Document:

EX-10.18

 Exhibit 10.18 

EQUITY EXCHANGE RIGHT AGREEMENT 

THIS EQUITY EXCHANGE RIGHT AGREEMENT (this “Agreement”) is made and entered into as of March 16, 2021, by and between
Applovin Corporation, a Delaware corporation (the “Company”), and Herald Chen (the “Executive”). 

WHEREAS, the Company’s board of directors (the “Board”) has determined that it is in the best interests of the Company
and its stockholders to implement a multi class common stock structure in connection with the Company’s initial public offering of its capital stock (the “IPO”) to, among other things, enable the Company to execute its
long-term vision; 
 WHEREAS, in connection with the IPO, the Board has approved an Amended and Restated Certificate of Incorporation of the
Company (the “Amended and Restated Certificate of Incorporation”), which, among other things, if effected, would create three classes of common stock of the Company, Class A Common Stock, par value $0.00003 per share
(“Class A Common Stock”), entitling holders to one (1) vote for each share thereof held, Class B Common Stock, par value $0.00003 per share (“Class B Common Stock”),
entitling holders to twenty (20) votes for each share thereof held, and Class C Common Stock, par value $0.00003 per share, entitling holders to zero votes per share unless otherwise required by applicable law; 

WHEREAS, Executive holds an award of options to purchase Class A Common Stock that will be outstanding as of immediately prior to the
effectiveness of the filing of the Amended and Restated Certificate of Incorporation (the “Effective Time”) as set forth in Exhibit A (each, an “Executive Equity Award”) and each Executive Equity Award has
been granted under the Company’s 2011 Equity Incentive Plan, as amended and restated, and the award agreement memorializing such Executive Equity Award (collectively, the “Equity Documents”); and 

WHEREAS, as part of the implementation of the multi class common stock structure, the Board has determined that it is advisable and in the
best interest of the Company and all of its stockholders, including its stockholders other than Executive, to provide Executive with the right to require the Company to exchange shares of Class A Common Stock that Executive acquires upon the
exercise of an Executive Equity Award for a number of shares of Class B Common Stock of equivalent value as determined on the date of the exchange (which is expected to be on a one
share-for-one share basis), subject to the terms and conditions set forth in this Agreement; and. 

WHEREAS, the parties intend that no gain or loss will be recognized in any Exchange (as defined below) pursuant to Sections 368(a)(1)(E)
and/or 1036 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual promises, representations and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, the parties hereto agree as
follows: 
 ARTICLE I. 

PUT RIGHT AND EXCHANGE AND ISSUANCE OF CLASS B COMMON STOCK 

1.1 Grant of Put Right. Effective immediately following the Effective Time, and subject to the terms and provisions of this Agreement
(including Section 1.2(a) below), the Company hereby irrevocably grants to Executive the right (the “Put Right”) to require the Company to exchange any shares of Class A Common Stock that Executive acquires following the
Effective Time as a result of the exercise of the Executive Equity Awards (each, a “Put Eligible Share”) for a number of shares of Class B Common Stock of equivalent value as determined on the date of the exchange (which is
expected to be on a one share-for-one share basis), subject to the terms and conditions set forth in this Agreement (the “Exchange”). 

 1.2 Exercise of Put Right. 

(a) As a condition precedent to the exercise of the Put Right on any given date, the Company and Executive must mutually agree that no gain or
loss will be required to be recognized for U.S. federal tax purposes on account of such exercise and related Exchange (the “Put Right Condition”). 

(b) If the Put Right Condition is satisfied, the Put Right will be exercisable by Executive by submitting a completed and fully-executed notice
in the form attached hereto as Exhibit B (the “Put Right Notice”) to the Company on or prior to the Put Right’s Expiration Date (as defined in Section 1.5 below). If the Put Right Condition is
satisfied, the Put Right will be deemed to have been exercised immediately prior to 5:00 p.m. Pacific Time on the date of timely delivery of a Put Right Notice with respect to the Put Right. 

(c) Failure to satisfy the Put Right Condition or to deliver a Put Right Notice prior to 5:00 p.m. Pacific Time on a Put Right’s
Expiration Date will constitute an irrevocable waiver of the Put Right with respect to any shares of Class A Common Stock that remain subject to Executive Equity Awards and any remaining Put Eligible Shares. 

(d) A Put Right cannot be exercised by Executive with respect to any Put Eligible Share more than once. Further, Executive will have no Put
Right pursuant to this Agreement with respect to any share of Class A Common Stock that is acquired by Executive following the Effective Time other than as a result of the exercise the Executive Equity Awards. 

1.3 Exchange of Shares. Within ten (10) calendar days after the Company’s receipt of a properly executed Put Right Notice, and
provided the Put Right Condition remains satisfied, the Company will complete the Exchange for the specified number of Put Eligible Shares indicated in the Put Right Notice (“Exercised Shares”) by issuing, out of funds
legally available therefor, a number of shares of Class B Common Stock to Executive of equivalent value determined on the date of the Exchange (which is expected to be on a one
share-for-one share basis). Upon the effectiveness of such Exchange, the Company will deliver to Executive such documentation as may be reasonably required to evidence
that the shares of Class B Common Stock have been duly issued and transferred to the applicable Executive in exchange for the Exercised Shares. 

1.4 Rights to Shares of Class A Common Stock Following Exchange. Upon the Exchange, Executive will no longer have any
rights as a holder of the Exercised Shares that are the subject of the Exchange (other than the right to receive the shares of Class B Common Stock in accordance with this Agreement). Such Exercised Shares will be deemed to have been redeemed
by the Company in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered to Executive. 

1.5 Termination of Put Right. The Put Right will terminate on the following date(s) (the “Expiration Date”):

 (a) With respect to any shares of Class A Common Stock subject to the Executive Equity Awards that have not become Put Eligible
Shares, the Expiration Date will be the date such shares are forfeited pursuant to the applicable Equity Documents; and 

  
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 (b) With respect to any Put Eligible Shares, the Expiration Date will be the earliest of the
date on which: 
 (i) Executive sells, transfers, or otherwise disposes of such Put Eligible Shares; and 

(ii) the Final Conversion Date (as defined in the Amended and Restated Certificate of Incorporation); and 

(iii) the date that the Voting Agreement terminates as to Executive. 

ARTICLE II. 

REPRESENTATIONS AND WARRANTIES OF THE EXECUTIVE 

Executive hereby represents and warrants to the Company, with respect to the transactions contemplated hereby, as follows: 

2.1 Ownership; Authority. Executive has the full right, power and authority to enter into this Agreement. Assuming the due
authorization, execution and delivery by the Company, this Agreement constitutes a valid and binding agreement of such Executive, enforceable against such Executive in accordance with its terms (subject to applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). Upon consummation of an Exchange contemplated hereby, the Company will acquire from Executive good and
marketable title to the Exercised Shares subject to such Exchange, free and clear of any and all liens, encumbrances and restrictions (except for restrictions on transfer arising under applicable securities laws or as set forth or contemplated by
this Agreement, the Amended and Restated Certificate of Incorporation or any other agreements to which such Executive and the Company are a party, and subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other laws affecting creditors’ rights generally and general principles of equity). 
 2.2 Governmental Authorization. The
execution, delivery and performance by such Executive of this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority on the part of such Executive
(excluding, for the avoidance of doubt (a) the filing by the Company of the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware and (b) compliance by the Company with any applicable
requirements of any applicable state or federal securities laws). For purposes of this Agreement, “governmental authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or
administrative authority, department, court, agency or official, including any political subdivision thereof. 
 2.3 Noncontravention.
The execution, delivery and performance by Executive of this Agreement and the consummation of the transactions contemplated hereby do not and will not (a) violate any governing document, including any trust agreement, applicable to such
Executive, (b) subject to compliance with Section 2.2, violate any applicable law, (c) assuming the waiver or inapplicability of any and all rights of first refusal or co-sale held by the
Company or the Company’s stockholders that are applicable to the transactions contemplated hereby, require any consent or other action under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of
any obligation of such Executive or to the loss of any benefit to which such Executive is entitled under any provision of any agreement or other instrument binding upon such Executive or (d) result in the creation or imposition of any lien on
the Executive Equity Awards or the shares of Class A Common Stock underlying such award, other than restrictions on transfer arising under applicable securities laws or as set forth or contemplated by this Agreement, the Amended and Restated
Certificate of Incorporation or any other agreements to which such Executive and the Company are a party. 

  
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 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to Executive, with respect to the transactions contemplated hereby, as follows: 

3.1 Corporate Existence and Power. The Company is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Delaware. 
 3.2 Corporate Authorization. The execution, delivery and performance by the Company of this Agreement and
the consummation of the transactions contemplated hereby, including the issuance and delivery of the shares of Class B Common Stock in connection with each Exchange hereunder (including the conversion thereof into Class A Common Stock upon
the terms specified in the Amended and Restated Certificate of Incorporation) in accordance with the Amended and Restated Certificate of Incorporation, are within the corporate powers of the Company and have been duly authorized by all necessary
corporate action on the part of the Company and the Company’s stockholders, subject to compliance with Section 3.3 and the approval of and adoption by the Company’s stockholders of the Amended and Restated Certificate of
Incorporation. Any and all rights of first refusal or co-sale held by the Company or the Company’s stockholders that are applicable to the transactions contemplated hereby have been waived or are
otherwise inapplicable to the transactions contemplated in this Agreement. Assuming the due authorization, execution and delivery by Executive, this Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

3.3 Governmental Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than (a) the filing by the Company of the Amended and Restated Certificate of Incorporation with the Secretary of State of
the State of Delaware and (b) compliance by the Company with any applicable requirements of any applicable state or federal securities laws. 

3.4 Noncontravention. The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions
contemplated hereby do not and will not, assuming compliance with the matters referred to in Section 3.3 and approval of and adoption by the Company’s stockholders of the Amended and Restated Certificate of Incorporation, (a) violate
the certificate of incorporation or bylaws of the Company, (b) violate any applicable law, (c) require any consent or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or
acceleration of any right obligation of the Company or to the loss of any benefit to which the Company is entitled under any provision of any agreement or other instrument binding upon the Company or (d) result in the creation or imposition of
any lien on the shares of Class B Common Stock other than as set forth or contemplated by this Agreement or the Amended and Restated Certificate of Incorporation. 

  
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 ARTICLE IV. 

COVENANTS 
 4.1 Market Stand-Off Agreement. Executive has entered into a lock-up agreement with the underwriters of the IPO with respect to the sale, disposition or transfer of such
Executive’s securities of the Company and Executive agrees not to revoke such lock-up agreement. Executive also agrees that any other lock-up or market stand-off agreements applicable to the shares of Common Stock of the Company held by Executive will continue to apply to the shares of the Class B Common Stock in accordance with the terms of such agreements.

 ARTICLE V. 
 GENERAL
PROVISIONS 
 5.1 Governing Law. This Agreement will be governed in all respects by the internal laws of the State of Delaware as
applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law. 

5.2 Successors and Assigns. Except as otherwise provided herein, the provisions hereof will inure
to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 
 5.3
Entire Agreement; Amendment. Other than the rights, restrictions and preferences provided for under the Equity Documents with respect to Executive Equity Awards and the Amended and Restated Certificate of Incorporation and bylaws with respect
to the shares of Class B Common Stock, this Agreement, including the exhibits attached hereto, constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof. Neither this Agreement nor
any term hereof may be amended or waived other than by a written instrument signed by Executive and the Company. 
 5.4 Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. 

5.5 No Guarantee of Continued Service. Executive acknowledges and agrees that neither the execution of this Agreement nor the existence
of the Put Right granted hereunder constitutes an express or implied promise of continuous employment or service with the Company for any period, or at all, and that neither the execution of this Agreement nor the existence of the Put Right granted
hereunder will interfere in any way with Executive’s right or the right of the Company to terminate Executive’s employment or service at any time, with or without cause. 

5.6 Tax Consequences. The parties intend that no gain or loss will be recognized in any Exchange pursuant to Sections 368(a)(1)(E)
and/or 1036 of the Code. The parties adopt this Agreement as a plan of reorganization within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a).
Notwithstanding the foregoing, the Company and Executive each have reviewed with its/his own tax advisors the federal, state, local and foreign tax consequences of the Put Right and the Exchange, Executive Equity Awards and the potential acquisition
of shares of Class A Common Stock thereunder, the potential exchange of such shares for shares of Class B Common Stock, and the transactions contemplated by this Agreement. Each party hereto is relying solely on such advisors and not on
any statements or representations of the Company or any of its agents, or Executive or any of his agents, as applicable, in connection with the transactions contemplated hereby, except for the representations and warranties of the Company and
Executive expressly set forth in Articles II and III.  
 [Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first above written. 
  

			
	APPLOVIN CORPORATION
		
	By:	 	 /s/ Victoria Valenzuela

	Name:	 	Victoria Valenzuela
	Title:	 	Chief Legal Officer

 [Signature Page to Put Right Notice] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first above written. 
  

			
	HERALD Y. CHEN
		
	By:	 	 /s/ Herald Y. Chen

 [Signature Page to Put Right Notice] 

 EXHIBIT A 

 

													
	 Grant Date
	  	Expiration Date	 	  	Equity Award Type	 	  	Number of Shares of
Class A Common Stock
Subject to Executive
Equity Award	 
	 November 5, 2019
	  	 	November 4, 2029	 	  	 	NSO	 	  	 	2,320,800	 
	 November 5, 2019
	  	 	November 4, 2029	 	  	 	ISO	 	  	 	39,600	 
		  				  				  	  
	  
	 
	 Total:
	  				  				  	 	2,360,400	 
		  				  				  	  
	  
	 

 EXHIBIT B 

Put Right Notice (the “Notice”) 

(To be signed only upon exercise of an Equity Exchange Right) 
  

	To:	 AppLovin Corporation 

Attn: Chief Legal Officer 
 The
undersigned (the “Executive”), hereby irrevocably elects to exercise its right under the Put Right pursuant to the Equity Exchange Right Agreement dated as of March [__], 2021 (the “Agreement”), by and between
AppLovin Corporation (the “Company”) and Executive, to require the Company to exchange ___________________ Eligible Shares (the “Exercised Shares”) for a number of shares of Class B Common Stock of equivalent
value as determined on the date of the Exchange, subject to the terms of this Notice and the Agreement. Capitalized terms not otherwise defined in the Notice will have the meaning ascribed to them in the Agreement. 

By executing this Notice, Executive hereby represents and warrants to the Purchaser as follows: 

1. Acknowledgements. Executive acknowledges and affirms that the representations and warranties set forth in Article II of the Agreement
as of the date of this Notice are true and correct, and agrees to the covenants set forth in Article IV of the Agreement 
 2.
Legends. It is understood that any certificate or book entry position representing the shares of Class B Common Stock and any securities issued in respect thereof or exchange therefor, will bear legends in substantially the following
form (in addition to any legend required under applicable state securities laws or agreements to which Executive is a party): 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.” 
 3. Restricted Securities; Rule 144. Except as otherwise permitted by applicable law,
Executive understands that any shares of Class B Common Stock issued to Executive in an Exchange will be characterized as “restricted securities” under the Act because such shares are being acquired from the Company in a transaction
not involving a public offering and in exchange for shares acquired from the Company in a transaction not involving a public offering, and that under the Securities Act and the rules and regulations promulgated thereunder the shares of Class B
Common Stock may be resold without registration under the Act only in certain limited circumstances, and subject to the restrictions under the Company’s certificate of incorporation. Executive understands and hereby acknowledges that the shares
of Class B Common Stock must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is otherwise available. Such Executive is aware of the provisions of Rule 144 promulgated under the Act,
which permit limited resales of shares purchased in a transaction not involving a public offering, subject to the satisfaction of certain conditions. 

 4. Tax Matters. Executive has reviewed with his own tax advisors the federal, state,
local and foreign tax consequences of the Put Right and the Exchange, Executive Equity Awards and the potential acquisition of shares of Class A Common Stock thereunder, the potential exchange of such shares for shares of Class B Common
Stock, and the transactions contemplated by this Agreement. Executive is relying solely on such advisors and not on any statements or representations of the Company or any of its agents in connection with the transactions contemplated hereby, except
for the representations and warranties of the Company expressly set forth in Article III of the Agreement.  
  

			
	Dated: 	 	  

	  

	Herald Y. Chen
		
	Address:	 	  

		 	  

 [Signature Page to Put Right Notice]EX-10.19

 Exhibit 10.19 

DIRECTOR NOMINATIONS AGREEMENT 

OF 
 APPLOVIN
CORPORATION 
 This DIRECTOR NOMINATIONS AGREEMENT (as the same may be amended from time to time in accordance with its terms, the
“Agreement”) is entered into as of March 16, 2021, by and among AppLovin Corporation, a Delaware corporation (the “Company”), and KKR Denali Holdings, L.P. (“Stockholder”). 

RECITALS 
 WHEREAS, the
Stockholder owns certain of the issued and outstanding equity securities of the Company; 
 WHEREAS, the Stockholder and the Company are
party to the Amended and Restated Voting Agreement (the “Existing Voting Agreement”), dated as of November 21, 2019, which provides for certain agreements with respect to, among other things, the right of the Stockholder to
designate directors to serve on the Company’s board of directors (the “Board”); 
 WHEREAS, the Existing Voting
Agreement provides that following the consummation of a Qualified Public Offering (as defined in the Company’s Restated Certificate of Incorporation as amended from time to time), subject to the satisfaction of certain conditions, the Company
will use commercially reasonable efforts to cause one person designated by Stockholder to serve on the Board and the Company will enter into an agreement with the Stockholder to provide for this right prior to consummating a Qualified Public
Offering; 
 WHEREAS, the Company has publicly filed a Registration Statement on Form S-1 for an
initial public offering that will constitute a Qualified Public Offering and expects to consummate a Qualified Public Offering shortly after the date hereof; and 

WHEREAS, the Existing Voting Agreement will terminate upon a Qualified Public Offering and so the parties hereto desire to enter into this
Agreement to provide Stockholder with the rights to which it is entitled under the Existing Voting Agreement and to provide for certain other rights and obligations of the parties. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Definitions. Capitalized terms used herein shall have the following meanings: 

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

“Base Shares” means the number of shares of Common Stock held by the Stockholder as of immediately following the Effective Time, but, for the
avoidance of doubt, the total number of Base Shares shall be calculated as of immediately prior to the consummation of the sale of shares of Class A Common Stock, if any, by the Stockholder in the Qualified Public Offering. 

 “Board” shall have the meaning set forth in the Recitals. 

“Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed
in the City of New York. 
 “Closing” means the closing of the Qualified Public Offering. 

“Common Stock” shall mean, collectively, the Class A Common Stock of the Company (the “Class A Common
Stock”), the Class B Common Stock of the Company and the Class C Common Stock of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination,
or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Company” shall have the
meaning set forth in the Preamble. 
 “Director” shall mean any member of the Board. 

“Effective Time” shall mean the time at which the IPO Certificate becomes effective. 

“Governmental Authority” shall mean any: (i) nation, state, commonwealth, province, territory, county, municipality, district or other
jurisdiction of any nature; (ii) U.S. and other federal, state, local, municipal, foreign or other government; or (iii) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency,
commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal). 
 “IPO Certificate” means the
Company’s Amended and Restated Certificate of Incorporation to be filed with the State of Delaware immediately prior to the Closing. 
 “KKR
Designee” shall have the meaning set forth in Section 2.1(a) of this Agreement. 
 “Law” shall mean any
applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority.

 “Permitted Transferee” shall have the meaning ascribed to it in the IPO Certificate, as it may be amended from time to time. 

“Person” shall mean any individual, corporation, partnership, trust, joint stock company, business trust, unincorporated association, joint
venture or other entity of any nature whatsoever. 
 “Qualified Public Offering” shall have the meaning set forth in the Recitals. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated pursuant
thereto. 
 “Stock Exchange” shall mean The NASDAQ Global Select Market or such other securities exchange or interdealer quotation system
on which shares of Class A Common Stock are then listed or quoted. 
 “Stockholder” shall have the meaning set forth in the Preamble.

 “Stockholder Approved Director” shall have the meaning set forth in
Section 2.2. 
 “Threshold Shares” shall mean twenty-five percent (25%) of the Base Shares. 

“Transfer” shall have the meaning set forth in the IPO Certificate. 

“Transferee” shall mean any Person to whom the Stockholder or any Transferee thereof Transfers shares in accordance with the terms hereof.

 SECTION 1.2. Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine and
neuter forms and the singular form of words shall include the plural and vice versa. All references to Articles and Sections refer to articles and sections of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting or causing any instrument to be drafted. Any percentage set forth herein shall be deemed to be automatically adjusted without any action on the part of any party hereto to take into account any stock split, stock dividend
or similar transaction occurring after the date of this Agreement so that the rights provided to the Stockholder shall continue to apply to the same extent such rights would have applied absent such stock split, stock dividend or similar
transaction. 
 ARTICLE II 

CORPORATE GOVERNANCE 
 Section 2.1. KKR
Director 
 (a) Following the Closing and for so long as the Stockholder continues to hold a number of shares of Common Stock equal to or
greater than the Threshold Shares, the Stockholder shall have the right, but not the obligation, to nominate to the Board one (1) designee (the “KKR Designee”). Effective as of the Closing, the KKR Designee shall initially be
Edward Oberwager. 
 (b) The Company agrees, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties
under Delaware law), to include the individual designated pursuant to this Section 2.1 in the slate of nominees recommended by the Board for election at any meeting of stockholders called for the purpose of electing
Directors and to use its best efforts to cause the election of such designee to the Board, including nominating such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or
consents in favor thereof. 
 (c) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or
removal (with or without cause) of any Director designated by the Stockholder pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent permitted by applicable Law (including with
respect to fiduciary duties under Delaware law), cause the vacancy created thereby to be filled by a new designee of the Stockholder as soon as possible, and the Company hereby agrees to take, to the fullest extent permitted by applicable Law
(including with respect to fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same. 

(d) In the event that the Stockholder shall cease to have the right to designate a Director pursuant to this
Section 2.1, the designee of the Stockholder selected by the Stockholder shall continue to serve until his or her term expires at the next annual meeting of stockholders of the Company,. In such event, the Directors
remaining in office shall be entitled to decrease the size of the Board to eliminate such vacancy. 

 (e) The KKR Designee shall be entitled at his or her election to be reimbursed by the
Company for reasonable out-of-pocket expenses incurred by him or her in connection with performing his or her duties as a member of the Board (or any committee thereof),
in accordance with the Company’s regular policies and practices applicable to the Board. The KKR Designee shall also be eligible at his or her election for such other compensation paid to members of the Board for their service as directors, as
may be determined by the Board. 
 (f) The rights of the Stockholder pursuant to this Section 2.1 are personal to
the Stockholder and shall not be exercised by any Transferee other than a Permitted Transferee. 
 SECTION 2.2. Stockholder Approved Director.
Effective no later than the Closing, one (1) director (the “Stockholder Approved Director”) selected by the Board, or a nominating committee thereof, and reasonably acceptable to the Stockholder will be appointed to the Board.
The initial Stockholder Approved Director shall be Cathy Sun. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of the Stockholder Approved Director, for so long
as the Stockholder holds at least five percent (5%) of the outstanding shares of capital stock of the Company, the director filling such vacancy shall be nominated, appointed or elected in accordance with this Section 2.2.

 ARTICLE III 
 MISCELLANEOUS

 SECTION 3.1. Termination. Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Board
and the Stockholder as provided under Section 3.2, (i) the provisions of Article II shall terminate as provided in the applicable Section of Article II, and (ii) this Article III shall not terminate. Nothing herein
shall relieve any party from any liability for the breach of any of the agreements set forth in this Agreement. 
 SECTION 3.2. Amendments and
Waivers. Except as otherwise provided herein, no modification, amendment, restatement, amendment and restatement, or waiver of any provision of this Agreement shall be effective without the written approval of the Board and the Stockholder;
provided, however, that Stockholder may waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose. The failure of any party 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 party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

SECTION 3.3. Successors, Assigns and Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and
their respective successors and permitted assigns. This Agreement may not be assigned 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 the Stockholder shall be entitled to assign, in whole or in part, any of its rights hereunder to any of its Permitted Transferees without such prior written consent. 

SECTION 3.4. Third Parties. Except as may otherwise be expressly provided in this Agreement, this Agreement does not create any rights, claims or
benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

 SECTION 3.5. Notices. All notices and other communications required or permitted under this Agreement
shall be in writing and shall be deemed effectively given: (a) when delivered personally by hand to the party to be notified (with written confirmation of receipt), (b) when sent by e-mail (with written
confirmation of transmission), (c) when received or rejected by the addressee if sent by registered or certified mail, postage prepaid, return receipt requested, or (d) one Business Day following the day sent by reputable overnight courier
(with written confirmation of receipt), in each case at the following addresses (or to such other address as a party may have specified by notice given to the other party pursuant to this provision): 

(i) if to the Company, to: 
 AppLovin 

Attention: General Counsel 
 Email: 

(ii) if to the Stockholder, to: 
 KKR Denali
Holdings, L.P. 
 c/o Kohlberg Kravis Roberts & Co. 

30 Hudson Yards 
 New York, New York 10019 

Attention: General Counsel 
 Email: [***] 

SECTION 3.6. Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the
request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions
contemplated hereby and to otherwise carry out the intent of the parties hereunder. 
 SECTION 3.7. Entire Agreement. This Agreement sets forth the
entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly
set forth herein and therein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter. 

SECTION 3.8. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar
breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement or any
waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise
afforded to any party, shall be cumulative and not alternative. 
 SECTION 3.9. Governing Law; Jurisdiction; Waiver of Jury Trial. 

 (a) This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, applicable to contracts executed in and to be performed entirely within that State, without giving effect to principles or rules of conflict of laws. 

(b) In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally
accepts the jurisdiction and venue of the Delaware Court of Chancery or, if the Delaware Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex Commercial Division) or, if
jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the
parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in
Section 3.5. 
 (c) EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 SECTION 3.10. 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 invalid, illegal or unenforceable in any respect under any
applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein. 
 SECTION 3.11. Enforcement. Each party hereto acknowledges that money damages
would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it
may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing
specifically the terms and provisions hereof. 
 SECTION 3.12. Titles and Subtitles. The titles of the sections and subsections of this Agreement are
for convenience of reference only and are not to be considered in construing this Agreement. 
 SECTION 3.13. No Recourse. This Agreement may only be
enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may be made only against the entities that are expressly identified
as parties hereto, and no past, present or future director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of
the parties to this Agreement or for any claim based on, in respect of, or by reason of the transactions contemplated hereby. 
 SECTION 3.14.
Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

 SECTION 3.15. Effectiveness. This Agreement shall become effective upon the Closing. 

[Remainder of Page Intentionally Left Blank; Signatures follow] 

 IN WITNESS WHEREOF, the parties hereto have executed this Director Nominations Agreement as of the date set
forth in the first paragraph hereof. 
  

					
	COMPANY:
	APPLOVIN CORPORATION
		
	By:	 	 /s/ Victoria Valenzuela

	Name:	 	Victoria Valenzuela
	Title:	 	Chief Legal Officer
		
	Date Signed:	 	 3/15/2021

	
	STOCKHOLDER
	
	KKR DENALI HOLDINGS, L.P.
	
	By: KKR Denali Holdings GP LLC
	
	Its: General Partner
		
	By:	 	 /s/ Ted Oberwager

		 	Name:	 	Ted Oberwager
		 	Title:	 	Vice President
	Date Signed:	 	 3/16/2021

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