw any registration initiated by it
under this Section 3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Corporation in accordance with
Section 6. 

  
 15 

 Section 4. Holdback Agreements. 

(a) Holders of Registrable Securities. If requested by the Corporation or the managing underwriter(s), each Holder participating in an
underwritten Public Offering shall enter into customary lock-up agreements with the managing underwriter(s) of such Public Offering containing terms that are consistent with the provisions of this
Section 4. In the absence of any such lock-up agreement, each Holder agrees as follows: 

(i) in connection with the IPO, such Holder shall not (A) offer, sell, pledge, contract to sell or grant any option to
purchase, or otherwise transfer or dispose of (including sales pursuant to Rule 144), directly or indirectly, any shares of Capital Stock of the Corporation (including Capital Stock of the Corporation that may be deemed to be owned beneficially by
such Holder in accordance with the rules and regulations of the Securities and Exchange Commission) owned by such Holder prior to the IPO (collectively, “Securities”), (B) enter into a transaction which would have the same
effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any Securities, whether such transaction is to be settled
by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or (D) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of
the date on which the Corporation gives notice to the Holders that a preliminary prospectus has been circulated for the IPO or the “pricing” of such offering (the “Pricing Date”) and continuing (1) with respect
to the Fidelity Holders, to the date that is 180 days following the date of the final prospectus for the IPO and (2) with respect to all other Holders, to the date that is the later of (X) 180 days following the date of the final prospectus for
the IPO and (Y) December 31, 2019 (the “IPO Holdback Period”), in each case, unless the underwriters managing the IPO otherwise agree in writing; 

(ii) in connection with all underwritten Public Offerings (other than the IPO), such Holder shall not effect any Sale
Transaction commencing on the earlier of the date on which the Corporation gives notice to the Holders of the circulation of a preliminary or final prospectus for such Public Offering or the “pricing” of such offering and continuing to the
date that is 90 days following the date of the final prospectus for such Public Offering if such Underwritten Public Offering involves a road show or similar marketing efforts exceeding 48 hours, or 45 days otherwise (the “Follow-on Holdback Period” and together with the IPO Holdback Period, the “Holdback Periods”, and each a “Holdback Period”), unless (A) such Holder
(together with his, her or its Affiliates) is the beneficial owner of less than 5% of the outstanding Capital Stock of the Corporation (excluding shares of Class Y Common Stock) and is not selling securities in such Public Offering,
(B) such Holder is a Fidelity Holder and is not selling securities in such Public Offering or (C) the underwriters managing the Public Offering otherwise agree in writing; and 

(iii) Any discretionary waiver or termination of the restrictions in the foregoing clauses
(i) through (ii) shall apply pro rata to all Holders, based on the number of shares of Capital Stock of the Corporation subject to this Agreement. 

  
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 (iv) The foregoing clauses (i) through (ii)
shall not apply to (A) pursuant to any transfer, conversion, reclassification, contribution, subscription, sale redemption or exchange of Common Units to the Company, Endeavor Manager or the Corporation, or the respective subsidiaries thereof,
as applicable, in connection with, and as contemplated by, the Reorganization; (B) pursuant to any redemption or exchange of (1) Common Units (along with an equal amount of Class X Common Stock) for shares Class A Common Stock or
(2) the exchange of PIUs of the Company for Opco Common Units, in each case in accordance with the limited liability company agreement of Opco LLC Agreement or Manager LLC Agreement, as applicable; (C) as a result of the redemption by the
Corporation, the Company, Endeavor Manager or their affiliates of Capital Stock held by or on behalf of an employee in connection with the termination of such employee’s employment; (D) as part of the repurchase of Capital Stock by the
Corporation, not at the option of the Holders, pursuant to an employee benefit plan described in the Registration Statement or pursuant to the agreements pursuant to which such Securities were issued; (E) shares of Capital Stock of the
Corporation acquired by Holders (1) in the open market in connection with or after the completion of the IPO or (2) from the underwriters in a Public Offering; (F) to any transfer of shares of Capital Stock of the Corporation by bona
fide gift, will, intestacy or charitable contribution; provided, that the donee or donees, beneficiary or beneficiaries, heir or heirs or legal representatives thereof agree to be bound in writing by the restrictions set forth herein for the
balance of the applicable Holdback Period (except that a Holder and any of its affiliates who have signed lock-up letters with the managing underwriters may make charitable gifts, without the donee(s) signing
a lock-up letter or being bound by the restrictions set forth herein, of up to an aggregate of 0.5% (or such other percentage as may be agreed by the managing underwriters for such Public Offering) of the
Securities beneficially owned by such Holder and its affiliates as of the date of the final prospectus used in the IPO, before giving effect to the Public Offering); (G) to any transfer of shares of Capital Stock of the Corporation to any trust,
partnership, limited liability company or other entity for the direct or indirect benefit of the Holders or the immediate family of the Holders; provided, that the trustee of the trust or the partnership or limited liability company or other
entity agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period, and provided, further that any such transfer shall not involve a disposition for value; (H) to any
transfer of shares of Capital Stock of the Corporation to any immediate family member or other dependent; provided, that the transferee agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable
Holdback Period; and provided, further that any such transfer shall not involve a disposition for value; (I) to any transfer of shares of Capital Stock of the Corporation to the Holders’ affiliates, subsidiaries, partners,
members, equityholders, shareholders, trustor or beneficiary, or to any investment fund or other entity that controls, is controlled by, manages, is managed by or is under common control with the Holder (including, for the avoidance of doubt, if the
Holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership and, if the Holder is a trust, to a trustor or beneficiary of the trust); provided, that the transferee agrees
to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period; and provided, further that any such transfer shall not involve a disposition for value; (J) to any transfer of shares
of Capital Stock of the Corporation to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (F) through (I) above; provided, that the

  
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transferee agrees to be bound in writing by the restrictions set forth herein for the balance of the applicable Holdback Period; (K) pursuant to an order of a court or regulatory agency or
to comply with any regulations related to the Holders’ ownership of Securities; provided, that in the case of any transfer or distribution pursuant to this clause, any filing under Section 16(a) of the Exchange Act reporting a
reduction in beneficial ownership of shares of Capital Stock of the Corporation, shall state that such transfer is pursuant to an order of a court or regulatory agency or to comply with any regulations related to the ownership of Capital Stock of
the Corporation unless such a statement would be prohibited by any applicable law, regulation or order of a court or regulatory authority; (L) to the Corporation or its affiliates upon death or disability of a Holder; (M) to any transfer
of shares of Capital Stock of the Corporation to the Corporation or its affiliates (1) deemed to occur upon a vesting event of the Holders’ Securities or upon the net cashless exercise of options or warrants to purchase Securities or
(2) for the sale by the Corporation (on behalf of the Holder) of up to such number of share of Capital Stock as necessary for the primary purpose of paying the exercise price of such options or for paying taxes (including estimated taxes) or to
satisfy the Corporation’s income and payroll tax withholding obligations due as a result of the exercise of such options or warrants or as a result of the vesting of Capital Stock under restricted stock units or restricted stock awards, in each
case (x) pursuant to employee benefit plans disclosed in the final prospectus for an applicable Public Offering and (y) that would otherwise expire during the Holdback Period; provided, that in the case of any transfer or
distribution pursuant this clause, except as a result of the vesting of Securities under restricted stock units or restricted stock awards, no filing under Section 16(a) of the Exchange Act (other than a filing on Form 5), reporting a reduction
in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Holdback Period; (N) to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or
other arrangements, between such third parties (or their affiliates or designees) and a Holder and/or its affiliates or any similar arrangement relating to a financing agreement for the benefit of a Holder and/or its affiliates, provided,
that any such pledgee or other party shall agree to, upon foreclosure on the pledged Securities, execute and deliver to the managing underwriters for an applicable Public Offering an agreement with the restrictions set forth herein; (O) the
sale and transfer of Securities by a Holder to the underwriters in a Public Offering pursuant to the terms of an underwriting agreement or with the prior written consent of the lead underwriter on behalf of the underwriters; (P) the
establishment or amendment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act; provided, that such plan does not provide for any transfers during the Holdback Period and to the extent a public
announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment or amendment of such plan, such announcement or filing shall include a statement
to the effect that no transfer of shares of Capital Stock may be made under such plan during the Holdback Period; provided, that in connection with the transfer pursuant to clauses (E), (F), (G), (H) and
(J) above, Holders shall not voluntarily file a report under Section 16(a) of the Exchange Act reporting a reduction in a Holder’s beneficial ownership in connection with such transfer with the SEC in accordance with
Section 16 of the Exchange Act, and if any such report is required to be filed during the applicable Holdback Period, such report shall include a 

  
 18 

 
statement to the effect that such transfer is not a transfer for value; provided, further, that in the case of a transfer pursuant to clause (I) above (other than a
transfer or distribution to facilitate a charitable gift, which shall be addressed by the immediately preceding proviso), no report under Section 16 of the Exchange Act reporting a reduction in beneficial ownership shall, during the applicable
Holdback Period, be required or voluntarily made. 
 The Corporation may impose stop-transfer instructions with respect to the shares of Capital Stock (or
other securities) subject to the restrictions set forth in this Section 4(a) until the end of such period. 
 (b)
Exceptions. The foregoing holdback agreements in Section 4(a) shall not apply to a registration in connection with an employee benefit plan or in connection with any registration on form S-4 or
similar form in connection with any type of acquisition transaction or exchange offer. 
 Section 5. Registration Procedures.

 (a) Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf
Offering, (x) such Holders shall, if applicable, cause such Registrable Securities to be exchanged into shares of Class A Common Stock in accordance with the terms of the LLC Agreements prior to sale of such Registrable Securities and
(y) the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Corporation shall as
expeditiously as possible: 
 (i) in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts
to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Corporation shall furnish to the counsel selected by the Representative of the
initiating Demand Holder(s) initiating a Demand Registration or, in all other cases, the Holders representing a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which
documents shall be subject to the review and comment of such counsel); 
 (ii) notify each holder of Registrable Securities
of (A) the issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its
counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each
registration statement filed hereunder; 

  
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 (iii) prepare and file with the Securities and Exchange Commission such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration
statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities
Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities
by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such registration statement; 
 (iv) furnish to each seller of Registrable Securities
thereunder such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other
documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(v) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky
laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to
general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 
 (vi)
notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement
to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after
receipt thereof, of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and, subject to Section 2(f), at the request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

  
 20 

 (vii) use reasonable best efforts to cause all such Registrable Securities
to be listed on each securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at
least two market markers to register as such with respect to such Registrable Securities with FINRA; 
 (viii) use reasonable
best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(ix) enter into and perform such customary agreements (including underwriting agreements in customary form) and take all such
other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without
limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 
 (x) make available for
inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and
other records, pertinent corporate and business documents and properties of the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents,
representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(xi) take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration
or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required
thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading; 
 (xii) otherwise use its reasonable best efforts to comply with all applicable rules and regulations
of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Corporation’s
first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(xiii) to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an underwriter of any Registrable
Securities or a controlling person of the Corporation, permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein, in form and substance
satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included; 

  
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 (xiv) in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Class A Common Stock included in such registration statement for sale in
any jurisdiction use reasonable best efforts promptly to obtain the withdrawal of such order; 
 (xv) use its reasonable best
efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition
of such Registrable Securities; 
 (xvi) cooperate with the Holders of Registrable Securities covered by the registration
statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and enable such
securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

(xvii) cooperate with each Holder of Registrable Securities covered by the registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii) use its reasonable best efforts to make available the executive officers of the Corporation to participate with the
Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods of distribution for
the Registrable Securities; 
 (xix) in the case of any underwritten Public Offering, use its reasonable best efforts to
obtain one or more “comfort letters” from the Corporation’s independent public accountants in customary form and covering such matters of the type customarily covered by “comfort letters” as the Holders representing a
majority of the Registrable Securities being sold reasonably request; 
 (xx) in the case of any underwritten Public
Offering, use its reasonable best efforts to provide a legal opinion of the Corporation’s outside counsel, dated the closing date of the Public Offering, in customary form and covering such matters of the type customarily covered by legal
opinions of such nature, which opinion shall be addressed to the underwriters and the Holders of such Registrable Securities being sold; 

(xxi) if the Corporation files an Automatic Shelf Registration Statement covering any Registrable Securities, use its
reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

  
 22 

 (xxii) if the Corporation does not pay the filing fee covering the
Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and 

(xxiii) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the
third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Corporation is required to re-evaluate its WKSI status the Corporation determines
that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such
registration statement effective during the period during which such registration statement is required to be kept effective. 
 (b) Any
officer of the Corporation who is a Holder agrees that if and for so long as he or she is employed by the Corporation or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons
in like positions and consistent with his or her other duties with the Corporation and in accordance with applicable law, including the preparation of the registration statement and the preparation and presentation of any road shows. 

(c) The Corporation may require each Holder requesting, or electing to participate in, any registration to furnish the Corporation such
information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing. 

(d) If the Equity Owner Parties or any of their respective Affiliates seek to effectuate an in-kind
distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable lock-ups, work with the foregoing
persons to facilitate such in-kind distribution in the manner reasonably requested and such distributees shall have the right to become a party to this Agreement by the joinder in the form of Exhibit A hereto
and thereby have all of the rights of such Equity Owner Parties under this Agreement, other than the Demand Registration rights of a Demand Holder. 

Section 6. Registration Expenses. 

(a) The Corporation’s Obligation. All expenses incident to the Corporation’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation) (all such expenses being herein called
“Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all

  
 23 

 
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the
expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback
Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities sold for such Person’s account. 

(b) Counsel Fees and Disbursements. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering,
the Corporation shall reimburse the reasonable fees and disbursements of not more than one law firm for (i) each of the Demand Holders of Registrable Securities included in such registration engaged to represent such Demand Holders in
connection with such registration or (ii) the Holders, if no Registrable Securities of any Demand Holders are included in such registration, as selected by Holders of a majority of the Registrable Securities included in such registration,
engaged to represent such Holders in connection with such registration. 
 Section 7. Indemnification and Contribution. 

(a) By the Corporation. The Corporation shall indemnify and hold harmless, to the extent permitted by law, each Holder, such
Holder’s officers, directors, managers, employees, partners, stockholders, members, trustees, Affiliates, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the
“Holder Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable
attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Corporation: (i) any untrue or alleged
untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or
communication (in this Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation
filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the
Corporation and relating to action or inaction required of the Corporation in connection with any such registration, qualification or compliance. In addition, the Corporation will reimburse such Holder Indemnified Party for any legal or any other
expenses reasonably incurred by them in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Corporation shall not be liable in any such case to the extent that any such losses result from, arise out of, are
based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement
thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder Indemnified Party expressly for use therein or by such Holder Indemnified Party’s
failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Corporation has furnished such Holder Indemnified Party with a sufficient number of copies of the same. 

  
 24 

 (b) By Each Holder. In connection with any registration statement in which a Holder
is participating, each such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the extent
permitted by law, shall indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant
to such registration statement. 
 (c) Claim Procedure. Any Person entitled to indemnification hereunder shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification hereunder only to the extent such failure
has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the Registrable Securities included in the
registration if such Holders are indemnified parties, at the expense of the indemnifying party. 
 (d) Contribution. If the
indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any
loss, claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well
as any other 

  
 25 

 
relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an
amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this
Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim
which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

 (e) Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or
enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the
contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the
indemnifying party, such consent not to be unreasonably withheld, conditioned or delayed. 
 (f)
Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified
party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall
survive the transfer of Registrable Securities and the termination or expiration of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

Section 8. Underwritten Registrations. 

(a) Participation. No Person may participate in any Public Offering hereunder which is underwritten unless such Person (i) agrees
to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or
“green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and executes all reasonable
and customary questionnaires, “know your customer” 

  
 26 

 
certificates, powers of attorney, indemnities, underwriting agreements, custody agreements and other documents reasonably required under the terms of such underwriting arrangements or required by
managing underwriters. Each Holder shall execute and deliver such other agreements as may be reasonably requested by the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under
Section 4, Section 5 and this Section 8(a) or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and
consistent with, Section 4 and this Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the Holders, the
Corporation and the underwriters created pursuant to this Section 8(a). 
 (b) Price and Underwriting
Discounts. In the case of an underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the
Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering. Any Demand Holder who has requested inclusion in an underwritten Demand Registration or an
Underwritten Takedown (including the party who made the Shelf Offering Request (such party, the “Requesting Holder”)) may elect to withdraw therefrom at any time prior to the signing of the underwriting agreement related to
such offering by written notice to the Corporation, the managing underwriter and the Requesting Holder; provided that, if the underwriters’ counsel reasonably determines that such withdrawal would require a recirculation of the prospectus, then
no Holder shall have the right to withdraw unless the Requesting Holder has also elected to withdraw. 
 (c) Suspended Distributions.
Each Person that is participating in any registration under this Agreement, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall
immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by
Section 5(a)(vi). In the event the Corporation has given any such notice, the applicable time period set forth in Section 5(a)(iii) during which a Registration Statement is to remain effective
shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including the date when each seller of Registrable Securities covered
by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi). 

Section 9. Additional Parties; Joinder. In addition to Persons who may become Holders pursuant to Section 12 or
Section 14(f) hereof, subject to the prior written consent of each Representative on behalf of the respective Demand Holders the Corporation may make any Person who acquires Class A Common Stock or rights to acquire Class A Common
Stock from the Corporation after the date hereof (including without limitation any Person who acquires Common Units) a party to this Agreement (each such Person, an “Additional Holder”) and to succeed to all of the rights and
obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder
by such Additional Holder, the Class A Common Stock of the Corporation acquired by such Additional Holder or issuable upon redemption or exchange of Common Units acquired by such Additional Holder

  
 27 

 
(the “Acquired Common”) shall be Registrable Securities to the extent provided herein, such Additional Holder shall be a Holder under this Agreement with respect to the
Acquired Common, and the Corporation shall add such Additional Holder’s name and address to the Schedule of Holders and circulate such information to the parties to this Agreement. 

Section 10. Rule 144. At all times after the Corporation has filed a registration statement with the Securities and Exchange
Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Corporation shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any
Holder may reasonably request, including (i) instructing the transfer agent for the Registrable Securities to remove restrictive legends from any Registrable Securities sold pursuant to Rule 144 (to the extent such removal is permitted under
Rule 144 and other applicable law), and (ii) cooperating with the Holder of such Registrable Securities to facilitate the transfer of such securities through the facilities of The Depository Trust Company, in such amounts and credited to such
accounts as such Holder may request (or, if applicable, the preparation and delivery of certificates representing such securities, in such denominations and registered in such names as such Holder may request), all to the extent required to enable
the Holders to sell Registrable Securities pursuant to Rule 144. Upon request, the Corporation shall deliver to any Holder a written statement as to whether it has complied with such requirements. 

Section 11. Subsidiary Public Offering. If, after an initial Public Offering of the Capital Stock of one of its Subsidiaries
(including the Company), the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the
Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 
 Section 12.
Transfer of Registrable Securities. Notwithstanding anything to the contrary contained herein, and subject to any transfer restrictions contained in the LLC Agreements, except in the case of (i) a transfer to the Corporation, (ii) a
transfer or distribution by any Equity Owner Party or any of its Affiliates to its respective equityholders, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in connection
with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to execute and deliver to the
Corporation a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such
transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose. 

Section 13. MNPI Provisions. 

(a) Each Holder acknowledges that the provisions of this Agreement that require communications by the Corporation or other Holders to such
Holder may result in such Holder and its Section 13 Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or the number of
Corporation securities or the identity of the selling Holders). 

  
 28 

 (b) Each Holder agrees that it will maintain the confidentiality of such MNPI and, to the
extent such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder
(“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the
“Section 13 Representatives”), but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any
Registrable Securities in connection with the subject of the notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or
order applicable to such Holder, (iv) in response to any subpoena or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the case of clause
(i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially consistent with the terms of Section 13 and that in the case of clauses
(ii) through (v), such disclosure is required by law and such Holder shall promptly notify the Corporation of such disclosure to the extent such Holder is legally permitted to give such notice; provided further, that for
the avoidance of doubt and notwithstanding anything herein to the contrary, nothing contained in this Section 13 shall in any way restrict or impair the ability of any Fidelity Holder to disclose information to Fidelity,
respectively (or vice versa), or restrict or impair the obligations of Fidelity to report the investment of its advisory clients (as Holders) in the Corporation in accordance with applicable laws and regulations or internal policies, without any
requirement of prior notice to the Corporation. 
 (c) Each Holder shall have the right, at any time and from time to time (including after
receiving information regarding any potential Public Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written
statement signed by such Holder that it does not want to receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this
Agreement the Corporation and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect
would result in a Holder acquiring MNPI. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the
Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out
Requests; provided that each Holder shall use commercially reasonable efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests. 

Section 14. General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified, terminated
or waived only with the prior written consent of the Corporation and each Representative of the Demand Holders; provided that no such amendment, modification, termination or waiver that would materially and adversely affect a Holder in a
manner materially different than any other Holder (provided that the accession by Additional Holders to this Agreement pursuant to Section 9 shall not be deemed to adversely

  
 29 

 
affect any Holder), shall be effective against such Holder without the consent of such Holder that is materially and adversely affected thereby; provided further that clause (b) of
the definition of “Affiliate” (and the definition of “Affiliate” as it relates to such clause (b)), the definition of “Fidelity,” the definition of “Fidelity Holder,” Section 4 and Section 13(b) (and
Section 13 as it relates to Section 13(b)) may be amended, modified, terminated or waived only with the prior written consent of each Fidelity Holder. The failure or delay of any Person to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or
default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other
obligations of that Person under this Agreement. 
 (b) Remedies. The parties to this Agreement shall be entitled to enforce their
rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto
agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be
entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) 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 is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or
among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or
not any express assignment has been made, the provisions of this Agreement which are for the benefit Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder. 

  
 30 

 (f) Assignment. This Agreement may not be assigned (by operation of law or otherwise)
without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that (i) the Management Holders may assign all or any portion of
their rights in Section 2 hereof to their shareholders, members, partners or other equity holders and (ii) the SL Holders may assign all or any portion of their rights in Section 2 hereof to a Transferee or to bona fide unaffiliated
purchasers of Registrable Securities with a market value at the time of sale of at least $75 million. 
 (g) Notices. All
notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received, it being understood that if no such e-mail address or facsimile number is provided to the Corporation than notice may not be delivered by e-mail or facsimile, as applicable). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in
the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. All such notices, requests and other communications to any party hereunder
shall be given to such party as follows or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. 

If to the Corporation, addressed to it at: 

c/o Endeavor Group Holdings, Inc. 

9601 Wilshire Boulevard, 3rd Floor 

Beverly Hills, California 90210 

Attention:      Chief Executive Officer 

Executive Chairman 
 General
Counsel 
 Facsimile No.: (310) 285-9010 

E-mail: [•] 

With copies (which shall not constitute actual or constructive notice) to: 

Latham & Watkins LLP 

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

Marc D. Jaffe 
 Ian D. Schuman

 Jonathan P. Solomon 

Facsimile No.: (212) 751-4864 

E-mail: justin.hamill@lw.com 

marc.jaffe@lw.com 

ian.schuman@lw.com 

jonathan.solomon@lw.com 

  
 31 

 If to the SL Holders, addressed to them at: 

c/o Silver Lake Partners 
 2775
Sand Hill Road, Suite 100 
 Menlo Park, CA 94025 

Attention: Karen King 
 Facsimile
No.: (650) 233-8125 
 E-mail: karen.king@silverlake.com 

and 
 c/o Silver Lake Partners

 9 West 57th Street, 32nd Floor 

New York, NY 10019 
 Attention:
Andrew Schader 
 Facsimile No.: (212) 981-3535 

Email: andy.schader@silverlake.com 

With copies (which shall not constitute actual or constructive notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
California 94304 
 Attention: Daniel Webb 

Fax: (650) 251-5002 

Email: dwebb@stblaw.com 
 If to
any of the other parties hereto, to the address set forth on the books and records of the Company. 
 (h) Business Days. If any time
period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the immediately following Business Day. 

(i) Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of
the Corporation and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 (j) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE
PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR
THE MATTERS CONTEMPLATED HEREBY. 

  
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 (k) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER
PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH
PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE
DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM. 
 (l) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and
acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member of any
Holder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer,
employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in
respect of or by reason of such obligations or their creation. 
 (m) Descriptive Headings; Interpretation. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

(n) No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party. 
 (o) Counterparts. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

  
 33 

 (p) Electronic Delivery. This Agreement, the agreements referred to herein, and each
other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or
similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof
and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(q) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

(r) No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the Holders in this Agreement. 
 * * * * * 

  
 34 

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

			
	ENDEAVOR GROUP HOLDINGS, INC.
		
	By:	 	          

	Name:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ENDEAVOR EXECUTIVE HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE PIU HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ENDEAVOR EXECUTIVE II HOLDCO, LLC
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	  
 Ariel Emanuel

		
		 	  
 Patrick Whitesell

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	[Technology Advisory Board]

 
			
		
	By:	 	  

	Name:
	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 SLP WEST HOLDINGS, L.L.C.

		
	 By:
	 	
	
	  

By:

	 Title: Managing Member

	
	 SLP WEST HOLDINGS II, L.L.C.

		
	 By:
	 	
	
	  

By:

	 Title: Managing Member

	
	 SLP WEST HOLDINGS III, L.P.

		
	 By:
	 	
	
	  

By:

	 Title:

	
	 SLP WEST HOLDINGS CO-INVEST,
L.P.

		
	 By:
	 	
	
	  

By:

	 Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 SLP WEST HOLDINGS CO-INVEST II,
L.P.

		
	By:	 	
	
	  

By:

	 Title:

	
	 SLP IV WEST FEEDER I, L.P.

		
	By:	 	
	
	  

By:

	 Title:

	
	 SL SPV-1 FEEDER I, L.P.

		
	By:	 	
	
	  

By:

	 Title:

	
	 SLP WEST HOLDINGS CO-INVEST FEEDER II,
L.P.

		
	By:	 	
	
	  

By:

	 Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SEQUOIA CHINA GROWTH FUND IV, L.P.
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	HEDOSOPHIA GROUP LIMITED
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FOCUS MEDIA FOUNTAINVEST SPORTS JV, L.P.
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	TENCENT HOLDINGS LIMITED
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	WOLF CUB HOLDINGS LLC
		
	By:	 	
	
	  
 By:

	Title:	 	
	
	USWI HOLDING LLC
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	FIDELITY PURITAN FUND
		
	By:	 	
	
	  
 By:

	Title:
	
	FIDELITY MAGELLAN FUND
		
	By:	 	
	
	  
 By:

	Title:
	
	FIDELITY – SECURITIES FUND: FIDELITY BLUE
    CHIP GROWTH FUND
		
	By:	 	
	
	  
 By:

	Title:

  
 [Signature Page to
Registration Rights Agreement] 

			
	FIDELITY – COMMON WEALTH TRUST: FIDELITY
    MID-CAP STOCK FUND
		
	By:	 	
	
	  

	By:
	Title:
	
	 FIDELITY – MT. VERNON STREET TRUST: FIDELITY NEW MILLENNIUM
FUND

		
	By:	 	
	
	  
 By:

	Title:
	
	FIDELITY – DESTINY PORTFOLIOS: FIDELITY
    ADVISOR DIVERSIFIED STOCK FUND
		
	By:	 	
	
	  
 By:

	Title:
	
	FIDELITY – CONTRABAND: FIDELITY ADVISOR
    NEW INSIGHTS FUND
		
	By:	 	
	
	  
 By:

	Title:

  
 [Signature Page to
Registration Rights Agreement] 

			
	
	FIDELITY – SECURITIES FUND: FIDELITY SERIES
    BLUE CHIP GROWTH
		
	By:	 	
	
	  
 By:

	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	JASMINE VENTURES PTE LTD.
		
	By:	 	
	
	  
 By:

	Title:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	CPP INVESTMENT BOARD (USRE III) INC.
		
	By:	 	
	
	  
 By:

	Title:	 	

 [Any additional Opco holders to be added]  

 SCHEDULE OF HOLDERS 

 

			
	 Holder
	  	 Holder Group

	Ariel Emanuel	  	Management Holders
	Patrick Whitesell	  	Management Holders
	Endeavor Executive Holdco, LLC	  	Management Holders
	Endeavor Executive PIU Holdco, LLC	  	Management Holders
	Endeavor Executive II Holdco, LLC	  	Management Holders
	[Recipients of Manager LLC Units and Class X ]	  	Management Holders
	SLP West Holdings, L.L.C.	  	SLP Holders
	SLP West Holdings II, L.L.C.	  	SLP Holders
	SLP West Holdings III, L.P.	  	SLP Holders
	SLP West Holdings Co-Invest, L.P.	  	SLP Holders
	SLP West Holdings Co-Invest II, L.P.	  	SLP Holders
	[SLP IV West Feeder I, L.P.]	  	[ ● ]
	[SL SPV-1 Feeder I, L.P.]	  	[ ● ]
	[SLP West Holdings Co-Invest Feeder II, L.P.]	  	[ ● ]
	Sequoia China Growth Fund IV, L.P.	  	Non-Demand Holders
	Hedosophia Group Limited	  	Non-Demand Holders
	Focus Media Fountainvest Sports JV, L.P.	  	Non-Demand Holders
	Tencent Holdings Limited	  	Non-Demand Holders
	Wolf Cub Holdings LLC	  	Non-Demand Holders
	USWI Holding LLC	  	Non-Demand Holders
	Fidelity Puritan Fund	  	Non-Demand Holders
	Fidelity Magellan Fund	  	Non-Demand Holders
	Fidelity – Securities Fund: Fidelity Blue Chip Growth Fund	  	Non-Demand Holders
	Fidelity – Common Wealth Trust: Fidelity Mid-Cap Stock Fund	  	Non-Demand Holders
	Fidelity – Mt. Vernon Street Trust: Fidelity New Millennium Fund	  	Non-Demand Holders
	Fidelity – Destiny Portfolios: Fidelity Advisor Diversified Stock Fund	  	Non-Demand Holders
	Fidelity – Contraband: Fidelity Advisor New Insights Fund	  	Non-Demand Holders
	Fidelity – Securities Fund: Fidelity Series Blue Chip Growth	  	Non-Demand Holders
	Jasmine Ventures Pte Ltd.	  	Non-Demand Holders
	CPP Investment Board (USRE III) Inc.	  	Non-Demand Holders

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of [●], 2019 (as the
same may hereafter be amended, the “Registration Rights Agreement”), among Endeavor Group Holdings, Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein. 

By executing and delivering this Joinder to the Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart
hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities [and as an SL Holder] [and as a Management Holder] in the same
manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the
extent provided therein. The Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Holders attached to the Registration Rights Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the __________ day of __________, 20__. 

 

	
	  
 Signature of
Stockholder

	
	  
 Print Name of
Stockholder

	Its:
	
	Address:                                     
                        
	  

	  

 Agreed and Accepted as of 

____________, 20__ 
  

			
	Endeavor Group Holdings, Inc.

			
		
	By:	 	  

	Name:
	Its:EX-10.20

 Exhibit 10.20 

ENDEAVOR GROUP HOLDINGS, INC. 

2019 INCENTIVE AWARD PLAN 
 1.
Purpose. The Endeavor Group Holdings, Inc. 2019 Incentive Award Plan (as amended from time to time, the “Plan”) is intended to help Endeavor Group Holdings, Inc., a Delaware corporation (including any successor
thereto, the “Company”), and Affiliates (i) to attract and retain key employees, directors, consultants, advisors and other Eligible Persons and to motivate such Eligible Persons to serve the Company and Affiliates and
to expend maximum effort to improve business results and earnings of the Company by providing them the opportunity to acquire an interest in the operations and future success of the Company, and (ii) align the interests of such Eligible Persons
with those of the Company’s shareholders. To this end, the Plan provides for, among other things, the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock or cash based awards and dividend
equivalents. Any of these awards may, but need not, be made as performance incentives to reward attainment of annual or long-term performance goals in accordance with the terms hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein. 
 2. Effective Date. The
effective date of the Plan is the day prior to the date upon which Common Stock is listed (or approved for listing) upon notice of issuance on the NYSE (i.e., the pricing date of the Company’s initial public offering) (the “Effective
Date”). No Incentive Stock Option may be granted pursuant to the Plan after the tenth anniversary of the earlier of (a) the date on which the Plan was adopted by the Board and (b) the date the Plan was approved by the
Company’s stockholders. 
 3. Definitions. The following definitions shall apply throughout the Plan: 

(a) “Affiliate” means (i) any Subsidiary and (ii) any other person or entity that directly or indirectly
controls, is controlled by or is under common control with the Company or OpCo. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any
person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or
otherwise. 
 (b) “Award” means any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right,
Restricted Stock, Restricted Stock Unit, Other Stock or Cash Based Award or Dividend Equivalent granted under the Plan. 
 (c)
“Award Agreement” means the agreement (whether in written or electronic form) or other instrument or document evidencing any Award granted under the Plan. 

(d) “Beneficial Ownership” has the meaning set forth in Rule 13d-3 promulgated
under Section 13 of the Exchange Act. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cause” in the case of a particular Award, unless the applicable Award Agreement states otherwise, (i) shall
have the meaning given such term (or term of similar import) in any employment, consulting, change-in-control, severance or any other agreement between the Participant
and the Company or any Subsidiary, or severance plan in which the Participant is eligible to participate, in either case in effect at the time of the Participant’s termination of employment or service with the Company and any Subsidiary, or
(ii) if “cause” or term of similar import is not defined in, or in the absence of, any such employment, consulting, change-in-control, severance or any
other agreement between the Participant and the Company or any Subsidiary, or severance plan in which the Participant is eligible to participate, means: (A) the Participant’s commission of any act or omission that results in or could
reasonably be expected to result in 

 
conviction of, or entry of a plea of no contest to (x) a felony or (y) a misdemeanor involving moral turpitude (or the equivalent of a misdemeanor involving moral turpitude or a felony
in a jurisdiction other than the United States), (B) the Participant’s gross negligence or willful misconduct, or a willful failure to attempt in good faith to substantially perform his or her duties (other than due to physical illness or
incapacity), (C) the Participant’s material breach of a provision of any employment agreement, consulting agreement, directorship agreement or similar services agreement or offer letter between the Participant and the Company or any Subsidiary,
or any non-competition, non-disclosure or non-solicitation agreement with the Company or any Affiliate, (D) the
Participant’s material violation of any written policies adopted by the Company or any Affiliate governing the conduct of persons performing services on behalf of the Company or any Affiliate, (E) the Participant’s obtaining any
material improper personal benefit as result of breach by the Participant of any covenant or agreement (including a breach by the Participant of the Company’s code of ethics or a material breach by the Participant of other written policies
furnished to the Participant relating to personal investment transactions) of which the Participant was or should have been aware, (F) the Participant’s fraud or misappropriation, embezzlement or material misuse of funds or property
belonging to the Company or any Affiliate, (G) the Participant’s use of alcohol or drugs that materially interferes with the performance of his or her duties, or (H) willful or reckless misconduct in respect of the Participant’s
obligations to the Company or Affiliates or other acts of misconduct by the Participant occurring during the course of the Participant’s employment or service that in either case results in or could reasonably be expected to result in material
damage to the property, business or reputation of the Company or any Affiliate. Notwithstanding anything to the contrary herein or elsewhere, if, within six (6) months following a Participant’s termination of employment or service for any
reason other than by the Company or any Subsidiary for Cause, the Company or any Subsidiary determines that such Participant’s termination of employment or service could have been for Cause, such Participant’s termination of employment or
service will be deemed to have been for Cause for all purposes, and such Participant will be required to disgorge to the Company all amounts received under this Plan, any Award Agreement or otherwise that would not have been payable to such
Participant had such termination of employment or service been by the Company or any Subsidiary for Cause. The determination of whether Cause exists shall be made by the Committee in its sole discretion. 

(g) “Change of Control” means, in the case of a particular Award, unless the applicable Award Agreement (or any
employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary) states otherwise, any of the following
events or series of related events after the Effective Date: a merger or consolidation of the Company with any other Person or Persons, including a tender offer followed by a merger in which holders of Class A common stock of the Company, par
value $0.00001 per share, receive the same consideration per share paid in the tender offer, and, immediately after the consummation of such merger or consolidation, the voting securities of the Company immediately prior to such merger or
consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation. Notwithstanding the foregoing, a
“Change of Control” shall not be deemed to have occurred (i) by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the Class A common stock,
Class B common stock, Class X common stock and Class Y common stock of the Company, $0.00001 par value per share, immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership in and voting control over, and own substantially all of the shares or equity of, an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, (ii) by
virtue of the consummation of any transaction or series of transactions, immediately following which, the Company and one or more other entities (the “Other Constituent Companies”) shall have become separate wholly-owned
Subsidiaries of a holding company, and the record holders of the Class A common stock, Class B common stock, Class X common stock and Class Y common stock of the Company, $0.00001 par value per share, immediately prior to such
transaction or series of transactions, together with the record holders of the outstanding equity interests in the Other 

  
 2 

 
Constituent Companies immediately prior to such transaction or series of transactions, shall have become the equityholders of the new holding company in exchange for their respective equity
interests in the Company and the Other Constituent Companies and such transaction or transactions would not otherwise constitute a “Change of Control” assuming references to the Company are references to such holding company or
(iii) at any time that the Persons set forth on Schedule A, collectively, continue to beneficially own, directly or indirectly, securities of the Company representing more than 35% of the combined voting power of the Company’s
then-outstanding voting securities and no other Person or “group” (within the meaning of Section 13(d) of the Exchange Act) that does not include the Persons set forth on Schedule A, beneficially owns, directly or indirectly,
securities of the Company representing a greater percentage of the combined voting power of the Company’s then-outstanding voting securities than that then beneficially owned by the Persons set forth on Schedule A. Notwithstanding the
foregoing, if a Change of Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the
imposition of additional taxes under Section 409A of the Code, the event or series of events described above with respect to such Award (or portion thereof) shall only constitute a Change of Control for purposes of the payment timing of such
Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). The Committee shall have full and final authority, which shall
be exercised in its sole discretion, to determine conclusively whether a Change of Control has occurred pursuant to the above definition, the date of the occurrence of such Change of Control and any incidental matters relating thereto; provided that
any exercise of authority in conjunction with a determination of whether a Change of Control is a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be
consistent with such regulation. 
 (i) “Code” means the U.S. Internal Revenue Code of 1986, as amended, and any
successor thereto. References to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successors thereto. 

(h) “Committee” means (i) the Governing Body, (ii) if the Company’s Executive Committee (as defined in
the Company’s certificate of incorporation as may be amended and/or restated from time to time) is the Governing Body and so directs, the Board or (iii) solely to the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act in respect of Awards, the Board or a committee of the Board. 

(i) “Common Stock” means Class A common stock of the Company, par value $0.00001 per share (and any stock or other
securities into which such common stock may be converted or into which it may be exchanged). 
 (j) “Disability” of a
Participant means, unless otherwise set forth in an applicable Award Agreement, that such Participant is either (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that
can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (ii) determined to be disabled in accordance with a long-term disability insurance or similar program maintained by the
Company or is subject to a determination by the U.S. Social Security Administration (or similar non-U.S. governmental authority) that he or she is totally disabled. 

(k) “Dividend Equivalent” means a right to receive the equivalent value (in cash, shares of Common Stock or other
property) of dividends paid on shares of Common Stock, awarded under Section 10(b). 
 (l) “$” shall refer to
the United States dollars. 

  
 3 

 (m) “DRO” means a “domestic relations order” as defined by
the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 
 (n)
“Eligible Director” means a director who satisfies the conditions set forth in Section 4(a) of the Plan. 
 (o)
“Eligible Person” means any (i) individual employed by the Company or a Subsidiary; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person,
(ii) director or officer of the Company or a Subsidiary, (iii) consultant or advisor to the Company or any of the Subsidiaries who may be offered securities registrable on Form S-8 under the
Securities Act, or (iv) prospective employee, director, officer, consultant or advisor who has accepted an offer of employment or service from the Company or the Subsidiaries (and would satisfy the provisions of clause (i), (ii) or
(iii) above once such individual begins employment with or providing services to the Company or a Subsidiary). 
 (p)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto. References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations
or other interpretative guidance under such section or rule, and any amendments or successors thereto. 
 (q) “Exercise
Price” has the meaning set forth in Section 7(b) of the Plan. 
 (r) “Fair Market Value” means,
(i) with respect to Common Stock on a given date, (x) if the Common Stock is listed on a national securities exchange, the closing sales price of a share of Common Stock reported on such exchange on such date, or if there is no such sale
on that date, then on the last preceding date on which such a sale was reported, or (y) if the Common Stock is not listed on any national securities exchange, the amount determined by the Committee in good faith to be the fair market value of
the Common Stock, or (ii) with respect to any other property on any given date, the amount determined by the Committee in good faith to be the fair market value of such other property as of such date. Notwithstanding the foregoing, with respect
to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a share of Common Stock as set forth in the Company’s final prospectus relating to its
initial public offering filed with the Securities and Exchange Commission. 
 (s) “Governing Body” has the meaning
set forth in the Company’s certificate of incorporation as may be amended and/or restated from time to time. 
 (t)
“Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan. 

(u) “Immediate Family Members” has the meaning set forth in Section 14(b)(ii) of the Plan. 

(v) “Indemnifiable Person” has the meaning set forth in Section 4(e) of the Plan. 

(w) “Manager” means Endeavor Manager, LLC. 

(x) “NYSE” means The New York Stock Exchange. 

(y) “Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

  
 4 

 (z) “OpCo” means Endeavor Operating Company, LLC. 

(aa) “Option” means an Award granted under Section 7 of the Plan. 

(bb) “Option Period” has the meaning set forth in Section 7(c) of the Plan. 

(cc) “Other Stock or Cash Based Award” means an Award granted under Section 10 of the Plan. 

(dd) “Participant” has the meaning set forth in Section 6 of the Plan. 

(ee) “Performance Criteria” shall mean the criteria (and adjustments) that the Committee selects for an Award for
purposes of establishing the Performance Goal(s) for an applicable performance period. The Performance Criteria that may be used to establish Performance Goals include, but are not limited to, the following: (i) net earnings or losses (either
before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization and (E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue
or sales or revenue growth; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit (either before or after taxes); (vi) cash flow (including, but not limited to, operating cash flow and
free cash flow); (vii) return on assets; (viii) return on capital (or invested capital) and cost of capital; (ix) return on stockholders’ equity; (x) total stockholder return; (xi) return on sales; (xii) gross or net
profit or operating margin; (xiii) costs, reductions in costs and cost control measures; (xiv) expenses; (xv) working capital; (xvi) earnings or loss per share; (xvii) adjusted earnings or loss per share; (xviii) price per
share or dividends per share (or appreciation in and/or maintenance of such price or dividends); (xix) regulatory achievements or compliance (including, without limitation, regulatory body approval for commercialization of a product); (xx)
implementation or completion of critical projects; (xxi) market share; (xxii) economic value; and (xxiii) individual employee performance, any of which may be measured either in absolute terms or as compared to any incremental
increase or decrease or as compared to results of a peer group or other employees or to market performance indicators or indices. 
 (ff)
“Performance Goals” shall mean, for any applicable performance period, one or more goals established in writing by the Committee based upon one or more Performance Criteria. Depending on the Performance Criteria used to
establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of an Affiliate, division, business unit, or an individual. The achievement of each Performance Goal shall be
determined with reference to methodology determined appropriate by the Committee. 
 (gg) “Permitted Transferee” has
the meaning set forth in Section 14(b)(ii) of the Plan. 
 (hh) “Person” has the meaning given in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any
Affiliate, or (ii) an underwriter temporarily holding securities pursuant to an offering of such securities. 
 (ii)
“Released Unit” has the meaning set forth in Section 9(d)(ii) of the Plan. 
 (jj) “Restricted
Period” has the meaning set forth in Section 9(a) of the Plan. 
 (kk) “Restricted Stock” means an
Award of Common Stock, subject to certain specified restrictions, granted under Section 9 of the Plan, including, without limitation, any such Awards that vest based upon and/or subject to achievement of Performance Goals (i.e., performance
shares). 

  
 5 

 (ll) “Restricted Stock Unit” means an Award of an unfunded and
unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain specified restrictions, granted under Section 9 of the Plan, including, without limitation, any such Awards for which the amount
delivered is based upon and/or subject to achievement of Performance Goals (i.e., performance stock units). 
 (mm) “SAR
Period” has the meaning set forth in Section 8(c) of the Plan. 
 (nn) “Securities Act” means the
U.S. Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such
section or rule, and any amendments or successor provisions to such section, rules, regulations or other interpretive guidance. 
 (oo)
“Strike Price” has the meaning set forth in Section 8(b) of the Plan. 
 (pp) “Stock Appreciation
Right” or “SAR” means an Award granted under Section 8 of the Plan. 
 (qq)
“Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company or OpCo. 

(rr) “Substitute Awards” has the meaning set forth in Section 5(e) of the Plan. 

4. Administration. 
 (a) The Committee
shall administer the Plan, and shall have the sole and plenary authority to (i) designate Participants, (ii) determine the type, size, and terms and conditions of Awards to be granted and to grant such Awards, (iii) determine the
method by which an Award may be settled, exercised, canceled, forfeited, suspended, or repurchased by the Company, (iv) determine the circumstances under which the delivery of cash, property or other amounts payable with respect to an Award may
be deferred, either automatically or at the Participant’s or Committee’s election, (v) interpret, administer, reconcile any inconsistency in, correct any defect in and supply any omission in the Plan and any Award granted under the
Plan, (vi) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan, (vii) accelerate the vesting, delivery or exercisability
of, or payment for or lapse of restrictions on, or waive any condition in respect of, Awards, and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan
or to comply with any applicable law. To the extent required to satisfy the exemption under the provisions of Rule 16b-3 promulgated under the Exchange Act (if applicable), or any exception or exemption under
applicable securities laws or the applicable rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, as applicable, it is intended that each member of the Committee shall,
at the time such member takes any action with respect to an Award under the Plan, be (1) a “non-employee director” within the meaning of Rule 16b-3
promulgated under the Exchange Act and/or (2) an “independent director” under the rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or a person meeting
any similar requirement under any successor rule or regulation (“Eligible Director”). However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted or action
taken by the Committee that is otherwise validly granted or taken under the Plan. 
 (b) Subject to the requirements of applicable law, the
Committee may delegate all or any portion of its responsibilities and powers to any person(s) selected by it, except for grants of Awards to persons who are non-employee members of the Board or are otherwise
subject to Section 16 of the Exchange Act. Any such delegation may be revoked by the Committee at any time. 

  
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 (c) As further set forth in Section 14(e) of the Plan, the Committee shall have the
authority to amend the Plan and Awards to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms and conditions comparable to those afforded to Eligible Persons located
within the United States; provided, however, that no such action shall be taken without shareholder approval if such approval is required by applicable securities laws or regulation or NYSE listing guidelines. 

(d) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions regarding the Plan
or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons and entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company. 
 (e)
To the fullest extent permitted by law, no member of the Board or the Committee, or any employee or agent of the Company (each such person, an “Indemnifiable Person”), shall be liable for any action taken or omitted to be
taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud, a willful criminal act or a willful criminal omission). Each Indemnifiable Person shall, to the fullest extent permitted by law, be
indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action,
suit or proceeding to which such Indemnifiable Person may be involved as a party, witness or otherwise by reason of any action taken or omitted to be taken or determination made under the Plan or any Award Agreement and against and from any and all
amounts paid by such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld), in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against
such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it
shall ultimately be determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding,
and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of recognized standing of the Company’s choice. The foregoing right of indemnification shall not be
available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of
such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud, willful criminal act or willful criminal omission, or that such right of indemnification is otherwise prohibited by law or by
the Company’s certificate of incorporation or by-laws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such
Indemnifiable Persons may be entitled under the Company’s certificate of incorporation or by-laws, as a matter of law, individual indemnification agreement or contract or otherwise, or any other power
that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

  
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 5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) Awards. The Committee may grant Awards to one or more Eligible Persons. 

(b) Share Limits. Subject to Section 11 of the Plan and subsection (e) below, the following limitations apply to the grant of
Awards: (i) the number of shares of Common Stock that are reserved for issuance and may be delivered in the aggregate pursuant to Awards granted under the Plan may not exceed the sum of (A) [______] and (B) an annual increase on the first
day of each calendar year beginning on January 1, 2020 and ending on and including January 1, 2029 equal to the lesser of (x) eight-tenths of one percent (0.8%) of the total number of outstanding shares of Common Stock, as of the
close of business on the last business day of the prior calendar year, determined on an “as-converted” basis taking into account any and all securities convertible into, or exercisable, exchangeable
or redeemable for, shares of Common Stock (including Common Units of OpCo and Manager (including Profits Units of OpCo or Manager exchangeable pursuant to the limited liability company agreement of OpCo, as amended from time to time or the limited
liability company agreement of Manager, as amended from time to time (without regard to any timing, vesting or other restrictions on exchange contained therein)) that are redeemable pursuant to the limited liability company agreement of OpCo, as
amended from time to time or the limited liability company agreement of Manager, as amended from time to time (without regard to any timing, vesting or other restrictions on redemptions contained therein and assuming no redemptions for cash)), and
(2) except as provided in the foregoing clause (1), without regard to the conversion, exercise, exchange or redemption of any other securities into or for shares of Common Stock, and (y) such smaller number of shares of Common Stock as
determined by the Governing Body (the “Share Pool”); (ii) no more than [_________] shares of Common Stock may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan; and (iii) the
maximum amount (based on the Fair Market Value of shares of Common Stock on the date of grant as determined in accordance with applicable financial accounting rules) of Awards that may be granted in any single fiscal year to any non-employee member of the Board, taken together with any cash fees paid to such non-employee member of the Board during such fiscal year, shall be six hundred thousand
($600,000); provided, that the foregoing limitation shall not apply in respect of any Awards issued to a non-employee director (A) in respect of any one-time
initial equity grant upon a non-employee director’s appointment to the Board or (B) in the event of extraordinary circumstances, to the extent such
non-employee director receiving such additional compensation does not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving other non-employee directors. 
 (c) Share Counting. The Share Pool shall be reduced, on the date of
grant, by the relevant number of shares of Common Stock for each Award granted under the Plan that is valued by reference to a share of Common Stock; provided that Awards that are valued by reference to shares of Common Stock but are required to be
paid in cash pursuant to their terms and Dividend Equivalents paid in cash in conjunction with any Award shall not reduce the Share Pool. If and to the extent that Awards originating from the Share Pool terminate, expire, or are canceled, forfeited,
exchanged, or surrendered without having been exercised, vested, or settled, the shares of Common Stock subject to such Awards shall again be available for Awards under the Share Pool. Notwithstanding the foregoing, the following shares of Common
Stock shall not become available for issuance under the Plan: (i) shares of Common Stock tendered by Participants, or withheld by the Company, as full or partial payment to the Company upon the exercise of Stock Options granted under the Plan;
(ii) shares of Common Stock reserved for issuance upon the grant of Stock Appreciation Rights, to the extent that the number of reserved shares of Common Stock exceeds the number of shares of Common Stock actually issued upon the exercise of
the Stock Appreciation Rights; (iii) shares of Common Stock withheld by, or otherwise remitted to, the Company to satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on, settlement of, or exercise of Awards
granted under the Plan; and (iv) shares of Common Stock purchased on the open market by the Company with the cash proceeds received from the exercise of Stock Options. Notwithstanding the 

  
 8 

 
provisions of this Section 5(c), after the tenth anniversary of the earlier of (a) the date on which the Plan was adopted by the Board and (b) the date the Plan was approved by the
Company’s stockholders, no Shares shall again be available for future grants of Awards under the Plan pursuant to this Section 5(c) to the extent that such return of Shares would at such time cause the Plan to constitute a “formula
plan” or constitute a “material revision” of the Plan subject to shareholder approval under then-applicable rules of the NYSE (or any other applicable exchange or quotation system). 

(d) Source of Shares. Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares,
shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

(e) Substitute Awards. The Committee may grant Awards in assumption of, or in substitution for, outstanding awards previously granted by
the Company or any Affiliate or an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”), and such Substitute Awards shall not be counted against the aggregate number
of shares of Common Stock available for Awards; provided, that Substitute Awards issued or intended as “incentive stock options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of
Incentive Stock Options available under the Plan. 
 6. Eligibility. Participation shall be limited to Eligible Persons who have been selected
by the Committee and who have entered into an Award Agreement with respect to an Award granted to them under the Plan (each such Eligible Person, a “Participant”). 

7. Options. 
 (a) Generally. Each
Option shall be subject to the conditions set forth in the Plan and in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the Award Agreement expressly states otherwise. Incentive Stock
Options shall be granted only subject to and in compliance with Section 422 of the Code, and only to Eligible Persons who are employees of the Company and Affiliates and who are eligible to receive an Incentive Stock Option under the Code. If
for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a
Nonqualified Stock Option properly granted under the Plan. 
 (b) Exercise Price. The exercise price (“Exercise
Price”) per share of Common Stock for each Option (that is not a Substitute Award) shall not be less than 100% of the Fair Market Value of such share, determined as of the date of grant. Any modification to the Exercise Price of an
outstanding Option shall be subject to the prohibition on repricing set forth in Section 13(b). 
 (c) Vesting, Exercise and
Expiration. The Committee shall determine the manner and timing of vesting (which, for the avoidance of doubt, may include service- and/or Performance Goal-based vesting conditions), exercise and expiration of Options. The period between the
date of grant and the scheduled expiration date of the Option (“Option Period”) shall not exceed ten years, unless the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in
the shares of Common Stock is prohibited by any exchange and/or insider trading policy that may be established by Manager or the Company, as may be amended from time to time (a “Trading Policy”), or any “black-out” or similar period under the Manager’s or the Company’s policies covering trading in the Company’s securities, including any limited liability company units or other interests of
any subsidiary of the Company that are convertible for or exchangeable into (i) any equity or other security of the Company or (ii) any equity or other security of such subsidiary which in turn is convertible for or exchangeable into any
equity or other security of the Company (including any Trading Policy) to which the applicable Participant is subject (a 

  
 9 

 
“Black Out Period”), in which case the Option Period shall be extended automatically until the 30th day following the expiration of such prohibition (so long as such
extension shall not violate Section 409A of the Code). The Committee may accelerate the vesting and/or exercisability of any Option, which acceleration shall not affect any other terms and conditions of such Option. 

(d) Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until the
Participant has paid the Exercise Price to the Company in full, and an amount equal to any U.S. federal, state and local income and employment taxes and non-U.S. income and employment taxes, social
contributions and any other tax-related items required to be withheld. Options may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third-party
administrator) in accordance with the terms of the Option and the Award Agreement accompanied by payment of the Exercise Price and such applicable taxes. The Exercise Price and delivery of all applicable required withholding taxes shall be payable
(i) in cash or by check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a
sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company) or any combination of the foregoing; provided, that such shares of Common Stock are not subject to any pledge or other security interest; or
(ii) by such other method as elected by the Participant and that the Committee may permit, in its sole discretion, including without limitation: (A) in the form of other property having a Fair Market Value on the date of exercise equal to
the Exercise Price and all applicable required withholding taxes; (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company or its
designee (including third-party administrators) is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an
amount equal to the Exercise Price and all applicable required withholding taxes against delivery of the shares of Common Stock to settle the applicable trade; or (C) by means of a “net exercise” procedure effected by withholding the
minimum number of shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise Price and all applicable required withholding taxes. In all events of cashless or net exercise, any fractional shares of
Common Stock shall be settled in cash. 
 (e) Notification upon Disqualifying Disposition of an Incentive Stock Option. Each
Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date on which the Participant makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such
Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (i) two years after the date of grant of the Incentive Stock Option and (ii) one year
after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Common Stock
acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instruction from such Participant as to the sale of such Common Stock. 

(f) Compliance with Laws. Notwithstanding the foregoing, in no event shall the Participant be permitted to exercise an Option in a
manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any
securities exchange or inter-dealer quotation service on which the Common Stock of the Company is listed or quoted. 

  
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 (g) Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to
the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a parent or subsidiary of the Company
(within the meaning of Sections 424(e) and 424(f) of the Code), the Option Period shall not exceed five years from the date of grant of such Option and the Exercise Price shall be at least 110% of the Fair Market Value (on the date of grant) of the
shares subject to the Option. 
 (h) $100,000 Per Year Limitation for Incentive Stock Options. To the extent that the aggregate Fair
Market Value (determined as of the date of grant) of shares of Common Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such
excess Incentive Stock Options shall be treated as Nonqualified Stock Options. 
 8. Stock Appreciation Rights (SARs). 

(a) Generally. Each SAR shall be subject to the conditions set forth in the Plan and the Award Agreement. Any Option granted under the
Plan may include a tandem SAR. The Committee also may award SARs independent of any Option. 
 (b) Strike Price. The strike price
(“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share, determined as of the date of grant; provided, however, that a SAR granted in tandem
with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the prohibition on repricing
set forth in Section 13(b). 
 (c) Vesting and Expiration. A SAR granted in tandem with an Option shall vest and become
exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independently of an Option shall vest and become exercisable and shall expire in such manner and on such date or
dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting or
exercisability dates set by the Committee, the Committee may accelerate the vesting and/or exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to vesting and/or exercisability.
If the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by a Trading Policy or Black Out Period, the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition
(so long as such extension shall not violate Section 409A of the Code). 
 (d) Method of Exercise. SARs may be exercised by
delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator) in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were
awarded. 
 (e) Payment. Upon the exercise of a SAR, the Company shall pay to the holder thereof an amount equal to the number of
shares subject to the SAR that are being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less an amount equal to any U.S. federal, state and local income
and employment taxes and non-U.S. income and employment taxes, social contributions and any other tax-related items required to be withheld. The Company shall pay such
amount in cash, in shares of Common Stock valued at Fair Market Value as determined on the date of exercise, or any combination thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash. 

  
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 9. Restricted Stock and Restricted Stock Units. 

(a) Generally. Each Restricted Stock and Restricted Stock Unit Award shall be subject to the conditions set forth in the Plan and the
applicable Award Agreement. The Committee shall establish restrictions applicable to Restricted Stock and Restricted Stock Units, including the period over which the restrictions shall apply (the “Restricted Period”), and the
time or times at which Restricted Stock or Restricted Stock Units shall become vested (which, for the avoidance of doubt, may include service-and/or Performance Goal-based vesting conditions). Subject to such rules, approvals, and conditions as the
Committee may impose from time to time, an Eligible Person who is a non-employee director may elect to receive all or a portion of such Eligible Person’s cash director fees and other cash director
compensation payable for director services provided to the Company by such Eligible Person in any fiscal year, in whole or in part, in the form of Restricted Stock Units. The Committee may accelerate the vesting and/or the lapse of any or all of the
restrictions on Restricted Stock and Restricted Stock Units which acceleration shall not affect any other terms and conditions of such Awards. No share of Common Stock shall be issued at the time an Award of Restricted Stock Units is made, and the
Company will not be required to set aside a fund for the payment of any such Award. 
 (b) Stock Certificates; Escrow or Similar
Arrangement. Upon the grant of Restricted Stock, the Committee shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions. The Committee may also
cause a stock certificate registered in the name of the Participant to be issued. In such event, the Committee may provide that such certificates shall be held by the Company or in escrow rather than delivered to the Participant pending vesting and
release of restrictions, in which case the Committee may require the Participant to execute and deliver to the Company or its designee (including third-party administrators) (i) an escrow agreement satisfactory to the Committee, if applicable,
and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock. If the Participant shall fail to execute and deliver the escrow agreement and blank stock power within the amount of time specified by the Committee,
the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the Award Agreement, the Participant shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation
the right to vote such Restricted Stock. 
 (c) Restrictions; Forfeiture. Restricted Stock and Restricted Stock Units awarded to the
Participant shall be subject to forfeiture until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, and shall be subject to the restrictions on transferability set forth in
Section 14(b) and the Award Agreement. In the event of any forfeiture, all rights of the Participant to such Restricted Stock (or as a shareholder with respect thereto), and to such Restricted Stock Units, as applicable, including to any
dividends and/or Dividend Equivalents that may have been accumulated and withheld during the Restricted Period in respect thereof, shall terminate without further action or obligation on the part of the Company. The Committee shall have the
authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of grant of the
Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate. 
 (d) Delivery of Restricted Stock and Settlement of
Restricted Stock Units. 
 (i) Upon the expiration of the Restricted Period with respect to any shares of Restricted
Stock and the attainment of any other vesting criteria, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect, except as set forth in the Award Agreement. If an escrow arrangement is used, upon such
expiration the Company shall deliver to the Participant or such Participant’s beneficiary (via book-entry notation or, if applicable, in stock certificate form) the shares of Restricted Stock with respect to which the Restricted Period has
expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to the Restricted Stock shall be distributed to the Participant in cash or in shares of Common Stock having a Fair
Market Value on the date of distribution (or a combination of cash and shares of Common Stock) equal to the amount of such dividends, upon the release of restrictions on the Restricted Stock. 

  
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 (ii) Unless otherwise provided by the Committee in an Award Agreement, upon
the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or such Participant’s
beneficiary (via book-entry notation or, if applicable, in stock certificate form), one or more shares of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit that has not then been
forfeited and with respect to which the Restricted Period has expired and any other such vesting criteria are attained (“Released Unit”), as set forth in the applicable Award Agreement; provided, however, that
the Committee may elect to (A) pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or (B) defer the delivery of Common Stock (or cash or part Common Stock and part
cash, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of delivering shares of Common Stock, the
amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which the shares of Common Stock would have otherwise been delivered to the Participant in respect of such Restricted Stock Units. 

(iii) If and to the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units may be granted
Dividend Equivalents payable upon or in connection with the payment by the Company of dividends on shares of Common Stock either in cash or, if determined by the Committee, in shares of Common Stock or other property having a Fair Market Value equal
to the amount of such dividends as of the date of payment (or a combination of cash, shares of Common Stock or other property) (and interest may, if determined by the Committee, be credited on the amount payable in respect of the Dividend
Equivalents in cash at a rate and subject to such terms as determined by the Committee). Payments in respect of the Dividend Equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units
are settled (in the case of Restricted Stock Units, following the release of restrictions on such Restricted Stock Units), and if such Restricted Stock Units are forfeited, the holder thereof shall have no right to payments in respect of such
Dividend Equivalents. 
 (e) Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if
any, shall bear a legend substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions with respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE ENDEAVOR GROUP HOLDINGS, INC. 2019
INCENTIVE AWARD PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF __________, BETWEEN ENDEAVOR GROUP HOLDINGS, INC. AND _________. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF ENDEAVOR GROUP
HOLDINGS, INC. 

  
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 10. Other Stock or Cash Based Awards; Dividend Equivalents. 

 

	 	(a)	 Other Stock or Cash Based Awards. The Committee may issue unrestricted Common Stock, rights to receive
future grants of Awards, or other Awards denominated in Common Stock (including performance shares or performance units), or Awards that provide for cash payments, whether based in whole or in part on the value or future value of shares of Common
Stock or otherwise, under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and on such terms and conditions as the Committee shall from time to time determine (“Other Stock or Cash Based
Awards”). Each Other Stock or Cash Based Award shall be evidenced by an Award Agreement, which may include conditions including, without limitation, the payment by the Participant of the Fair Market Value of the shares of Common Stock
underlying such Award on the date of grant. Other Stock or Cash Based Awards may be available as a form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments, as a part of a bonus, deferred bonus, deferred
compensation, phantom equity or other arrangement, and/or as payment in lieu of compensation to which an Eligible Individual is otherwise entitled. 

  

	 	(b)	 Dividend Equivalents. The Committee may provide a Participant with Dividend Equivalents alone or as part
of an Award, on a current or deferred basis, on such terms and conditions as may be determined by the Committee, including, without limitation, a requirement of reinvestment of additional shares of Common Stock received in connection therewith;
provided, that no dividend equivalents shall be payable (i) in respect of outstanding Options or SARs or (ii) in respect of any other Award unless and until the Participant vests in such underlying Award; provided,
further, that Dividend Equivalents may be accumulated in respect of unearned or unvested Awards and paid as soon as administratively practicable, but no more than 60 days, after such Awards are earned and vested and become payable or
distributable or are settled (and the right to any such accumulated Dividend Equivalents shall be forfeited upon the forfeiture of the Award to which such Dividend Equivalents relate). 

11. Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than regular cash dividends) or other
distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company,
issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change of Control) that affects the shares of Common Stock,
or (b) unusual or nonrecurring events (including, without limitation, a Change of Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations
or other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting principles or law, such that in any case an adjustment is determined by the Committee to be necessary or appropriate, then the
Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation any or all of the following: 

(i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and
kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the
Plan) and (B) the terms of any outstanding Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding
Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award and/or (3) any applicable Performance Goals; 

  
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 (ii) providing for a substitution or assumption of Awards (or awards of an
acquiring company), accelerating the delivery, vesting and/or exercisability of, lapse of restrictions and/or other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than ten
(10) days) for Participants to exercise outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall terminate or become no longer exercisable upon the occurrence of such event); 

(iii) cancelling any one or more outstanding Awards (or awards of an acquiring company) and causing to be paid to the holders
thereof, in cash, shares of Common Stock, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock
received or to be received by other shareholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a
date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per-share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value (as of the date specified by the Committee) of a share of Common Stock subject thereto may be canceled and terminated without
any payment or consideration therefor); and 
 (iv) providing that any or all of the Awards cannot vest, be exercised or
become payable after such event and any or all of the unvested Awards are cancelled and terminated without any payment or consideration therefor. 

provided, however, that the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect any “equity
restructuring” (within the meaning of the Financial Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)). Except as otherwise determined by the Committee, any adjustment in Incentive Stock Options under this
Section 11 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this
Section 11 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 promulgated under the Exchange Act. The Company shall give each Participant notice of an
adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. In anticipation of the occurrence of any event listed in the first sentence of this Section 11, for reasons of administrative convenience,
the Committee in its sole discretion may refuse to permit the exercise of any Award during a period of up to 30 days prior to, and/or up to 30 days after, the anticipated occurrence of any such event. 

12. Effect of Change of Control. Except to the extent otherwise provided in an Award Agreement, or any applicable employment, consulting, change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary, in the event of a Change of Control, notwithstanding any provision
of the Plan to the contrary (but without limiting the Committee’s rights under Section 11): 
 (a) If the Participant’s
employment with or service to the Company or any Subsidiary is terminated by the Company or such Subsidiary without Cause (and other than due to death or Disability) on or within 12 months following a Change of Control, the Committee may (but is not
obligated to) provide that all Options and SARs held by such Participant shall become immediately exercisable with respect to 100% of the shares subject to such Options and SARs, and that the Restricted Period (and any other conditions) shall expire
immediately with respect to 100% of the shares of Restricted Stock and Restricted Stock Units and any other Awards held by such Participant (including a waiver of any applicable Performance Goals); provided, that if the vesting or
exercisability of any Award would otherwise be subject 

  
 15 

 
to the achievement of Performance Goals, the portion of such Award that shall become fully vested and immediately exercisable (if any) shall be based on the assumed achievement of actual or
target performance as determined by the Committee and, unless otherwise determined by the Committee, prorated for the number of days elapsed from the grant date of such Award through the date of termination. 

(b) In addition, the Committee may (but is not obligated to) upon at least ten (10) days’ advance notice to the affected
Participants, cancel any outstanding Award and pay to the holders thereof, in cash, securities or other property (including of the acquiring or successor company), or any combination thereof, the value of such Awards based upon the price per share
of Common Stock received or to be received by other shareholders of the Company in the event (it being understood that any Option or SAR having a per-share Exercise Price or Strike Price equal to, or in excess
of, the Fair Market Value (as of the date specified by the Committee) of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). Notwithstanding the above, the Committee shall exercise
such discretion over the timing of settlement of any Award subject to Code Section 409A at the time such Award is granted. 
 13. Amendments and
Termination. 
 (a) Amendment and Termination of the Plan. The Committee may amend, alter, suspend, discontinue, or terminate the
Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Plan (including, without limitation, as necessary to comply with any applicable rules or requirements of any securities exchange or inter-dealer quotation service on which the shares of Common Stock may be listed or
quoted, for changes in GAAP to new accounting standards); provided, further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any
holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary, unless the Committee determines that such amendment, alteration, suspension,
discontinuance or termination is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation. Notwithstanding the foregoing, no amendment shall be made to the last proviso of
Section 13(b) without shareholder approval. 
 (b) Amendment of Award Agreements. The Committee may, to the extent not
inconsistent with the terms of any applicable Award Agreement or the Plan, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award
Agreement, prospectively or retroactively (including after the Participant’s termination of employment or service with the Company or any Subsidiary); provided, that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant unless the
Committee determines that such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination is either required or advisable in order for the Company, the Plan or the Award to satisfy any applicable law or regulation;
provided, further, that except as otherwise permitted under Section 11 of the Plan, if (i) the Committee reduces the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee cancels any outstanding
Option or SAR and replaces it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner that would either (A) be reportable on the Company’s proxy statement or Form 10-K (if applicable) as Options that have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act), or (B) result
in any “repricing” for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment), (iii) the Committee takes any other action that is considered

  
 16 

 
a “repricing” for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or
(iv) the Committee cancels any outstanding Option or SAR that has a per-share Exercise Price or Strike Price (as applicable) at or above the Fair Market Value of a share of Common Stock on the date of
cancellation, and pays any consideration to the holder thereof, whether in cash, securities, or other property, or any combination thereof, then, in the case of the immediately preceding clauses (i) through (iv), any such action shall not be
effective without shareholder approval. 
 14. General. 

(a) Award Agreements; Other Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to
the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. In the event of any conflict between the terms of the Plan and any Award Agreement or employment, change-in-control, severance or other agreement in effect with the Participant, the term of the Plan shall control. 

(b) Nontransferability. 

(i) Each Award shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible under
applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and
distribution or, subject to the consent of the Committee, pursuant to a DRO, unless and until such Award has been exercised (if applicable) and the Shares underlying such Award have been issued and all restrictions applicable to such Shares have
lapsed, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided, that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the foregoing, the
Committee may permit Awards (other than Incentive Stock Options) to be transferred by the Participant, without consideration, subject to such rules as the Committee may adopt, to (A) any person who is a “family member” of the
Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated by the Securities and Exchange Commission (collectively,
the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant or the Participant’s Immediate Family Members; (C) a partnership or limited liability company whose only partners or
shareholders are the Participant and the Participant’s Immediate Family Members; or (D) any other transferee as may be approved either (1) by the Committee, or (2) as provided in the applicable Award Agreement; (each transferee
described in clause (A), (B), (C) or (D) above is hereinafter referred to as a “Permitted Transferee”); provided, that the Participant gives the Committee advance written notice describing the terms and conditions of the
proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with the immediately preceding paragraph shall apply to the Permitted
Transferee, and any reference in the Plan, or in any applicable Award Agreement, to the Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other
than by will or the laws of descent and distribution or, subject to the consent of the Committee, pursuant to a DRO; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a
registration statement on an appropriate form covering the 

  
 17 

 
shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is
necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan
or otherwise; (D) the consequences of the termination of the Participant’s employment by, or services to, the Company or any Subsidiary under the terms of the Plan and the applicable Award Agreement shall continue to be applied with
respect to the transferred Award, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement; and (E) any non-competition, non-solicitation, non-disparagement, non-disclosure, or other restrictive
covenants contained in any Award Agreement or other agreement between the Participant and the Company or any Affiliate shall continue to apply to the Participant and the consequences of the violation of such covenants shall continue to be applied
with respect to the transferred Award, including without limitation the clawback and forfeiture provisions of Section 14(u) of the Plan. 

(c) Tax Withholding. 

(i) The Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the
right (but not the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from any compensation or other amounts owing to the Participant, the amount
(in cash, Common Stock, other securities or other property) of any required withholding taxes (up to the maximum permissible withholding amounts) in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and
to take such other action that the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes. 

(ii) Without limiting the generality of paragraph (i) above, the Committee may permit the Participant to satisfy, in whole
or in part, the foregoing withholding liability by (A) payment in cash, (B) the delivery of shares of Common Stock (which shares are not subject to any pledge or other security interest) owned by the Participant having a Fair Market Value
on such date equal to such withholding liability or (C) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair
Market Value on such date equal to such withholding liability. In addition, subject to any requirements of applicable law, the Participant may also satisfy the tax withholding obligations by other methods, including selling shares of Common Stock
that would otherwise be available for delivery, provided that the Board or the Committee has specifically approved such payment method in advance. 

(d) No Claim to Awards; No Rights to Continued Employment, Directorship or Engagement. No employee, director, consultant or other person
employed by or providing service to the Company or an Affiliate shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no
obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to
each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the
employ or service of the Company or an Affiliate, or to continue in the employ or the service of the Company or an Affiliate, nor shall it be construed as giving any Participant who is a director any rights to continued service on the Board. 

  
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 (e) International Participants. With respect to Participants who reside or work
outside of the United States, the Committee may amend the terms of the Plan or appendices thereto, or outstanding Awards, with respect to such Participants, in order to conform such terms with or accommodate the requirements of local laws,
procedures or practices or to obtain more favorable tax or other treatment for the Participant, the Company or Affiliates. Without limiting the generality of this subsection, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability, retirement or other terminations of employment, available methods of exercise or settlement of an Award, payment of income, social
insurance contributions or payroll taxes, withholding procedures and handling of any stock certificates or other indicia of ownership that vary with local requirements. The Committee may also adopt rules, procedures or
sub-plans applicable to particular Affiliates or locations. 
 (f) Beneficiary Designation.
The Participant’s beneficiary shall be the Participant’s spouse (or domestic partner if such status is recognized by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time of death, the
Participant’s estate, except to the extent that a different beneficiary is designated in accordance with procedures that may be established by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a
beneficiary validly designated under such Committee-established procedures and/or applicable law who is living (or in existence) at the time of death of a Participant residing or working outside the United States, any required distribution under the
Plan shall be made to the executor or administrator of the estate of the Participant, or to such other individual as may be prescribed by applicable law. 

(g) Termination of Employment or Service. The Committee, in its sole discretion, shall determine the effect of all matters and questions
related to the termination of employment of or service of a Participant. Except as otherwise provided in an Award Agreement, or any employment, consulting,
change-in-control, severance or other agreement between the Participant and the Company or any Subsidiary, unless determined otherwise by the Committee: (i) neither
a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or
service with the Company to employment or service with any of the Subsidiaries (or vice versa) shall be considered a termination of employment or service with the Company or such Subsidiary; and (ii) if the Participant’s employment with
the Company or any Subsidiary terminates, but such Participant continues to provide services with the Company or any Subsidiary in a non-employee capacity (including as a
non-employee director) (or vice versa), such change in status shall not be considered a termination of employment or service with the Company or any Subsidiary for purposes of the Plan. 

(h) No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be
entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person. 

(i) Government and Other Regulations. 

(i) Nothing in the Plan shall be deemed to authorize the Committee or any members thereof to take any action contrary to
applicable law or regulation, or rules of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted. 

(ii) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable
laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall

  
 19 

 
be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the
Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to and in compliance with the terms of an available
exemption. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common
Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, U.S. federal
securities laws, or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission, any securities exchange or inter-dealer quotation service upon which such shares or other securities of the Company are then listed or
quoted and any other applicable federal, state, local or non-U.S. laws, rules, regulations and other requirements, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a
legend or legends to be put on any such certificates of Common Stock or other securities of the Company or any Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities
of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the
Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental
entity to whose jurisdiction the Award is subject. 
 (iii) The Committee may cancel an Award or any portion thereof if it
determines that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the
Participant, the Participant’s acquisition of Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion
of an Award in accordance with the foregoing, unless prevented by applicable laws, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award
or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR,
respectively) or any amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion
thereof. 
 (j) No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the
Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If the Participant, in connection with the
acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within ten days of filing notice of the
election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

(k) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for such person’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or such person’s estate (unless 

  
 20 

 
a prior claim therefor has been made by a duly appointed legal representative or a beneficiary designation form has been filed with the Company) may, if the Committee so directs the Company, be
paid to such person’s spouse, child, or relative, or an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any
such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 
 (l) Nonexclusivity of the
Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board or Committee to adopt such other
incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(m) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate, on the one hand, and the Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any
obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or to otherwise segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other
evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company. 

(n) Reliance on Reports. Each member of the Committee, each member of the Board and each member of a committee or subcommittee thereof
shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent registered public accounting firm of the
Company and Affiliates and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board (other than such member) as to matters the member reasonably believes are within such agent’s
professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. 
 (o) Relationship to
Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in
such other plan. 
 (p) Purchase for Investment. Whether or not the Options and shares covered by the Plan have been registered under
the Securities Act, each person exercising an Option under the Plan or acquiring shares under the Plan may be required by the Company to give a representation in writing that such person is acquiring such shares for investment and not with a view
to, or for sale in connection with, the distribution of any part thereof. The Company will endorse any necessary legend referring to the foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the
Participant upon the exercise of any Option granted under the Plan. 
 (q) Governing Law. The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than
the State of Delaware. 
 (r) Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, 

  
 21 

 
such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

(s) Obligations Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company. 

(t) Section 409A of the Code. 

(i) It is intended that the Plan comply with Section 409A of the Code, and all provisions of the Plan shall be construed
and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on or in respect of such Participant in connection with the Plan or any other plan maintained by the Company, including any taxes and penalties under Section 409A of the Code, and neither the Company nor any Affiliate shall have any obligation
to indemnify or otherwise hold such Participant or any beneficiary harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code,
references in the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code,
each of the payments that may be made in respect of any Award granted under the Plan is designated as a separate payment. 

(ii) Notwithstanding anything in the Plan to the contrary, if the Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code shall be made to such Participant prior to the date that is
six months after the date of such Participant’s “separation from service” within the meaning of Section 409A of the Code or, if earlier, the Participant’s date of death. All such delayed payments or deliveries will be paid
or delivered (without interest) in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. 

(iii) In the event that the timing of payments in respect of any Award that would otherwise be considered “deferred
compensation” subject to Section 409A of the Code would be accelerated upon the occurrence of (A) a Change of Control, no such acceleration shall be permitted unless the event giving rise to the Change of Control satisfies the
definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations promulgated
thereunder or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “disability” pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder.

 (u) Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, the Committee may, to the extent provided in
any Award Agreement, cancel an Award if the Participant, without the consent of the Company, (A) has engaged in or engages in activity that is in conflict with or adverse to the interests of the Company or any Affiliate while employed by or
providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or 

  
 22 

 
irregularities or (B) violates a non-competition, non-solicitation,
non-disparagement or non-disclosure covenant or agreement with the Company or any Affiliate, as determined by the Committee, or if the Participant’s employment or
service is terminated for Cause. The Committee may also provide in an Award Agreement that in any such event the Participant will forfeit any compensation, gain or other value realized thereafter on the vesting, exercise or settlement of such Award,
the sale or other transfer of such Award, or the sale of shares of Common Stock acquired in respect of such Award, and must promptly repay such amounts to the Company. The Committee may also provide in an Award Agreement that if the Participant
receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as
determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company. In addition, the Company shall retain the right to bring an action at equity or law to enjoin the Participant’s
activity and recover damages resulting from such activity. Further, to the extent required by applicable law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act) and/or the rules and regulations of the NYSE or any other securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the
Company, Awards shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into all outstanding Award Agreements). 

(v) No Representations or Covenants With Respect to Tax Qualification. Although the Company may endeavor to (i) qualify an Award
for favorable U.S. or non-U.S. tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid
unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. 

(w) No Interference. The existence of the Plan, any Award Agreement, and the Awards granted hereunder shall not affect or restrict in
any way the right or power of the Company, the Board, the Committee, or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business,
any merger or consolidation of the Company, any issue of stock or of options, warrants, or rights to purchase stock or of bonds, debentures, or preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the
rights thereof or that are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of their assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise. 
 (x) Expenses; Titles and Headings. The expenses of administering the Plan
shall be borne by the Company and Affiliates. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

(y) Whistleblower Acknowledgments. Notwithstanding anything to the contrary herein, nothing in this Plan or any Award Agreement will
(i) prohibit a Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Exchange Act or
Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or (ii) require prior approval by the Company or any of the Affiliates of any reporting described in clause
(i). 

  
 23 

 (z) Defend Trade Secrets Act Acknowledgment. Notwithstanding anything to the contrary
contained nothing in this Plan or any Award Agreement, pursuant to the Defend Trade Secrets Act of 2016, no Participant shall be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that:
(A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If a Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, such Participant
may disclose the trade secret to his or her attorney and use the trade secret information in the court proceeding, if such Participant (x) files any document containing the trade secret under seal, and (y) does not disclose the trade
secret, except pursuant to court order. 
 (aa) Lock-Up Period. The Company may, in connection
with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any shares of Common Stock or other Company securities during a period of up to
one hundred eighty days following the effective date of a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter. In order to enforce the foregoing, the Company shall have the right to
place restrictive legends on the certificates of any securities of the Company held by the Participant and to impose stop transfer instructions with the Company’s transfer agent with respect to any securities of the Company held by the
Participant until the end of such period. 
 (bb) Data Privacy. As a condition of receipt of any Award, each Participant explicitly
and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this Section 14(bb) by and among, as applicable, the Company and Affiliates for the exclusive purpose of implementing,
administering and managing the Participant’s participation in the Plan. The Company and Affiliates may hold certain personal information about a Participant, including but not limited to, the Participant’s name, home address and telephone
number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of the Affiliates, details of all Awards, in each case, for the purpose of
implementing, managing and administering the Plan and Awards (the “Data”). The Company and Affiliates may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of a
Participant’s participation in the Plan, and the Company and Affiliates may each further transfer the Data to any third parties assisting the Company and Affiliates in the implementation, administration and management of the Plan. These
recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’ country. Through acceptance of an Award, each Participant
authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite
transfer of such Data as may be required to a broker or other third party with whom the Company or any of the Affiliates or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long
as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the
storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or
her local human resources representative. The Company may cancel the Participant’s ability to participate in the Plan and, in the Committee’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or
withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative. 

  
 24 

 (cc) Section 162(m) Reliance Period. To the maximum extent permitted under
Section 162(m) of the Code and applicable law, Awards under this Plan shall not be subject to the deduction limit set forth in U.S. Treasury Regulation 1.162-27(b) pursuant to Section 162(m) of the
Code and the rules and regulations promulgated thereunder, to the extent such Awards may qualify for any post-public offering reliance period deduction limit exception set forth in U.S. Treasury Regulation
1.162-27(f) (or any successor thereto), and the Plan and Award Agreements shall be interpreted accordingly. 

*    *    * 

As adopted by the Board of Directors of the Company and approved by the shareholders of the Company on July 19, 2019. 

  
 25 

 Schedule A 

 

	 	•	 	 Executive Directors (as defined in the Company’s certificate of incorporation as may be amend from time to
time) 

  

	 	•	 	 Any Permitted Transferees of the Executive Directors (as defined in the Third Amended and Restated Limited
Liability Company Agreement of Endeavor Operating Company, LLC, as may be amended from time to time 

  

	 	•	 	 SLP West Holdings, L.L.C., a Delaware limited liability company, SLP West Holdings II, L.L.C., a Delaware limited
liability company, SLP West Holdings III, L.P., a Delaware limited partnership, SLP West Holdings Co-Invest, L.P., a Delaware limited partnership, and SLP West Holdings
Co-Invest II, L.P., a Delaware limited partnership, and any Permitted Transferee that is an SL Related Entity (the “SL Member”) 

 

	 	•	 	 Any SL Related Fund, any SL Related Fund Subsidiary and any general partner of a SL Related Fund (the
“SL Related Entity”). 

  

	 	•	 	 Any bona fide investment fund, or alternative investment vehicle of a bona fide investment fund, that is advised
by the investment manager of the SL Member, or by an affiliate of the investment manager of the SL Member (“SL Related Funds”) 

  

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

  

	 	•	 	 Any general partner of a SL Related Fund

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