Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THE UNITS REPRESENTED BY THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH LAWS OR
EXEMPTIONS THEREFROM. 
 THE UNITS ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THIS AGREEMENT, AND DIRECTV ENTERTAINMENT HOLDINGS
LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH UNITS UNLESS AND UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF THIS AGREEMENT SHALL BE PROMPTLY FURNISHED BY DIRECTV ENTERTAINMENT HOLDINGS LLC TO THE HOLDER
OF ANY UNITS UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 DIRECTV
ENTERTAINMENT HOLDINGS LLC 
 DATED AS OF JULY 31, 2021 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	 
	
	ORGANIZATIONAL MATTERS AND GENERAL PROVISIONS	 
			
	 Section 1.1.
	 	 Formation
	  	 	1	 
	 Section 1.2.
	 	 Name
	  	 	3	 
	 Section 1.3.
	 	 Principal Place of Business
	  	 	3	 
	 Section 1.4.
	 	 Registered Agent
	  	 	3	 
	 Section 1.5.
	 	 Purpose and Powers of the Company
	  	 	3	 
	 Section 1.6.
	 	 Term
	  	 	3	 
	 Section 1.7.
	 	 Filings; Qualification in Other Jurisdictions
	  	 	4	 
	 Section 1.8.
	 	 Company Property
	  	 	4	 
	 Section 1.9.
	 	 Transactions with Members and Managers
	  	 	4	 
	 Section 1.10.
	 	 Certificated or Uncertificated Units
	  	 	4	 
	 Section 1.11.
	 	 Liability
	  	 	4	 
	
	ARTICLE 2	 
	
	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; PREEMPTIVE RIGHTS	  

			
	 Section 2.1.
	 	 Capital Contributions
	  	 	5	 
	 Section 2.2.
	 	 Issuance of Equity Securities
	  	 	5	 
	 Section 2.3.
	 	 Maintenance of Capital Accounts
	  	 	5	 
	 Section 2.4.
	 	 No Interest
	  	 	6	 
	 Section 2.5.
	 	 Withdrawal of Capital
	  	 	6	 
	 Section 2.6.
	 	 Preemptive Rights
	  	 	6	 
	 Section 2.7.
	 	 Special Funding
	  	 	9	 
	
	ARTICLE 3	 
	
	CERTAIN RIGHTS AND OBLIGATIONS OF MEMBERS	 
			
	 Section 3.1.
	 	 Members
	  	 	10	 
	 Section 3.2.
	 	 No Action on Behalf of the Company; No Dissent Rights
	  	 	10	 
	 Section 3.3.
	 	 No Right to Voluntarily Withdraw
	  	 	10	 
	 Section 3.4.
	 	 Member Meetings
	  	 	11	 
	 Section 3.5.
	 	 Notice of Meetings
	  	 	11	 
	 Section 3.6.
	 	 Quorum; Telephonic Meetings
	  	 	11	 
	 Section 3.7.
	 	 Voting
	  	 	11	 
	 Section 3.8.
	 	 Action Without a Meeting
	  	 	12	 
	 Section 3.9.
	 	 Record Date
	  	 	12	 
	 Section 3.10.
	 	 Member Approval Rights
	  	 	12	 
	 Section 3.11.
	 	 Partition
	  	 	12	 

  
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	ARTICLE 4	  

	
	BOARD AND OFFICERS	 
			
	 Section 4.1.
	 	 Board
	  	 	13	 
	 Section 4.2.
	 	 Removal and Resignation
	  	 	16	 
	 Section 4.3.
	 	 Meetings of the Board
	  	 	16	 
	 Section 4.4.
	 	 Action Without a Meeting
	  	 	18	 
	 Section 4.5.
	 	 Reserved Matters
	  	 	19	 
	 Section 4.6.
	 	 Committees of the Board
	  	 	19	 
	 Section 4.7.
	 	 Officers; Designation and Election of Officers; Duties
	  	 	20	 
	 Section 4.8.
	 	 Compliance with Certain Contracts
	  	 	21	 
	 Section 4.9.
	 	 Control of Conflicted Contracts
	  	 	21	 
	
	ARTICLE 5	  

	
	DUTIES, EXCULPATION AND INDEMNIFICATION	 
			
	 Section 5.1.
	 	 Duties, Exculpation and Indemnification
	  	 	22	 
	 Section 5.2.
	 	 Other Activities; Business Opportunities
	  	 	25	 
	
	ARTICLE 6	  

	
	ACCOUNTING, TAX, FISCAL AND LEGAL MATTERS	 
			
	 Section 6.1.
	 	 Fiscal Year
	  	 	26	 
	 Section 6.2.
	 	 Bank Accounts
	  	 	26	 
	 Section 6.3.
	 	 Books of Account and Other Information
	  	 	26	 
	 Section 6.4.
	 	 Tax Returns
	  	 	26	 
	 Section 6.5.
	 	 Tax Status
	  	 	27	 
	 Section 6.6.
	 	 Allocations
	  	 	27	 
	 Section 6.7.
	 	 Partnership Representative
	  	 	33	 
	 Section 6.8.
	 	 Pre-Closing Tax Returns
	  	 	34	 
	
	ARTICLE 7	  

	
	DISTRIBUTIONS	 
			
	 Section 7.1.
	 	 Distributions
	  	 	35	 
	
	ARTICLE 8	  

	
	TRANSFER RESTRICTIONS	 
			
	 Section 8.1.
	 	 Restrictions on Transfers
	  	 	42	 
	 Section 8.2.
	 	 Investor Member and AT&T Member Transfers
	  	 	43	 
	 Section 8.3.
	 	 Right of First Offer
	  	 	44	 

  
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	 Section 8.4.
	 	 Drag-Along Right
	  	 	46	 
	 Section 8.5.
	 	 Tag-Along Right
	  	 	52	 
	 Section 8.6.
	 	 Investor Blocker
	  	 	56	 
	 Section 8.7.
	 	 AT&T HoldCo
	  	 	56	 
	 Section 8.8.
	 	 Additional Members
	  	 	57	 
	 Section 8.9.
	 	 Termination of Member Status
	  	 	58	 
	 Section 8.10.
	 	 Void Transfers
	  	 	59	 
	 Section 8.11.
	 	 Fair Market Value
	  	 	59	 
	 Section 8.12.
	 	 Securities Contract
	  	 	60	 
	 Section 8.13.
	 	 Consideration
	  	 	60	 
	 Section 8.14.
	 	 Spectrum
	  	 	61	 
	
	ARTICLE 9	 
	
	EXIT PROVISIONS	 
			
	 Section 9.1.
	 	 Qualified IPO
	  	 	61	 
	 Section 9.2.
	 	 Qualified IPO Structure
	  	 	63	 
	 Section 9.3.
	 	 Redemption of Junior Preferred Units and Common Catch-Up
Units
	  	 	66	 
	 Section 9.4.
	 	 [Reserved.]
	  	 	66	 
	 Section 9.5.
	 	 Void Transfers
	  	 	66	 
	 Section 9.6.
	 	 Registration Rights
	  	 	67	 
	 Section 9.7.
	 	 Exit Events Expenses
	  	 	67	 
	
	ARTICLE 10	 
	
	COVENANTS	 
			
	 Section 10.1.
	 	 Confidentiality
	  	 	67	 
	 Section 10.2.
	 	 Compliance Matters
	  	 	69	 
	 Section 10.3.
	 	 Additional Tax Covenants and Representation
	  	 	70	 
	 Section 10.4.
	 	 Tax-Efficient Exit
	  	 	70	 
	 Section 10.5.
	 	 Other Exit Provisions
	  	 	71	 
	 Section 10.6.
	 	 Target Total Leverage Ratio
	  	 	71	 
	 Section 10.7.
	 	 Litigation
	  	 	71	 
	 Section 10.8.
	 	 Publicity
	  	 	72	 
	 Section 10.9.
	 	 Exit Updates and Documentation
	  	 	72	 
	 Section 10.10.
	 	 NFL Sunday Ticket Payments
	  	 	72	 
	 Section 10.11.
	 	 Investor Member Expense Reimbursement
	  	 	72	 
	
	ARTICLE 11	 
	
	INFORMATION RIGHTS; FINANCIAL REPORTING	 
			
	 Section 11.1.
	 	 Financial and Other Information
	  	 	73	 
	 Section 11.2.
	 	 Certain Other Provisions Regarding Financial Reporting
	  	 	74	 
	 Section 11.3.
	 	 Access to Management Personnel and Information
	  	 	74	 
	 Section 11.4.
	 	 Liability
	  	 	75	 

  
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	ARTICLE 12	 
	
	DISSOLUTION, LIQUIDATION AND TERMINATION	 
			
	 Section 12.1.
	 	 No Dissolution
	  	 	75	 
	 Section 12.2.
	 	 Events Causing Dissolution
	  	 	75	 
	 Section 12.3.
	 	 Bankruptcy of a Member
	  	 	75	 
	 Section 12.4.
	 	 Winding Up
	  	 	76	 
	 Section 12.5.
	 	 Distribution of Assets
	  	 	76	 
	 Section 12.6.
	 	 Distributions in Cash or in Kind
	  	 	77	 
	 Section 12.7.
	 	 Claims of the Members
	  	 	77	 
	
	ARTICLE 13	 
	
	MISCELLANEOUS	 
			
	 Section 13.1.
	 	 Further Assurances
	  	 	77	 
	 Section 13.2.
	 	 Amendments
	  	 	77	 
	 Section 13.3.
	 	 Waiver; Cumulative Remedies
	  	 	79	 
	 Section 13.4.
	 	 Entire Agreement
	  	 	79	 
	 Section 13.5.
	 	 Third-Party Beneficiaries; Parties in Interest
	  	 	79	 
	 Section 13.6.
	 	 Successors and Assigns
	  	 	79	 
	 Section 13.7.
	 	 Severability
	  	 	79	 
	 Section 13.8.
	 	 Dispute and Deadlock Resolution
	  	 	80	 
	 Section 13.9.
	 	 GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE
	  	 	80	 
	 Section 13.10.
	 	 Notices
	  	 	81	 
	 Section 13.11.
	 	 Counterparts; Effectiveness
	  	 	83	 
	 Section 13.12.
	 	 Interpretation; Construction
	  	 	83	 
	
	ANNEXES, EXHIBITS AND SCHEDULES	  

			
	 Annex A
	 	 Definitions
	  	 	A-1	 
			
	 Exhibit A
	 	 Member Information
	  	 	A-1	 
	 Exhibit B
	 	 Reserved Matters
	  	 	B-1	 
	 Exhibit C
	 	 Chief Executive Officer
	  	 	C-1	 
	 Exhibit D
	 	 Excess Cash Flow Calculation Methodology and General Distributions Illustrative Example
	  	 	D-1	 
	 Exhibit E
	 	 AT&T Agreements
	  	 	E-1	 
	 Exhibit F
	 	 Economic Percentage Calculation Illustrative Example
	  	 	F-1	 
			
	 Schedule I
	 	 Capital Accounts
	  			

  
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 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This Amended and Restated Limited Liability Company Agreement (this “Agreement”) of DIRECTV Entertainment Holdings LLC, a
Delaware limited liability company (the “Company”) is made as of July 31, 2021, by and among (i) AT&T MVPD Holdings LLC, a Delaware limited liability company (“AT&T Member”), (ii) TPG VIII Merlin
Investment Holdings, L.P., a Delaware limited partnership (“Investor Member” and, together with AT&T Member, the “Initial Members”), (iii) the Company and (iv) each other Person who from time to time
becomes a Member in accordance with the terms of this Agreement and the Act. 
 RECITALS 

WHEREAS, the Company was formed as V OpCo LLC on February 19, 2021 by the filing of a Certificate of Formation (as amended or otherwise
modified from time to time, the “Certificate of Formation”) with the Secretary of State of the State of Delaware and the adoption of that certain Limited Liability Company Agreement of the Company dated as of February 22, 2021
by AT&T Member (the “Existing LLC Agreement”); 
 WHEREAS, the Initial Members and the Company are parties to that
certain Agreement of Contribution and Subscription, dated as of February 25, 2021 (as may be amended or restated from time to time, the “Contribution Agreement”); 

WHEREAS, on the terms and subject to the conditions set forth in the Contribution Agreement, at the Closing, (i) AT&T Member agreed
to contribute certain assets and liabilities comprising the Business (as defined in the Contribution Agreement) into the Company (“AT&T Contribution”) and (ii) Investor Member agreed to contribute cash into the Company in
exchange for certain Units (“Investor Contribution”), in each case as more particularly set forth therein; and 
 WHEREAS,
the Initial Members and the Company wish to enter into this Agreement to, among other things, (i) amend and restate the Existing LLC Agreement in its entirety, (ii) admit Investor Member as a Member of the Company, (iii) provide for
the governance and management of the Company, and (iv) set forth the respective rights and obligations of Members generally. 
 NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Initial Members and the Company agree as follows: 

ARTICLE 1 

ORGANIZATIONAL MATTERS AND GENERAL PROVISIONS 

Section 1.1.    Formation. 

(a)    The Company was formed as a Delaware limited liability company on February 19, 2021, by the filing of the
Certificate of Formation in the office of the Secretary of State of the State of Delaware pursuant to the Act and the adoption of the Existing LLC Agreement. The Members desire to continue the Company for the purposes and upon the terms and subject
to the conditions set forth herein. 

 (b)    The Company shall initially have four classes of interests, which
shall be as follows: 
 (i)    Common Units. Each “Common Unit” shall represent
an interest in the Company, shall be designated as a Common Unit of the Company, shall be voting, and shall be entitled to the distributions provided for in Article 7. 

(ii)    AT&T TD Catch-Up Units. Each “AT&T
TD Catch-Up Unit” shall represent an interest in the Company, shall be designated as an AT&T TD Catch-Up Unit of the Company, shall be non-voting, and shall be entitled to the distributions provided for in Article 7. 

(iii)    Investor TD Catch-Up Units. Each “Investor
TD Catch-Up Unit” shall represent an interest in the Company, shall be designated as an Investor TD Catch-Up Unit of the Company, shall be non-voting, and shall be entitled to the distributions provided for in Article 7. 

(iv)    Common Catch-Up Units. Each “Common Catch-Up Unit” shall represent an interest in the Company, shall be designated as a Common Catch-Up Unit of the Company, shall be
non-voting, and shall be entitled to the distributions provided for in Article 7. 

(v)    Junior Preferred Units. Each “Junior Preferred Unit” shall represent an
interest in the Company, shall be designated as a Junior Preferred Unit of the Company, shall be non-voting, and shall be entitled to the distributions provided for in Article 7. Each Junior Preferred
Unit shall accrue the Junior Preferred Yield for so long as such Junior Preferred Unit is outstanding. 

(vi)    Senior Preferred Units. Each “Senior Preferred Unit” shall represent an
interest in the Company, shall be designated as a Senior Preferred Unit of the Company, shall be non-voting, and shall be entitled to the distributions provided for in Article 7. Each Senior Preferred
Unit shall accrue the Senior Preferred Yield for so long as such Senior Preferred Unit is outstanding. 
 (c)    The
Units shall have the rights and preferences in the assets of the Company, as expressly provided herein. A Unit shall for all purposes be personal property. All Units (including Common Units, AT&T TD
Catch-Up Units, Investor TD Catch-Up Units, Common Catch-Up Units, Junior Preferred Units and Senior Preferred Units) granted
effective as of the date hereof shall be 100% vested at all times. Each Unit shall constitute a “security” within the meaning of, and governed by, (a) Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15)
thereof) as in effect from time to time in the State of Delaware and (b) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as
adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. 

  
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 (d)    Upon the consummation of the Closing, each Initial Member shall
hold such number of Common Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Catch-Up Units, Junior Preferred
Units and Senior Preferred Units set forth on Exhibit A. 
 (e)    This Agreement amends,
restates and supersedes in its entirety the Existing LLC Agreement. 
 Section 1.2.    Name. The name
of the Company as of the date hereof is “DIRECTV Entertainment Holdings LLC” and, subject to Section 4.5, its business shall be carried on in this name with such variations and changes or in such other trade names
as the Board deems necessary or appropriate. Subject to Section 4.5, the Board shall have the power at any time to change the name of the Company in its sole discretion. 

Section 1.3.    Principal Place of Business. The principal place of business of the Company shall be
located at such location as the Board may determine from time to time. The Company may also maintain such other office or offices at such other locations as the Board may determine from time to time. 

Section 1.4.    Registered Agent. The Company’s registered agent and office in Delaware shall be
The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, County of New Castle. At any time, the Board may designate another registered agent or registered office. 

Section 1.5.    Purpose and Powers of the Company. 

(a)    The Company is formed for the object and purpose of engaging in any and all lawful activities permitted under the
Act and otherwise permitted by this Agreement. 
 (b)    On the terms and subject to the conditions of this Agreement,
the Company shall have the power and authority to take any and all actions that limited liability companies may take under the Act and that are necessary, appropriate, proper, advisable, incidental or convenient to or for the furtherance of the
purposes set forth in Section 1.5(a). Without limiting the foregoing, but on the terms and subject to the conditions of this Agreement, the Company may in furtherance of its business and operations carry out its objectives
and accomplish its purposes as principal or agent, directly or indirectly, alone or with associates, or as a member, stockholder, partner or participant in any firm, association, trust, corporation, partnership or other entity. 

(c)    The Company shall do all things necessary to maintain its limited liability company existence separate and apart
from each Member and any Affiliate of any Member, including holding regular meetings of the Board and maintaining its books and records on a current basis separate from that of any Member, any Affiliate of the Company or any other Person. 

Section 1.6.    Term. The term of the Company commenced on the date the Certificate of Formation was
filed in the office of the Secretary of State of the State of Delaware and shall continue in full force and effect in perpetuity; provided, that the Company may be dissolved in accordance with this Agreement and the Act. 

  
 -3- 

 Section 1.7.    Filings; Qualification in Other
Jurisdictions. The Company shall prepare any documents required to be filed or, in the Board’s or an authorized officer’s view, appropriate for filing under the Act, and the Company shall cause each such document to be filed in
accordance with the Act, and, to the extent required by Law, to be filed and recorded, or notice thereof to be published, in the appropriate place in each jurisdiction in which the Company may hereafter establish a place of business. The Board may
cause or authorize an officer to cause the Company to be qualified or registered under assumed or fictitious name statutes or similar Laws in any jurisdiction in which the Company transacts business where the Company is not currently so qualified or
registered. Each officer shall execute, deliver and file any such documents (and any amendments or restatements thereof) necessary for the Company to accomplish the foregoing. The Board may appoint any other authorized Persons to execute, deliver
and file any such documents. 
 Section 1.8.    Company Property. All property of the Company,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity. A Member has no interest in such Company property or any portion thereof by virtue of being a “member” under the
Act. 
 Section 1.9.    Transactions with Members and Managers. On the terms and subject to the
conditions of this Agreement, including Section 4.5, any Member may lend money to, borrow money from, act as a surety, guarantor or endorser for, guarantee or assume one or more obligations of, provide collateral for, and
transact other business with the Company and, subject to applicable Law and the terms and conditions of this Agreement, shall have the same rights and obligations with respect to such matter as a Person who is not a Member, and any Member and the
members, shareholders, partners and Affiliates thereof shall be able to transact business or enter into agreements with the Company to the fullest extent permissible under the Act. 

Section 1.10.    Certificated or Uncertificated Units. Unless otherwise determined by the Board, Units and
other Equity Securities of the Company will be in uncertificated form. 
 Section 1.11.    Liability. Except
as otherwise set forth herein, in the Transaction Documents or as required by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of
the Company, and no Member, Manager or Company officer shall be obligated personally for any such debt, obligation or liability of the Company or for any losses of the Company solely by reason of being a Member or acting as a Manager or Company
officer. Notwithstanding anything to the contrary set forth herein, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the
Act shall not be grounds for imposing personal liability on any Member for liabilities of the Company. No Member (or any of its Affiliates) shall be required to be a guarantor for any indebtedness of the Company or any of its Subsidiaries. 

  
 -4- 

 ARTICLE 2 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; PREEMPTIVE RIGHTS 

Section 2.1.    Capital Contributions. 

(a)    Initial Capital Contributions. In connection with the transactions contemplated by the Contribution
Agreement, each of AT&T Member and Investor Member have made the AT&T Contribution and the Investor Contribution, as applicable, at the Closing pursuant to the Contribution Agreement. The amounts of the Initial Capital Contributions made by
the Initial Members in exchange for or on account of Senior Preferred Units, Junior Preferred Units, Common Catch-Up Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units or Common Units, as applicable, are set forth on Exhibit A hereto. 

(b)    Additional Capital Contributions. From and after the Closing, no Member shall be required to make any
additional capital contributions to the Company. Subject to Section 2.6 and Section 4.5, a Member may from time to time make capital contributions to the Company (each, an “Additional
Capital Contribution”) at such times and in such amounts as the Board may determine to offer to or accept from the Members. 

Section 2.2.    Issuance of Equity Securities. 

(a)    No additional Equity Securities of the Company shall be issued by the Company in respect of any Initial Capital
Contributions, or as otherwise mutually agreed by the Board and the Initial Members or to effect a Drag-Along Sale, Qualified IPO or a Company Sale in accordance with the terms of this Agreement. 

(b)    Subject to Section 2.6 and Section 4.5, the Board may authorize
the Company to issue additional Units or create and issue new series, types or classes of Equity Securities of the Company with such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating,
optional or other special rights, and qualifications, limitations or restrictions thereof as the Board may determine, and authorize obligations, evidences of indebtedness or other securities or interests of the Company convertible or exchangeable
into Units or other Equity Securities of the Company, in each case to any Person in such amounts and on such terms as so approved by the Board; provided, that, any such issuance for non-cash
consideration (in whole or in part) will be made only in exchange for payment of Fair Market Value for such interest, with the Fair Market Value of such non-cash consideration determined in the reasonable good
faith judgment of the Board. Subject to the terms of this Agreement, the Company may issue whole or fractional Units or other Equity Securities of the Company. 

Section 2.3.    Maintenance of Capital Accounts. 

(a)    Capital Accounts. The Company shall maintain a separate capital account for each Member (each, a
“Capital Account”) in accordance with Code Section 704(b) and the Treasury Regulations thereunder. The initial Capital Account balances of the Initial Members shall be set forth on Schedule I. 

(b)    Negative Capital Accounts. No Member shall be required to make any payment to any other Member or the
Company by reason of any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

(c)    Transfer of Capital Accounts. Upon a Transfer of all or a portion of any Equity Security of the Company in
accordance with the terms of this Agreement, the transferee Member shall succeed to the Capital Account of the transferor which is attributable to such Equity Security or portion thereof. 

  
 -5- 

 Section 2.4.    No Interest. No interest shall be
paid on any capital contributed to the Company or on the balance in a Member’s Capital Account. 

Section 2.5.    Withdrawal of Capital. 

(a)    No Member shall be entitled to withdraw any part of its Capital Contributions or to receive any distribution from
the Company, except as expressly provided herein. Under circumstances requiring the return of any Capital Contribution, no Member shall have the right to demand or receive property other than cash, except as expressly provided herein. No Member
shall have the right to cause the sale of any Company asset, except as expressly provided herein. No Member shall have any right to receive any salary or draw with respect to its Capital Contributions or for services rendered on behalf of the
Company or otherwise in its capacity as a Member. 
 (b)    No Member shall have any liability for the return of the
Capital Contributions of any other Member, except as expressly provided herein (including in accordance with Section 7.1). Except as expressly provided herein (including in accordance with
Section 7.1) or to the extent granted by Equity Securities hereinafter approved by the Board pursuant to Section 2.2(b), no Member shall have priority over any other Member either as to the return
of the amount of such Member’s Capital Contributions or as to any allocation of any item of income, gain, loss, deduction or credit of the Company. 

Section 2.6.    Preemptive Rights. 

(a)    The Company shall give each Initial Member written notice (an “Issuance Notice”) of any proposed
issuance by the Company of any Equity Securities at least 15 Business Days prior to the earlier of (i) the Company’s entry into a definitive agreement or (ii) the proposed issuance date, in each case, with respect to such proposed
issuance. The Issuance Notice shall specify (i) the price at which such Equity Securities are to be issued, (ii) the amount and kind of Equity Securities proposed to be issued, and (iii) any other material terms of the issuance
(including the terms of the Equity Securities proposed to be issued). Each Initial Member shall be entitled to purchase up to its Membership Percentage of the Equity Securities proposed to be issued, at the price and on the terms specified in the
Issuance Notice. 
 (b)    If an Initial Member desires to purchase any or all of the Equity Securities specified in the
Issuance Notice (up to its Membership Percentage), it shall deliver a written notice to the Company (each a “Preemptive Rights Exercise Notice”) of its election to purchase such Equity Securities within ten Business Days after
receipt of the Issuance Notice. The Preemptive Rights Exercise Notice shall specify the number (or cash amount) of Equity Securities to be purchased by such Initial Member and shall constitute exercise by such Initial Member of its rights under this
Section 2.6 and a binding agreement of such Initial Member to purchase, at the price and on the terms specified in the Issuance Notice and in accordance with this Section 2.6, the number (or
amount) of Equity Securities specified in the Preemptive Rights Exercise Notice. Any such purchase shall be consummated as promptly as reasonably practicable. If, at the termination of such ten Business Day period, an Initial Member shall not have
delivered a Preemptive Rights Exercise Notice to the 

  
 -6- 

 
Company, such Initial Member shall be deemed to have waived all of its rights under this Section 2.6 with respect to the purchase of such Equity Securities. Promptly
following the termination of such ten Business Day period, the Company shall deliver to each of the Initial Members a copy of any Preemptive Rights Exercise Notice it has received or notify each of the Initial Members that no Preemptive Rights
Exercise Notices have been received (each, a “Second Notice”). 
 (c)    If an Initial Member fails to
exercise its preemptive rights under this Section 2.6 or elects to exercise such rights with respect to less than its Membership Percentage of the issuance, and the other Initial Member has exercised its rights under this
Section 2.6 with respect to its entire Membership Percentage of the issuance, such other Initial Member shall be entitled to purchase from the Company any or all of the remaining portion of the issuance. If such other
Initial Member desires to purchase such remaining portion, it shall deliver a written notice to the Company of its election to purchase such remaining portion within five Business Days following receipt of the Second Notice from the Company. 

(d)    The Company shall have up to 90 days from the date of the Issuance Notice to consummate the proposed issuance of
any or all of such Equity Securities that the Initial Members have not elected to purchase at a price equal to or greater than the price specified in the Issuance Notice and otherwise upon terms that are not less favorable to the Company than those
specified in the Issuance Notice; provided, that if any Governmental Approvals are required in connection with such issuance, such 90-day period shall be extended until the expiration of five Business
Days following the date on which all Governmental Approvals are obtained and any applicable waiting periods under applicable Law have expired or been terminated. If the Company proposes to issue any such Equity Securities after such 90-day (or longer, as permitted by the preceding sentence) period, it shall again comply with the procedures set forth in this Section 2.6. 

(e)    At the consummation of the issuance of such Equity Securities, the secretary of the Company (the
“Secretary”) shall register into the books and records of the Company the Equity Securities purchased by each Initial Member exercising preemptive rights pursuant to this Section 2.6 in the name of such
Initial Member, against payment by such Initial Member of the purchase price for such Equity Securities on the terms and subject to the conditions specified in the Issuance Notice. 

(f)    Post-Issuance Compliance. Notwithstanding the requirements of Section 2.6(a), the
Company may consummate any proposed issuance prior to having complied with Section 2.6(a); provided, that the Company shall: 

(i)    provide to each Initial Member who would have been entitled to be given an Issuance Notice in
connection with such proposed issuance (A) with prompt notice of such proposed issuance, and (B) the Issuance Notice described in Section 2.6(a) in which the actual price per Equity Security issued to the initial
purchaser(s) of the Equity Securities shall be set forth; 
 (ii)    offer to issue to each Initial
Member that is not an initial purchaser such number of Equity Securities as may be requested by each such Initial Member (not to exceed the Membership Percentage of the Equity Securities that such Initial Member would have been entitled to pursuant
to Section 2.6(a)) on the same terms with respect to such Equity Securities as were applicable to the initial purchaser of the Equity Securities; 

  
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 (iii)    keep such offer open for a period of 15
Business Days, and (A) during the first 10 Business Days of such period, each such Initial Member may accept such offer by sending a written acceptance to the Company committing to purchase an amount of such Equity Securities (not to exceed the
Membership Percentage of the Equity Securities that such Initial Member would have been entitled to pursuant to Section 2.6(a)) and (B) if an Initial Member fails to exercise its preemptive rights under clause
(A) or elects to exercise such rights with respect to less than its Membership Percentage of the issuance, and the other Initial Member has exercised its rights under clause (A) with respect to its entire Membership Percentage of the
issuance, such other Initial Member shall be entitled to purchase from the Company any or all of the remaining portion of the issuance by delivering a written notice to the Company of its election to purchase such remaining portion within five
Business Days following receipt of the Second Notice from the Company; and 
 (iv)    include in the
subscription (or similar) agreement with the initial purchaser(s) of the Equity Securities a provision permitting the Company to repurchase such securities, for a purchase price equal to the amount paid for such securities, in an amount necessary to
satisfy the offers made to and accepted by the other Initial Members in accordance with Section 2.6(f)(iii) in response to the Issuance Notice furnished pursuant to Section 2.6(f)(i) and the
Company shall repurchase such securities in accordance with this Section 2.6 to the extent necessary to satisfy the offers made to and accepted by the other Initial Members in accordance with
Section 2.6(f)(iii); provided, further, that, prior to compliance with this Section 2.6(f) (including the closing of any issuance to the Initial Members pursuant to this
Section 2.6(f)), the Company shall neither make any distributions to the Members nor permit any Transfer of Equity Securities with respect to any Equity Securities the issuance of which is subject to compliance with this
Section 2.6(f) and which are issued prior to compliance with this Section 2.6(f), and each Member’s Membership Percentage shall be determined without taking into account any such Equity
Securities issued prior to compliance with this Section 2.6(f) and no Member shall lose or be deemed to lose any rights hereunder with respect to such Member’s Membership Percentage or otherwise, until this
Section 2.6(f) has been fully complied with. 
 (g)    Notwithstanding the foregoing, the
preemptive rights contemplated by this Section 2.6 shall not be available in connection with the following types of issuances of Equity Securities, in each case, in accordance with the terms of this Agreement (including
Section 4.5): (i) to employees, managers, officers or other service providers of the Company or any of its Subsidiaries pursuant to employee compensation or benefit plans or other arrangements approved by the Board (and
upon the vesting or exercise of any incentive equity granted pursuant to any such plans or arrangements), (ii) in connection with a Company Sale or a Qualified IPO, (iii) pursuant to conversion of any convertible Equity Securities, (iv) in
connection with the Closing under the Contribution Agreement, (v) to Persons (other than to a Member or any of its Affiliates) as direct consideration for the acquisition of another corporation or other entity, or the acquisition of a line of
business or of assets of another corporation or other entity, by the Company or any of its Subsidiaries, by stock purchase, merger, purchase of all or substantially all assets or other reorganization, (vi) to Persons (other than to a Member or
any of its Affiliates) in connection with commercial credit arrangement, equipment 

  
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financings, commercial property lease transactions, the incurrence or guarantee of indebtedness by the Company or any of its Subsidiaries, or similar transactions, (vii) to Persons (other
than to a Member or any of its Affiliates) in connection with any joint venture or strategic partnership approved by the Board or (viii) in connection with any split, combination, distribution or recapitalization by the Company in accordance
with this Agreement. The Company shall not be obligated to consummate any proposed issuance of Equity Securities, nor be liable to any Initial Member if the Company has not consummated any proposed issuance of Equity Securities, pursuant to this
Section 2.6 for whatever reason, regardless of whether it shall have delivered an Issuance Notice or received any Preemptive Rights Exercise Notices in respect of such proposed issuance. 

(h)    This Section 2.6 shall terminate in its entirety upon consummation of a Public Company
Sale or Qualified IPO and the rights of an Initial Member under this Section 2.6 shall terminate upon an Initial Member Sell-Down with respect to such Initial Member; provided, that, notwithstanding the foregoing, if
both Initial Members continue to hold Equity Securities of the Company following the consummation of a Company Sale that is a Drag-Along Sale for less than all of the Equity Securities of the Company, then the Dragged Member shall not be treated in
a manner that results in disparate treatment relative (taking into account the relative size of holdings of Equity Securities in the Company) to the Drag-Along Transferor with respect to any preemptive or similar rights that apply to such Equity
Securities following such Company Sale. 
 Section 2.7.    Special Funding. 

(a)    Notwithstanding anything to the contrary in this Agreement, prior to the consummation of a Company Sale, Qualified
IPO or an Initial Member Sell-Down with respect to the Proposing Member (as defined below), in the event that a Special Funding Event has occurred and is continuing, (i) if the Junior Preferred Unreturned Contribution or the Common Catch-Up Unreturned Contribution exceeds zero, AT&T Member, and/or (ii) if the Senior Preferred Unreturned Contribution exceeds zero, Investor Member (in such capacity, the “Proposing
Member”) may make a proposal (a “Special Funding Proposal”) to the Board for such Proposing Member or an Affiliate thereof to provide funding to the Company. The Special Funding Proposal shall specify whether such funding
will be provided through a purchase of Common Units or a loan to the Company; provided that such funding shall only be provided through a loan to the Company if (a) the AT&T Member is the Proposing Member and the Senior Preferred
Unreturned Contribution has been reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration) or (b) the Investor Member is the
Proposing Member and both the Junior Preferred Unreturned Contribution and the Common Catch-Up Unreturned Contribution have been reduced to zero (as a result of receiving distributions or other proceeds,
whether in the form of cash or non-cash consideration). At any time during the five Business Days following the delivery by the Proposing Member of a Special Funding Proposal to the Board in accordance with
this Section 2.7(a) (such period, the “Special Funding Determination Period”), the Initial Member that is not the Proposing Member (the “Non-Proposing
Member”) may elect to participate (in such capacity, the “Electing Member”) in such Special Funding Proposal up to its Membership Percentage of such issuance or loan, with and on the same terms and conditions as the
Proposing Member by delivering a written notice to the Proposing Member. 
 (b)    At the end of the Special Funding
Determination Period, the Board shall cause the Company to proceed with implementing the Special Funding Proposal by either (i) accepting from 

  
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the Proposing Member and, if applicable, the Electing Member, the amount of the Special Funding Proposal as a loan to the Company to the extent permitted by
Section 2.7(a) (the terms of which, including the interest rate, shall be subject to the consent of the Non-Proposing Member (such consent not to be unreasonably withheld, conditioned
or delayed)), which loan, to the extent permitted by Section 2.7(a), shall be deemed approved by the Board and shall constitute senior unsecured indebtedness of the Company and rank senior to any Equity Securities of the
Company and shall be repaid by the Company as promptly as reasonably practicable based on the financial condition of the Company as reasonably determined by the Board or (ii) issuing to the Proposing Member and, if applicable, the Electing
Member, Common Units in the amount set forth in the Special Funding Proposal in exchange for payment of Fair Market Value for such Common Units as determined in the reasonable good faith judgment of the Board. 

ARTICLE 3 
 CERTAIN
RIGHTS AND OBLIGATIONS OF MEMBERS 
 Section 3.1.    Members. Each of the Initial Members has
been (or is hereby) admitted as a Member of the Company. The Initial Members and their respective numbers of Units (including the Common Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Catch-Up Units, Junior Preferred Units and Senior Preferred Units) and Membership Percentages as of the Closing are listed on
Exhibit A. The Company shall amend Exhibit A from time to time promptly following any changes in any of such information in accordance with the terms of this Agreement and following a resolution
passed by the Board approving such amendment. No Person may be a Member without the ownership of a Unit. The Members shall have only such rights and powers as are granted to them pursuant to the express terms of this Agreement and the Act. 

Section 3.2.    No Action on Behalf of the Company; No Dissent Rights. No Member (in its capacity as
such) shall, without the prior written approval of the Board, have any authority to take any action on behalf of or in the name of the Company, or to enter into any commitment or obligation that would be (or could be construed to be) binding upon
the Company, or to make any expenditures on behalf of the Company, except for actions expressly authorized by the terms of this Agreement. No Member (in its capacity as such) shall be entitled to any rights to dissent or seek appraisal with respect
to any transaction, including the merger or consolidation of the Company with any Person. 
 Section 3.3.    No
Right to Voluntarily Withdraw. No Member shall have any right to voluntarily resign or otherwise withdraw from the Company. At such time when, in accordance with this Agreement, a Member has Transferred any Units such that the Member no
longer holds any Units, such Member shall automatically be withdrawn and resigned as a Member. A resigning Member shall only be entitled to receive amounts approved by the Board on the terms and conditions set forth by the Board; provided, that in
all cases a resigning Member shall remain entitled to distributions in accordance with Section 7.1(a)(i)-(v) with respect to the entire period during which such Member held Units of the Company. Any resigning or withdrawing
Member shall remain liable to the Company for any amounts or other liabilities owed hereunder, including in respect of any breach hereof prior to such Member’s resignation or withdrawal. 

  
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 Section 3.4.    Member Meetings. A meeting of the
Members for any purpose or purposes may be called at any time by the Board, either Initial Member (if such Initial Member holds at least 10% of the number of Common Units held by such Member as of the date hereof), or any other Member (if the
Membership Percentage of such other Member is at least 10%). At a meeting, no business shall be transacted and no action shall be taken other than that stated in the notice of the meeting unless the Initial Members are present at such meeting and
agree that other business not stated in the notice of the meeting can be transacted. 
 Section 3.5.    Notice
of Meetings. Notice of any meeting of the Members stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called shall be given to each Member entitled to vote at such meeting by telephone or
email no less than seven nor more than 30 days before the date of the meeting, which notice shall be provided based on the records of the Company maintained by the Secretary. Such further notice shall be given as may be required by Law, but meetings
may be held without notice if the Initial Members entitled to vote at the meeting are present in person or represented by proxy or if notice is waived in writing by those not present, either before or after the meeting. Presence at a meeting by a
Member shall constitute a waiver of any deficiency of notice, except when a Member attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not called or
convened in accordance with this Agreement. 
 Section 3.6.    Quorum; Telephonic Meetings. 

(a)    Provided that notice of the meeting has been given in accordance with Section 3.5, Members
whose Membership Percentages are at least 50% in the aggregate shall constitute a quorum for the transaction of business; provided, that for so long as any Initial Member holds at least 10% of the number of Common Units held by such Member as
of the date hereof, a quorum shall require that such Initial Member shall be present or represented by proxy at any meeting duly called. If less than a quorum shall be in attendance at the time for which a meeting shall have been called, the meeting
may be adjourned from time to time by the Members present or represented by proxy at such meeting and the Company shall promptly give notice of when the meeting will be reconvened. 

(b)    Members may, and shall be entitled to, participate in meetings of the Members by means of conference telephone or
similar communications equipment by means of which all Persons participating in the meeting can hear each other. Participation in a telephonic meeting pursuant to this Section 3.6(b) shall constitute presence at such
meeting for purposes of Section 3.6(a) and shall constitute a waiver of any deficiency of notice, except when a Member attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the
transaction of any business because the meeting is not called or convened in accordance with this Agreement. 

Section 3.7.    Voting. 

(a)    At any meeting of the Members, each Member entitled to vote on any matter coming before the meeting shall, as to
such matter, have a vote, in person, by telephone or by proxy, equal to the number of Common Units held by such Member, in each case, on the relevant record date established pursuant to Section 3.9. 

  
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 (b)    Subject to Section 4.5, when a quorum
is present, the affirmative vote or consent of Members for which the aggregate Membership Percentage is at least 50% present in person or represented by proxy at a duly called meeting and entitled to vote on the subject matter shall constitute the
act of the Members; provided, that prior to an Initial Member Sell-Down with respect to an Initial Member, an act of the Members shall further require the affirmative vote or consent of such Initial Member; provided, further,
that the foregoing shall not limit the Drag-Along Transferor’s rights pursuant to, and to the extent in accordance with, Section 8.4, and in the event there is any conflict between this
Section 3.7(b) and Section 8.4, Section 8.4 shall control. Every proxy shall be in writing, dated and signed by the Member entitled to vote or its duly authorized attorney-in-fact. 

Section 3.8.    Action Without a Meeting. Notwithstanding Section 3.4 and
Section 3.7, on any matter requiring an approval or consent of Members under this Agreement or the Act at a meeting of Members, the Members may take such action without a meeting, without prior notice and without a vote if
a consent or consents in writing, setting forth the action so taken, shall be signed by the Members satisfying the voting requirements set forth herein (including the proviso set forth in Section 3.7(b)) with respect to
such action. 
 Section 3.9.    Record Date. For the purpose of determining Members entitled to
notice of or to vote at any meeting of Members, or entitled to receive a payment of any kind, or in order to make a determination of Members for any other proper purpose, the Board may fix in advance a date as the record date for any such
determination of Members, such date in any case to be not more than 30 days prior to the date on which the particular meeting or action, requiring such determination of such Members, is to be held or taken. If no record date is fixed for the
determination of Members entitled to notice of or to vote at a meeting of Members or action by the Members by written consent, or Members entitled to receive payment of a distribution, the date on which notices of the meeting are emailed, the date
on which the written consent is executed or the date on which the resolution of the Board declaring such distribution is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members
entitled to vote at any meeting of Members has been made as provided in this Section 3.9 such determination shall apply to any adjournment thereof unless the Board fixes a new record date, which it shall do if the meeting
is adjourned to a date more than 30 days after the date fixed for the original meeting. 

Section 3.10.    Member Approval Rights. Except as otherwise expressly set forth in this Agreement or
as required by Law, the Members shall have no right to vote on any matter and hereby expressly waive any right to vote that can be waived. 

Section 3.11.    Partition. Each Member waives any and all rights that it may have to maintain an
action for partition of the Company’s property. 

  
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 ARTICLE 4 

BOARD AND OFFICERS 

Section 4.1.    Board. 

(a)    Except as otherwise expressly provided in this Agreement, the management of the business and affairs of the Company
shall be vested solely in the board of managers of the Company (the “Board”). The Board shall be made up of the number of individuals designated as “Managers” (who need not be Members) (each, a “Manager”)
and the number of individuals designated as “Independent Participant Managers” (each, an “Independent Participant Manager”), as specified in this Agreement. Each Independent Participant Manager shall be independent of the
Member that designated such Independent Participant Manager. Each Manager shall be a “Manager” (as such term is defined in the Act) of the Company but, notwithstanding the foregoing, no Manager shall have any rights or powers beyond the
rights and powers expressly granted to such Manager in this Agreement. Each Independent Participant Manager shall not be a “Manager” as such term is defined in the Act. 

(b)    The Board shall be made up of not more than nine total members, comprised of not more than five Managers and not
more than four Independent Participant Managers. 
 (c)    The composition of the Board shall be as follows: 

(i)    AT&T Member shall have the right to appoint a total of (A) two Managers (any such Manager
appointed by AT&T Member, an “AT&T Manager”) and two Independent Participant Managers for so long as AT&T Member owns at least 25% of the number of Common Units held by AT&T Member as of the date hereof and
(B) one Manager and two Independent Participant Managers for so long as AT&T Member owns at least 10% of the number of Common Units held by AT&T Member as of the date hereof. 

(ii)    Investor Member shall have the right to appoint a total of (A) two Managers (any such Manager
appointed by Investor Member, an “Investor Manager”) and two Independent Participant Managers for so long as Investor Member owns at least 50% of the number of Common Units held by Investor Member as of the date hereof and
(B) one Manager and two Independent Participant Managers for so long as Investor Member owns at least 10% of the number of Common Units held by Investor Member as of the date hereof. 

(iii)    The Chief Executive Officer shall be a Manager (provided, that such person shall
automatically be removed as a Manager at such time as such person ceases to be the Chief Executive Officer). 

(d)    Upon any Transfer of Units that would result in the removal of an applicable Manager or Independent Participant
Manager pursuant to Section 4.1(c), the Initial Member designating such Manager shall promptly provide written notice to the other Members and the Company. Notwithstanding anything to the contrary set forth herein, the
Members and the Company shall take all necessary action to ensure that, following a Qualified IPO, the composition of the board of directors of the IPO Entity (and any committees of the board of directors of the IPO Entity) will

  
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be comprised of a majority of independent directors and will implement customary independent public company style governance, and will further comply with the applicable listing rules of the
exchange on which the Equity Securities of the IPO Entity are traded and other applicable Law. Notwithstanding anything to the contrary set forth herein, following a Qualified IPO, each AT&T Manager and Investor Manager shall be entitled to
continue to serve on the board of directors of the IPO Entity (and any committees of the board of directors of the IPO Entity), subject to the provisions of Section 4.1(c)(i) and
Section 4.1(c)(ii). Following the consummation of a Company Sale (including a Public Company Sale) that is a Drag-Along Sale for less than all of the Equity Securities of the Company, for as long as either Initial Member
continues to hold Equity Securities of the surviving or successor entity in such Drag-Along Sale (including the Company) representing at least 25% of the voting and economic rights of the such surviving or successor entity, (i) in the case of a
Company Sale that is not a Public Company Sale, such Initial Member shall be entitled to appoint at least one manager or director to the board of directors or managers (as applicable) of surviving or successor entity or (ii) in the case of a
Public Company Sale, such Initial Member will have the right to designate one director on management’s slate and the Initial Members shall agree to vote in favor of such designee); provided, that if both Initial Members continue to hold
Equity Securities of the Company following such Company Sale, then the Dragged Member shall not be treated in a manner that results in disparate treatment relative (taking into account the relative size of holdings of Equity Securities in the
Company) to the Drag-Along Transferor with respect to any board rights that apply to such Equity Securities following such Company Sale. Following any such transaction, the number of members of the board of directors or managers (as applicable) of
the Company or any successor thereto may be increased to permit the acquirer of Equity Securities in the Company or the IPO Entity, as applicable, to appoint a majority of the members of the board of directors or managers (as applicable) of the
Company or any successor thereto. 
 (e)    No Manager or Independent Participant Manager shall be (i) a
Representative of a Company Competitor (provided that this clause (i) shall not apply following a Qualified IPO or with respect to any Representative of a Company Competitor where such Company Competitor is the purchaser or Drag-Along
Transferee in a Company Sale) or (ii) an individual who (A) is under investigation or the subject of an inquiry by a Governmental Entity relating to, has been convicted of (including as a result of the entry of a guilty plea, a consent
judgment or a plea of nolo contendere), or has been charged civilly with, in each case, a violation of any anti-corruption Law or in the case of any criminal offense involving dishonesty or breach of trust such that the penalty could be
imprisonment for more than one year, (B) is subject to (or has been subject to) sanctions by a self-regulatory organization, or (C) has been found by a court of competent jurisdiction to have violated any federal securities or state
securities law and the judgement in such Action has not been reversed, suspended or vacated (any such individual, a “Restricted Person”). Each Member agrees not to knowingly appoint a Restricted Person as a Manager or Independent
Participant Manager and the Company and each Member shall take all necessary action to remove any Manager or Independent Participant Manager if such Manager or Independent Participant Manager is or becomes a Restricted Person. 

(f)    Each of the Company and each Member shall take all necessary action to effectuate the provisions of
Section 4.1(b), Section 4.1(c), Section 4.1(d) and Section 4.1(e) to ensure that the Board consists of the Managers and Independent Participant
Managers who are duly appointed, elected or appointed (or removed pursuant to Section 4.1(c)) and qualified in accordance with such Sections, including by promptly voting, as applicable, in any meetings or promptly
participating in an action by written consent. 

  
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 (g)    The Board or any committee thereof, by taking action in
accordance with this Article 4, and subject to compliance with Section 4.5, shall have the power, discretion and authority on behalf and in the name of the Company to carry out any and all of the objects and purposes
of the Company contemplated by this Agreement and to perform or authorize all acts which it may deem necessary or advisable in connection therewith; provided that the foregoing shall not limit the Drag-Along Transferor’s rights pursuant
to, and to the extent in accordance with, Section 8.4, and in the event there is any conflict between this Section 4.1(g) and Section 8.4,
Section 8.4 shall control. The Members agree that all determinations, decisions and actions made or taken by the Board or any committee thereof in accordance with this Article 4, and subject to compliance with
Section 4.5, shall be conclusive and binding upon the Company (without requirement for further consent or other action by the Members). 

(h)    Prior to a Qualified IPO or Public Company Sale, each Manager (excluding, for the avoidance of doubt, Independent
Participant Managers) shall serve as such without compensation from the Company or any of its Subsidiaries but shall be entitled to reimbursement from the Company for any reasonable and documented out-of-pocket expenses incurred during the course of performing his or her duties as a Manager. Each Independent Participant Manager shall be entitled to reasonable compensation as determined by the Board and
reimbursement from the Company for any reasonable out-of-pocket expenses incurred during the course of performing his or her duties as an Independent Participant
Manager. No Manager or Independent Participant Manager (acting in his or her capacity as such) shall have any right or authority to act on behalf of or to bind the Company with respect to any matter except pursuant to a duly adopted resolution of
the Board authorizing such action. 
 (i)    Each Manager may authorize another individual (who may or may not be a
Manager, but shall meet the criteria for designation as a Manager by the Member that appointed such Manager) to act for such Manager by proxy at any meeting of the Board, or to consent to or dissent from any proposed action of the Board in writing
without a meeting thereof. A writing authorizing any individual to act for any Manager by proxy, which has been executed by such Manager and entered into the books and records of the Company, shall be a valid means by which a Manager may grant such
authority. Notwithstanding the foregoing, (i) any AT&T Manager may act as a proxy for any other AT&T Manager (or with respect to any vacancy of any AT&T Manager on the Board not then filled by AT&T Member) with respect to voting
on matters brought before the Board (or any committee thereof of which any AT&T Manager is a member), and no further authorization (written or otherwise) shall be required in connection therewith, and (ii) any Investor Manager may act as a
proxy for any other Investor Manager (or with respect to any vacancy of any Investor Manager on the Board not then filled by Investor Member) with respect to voting on matters brought before the Board (or any committee thereof of which any Investor
Manager is a member), and no further authorization (written or otherwise) shall be required in connection therewith. 

  
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 Section 4.2.    Removal and Resignation. 

(a)    Subject to Section 4.1(d), each Initial Member shall have the exclusive right to remove,
with or without cause, at any time, any Manager or Independent Participant Manager that such Initial Member has the right to appoint. 

(b)    Any Manager or Independent Participant Manager may resign by written notice to the Board. Unless otherwise
specified therein, a Manager’s or Independent Participant Manager’s resignation shall take effect upon delivery of such notice. 

(c)    Vacancies created on the Board resulting from the death, disability, resignation or removal of an AT&T Manager,
an Investor Manager or an Independent Participant Manager shall be filled by the Member that appointed such Manager or Independent Participant Manager, with such appointment to become effective immediately upon delivery of written notice of such
appointment to the other Members and the Company. Vacancies created on the Board resulting from the death, disability, resignation or removal of any other Managers who are not Managers appointed by an Initial Member, if any, shall be filled by the
Board. 
 Section 4.3.    Meetings of the Board. 

(a)    The Board shall hold a regularly scheduled meeting at least once every calendar quarter at such place, date and time
as the Board may designate. Special meetings of the Board may be called at any time by an Investor Manager or an AT&T Manager, specifying the matters to be discussed. 

(b)    Notice of any meeting of the Board or any committee thereof stating the place, date and hour of the meeting and the
purpose or purposes for which the meeting is called shall be given to each Manager and Independent Participant Manager by telephone or email no less than seven nor more than 30 days before the date of the meeting; provided, that advance
notice may be reduced for any special meeting to no less than two days if the proposing Manager determines, acting reasonably and in good faith, that it is necessary or desirable to take action within a time period of less than seven days;
and provided, further, that for the avoidance of doubt, if notice of any meeting of the Board is not given to all Managers (excluding, for the avoidance of doubt, any Independent Participant Managers) in accordance
with this Section 4.3(b), then no business may be transacted at such meeting. Notice of any meeting may be waived by any Manager on behalf of such Manager and on behalf of any Manager by the Initial Member that appointed
such Manager before or after the meeting. Presence at a meeting of the Board by a Manager shall constitute waiver of any deficiency of notice of such meeting by such Manager, unless such Manager objects, at the beginning of the meeting, to the
transaction of any business thereat because such meeting was not called or convened in accordance with this Agreement. 

(c)    The Secretary shall circulate to each Manager and Independent Participant Manager an agenda for each meeting of the
Board not less than four days in advance of such meeting, or no less than two days in advance of any special meeting, if a proposing Manager has exercised his or her right pursuant to Section 4.3(b) to reduce the notice
required for such meeting to no less than two days. Such agenda shall include any matters that any Manager or Independent Participant Manager may reasonably request be included on such agenda. 

  
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 (d)    The presence in person or by proxy of a number of Managers equal
to a majority of the total number of Managers on the Board at such time (excluding, for the avoidance of doubt, the Independent Participant Managers) shall constitute a quorum for the conduct of business at any meeting of the Board;
provided, that, prior to a Qualified IPO or a Company Sale and as long as each Initial Member is permitted to designate at least one Manager to the Board pursuant to Section 4.1, the presence in person or
by proxy of at least one AT&T Manager and one Investor Manager shall be required for a quorum. If a quorum is not present at any meeting of the Board, no business may be conducted at such meeting (the “Original Meeting”), and
the Managers present shall adjourn the meeting and promptly give notice of when it will be reconvened, which shall not be more than 30 days from the date of the meeting (the “Adjourned Meeting”). If a quorum is not present at the
Adjourned Meeting and the sole reason for such lack of quorum was the absence of the AT&T Manager(s) or the Investor Manager(s), then either (i) such AT&T Manager or Investor Manager can waive (at any time, whether prior to, at, or
after the meeting) his or her attendance at such meeting and a quorum can be found without his or her presence, or (ii) if such AT&T Manager or Investor Manager, as the case may be, does not affirmatively waive his or her attendance at such
meeting, the remaining members of the Board shall reschedule the meeting upon at least 48 hours’ written notice to all Managers (email being sufficient), and at any such rescheduled meeting of the Board, a quorum shall be deemed to be present
regardless of the presence or absence of such AT&T Manager or Investor Manager that was not present at the Adjourned Meeting, as the case may be, so long as a majority of the Managers then in office other than such AT&T Manager or Investor
Manager are present. 
 (e)    Managers and Independent Participant Managers may participate in any meeting of the Board
or any committee thereof by means of a conference telephone or similar communications equipment by means of which all Managers and Independent Participant Managers participating in such meeting may hear one another. Participation in any meeting of
the Board pursuant to this Section 4.3(e) shall constitute presence in person at such meeting for purposes of Section 4.3(d) and shall constitute a waiver of any deficiency of notice of such
meeting, unless such Manager objects, at the beginning of the meeting, to the transaction of any business at such meeting because such meeting was not called or convened in accordance with this Agreement. 

(f)    Each Manager shall be entitled to cast one vote with respect to each matter brought before the Board (or any
committee thereof of which such Manager is a member) for approval; provided, that (i) all AT&T Managers shall only vote as a block (i.e., each AT&T Manager shall vote for or against (or abstain from voting) on any matter
consistent with all other AT&T Managers) on each matter brought before the Board (or any committee thereof of which any AT&T Managers are a member), (ii) any AT&T Manager may vote on behalf of any other AT&T Manager or vacancy of any
AT&T Manager not then filled by AT&T Member (and serve as a proxy for such other AT&T Manager(s)) with respect to each matter brought before the Board (or any committee thereof of which any AT&T Managers are a member), (iii) any
Investor Manager may vote on behalf of any other Investor Manager or vacancy of any Investor Manager not then filled by Investor Member (and serve as a proxy for such other Investor Manager(s)) with respect to each matter brought before the Board
(or any committee thereof of which any Investor Managers are a member), (iv) in the event an equal number of AT&T Managers and Investor Managers vote for and against any matter such that the Board would otherwise be deadlocked but for the vote
of the Chief Executive Officer (in his capacity as Manager), the Chief Executive Officer (in his capacity as a Manager) shall not be entitled to a vote on such matter, and (v) in the event an Initial Member is entitled to appoint a number of

  
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Managers constituting a majority of the Board, the Chief Executive Officer shall not be permitted to vote in any manner that would prevent all Managers appointed by such Initial Member from
taking any action on behalf of the Board. Subject to the foregoing and except as otherwise expressly provided by this Agreement, the affirmative vote of Managers entitled to cast a majority of the votes that may be cast by the Managers in attendance
at any meeting at which a quorum is present (whether in person or by proxy) shall be required to authorize any action by the Board and shall constitute the action of the Board for all purposes; provided that the foregoing shall not limit the
Drag-Along Transferor’s rights pursuant to, and to the extent in accordance with, Section 8.4, and in the event there is any conflict between this Section 4.3(f) and
Section 8.4, Section 8.4 shall control. No Manager shall be disqualified from voting on any matter as to which the Member that appointed such Manager or any of its Affiliates may have an interest.
Subject to Section 5.2(b), notwithstanding any duty otherwise existing at law or in equity, to the fullest extent permitted by Law, no Manager shall have any duty to disclose to the Company or the Board confidential
information of the Member that appointed such Manager or any of its Affiliates in such Manager’s possession, even if such information is material and relevant to the Company or the Board, and in any case, such Manager shall not be liable to the
Company or the other Members or their respective Affiliates for breach of any duty (including the duty of loyalty or any other fiduciary duty) as a Manager by reason of not disclosing such confidential information; provided, that the
foregoing shall not limit the Chief Executive Officer’s or any other employee of the Company or its Subsidiaries who is a Manager’s responsibility to disclose to the Board information regarding the Company and its Subsidiaries obtained as
a result of the Chief Executive Officer or such employee serving in such capacity. The Independent Participant Managers shall not be entitled to vote with respect to any matter brought before the Board (or any committee thereof). 

(g)    The Secretary or, if he or she is not present, any individual whom the Board may appoint, shall keep minutes of
each meeting of the Board, which shall reflect all actions taken by the Board thereat. 
 (h)    The Board may establish
other provisions and procedures relating to the governance of its meetings that are not in conflict with the terms of this Agreement. 

(i)    Each Manager and Independent Participant Manager shall be entitled to receive all information (including without
limitation, board minutes, board books and financial reports) that is made available to any Manager or Independent Participant Manager in such Person’s capacity as such. 

(j)    Any or all Independent Participant Managers shall be excluded from any meeting of the Board or committees (or the
relevant portion of such meeting) and materials provided to the participants in such meetings may be withheld from such Independent Participant Managers or redacted before being provided to such Independent Participant Managers upon the mutual
agreement of the Investor Managers and AT&T Managers, including where Investor Managers and AT&T Managers reasonably believe such actions are necessary or advisable to preserve confidentiality, preserve attorney-client privilege or prevent
or address a conflict of interest. 
 Section 4.4.    Action Without a Meeting. Notwithstanding
Section 4.3, with respect to any matter requiring the approval or consent of the Board under this Agreement or the Act, the Board may take such action without a meeting, if a consent in writing, setting forth the action to

  
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be taken, shall be signed by the Managers holding not less than the majority of the total votes that would be entitled to be cast by the Managers at a meeting of the Board at which all of the
Managers were present and voted, including in each case, at least one AT&T Manager and one Investor Manager; provided that the foregoing shall not limit the Drag-Along Transferor’s rights pursuant to, and to the extent in accordance
with, Section 8.4, and in the event there is any conflict between this Section 4.4 and Section 8.4, Section 8.4 shall control. Notwithstanding
the foregoing, (i) any AT&T Manager may act as a proxy for any other AT&T Manager (or with respect to any vacancy of any AT&T Manager on the Board not then filled by AT&T Member) with respect to taking any action by way of a
consent in writing, and no further authorization (written or otherwise) shall be required in connection therewith, and (ii) any Investor Manager may act as a proxy for any other Investor Manager (or with respect to any vacancy of any Investor
Manager on the Board not then filled by Investor Member) with respect to taking any action by way of a consent in writing, and no further authorization (written or otherwise) shall be required in connection therewith 

Section 4.5.    Reserved Matters. Prior to the consummation of a Company Sale or Qualified IPO (in each case,
except as set forth in the last sentence of this Section 4.5), the Company shall not, and shall cause its Subsidiaries not to, take any of the actions set forth on Exhibit B (each, a
“Reserved Matter”) without the approval of the Board and the prior written approval of both Investor Member and AT&T Member (each in its capacity as a Member of the Company); provided, that no such prior written approval
shall be required (i) in the case of any action that is approved by the committee designated pursuant to Section 4.6(d) in accordance with the scope of authority delegated to such committees, (ii) in the case of
any action to be taken by the Company or any of its Subsidiaries pursuant to an express right of any Person set forth in this Agreement, in any other Transaction Document or as otherwise permitted by the Company’s policies and procedures which
have been previously approved by both AT&T Member and Investor Member as a Reserved Matter or (iii) to effect a Drag-Along Sale or Qualified IPO in accordance with the terms hereof. The right of an Initial Member to approve any Reserved
Matter shall terminate upon an Initial Member Sell-Down with respect to such Initial Member. Notwithstanding the foregoing, upon the consummation of a Company Sale or Qualified IPO the right of an Initial Member to approve any Reserved Matter shall
terminate except (a) following the consummation of a Public Company Sale or Qualified IPO, the Tax Reserved Matter (as defined in Exhibit B) and (b) following the consummation of a Company Sale that is not a Public Company
Sale and is for less than all of the Equity Securities of the Company, for as long as such Initial Member continues to hold Equity Securities of the surviving or successor entity in such Drag-Along Sale (including, the Company) representing at least
25% of the voting and economic rights of the such surviving or successor entity, the Reserved Matters set forth on Exhibit B marked with asterisks (“**”) (provided, in the case of this clause (b), that if both Initial Members
continue to hold Equity Securities of the Company following such Company Sale, then the Dragged Member shall not be treated in a manner that results in disparate treatment relative (taking into account the relative size of holdings of Equity
Securities in the Company) to the Drag-Along Transferor with respect to any veto rights or minority protections that apply to such Equity Securities following such Company Sale). 

Section 4.6.    Committees of the Board. 

(a)    Subject to Section 4.5, the Board may designate one or more committees of the Board,
including an audit committee and a compensation committee. Subject to Section 4.5, any 

  
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committee of the Board, to the extent permitted by applicable Law and provided in the resolutions of the Board establishing such committee, shall have and may exercise all of the powers and
authority of the Board in the management of the business and affairs of the Company. Each committee shall keep regular minutes and report to the Board promptly after the taking of any material action. Each of the Initial Members entitled to appoint
a Manager hereunder shall be entitled to appoint at least one Manager appointed by such Initial Member to sit on each committee of the Board; provided, that for so long as the Initial Members are entitled to appoint an equal number of
Managers hereunder, any such committee shall consist of an equal number of AT&T Managers and Investor Managers except as set forth in Section 4.6(d). Notwithstanding anything to the contrary set forth herein, the
Members and the Company shall take all necessary action to ensure that, following a Qualified IPO, the composition of any committees of the Board comply with the applicable listing rules of the exchange on which the applicable Equity Securities (in
accordance with this Agreement) are traded and other applicable Law. 
 (b)    A majority of the members of any
committee may determine its action (consistent with the procedures set forth in Section 4.3(f) with respect to the voting of the Managers) and fix the time and place of its meetings, unless the Board shall otherwise
provide. Notice of such meetings shall be given to each member of the committee in the manner provided for in Section 4.3(b). 

(c)    Each Manager who is not an employee of the Company or its Subsidiaries shall be entitled to receive all information
(including without limitation, committee minutes, committee books and reports) that is made available to any member of a committee in such Person’s capacity as such. 

(d)    Notwithstanding the foregoing and anything to the contrary set forth herein, prior to a Company Sale or Qualified
IPO, for so long as either the Senior Preferred Unreturned Contribution or Senior Preferred Unpaid Yield exceeds zero, the Board shall designate a committee of the Board (the “Debt Committee”) of which Investor Managers shall
constitute a majority (provided that such committee shall also include an AT&T Manager for so long as AT&T Member is entitled to appoint a Manager hereunder) and such committee shall have the authority to determine, without regard to
Section 4.5, the incurrence of incremental third party debt, subject to the terms of the Debt Documents. 

(e)    The decisions by the committee with respect to the matters specified in Section 4.6(d)
shall not be subject to any override by the full Board and shall not be subject to Section 4.5. 

Section 4.7.    Officers; Designation and Election of Officers; Duties. 

(a)    Subject to Section 4.5, the Board shall delegate management of day-to-day operations of the Company to the Company’s leadership team pursuant to a delegation of authorities to be determined by the Board (and which may be updated from
time to time by the Board), which shall be led by the Chief Executive Officer of the Company (the “Chief Executive Officer”). Removal and appointment of the Chief Executive Officer, the Chief Financial Officer of the Company (the
“Chief Financial Officer”) and the General Counsel of the Company (the “General Counsel” and each of the Chief Executive Officer, Chief Financial Officer and General Counsel, a “Senior Officer”)
shall be a Reserved Matter. 

  
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 (b)    The name of the Chief Executive Officer as of the date of the
Contribution Agreement is set forth on Exhibit C. The Chief Executive Officer may, from time to time, employ and retain Persons as may be necessary or appropriate for the conduct of the Company’s business (subject to
the supervision and control of the Board and the approval rights set forth in Section 4.5), including employees, agents and other Persons (any of whom may be a Member or Representative) who may be appointed as officers of
the Company as and to the extent authorized by the Board. Any number of offices may be held by the same Person. Any officers so appointed shall have such authority and perform such duties as the Board, from time to time, may delegate to them. Each
officer shall hold office until his successor shall be duly appointed or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. 

(c)    Any officer may resign at any time. Such resignation shall be made in writing and shall take effect at the time
specified therein, or if no time is specified, at the time of its receipt by the Board. Any officer may be removed as such, either with or without cause, at any time by the Board and, in addition, if such officer was appointed by the Chief Executive
Officer, by the Chief Executive Officer (in reasonable consultation with the Board). Designation of any Person as an officer by the Board shall not in and of itself vest in such Person any contractual or employment rights with respect to the
Company. 
 (d)    The officers, to the extent of their powers set forth in this Agreement or in resolutions of the
Board, shall be agents of the Company for the purpose of the Company’s business, and the actions of the officers taken in accordance with such powers shall bind the Company. 

Section 4.8.    Compliance with Certain Contracts. Notwithstanding anything to the contrary in this Agreement,
the Company and its Subsidiaries shall not, and no Member shall cause the Company or any of its Subsidiaries to, take any action that would cause AT&T Member or any Subsidiary of AT&T Inc. to violate or breach the non-compete restrictive covenants in the agreements set forth on Exhibit E for as long as the Membership Percentage of AT&T Member is at least 50%. AT&T Member and any Subsidiary of AT&T Inc.
shall not amend any such agreements in any manner that would, directly or indirectly, adversely affect the Company and its Subsidiaries or Investor Member (including by increasing the scope or duration of the
non-compete restrictive covenants) without the prior written consent of Investor Member. 

Section 4.9.    Control of Conflicted Contracts. Notwithstanding anything to the contrary in this Agreement,
(a) with respect to any contract or agreement that is between the Company or any of its Subsidiaries, on the one hand, and AT&T Member or its Affiliates, on the other hand (excluding this Agreement, the Contribution Agreement and any other
agreement to which Investor Member or its Affiliates are party), prior to an Initial Member Sell-Down with respect to Investor Member, Investor Member shall solely control, and AT&T Member shall have no control with respect to, the Company and
its Subsidiaries with respect to such contract or agreement (including with respect to the taking or omitting to take any action thereunder, the exercise of any decision-making or discretion thereunder, the exercise or waiver of any rights or
remedies thereunder, the giving of any notice or consent thereunder, and the enforcement thereof, in each case, by the Company or its Subsidiaries), including any action or approval by the Company or the Board or any committee thereof in connection
with such contract or agreement, and (b) with respect to any contract or agreement that is between the Company or any of its Subsidiaries, on the one hand, and Investor Member or its Affiliates (other than portfolio companies), on the other

  
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hand (excluding this Agreement, the Contribution Agreement and any other agreement to which AT&T Member or its Affiliates are party), prior to an Initial Member Sell-Down with respect to
AT&T Member, AT&T Member shall solely control, and Investor Member shall have no control with respect to, the Company and its Subsidiaries with respect to such contract or agreement (including with respect to the taking or omitting to take
any action thereunder, the exercise of any decision-making or discretion thereunder, the exercise or waiver of any rights or remedies thereunder, the giving of any notice or consent thereunder, and the enforcement thereof, in each case, by the
Company or its Subsidiaries), including any action or approval by the Company or the Board or any committee thereof in connection with such contract or agreement. 

ARTICLE 5 
 DUTIES,
EXCULPATION AND INDEMNIFICATION 
 Section 5.1.    Duties, Exculpation and Indemnification. 

(a)    Certain Duties. Notwithstanding any duty otherwise existing at law or in equity, to the fullest extent
permitted by applicable Law and except as expressly contemplated by this Agreement or any other agreement entered into between a Covered Person, and any Member or the Company or any of its Subsidiaries, no Covered Person (other than officers of the
Company or its Subsidiaries in their capacity as such) shall have any duty (including any fiduciary duty) otherwise applicable at Law or in equity to the Company, any other Member or to any other Person with respect to or in connection with the
Company or the Company’s business or affairs. The officers of the Company or its Subsidiaries (in their capacity as such) shall owe fiduciary duties to the Company and the Members that are equivalent to fiduciary duties of officers in a
Delaware corporation, and the Chief Executive Officer of the Company, in his or her capacity as Manager, shall owe fiduciary duties to the Company and the Members that are equivalent to fiduciary duties of a director of a Delaware corporation.
Except as expressly set forth in this Section 5.1(a), it is the intent and agreement of the Members that, other than with respect to officers of the Company or its Subsidiaries in their capacity as such, all fiduciary
duties be, and hereby are, eliminated and no fiduciary duties shall apply to any action or omission taken by the Board, any Member (in such Member’s capacity as such) or any of their respective Affiliates, employees, agents and Representative
hereunder or in connection with the Company. 
 (b)    Exculpation. To the fullest extent permitted by Law, no
Person made or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such Person is or was a member, shareholder, partner, manager, director or officer
of any Member, the Company or any of their respective Subsidiaries or Affiliates (collectively, “Covered Persons”) shall be liable to the Company or its Subsidiaries, any Member or any other Person, or is otherwise bound hereby for
any act or failure to act in such Person’s capacity as Covered Person, except, in the case of willful misconduct, bad faith, fraud or breach of this Agreement or any other agreement to which such Covered Person is a party. The Board shall also
have the power to exculpate, to the same extent set forth in this Section 5.1(b), employees of the Company or its Subsidiaries who are not Covered Persons and agents of the Company or its Subsidiaries. 

  
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 (c)    Right to Indemnification. Except in the case of willful
misconduct, bad faith, fraud or breach of this Agreement or any other agreement with the Company or its Subsidiaries to which any such Covered Person is a party, each Person (and the heirs, executors or administrators of such Person) who was or is a
party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, in such Person’s capacity as a Covered Person, and such
action, suit or proceeding relates to an act or omission of such Covered Person acting in its capacity as such, shall be indemnified and held harmless by the Company to the fullest extent permitted by the Laws of the State of Delaware;
provided, that the foregoing indemnification shall not be available (i) to a Member in the case of an action, suit or proceeding brought by a Member or any other party to this Agreement against such Member or (ii) to a Member or to
a member, shareholder, partner, Subsidiary or Affiliate thereof in the case of an action, suit or proceeding brought by a Governmental Entity and relating to taxes or tax returns of such Member (or member, shareholder, partner, Subsidiary or
Affiliate thereof) (other than in connection with a non-tax claim). The right to indemnification conferred in this Section 5.1(c) shall also include the right to be paid by the
Company the expenses incurred in connection with any such action, suit or proceeding in advance of its final disposition to the fullest extent permitted by the Laws of the State of Delaware; provided, that the payment of such expenses in
advance of the final disposition of an action, suit or proceeding shall be made only upon delivery to the Company of an undertaking by or on behalf of the applicable Covered Person to repay all amounts so paid in advance if it shall ultimately be
determined that such Covered Person is not entitled to be indemnified under this Section 5.1(c) or otherwise. In the event that any such expenses are so paid by the Company to any Covered Person with respect to a matter,
the Company shall also pay such expenses for other Covered Persons with respect to such matter. Notwithstanding the foregoing provisions of this Section 5.1, the Company shall indemnify a Covered Person in connection with a
proceeding (or part thereof) initiated by such Covered Person only if such proceeding (or part thereof) was authorized by the Board; provided, however, that a Covered Person shall be entitled to reimbursement of his or her
reasonable and documented counsel fees with respect to a proceeding (or part thereof) initiated by such Covered Person to enforce his or her right to indemnity or advancement of expenses under the provisions of this
Section 5.1 to the extent that the Covered Person is successful on the merits in such proceeding (or part thereof). The Company shall also have the power to indemnify and hold harmless to the same extent set forth in this
Section 5.1(c) employees of the Company or its Subsidiaries who are not Covered Persons and agents of the Company or its Subsidiaries. No claim subject to the indemnification provisions hereunder shall be settled by any
Covered Person without the consent of the Company, not to be unreasonably withheld, conditioned or delayed. 

(d)    Indemnification of Employees and Agents. The Company may, by action of the Board, provide indemnification to
such officers, employees and agents of the Company or other Persons who are or were serving at the request of the Company as a director, manager, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise to such extent and to such effect as the Board shall determine to be appropriate. 
 (e)    Insurance.
The Company shall, by action of the Board, have the power to purchase and maintain insurance on behalf of any Person who is or was a Covered Person or is or was serving at the request of the Company as a director, manager, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such Person in any such capacity or arising out of his status as such, whether or not the Company would have the power
to indemnify such Person against such liability under the Laws of the State of Delaware. 

  
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 (f)    Survival. Notwithstanding anything to the contrary set
forth herein, the provisions of this Section 5.1 shall survive the termination, voluntary or involuntary, of the status of a Member as such, the termination, voluntary or involuntary, of the status of any Covered Person or
other Person as to whom the provisions of this Section 5.1 apply as such and the termination of this Agreement or dissolution of the Company. 

(g)    Effectiveness. The provisions of this Section 5.1 shall be applicable to any
action, suit or proceeding commenced after the date of this Agreement against any Covered Person arising from any act or omission of such Covered Person acting in its capacity as such, whether occurring before or after the date of this Agreement. No
amendment to or repeal of this Section 5.1, or, to the fullest extent permitted by Law, any amendment of Law, shall have any effect on the rights provided under this Section 5.1 with respect to any
act or omission occurring prior to such amendment or repeal. 
 (h)    Nonexclusivity of Rights. The
indemnification hereby provided and provided hereafter pursuant to the power hereby conferred by this Section 5.1 on the Board shall not be exclusive of any other rights to which any Person may be entitled, including any
right under policies of insurance that may be purchased and maintained by the Company or others, with respect to claims, issues or matters in relation to which the Company would not have the power to indemnify such Person under the provisions of
this Section 5.1. Such rights shall not prevent or restrict the power of the Company to make or provide for any further indemnity, or provisions for determining entitlement to indemnity, pursuant to one or more
indemnification agreements or other arrangements (including creation of trust funds or security interests funded by letters of credit or other means) approved by the Board (whether or not any of the Members, Managers or Company officers shall be a
party to or beneficiary of any such agreements or arrangements); provided, however, that any provision of such agreements or other arrangements shall not be effective if and to the extent that it is determined to be contrary to
this Section 5.1 or applicable Law. 

(i)    Non-applicability. Nothing contained in this
Section 5.1 is intended to relieve any Member or any other Person from any liability or other obligation of such Person relating to the Contribution Agreement or any other Transaction Document or any other agreement or to
in any way impair the enforceability of any provision of such agreements against any party thereto. Notwithstanding anything to the contrary set forth herein, no Covered Person shall be indemnified, held harmless or have any right to advancement of
expenses hereunder in any claim, action, suit or proceeding relating to the Contribution Agreement or any other Transaction Document. 

(j)    Company’s Assets. Any indemnity under this Section 5.1 shall be
provided solely out of, and only to the extent of, the Company’s assets, and no Member or Affiliate of any Member shall be required directly to indemnify any Covered Person pursuant to this Section 5.1. None of the
provisions of this Section 5.1 shall be deemed to create any rights in favor of any Person other than Covered Persons and any other Person to whom the provisions of this Section 5.1 expressly
apply. 
 (k)    Advance Payments. The Company hereby acknowledges that a Covered Person may have certain rights
to indemnification, advancement of expenses or insurance provided by other 

  
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sources. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a Covered Person are primary and any obligation of such other sources to advance
expenses or to provide indemnification for the same expenses or liabilities incurred by such Covered Person are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a Covered Person and shall be
liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any rights a Covered Person may have against the
such other sources. The Company further agrees that no advancement or payment by such other sources on behalf of a Covered Person with respect to any claim for which such Covered Person has sought indemnification from the Company shall affect the
foregoing, and such other sources shall have a right of contribution or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Covered Person against the Company. 

(l)    Savings Clause. If this Section 5.1 or any portion hereof shall be invalidated on
any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Covered Person as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in
settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative to the full extent permitted by any applicable portion of this Section 5.1 that shall not have been
invalidated and to the fullest extent permitted by applicable Law. 
 Section 5.2.    Other Activities; Business
Opportunities. 
 (a)    Notwithstanding any duty otherwise existing at law or in equity, to the fullest extent
permitted by applicable Law, no Member, Affiliate of any Member, Manager or Company officer who is also an employee of a Member or an Affiliate of a Member (in each case only to the extent acting on behalf of such Member or such Member’s
Affiliate in connection with such Member’s or such Member’s Affiliate’s own business and operations) shall have any obligation to refrain from, directly or indirectly, (i) engaging in the same or similar activities or lines of
business as the Company or developing or marketing any products or services that compete, directly or indirectly, with those of the Company, (ii) investing or owning any interest, publicly or privately, in, developing a business relationship
with, or serving as an employee, officer, director, consultant or agent of, any Person engaged in the same or similar activities or lines of business as, or otherwise in competition with, the Company or (iii) doing business with (directly or as
an employee, officer, director, manager, consultant or agent of a Person who does business with) the Company or any Person who conducts business with the Company; and neither the Company (or any of its Subsidiaries) nor any Member (or Affiliate of
any Member) shall have any right in or to, or to be offered any opportunity to participate or invest in, any business or venture engaged or to be engaged in by any other Member, Affiliate of any Member, Manager or Company officer who is also an
employee of a Member or an Affiliate of a Member or shall have any right in or to any income or profits derived therefrom. It is understood and agreed by the Members that each Person referred to in this Section 5.2(a) shall
be permitted to undertake any and all actions of the type referred to in this Section 5.2(a) without limitation (in each case acting on behalf of the applicable Member or Affiliate of a Member in connection with such
Member’s or such Member’s Affiliate’s own business and operations) and that the taking of any such actions shall not violate any legal obligation or duty (including any fiduciary duty) to any Member or other Person under or in
connection with this Agreement or the Company. 

  
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 (b)    Notwithstanding any duty otherwise existing at law or in equity,
to the fullest extent permitted by applicable Law, if a Member, Affiliate of any Member, Manager or Company officer who is also an employee of a Member or an Affiliate of a Member acquires knowledge of a potential transaction or matter which may be
a business opportunity for both such Member or an Affiliate of such Member, on the one hand, and the Company or another Member or another Member’s Affiliate, on the other hand, no such Member, Manager, Affiliate or Company officer shall have
any duty to communicate or offer such business opportunity to the Company or such other Member or such other Member’s Affiliate, and no such Person shall be liable to the Company, the other Members and their Affiliates in respect of any such
matter (including for any breach of fiduciary or other duties) by reason of the fact that such Member or any Affiliate of such Member pursues or acquires such business opportunity for itself or by reason of the fact that such Member, Manager,
Affiliate or Company officer directs such opportunity to such Member or an Affiliate of such Member or does not communicate information regarding such opportunity to the Company. Notwithstanding the foregoing, the first sentence of this
Section 5.2(b) shall not apply to any such knowledge or business opportunity first acquired by any Manager who is an officer or other employee of the Company in his or her capacity as an officer or other employee of the
Company. 
 ARTICLE 6 

ACCOUNTING, TAX, FISCAL AND LEGAL MATTERS 

Section 6.1.    Fiscal Year. The fiscal year of the Company shall end on December 31 of each year
or on such other day as may be fixed from time to time by resolutions of the Board, subject to Section 4.5 and applicable Law (each, a “Fiscal Year”). To the extent any computation or other provision hereof
provides for an action to be taken on a Fiscal Year basis, an appropriate proration or other adjustment shall be made in respect of the first or final Fiscal Year to reflect that such period is less than a full calendar year period. 

Section 6.2.    Bank Accounts. In the absence of instructions from the Board to the contrary, the Chief
Financial Officer (or another officer of the Company to whom the Chief Financial Officer has delegated such authority) shall determine the institution or institutions at which the Company’s bank accounts will be opened and maintained, the types
of accounts, and the Persons who will have authority with respect to the accounts and the funds therein. 

Section 6.3.    Books of Account and Other Information. The Company shall prepare and maintain, at its
principal place of business, separate books of account for the Company that shall show a true and accurate record of all costs and expenses incurred, all charges made, all credits made and received and all income derived in connection with the
operation of the Company’s business in accordance with GAAP and this Agreement. 
 Section 6.4.    Tax
Returns. 
 (a)    The Company shall perform or cause to be performed an annual review of the books and accounts of
the Company as of the end of each Fiscal Year. The Company shall prepare or cause to be prepared all income and other tax returns of the Company, and shall cause the same to be filed in a timely manner (taking into account any applicable
extensions). 

  
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 (b)    Within 45 days after the end of each Fiscal Year, or as promptly
as reasonably practicable thereafter for each Fiscal Year (and in no event later than 60 days after the end of each Fiscal Year), the Company shall furnish to each Member a copy of an estimated Schedule K-1 to
the Company’s federal income tax return for the Fiscal Year most recently ended. As promptly as reasonably practicable, but in any event at least 45 days prior to the due date for such return (including any extensions), the Company shall
furnish to each Member a final copy of each such Schedule K-1. Following a Member’s written request, the Board shall use commercially reasonable efforts to promptly furnish to such Member any additional
information and documentation (including receipts or other proofs of payment of taxes) which is in the Company’s possession, or which the Board can obtain with the use of commercially reasonable efforts, and which is reasonably required by such
Member to comply in a timely manner with any U.S. federal, state, local, or non-U.S. tax filing or reporting requirements in respect of the Company. 

Section 6.5.    Tax Status. Notwithstanding anything to the contrary herein, (i) each Member agrees that
(A) the Company is to be treated at all times following Closing as a partnership (that is not a “publicly traded partnership”) for U.S. federal income tax purposes, (B) no Subsidiary of the Company will at any time be treated (or
elect to be treated as) a domestic corporation for U.S. federal income tax purposes (other than a Subsidiary of the Company with no more than a de minimis amount of assets whose primary purpose is to facilitate a financing), (C) no Subsidiary of the
Company that is a foreign corporation for U.S. federal income tax purposes will directly or indirectly own any material amount of U.S. operations (it being understood that U.S. operations do not include operations outside the “United
States” as defined in Section 7701(a)(9) of the Code) and (D) each Subsidiary of the Company that is treated as a disregarded entity or other “flow-through” entity for U.S. federal income tax purposes as of the date hereof will
continue to be treated as such following the date hereof, and (ii) neither the Company nor any Member shall, or shall permit its Affiliates to, (1) take any position inconsistent with any such treatment described in clause (i) hereof on
any tax return or (2) cause the Company or any of its Subsidiaries to otherwise transfer any non-de minimis portion of the Business to a Subsidiary of the Company classified as a corporation for U.S.
federal income Tax purposes, except, in each case, with the consent of both the AT&T Member and the Investor Member; provided that the consent rights of a Member shall terminate with respect to clauses (B) through (D) of this
sentence upon an Initial Member Sell-Down by such Member. The Board shall be authorized to take, and shall take, all reasonable action, including the execution of other documents, as may reasonably be required in order for the Company to be treated
as a partnership for U.S. federal income tax purposes. For the avoidance of doubt, nothing in this Section 6.5 shall restrict the Company from taking actions in connection with a Qualified IPO in accordance with the
procedures set forth in Article 9 that result in the Company being treated as a corporation for U.S. federal income tax purposes. 

Section 6.6.    Allocations. 

(a)    Allocation of Profit and Loss. Except as set forth in Section 6.6(b), Profit
and Loss of the Company for each Tax Year of the Company shall be allocated among the Capital Accounts of the Members such that each Member’s capital account shall be an amount that is as equal as possible to the excess of: (i) the amount
that would be distributed to the Member if the Company were to: (A) liquidate the assets of the Company for an amount equal to their respective Book Values, (B) satisfy all Company liabilities according to their terms (but taking into
account each nonrecourse liability only to the extent of the Book Value of the assets securing such liability), and (C) distribute 

  
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the remaining proceeds of the liquidation to the Members; over (ii) the sum of: (A) such Member’s share of minimum gain (as determined according to Treasury Regulation Section 1.704-2(g)) and (B) such Member’s partner nonrecourse debt minimum gain (as determined according to Treasury Regulation Section 1.704-2(i)(2)), all
as computed as of the date of the hypothetical sale described in clause (i). The Company does not intend to report any “guaranteed payment” for the use of capital or “capital shift” in respect of the Senior Preferred Units or
Junior Preferred Units, and shall not do so except in the case of a change in applicable Law (including authoritative interpretations thereof) or a final determination under Section 1313 of the Code. Notwithstanding the foregoing, to the extent
the Partnership Representative determines it appropriate in light of the principles under which these allocations are made (and only if approved by both the Investor Member and the AT&T Member, such approval not to be unreasonably withheld,
conditioned or delayed, it being understood that it shall be unreasonable to withhold, condition or delay such approval if such allocations are necessary to achieve the purpose set forth in Section 6.6(c)(iii)), the Company
shall allocate items of gross income and gain to the Investor Member to the extent that the Investor Member received during such Tax Year distributions representing a return on such Member’s investment in the Company (and not a return of the
Member’s capital or property investment in the Company), it being understood that the Investor Member will not be allocated items of gross income in a Tax Year in excess of (1) with respect to the Investor Member, the sum of (i) the
incremental accrued entitlement of the Investor Member to distributions pursuant to Section 7.1(b)(i) over the course of such Tax Year and (ii) the quotient obtained by dividing the Investor Member’s entitlement to Tax Distributions
(other than Investor TD Shortfall Distributions) for such Tax Year by the Assumed Tax Rate (expressed as a fraction) applicable to such Tax Year. 

(b)    Special Allocations. 

(i)    No allocation of Loss shall be made to any Member if, as a result of such allocation, such Member
would have a negative balance in its Adjusted Capital Account, unless at the time of such allocation, all Adjusted Capital Accounts are equal to zero. 

(ii)    Member Nonrecourse Debt Minimum Gain Chargeback. Losses attributable to partner nonrecourse
debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Tax Year in member’s partner nonrecourse debt
minimum gain, Profits for such Tax Year (and, if necessary, for subsequent Tax Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). This
Section 6.6(b)(ii) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted in a manner consistent therewith. 

(iii)    Minimum Gain Chargeback. Nonrecourse deductions (as determined according to Treasury
Regulation Section 1.704-2(b)(1)) for any Tax Year shall be allocated to each Member ratably among such Members based upon the manner in which Profits (determined without regard to such non-recourse
deductions) are allocated among the Members for such Tax Year. Except as otherwise provided in Section 6.6(b)(ii), if there is a net decrease in the minimum gain during any Tax Year, each Member shall be allocated Profits
for such Tax Year (and, if necessary, for subsequent Tax Years) in the amounts and 

  
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of such character as determined according to Treasury Regulation Section 1.704-2(f). This Section 6.6(b)(iii) is intended to be a minimum gain chargeback provision
that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(iv)    Qualified Income Offset. If any Member that unexpectedly receives an adjustment, allocation
or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Tax Year, computed after the application of this
Section 6.6 but before the application of this Section 6.6(b)(iv), then items of Company income and gain for such Tax Year shall be allocated to such Member in an amount and manner sufficient to
eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Member as soon as possible (and, if two or more Members have such deficits, in proportion to their deficits). This
Section 6.6(b)(iv) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-l(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(v)    Allocation of Certain Profits and Losses. To the extent an adjustment to the adjusted tax
basis of any Company asset pursuant to Section 734(b) of the Code or Section 743(b) of the Code is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts, the
amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members
in accordance with their interests in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 (vi)    The allocations set forth in (iii)-(vi) of this Section 6.6(b) (the
“Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-l(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend
to allocate Profit and Loss of the Company or make the Company’s distributions. Accordingly, notwithstanding the other provisions of this Section 6.6, but subject to the Regulatory Allocations, income, gain, deduction,
and loss shall be reallocated among the Members so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they would have been
if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit
and Loss (and such other items of income, gain, deduction and loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. 

(c)    Tax Allocations. 

(i)    Allocations Generally. The net income and net loss of the Company will be allocated for
federal, state and local income tax purposes among the Members in 

  
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accordance with the allocation of such net income and net loss among the Members for computing their Capital Accounts pursuant to Section 6.6(a) and
Section 6.6(b); except that if any such allocation is not permitted by the Code or other applicable Law, the Company’s net income and net loss will be allocated among the Members so as to reflect as nearly as possible
the allocation set forth herein in computing their Capital Accounts. 
 (ii)    Code
Section 704(c) Allocations. Items of the Company’s taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall be allocated among the Members in
accordance with Section 704(c) of the Code so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value. At the time or times when any such item of income,
gain, loss or deduction must be allocated among the Members to take account of any such variation, the Company, as determined by the Partnership Representative, shall account for such variation using a combination of (x) the “traditional
method” under Section 704(c) of the Code and Treasury Regulation Section 1.704-3(b), and (y) the “traditional method with curative allocations” under Section 704(c) of the
Code and Treasury Regulation Section 1.704-3(c) (the “Curative Method”) (collectively, the “All-In 704(c) Method”);
provided, however, that the Company shall allocate tax items to (or away from) Members under the Curative Method to reduce or eliminate disparities between book and tax items of (A) the Investor Member (i.e., the noncontributing
Member) only in the event that the Investor Member would otherwise be allocated taxable income that exceeds the Investor Economic Percentage of the Company’s taxable income in a Company’s Tax Year (or portion thereof) in the absence of the
use of the Curative Method until the Investor Member’s share of taxable income no longer exceeds the Investor Economic Percentage of the Company’s taxable income in a Company’s Tax Year (or portion thereof) or (B) the AT&T
Member only in the event that the AT&T Member would otherwise be allocated taxable income that exceeds the AT&T Economic Percentage of the Company’s taxable income in a Company’s Tax Year (or portion thereof) in the absence of the
use of the Curative Method until the AT&T Member’s share of taxable income no longer exceeds the AT&T Economic Percentage of the Company’s taxable income in a Company’s Tax Year (or portion thereof) (as illustrated in
Exhibit F); provided, however, that taxable income for purposes of the immediately preceding proviso shall be calculated without regard to taxable items of loss and deduction that are specially allocated to a Member pursuant to
Section 6.6(c)(vii)-(ix). In addition, if the Book Value of any asset of the Company is adjusted pursuant to the requirements of Treasury Regulation Section 1.704-1(b)(2)(iv)(e)
or (f), then subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in a
manner consistent with the principles set forth in Section 6.6(c)(iii). The “Investor Economic Percentage” is, with respect to a Tax Year (or portion thereof), intended to equal a fraction expressed as a percentage:
(A) the numerator of which is the sum of: (I) the product of: (x) the incremental accrued entitlement (whether or not distributed) of the Investor Member to distributions pursuant to Section 7.1(b)(i) over
the course of such Tax Year, and (y) the sum of one (1) and the Assumed Tax Rate, (II) the product of: (x) a fraction: (i) the numerator of which is the Assumed Tax Liability Amount with respect to the Investor Member’s
Units for such Tax Year (or portion thereof), and (ii) the denominator of which is the total Assumed Tax Liability Amount with respect to 

  
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all of the Units of the Company for such Tax Year (or portion thereof) minus the amount, if any, by which Tax Distributions for such Tax Year were reduced pursuant to
Section 7.1(a)(iv), and (y) the greater of (i) zero and (ii) the sum of the total taxable income of the Company with respect to such Tax Year, calculated without regard to taxable items of loss and deduction that are specially
allocated to a Member pursuant to Section 6.6(c)(vii)-(ix), minus the product of: (a) the sum of: (i) the incremental accrued entitlement (whether or not distributed) of the Investor Member to distributions
pursuant to Section 7.1(b)(i) over the course of such Tax Year, and (ii) the incremental accrued entitlement (whether or not distributed) of the AT&T Member to distributions pursuant to
Section 7.1(b)(iii) over the course of such Tax Year, and (b) the sum of one (1) and the Assumed Tax Rate, and (B) the denominator of which is the total taxable income of the Company with respect to such Tax Year,
calculated without regard to taxable items of loss and deduction that are specially allocated to a Member pursuant to Section 6.6(c)(vii)-(ix) and (III) 30% of the Tax Distribution Reduction Amount with respect to such
Tax Year. The “AT&T Economic Percentage” is, with respect to a Tax Year (or portion thereof), intended to equal a fraction expressed as a percentage: (A) the numerator of which is the sum of: (I) the product of:
(x) the incremental accrued entitlement (whether or not distributed) of the AT&T Member to distributions pursuant to Section 7.1(b)(iii) over the course of such Tax Year, and (y) the sum of one (1) and
the Assumed Tax Rate, (II) the product of: (x) a fraction: (i) the numerator of which is the Assumed Tax Liability Amount with respect to the AT&T Member’s Units for such Tax Year (or portion thereof) minus the amount, if
any, by which Tax Distributions for such Tax Year were reduced pursuant to Section 7.1(a)(iv), and (ii) the denominator of which is the total Assumed Tax Liability Amount with respect to all of the Units of the Company for such Tax Year
(or portion thereof) minus the amount, if any, by which Tax Distributions for such Tax Year were reduced pursuant to Section 7.1(a)(iv), and (y) the total taxable income of the Company with respect to such Tax Year, calculated
without regard to taxable items of loss and deduction that are specially allocated to a Member pursuant to Section 6.6(c)(vii)-(ix), reduced (but not below zero) by the product of: (a) the sum of: (i) the
incremental accrued entitlement (whether or not distributed) of the AT&T Member to distributions pursuant to Section 7.1(b)(iii) over the course of such Tax Year, and (ii) the incremental accrued entitlement
(whether or not distributed) of the Investor Member to distributions pursuant to Section 7.1(b)(i) over the course of such Tax Year, and (b) the sum of one (1) and the Assumed Tax Rate, and (B) the
denominator of is the total taxable income of the Company with respect to such Tax Year, calculated without regard to taxable items of loss and deduction that are specially allocated to a Member pursuant to
Section 6.6(c)(vii)-(ix) and (III) the product of (α) 30% of the Tax Distribution Reduction Amount with respect to such Tax Year and (W) negative one (-1). Exhibit F sets forth a numerical example of the calculation of each of the Investor Economic Percentage and the AT&T Economic Percentage. 

(iii)    The expectation of the parties is that, to the maximum extent possible, the allocations of taxable
income pursuant to this Section 6.6 will result in the taxable income being allocated between the Members in the same proportion as such taxable income would have been allocated if all of the property contributed to the
Company had an adjusted basis for federal income tax purposes equal to its Book Value, such that taxable income will generally be allocated in accordance with the Members’ Percentage Interests (after taking into account income allocations in
respect of the Senior Preferred Yield and the Junior 

  
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Preferred Yield, after taking into account any item of income or loss being allocated to a Member as a result of any reduction in Tax Distributions pursuant to
Section 7.1(a)(iv), and without regard to taxable items of loss and deduction that are specially allocated to a Member pursuant to Section 6.6(c)(vii)-(ix)), and this
Section 6.6 shall be interpreted consistently therewith. The Partnership Representative shall have the authority to adjust the allocations set forth in this Section 6.6 to the extent necessary or
appropriate in order to achieve, to the maximum extent possible, such result. The parties will reasonably cooperate in good faith to calculate the AT&T Economic Percentage and the Investor Economic Percentage for each Tax Year and to make
corrective adjustments to such calculation in the event that estimates used to calculate an AT&T Economic Percentage or Investor Economic Percentage differ from what would have been the actual AT&T Economic Percentage or Investor Economic
Percentage, as applicable, for a given Tax Year (or portion thereof). Each of the AT&T Member and the Investor Member and the Partnership Representative shall cooperate in good faith and use reasonable best efforts to allocate the Profits and
Losses of the Company, to the extent permitted by applicable Law, in a manner intended to minimize the amount of any TD Shortfall Distribution required to be paid under Section 7.1(a)(v), including, by way of example,
potentially adjusting the Capital Accounts of the Members. 
 (iv)    Allocation of Tax Credits, Tax
Credit Recapture, Etc. Tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members according to their interests in such items as determined by the Partnership Representative, taking into account the
principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 
 (v)    Effect of Allocations.
Allocations pursuant to this Section 6.6(c) are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of
Profit, Loss, other items or distributions pursuant to any provision of this Agreement. 

(vi)    Excess Nonrecourse Liabilities. To the extent permissible under Treasury Regulation Section 1.752-3(a)(3), any excess nonrecourse liabilities of the Company shall be allocated, as determined by the Partnership Representative, to the Members in proportion to their Membership Percentages. 

(vii)    NFLST Agreement. The Members intend that the NFLST Agreement shall form part of this
Agreement within the meaning of Section 761(c) of the Code, including that amounts payable under the NFLST Agreement that are in excess of amounts that are satisfied with the proceeds from the repayment of the Promissory Note shall, to the
extent paid by AT&T Member to the Company, be taken into account in determining the Capital Account of AT&T Member (with any adjustments to the Capital Account of AT&T Member being an adjustment only to the Capital Account associated
with the Common Units held by AT&T Member and offset by special allocations of losses and deductions) and in allocating income, gains, losses and deductions of the Company among the Members in the same manner as if the provisions of the NFLST
Agreement were set forth in this Agreement (such that AT&T Member will be allocated the associated deductions). For the avoidance of doubt, no additional Equity Securities shall be issued to AT&T Member in connection with its contribution of
any amounts payable to the Company under the NFLST Agreement. 

  
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 (viii)    Tax Treatment of Indemnified Losses. To
the extent any Indemnified Losses give rise to Company items of deduction, expense or loss under applicable income tax Law, such items shall, to the extent permitted by Law, be specially allocated to the applicable Indemnifying Party, as defined in
the Contribution Agreement. For purposes of this Section 6.6(c)(viii), “Indemnified Losses” means Losses (as defined in the Contribution Agreement) that are indemnified pursuant to
Section 8.2 or Section 8.3 of the Contribution Agreement. 

(ix)    Certain 1.752-7 Liabilities. For U.S. federal
and applicable state and local income tax purposes, the parties agree that the cost of performance of the Company and its Subsidiaries attributable to the Advanced Payments (the “Advanced Payment Obligations”) (i) will be treated as
being assumed by the Company and its Subsidiaries from the AT&T Member in a transaction governed by Treasury Regulations Section 1.752-7 (and analogous state income tax Law) and (ii) that the
amount of the “amount and share of 1.752-7 liability” (as defined in Treasury Regulations Section 1.752-7(b)(3)(ii), or analogous state or local income
tax Law) with respect to such Advanced Payment Obligations will be as reasonably determined by AT&T Member, in each case, with the result that AT&T Member shall be specially allocated items of deduction, expense or loss under applicable
income tax Law with respect to the Advanced Payment Obligations, except as otherwise required by Law. Furthermore, the parties agree that for U.S. federal and applicable state and local income tax purposes, the
Pre-Closing Period Bonuses shall be treated as governed by Treasury Regulations Section 1.752-7 (and analogous state income tax Law), with the result that AT&T
Member shall be specially allocated items of deduction, expense or loss under applicable income tax Law with respect to the Pre-Closing Period Bonuses, except as otherwise required by Law. 

Section 6.7.     Partnership Representative. The “partnership representative” for purposes of the
Partnership Tax Audit Rules shall be appointed, and may be removed, by AT&T Member and Investor Member from time to time (the “Partnership Representative”). The initial Partnership Representative shall be Merlin Manager, LLC, an
entity jointly owned and controlled by AT&T Member and Investor Member, as set forth in Merlin Manager, LLC’s limited liability company agreement. The Partnership Representative shall control the preparation of the Company’s U.S.
federal, state, local and non-U.S. tax returns for taxable periods ending on or after the date hereof, and shall prepare such tax returns in a manner consistent with the past practice of the AT&T Member with respect to the property contributed
by the AT&T Member (to the extent applicable and permitted by Law). The Partnership Representative shall provide each Member with a draft of each such U.S. federal or material U.S. state income tax return of the Company and its Subsidiaries for
any taxable period ending after the date of this Agreement at least 30 days prior to the due date (including applicable extensions) of such tax return for each Member’s approval (which approval shall not be unreasonably withheld, conditioned or
delayed), and upon such Member’s (or its advisors’) reasonable request, the Partnership Representative shall (1) provide work papers, methodologies or other relevant information in connection with the Member’s review of any such tax
return and (2) shall make the preparer of such tax returns (and its applicable employees or contractors) reasonably available to such Member (and its advisors) in connection with the Member’s review of such tax returns. The Partnership
Representative shall inform each Member of all significant matters that come to its attention in its capacity as Partnership Representative by giving notice thereof on or before the fifth day after becoming aware thereof and, within that time, 

  
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shall forward to each Member copies of all significant written communications it may receive in that capacity. Except as otherwise provided in this Agreement, the Partnership Representative shall
be permitted to manage and control any proceeding with any taxing authority and make tax elections with respect to the Company, provided that the Partnership Representative shall keep the Members reasonably informed regarding the progress of any
such proceeding, and, notwithstanding anything to the contrary in this Agreement, shall not knowingly (after reasonable inquiry) take any action (including with respect to any tax election or tax accounting method) in its capacity as Partnership
Representative that would materially and adversely impact in any manner any Member (or its direct or indirect owners, solely with respect to the Company) without the consent of such Member (such consent not to be unreasonably withheld, conditioned
or delayed). Notwithstanding anything to the contrary in this Agreement, in no event will (i) AT&T Member or any Subsidiaries of AT&T Inc. be required to provide any information relating to, or a copy of any consolidated, combined,
affiliated or unitary tax return that includes AT&T Member or any Subsidiaries of AT&T Inc. (other than information relating solely to the Company), (ii) the Investor Member (or its direct or indirect owners) be required by the Partnership
Representative to amend its tax returns or undertake any administrative adjustment request in connection with a tax audit of the Company or any of its Subsidiaries or (iii) the Investor Member be required to disclose any information about its
direct or indirect owners. The Partnership Representative shall cause the Company to make an election under Section 6226(a) of the Partnership Tax Audit Rules (and any similar or analogous election under applicable state, local or non-U.S. law) with respect to any imputed underpayment under Section 6225 of the Partnership Tax Audit Rules (or any equivalent or analogous provisions of state or local Law). Subject to the foregoing, each
Member and former Member shall provide the Company with such information as the Partnership Representative reasonably requests, in order to enable the Company to (i) reduce the amount of any imputed underpayment under Section 6225 of the
Partnership Tax Audit Rules, (ii) determine its eligibility to make, and make, an election under Section 6221(b) of the Partnership Tax Audit Rules, (iii) make an election under Section 6226(a) of the Partnership Tax Audit Rules,
(iv) reasonably attribute to the Members their share of any income, gain, loss, deduction or credit for purposes of Section 6226(a) of the Partnership Tax Audit Rules, and (v) to comply with, or be eligible to invoke any aspect of, the
Partnership Tax Audit Rules in any other respect. This Section 6.7 shall survive the dissolution, winding-up and termination of the Company, and each Member’s obligations pursuant to this Section 6.7 shall survive the
Member’s ceasing to be a Member of the Company. 

Section 6.8.    Pre-Closing Tax Returns. AT&T Member shall control
the preparation of the Company’s tax returns that are due after the date hereof (taking into account applicable extensions) for taxable periods that end before the date hereof, and shall prepare such tax returns in a manner consistent with the
past practice of AT&T Member with respect to the property contributed by the AT&T Member (to the extent applicable and permitted by Law). AT&T Member shall provide each Member with a draft of each such material tax return of the Company
and its Subsidiaries for a taxable period ending before the date hereof at least 30 days prior to the due date, including applicable extensions, of such tax return (provided that if the timing of the date hereof and the due date of any such return
are within 30 days, AT&T Member shall provide each Member with a draft of such return as promptly as practicable following the date hereof) and provide such Member a reasonable opportunity to comment on such tax returns (which comments shall be
considered in good faith by AT&T Member); provided, however, that in no event will AT&T Member or any Subsidiaries of AT&T Inc. be required to provide any information relating to, or a copy of any consolidated, combined, affiliated or
unitary tax return that includes AT&T Member or any Subsidiaries of AT&T Inc. (other than information relating solely to the Company). 

  
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 ARTICLE 7 

DISTRIBUTIONS 

Section 7.1.    Distributions. 

(a)    Tax Distributions. 

(i)    Except as prohibited by applicable Law and except as provided in
Section 7.1(a)(iv) and Section 7.1(g)(i), and with respect to each Tax Year (or portion thereof) beginning on or after the date hereof, the Company shall distribute to the Members on a quarterly
basis with respect to each Estimated Tax Distribution Period of each Tax Year, no later than five Business Days prior to the Estimated Tax Distribution Date that corresponds to such Estimated Tax Distribution Period, an amount equal to the Assumed
Estimated Tax Liability Amount with respect to such Member’s Units and such Estimated Tax Distribution Period; provided, that if the Assumed Tax Liability Amount for a Tax Year with respect to such Units exceeds the Assumed Estimated Tax
Liability Amounts with respect to such Units for such Tax Year, then the Company shall, within 20 days after providing Schedules K-1 to the Members (and in no event later than five days) prior to the un-extended due date for any Member’s U.S. federal income tax return), distribute to such Member an amount of cash equal to such excess (any amount distributable pursuant to this
Section 7.1(a)(i) other than pursuant to the foregoing proviso, a “Tax Distribution”). 

(ii)    Except as prohibited by applicable Law, no later than 10 Business Days following an Adjustment
Event, the Company shall make distributions in cash of the Adjustment Tax Distribution Amount in respect of such Units and Adjustment Event. 

(iii)    No distributions under this Section 7.1(a) shall be treated as advances
of distributions or other payments otherwise payable to the Members under Section 7.1(b), Section 7.1(d)(ii), Section 8.3, Section 8.4,
Section 8.5 or otherwise. 
 (iv)    Notwithstanding anything to the contrary
set forth herein, the amount of any Tax Distribution otherwise distributable to AT&T Member shall be reduced by an aggregate amount equal to $250,000,000 as follows: (A) with respect to each Tax Distribution made in 2022, the reduction of
such Tax Distribution to AT&T Member in respect of such date shall equal $100,000,000 divided by the number of Tax Distributions that are required to be made by the Company in 2022 (such number not to exceed four), (B) with respect to
each Tax Distribution made in 2023, the reduction of such Tax Distribution to AT&T Member in respect of such date shall equal $100,000,000 divided by the number of Tax Distributions that are required to be made by the Company in 2023
(such number not to exceed four), and (C) with respect to each Tax Distribution made in 2024, the reduction of such Tax Distribution to AT&T Member in respect of such date shall equal $50,000,000 divided by the number of Tax
Distributions that are required to be made by the Company pursuant to 

  
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Section 7.1(a)(i) in 2024 (such number not to exceed four) (the amount of any such reduction in a Tax Distribution for any taxable year pursuant to this
Section 7.1(a)(iv), a “Tax Distribution Reduction Amount”); provided that (1) the amount of any Tax Distribution to be distributed by the Company to AT&T Member with respect to any Estimated Tax
Distribution Date shall not be less than zero, (2) to the extent any Tax Distribution Reduction Amount would exceed the amount of any Tax Distribution payable to AT&T Member for any Estimated Tax Distribution Date but for clause
(1) hereof (any such excess, an “Excess Reduction Amount”), such Excess Reduction Amount will be applied to reduce the amount of the Tax Distribution to be distributed by the Company to AT&T Member on each subsequent
Estimated Tax Distribution Date to an amount not less than zero until the aggregate amount of Tax Distributions otherwise distributable by the Company to the AT&T Member has been reduced pursuant to this clause (2) by an amount equal to the
sum of all Excess Reduction Amounts and (3) if, at the time of a Company Sale or IPO, the Tax Distributions that were to have been made to AT&T Member have been reduced pursuant to this Section 7.1(a)(iv) by an
amount less than $250,000,000 (such deficit, the “Tax Distribution Deficit”), then the amount of proceeds from such Company Sale or IPO used to determine the amount that would be distributable to Investor Member pursuant to
Section 7.1(b) will be increased by the amount of the Tax Distribution Deficit for purposes of determining the amount of any such distribution that Investor Member is entitled to pursuant to
Section 7.1(b), and the amount that would be distributable to AT&T Member pursuant to Section 7.1(b)(v) or Section 7.1(b)(vi) only will be correspondingly decreased
(to the extent distributions are available thereunder) by an amount equal to the difference between (x) the amount that would be distributed to Investor Member as calculated pursuant to this clause (3), and (y) the amount that would be
distributable to Investor Member pursuant to Section 7.1(b) absent the application of this clause (3). 

(v)    To the extent of Pre-Debt Prepayments Excess Cash Flow, in
the event that a Member’s allocation of taxable income of the Company for such Tax Year exceeds such Member’s Economic Percentage of the taxable income of the Company for such Tax Year (in each case, calculated without regard to
(x) taxable items of loss and deduction that are specially allocated to a Member pursuant to Section 6.6(c)(vii)-(ix)), then the Company shall pay to such Member an amount equal to the product of (i) such excess and (ii) the
Assumed Tax Rate with respect to such Tax Year (any such payment made to AT&T Member pursuant to this Section 7.1(a)(v), an “AT&T TD Shortfall Distribution”, and any such payment to Investor Member
pursuant to this Section 7.1(a)(v), an “Investor TD Shortfall Distribution”, and any such AT&T TD Shortfall Distribution or Investor TD Shortfall Distribution, a “TD Shortfall Distribution”). TD Shortfall
Distributions pursuant to this Section 7.1(a)(v) shall be made on an “estimated basis” consistent with the principles of Section 7.1(a)(i), subject to adjustments, within thirty
(30) Business Days of the Company filing its IRS Form 1065 (or applicable successor form) for the applicable Tax Year, in accordance with the principles of Section 7.1(a)(ii) applied on a mutatis mutandis basis. For
purposes of this clause (v), a Member’s “Economic Percentage” means, (1), with respect to AT&T Member, the AT&T Member Economic Percentage and (2), with respect to the Investor Member, the Investor Member Economic Percentage
(as such terms are defined in Section 6.6(c)(ii)). 

  
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 (vi)    With respect to any taxable period (or portion
thereof) for which the Company or any of its Subsidiaries are members of a consolidated, combined, unitary or similar Tax group for U.S. state or local Tax purposes in one or more U.S. state or local jurisdictions (each, an “Applicable
Jurisdiction”) of which Tax group a Member (or any direct or indirect owner of the Member) is a common parent (a “Tax Group”), the Company shall be responsible for payment (a “Tax Sharing Payment”) of any
positive Tax Sharing Amount, or shall be entitled to receive a payment of any negative Tax Sharing Amount. For the avoidance of doubt, the treatment of the Company or any of its Subsidiaries as partnerships, disregarded entities, or other
similar “flow-through” entities under the Tax law of a jurisdiction shall not constitute a Tax Group and shall not cause such jurisdiction to be an Applicable Jurisdiction. A “Tax Sharing Amount” for any such taxable period may
be positive or negative, and shall equal (i) the portion of any such Taxes of such Tax Group for such taxable period that are attributable to the income, activities or assets of the Company and its Subsidiaries, determined as if the Company and
its applicable Subsidiaries filed a consolidated, combined, unitary or similar return separately from any other members of the Tax Group for all applicable taxable periods, less (ii) the cash tax savings of such Member (or direct or indirect
owner of such Member) that are attributable, as determined on a with-and-without basis, to losses, deductions, tax credits, or similar items for such taxable period that
are, in each case attributable to the income, activities or assets of the Company and its Subsidiaries, determined as if the Company and its applicable Subsidiaries filed a consolidated, combined, unitary or similar return separately from any other
members of the Tax Group for all applicable taxable periods. Notwithstanding anything to the contrary, no duplicative Tax Sharing Payments, such as payments in respect of annual Taxes already reflected in previous payments in respect of estimated
Taxes, shall be required to be made. Tax Sharing Payments shall be made by payment to (or from, as applicable) the Member that is the common parent (or whose direct or indirect owner is the common parent) of the relevant Tax Group, or, at the
request of such Member in the case of a positive Tax Sharing Amount, by direct payment to the relevant Tax authority or to the common parent of the Tax Group. To the extent permitted by applicable law, the Company shall not treat the Company or
any of its Subsidiaries as members of a Tax Group for U.S. state or local Tax purposes, and neither the Company nor the Partnership Representative shall voluntarily elect for U.S. state or local Tax purposes for the Company or any of its
Subsidiaries to be members of a Tax Group or refrain from making an election for U.S. state or local Tax purposes that would avoid the Company or its Subsidiaries being members of a Tax Group. The Partnership Representative shall prepare a pro
forma estimated or final, as applicable, Tax return for the Company and its Subsidiaries reflecting the income, activities or assets of the Company and its Subsidiaries, determined as if the Company and its applicable Subsidiaries filed a
consolidated, combined, unitary or similar return separately from any other members of the Tax Group for all applicable taxable periods (each, a “Pro Forma Return”). A Pro Forma Return shall be prepared using the same
procedures, and subject to the same rights of the Members, as if it were a Tax return of the Company governed by Section 6.7, and any resulting Tax Sharing Payment shall be made in accordance with such Pro Forma Return by
(or to) the Company no later than five days prior to the applicable Tax payment due date. In the event that the Company or a Member has made Tax Sharing Payments in respect of estimated Taxes for a taxable period, the relevant Member or the Company,
as applicable, shall reimburse the Company (or cause the 

  
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Company to be reimbursed), or reimburse the Member (or cause the Member to be reimbursed), as applicable, for any Tax Sharing Payments in respect of such taxable period in excess of the
Company’s, or such Member’s, as applicable, responsibility for Tax Sharing Payments based upon the Tax Return filed for such taxable period, within 10 Business Days of filing of such Tax Return. For the avoidance of doubt, in the
event that there is an adjustment to a Tax Return of a Tax Group, the Company or a Member, as applicable, may be responsible for additional Tax Sharing Payments under the foregoing provisions of this Section 6.9 to the
extent that the Company’s or such Member’s Tax Sharing Payment responsibility in respect of the taxable period is increased as a result of such adjustment, or may be entitled to reimbursement from the relevant Member, depending on the
nature of such adjustment. In the event of an audit of a Tax Group by an Applicable Jurisdiction with respect to Taxes that could reasonably be expected to give rise to material Tax Sharing Payments, the Member who is (or whose direct or
indirect owner is) the common parent of such Tax Group shall use commercially reasonable efforts to promptly notify the Company and the other Member of such audit, shall keep the Company and the other Member reasonably informed of the status of so
much of such audit as could reasonably be expected to give rise to material Tax Sharing Payments, and shall not settle any portion of such audit that would reasonably be expected to give rise to material Tax Sharing Payments without the consent of
the other Member (such consent not to be unreasonably withheld, conditioned, or delayed). Without limiting the generality of the foregoing, the Members and the Company shall reasonably cooperate with respect to the determination of the
Company’s responsibility for Taxes of a Tax Group under this Section 7.1(a)(vi) and in effecting Tax Sharing Payments. Payments under this Section 7.1(a)(vi), for purposes of this
Agreement, and for applicable Tax purposes to the maximum extent permitted by law, shall not be treated as distributions or capital contributions. 

(b)    General Distributions. Other than with respect to any repayments or distributions, as applicable, made in
accordance with (I) the Contribution Agreement, (II) Section 7.1(a)(i)-(v) or (III) Section 10.10, and subject to Section 8.14, except as prohibited by applicable Law, on the last day
of each fiscal quarter the Company shall make distributions to the Members of all cash of the Company and its Subsidiaries available for distribution and, only in the case of distributions pursuant to Section 7.1(b)(ii)
through Section 7.1(b)(viii), subject to the limitations set forth therein with respect to Distributable Excess Cash Flow (provided that the aggregate amount of all such distributions pursuant to
Section 7.1(b)(ii) through Section 7.1(b)(viii) during a fiscal quarter shall be at least the Distributable Excess Cash Flow for such fiscal quarter, to the extent such distributions are not
prohibited under the Debt Documents) in the order of distribution as follows: 
 (i)    first, only to
the extent of Pre-Debt Prepayments Excess Cash Flow, to the holder(s) of outstanding Senior Preferred Units (and to the extent there is more than one holder, ratably among such holders) in proportion to the
aggregate Senior Preferred Unpaid Yield with respect to all Senior Preferred Units held by each such holder immediately prior to such distribution), until the aggregate Senior Preferred Unpaid Yield has been reduced to zero (as a result of receiving
distributions or other proceeds, whether in the form of cash or non-cash consideration); 

(ii)    second, only to the extent of Distributable Excess Cash Flow, to the holder(s) of outstanding
Senior Preferred Units (and to the extent there is more than one 

  
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holder, ratably among such holders in proportion to the aggregate Senior Preferred Unreturned Contribution with respect to all Senior Preferred Units held by each such holder immediately prior to
such distribution), until the aggregate Senior Preferred Unreturned Contribution has been reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash
consideration), at which time all Senior Preferred Units shall automatically be cancelled and shall cease to be outstanding without any additional consideration therefor; 

(iii)    third, only to the extent of Distributable Excess Cash Flow, to the holder(s) of outstanding
Junior Preferred Units (and to the extent there is more than one holder, ratably among such holders) in proportion to the aggregate Junior Preferred Unpaid Yield with respect to all Junior Preferred Units held by each such holder immediately prior
to such distribution), until the aggregate Junior Preferred Unpaid Yield has been reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash
consideration); 
 (iv)    fourth, only to the extent of Distributable Excess Cash Flow, to the holder(s)
of outstanding Junior Preferred Units (and to the extent there is more than one holder, ratably among such holders in proportion to the aggregate Junior Preferred Unreturned Contribution with respect to all Junior Preferred Units held by each such
holder immediately prior to such distribution), until the aggregate Junior Preferred Unreturned Contribution has been reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration), at which time all Junior Preferred Units shall automatically be cancelled and shall cease to be outstanding without any additional consideration therefor; 

(v)    fifth, only to the extent of Distributable Excess Cash Flow, to the holder(s) of the outstanding
Common Catch-Up Units (and to the extent there is more than one holder, ratably among such holders in proportion to the aggregate Common Catch-Up Unreturned Contribution
with respect to all such Common Catch-Up Units held by each such holder immediately prior to such distribution), until the aggregate Common Catch-Up Unreturned
Contribution has been reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration), at which time all Common
Catch-Up Units shall automatically be cancelled and shall cease to be outstanding without any additional consideration therefor; 

(vi)    sixth, only to the extent of Distributable Excess Cash Flow, an aggregate amount equal to the
AT&T TD Shortfall Distribution True-Up Amount, which shall be distributed (A) 37.5% to the holder(s) of outstanding Investor TD Catch-Up Units (and to the extent
there is more than one holder, ratably among such holders in proportion to the number of Investor TD Catch-Up Units held by each such holder immediately prior to such distribution) and (B) 62.5% to the
holder(s) of the outstanding AT&T TD Catch-Up Units (and to the extent there is more than one holder, ratably among such holders in proportion to the number of AT&T TD
Catch-Up Units held by each such holder immediately prior to such distribution); 

  
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 (vii)    seventh, only to the extent of Distributable
Excess Cash Flow, an aggregate amount equal to the Investor TD Shortfall Distribution True-Up Amount, which shall be distributed (A) 50% to the holder(s) of outstanding Investor TD Catch-Up Units (and to the extent there is more than one holder, ratably among such holders in proportion to the number of Investor TD Catch-Up Units held by each such holder
immediately prior to such distribution) and (B) 50% to the holder(s) of the outstanding AT&T TD Catch-Up Units (and to the extent there is more than one holder, ratably among such holders in proportion to
the number of AT&T TD Catch-Up Units held by each such holder immediately prior to such distribution); and 

(viii)    thereafter, only to the extent of Distributable Excess Cash Flow, pro rata to the holders
of Common Units. 
 Exhibit D hereto sets forth an illustrative example of the operation of the foregoing distributions and expected
treatment of Pre-Debt Prepayments Excess Cash Flow and Distributable Excess Cash Flow. 

(c)    Additional Cash Amount. Once the Additional Cash Amount has been determined in accordance with the
Contribution Agreement, (i) promptly thereafter, the Company shall distribute to the Members cash equal to one-third of the Additional Cash Amount, if any, in accordance with the order of distributions
set forth in Section 7.1(b) (which distributions shall not be limited to the extent of Pre-Debt Prepayments Excess Cash Flow or Distributable Excess Cash Flow, as applicable, and
shall not be taken into account in determining whether the Distributable Excess Cash Flow has been distributed in respect of any fiscal quarter) and (ii) promptly thereafter, the Company shall distribute to the Members cash equal to two-thirds of the Additional Cash Amount, if any, in accordance with the order of distributions set forth in Section 7.1(b) (which distributions shall be limited to the extent of Pre-Debt Prepayments Excess Cash Flow or Distributable Excess Cash Flow, as applicable, and shall be taken into account in determining whether the Distributable Excess Cash Flow has been distributed in respect of
such fiscal quarter). 
 (d)    Distribution of Proceeds of a Qualified IPO or Company Sale. Subject to the
repayment of the Third Party Financing or any other indebtedness of the Company in accordance with the terms thereof and the payment of ordinary course obligations of the Company, any net proceeds received by the Company in the event of a Qualified
IPO or Company Sale shall be distributed in accordance with (i) first, Section 7.1(a)(i)-(v), so as to provide for a final distribution pursuant to Section 7.1(a)(i)-(v) with respect to the
stub period from the most recent Estimated Tax Distribution Period through the date of such Qualified IPO or Company Sale and (ii) second, Section 7.1(b); provided, that such distributions shall not be limited
to the extent of Pre-Debt Prepayments Excess Cash Flow or Distributable Excess Cash Flow, as applicable, and shall not be taken into account in determining whether the Distributable Excess Cash Flow has been
distributed in respect of any fiscal quarter. 
 (e)    The Company is authorized to withhold from payments and
distributions, any withholding or other taxes required to be withheld under applicable federal, state, local or non-U.S. Law, and to pay over such amounts to the applicable Governmental Entity. Such amounts
shall be allocated to those Members with respect to which such amounts were withheld or paid, as determined by the Board in its discretion. All amounts so allocated to a Member (or withheld or paid by an entity

  
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in which the Company has directly or indirectly invested and that are allocable, in the sole discretion of the Board, to such Member) shall be treated as if such amounts were distributed to such
Member under this Agreement. Each Member further agrees, at the election of the Board, and to the extent such amounts have not been offset against amounts otherwise distributable to such Member under this Agreement, to indemnify the Company in full
for any amounts paid pursuant to this Section 7.1(e) (including any interest, penalties and expenses associated with such payments) and each Member shall promptly upon notification of an obligation to indemnify the Company
pursuant to this Section 7.1(e) make a cash payment to the Company equal to the full amount to be indemnified. Provided the Company determined the amount of any required withholding reasonably and in good faith, the Company
shall not be liable for any over-withholding in respect of any Member’s Units, and, in the event of any such over-withholding, a Member’s sole recourse shall be to apply for a refund from the appropriate Governmental Entity. The Company
shall cooperate with a Member in the preparation and filing of such refund claims. This Section 7.1(e) shall survive the dissolution, winding-up and termination of the Company and
each Member’s obligation to indemnify the Company pursuant to this Section 7.1(e) and to otherwise comply with the provisions of this Section 7.1(e) shall survive the Member’s ceasing to
be a Member of the Company. Any income taxes, penalties and interest payable by the Company (including any entity-level tax incurred by the Company and creditable against an individual’s personal tax liability, including, but not limited to,
state taxes described in Internal Revenue Service Notice 2020-75) shall be treated as specifically attributable to the Members and shall be allocated among the Members such that the burden of (or any
diminution in distributable proceeds resulting from) any such taxes, penalties or interest is borne by those Members to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), in each
case as reasonably determined by the Board, which shall take into account for this purpose any special tax treatment or status of a Member or its indirect owners. 

(f)    No Member has any right to demand or receive property from the Company other than cash and then only as expressly
provided for herein. 
 (g)    Notwithstanding anything to the contrary set forth herein: (i) if the first
Estimated Tax Distribution Date following the date hereof is within 20 Business Days following the date hereof, then no distribution pursuant to Section 7.1(a)(i)-(v) shall be made on the first Estimated Tax Distribution
Date following the date hereof that corresponds to the Estimated Tax Distribution Period that includes the date of this Agreement, and the corresponding distribution shall instead be made as part of the distribution pursuant to
Section 7.1(a)(i)-(v) with respect to the second Estimated Tax Distribution Date following the date hereof (such that the distribution pursuant to Section 7.1(a)(i)-(v) with respect to the second
Estimated Tax Distribution Date following the date hereof shall be a distribution with respect to the Estimated Tax Distribution Period beginning on the date of this Agreement through the close of the second Estimated Tax Distribution Period
following the date hereof); (ii) thereafter, at least one distribution in accordance with Section 7.1(a)(i)-(v) shall be made on a quarterly basis with respect to each Estimated Tax Distribution Period of each Tax Year, no
later than five Business Days prior to the Estimated Tax Distribution Date that corresponds to such Estimated Tax Distribution Period (or such other period determined by the Board); (iii) no distribution shall be made in violation of the Act or
other applicable Law; and (iv) any distributions contemplated to be made under the Contribution Agreement shall be made in accordance with the terms of the Contribution Agreement. 

  
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 (h)    The Members hereby consent and agree that, except as expressly
provided herein or required by applicable Law, no Member shall have an obligation to return cash or other property paid or distributed to such Member under Section 18-502(b) of the Act or otherwise. 

ARTICLE 8 
 TRANSFER
RESTRICTIONS 
 Section 8.1.    Restrictions on Transfers. 

(a)    Prior to consummation of a Qualified IPO or Company Sale, no Member shall Transfer, or permit or suffer to be
Transferred, all or any part of its Equity Securities in the Company, except for one or more of the following Transfers: 

(i)    Transfers approved by the Board if the Board contains an equal number of AT&T Managers and
Investor Managers or approved by each of the Initial Members if the Board contains an unequal number of AT&T Managers and Investor Managers; 

(ii)    Transfers made in accordance with Section 8.2 and, if applicable to such
Transfer, Section 8.3, Section 8.4 or Section 8.5; or 

(iii)    Transfers made by a Member to its Permitted Transferees; provided, that nothing set forth
herein shall prohibit any Transfers (on a secondary basis) by any limited partners of any Investor Fund or any Investor Affiliated Fund not formed solely for the purpose of holding, directly or indirectly, Investor Member’s Equity Interests in
the Company; provided, further, that, subject to Section 8.8(f), within six months following the date hereof, Investor Member shall be entitled to Transfer Equity Securities of Investor Member or an Investor
Affiliated Fund (or an intermediate or ultimate holding company thereof) to Persons who are not Permitted Transferees of Investor Member indirectly representing an aggregate number of Senior Preferred Units not to exceed 50% of the number of Senior
Preferred Units held by Investor Member as of the date hereof and an aggregate number of Common Units not to exceed 50% of the number of Common Units held by Investor Member as of the date hereof. 

(b)    Notwithstanding anything to the contrary set forth herein, no Transfer shall be made except in compliance with all
applicable Law, and all necessary regulatory approvals from any Governmental Entity under a Specified Regulatory Regime or any other material regulatory approvals shall have been obtained in respect of such Transfer. 

(c)    Notwithstanding anything to the contrary set forth herein, no Transfer shall be made that would cause, or would
reasonably be expected to cause (i) the Company to be classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code for U.S. federal income tax purposes (or otherwise cause the Company to be
treated or classified as a corporation for U.S. federal income tax purposes), as determined by the Partnership Representative in its reasonable discretion, or (ii) the Company and its Subsidiaries to be consolidated under Financial Accounting
Standards Board Codification Topic 810, Consolidation (or any comparable successor standard) into the financial statements of AT&T Inc. and its Subsidiaries, as determined by AT&T Member in its reasonable discretion. 

  
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 (d)    Notwithstanding anything to the contrary set forth herein, prior
to the consummation of a Qualified IPO or Company Sale, unless the other Initial Member provides prior written consent (which may be withheld for any reason or no reason at all), no Initial Member shall Transfer any Equity Securities in the Company
or its Subsidiaries to any Company Competitor Transferee; provided, that for the avoidance of doubt, prior to a Qualified IPO or Company Sale an Initial Member may enter into an agreement to Transfer Equity Securities in the Company or its
Subsidiaries to a Company Competitor Transferee if such transaction would constitute a Company Sale for all of the Equity Securities of the Company. 

(e)    Notwithstanding anything to the contrary set forth herein, in connection with any Transfer initiated by Investor
Member (including any Drag-Along Sale pursuant to Section 8.4), neither AT&T Member nor any of its Affiliates will be required to (i) accept any conditions or restrictions that, in the aggregate, are materially
adverse to AT&T Member’s Equity Securities in the Company or any successor entity thereof, (ii) with respect to AT&T Member’s and its Affiliates’ relationship with the Company or any successor entity thereof, accept any
conditions or restrictions that are non-ministerial or that alters the benefits to AT&T Member and any Subsidiaries of AT&T Inc. of such relationship with the Company to an extent that is more than
de minimis individually or in the aggregate (with de minimis measured in the context of an interest of the size of AT&T Member’s Equity Securities in the Company or any successor entity thereof), (iii) otherwise accept any
conditions or restrictions that are adverse to AT&T Member and any Subsidiaries of AT&T Inc., or (iv) accept any order to divest or otherwise dispose of any of AT&T Member’s interests to be received in such Transfer, in the
case of each of the foregoing clauses (i) through (iv), imposed by any Governmental Entity under a Specified Regulatory Regime (and not, for the avoidance of doubt, imposed pursuant to any contractual provisions applicable to such Drag-Along
Sale in accordance with this Agreement) in connection with such Transfer (“AT&T Member Prohibited Conditions”). 

Section 8.2.    Investor Member and AT&T Member Transfers. 

(a)    Investor Member. At any time after the Closing, Investor Member may Transfer its Equity Securities in the
Company (in reasonable consultation with AT&T Member); provided, that at any time prior to the second anniversary of the date of this Agreement, such Transfer shall only be pursuant to a Company Sale or Qualified IPO (in compliance with
Section 9.1); provided, further, that, if Investor Member executes a definitive agreement for a Company Sale at any time between the date of this Agreement and prior to the date that is 18 months following the date
of this Agreement and AT&T Member reasonably expects based on the Fair Market Value of the proceeds or distributions determined as of the signing of definitive documentation with respect to such Company Sale (taking into account reasonable good
faith projections of (i) the anticipated timing for consummation of such transaction and (ii) distributions made in accordance with Section 7.1(d)) that the terms of such transaction will not satisfy the AT&T
Member Return Criteria, Investor Member shall not undertake or consummate such transaction without AT&T Member’s prior written consent. 

(b)    AT&T Member. At any time after the third anniversary of the date of this Agreement, AT&T Member may
Transfer its Equity Securities in the Company (in reasonable consultation with Investor Member); provided, that in connection with any Company Sale or 

  
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Qualified IPO initiated by AT&T Member, in respect of all Senior Preferred Units held by Investor Member, the aggregate Senior Preferred Unpaid Yield and Senior Preferred Unreturned
Contribution will be reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration) at the time such Company Sale or Qualified IPO is
consummated (taking into account such transaction). For the avoidance of doubt, AT&T Member may take actions in connection with a Company Sale or Qualified IPO and engage in discussions relating to the Transfer of its Equity Securities in the
Company prior to the third anniversary of the date of this Agreement as long as AT&T Member does not enter into a definitive agreement to effect a Transfer (other than Transfers pursuant to Section 8.1(a)(i) or
Section 8.1(a)(iii)), deliver a Drag-Along Sale Notice or take any Affirmative Step prior to such date. 

Section 8.3.    Right of First Offer. 

(a)    If any Member desires to (i) Transfer (or initiate a sale or auction process to Transfer) any Equity Securities
in the Company to any third party and such Transfer is not a Company Sale or (ii) effect a Company Sale in which the holders of Common Units would not receive any proceeds in respect of Common Units pursuant to clause (ii) of
Section 7.1(d) based on the Fair Market Value of the proceeds determined as of the signing of definitive documentation with respect to such Company Sale (each such Transfer or Company Sale, a “ROFO Sale”
and such Member, the “Offeror”), then the Offeror shall give notice (a “Transfer Notice”) to the Initial Members (other than the Offeror, if applicable) that the Offeror desires to make a ROFO Sale and that sets
forth the number and class(es) of Equity Securities in the Company proposed to be Transferred (the “Offered Securities”). 

(b)    Each non-Offeror Initial Member shall have a period of up to 30 days
following receipt of the Transfer Notice (the “Initial Offer Period”) in which to make an offer to purchase all but not less than all of its Membership Percentage of the Offered Securities (or, in the event the Offeror is an Initial
Member, all of the Offered Securities) by giving notice to such Offeror (with a copy thereof to the Company) prior to the expiration of the Initial Offer Period, which notice shall specify (i) the price per Offered Security such Initial Member
proposes to pay for such Offered Securities (the “Offer Price”) and (ii) any other material terms and conditions for the sale (the “Initial Offer Notice”). The giving of an Initial Offer Notice to the Offeror
shall constitute an offer (the “Initial Offer”) by such Initial Member to purchase the Offered Securities for cash at the Offer Price and on the terms set forth in the Initial Offer Notice. If any
non-Offeror Member fails to deliver an Initial Offer Notice to the Offeror or the Company prior to the expiration of the Initial Offer Period, such non-Offeror Member
shall be deemed to have declined to make an Initial Offer. If any Initial Member declines to make an Initial Offer and the other Initial Member delivers an Initial Offer Notice, such other Initial Member shall be entitled (but not obligated) to
purchase, subject to Section 8.3(c), all but not less than all of the remaining portion of the Offered Securities at the Offer Price set forth in such Initial Member’s Initial Offer Notice. If any such Initial Member
desires to purchase such remaining portion, it shall deliver a written notice to the Offeror of its election to purchase such remaining portion, at the Offer Price set forth in such Initial Member’s Initial Offer Notice, within five Business
Days following receipt of notice from the Offeror or the Company that the other Initial Member has not exercised the foregoing rights. 

(c)    Upon expiration of the Initial Offer Period, the Offeror shall have a period of up to ten Business Days to reject
or accept such Initial Offer from the non-Offeror Member(s) that have 

  
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elected to purchase the Offered Securities pursuant to Section 8.3(b) (any such Member, a “ROFO Member”), and the Offeror and the ROFO Members shall
negotiate in good faith and execute definitive documents to be entered into by such Members pursuant to which the ROFO Member(s) shall purchase and pay, by wire transfer of immediately available funds to an account designated by Offeror, for the
Offered Securities at the closing of the Transfer which shall be held within 90 days after acceptance by the ROFO Member(s) of the Initial Offer; provided, that if any Governmental Approvals are required in connection with the Transfer of
such Offered Securities, such 90-day period shall be extended until the expiration of five Business Days following the date on which all Governmental Approvals are obtained and any applicable waiting periods
under applicable Law have expired or been terminated, but in no event will such period be extended for more than an additional 90 days. If there are multiple Initial Offers from non-Offeror Members with
respect to an Initial Offer Notice, in no event shall the Offeror accept an Initial Offer from a non-Offeror Member unless such Initial Offer has substantially the same or more favorable (as to the Offeror
with respect to its investment in the Company) terms and conditions (taking into account price, conditionality, deal certainty and other material terms), taken as a whole, as set forth in the Initial Offer from each other non-Offeror Member that has been rejected by the Offeror. 
 (d)    If any non-Offeror Member elects to purchase the Offered Securities, the Offeror shall not be required to make representations or warranties in connection with such sale of Offered Securities, be subject to any
indemnification obligations or make any covenants other than as specified in the Initial Offer Notice. 
 (e)    Upon
the earlier to occur of (i) rejection of the Initial Offer by the Offeror and (ii) the failure to obtain any required Governmental Approvals for the purchase of the Offered Securities within 180 days after acceptance of the Initial Offer,
then, subject to compliance by Offeror with Section 8.3 or Section 8.4, as applicable, the Offeror shall have a 90-day period (or 180 days in the case of an
Initial Offer Notice that specifies that such ROFO Sale would be a Company Sale) (the “Marketing Period”) to effect a Transfer of all of the Offered Securities on substantially the same or more favorable (as to the Offeror with
respect to its investment in the Company) terms and conditions (taking into account price, conditionality, deal certainty and other material terms), taken as a whole, as set forth in the Initial Offer Notice to a third-party purchaser;
provided, that if any Governmental Approvals are required in connection with the Transfer of such Offered Securities, the Marketing Period shall be extended until the expiration of five Business Days following the date on which all
Governmental Approvals are obtained and any applicable waiting periods under applicable Law have expired or been terminated, but in no event will such period be extended by more than an additional 90 days (or an additional 360 days in the case of an
Initial Offer Notice that specifies that such ROFO Sale would be a Company Sale). If the terms and conditions (taking into account price, conditionality, deal certainty and other material terms) of a proposed Transfer, taken as a whole, are less
favorable (as to the Offeror) than those provided in the Initial Offer Notice, the Offeror shall deliver to the ROFO Member(s) a notice setting forth the identity of the third-party purchaser, the price per Offered Security and any other material
terms and conditions for the sale (the “Second Offer Notice”). The giving of such Second Offer Notice shall constitute an offer (the “Second Offer”) to the ROFO Members to purchase such Offered Securities on the
terms and conditions set forth in the Second Offer Notice. The ROFO Member(s) shall have a period of up to 20 Business Days following receipt of the Second Offer Notice (the “Second Offer Period”) to (i) reject the Second
Offer, (ii) accept the Second Offer or (iii) deliver to the Offeror a proposal for an alternative offer (the “Alternative Offer”) to purchase such Offered Securities from the Offeror. If the ROFO

  
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Members do not accept the Second Offer during the Second Offer Period, or if the ROFO Members deliver an Alternative Offer and Offeror determines in its reasonable discretion that such
Alternative Offer (taking into account price, conditionality, deal certainty and other material terms) is less favorable (as to the Offeror) then the offer from the third-party purchaser identified in the Second Offer Notice, then the Offeror shall
have a 90-day period (or 180 days in the case of a Second Offer Notice that specifies that such ROFO Sale would be a Company Sale) (the “Second Marketing Period”) to effect a Transfer on the
terms set forth in the Second Offer Notice to the third-party purchaser identified in the Second Offer Notice; provided, that if any Governmental Approvals are required in connection with the Transfer of such Offered Securities, the Second
Marketing Period shall be extended until the expiration of five Business Days following the date on which all Governmental Approvals are obtained and any applicable waiting periods under applicable Law have expired or been terminated, but in no
event will such period be extended by more than an additional 90 days (or an additional 360 days in the case of an Second Offer Notice that specifies that such ROFO Sale would be a Company Sale). 

(f)    If any Initial Member seeks to pursue a Company Sale and a Transfer Notice had not previously been delivered to the
other Initial Member because the holders of Common Units were contemplated to receive proceeds in respect of Common Units pursuant to clause (ii) of Section 7.1(d), (i) if such Initial Member becomes aware on or prior
to the signing of definitive documentation with respect to such Company Sale that the holders of Common Units would not, based on the Fair Market Value of the proceeds determined as of the signing of definitive documentation with respect to such
Company Sale (taking into account the terms of the definitive agreements), receive any proceeds in respect of Common Units pursuant to clause (ii) of Section 7.1(d) in connection with such Company Sale, such Initial
Member, as Offeror, shall promptly provide a Transfer Notice to the other Initial Member and such non-Offeror Initial Member shall have the right to deliver an Initial Offer Notice in accordance with this
Section 8.3 and (ii) in no event shall such Initial Member be permitted to sign definitive documentation with respect to a Company Sale in which the holders of Common Units would not, based on the Fair Market Value of
the proceeds determined as of the signing of definitive documentation with respect to such Company Sale (taking into account the terms of the definitive agreements), receive any proceeds in respect of Common Units pursuant to clause (ii) of
Section 7.1(d) without first complying with clause (i) of this Section 8.3(f). 

(g)    This Section 8.3 shall terminate in its entirety upon consummation of a Qualified IPO or
Company Sale and the rights of an Initial Member under this Section 8.3 shall terminate upon an Initial Member Sell-Down with respect to such Initial Member. 

Section 8.4.    Drag-Along Right. 

(a)    Subject to Section 8.2, if an Initial Member (such Initial Member, the “Drag-Along
Transferor”) seeks to pursue (i) a Company Sale or (ii) a Qualified IPO or (iii) a transaction or series of related transactions resulting in a Company Sale or Qualified IPO (each of clauses (i) through (iii), a
“Drag-Along Sale”) to a bona fide third party, as applicable (the “Drag-Along Transferee”), such Drag-Along Transferor shall have the right to cause each other Member (each, a “Dragged Member”) to
Transfer the same percentage of each class of Equity Securities held by such Member as the percentage of Equity Securities that the Drag-Along Transferor and its Permitted Transferees propose to directly or indirectly Transfer (including, without
duplication, any Equity Securities 

  
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directly or indirectly held by any Investor Blocker or AT&T Member, as applicable, that are being Transferred pursuant to Section 8.6 and
Section 8.7) (the “Drag Along Sale Percentage”) to such Drag-Along Transferee. The consideration received in such Drag-Along Sale shall be treated as if such consideration had been received by the Company
and distributed to the Members in accordance with Section 7.1(d), Section 8.4(b), Section 8.4(f) and Section 8.4(g). Subject to
Section 8.4(m), the Drag-Along Transferor shall control in all respects the Drag-Along Sale process (to the extent in accordance with the terms hereof), and shall be entitled to unilaterally direct the actions of the
Company to the extent reasonably necessary to effect such Drag-Along Sale; provided, that, in the event an Initial Member is a Dragged Member, the Drag-Along Transferor and such Dragged Member shall jointly determine timing and strategy and
be jointly responsible for the final content of any substantive oral or written joint communications with any applicable Governmental Entity, including under any Antitrust Laws and the Communications Act, the Drag-Along Transferor and such Dragged
Member shall have the right to review in advance (subject to, as necessary, redactions of commercially sensitive terms or the privileged information of such party or the exchange of information on an “outside counsel only” basis) and, to
the extent practicable, the Drag-Along Transferor and such Dragged Member shall consult with each other and consider in good faith the views of each other in connection with, all the information relating to the Drag-Along Transferor and such Dragged
Member, as the case may be, and any of their respective Affiliates, that appears in any filing made with, or written materials submitted to, any Governmental Entity in connection with the Drag-Along Sale; provided, however, that in the
event of any disagreement between the Drag-Along Transferor and such Dragged Member with respect to the matters described in the foregoing, the Drag-Along Transferor and such Dragged Member shall cooperate and consult with one another and seek to
resolve such disagreement reasonably and in good faith; provided, further, that if the Drag-Along Transferor and such Dragged Member cannot resolve any such disagreement, the determination of the Drag-Along Transferor shall prevail.
The Drag-Along Transferor may pursue one or more alternative Drag-Along Sales in parallel, including pursuant to a customary “dual-track” process, and the provisions of this Section 8.4 shall apply to each such
Drag-Along Sale being pursued. Except as otherwise set forth herein, in connection with a Drag-Along Sale, the Dragged Members shall be deemed to have provided any applicable consent under this Agreement (and, if requested, will confirm such consent
in writing) to the extent reasonably necessary to effect such Drag-Along Sale in accordance with the terms hereof, and shall, and shall cause their Affiliates to, take such steps as may be reasonably requested by the Drag-Along Transferor to the
extent reasonably necessary to effect such Drag-Along Sale in accordance with the terms hereof, including (1) permitting the Drag-Along Transferor to engage one or more financial advisors to advise the Company with respect to such Drag-Along
Sale to be selected by the Drag-Along Transferor (in reasonable consultation with the Drag-Along Transferee), (2) voting such Dragged Member’s Equity Securities of the Company in favor of such Drag-Along Sale and causing any Manager appointed
by such Member to approve the terms of any such Drag-Along Sale (to the extent such terms are in accordance with this Agreement) and such matters ancillary thereto as may be necessary in the reasonable judgment of the Drag-Along Transferor to effect
such Drag-Along Sale in accordance with the terms hereof, and otherwise consenting to such Drag-Along Sale to the extent in accordance with the terms hereof, and waiving any dissenters’ rights, appraisal rights or similar rights that such
Dragged Member may have in connection therewith, (3) if required based on the structure of such Drag-Along Sale, being a party to the definitive agreement(s) governing the terms and conditions of such Drag-Along Sale on the same terms and
conditions as the Drag-Along Transferor (except as otherwise expressly contemplated hereby, including with respect to the form and amount of 

  
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 consideration to be received in such Drag-Along Sale) and executing, acknowledging and delivering any
reasonably required consents, assignments, waivers and other reasonably required documents or instruments to the extent in accordance with the terms hereof, in each case of such Member and (4) otherwise reasonably cooperating with the
Drag-Along Transferor and the proposed purchaser(s) with respect to such Drag-Along Sale to the extent in accordance with the terms hereof. Notwithstanding the foregoing, the Drag-Along Transferor shall reasonably consult with the Dragged Member
that is an Initial Member regarding the Drag-Along Sale and the related matters contemplated by the foregoing. Notwithstanding anything the contrary set forth herein, (i) the authority granted to the Drag-Along Transferor or the Drag-Along
Manager pursuant to this Section 8.4 shall only be to the extent necessary to effectuate a Drag-Along Sale in accordance with the terms of this Section 8.4 and shall not deemed to permit or
authorize the Drag-Along Transferor or the Drag-Along Manager to otherwise alter or control the ordinary course operations of the Company or its Subsidiaries (including the management thereof) as set forth in this Agreement and (ii) no prior
written approval of the Board or of either Initial Member pursuant to Section 4.5 shall be required to effect a Drag-Along Sale or Qualified IPO in accordance with the terms hereof. 

(b)    Notwithstanding anything to the contrary set forth herein, in the event of any Drag-Along Sale for which the
proceeds to be distributed pursuant to clause (ii) of Section 7.1(d) are less than the sum of the Senior Preferred Unpaid Yield, the Senior Preferred Unreturned Contribution, the Junior Preferred Unpaid Yield, the
Junior Preferred Unreturned Contribution and the Common Catch-Up Unreturned Contribution, no proceeds of such Company Sale to be distributed pursuant to clause (ii) of
Section 7.1(d) shall be allocated or distributed with respect to the Common Units and instead any such amount shall be allocated and distributed in respect of the Senior Preferred Unpaid Yield, the Senior Preferred
Unreturned Contribution, the Junior Preferred Unpaid Yield, the Junior Preferred Unreturned Contribution and the Common Catch-Up Unreturned Contribution in accordance with clause (ii) of
Section 7.1(d) and subject to Section 8.4(f) and Section 8.4(g) (to the extent such proceeds would, if not for this provision, have otherwise been so allocated and
distributed to the Common Units). The Company and the Members shall cooperate and take all necessary action to effectuate the foregoing, including adjusting (as between the Members) the consideration to be received in the applicable Company Sale.

 (c)    The Drag-Along Transferor shall provide written notice of such Drag-Along Sale to the Dragged Members (a
“Drag-Along Sale Notice”) as promptly as reasonably practicable following its decision to pursue a Drag-Along Sale. The Drag-Along Sale Notice shall identify the Drag-Along Transferee (in the case of a Company Sale), the
consideration proposed to be paid in connection with the Drag-Along Sale (the “Drag-Along Sale Price”) and all other material terms and conditions of the Drag-Along Sale. Any Drag-Along Sale may be effected as a merger of the
Company with another Person, sale of assets, Permitted Recapitalization, a sale of Units or other transaction approved by the Drag-Along Transferor and, in the case of a merger, such merger may be approved as provided below and no Member shall need
to approve the merger pursuant to Section 18-209 of the Act. Notwithstanding the provisions of Article 4 (including Section 4.5), a Manager appointed by the Drag-Along
Transferor (the “Drag-Along Manager”) shall have a number of votes sufficient such that a vote by such member of the Board would constitute a majority of votes at any meeting of the Board at which all Managers were in attendance on
all matters required to effect any Drag-Along Sale pursuant to and in accordance with this Section 8.4, including the approval of the definitive transaction documents and authorization of the Company to enter into such
documents (with the scope of authority of the Drag-Along Manager to be determined by the Drag-Along 

  
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Transferor in good faith). If a Dragged Member fails to or does not deliver wire instructions prior to the consummation of a transaction effected pursuant to (and in compliance with) this
Section 8.4, the Company or, at the direction of the Company, the Drag-Along Transferee, may deposit the proceeds to such Dragged Member with respect to its Equity Securities in the Company in such Drag-Along Sale with any
national bank or trust company having combined capital, surplus and undivided profits in excess of $500 million (the “Escrow Agent”) pursuant to an escrow agreement, for the benefit of such holder and, thereafter, such holder
may deliver wire instructions and other appropriate documentation evidencing the previous ownership of the Equity Securities in the Company to the Escrow Agent for payment of the applicable proceeds. The Drag-Along Transferor will promptly notify
the Dragged Member in writing in connection with any change in the material terms and conditions of the Drag-Along Sale.    If at the end of the 360th day following the date of
the delivery of the Drag-Along Sale Notice, the Drag-Along Transferor has not completed the proposed Drag-Along Sale, the Drag-Along Sale Notice shall be null and void, each Dragged Member shall be released from its obligation under the Drag-Along
Sale Notice and it shall be necessary for a separate Drag-Along Sale Notice to be furnished and the terms and provisions of this Section 8.4 separately complied with, in order to consummate such proposed Transfer pursuant
to this Section 8.4. 
 (d)    Notwithstanding anything to the contrary set forth herein but
subject to Section 8.4(b), Section 8.4(f) and Section 8.4(g) (including with respect to the distribution of proceeds in accordance with
Section 7.1(d)), in connection with a Drag-Along Sale: (i) upon the consummation of such Drag-Along Sale, the Dragged Members shall receive the same form of consideration for Common Units as each other Member;
(ii) if there is more than one form of consideration, each form of consideration shall be apportioned and distributed as between the Dragged Members with respect to Common Units in accordance with each Dragged Member’s pro rata share of
the proceeds payable in such Drag-Along Sale with respect to Common Units; (iii) if any Member is given an option as to the form and amount of consideration to be received with respect to Common Units, each Member shall be given the same
option; (iv) no Member shall be required to make or provide representations and warranties other than customary representations and warranties with respect to itself regarding the ownership of the applicable Equity Securities, and non-contravention, enforceability and authorization; (v) no Dragged Member shall be liable for the breach of any representation, warranty or covenant or fraud of any other Member or the Company; (vi) no
Dragged Member shall be required to agree to any noncompetition, exclusivity, or similar restrictive covenants (but shall be required to agree to any no hire, non-solicitation, or confidentiality restrictions
that, in each case, are reasonable and related to the Company or its personnel, as the case may be, and to the extent agreed to by the Drag-Along Transferor); (vii) each Dragged Member shall benefit from and be subject to all of the same terms and
conditions set forth in the definitive agreements as are applicable to each Dragged Member and the Drag-Along Transferor; and (viii) no Dragged Member shall be required to make any representation or warranty or agree to any covenant that is
more extensive or burdensome than those made by the Drag-Along Transferor or enter into any agreements not also executed by the Drag-Along Transferor. Notwithstanding anything in this Section 8.4 to the contrary, any
liability of the Dragged Members relating to representations, warranties and covenants (and related indemnities) and other indemnification and escrow or holdback obligations regarding the business of the Company or its Subsidiaries assumed in
connection with the Drag-Along Sale shall be apportioned between the Drag-Along Transferor and the Dragged Members (x) if Investor Member is the Drag-Along Transferor, pro rata based on the aggregate of the proceeds received in the Drag-Along
Sale by such Member and any prior cash distributions to such Member pursuant to Section 7.1(b) or (y) if AT&T Member is the Drag-Along Transferor, pro rata based on the proceeds

  
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received in the Drag-Along Sale by such Member; provided, that with respect to any Member (A) the liability resulting from any such indemnity or similar obligation shall be several,
and not joint and (B) subject to the foregoing with respect to Investor Member, no Member shall be obligated in connection with such Drag-Along Sale to agree to indemnify or hold harmless the Drag-Along Transferee with respect to an amount in
excess of the amount of proceeds to be received by such Member in the Drag-Along Sale. 
 (e)    Notwithstanding
anything to the contrary set forth herein, any Drag-Along Sale that requires any notice, clearance, filing or approval of any Governmental Entity shall be permitted only if the definitive agreements related to such Drag-Along Sale include a
condition precedent that such Drag-Along Sale would not result in an AT&T Member Prohibited Condition (which condition shall not be waived without the prior written consent of AT&T Member). 

(f)    Subject to Section 8.4(b), the proceeds of any Transfer to which this
Section 8.4 applies shall be allocated among the Drag-Along Transferor and the Dragged Members based upon the Equity Securities included in such Transfer by each of the Drag-Along Transferor and the Dragged Members as if
the proceeds of such Transfer were paid to the Drag-Along Transferor and the Dragged Members pursuant to Section 7.1(d); provided, that, in distributing the proceeds pursuant to
Section 7.1(d), the consideration will be applied in the following order (i) first, any cash consideration will be distributed pursuant to Section 7.1(d), (ii) second, subject to
Section 8.4(g), any Equity Securities that are listed on a national securities exchange will be distributed pursuant to Section 7.1(d) and (iii) third, subject to
Section 8.4(g), any other forms of consideration will be distributed pursuant to Section 7.1(d), regardless of whether the total consideration for such Drag-Along Sale exceeds the sum of the Senior
Preferred Unpaid Yield, the Senior Preferred Unreturned Contribution, the Junior Preferred Unpaid Yield, the Junior Preferred Unreturned Contribution and the Common Catch-Up Unreturned Contribution. In the
event of any Drag-Along Sale that is for less than all of the Equity Securities of the Company that would result in an Initial Member receiving only cash consideration, as between AT&T Member and Investor Member, the rights (including
distribution and other economic rights), privileges and voting powers, and limitations and restrictions of the Senior Preferred Units, the Junior Preferred Units, the Common Catch-Up Units, the AT&T TD Catch-Up Units, the Investor TD Catch-Up Units, and the Common Units (as applicable) as were held by AT&T Member and Investor Member, respectively, prior to such
Drag-Along Sale shall be preserved (excluding any such Equity Interests in the Company for which proceeds of cash have been applied in accordance with Section 7.1(d)). Any amount otherwise payable to the Drag-Along
Transferor and the Dragged Members under this Section 8.4(f) shall be subject to reduction for any Tax (as defined in the Contribution Agreement) or other amounts required to be withheld under applicable Law. 

(g)    Notwithstanding Section 8.3(f), in the event of any Drag-Along Sale that is for less than
all of the Equity Securities of the Company that would result in an Initial Member receiving consideration other than cash, (A) such non-cash consideration shall not be distributed pursuant to
Section 7.1(d) (provided that any cash shall be so distributed pursuant to the terms hereof, including Section 8.4(f)) and shall instead be retained by the Post-Closing Sale Entity (as
defined below), (B) AT&T Member and Investor Member shall form a new partnership, limited liability company or similar joint venture entity (or series of entities to the extent reasonably required to structure any such Drag-Along Sale in a tax-efficient manner) as mutually agreed by AT&T Member and Investor Member to hold such consideration (the “Post-Company Sale 

  
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Entity”), and (C) at or prior to the consummation of such Company Sale, AT&T Member and Investor Member shall receive preferred and/or common Equity Interests in the
Post-Company Sale Entity which securities preserve, as between AT&T Member and Investor Member, the rights (including distribution and other economic rights), privileges and voting powers, and limitations and restrictions of the Senior Preferred
Units, the Junior Preferred Units, the Common Catch-Up Units, the AT&T TD Catch-Up Units, the Investor TD Catch-Up Units, and
the Common Units (as applicable) as were Transferred to the Drag-Along Transferee by AT&T Member and Investor Member, respectively, in such Drag-Along Sale (excluding any such Transferred Equity Interests in the Company for which proceeds of
cash have been applied in accordance with Section 8.4(f)). For the avoidance of doubt, in any Drag-Along Sale that is structured as a merger the proceeds of such merger shall be distributed in accordance with
Section 8.4(f). With respect to the Post-Company Sale Entity, (i) the monetization or liquidation of the non-cash consideration held by the Post-Company Sale Entity shall be at
the discretion (in reasonable consultation with the other Initial Member) of the Initial Member that would hold the most senior Equity Securities of the Company at the consummation of the Company Sale for which the Senior Preferred Unreturned
Contribution, Junior Preferred Unreturned Contribution or Common Catch-up Unreturned Contribution, as applicable, exceeds zero or (ii) in the event that such most senior Equity Security in the Company
held by each of the Initial Members is the same, the monetization or liquidation of the non-cash consideration held by the Post-Company Sale Entity shall require the mutual approval of both Initial Members.
The Company and the Initial Members shall cooperate in good faith and shall use commercially reasonable efforts to effect the actions contemplated by this Section 8.4(g). 

(h)    Within one Business Day following the consummation of a Drag-Along Sale, the Drag-Along Transferor shall give
notice thereof to each Dragged Member and shall furnish such other evidence of the completion and time of completion of such Transfer and the terms thereof as may be reasonably requested by such Dragged Member. In addition, within one Business Day
following the consummation of a Drag-Along Sale, the Drag-Along Transferee shall remit to each Dragged Member (or shall remit to any paying agent engaged in connection with such Drag-Along Sale, as applicable) the total consideration (any cash
portion of which is to be paid by wire transfer in accordance with each Dragged Member’s wire transfer instructions) for the Equity Securities of the Company of such Dragged Member Transferred pursuant hereto. All consideration in any
Drag-Along Sale shall be paid at the closing of such Drag-Along Sale (subject to any customary net working capital or similar post-closing adjustment, any earn-outs or contingent consideration, any escrows or holdbacks, and subject to any customary
paying agent mechanism). 
 (i)    All reasonable and documented third-party costs and expenses incurred by the
Drag-Along Transferor or the Company in connection with any proposed Transfer pursuant to this Section 8.4 (whether or not consummated), including reasonable and documented third-party attorneys’ fees and expenses,
accounting fees and charges and finders, brokerage or investment banking fees, charges or commissions, shall be paid by the Company. Any costs and expenses incurred by or on behalf of any or all of the Dragged Members in connection with any proposed
Transfer pursuant to this Section 8.4 (whether or not consummated) shall be borne by the respective Dragged Members incurring such expenses. 

(j)    There shall be no liability on the part of the Drag-Along Transferor to any Dragged Member if the Transfer of
Equity Securities of the Company pursuant to this Section 8.4 is not consummated solely by virtue of such Drag-Along Sale not being consummated, regardless of whether the Drag-Along Transferor has delivered a Drag-Along
Sale Notice. 

  
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 (k)    This Section 8.4 shall terminate in its
entirety upon consummation of a Qualified IPO or Company Sale (provided that, if such Company Sale is a Drag-Along Sale, Section 8.4(b), Section 8.4(f) and
Section 8.4(g) shall survive as between the Initial Members until the distribution of proceeds from such Drag-Along Sale to the applicable Members or the matters contemplated therein are completed). The rights of an Initial
Member to effect a Drag-Along Sale under this Section 8.4 shall terminate upon (A) prior to the third anniversary of the date hereof, an Initial Member Sell-Down with respect to such Initial Member or (B) on or
after the third anniversary of the date hereof, an Initial Member Drag-Along Sell-Down with respect to such Initial Member. For the avoidance of doubt and notwithstanding anything to the contrary herein, there shall not be more than one completed
Drag-Along Sale permitted hereunder. 
 (l)    The Members agree to cooperate and use their respective commercially
reasonable efforts to structure any Drag-Along Sale in a tax-efficient manner. 

(m)    In any Drag-Along Sale process in which each Initial Member submits a Drag-Along Sale Notice to the other after the
third anniversary of the date of this Agreement and in accordance with this Agreement, within 20 Business Days following the submission of the first such Drag-Along Sale Notice by an Initial Member, the other Initial Member may submit a Drag-Along
Sale Notice, which notice may indicate that such other Initial Member intends to jointly control the Drag-Along Sale process. In the event that a Drag-Along Sale Notice is not submitted by the other Initial Member within 20 Business Days or such
Drag-Along Sale Notice does not indicate that such other Initial Member intends to jointly control the Drag-Along Sale process, then the Initial Member that submitted the first Drag-Along Sale Notice shall control the Drag-Along Sale process. In the
event that (i) the Initial Members are not able to agree on the conduct of any such Drag-Along Sale process or (ii) each of the Initial Members seeks to pursue a different Drag-Along Sale pursuant to the terms of this
Section 8.4, and the Initial Members are not able to mutually agree to pursue one of the proposed Drag-Along Sales, then in each case the Initial Members shall submit such disagreement for resolution in accordance with
Section 13.8. 
 Section 8.5.    Tag-Along
Right. 
 (a)    Subject to Section 8.2 and Section 8.3, if an
Initial Member desires to Transfer (such Initial Member, the “Tag-Along Transferor”), in a transaction that is not (a) otherwise permitted pursuant to
Section 8.1(a)(i) or Section 8.1(a)(iii) or (b) a Drag-Along Sale effected in accordance with Section 8.4, to any third party that is not a Permitted Transferee of
such Initial Member (for purposes of this Section 8.5, such Person or Persons is referred to as the “Proposed Transferee”): 

(i)    all or any portion of its Equity Securities in the Company (other than Common Units), the other
Initial Member shall have the right (the “Tag-Along Right”), but not the obligation, to offer for sale for the same consideration to the Proposed Transferee such number of Equity Securities in
the Company (other than Common Units) for which the sum of the Senior Preferred Unpaid Yield, Senior Preferred Unreturned Contribution, Junior Preferred Unpaid Yield, Junior Preferred Unreturned Contribution and Common
Catch-Up 

  
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Unreturned Contribution (collectively, the “Tag-Along Unreturned Contribution”) is equal to the
Tag-Along Unreturned Contribution of the Equity Securities in the Company proposed to be Transferred by the Tag-Along Transferor; and 

(ii)    all or any portion of its Common Units, the other Initial Member shall have a Tag-Along Right, but not the obligation, to offer for sale for the same consideration to the Proposed Transferee such number of Common Units that is equal to (i) the total number of Common Units proposed to be
Transferred by the Tag-Along Transferor to such Proposed Transferee multiplied by (ii) the quotient of (A) such other Initial Member’s Membership Percentage divided by (B) the
Tag-Along Transferor’s Membership Percentage (each such sale in clauses (i) or (ii), a “Tag-Along Sale”). 

As used herein, “Per Unit Tag-Along Purchase Price” means, with respect to each class of Equity
Security, the amount that would be payable in respect of such Equity Security by the Proposed Transferee. 
 (b)     In
connection with any proposed transaction subject to the Tag-Along Right, the Tag-Along Transferor shall give the other Initial Member a written notice (a “Tag-Along Sale Notice”), which notice shall specify (i) the number and class(es) of Equity Securities in the Company and its Subsidiaries proposed to be Transferred and (ii) the proposed Per Unit Tag-Along Purchase Price for each class of Equity Security in the Company and its Subsidiaries proposed to be sold, terms of payment and other material terms and conditions of the Proposed Transferee’s offer.

 (c)    The Tag-Along Transferor will promptly notify the other Initial Member
in writing in connection with any change in the material terms and conditions of the Tag-Along Sale; provided, that without complying again with the procedures set forth in
Section 8.3, such modified terms shall be no less favorable to the other Initial Member (or more favorable to the Tag-Along Transferor) in the aggregate than the terms set forth in
the Initial Offer Notice. 
 (d)    An Initial Member shall have the right to exercise the Tag-Along Right (such Initial Member, a “Tag-Along Seller”) by providing notice to the Tag-Along Transferor of its
election to exercise such right within 10 Business Days of the date on which such Initial Member receives the Tag-Along Transferor’s notice of the proposed transaction subject to the Tag-Along Right. An Initial Member that does not provide notice to the Tag-Along Transferor of its election to exercise the Tag-Along
Right by the 10th Business Day following the date on which such Initial Member received the notice thereof from the Tag-Along Transferor shall be deemed to
have waived such Initial Member’s Tag-Along Right with respect to such transaction. The Tag-Along Transferor shall use commercially reasonable efforts to
obtain the inclusion of the entire number of Equity Securities in the Company and its Subsidiaries that the other Initial Member has timely elected to have included in such Tag-Along Sale. 

(e)    If the Tag-Along Transferor is unable to obtain such inclusion of all
Equity Securities in the Company (other than Common Units) in a Tag-Along Sale, the number of such Equity Securities in the Company (other than Common Units) to be sold in such
Tag-Along Sale shall be allocated between the Tag-Along Transferor and the other Initial Member who shall have timely elected to participate in such Tag-Along Sale proportionately such that the Tag-Along Unreturned Contribution of the Equity Securities (other than Common Units) in the Company to be

  
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Transferred by the Tag-Along Transferor is equal to the Tag-Along Unreturned Contribution of the Equity Securities
(other than Common Units) in the Company to be Transferred by the other Initial Member. If the Tag-Along Transferor is unable to obtain such inclusion of all Common Units in a
Tag-Along Sale, the number of Common Units to be sold in such Tag-Along Sale shall be allocated on a pro rata basis between the
Tag-Along Transferor and the other Initial Member who shall have timely elected to participate in such Tag-Along Sale based on the pro rata Membership Percentages
of such Initial Members. 
 (f)    Subject to Section 8.5(h), an Initial Member that exercises
the Tag-Along Right shall execute and deliver such instruments of conveyance and transfer and take such other action, including executing any purchase agreement, escrow agreement or related documents, as may
be reasonably required by the Tag-Along Transferor or the Company in order to carry out the terms and provisions of this Section 8.5. At the closing of the proposed transaction, an
Initial Member that has exercised the Tag-Along Right shall deliver, against receipt of the consideration payable in such transaction, all or the applicable portion of the Equity Securities of the Company or
its Subsidiaries (as applicable) which such Initial Member owns, together with executed instruments of transfer reasonably acceptable to the Tag-Along Transferor. If at the end of the 360th day following the date of the delivery of the Tag-Along Sale Notice, the Tag-Along Transferor has not completed the
proposed Tag-Along Sale, the Tag-Along Sale Notice shall be null and void, the other Initial Member shall be released from its obligation with respect thereto and it
shall be necessary for a separate Tag-Along Sale Notice to be furnished and the terms and provisions of this Section 8.5 separately complied with, in order to consummate such proposed
Transfer pursuant to this Section 8.5, unless the failure to complete such proposed Transfer resulted from any failure by such Initial Member to comply with the terms of this Section 8.5. 

(g)    Notwithstanding anything to the contrary set forth herein but subject to Section 8.5(i),
in connection with a Tag-Along Sale: (i) upon the consummation of a Tag-Along Sale, the other selling Initial Member shall receive the same form of consideration
for such Equity Securities as the Tag-Along Transferor; (ii) if there is more than one form of consideration, each form of consideration shall be apportioned and distributed as between the Tag-Along Transferor and the other Initial Member pro rata based on (A) the Tag-Along Unreturned Contribution of the Equity Securities in the Company to be
Transferred by the Tag-Along Transferor and the other Initial Member (in the case of Equity Securities other than Common Units) and (B) the Membership Percentages of the
Tag-Along Transferor and the other Initial Member (in the case of Common Units); (iii) if the Tag-Along Transferor is given an option as to the form and amount of
consideration to be received, the other Initial Member shall be given the same option; (iv) no Initial Member shall be required to make or provide representations and warranties other than customary representations and warranties with respect
to itself regarding the ownership of the applicable Equity Securities, and non-contravention, enforceability and authorization; (v) no Initial Member shall be liable for the breach of any representation,
warranty or covenant or fraud of any other Member or the Company; (vi) the other selling Initial Member shall be required to agree to any restrictive covenants (including, without limitation, any noncompetition, exclusivity, no hire, non-solicitation or similar covenants) that, in each case, are reasonable and related to the Company or its personnel, as the case may be, and to the extent agreed to by the
Tag-Along Transferor; (vii) the other Initial Member shall benefit from and be subject to all of the same terms and conditions set forth in the definitive agreements as are applicable to the Tag-Along Transferor; (viii) no Initial Member shall be required to make any representation or warranty or agree to any covenant that is more extensive or burdensome than those

  
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made by the Tag-Along Transferor or enter into any agreements not also executed by the Tag-Along Transferor; and
(ix) if accepting non-cash consideration would result in an AT&T Member Prohibited Condition, AT&T Member shall be entitled to elect to receive cash consideration in lieu of any non-cash consideration in connection with a Tag-Along Sale based on the Fair Market Value, as of the date of entry into the definitive agreements with respect to such Tag-Along Sale, of any such non-cash consideration otherwise payable to the Member that is not the Tag-Along Transferor upon the
consummation of such Tag-Along Sale, which Fair Market Value shall be determined in accordance with the procedures set forth in Section 8.11. 

(h)    Notwithstanding anything in this Section 8.5 to the contrary, any liability of the
Initial Members relating to representations, warranties and covenants (and related indemnities) and other indemnification and escrow obligations regarding the business of the Company or its Subsidiaries assumed in connection with the Tag-Along Sale (I) shall be apportioned between the Tag-Along Transferor and the other selling Initial Member pro rata based on the proceeds received in the Tag-Along Sale by such Initial Member, (II) shall be several, and not joint, with respect to all Initial Members, (III) shall be on terms no less favorable to the other selling Initial Member than those
applicable to the Tag-Along Transferor, and (IV) in any event shall not exceed the consideration received by such Initial Member. A selling Initial Member pursuant to this
Section 8.5 shall be obligated to join in any escrows, holdbacks or adjustments in respect of the purchase price pro rata based on the proceeds received in the Tag-Along Sale
by such Initial Member; provided, that with respect to any Initial Member (A) the liability resulting from any such indemnity or similar obligation shall be several, and not joint, as it applies to the Initial Member indemnitors, and
(B) no Initial Member shall be obligated in connection with such Tag-Along Sale to agree to indemnify or hold harmless the Proposed Transferee with respect to an amount in excess of the amount of proceeds
to be received by such Initial Member in the Tag-Along Sale. 
 (i)    Any
amount otherwise payable to the Tag-Along Transferor and the Tag-Along Sellers under this Section 8.5 shall be subject to reduction for any Tax
or other amounts required to be withheld under applicable Law. Subject to Section 8.5(a), the proceeds of any Transfer to which this Section 8.5 applies shall be allocated among the Tag-Along Transferor and the Tag-Along Sellers based upon the Equity Securities of the Company included in such Transfer by each of the
Tag-Along Transferor and the Tag-Along Sellers as if the proceeds of such Transfer were paid to the Tag-Along Transferor and the Tag-Along Sellers pursuant to Section 7.1(b). 
 (j)    All
reasonable and documented third-party costs and expenses incurred by the Tag-Along Transferor or the Company in connection with any proposed Transfer pursuant to this Section 8.5
(whether or not consummated), including all reasonable and documented attorneys’ fees and expenses, accounting fees and charges and finders, brokerage or investment banking fees, charges or commissions, shall be paid by the Company. Any costs
and expenses incurred by or on behalf of any or all of the Tag-Along Sellers in connection with any proposed Transfer pursuant to this Section 8.5 (whether or not consummated) shall
be borne by the respective Tag-Along Sellers incurring such expenses. 

(k)    There shall be no liability on the part of the Offeror to the other Initial Member if the Transfer of Equity
Securities of the Company pursuant to this Section 8.5 is not consummated solely by virtue of such Tag-Along Sale not being consummated, regardless of whether the Tag-Along Transferor has delivered a Tag-Along Sale Notice. 

  
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 (l)    This Section 8.5 shall terminate in its
entirety upon consummation of a Qualified IPO or Company Sale. 
 (m)    The Members agree to cooperate and use their
respective commercially reasonable efforts to structure any Tag-Along Sale in a tax-efficient manner. 

Section 8.6.    Investor Blocker. If requested by Investor Member, any Transfer of Equity Securities in the
Company held directly or indirectly by an Investor Blocker pursuant to the terms of this Article 8 (including any merger or consolidation of the Company) shall be effected through a transfer of Equity Securities issued by such Investor
Blocker (which represent an indirect beneficial interest in the Equity Securities in the Company to be transferred) (as applicable, “Blocker Interests”), and the applicable owners of Blocker Interests (the “Blocker
Holders”) shall be entitled to the same amount and type of consideration for the transfer of such Blocker Interests that such Investor Blocker would have received if such Investor Blocker had transferred the Equity Securities in the Company
directly; provided that this provision will not apply with respect to any consideration payable under a “tax receivables agreement” entered into in connection with an Up-C Structure. The
Company and the Members agree to reasonably cooperate with Investor Member and the Blocker Holders to effect a sale of Blocker Interests, including cooperation with respect to distributions of the applicable portions of the Equity Securities held by
Investor Member, directly or indirectly, to effect any Transfer of Equity Securities in accordance with Section 7.1(b). Notwithstanding the foregoing, the amount of the aggregate consideration to which all the Blocker
Holders of an Investor Blocker are entitled with respect to a Transfer shall be reduced by an amount equal to the sum of (i) the unpaid Taxes due and payable by such Investor Blocker and (ii) the liabilities of such Investor Blocker that
are unrelated to the ownership interests in the Company, (the amounts described in clause (i) and (ii), the “Blocker Reduction Amount”), and increased for an amount equal to the cash assets of such Investor Blocker, subject to
Section 10.4(b). In connection with a transfer or other acquisition of the equity interests of the Investor Blocker (including by way of a merger), if such Investor Blocker has been a member of an affiliated group filing a
consolidated federal income tax return with other entities treated as corporations for US federal income tax purposes, then the owners of the equity interests of such Investor Blocker (and/or their appropriate respective creditworthy Affiliates)
will agree to indemnify and hold harmless any acquirer from any Taxes or other losses arising under Treasury Regulations Section 1.1502-6 (or similar or analogous state or local Income Tax Law). 

Section 8.7.    AT&T HoldCo. If requested by AT&T Member, any Transfer of Equity Securities in the
Company held directly or indirectly by AT&T Member pursuant to the terms of this Article 8 (including any merger or consolidation of the Company) shall be effected through a transfer of Equity Securities issued by AT&T Member (which
represent an indirect beneficial interest in the Equity Securities in the Company to be transferred) (as applicable, “HoldCo Interests”), and the applicable owners of HoldCo Interests (the “HoldCo Holders”) shall be
entitled to the same amount and type of consideration for the transfer of such HoldCo Interests that AT&T Member would have received if AT&T Member had transferred the Equity Securities in the Company directly; provided that this
provision will not apply with respect to any consideration payable under a “tax receivables agreement” entered into in connection with an Up-C Structure. The Company and the Members agree to
reasonably cooperate with AT&T Member and the HoldCo Holders to effect a sale of HoldCo Interests, including cooperation with respect to distributions of the applicable portions of the Equity Securities held by AT&T Member, directly

  
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or indirectly, to effect any Transfer of Equity Securities in accordance with Section 7.1(b). Notwithstanding the foregoing, the amount of the aggregate consideration to
which all the HoldCo Holders of AT&T Member are entitled with respect to a Transfer shall be reduced by an amount equal to the sum of (i) the unpaid Taxes due and payable by AT&T Member and (ii) the liabilities of AT&T Member
that are unrelated to the ownership interests in the Company (the amounts described in clause (i) and (ii), the “HoldCo Reduction Amount”), and increased for an amount equal to the cash assets of AT&T Member, subject to
Section 10.4(b). shall be treated as related to the ownership of interests in the Company. In connection with a transfer or acquisition of the equity interests of the AT&T Member (including by way of a merger), the
owner of Equity Securities of AT&T Member and/or an appropriate creditworthy Affiliate will agree to indemnify and hold harmless any acquirer from any Taxes or other losses arising under Treasury Regulations
Section 1.1502-6 or any similar or analogous provision of state, local, or non-U.S. Law). The provisions with respect to AT&T Member in this
Section 8.7 shall apply mutatis mutandis to any sole owner of all of the Equity Securities in AT&T Member (“AT&T NewCo”). 

Section 8.8.    Additional Members. 

(a)    In connection with a Transfer of Equity Securities of the Company, each Person that becomes a record holder of
Equity Securities of the Company in accordance with, and to the extent permitted by, the terms of this Agreement (including any Transfer pursuant to Section 8.1(a)), in each case that is not already a Member, shall, in
addition to complying with the requirements of Section 13.6, execute and deliver this Agreement or a counterpart of this Agreement and agree in writing to be bound by the terms and conditions of this Agreement that were
applicable to the Transferor (including the restrictions on Transfer contained in Section 8.1) and shall thereupon be admitted as an additional Member of the Company (an “Additional Member”);
provided that upon the Transfer of any Equity Securities pursuant to Section 8.1(a), the Company shall amend Exhibit A hereto to reflect such Transfer, any revision to Exhibit A made in accordance with
this Section 8.8 shall be deemed not to be an amendment to this Agreement for the purposes of Section 13.2 and no action of any Member shall be required for the Company to amend or update
Exhibit A hereto, and, if necessary, the other terms and provisions of this Agreement to reflect the Transfer of such Equity Securities; provided, further that any new Member that is not a Permitted Transferee shall also upon the
request of the Board, deliver an opinion of counsel, in form and substance reasonably satisfactory to counsel designated by the Board, that such Transfer and any offerings made in connection therewith are in compliance with applicable federal and
state securities Laws. 
 (b)    A Transferee of Equity Securities of the Company that is admitted as an Additional
Member accepts, ratifies and agrees to be bound by all actions duly taken pursuant to the terms and provisions of this Agreement by the Company on or prior to the date on which such Transferee was admitted as an Additional Member and, without
limiting the generality of the foregoing, specifically ratifies and approves all agreements and other instruments that may have been executed and delivered on behalf of the Company on or prior to such date that are in force and effect on such date.

 (c)    Each Additional Member shall be named as a Member on Exhibit A. Unless and until
admitted as an Additional Member, a Transferee of any Units, or a recipient of any newly issued Units or other Equity Securities of the Company, shall have no powers, rights or privileges of a Member of the Company. 

  
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 (d)    Following any Transfer of record ownership of Equity Securities
of the Company in accordance with this Section 8.8, the Transferee thereof shall be treated as having made all of the Capital Contributions in respect of, and received all of the distributions received in respect of, such
Equity Securities on or prior to the date of such Transfer, and shall receive allocations and distributions in respect of such Equity Securities as if such Transferee had been a Member from the date of such Transfer. For the avoidance of doubt, the
Transferor in any such Transfer shall remain entitled to distributions in accordance with Section 7.1(a)(i)-(v) with respect to the Equity Securities being Transferred for the entire period during which such Member held
such Equity Securities of the Company. 
 (e)    The Secretary and the Company shall maintain books for the purpose of
registering the Transfer of Equity Securities of the Company. Upon a Transfer of any record ownership of Equity Securities, the Transferor thereof shall notify the Company so that such Transfer may be registered by the Secretary in the books of the
Company. A Transfer of any record ownership of Equity Securities shall be effective upon registration of the Transfer in the books and records of the Company. 

(f)    Notwithstanding anything to the contrary set forth herein, any obligations or rights of, and references to, a
Member shall apply to and include the respective Permitted Transferees of such Members that become Additional Members in accordance with the terms of this Agreement and it shall be a condition to any such transfer that such Permitted Transferee be
bound as an Initial Member hereunder; provided, that, notwithstanding the foregoing, the rights granted to an Initial Member hereunder (including any rights to effect a Transfer of Equity Securities of the Company), other than rights
to distributions pursuant to Article 7 and upon dissolution of the Company pursuant to Article 12, shall be personal to such Initial Member and shall not Transfer to any Transferee (including any Permitted Transferee) and any Initial
Member that Transfers Equity Securities of the Company to a Permitted Transferee will be treated as continuing to hold the rights associated with the Equity Securities so Transferred and shall consistently exercise any obligations or rights
hereunder with respect to such Permitted Transferee as if such Member continued to hold all applicable Equity Securities of the Company (and did not Transfer such Equity Securities to its Permitted Transferee). 

(g)    Notwithstanding anything to the contrary set forth herein, if, at any time, a Permitted Transferee of an Initial
Member ceases to be a Permitted Transferee of such Initial Member (a “Former Permitted Transferee”), then all Equity Securities in the Company or any of its Subsidiaries then held by such Former Permitted Transferee (and all
interests and rights related thereto) will, without any further action required by such Former Permitted Transferee, be automatically Transferred back to the transferor of such Equity Securities in the Company or its Subsidiary, as applicable, and
such Former Permitted Transferee and the transferor shall take such action as the Company and the other Members reasonably deem appropriate to document and effect such Transfer. 

Section 8.9.    Termination of Member Status. Any Member that Transfers all of its Equity Securities in the
Company shall immediately cease to be a Member and shall no longer be a party to this Agreement (in its capacity as a Member) and Exhibit A shall be updated to eliminate such Person; provided, that such Member
(a) shall not thereby be relieved of liability for any breach of this Agreement prior to such time or from any obligation under this Agreement other than its 

  
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capacity as a Member; (b) shall retain any rights with respect to any breach of this Agreement by any other Person prior to such time; (c) shall retain the right to indemnification in
accordance with the terms hereof; (d) shall retain any obligations that survive a Member’s ceasing to be a Member under Section 7.1(e) or Section 6.7; (e) shall remain entitled to
distributions pursuant to Section 7.1(a)(i)-(v) with respect to all periods prior to when such Member ceases to be a Member and (f) shall not thereby be relieved of any of its obligations under this
Section 8.9. 
 Section 8.10.    Void Transfers. To the greatest extent permitted
by the Act and other applicable Law, any Transfer made or permitted by any Member of all or any portion of its Equity Securities in the Company (including any Transfer of any Units, or any Equity Securities in any Member or other Person that
directly or indirectly owns Units) in contravention of this Agreement shall be ineffective and null and void ab initio, and shall not bind or be recognized by the Company or any other Person. In the event of any Transfer in contravention of
this Agreement, to the greatest extent permitted by the Act and other applicable Law, the purported Transferee shall have no right to any profits, losses or distributions of the Company or any other rights of a Member. 

Section 8.11.    Fair Market Value. 

(a)    In connection with determining the Fair Market Value of non-cash
consideration as of the date of entry into the definitive agreements with respect to any Tag-Along Sale, as set forth in Section 8.5, the Offeror (such Person, the “Initiating
Member”), shall submit to the other Initial Member (the “Non-Initiating Member”) its good faith calculation of the Fair Market Value of such
non-cash consideration (the “Calculation Notice”). During the 30 day period following delivery of such Calculation Notice, the Initiating Member and the
Non-Initiating Member shall cooperate in good faith to determine and agree upon the Fair Market Value. In the event that the Initiating Member and the
Non-Initiating Member are able to agree in writing upon the Fair Market Value during such 30 day period, such mutually agreed Fair Market Value shall be used for purposes of
Section 8.5, as applicable. In the event that the Initiating Member and the Non-Initiating Member are unable to agree upon the Fair Market Value during such 30 day period, then
within seven days after the expiration of such 30 day period, the Initiating Member and the Non-Initiating Member shall each select one Valuation Firm for purposes of determining the final Fair Market
Value. Within 14 days after selection of such Valuation Firms, such selected Valuation Firms shall, and the Initiating Member and the Non-Initiating Member shall direct their selected Valuation Firms to,
select a third Valuation Firm. Each of such three selected Valuation Firms shall determine the Fair Market Value in good faith, acting reasonably and in accordance with the definition thereof and deliver to the Initiating Member and the Non-Initiating Member its respective calculation of the Fair Market Value (each such calculation, a “Proposed Fair Market Value”) not later than 30 days after the last of the three Valuation Firms
have been selected. The final Fair Market Value to be used for purposes of Section 8.5, as applicable, shall be the mathematical average of the two Proposed Fair Market Values that are closest to one another (or
between all three Proposed Fair Market Values if all such values are the same, or if no two values are closest to one another). By way of example, (i) if the three Proposed Fair Market Values were 10, 12 and 15, the final Fair Market Value
would be 11 (i.e., the average of 10 and 12); (ii) if the three Proposed Fair Market Values were 10, 14 and 15, the final Fair Market Value would be 14.5 (i.e., the average of 14 and 15); (iii) if the three Proposed Fair Market Values were 11, 13
and 15, the final Fair Market Value would be 13 (i.e., the average of 11, 13, and 15); and (iv) if the three Proposed Fair Market Values were 13, 13 and 13, the final Fair Market Value would be 13 (i.e., the average of 13, 13 and
13). The final Fair Market Value as agreed 

  
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or determined under this Section 8.11(a) shall be referred to as the “Final Fair Market Value.” The Final Fair Market Value, as of the date of
entry into the definitive agreements with respect to such Tag-Along Sale, as agreed or determined under this Section 8.11(a) shall be binding on all Members absent fraud or manifest
error. Any Transfer for non-cash consideration shall not be consummated unless and until the Final Fair Market Value is determined under this Section 8.11(a). 

(b)    Each of the Initiating Member and the Non-Initiating Member shall bear the
cost of its selected Valuation Firm, and the Initiating Member and the Non-Initiating Member shall share equally the cost of the third Valuation Firm; provided that if the Initiating Member terminates
the ongoing process for the Tag-Along Sale or Drag-Along Sale, as applicable, such Initiating Member shall be responsible for the reasonable and
out-of-pocket costs of the Non-Initiating Member’s Valuation Firm actually incurred and the other reasonable and documented out-of-pocket costs and expenses of the Non-Initiating Member and its Affiliates actually incurred in connection with such procedures
up to the date that such ongoing process was so terminated. 
 (c)    The Initiating Member shall cause its Affiliates
to, reasonably and in good faith cooperate with each Valuation Firm, and shall use reasonable best efforts to cause the Person to whom Equity Securities are proposed to be Transferred to provide, upon reasonable notice, any relevant access (subject
to customary confidentiality obligations) to properties or information of such Person and its Affiliates as may reasonably be requested by any such Person in connection with this valuation process in a manner that does not unreasonably disrupt the
proving Person’s business; provided that no Person shall be required to (or to cause any other Person to) afford such access or furnish such information to the extent that such providing Person believes, in its reasonable good faith judgment,
that doing so would (i) result in the loss of attorney-client, work product or other privilege, (ii) result in the disclosure of any trade secrets of third parties or violate any obligations of such providing Person or its Subsidiaries
with respect to confidentiality to any third party, or otherwise breach, contravene or violate any such contract to which such providing Person or any of its Subsidiaries is a party or (iii) breach, contravene or violate any applicable Law;
provided, further, that such providing Person shall use its reasonable best efforts to cause such information to be provided in a manner that would not violate the foregoing. Any access to the properties of any providing Person shall be subject
to such providing Person’s reasonable security measures and insurance requirements. 

Section 8.12.    Securities Contract. The Members acknowledge and agree that the Transfer, purchase and sale
rights created by this Article 8, in particular, and such rights otherwise arising under this Agreement and the Contribution Agreement, as applicable, cause the Agreement to be a “securities contract” as that term is defined by
section 741(7) of Title XI of the United States Code. 
 Section 8.13.    Consideration. In determining
whether (a) a Dragged Member and each other Member in the event of a Drag-Along Sale or (b) a Tag-Along Transferor and the other Initial Member in a Tag-Along
Sale receives the same form, amount or option of consideration, such determination will be made before any withholding or deduction required by applicable Law in respect of Taxes, and nothing in Section 8.4 or
Section 8.5 shall prevent an applicable transferee or payor from making any such withholding or deduction to the extent required under applicable Law. 

  
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 Section 8.14.    Spectrum. Any distribution of the Option
Spectrum in accordance with the Spectrum Option Agreement (as defined in the Contribution Agreement) shall not be subject to the order of distributions set forth in Article 7. 

ARTICLE 9 
 EXIT
PROVISIONS 
 Section 9.1.    Qualified IPO. 

(a)    Subject to the terms hereof, the IPO Demanding Party shall oversee the undertaking and consummation of any initial
public offering of the Company’s, any Alternative IPO Entity’s or Newco’s Equity Securities (including a Qualified IPO) and shall be empowered to appoint one or more nationally recognized investment banks to act as underwriters
thereof. The engagement of the underwriters shall be on financial and other terms customary in the industry, and all fees and expenses shall be borne by the Company. The Company agrees and acknowledges that it will be the indemnitor of first resort
with respect to any such initial public offering. 
 (b)    At any time after the Closing, Investor Member shall (in
reasonable consultation with AT&T Member) have the right to direct the Company to undertake and consummate a Qualified IPO; provided, that, if Investor Member commences a Qualified IPO, including by taking any Affirmative Step with
respect to such Qualified IPO, at any time between the date of this Agreement and prior to the date that is 18 months following the date of this Agreement and AT&T Member reasonably expects that the terms of such Qualified IPO will not satisfy
the AT&T Member Return Criteria, Investor Member shall not undertake or consummate such Qualified IPO without AT&T Member’s prior written consent. 

(c)    If a Qualified IPO has not been consummated (or an IPO Demand has not been delivered with respect to a Qualified
IPO, other than an IPO Demand subsequently withdrawn or abandoned) by the third anniversary of the date of this Agreement, AT&T Member (in reasonable consultation with Investor Member) shall also have the right to direct the Company to undertake
and consummate a Qualified IPO; provided, that in connection with any such Qualified IPO initiated by AT&T Member, the aggregate Senior Preferred Unpaid Yield and Senior Preferred Unreturned Contribution in respect of all Senior Preferred
Units held by Investor Member shall be reduced to zero (as a result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration), taking into account such Qualified IPO.

 (d)    In order to exercise its rights pursuant to Section 9.1(a) to direct the Company to
undertake and consummate a Qualified IPO in accordance with this Section 9.1, an Initial Member or both Initial Members (as applicable, the “IPO Demanding Party”) shall deliver a written notice to the
Company and the other Initial Member (if applicable) to commence a Qualified IPO (an “IPO Demand”) notifying the Company and the other Initial Member (if applicable) of the IPO Demanding Party’s exercise of an IPO Demand in
accordance with this Section 9.1(d). In the event that the other Initial Member provides an IPO Demand (to the extent permitted, in accordance with this Agreement) pursuant to this Section 9.1(d)
within 15 Business Days of the delivery of an IPO Demand by an Initial Member, both Initial Members shall be considered the IPO Demanding Party for all purposes under this Agreement and shall reasonably cooperate to jointly control and direct the

  
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consummation of such Qualified IPO in accordance with the terms of this Agreement. Upon receipt of such IPO Demand, the Company shall cause its Representatives to commence bona fide active
marketing efforts including launching a customary “road show” with respect to such Qualified IPO and shall thereafter effect a Qualified IPO as soon as practicable, but in any event within six months after receipt of the latest IPO Demand
(or such longer period as may be required based on market conditions at the reasonable and good faith discretion of the IPO Demanding Party). 

(e)    Upon receipt of an IPO Demand, (i) the Company shall take (and shall cause its Representatives to take) all
reasonable and customary steps as requested or directed by the IPO Demanding Party to facilitate the expeditious completion of the Qualified IPO in accordance with this Section 9.1, including (A) finalizing the
registration statement and/or other appropriate offering documents within 45 days of the receipt of the latest IPO Demand delivered and (B) making senior management available for customary “road shows” and similar marketing efforts in
connection with such Qualified IPO, (ii) the Company and each of the Members shall reasonably cooperate with each other in the undertaking and consummation of such Qualified IPO, including providing reasonable access to the documents, records
and senior management of the Company and (iii) the Members shall, and shall cause their Affiliates to, at the request of the IPO Demanding Party, take all reasonable and customary steps to facilitate the expeditious completion of such Qualified
IPO in accordance with this Agreement (provided, that no Member shall be required or requested to take any actions or steps other than those being taken by the IPO Demanding Party), including (A) entering into underwriting agreements in
customary form with one or more underwriters approved by the IPO Demanding Party; (B) entering into any other customary documents and instruments as are reasonably requested by such underwriter(s) in connection with the Qualified IPO, including
the same customary lock-up or market stand-off agreements that the IPO Demanding Party is requested to enter into; (C) taking such customary steps to effect such
Qualified IPO as may be reasonably requested by the IPO Demanding Party (which may include converting the Company into a legal entity form pursuant to and in accordance with Section 9.2); (D) voting such Member’s Units
or other Equity Securities and using their reasonable best efforts to cause any Manager designated by such Member to approve the terms of any such Qualified IPO and such matters ancillary thereto as may be necessary and customary in connection with
the foregoing; and (E) otherwise reasonably cooperating with the IPO Demanding Party, the Company and their respective Representatives with respect to the Qualified IPO. In addition, the IPO Demanding Party shall determine the exchange on which
the applicable Equity Securities shall be listed for trading immediately following any such Qualified IPO; provided, that, without the prior written consent of the Initial Member that is not the IPO Demanding Party (if applicable), the
exchange on which the applicable Equity Securities shall be listed shall be either NASDAQ or NYSE. 
 (f)    The cash
proceeds of any Qualified IPO to which this Section 9.1 applies shall be distributed in accordance with Section 7.1(d), and AT&T Member and Investor Member shall form a new partnership, limited
liability company or similar joint venture entity (or series of entities to the extent reasonably required to structure any such transaction in a tax-efficient manner) as mutually agreed by AT&T Member and
Investor Member to hold the Equity Securities of the IPO Entity following such Qualified IPO (the “Post-QIPO Entity”), and in connection with the consummation of such Qualified IPO, AT&T Member and Investor Member shall receive
preferred and/or common Equity Interests in the Post-QIPO Entity which securities preserve, as between AT&T Member and Investor Member, the rights (including distribution and other economic rights), privileges and voting powers, and limitations
and restrictions 

  
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of the Senior Preferred Units, the Junior Preferred Units, the Common Catch-Up Units, the AT&T TD Catch-Up
Units, the Investor TD Catch-Up Units, and the Common Units (as applicable) as were held by AT&T Member and Investor Member, respectively, immediately prior to such Qualified IPO (excluding any such Equity
Interests in the Company for which proceeds of cash have been applied in accordance with Section 7.1(d)). With respect to the Post-QIPO Entity, (i) the monetization or liquidation of the Equity Securities held by the
Post-QIPO Entity shall be at the discretion (in reasonable consultation with the other Initial Member) of the Initial Member that would hold the most senior Equity Securities of the Company at the consummation of the Qualified IPO for which the
Senior Preferred Unreturned Contribution, Junior Preferred Unreturned Contribution or Common Catch-up Unreturned Contribution, as applicable, exceeds zero following the application of cash proceeds in
accordance with Section 7.1(d) or (ii) in the event that such most senior Equity Security in the Company held by each of the Initial Members is the same, the monetization or liquidation of the Equity Securities held by
the Post-QIPO Entity shall require the mutual approval of both Initial Members. The Company and the Initial Members shall cooperate in good faith and shall use commercially reasonable efforts to effect the actions contemplated by this
Section 9.1(f). 
 (g)    No Initial Member shall commence a Company Sale during an ongoing
Qualified IPO process commenced by the other Initial Member pursuant to Section 9.1(d) without the mutual agreement (in accordance with Section 8.4(m)) of such other Initial Member. If an Initial
Member has delivered an Initial Offer Notice for a Company Sale, then during the period from the date of delivery of the Initial Offer Notice through the Marketing Period relating to such Company Sale, an IPO Demand may only be delivered by the
other Initial Member with the mutual agreement (in accordance with Section 8.4(m)) of the Initial Member that has delivered the Initial Offer Notice for a Company Sale. An IPO Demanding Party (or, in the case of more than
one IPO Demanding Party, upon the mutual consent thereof) can cause the Company to terminate an ongoing Qualified IPO process commenced pursuant to Section 9.1(d) by such IPO Demanding Party at any time prior to the
consummation thereof, in which case the Company shall pay all reasonable and documented third-party expenses incurred in connection with such Qualified IPO process and reimburse each Initial Member for any such costs and expenses incurred by the
Company and such Initial Member relating thereto prior to such time. 
 Section 9.2.    Qualified IPO
Structure. 
 (a)    General. Unless the Initial Members otherwise agree in writing, any initial public
offering or registration of the Company’s or of any Alternative IPO Entity’s Equity Securities shall be effected as a Qualified IPO. In connection with the consummation thereof, an IPO Demanding Party may, in its reasonable discretion (and
in reasonable consultation with the other Initial Member), but subject to the terms hereof (including with respect to the treatment of Junior Preferred Units hereunder), determine to (i) reorganize the Company or a successor thereof into a
corporation incorporated under the laws of the State of Delaware or such other U.S. jurisdiction as the Board may determine in such manner as the Board deems appropriate, efficient (including in terms of tax treatment and tax consequences to the
Members) and in the best interests of the Company and the Members, including by way of an Up-C Structure, conversion, merger, recapitalization or asset and liability transfer (the transactions described in
this clause (i), a “Corporate Conversion Transaction”); (ii) cause the exchange of all Equity Securities for shares of common stock or other applicable Equity Securities of the Company (or a holding vehicle formed to hold
Equity Securities of the Company) that is or will be a holding entity for all or substantially all of the operating assets of the Company 

  
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and its Subsidiaries or of any other Alternative IPO Entity; or (iii) cause the Company and the other Members to take any such other action as the Board may determine in good faith to create
an appropriate and efficient (including in terms of tax treatment and tax consequences to the Members) vehicle to effectuate a Qualified IPO, in each case, subject to the requirements of this Section 9.2(a); provided
that, in each case, such reorganized structure would not (x) result in any unreimbursed taxes being payable by or imposed upon, or other unreimbursed costs incurred by, or have any other adverse and unreimbursed economic effect on the other
Initial Member that would not otherwise be imposed, incurred or effected in the absence of such reorganized structure (including any economic impact, as between Investor Member and AT&T Member, with respect to the relative rights with respect to
priority of distributions contemplated by Section 7.1(d)) or (y) have any other effect on the other Initial Member that is adverse in a manner disproportionate to the IPO Demanding Party (other than in any immaterial
respect). The Members and the Company shall take all actions reasonably necessary to give effect to the decisions of the IPO Demanding Party in connection with the foregoing and shall ensure that, as between AT&T Member and Investor Member, the
relative rights with respect to priority of distributions contemplated by Section 7.1(d) are preserved, it being understood that the Members and the Company shall implement a Post-QIPO Entity structure in accordance with
the provisions of Section 9.1(f). 
 (b)    Conversion of Units. Upon the conversion of
the Company in connection with a Corporate Conversion Transaction or upon an exchange pursuant to Section 9.2(a)(ii), each Common Unit, or portion thereof, will be converted into or exchanged for substantially
identical shares of common stock or other applicable Equity Securities of the applicable corporation based on a fixed ratio of a whole number, which shall initially be one share of common stock or other applicable Equity Security of the applicable
Alternative IPO Entity per Common Unit, subject to standard anti-dilution adjustments. All Common Units shall be treated in the same manner in any such conversion and adjustments shall be made to take into account the inability to satisfy the
distributions required pursuant to Section 7.1. Upon the conversion of the Company in connection with a Corporate Conversion Transaction or upon an exchange pursuant to
Section 9.2(a)(ii), each Equity Security in the Company (other than Common Units), or portion thereof, will be converted into or exchanged for applicable Equity Securities of the applicable corporation
so as to give effect to the preservation of the provisions of Section 7.1 in accordance with Section 9.2(a) and Section 9.2(c). 

(c)    “Up-C” Structure. As part of, in
connection with, or in lieu of a Corporate Conversion Transaction contemplated by Section 9.2(a) above but subject to the proviso in the second sentence of Section 9.2(a), the IPO Demanding Party
may cause the Company to implement a structure in which the business of the Company continues to be conducted by the Company as a limited liability company with a newly formed corporation (“Newco”) being admitted (to the extent not
already admitted) and designated as the “managing member” of the Company for purposes of the Act, or any similar structure (the “Up-C Structure”). Any Blocker may, at the request of
Investor Member or AT&T Member, as applicable, be combined with, merged with or contributed into Newco (where such Blocker is not Newco) in a manner determined by the IPO Demanding Party in its reasonable discretion in connection with the
implementation of the Up-C Structure otherwise in accordance with the terms hereof; provided that the Company and the Members shall cooperate in good faith and shall use commercially reasonable efforts
to effect such combination, merger or contribution in a tax-efficient manner. In connection with any transaction in which the IPO Demanding Party institutes an Up-C
Structure in accordance with this Section 9.2(c) (each, a “Conversion Event”), the certificate of incorporation and bylaws of Newco shall contain provisions

  
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for the management of the business and affairs of Newco, and this Agreement shall contain provisions for the management of the business and affairs of the Company, in each case, which are
determined in accordance with the terms hereof, immediately prior to such Conversion Event. Any decision to undertake a Conversion Event in connection with an initial public offering shall be made by the IPO Demanding Party in its sole discretion,
and any Qualified IPO may include an offering of common stock of Newco, rather than equity interests of the Company. Each Member hereby consents to (and agrees to reasonably cooperate with the IPO Demanding Party in connection with the consummation
of) any Conversion Event approved by the IPO Demanding Party, and shall vote for (to the extent entitled to vote) and consent to such Conversion Event. Furthermore, subject to the other terms of this Agreement, each Member hereby agrees that the
Company may, in connection with any Conversion Event, execute any amendments to this Agreement that terminate provisions that are no longer applicable to the Members following the institution of an Up-C
Structure (including those that may not be consistent with the certificate of incorporation or bylaws of Newco), and modify existing provisions of this Agreement to make such provisions consistent with an Up-C
Structure and the Company’s or Newco’s status as a public company, in each case, which shall not have any adverse economic effect on the Initial Members that would not otherwise be imposed, incurred or effected in the absence of such
Conversion Event, which shall not treat either Initial Member in a manner that results in disparate treatment relative (taking into account the relative size of holdings of Equity Securities in the Company) to the IPO Demanding Party and which would
ensure that, as between AT&T Member and Investor Member, the relative rights with respect to priority of distributions contemplated by Section 7.1(d) are preserved; provided, that the implementation of a
Post-QIPO Entity structure in accordance with the provisions of Section 9.1(f) shall be deemed to satisfy the foregoing requirements. In addition, in connection with any Conversion Event pursuant to this
Section 9.2(c), each Member agrees to thereafter limit the Transfer of its Units to transfers in accordance with the terms of an agreement to which Newco is party, on terms and conditions determined by the IPO Demanding
Party in accordance with the terms hereof (which terms and conditions shall not treat individual Members in an adverse and disproportionate way to other Members), but taking into account applicable vesting restrictions applicable to equity interests
issued to service providers of the Company). In connection with implementing an Up-C Structure, (x) the Members may enter into a tax receivable agreement with Newco; provided that if one or more Members
enters into a tax receivable agreement (other than with respect to the tax attributes of a Blocker), the economic and any other material terms of such tax receivable agreement with respect to such Member shall be consistent in all material respects
with any other tax receivable agreement entered into by any other Member with respect to the Company (and other than with respect to the tax attributes of a Blocker), and (y) the beneficial owner(s) of a Blocker may enter into a tax receivable
agreement with Newco with respect to such Blocker’s tax attributes, in each case, on terms determined by IPO Demanding Party in accordance with the terms hereof; provided that if one or more beneficial owner(s) of a Blocker enter into a tax
receivable agreement, the economic and any other material terms of any such tax receivable agreements shall be consistent with one another in all respects. Each Member shall take all actions reasonably necessary in connection with the consummation
of any Conversion Event pursuant to this Section 9.2(c) as reasonably requested by the IPO Demanding Party, including, to the extent reasonably requested, complying with the requirements of all Laws and regulatory bodies
that are applicable to, or that have jurisdiction over, such Conversion Event, and shall ensure that, as between AT&T Member and Investor Member, the relative rights with respect to priority of distributions contemplated by
Section 7.1(d) are preserved. For purposes of Article 3, Article 4 and this Article 9, the term “Company” shall, where applicable, 

  
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refer to Newco after the consummation of the transactions described in this Section 9.2(c) and any provisions regarding the Company shall apply, mutatis mutandis, to
Newco. In connection with any Conversion Event, Newco will enter into a registration rights agreement consistent with the Registration Rights Agreement, taking into account the structure resulting from such Conversion Event. 

(d)    Post-IPO Governance and Governing Documents. In connection with a
Qualified IPO, the Members shall execute and deliver amendments to this Agreement or the stockholders agreement(s) (or other governing document(s)) of the IPO Entity, as applicable, in such forms (including any amendments thereto) as are approved by
the Board in good faith and customary for a company which is to engage in an initial public offering of its Equity Securities and which are reasonably requested by the managing underwriters or otherwise determined to be advisable by the IPO
Demanding Party (in reasonable consultation with the other Initial Member) in order to expedite or facilitate the disposition of the Equity Securities of the IPO Entity, as applicable, in connection with such offering (the “Post-IPO Governing Documents”); provided, that the Post-IPO Governing Documents shall (i) provide the Members with registration rights consistent with the
rights set forth in the Registration Rights Agreement; and (ii) to the extent consistent with applicable Law and the listing standards of the securities exchange or quotation system that has been agreed to pursuant to
Section 9.1(e), and subject to such modifications as may be required in order to reflect any change in corporate form or to eliminate provisions of this Agreement that shall cease to be applicable following a Qualified IPO,
contain terms and conditions substantially similar to those set forth herein, including without limitation the governance arrangements set forth in Section 4.1(d). Notwithstanding anything to the contrary herein, no Initial
Member shall be required to enter into any Post-IPO Governing Document to the extent that that doing so would impair or diminish the rights, protections and benefits granted under this Agreement (except for
such rights, protections and benefits which this Agreement contemplates would terminate upon the consummation of a Qualified IPO) to such Initial Member or impose additional obligations upon such Initial Member in any material respect on a
disproportionate basis relative to the other Initial Member, taking into account any disparity in the number of Equity Securities of the IPO Entity held by each Initial Member at the time. 

Section 9.3.    Redemption of Junior Preferred Units and Common Catch-Up
Units. In the event of any Qualified IPO or Company Sale, Investor Member will endeavor to allow AT&T Member to have redeemed (a) the Junior Preferred Units for payment of the Junior Preferred Unpaid Yield and the Junior Preferred
Unreturned Contribution and (b) the Common Catch-Up Units for payment of the Common Catch-Up Unreturned Contribution. For the avoidance of doubt, the foregoing
shall not prevent Investor Member from pursuing or consummating (or causing the Company to pursue or consummate) any Qualified IPO or Company Sale in accordance with the terms hereof that does not result in a redemption of the Junior Preferred Units
or the Common Catch-Up Units. 
 Section 9.4.    [Reserved.] 

Section 9.5.    Void Transfers. To the greatest extent permitted by the Act and other applicable Law, any
Transfer made or permitted by any Member of all or any portion of its Equity Securities in the Company (including any Transfer of any Units, or any Equity Securities in any Member or other Person that directly or indirectly owns Units) in
contravention of this Agreement 

  
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shall be ineffective and null and void ab initio, and shall not bind or be recognized by the Company or any other Person. In the event of any Transfer in contravention of this Agreement,
to the greatest extent permitted by the Act and other applicable Law, the purported Transferee shall have no right to any profits, losses or distributions of the Company or any other rights of a Member. 

Section 9.6.    Registration Rights. In connection with a Qualified IPO, the Initial Members and the Company
shall enter into a customary registration rights agreement pursuant to which the Company shall provide customary registration rights to AT&T Member, Investor Member and the holders of Equity Securities in such Members (the “Registration
Rights Agreement”). Such Registration Rights Agreement shall treat the Equity Securities held by the Initial Members the same and shall provide, among other provisions, (i) such number of demand registrations on Form S-1 to be agreed by the Company, AT&T Member and Investor Member, which shall be divided among the Initial Members pro rata based on their Membership Percentages at the time of execution of the
Registration Rights Agreement, and an unlimited number of registrations on Form S-3 (subject in each case to reasonable annual restrictions and reasonable limitations with respect to minimum expected net
proceeds of such demand), (ii) customary pro rata piggyback registration rights, (iii) registration provisions including pro rata underwriter cutback provisions, in which the Equity Securities held by the Initial Members are treated the same
(but which cutbacks and other provisions shall apply on a pro rata basis), (iv) customary indemnification, contribution, coordination and lock-up provisions, in which the Equity Securities held by the Initial
Members are treated the same, (v) governance provisions that are consistent with Section 4.1(d) and (vi) customary coordination provisions with respect to block sales and other Transfers. 

Section 9.7.    Exit Events Expenses. Subject to the terms of the Registration Rights Agreement, the Company
shall bear all costs and expenses in connection with any Qualified IPO, including all customary expenses relating to any registration of securities in connection with any Qualified IPO and all expenses of the underwriters or other advisors in a
Qualified IPO, and shall reimburse each Initial Member for any reasonable and documented third-party costs and expenses incurred by such Initial Member relating thereto. 

ARTICLE 10 
 COVENANTS

 Section 10.1.    Confidentiality. 

(a)    Each of the Company and each Member agree that it shall hold strictly confidential and shall use, and shall cause
any Person to which it discloses Confidential Information pursuant to clause (b) below to hold strictly confidential and to use, the Confidential Information only in connection with its investment in the Company and not for any other purpose.
The Company and each Member agrees that it shall be responsible for any breach of the provisions of this Section 10.1 by any Person to which it discloses Confidential Information. 

(b)    The Company and each Member agrees that it shall not disclose any Confidential Information to any Person, except
that Confidential Information may be disclosed as follows: 
 (i)    to any of such Person’s
Representatives; 

  
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 (ii)    as part of such Person’s bona fide
reporting or review procedures, or in connection with such Person’s or its Affiliates’ or the Investor Affiliated Funds’ bona fide fund raising or marketing (subject to the recipients thereof being subject to confidentiality
restrictions that are not less protective than those set forth herein); 
 (iii)    on a confidential
basis to any financial institution providing credit to such Person or any of its Affiliates to the extent reasonably necessary to obtain such credit; 

(iv)    to the extent required by applicable Law or requested or required by any regulatory body (including
complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which such Person is subject); provided, that unless otherwise prohibited by Law,
such Person agrees to give the other Members prompt notice of such request(s), to the extent practicable, so that such Members may seek an appropriate protective order or similar relief (and such Person shall cooperate with such efforts by such
other Members, and shall in any event make only the minimum disclosure required by such Law); 

(v)    in the case of any Member, to any Person to whom such Member is contemplating a Transfer of all or
any portion of its Units (or other Equity Securities in the Company, an Alternative IPO Entity or Newco, as applicable) or prospective merger partner; provided, that (A) the potential Transferee is subject to confidentiality restrictions
not less protective than those set forth herein and (B) such Member shall be responsible for breaches of such confidentiality agreement by such potential Transferee, for so long as the Company does not have direct recourse against such
potential Transferee for any such breaches; 
 (vi)    to the extent required by the rules and
regulations of the SEC or applicable stock exchange rules, including any disclosure contemplated under the Registration Rights Agreement; or 

(vii)    if the prior written consent of all of the Managers shall have been obtained. 

(c)    The Company and each Member acknowledge and agree that each Member may incidentally develop or receive from third
parties information not known by such recipient to have been obtained in violation of this Agreement that is the same as or similar to the Confidential Information, and that nothing in this Agreement restricts or prohibits any Member (by itself or
through a third party) from developing, receiving, using or disclosing such information, or any products, services, concepts, ideas, systems or techniques that are similar to or compete with the products, services, concepts, ideas, systems or
techniques contemplated by or embodied in the Confidential Information. 
 (d)    Notwithstanding anything to the
contrary set forth herein, the Company, each Member, their respective Affiliates and their respective Representatives may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated hereby and all materials of any kind (including opinions and tax analysis) that are provided to the Company or the Member relating to such tax treatment and tax structure; provided,

  
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that the foregoing does not constitute authorization to disclose information identifying the Company, any Member (or its Representatives), any parties to transactions engaged in by the Company or
(except to the extent relating to such tax structure or tax treatment) any nonpublic commercial or financial information. 

(e)    For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or in any other way
affects any Member from communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity, or requires any
Member to furnish notice to the Company of the same (in each case, with respect to matters unrelated to this Agreement or the Business), and (ii) nothing contained in this Section 10.1 shall prohibit a Member from
disclosing a trade secret (y) to a federal, state, or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or investigating a suspected violation of Law and subject to
reasonable confidentiality protections, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding. 

Section 10.2.    Compliance Matters. 

(a)    Each Member represents, warrants and agrees that such Member shall, and to the extent of such Member’s
governance and management rights shall cause the Company to, comply with the applicable anti-corruption and compliance practices, as reflected in the Compliance Program. The Company shall implement policies and procedures for compliance with all
ethics, compliance and regulatory rules applicable to the Company and its Subsidiaries. 
 (b)    Each Member shall, to
the extent of such Member’s governance and management rights, cause each of the Company and its Subsidiaries to: (i) conduct its activities in compliance with all anti-corruption Laws; (ii) not offer, promise, give or authorize the
offering, promising or giving of anything of value, directly or indirectly, to: (A) any Government Official or (B) any other Person with the knowledge that all or any portion of the thing of value will be offered, promised or given to a
Government Official, for the purpose of influencing any action or decision of a Government Official in his or her official capacity, or inducing the Government Official to use his or her influence with any Governmental Entity or any Government
Official to affect or influence any official act, or otherwise obtain an improper advantage; and (iii) not make or authorize any other Person to make any payments or transfers of value which have the purpose or effect of commercial bribery, or
acceptance or acquiescence in kickbacks or other unlawful or improper means of obtaining or retaining business in relation to the Company’s business and the matters contemplated hereby. 

(c)    Each of the Members covenants, to the extent of such Member’s governance and management rights, to cause each
of the Company and its Subsidiaries to adopt as of the date hereof a compliance program and code of conduct (the “Compliance Program”). In implementing the Compliance Program, the Company shall follow the policies and procedures set
forth in the Compliance Program including (i) all training, education and certification procedures; (ii) all due diligence procedures related to agents of the Company and its Subsidiaries; (iii) all audit and internal control
procedures (including those applicable to the Company that are required by the Sarbanes-Oxley Act of 2002); (iv) adequate commitment of human and financial resources to ensure the capacity to carry out the programs required by the Compliance
Program; and (v) appropriate 

  
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procedures to ensure accurate books and records in accordance with GAAP and applicable Law, and other policies and procedures set forth in the Compliance Program, and will cause appropriate
officers to be appointed by the Company, disciplinary procedures to be enforced and mechanisms for reporting suspected violations to be created for each such entity. 

Section 10.3.    Additional Tax Covenants and Representation. If AT&T Member and any wholly-owned
Subsidiaries of AT&T Inc. effect a spin-off or split-off of AT&T Member’s interest in the Company (including by distribution of AT&T NewCo, AT&T
Member, or any other entity holding a direct or indirect interest in any of AT&T NewCo, AT&T Member or the Company (such distributed entity, “SpinCo”)), the Members shall use commercially reasonable efforts to
(a) structure such spin-off or split-off in a tax efficient manner, (b) permit SpinCo to be merged into the Company following a Qualified IPO (the
“Merger”), and (c) enter into a customary tax matters agreement with respect to such spin-off or split-off. In connection with but prior to the
consummation of a Qualified IPO, if requested by AT&T Member, (i) the Board shall, and each Member shall use its reasonable best efforts to cause the Board to, approve the Merger and the transactions and agreements contemplated thereby
(without any special committee of the Board with respect to such matters) and (ii) the Merger and a customary form of merger agreement with respect to the Merger (to be agreed by AT&T Member and Investor Member in good faith) shall be
submitted to the Members for adoption and each Member shall vote all Common Units that it is entitled to vote to approve such merger agreement, the Merger and the issuance of Equity Securities in the Company in connection with the Merger. Subject to
the provisions of Section 10.5, the Members agree to use commercially reasonable efforts (whether before or after a Qualified IPO) not to structure any transaction in any manner, or take any other action, that would
reasonably be expected to limit the ability of AT&T Member or any wholly-owned Subsidiaries of AT&T Inc. to complete a tax-free spin-off or split-off (directly or indirectly) of its interest in the Company, to the extent that an alternative structure or course of action is possible that (A) would not reasonably be expected to give rise to such a
limitation and (B) would not have more than a de minimis adverse economic impact to Investor Member, the Company or any transaction proposed or planned by Investor Member or the Company. Further, each Member agrees that either
(x) it will not become a partnership, grantor trust, or “S corporation” (within the meaning of Code Section 1361(a)) (each a “Flow-Through Entity”) for U.S. federal income tax purposes or (y) if it is, or if
it becomes, a Flow-Through Entity for such purposes, then a principal purpose of the purchase of the Units was not to permit the Company or any entity of which the Company is a direct or indirect partner to satisfy the 100 partner limitation set
forth in Treasury Regulation Section 1.7704-1(h)(1)(ii). 

Section 10.4.    Tax-Efficient Exit. 

(a)    The Members agree to cooperate and use their respective reasonable best efforts to structure any Qualified IPO,
Company Sale, Tag-Along Sale or Drag-Along Sale in a tax-efficient manner. In connection with a Qualified IPO, the Members will cooperate to structure such Qualified IPO
to allow each Member to combine an entity, such as Investor Blocker, that directly holds beneficial interests in such Member with the public issuer (or contribute such entity into the public issuer for consideration equivalent to that which would
result if Units were contributed) and will enter into a customary tax receivable agreement or similar agreement. 

  
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 (b)    Further, in any Qualified IPO, Company Sale, Tag-Along Sale or Drag-Along Sale, Investor Member and AT&T Member shall each receive, respectively, the benefit of any tax attributes provided by such Member to a purchaser in connection with a Qualified IPO,
Company Sale, Tag-Along Sale or Drag-Along Sale, in each case, to the maximum extent the relevant transaction documents, in good faith, expressly allocate specific values to such tax attributes (including
pursuant to any applicable tax receivable agreement or similar agreement). 
 Section 10.5.    Other Exit
Provisions. Notwithstanding the provisions of Section 10.3 and Section 10.4 but on the terms and subject to the conditions otherwise set forth herein, (a) at no time shall the Company or
Investor Member and its Affiliates be restricted from entering into discussions with potential buyers or investors, investment bankers, or other third parties regarding a Qualified IPO or other transaction involving direct or indirect Equity
Securities in the Company, including through one or more transactions structured as an initial public offering, transaction with a special purpose acquisition company or other transaction involving a public distribution or a public company,
(b) Investor Member shall retain its right to cause, or to enter into an agreement with respect to, any sale, transfer or other disposal, directly or indirectly, of a controlling interest in the Company to a third party, including through one
or more transactions structured as an initial public offering, transaction with a special purpose acquisition company or other transaction involving a public distribution or a public company, and (c) neither the Company nor Investor Member
shall be restricted from entering into any transaction (including any Drag-Along Sale, Company Sale or Qualified IPO) by reason of the fact that such transaction would cause AT&T Member and any Subsidiaries of AT&T Inc. to own Equity
Securities in the Company in an amount that is insufficient to allow AT&T Member and any Subsidiaries of AT&T Inc. to subsequently effect a spin-off or
split-off, and related mergers or other transactions, as tax-free for U.S. federal income tax purposes. 

Section 10.6.    Target Total Leverage Ratio. In determining whether to incur any incremental third party
debt, the Debt Committee, if any, or the full Board shall target achieving and maintaining a Total Leverage Ratio of no less than 1.0:1.0 and, in the event that the Total Leverage Ratio is less than 1.0:1.0 for two consecutive fiscal quarters, shall
seek in good faith third party debt financing for the Company to increase the Total Leverage Ratio such that it is at least 1:0:1.0 to the extent that such third party debt is available to the Company on commercially reasonable terms. In no event
shall the Debt Committee, if any, or the full Board cause the Company to incur incremental third party debt that would result in the Total Leverage Ratio exceeding 1.5:1.0. 

Section 10.7.    Litigation. Notwithstanding anything to the contrary set forth herein, prior to a Qualified
IPO, in the event of any Action by or against the Company or any of its Subsidiaries, in which an Initial Member (or its Affiliates) is (or would be) an adverse party, the other Initial Member shall have the right to control the initiation, defense,
conduct and settlement of such Action by the Company until such time as such Initial Member undergoes an Initial Member Sell-Down. Subject to Section 10.1, each Member will cooperate in defending and pursuing, as
appropriate, Actions brought against the Company and its Subsidiaries or any of the Members or their respective Affiliates (in each case, to the extent related to the Company and its Subsidiaries), reasonably make available relevant employees and
preserve and make reasonably available, to the extent legally and contractually permissible, all records reasonably necessary for such matters, subject, in the case of disputes, to the discovery rules otherwise applicable. 

  
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 Section 10.8.    Publicity. Investor Member and AT&T
Member each shall consult with each other, provide each other with a reasonable opportunity to review and give due consideration to reasonable comments made by each other prior to issuing any press releases or otherwise making public announcements
with respect to this Agreement and the matters contemplated hereby and prior to making any filings with any third party or any Governmental Entity with respect hereto, except any consultation that would not be reasonably practicable as a result of
requirements of applicable Law or by obligations pursuant to any listing agreement with or rules of any national securities exchange or interdealer quotation service or by the request of any Governmental Entity. 

Section 10.9.    Exit Updates and Documentation. Each Initial Member shall provide written notice to the other
Initial Member and the Company shall provide written notice to the Initial Members as promptly as practicable after (i) execution of any confidentiality agreement or similar agreement between an Initial Member and a potential counterparty
related to a potential Company Sale or (ii) commencement of any discussions with an investment bank regarding a potential Qualified IPO. Each of the Initial Members shall provide to the other Initial Member copies of all material transaction
documents related to any Company Sale or Qualified IPO and shall provide the other Initial Member a reasonable opportunity to review and shall consult with, and consider the reasonable input and comments of, the other Initial Member in good faith.

 Section 10.10.    NFL Sunday Ticket Payments. Within five Business Days following the date on which all
amounts required to be paid by AT&T Member to the Company or by the Company to AT&T Member pursuant to the NFLST Agreement have been so paid, if the Aggregate Principal Amount (as defined in the Promissory Note) under the Promissory Note has
not been repaid in full, (i) AT&T Inc. shall repay to the Company (by wire transfer of immediately available funds to the account designated in writing by the Company to AT&T Member) an amount equal to the Aggregate Principal Amount (as
defined in the Promissory Note) then outstanding and any accrued but unpaid interest thereon, which shall be in full repayment of all amounts due by AT&T Inc. to the Company under the Promissory Note and (ii) the Company shall promptly
thereafter distribute to AT&T Member (such distribution to be treated as a distribution pursuant to Section 731 of the Code) (by wire transfer of immediately available funds to the account designated in writing by AT&T Member to the
Company) the amount contributed to the Company by AT&T Member in accordance with the foregoing clause (i) (which distribution, for the avoidance of doubt, shall not be a distribution subject to Section 7.1, shall not be
limited to the extent of Pre-Debt Prepayments Excess Cash Flow or Distributable Excess Cash Flow, as applicable, and shall not be taken into account in determining whether the Distributable Excess Cash Flow
has been distributed in respect of any fiscal quarter). 
 Section 10.11.    Investor Member Expense
Reimbursement. In the event that Investor Member’s or its Affiliates’ operations consultants are separately engaged by the Company (which engagement shall be on arms’ length terms including a customary expense reimbursement
agreement on arms’ length terms, and which shall require the approval of the Chief Executive Officer or the Board), the Investor Member (or the applicable Affiliate thereof) shall be reimbursed by the Company for any reasonable and documented
costs and expenses related to the engagement of such consultants, within the parameters approved by the Chief Executive Officer or the Board, as applicable (which, for the avoidance of doubt, shall not include any management or similar fees). 

  
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 ARTICLE 11 

INFORMATION RIGHTS; FINANCIAL REPORTING 

Section 11.1.    Financial and Other Information. 

(a)    As soon as available, and in any event within 60 days after the end of each of the first three fiscal quarters of
each fiscal year, the Company shall prepare and furnish to each Initial Member (for so long as it holds any Units) and each Member that, together with its Affiliates, holds 10% or more of the Common Units or has the right to appoint at least one
Manager to the Board (a “10% Member”), at the Company’s expense, an unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal quarter and the related unaudited consolidated statements
of income and cash flows for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end of such fiscal quarter, setting forth in comparative form the corresponding figures for the corresponding periods of
the previous fiscal year for the unaudited consolidated balance sheet and the unaudited consolidated statements of income and cash flows of the Company and its Subsidiaries, all prepared in accordance with GAAP subject to normal adjustments and such
other departures from GAAP as the Board may expressly authorize; provided, that prior to such financial statements being so furnished, the Company shall provide the Auditor a reasonable opportunity to review and comment on such financial
statements. The financial statements delivered pursuant to this Section 11.1(a) shall be accompanied by a statement of members’ capital. 

(b)    As soon as available, and in any event within 120 days after the end of each fiscal year (or, with respect to the
fiscal year ended December 31, 2021, within 135 days after the end of such fiscal year), the Company shall prepare and furnish to the Members, at the Company’s expense an audited consolidated balance sheet of the Company and its
Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of income and cash flows for such fiscal year, prepared in accordance with GAAP subject to the absence of footnote disclosures, normal adjustments and
such other departures from GAAP as the Board may expressly authorize. The financial statements delivered pursuant to this Section 11.1(b) shall be accompanied by a statement of members’ capital. 

(c)    As soon as available, and in any event within 45 days after the end of each calendar month, the Company shall
prepare and furnish to each Initial Member (prior to an Initial Member Sell-Down with respect to such Initial Member) and each 10% Member, at the Company’s expense, an unaudited consolidated balance sheet of the Company and its Subsidiaries as
at the end of such month and the related unaudited consolidated statements of income and cash flows for such month, prepared in accordance with GAAP subject to the absence of footnote disclosures, normal adjustments and such other departures from
GAAP as the Board may expressly authorize. 
 (d)    The Company shall provide to each Initial Member (prior to an
Initial Member Sell-Down with respect to such Initial Member) and each 10% Member (i) the annual business plan, (ii) the Annual Operating and Capital Budget, (iii) copies of any required disclosures to lenders at the time such
disclosures are provided to such lenders and (iv) subject to confidentiality obligations and similar restrictions that may be applicable to information furnished to the Company or any of its Subsidiaries by third parties that may be in the
Company’s or any of its Subsidiaries’ possession 

  
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from time to time, and except for any information that is subject to attorney-client privilege or other privilege from disclosure (provided, that to the extent possible, the Members and
the Company shall cooperate in good faith to permit disclosure of such information in a manner that preserves such privilege) any other information reasonably requested by each such Member (including all information necessary to comply with
applicable Law) and any board packages or other information provided to any Manager, in each case, promptly upon such information being made available. In addition, the Company shall provide to each 10% Member, upon such Member’s request, such
financial information regarding the Company and its Subsidiaries as is reasonably requested for (A) such Member to comply with any obligations under applicable Laws or (B) any other reasonable business purpose. 

Section 11.2.    Certain Other Provisions Regarding Financial Reporting. 

(a)    The Company shall, and shall cause each of its Subsidiaries to, (i) make and keep books, records and accounts,
which, in the good faith judgment of the Company, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company and its consolidated Subsidiaries and (ii) devise and maintain a system of
internal accounting controls which, in the good faith judgment of the Company, is sufficient to provide reasonable assurances that: (A) transactions are executed in accordance with management’s general or specific authorization,
(B) transactions are recorded as necessary (C) to permit preparation of financial statements in conformity with GAAP, (D) to maintain accountability for assets and (E) access to assets is permitted only in accordance with
management’s general or specific authorization. 
 (b)    As soon as available, and in any event within 30 days
after the end of each of the first two calendar months of each fiscal quarter, the Company shall prepare and furnish to each 10% Member a current capitalization table of the Company and summary financial statements of the Company and its
Subsidiaries as at the end of such calendar month, including the unaudited consolidated balance sheet as at the end of such calendar month and unaudited consolidated statements of income and members’ equity for such calendar month and for the
period from the beginning of the then current fiscal year to the end of such calendar month. 

Section 11.3.    Access to Management Personnel and Information. 

(a)    Subject to confidentiality obligations and similar restrictions that may be applicable to information furnished to
the Company or any of its Subsidiaries by third parties that may be in the Company’s or any of its Subsidiaries’ possession from time to time, and except for any information that is subject to attorney-client privilege or other privilege
from disclosure (provided, that to the extent possible, the Members and the Company shall cooperate in good faith to permit disclosure of such information in a manner that preserves such privilege), and, subject, in the case of disputes, to
the discovery rules otherwise applicable, the Company agrees to permit any 10% Member (and such Member’s Representatives) to inspect, at such Member’s sole expense and upon such Member’s written request to the Company, all existing
books, records, documents, bank statements, commitments, tax returns and financial statements and shall furnish such Member and its Representatives with all financial and operating data and other information (including documents and records relating
to internal controls) concerning the affairs of the Company and its Subsidiaries as such Member may reasonably request. In addition to the foregoing, the Company agrees to use commercially reasonable efforts to provide each 10% Member (including
such Member’s 

  
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Representatives and such Member’s external auditor), upon reasonable request and reasonable advance notice, access to any Manager, officer, employee, or agent, supplier, vendor, third party
representative or other intermediary of the Company, if such access is requested in order to enable such party to comply with applicable Law, to enable such Member’s external auditor to perform its audit of such Member or such access as is
reasonably necessary in connection with public reporting purposes and requirements. Any exercise of the inspection or access right pursuant to this Section 11.3 shall take place during regular business hours and the Company and its Subsidiaries
shall not be required to cooperate with any inspection or access requests pursuant to this Section 11.3 that would unduly interfere with their business operations. 

Section 11.4.    Liability. No Person shall have any liability to any other Person by virtue of this Agreement
in the event that any information exchanged or provided pursuant to this Agreement that is an estimate or forecast, or that is based on an estimate or forecast, is found to be inaccurate in the absence of fraud, bad faith or willful misconduct by
the Person providing such information. 
 ARTICLE 12 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 12.1.    No Dissolution. The Company shall not be dissolved by the withdrawal of any Member (subject
to Section 12.2(d)) or the admission of Additional Members in accordance with this Agreement. Except as set forth in this Article 12, the Company is intended to have perpetual existence. 

Section 12.2.    Events Causing Dissolution. Subject to Section 4.5, the Company
shall be dissolved and its affairs shall be wound up upon the first to occur of the following events: 
 (a)    the
unanimous determination of the Board to dissolve and terminate the Company; 
 (b)    the sale of all or at least 90% of
the assets of the Company and its Subsidiaries (determined on a consolidated basis based on value); 
 (c)    the entry
of a decree of judicial dissolution of the Company under Section 18-802 of the Act; or 
 (d)    at any time when
there are no Members, unless the Company is continued in accordance with the Act. 
 Section 12.3.    Bankruptcy
of a Member. The bankruptcy (including within the meaning of Sections 18-101 and 18-304 of the Act) of a Member shall cause such Member to cease to be a Member, but notwithstanding the occurrence of such event, the Company shall continue without
dissolution. The receivership or dissolution of a Member shall not in and of itself cause the dissolution of the Company, and notwithstanding the occurrence of such event, the Company shall continue without dissolution under the management and
control of the remaining Members, unless there are no remaining Members. 

  
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 Section 12.4.    Winding Up. 

(a)    In the event of the dissolution of the Company pursuant to Section 12.2, the
Company’s affairs shall be wound up by a liquidating trustee of the Company selected by the Board (in such capacity, the “Liquidating Agent”), which Liquidating Agent shall be an individual who is knowledgeable about the
Company’s business and operations (to the extent possible) and has substantial experience in the purchase and sale of businesses. 

(b)    Upon dissolution of the Company and until the filing of a certificate of cancellation as provided in
Section 18-203 of the Act, the Liquidating Agent may, in the name of, and for and on behalf of, the Company, prosecute and defend lawsuits, whether civil, criminal or administrative, settle and close the Company’s business, dispose of and
convey the Company’s property or sell the Company (and its Subsidiaries) as a going concern, discharge or make reasonable provision for the Company’s liabilities, and distribute to the Members in accordance with
Section 12.5 any remaining assets of the Company, all without affecting the liability of Members and without imposing any liability on any Liquidating Agent. 

(c)    Except as otherwise provided in this Agreement, the Members shall continue to share distributions and allocations
during the period of liquidation in the same manner as before the dissolution, including in accordance with Section 7.1. 

(d)    A reasonable time period shall be allowed for the orderly winding up and liquidation of the assets of the Company
and the discharge of liabilities to creditors so as to enable the Liquidating Agent to seek to minimize potential losses upon such liquidation. Subject to the provisions of Section 12.5, the Liquidating Agent shall have
reasonable discretion to determine the time, manner and terms of any sale or sales of the Company’s property pursuant to such liquidation. The provisions of this Agreement shall remain in full force and effect during the period of winding up
and until the filing of a certificate of cancellation of the Company with the Secretary of State of the State of Delaware. 

(e)    Upon the completion of the winding up of the Company, the Liquidating Agent or other duly designated representative
shall file a certificate of cancellation of the Company with the Secretary of State of the State of Delaware as provided in Section 18-203 of the Act. 

Section 12.5.    Distribution of Assets. 

(a)    As soon as practicable upon dissolution of the Company, the assets of the Company (or liquidation proceeds) shall be
distributed in accordance with Section 7.1(d). 
 (b)    The Liquidating Agent shall have the
power to establish any reserves that, in accordance with sound business judgment, it deems reasonably necessary to pay all claims and obligations, including all contingent, conditional or unmatured claims and obligations, which reserves may be paid
over to an escrow agent selected by the Liquidating Agent to be held by such agent for the purpose of paying out such reserves in payment of the aforementioned contingencies and upon the expiration of such period as the Liquidating Agent may deem
advisable, making a distribution of the balance thereof to the Members in the manner provided in this Section 12.5. 

  
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 Section 12.6.    Distributions in Cash or in Kind. Upon the
dissolution of the Company, the Liquidating Agent shall use all commercially reasonable efforts to liquidate all of the Company assets in an orderly manner and apply the proceeds of such liquidation as set forth in
Section 12.5; provided, that if in the good faith judgment of the Liquidating Agent, a Company asset should not be liquidated, the Liquidating Agent shall distribute such asset, on the basis of its value (determined
in good faith by the Liquidating Agent), in accordance with Section 12.5, subject to the priorities set forth in Section 12.5; and provided, further, that the Liquidating Agent shall
in good faith attempt to liquidate sufficient assets of the Company to satisfy in cash (or make reasonable provision for) the distribution in accordance with Section 12.5. 

Section 12.7.    Claims of the Members. The Members and former Members shall look solely to the Company’s
assets for the return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such Capital Contributions, the
Members and former Members shall have no recourse against the Company, any Manager or any other Member. No Member shall have any obligation to make any Capital Contribution with respect to such insufficiency, and such insufficiency shall not be
considered a debt owed to the Company or to any other Person. 
 ARTICLE 13 

MISCELLANEOUS 

Section 13.1.    Further Assurances. On the terms and subject to the conditions set forth herein, each Member
shall do, execute and perform all such other acts, deeds and documents, or refrain from taking all such actions, as may be reasonably necessary or appropriate to carry out fully the purposes and intent of this Agreement, as determined by the Board
in good faith. 
 Section 13.2.    Amendments. 

(a)    This Agreement may be amended or modified in writing only by the Initial Members. Any amendment or modification to
this Agreement approved in compliance with this Section 13.2 shall be binding on the Company and all Members. 

(b)    In addition, any amendment or modification of (i) this Section 13.2(b) shall require
the prior written consent of all the Members and (ii) this Agreement that (x) adversely affects a Member or any of its Affiliates disproportionately to its effect on the other Members and their Affiliates in their capacity as a Member,
(y) diminishes a Member’s express rights under the terms of this Agreement (including any adverse effect on the Senior Preferred Units, Junior Preferred Units, Common Catch-Up Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Units and distributions in respect of such Units pursuant to Section 7.1), or (z) increases
the liabilities of a Member in their capacity as a Member shall, in each case, require the prior written consent of such Member. 

  
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 (c)    Notwithstanding Section 13.2(a) and
Section 13.2(b), the Board may, subject to Section 4.5, amend, without the consent of the Members: 

(i)    this Agreement solely in order to reflect the fact that a new Member admitted in accordance with the
terms of this Agreement has agreed to become bound by, and subject to, this Agreement; 
 (ii)    this
Agreement and the Certificate of Formation in order to change the name of the Company to the extent such change of name is permitted pursuant to this Agreement, including 0; 

(iii)    Exhibit A, to reflect changes required pursuant to changes in the
Members (including the admission of additional Members), the number and ownership of Units (or other Equity Securities of the Company), capital contributions and Membership Percentages in accordance with the terms of this Agreement; and 

(iv)    this Agreement, to reflect the terms of any Equity Securities created after the date hereof in
accordance with the terms of this Agreement. 
 (d)    Notwithstanding Section 13.2(a),
Section 13.2(b) and Section 13.2(c), a Drag-Along Transferor or Drag-Along Manager may amend, without the consent of the Members, this Agreement in connection with effecting a Drag-Along Sale or
Qualified IPO in accordance with the terms of this Agreement; provided, for the avoidance of doubt, that such amendment shall not (x) adversely affect an Initial Member disproportionately to its effect on the other Initial Member in
their capacity as a Member, (y) diminish an Initial Member’s express rights under the terms of this Agreement (including any adverse effect on the Senior Preferred Units, Junior Preferred Units, Common
Catch-Up Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Units and distributions in respect of such Units
pursuant to Section 7.1), or (z) increase the liabilities of an Initial Member in their capacity as a Member, except in the case of each of clause (x), (y) and (z), to the extent expressly permitted by this Agreement
in connection with effecting such Drag-Along Sale or Qualified IPO or otherwise with the prior written consent of such Initial Member; provided, further, that (i) any such amendment with respect to a Drag-Along Sale or Qualified
IPO shall not take effect until immediately prior to, or simultaneous with, the consummation of such Drag-Along Sale or Qualified IPO and (ii) no such amendment shall impact an Initial Member’s rights to receive, or the amount of, any
distributions or proceeds as provided in this Agreement in connection with such Drag-Along Sale or Qualified IPO. 

(e)    Notwithstanding anything to the contrary set forth herein, AT&T Member may amend or modify the terms of this
Agreement as may be reasonably necessary to ensure that the Company and its Subsidiaries are not required to be consolidated under Financial Accounting Standards Board Codification Topic 810, Consolidation (or any comparable successor
standard) into the financial statements of AT&T Inc. and its Subsidiaries, including as a result of changes to accounting standards, including GAAP (or the interpretation thereof) or in any Law (including the repeal thereof or the interpretation
or enforcement thereof), so long as such modification or amendment does not adversely affect Investor Member’s rights under the Transaction Documents or this Agreement (other than in any de minimis respect), or result in any cost or
obligation (including any Taxes) being imposed upon Investor Member and its Affiliates than would otherwise be so imposed pursuant to the Transaction Documents or this Agreement (other than in any de minimis respect). To the extent reasonably
practicable, AT&T Member shall provide the Company and Investor Member written notice at least five Business Days prior to any such amendment or modification. Each of the Company and the Members shall cooperate and take all necessary action to
effectuate the foregoing. 

  
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 Section 13.3.    Waiver; Cumulative Remedies. Except
as otherwise specifically provided herein, any Member may waive any right of such Member under this Agreement by an instrument signed in writing by such Member. Except as specifically provided herein, the failure or delay of any Member to enforce at
any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any Member thereafter to enforce each and
every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance.
Except as specifically provided herein, all remedies, either under this Agreement or by Law or otherwise afforded, will be cumulative and not alternative. 

Section 13.4.    Entire Agreement. This Agreement (including any exhibit and schedules hereto), the
Contribution Agreement and the other Transaction Documents constitute the entire agreement and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the parties hereto, with respect to the
subject matter hereof. 
 Section 13.5.    Third-Party Beneficiaries; Parties in Interest. Except as
provided in Article 5 only, which is intended to benefit, and to be enforceable by the parties specified therein, there shall be no third-party beneficiaries of this Agreement, any Transaction Document or any exhibit, annex or schedule hereto
or thereto, and none of them shall confer on any Person other than the parties hereto and thereto any claim, cause of action, right or remedy including any right to contract or any right to employment or continued employment; provided,
however, any Person entitled to exculpation, indemnification or advancement pursuant to Section 5.1 and is not a party to this Agreement is an express third party beneficiary of this Agreement to the extent required
for purposes of Section 5.1 (provided, that all claims for indemnification shall be made only in the name and on behalf of such Person by a Member). 

Section 13.6.    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors, legal representatives and Permitted Transferees. Other than as a result of a Transfer of an Equity Security of the Company, an Alternative IPO Entity or Newco permitted pursuant to Article
8 or Article 9, and subject to Section 8.8(f), no Member may assign any of its rights or delegate any of its obligations under this Agreement, by operation of Law or otherwise, directly or indirectly, without the
prior written consent of the other Members. Any purported assignment in violation of this Agreement is void other than in connection with a Transfer of a Unit (or an Equity Security of the Company, an Alternative IPO Entity or Newco, as applicable)
permitted pursuant to Article 8 or Article 9 and no rights of the Initial Members shall be transferred other than pursuant to Article 8 or Article 9. 

Section 13.7.    Severability. The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority of
competent jurisdiction to be invalid, void or unenforceable, or the application of such provision, covenant or restriction to any Person or any circumstance, is held by a court of competent jurisdiction or other authority to be invalid, void or 

  
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unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or
unenforceable provision and (b) the remainder of this Agreement and the application of such provision, covenant or restriction to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such
invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction and the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated. 

Section 13.8.    Dispute and Deadlock Resolution. Unless otherwise specified herein (including as set forth in
the Reserved Matters), any dispute arising out of or relating to this Agreement shall be escalated as follows: (i) to an ad hoc committee comprised of two senior representatives of AT&T Member, on the one hand, and two senior
representatives of Investor Member, on the other hand, to attempt to achieve mutually satisfactory resolution within 30 days; and (ii) to the extent not resolved pursuant to clause (i), to the chief executive officer of the ultimate parent
entity of each of AT&T Member and Investor Member to attempt to achieve mutually satisfactory resolution within 30 days. 

Section 13.9.    GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE. 

(a)    This Agreement, and all Actions (whether in contract, tort or statute) that may be based upon, arise out of or
relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or
as an inducement to enter into this Agreement), shall be governed by, and enforced in accordance with, the Laws of the State of Delaware, including its statutes of limitations, without giving effect to any borrowing statute or applicable principles
of conflicts of law to the extent that the application of the Laws (including statutes of limitation) of another jurisdiction (whether of the State of Delaware or any other jurisdiction) would be required thereby. 

(b)    Each Member and the Company agrees that it shall bring any Action in respect of any claim based upon, arising out
of or relating to this Agreement or the Transactions (as defined in the Contribution Agreement) exclusively in the United States District Court for the Southern District of New York or if such court does not have jurisdiction over such Action, such
Action shall be heard and determined exclusively in any New York state court sitting in the Borough of Manhattan of The City of New York (the “Chosen Courts”) and solely in connection with claims arising under or relating to this
Agreement: (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to the laying of venue in any such Action in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an
inconvenient forum or do not have jurisdiction over any Member or the Company and (iv) agrees that mailing of process or other papers in connection with any such Action in the manner provided in Section 13.10 or in
such other manner as may be permitted by Law shall be valid and sufficient service thereof. 
 (c)    EACH MEMBER AND
THE COMPANY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION BASED 

  
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UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH MEMBER AND THE COMPANY HEREBY ACKNOWLEDGES AND CERTIFIES (I) THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER MEMBER OR THE COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER MEMBER OR THE COMPANY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (III) IT MAKES THIS WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH
IN THIS SECTION 13.9(c). 
 (d)    The Members and the Company acknowledge and agree that irreparable damage
would occur and that the Members and the Company would not have any adequate remedy at law if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached, and that monetary damages, even if
available, would not be an adequate remedy therefor. It is accordingly agreed that the Members and the Company shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of the
terms and provisions hereof in accordance with this Section 13.9, without proof of actual damages (and each of the Members and the Company hereby waives any requirement for the security or posting of any bond in connection
with such remedy), this being in addition to any other remedy to which they are entitled at law or in equity. The Members and the Company further agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to
applicable Law or inequitable for any reason, and not to assert that a remedy of monetary damages would provide an adequate remedy for any such breach or that the Members and the Company otherwise have an adequate remedy at law. 

Section 13.10.    Notices. All notices and other communications to be given or made hereunder shall be in
writing and shall be deemed to have been duly given or made on the date of delivery to the recipient thereof if received prior to 5:00 p.m. in the place of delivery and such day is a Business Day (or otherwise on the next succeeding Business Day) if
(a) served by personal delivery or by an internationally recognized overnight courier service to the Person for whom it is intended, (b) delivered by registered or certified mail, return receipt requested or (c) sent by email, as
provided in this Section 13.10, provided, that the email is confirmed orally or in writing by the recipient thereof (excluding
out-of-office replies or other automatically generated responses): 
  

			
	 To the Company:
	  	
		
		  	 DIRECTV Entertainment Holdings LLC

		  	 2260 East Imperial Highway, 12th Floor

		  	 El Segundo, California 90245

		  	 Attention: Secretary

		
	 With a copy to:
	  	
		
		  	 DIRECTV Entertainment Holdings LLC

		  	 2260 East Imperial Highway, 12th Floor

		  	 El Segundo, California 90245

		  	 Attention: Assistant Secretary

  
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	To AT&T Member:	  	
		
		  	AT&T MVPD Holdings LLC
		  	208 S. Akard St.
		  	Dallas, Texas 75220
		  	Attn: SVP – Corporate Strategy and Development
		  	Email: sm3763@att.com
		
		  	AT&T MVPD Holdings LLC
		  	208 S. Akard St.
		  	Dallas, Texas 75220
		  	Attn: SVP – Assistant General Counsel
		  	Email: th4963@att.com
		
	With a copy to:	  	
		
		  	Sullivan & Cromwell LLP
		  	1888 Century Park East, Suite 2100
		  	Los Angeles, California 90067
		  	Attn: Eric M. Krautheimer
		  	Email: krautheimere@sullcrom.com
		
		  	Sullivan & Cromwell LLP
		  	125 Broad Street
		  	New York, New York 10004
		  	Attn: Melissa Sawyer
		  	Email: sawyerm@sullcrom.com
		
	To Investor Member:	  	
		
		  	TPG VIII Merlin Investment Holdings, L.P.
		  	c/o TPG Capital, L.P.
		  	301 Commerce Street, Suite 3300
		  	Fort Worth, TX 76102
		  	Attn: Office of the General Counsel
		  	E-mail: officeofgeneralcounsel@tpg.com

  
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	And a copy (which copy shall not constitute notice) to:
		
		  	Ropes & Gray LLP
		  	Three Embarcadero Center
		  	San Francisco, CA 94111
		  	Attention: Jason Freedman / Minh-Chau Le / C. Michael Roh / Matt Jacobson / Howard Glazer
		  	Email: jason.freedman@ropesgray.com / minh-chau.le@ropesgray.com / michael.roh@ropesgray.com / matthew.jacobson@ropesgray.com / howard.glazer@ropesgray.com

 or to such other Person or addressees as may be designated in writing by the party to receive such notice as provided above;
provided, however, that copies shall be provided to outside counsel for convenience only, such copies shall not, in and of themselves, constitute notice and the failure to provide any such copy shall not alter the effectiveness of any notice
or other communication otherwise duly made or given. 
 Section 13.11.    Counterparts; Effectiveness.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. This Agreement shall become effective if and only upon the consummation of the
Closing, so long as each party hereto shall have received a counterpart hereof signed by each other party hereto prior to such time. 

Section 13.12.    Interpretation; Construction. 

(a)    The table of contents and headings herein are for convenience of reference only, do not constitute part of this
Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to an Annex, Exhibit, Article, Section or Schedule, such reference shall be to an Annex, Exhibit, Article,
Section or Schedule to this Agreement unless otherwise indicated. 
 (b)    If a term is defined as one part
of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). The terms defined in the singular have a comparable meaning when used in the plural and vice versa. The rule known as the
ejusdem generis rule shall not apply, and accordingly, general words introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of
acts, matters or things. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “hereunder” and words of
similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” shall not be exclusive. Currency amounts referenced herein are in U.S. Dollars. Any
capitalized term used in any Schedule or Exhibit but not otherwise defined therein shall have the meaning given to them as set forth in this Agreement. All accounting terms used herein and not expressly defined herein shall have the
meanings given to them under GAAP. References to “written” or “in writing” include documents in electronic form or transmission by email. 

  
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 (c)    Except as otherwise specifically provided herein, all references
in this Agreement to any Law include the rules and regulations promulgated thereunder, in each case as amended, re-enacted, consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation or replacement, reference herein to a particular provision shall be read as referring to such amended, re-enacted, consolidated or replaced
provision and shall also include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in connection therewith; provided, that for purposes of any representations and warranties set forth in this
Agreement that are made as of a specific date, references to any Law shall be deemed to refer to such Law as amended as of such date. 

(d)    Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days
are specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day. 

(e)    This Agreement has been drafted jointly through the exchange of drafts hereof, so no presumption or burden of proof
shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provision of this Agreement. 
 [Signature
page follows] 

  
 -84- 

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

					
	DIRECTV ENTERTAINMENT HOLDINGS LLC
		
	By:	 	 /s/ Ray Carpenter

		 	Name:	 	Ray Carpenter
		 	Title:	 	Chief Financial Officer
	
	AT&T MVPD HOLDINGS LLC
		
	By:	 	 /s/ Andrew Gillard

		 	Name:	 	Andrew Gillard
		 	Title:	 	Authorized Representative
	
	TPG VIII MERLIN INVESTMENT HOLDINGS, L.P.
	
	 By: TPG Merlin SPV GP, LLC
 its
general partner

		
	By:	 	 /s/ Michael LaGatta

		 	Name:	 	Michael LaGatta
		 	Title:	 	Vice President

  
 [Signature Page to
Amended and Restated Limited Liability Company Agreement of DIRECTV Entertainment Holdings LLC] 

 ANNEX A 

DEFINITIONS 

“Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101,
et seq. 
 “Action” means any action, suit, claim, complaint, litigation, investigation, audit, proceeding,
arbitration or other similar dispute. 
 “Additional Cash Amount” has the meaning set forth in the Contribution Agreement.

 “Adjusted Capital Account” means, with respect to any Member, such Member’s Capital Account balance
(a) reduced for any items described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and (b) increased for any amount such Person is obligated to contribute or is treated as being obligated to contribute to the
Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to Member liabilities to the Company) and the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(l) and 1.704-2(i)(5) (relating to minimum gain or
member nonrecourse debt minimum gain), as of the end of the Company’s Tax Year, after taking into account thereunder any changes during such year in minimum gain or member nonrecourse debt minimum gain. 

“Adjusted Capital Account Deficit” means with respect to any Member as of the end of any Tax Year, the amount by which the
balance in such Member’s Adjusted Capital Account is less than zero. 
 “Adjustment Event” means, without duplication:
(i) the filing by the Company of any amended U.S. federal income tax return or administrative adjustment request or (ii) a “determination” as defined in Code Section 1313(a). 

“Adjustment Tax Distribution Amount” means, for any Adjustment Event and with respect to an Unit and Tax Year, an amount
equal to: (a) Assumed Tax Liability Amount with respect to such Unit, as adjusted to take into account the Adjustment Event with respect to the Tax Year (to the extent such Adjustment Event is not already taken into account in the computation
of the Assumed Tax Liability Amount), reduced (but not below zero) by (b) the sum of the Assumed Tax Liability Amount for the Tax Year (as determined without regard to any Adjustment Event) and any prior Adjustment Tax Distribution Amounts for
the Tax Year with respect to such Unit. 
 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made (for purposes of this definition, the term
“control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise); provided, that the term Affiliate (i) when used with respect to any Member or any of its
Affiliates, shall not include the Company or any of its Subsidiaries and (ii) when used with respect to the Company or any of its Subsidiaries, shall not include any Member or any of its Affiliates, and provided, further,
that Investor Member and its Affiliates, on the one hand, shall not be deemed to be Affiliates of AT&T Member and its Affiliates, on the other hand. The terms “Affiliated” and “Affiliation” shall have
correlative meanings. 

  
 A-1 

 “Affirmative Step” means any of the following affirmative actions to
undertake or commence a Qualified IPO: (a) authorization by resolution or written consent by board of directors (or equivalent) of Investor Member or an Affiliate thereof for Investor Member or such Affiliate to take preparatory steps and incur
related costs to proceed with a Qualified IPO, (b) the public announcement by Investor Member or an Affiliate thereof of its intention to effect a Qualified IPO or (c) the preparation of disclosure documents and other regulatory filings
reasonably required to obtain material Governmental Approvals and consents to consummate a Qualified IPO (including one or more of an information statement, proxy statement, registration statement or exchange offer documents required in connection
with a Qualified IPO by the rules and regulations of the SEC). 
 “Alternative IPO Entity” means (a) the Company
(including any entity formed in a Corporate Conversion Transaction pursuant to Section 9.2(a) or a Conversion Event pursuant to Section 9.2(c)); (b) any successor to the Company or any surviving
entity resulting from a merger, conversion, reorganization, consolidation or other business combination involving the Company or any Subsidiary of the Company; (c) any parent or Subsidiary of the Company (or a holding vehicle formed to hold
Equity Securities of the Company or such Subsidiary) that is or will be a direct or indirect holding entity for the Company and its Subsidiaries; or (d) any other entity the securities of which are exchanged for Units pursuant to
Section 9.2(a) in anticipation of a Qualified IPO, in each case, that is the issuer of securities in such Qualified IPO (including Investor Blocker or a successor thereto in accordance with the terms hereof). 

“Annual Operating and Capital Budget” means the annual budget of the Company which shall initially be in the form delivered
to the Members at Closing. 
 “Antitrust Law” means all U.S. and non-U.S.
antitrust, competition or other Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition. 

“Assumed Estimated Tax Liability Amount” means, with respect to a Unit and Estimated Tax Distribution Period and a Tax Year,
an amount equal to: (i) the Assumed Tax Liability Amount with respect to the Unit and Tax Year calculated based solely upon Partnership Taxable Income for the Tax Year until the end of the Estimated Tax Distribution Period, reduced (but not
below zero) by (ii) the sum of the Assumed Estimated Tax Liability Amounts previously calculated in respect of any previous Estimated Tax Distribution Periods with respect to the Tax Year, as calculated in accordance with the methodology
set forth in Exhibit D hereto. 
 “Assumed Tax Liability Amount” means, with respect to a Unit and Tax Year,
(a) the Partnership Taxable Income allocated in such Tax Year in respect of such Units, multiplied by (b) the applicable Assumed Tax Rate, increased by any additional amounts payable as a result of any
election made pursuant to Section 6226 of the Code (and any substantially similar provision of state or local tax Law) with respect to the Company. For purposes of calculating the Assumed Tax Liability Amount, the Partnership Taxable Income
shall be deemed to be allocated (i) first, to Investor Member in respect of the amounts distributable under Section 7.1(b)(i) in respect of the Senior Preferred Units, (ii) second, to the AT&T Member in
respect of the amounts distributable 

  
 A-2 

 
under Section 7.1(b)(iii) in respect of the Junior Preferred Units and (iii) thereafter, to the Members in respect of their Common Units pro rata based on
the Membership Percentage of such Member and its Affiliates, taken together, as calculated in accordance with the methodology set forth in Exhibit D hereto. For the avoidance of doubt: (1) the amount calculated pursuant to clause
(i) in the preceding sentence with respect to a Tax Year will equal (I) the amounts distributed to Investor Member during such Tax Year under Section 7.1(b)(i) in respect of the Senior Preferred Units plus
(II) the aggregate Senior Preferred Unpaid Yield with respect to all Senior Preferred Units as of the close of such Tax Year minus (III) the aggregate Senior Preferred Unpaid Yield with respect to all Senior Preferred Units as of
the close of the Tax Year preceding such Tax Year, and (2) the amount calculated pursuant to clause (ii) in the preceding sentence with respect to a Tax Year will equal (I) the amount distributed to the AT&T Member during such Tax
Year under Section 7.1(b)(iii) in respect of the Junior Preferred Units plus (II) the aggregate Junior Preferred Unpaid Yield with respect to all Junior Preferred Units as of the close of such Tax Year
minus (III) the aggregate Junior Preferred Unpaid Yield with respect to all Junior Preferred Units as of the close of the Tax Year preceding such Tax Year. 

“Assumed Tax Rate” means, with respect to an item of Company income, the highest combined federal, state and local income tax
rate (giving effect to any deductibility of state and local income taxes for U.S. federal income tax purposes, assuming the maximum limitation on deductions, and taking into account the Medicare contribution tax on net investment income) applicable
to an individual (or a corporation, if higher) in any United States jurisdiction. As of the date hereof, the Members acknowledge and agree that the Assumed Tax Rate is approximately 54%. 

“AT&T” means AT&T Services, Inc., a Delaware corporation. 

“AT&T Member Return Criteria” means the aggregate Junior Preferred Unpaid Yield, Junior Preferred Unreturned Contribution
and Common Catch-Up Unreturned Contribution in respect of all Junior Preferred Units and Common Catch-Up Units held by AT&T Member will be reduced to zero (as a
result of receiving distributions or other proceeds, whether in the form of cash or non-cash consideration) at the time a Company Sale or Qualified IPO is consummated based on the Fair Market Value of such
proceeds or distributions determined as of the signing of definitive documentation with respect to a Company Sale or as of the consummation of a Qualified IPO (taking into account such transaction and reasonable good faith projections of
(a) the anticipated amount of time between execution of a definitive agreement for a Company Sale or commencement of a Qualified IPO and the consummation of the Company Sale or Qualified IPO, as applicable, and (b) any distributions by the
Company during the period of time described in clause (a)). 
 “AT&T TD Shortfall Distribution
True-Up Amount” means, as of any date of determination, an amount equal to the product of (i) the aggregate amount of AT&T TD Shortfall Distributions paid pursuant to
Section 7.1(a)(v) prior to such date, if any (excluding any such AT&T TD Shortfall Distributions with respect to which a distribution of a corresponding AT&T TD Shortfall Distribution
True-Up Amount has previously been paid pursuant to Section 7.1(b)(vi)), multiplied by (ii) four (4). 

“Auditor” means Ernst & Young (EY). 

  
 A-3 

 “Blocker” means each Investor Blocker and AT&T Member. 

“Book Value” means, with respect to any asset, the asset’s adjusted basis for U.S. federal income tax purposes;
provided, however, that (i) if property is contributed (or deemed contributed for U.S. federal income tax purposes) to the Company, the initial Book Value of such property shall equal its fair market value on the date of
contribution (as reasonably determined by the Partnership Representative), and (ii) if the capital accounts of the Members are adjusted (at such times as determined by Partnership Representative in accordance with applicable Treasury
Regulations) pursuant to Treasury Regulation Section 1.704-1(b) to reflect the fair market value of any Company asset, the Book Value of such asset shall be adjusted to equal its respective fair market
value as of the time of such adjustment (as reasonably determined by the Partnership Representative in accordance with applicable Treasury Regulations). The Book Value of all assets shall be adjusted thereafter by depreciation as provided in
Treasury Regulation Section 1.704-1(b)(2)(iv)(g) and any other adjustment to the basis of assets other than depreciation or amortization; it being understood and agreed that, to the extent permitted by
applicable law: (x) intangible assets of the Company or any Subsidiary with zero tax basis will be amortized on a 15-year straight line basis for purposes of Section 704(b) of the Code and Treasury
Regulations thereunder and (y) tangible assets of the Company or any Subsidiary will be depreciated under the alternative depreciation system pursuant to Section 168(g) of the Code. 

“Business Day” means any day ending at 11:59 p.m. (Eastern Standard Time) other than a Saturday, a Sunday or a day on which
banks in the City of New York and City of San Francisco are authorized or obligated by Law or executive order to close. 
 “Capital
Contributions” means the Initial Capital Contributions and Additional Capital Contributions (if any). 
 “Closing”
means the closing of the transactions pursuant to Section 3.1 of the Contribution Agreement. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Common Catch-Up Unreturned
Contribution” means, as of any date (an “Unreturned Contribution Measurement Date”), with respect to each outstanding Common Catch-Up Unit, an amount equal to the excess, if any, of
(a) the aggregate amount of Capital Contributions made (or deemed to have been made) in exchange for or on account of such Common Catch-Up Unit, over (b) the aggregate amount of prior distributions
(for the avoidance of doubt, excluding distributions pursuant to Section 7.1(a)(i)-(v)) made by the Company pursuant to Section 7.1(b)(v) in respect of such Common
Catch-Up Unit from and including the date hereof through and excluding such Unreturned Contribution Measurement Date; provided, that the Common Catch-Up
Unreturned Contribution shall never be less than zero. 
 “Communications Act” means the Communications Act of 1934, as
amended. 
 “Company Competitor” means (i) Altice USA, Inc., Charter Communications, Inc., Comcast Corporation, Cox
Communications, Inc., Dish Network Corporation, Liberty Global plc, Deutsche Telekom AG / T-Mobile US, Inc. and Verizon Communications Inc. and (ii) any Controlled Affiliate of any Person described in
clause (i). 

  
 A-4 

 “Company Competitor Transferee” means (i) Charter Communications,
Inc., Comcast Corporation, Deutsche Telekom AG / T-Mobile US, Inc. and Verizon Communications Inc. and (ii) any Controlled Affiliate of any Person described in clause (i). 

“Company Sale” means any single transaction or series of related transactions involving (i) any merger, amalgamation,
consolidation, share exchange, Permitted Recapitalization, business combination, sale or issuance of Equity Securities (on a primary or secondary basis) or similar transaction of the Company, to, with or into any bona fide third party pursuant to
which more than 50% (by Fair Market Value as of the time of the signing of definitive documentation with respect to such Company Sale) of the outstanding Equity Securities of the Company and more than 50% of the aggregate voting power of the Company
will be acquired directly or indirectly by such third party (including for purposes of these 50% tests the Equity Securities and voting power of the Company held directly or indirectly by an Investor Blocker or by AT&T Member being directly or
indirectly acquired by such third party or Affiliate thereof, in proportion to the percentage of the Equity Securities in such Investor Blocker or AT&T Member being so acquired in such transaction(s)) or (ii) the sale of at least 90% of the
assets of the Company and its Subsidiaries (determined on a consolidated basis based on Fair Market Value as of the time of the signing of definitive documentation with respect to such Company Sale, but excluding any spectrum assets from such
calculation) to a bona fide third party (including by means of merger, consolidation, other business combination, exclusive license, share exchange or other reorganization); provided that such sale of assets in clause (ii) shall not take
into account the Fair Market Value of the Option Spectrum. For the avoidance of doubt, in determining whether such transaction involves the acquisition of more than 50% (by Fair Market Value as of the time of such Company Sale) of the outstanding
Equity Securities or the aggregate voting power of such Person, such calculation shall include the Equity Securities required to be sold pursuant to Section 8.4. 

“Confidential Information” means any information concerning the Members or any of their respective Affiliates, the Company or
any of its Subsidiaries or the financial condition, business, operations or prospects of the Members or any of their respective Affiliates or the Company or any of its Subsidiaries in the possession of or furnished to the Company or any Member, as
applicable (including by virtue of any Member’s present or former right to appoint a Manager); provided, that the term “Confidential Information” shall not include information that (i) is or becomes generally available to
the public other than as a result of a disclosure by such Person or its Affiliates or any of their respective Representatives in violation of this Agreement, (ii) was available to such Person on a
non-confidential basis prior to its disclosure to such Person or its Representatives by the Company or the other Members or their Representatives, or (iii) becomes available to such Person on a non-confidential basis from a source (other than the Company or the other Members or their Representatives) after the disclosure of such information to such Person or its Representatives by the Company or the
Members or their Representatives, which source is (at the time of receipt of the relevant information) not, to such Person’s knowledge, bound by a confidentiality agreement with (or other confidentiality obligation to) the Company, the other
Members or any other Person. 
 “Consolidated EBITDA” shall have the meaning set forth in that certain Credit Agreement,
dated as of August 2, 2021, among DIRECTV Financing LLC, as the Borrower, DIRECTV Financing HoldCo LLC, as Holdings, Credit Suisse AG, Cayman Islands Branch, as Administrative Agent, Collateral Agent and an Issuing Bank and the other Lenders
party thereto, as it may be amended, supplemented, replaced or refinanced from time to time. 

  
 A-5 

 “Control” means, as to any Person, the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The terms “Controlled by”, “Controlled”, “under common Control
with” and “Controlling” shall have correlative meanings. 
 “Debt Documents” means, collectively,
any and all agreements, documents and instruments evidencing or securing any indebtedness of the Company or any of its Subsidiaries or any refinancing of any such indebtedness, including the Third Party Financing. 

“Deferred Revenue” means any “advance payments” within the meaning of Treasury Regulations Section 1.451-8 with respect to which recognition of income is accelerated in connection with the Transactions (as defined in the Contribution Agreement). 

“Depreciation” means, for each Tax Year, an amount equal to the depreciation, amortization, or other cost recovery deduction
allowable for U.S. federal income tax purposes with respect to an asset for such Tax Year, except that, if the Book Value of an asset differs from its adjusted basis for U.S. federal income tax purposes at the beginning of such Tax Year,
Depreciation shall be an amount that bears the same ratio to such beginning Book Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such Tax Year bears to such beginning adjusted tax basis;
provided, however, that if the adjusted basis for U.S. federal income tax purposes of an asset at the beginning of such Tax Year is zero, Depreciation shall be determined with reference to such beginning Book Value using any
reasonable method selected by the Partnership Representative. 
 “Distributable Excess Cash Flow” means, with respect to a
fiscal quarter, (a) the amount of Pre-Debt Prepayments Excess Cash Flow for such fiscal quarter less (b) the amount of principal of indebtedness of the Company required to be repaid (other
than regularly scheduled amortization that is deducted in calculating the Pre-Debt Prepayments Excess Cash Flow) during such fiscal quarter, including required repayments of any third-party indebtedness during
such fiscal quarter less (c) the amount of distributions pursuant Section 7.1(b)(i) for such fiscal quarter, as calculated in accordance with the methodology set forth in Exhibit D hereto. 

“Equity Securities” means, with respect to any Person, (i) any capital stock, partnership interests, limited liability
company interests, units or any other type of equity interest, or other indicia of equity ownership (including profits interests), (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any of the
foregoing (including any option to purchase such convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any security described in clause (i) or clause (ii), (iv) any such warrant or right or
(v) any security issued in exchange for, upon conversion of or with respect to any of the foregoing securities of such Person. 

“Estimated Tax Distribution Date” means March 15, June 15, September 15 and December 15, or such other
dates as required by Law for the payment of estimated taxes by domestic corporations. 

  
 A-6 

 “Estimated Tax Distribution Period” means, with respect to a Tax Year, each
of the following calendar periods (with all such periods inclusive of the start and end dates): (i) from January 1 to March 31 of the Tax Year, (ii) from January 1 to May 31 of the Fiscal Year, (iii) from January 1
to August 31 of the Tax Year and (iv) from January 1 to December 31 of the Tax Year; or such other periods as are required by Law for the calculation of estimated taxes by domestic corporations. 

“Fair Market Value” means, with respect to any property, as of the relevant date of determination, the price that a willing
buyer, not Affiliated with a seller of such property and under no compulsion to buy, would pay in an arm’s length transaction for such property to a willing seller, under no compulsion to sell and not taking into account lack of liquidity or
any discount for a minority interest or otherwise for lack of Control; provided, that the “Fair Market Value” of any publicly traded Equity Security shall be determined as follows: (i) if traded on a securities exchange, the
“Fair Market Value” shall be deemed to be the average of the closing prices of the securities on such exchange over the 30-day period ending three calendar days prior to the relevant date of
determination and (ii) if actively traded over-the-counter, the “Fair Market Value” shall be deemed to be the average of the closing bids or sale prices
(whichever are applicable) over the 30-day period ending three calendar days prior to the relevant date of determination. 

“GAAP” means United States generally accepted accounting principles. 

“Government Official” means any public or elected official, officer or employee (regardless of rank), or other Person acting
on behalf of a national, provincial or local government, including a department, agency, instrumentality, state-owned or state-controlled entity, or public international organization, or any political party, party official or candidate for political
office. 
 “Governmental Approval” means any authorization, consent, waiver, order and approval of any Governmental Entity,
including any applicable waiting periods associated therewith. 
 “Governmental Entity” means any U.S. or non-U.S. governmental or regulatory authority, agency, commission, body, court or other legislative, executive, judicial, or administrative governmental entity at any level, or any agency, department or
instrumentality thereof. 
 “Initial Capital Contribution” means the AT&T Contribution and the Investor Contribution
made by AT&T Member and Investor Member, respectively, at the Closing. 
 “Initial Member Drag-Along Sell-Down” means,
as to an Initial Member, such time as the Initial Member and its Affiliates hold less than 50% of the number of Common Units held by such Initial Member as of the date hereof. 

“Initial Member Sell-Down” means, (i) as to AT&T Member, such time as AT&T Member holds less than 10% of the
number of Common Units held by AT&T Member as of the date hereof and (ii) as to Investor Member, such time as Investor Member holds less than 10% of the number of Common Units held by Investor Member as of the date hereof. 

“Investor Affiliated Fund” means any investment fund, corporation, trust, limited liability company, general or limited
partnership or other entity directly or indirectly Controlled by or under common Control with any Investor Fund. 

  
 A-7 

 “Investor Blocker” means any corporation (or any LLC formed under the laws
of the continental United States and treated as a corporation for U.S. federal income tax purposes), which directly or indirectly holds the beneficial interests in the Investor Member. 

“Investor Fund” means any of TPG Partners VIII, L.P., TPG VIII DE AIV I, LP, TPG VIII DE AIV
I-A, LP, TPG VIII DE AIV II, LP, TPG VIII DE AIV Genpar, LP, TPG Partners VIII (C), L.P., TPG Lonestar I, L.P., TPG VIII Merlin CI I, LP or TPG VIII Merlin CI II, LP. 

“Investor TD Shortfall Distribution True-Up Amount” means, as of any date of
determination, an amount equal to the product of (i) the aggregate amount of Investor TD Shortfall Distributions paid pursuant to Section 7.1(a)(v) prior to such date, if any (excluding any such Investor TD Shortfall
Distributions with respect to which a distribution of a corresponding Investor TD Shortfall Distribution True-Up Amount has previously been paid pursuant to Section 7.1(b)(vii)),
multiplied by (ii) 2 multiplied by (iii) two-and-one third (i.e., 7/3). 

“IPO Entity” means the Company, Alternative IPO Entity or Newco, as applicable, whose Equity Securities are listed on a
national securities exchange in accordance with this Agreement as a result of the Qualified IPO. 
 “Junior Preferred Unpaid
Yield” means, with respect to each outstanding Junior Preferred Unit, as of any date (a “Junior Yield Measurement Date”), an amount equal to the excess, if any, of (i) the aggregate Junior Preferred Yield accrued on
such Junior Preferred Unit from and including the date hereof through and excluding such Junior Yield Measurement Date, over (ii) the aggregate amount of prior distributions made by the Company pursuant to
Section 7.1(b)(iii) in respect of such Junior Preferred Unit from and including the date hereof through and excluding such Junior Yield Measurement Date; provided, that the Junior Preferred Unpaid Yield shall never
be less than zero. 
 “Junior Preferred Unreturned Contribution” means, as of any date (a “Junior Unreturned
Contribution Measurement Date”), with respect to each outstanding Junior Preferred Unit, an amount equal to the excess, if any, of (a) the aggregate amount of Capital Contributions made (or deemed to have been made) in exchange for or
on account of such Junior Preferred Unit, over (b) the aggregate amount of prior distributions (for the avoidance of doubt, excluding distributions pursuant to Section 7.1(a)(i)-(v)) made by the Company pursuant to
Section 7.1(b)(iv) in respect of such Junior Preferred Unit from and including the date hereof through and excluding such Junior Unreturned Contribution Measurement Date; provided, that the Junior Preferred
Unreturned Contribution shall never be less than zero. 
 “Junior Preferred Yield” means, with respect to each outstanding
Junior Preferred Unit, an amount accruing on a daily basis from and including the date of issuance of such Junior Preferred Unit, at the rate of 6.5% per annum, compounding quarterly on the first day of each fiscal quarter following the issuance of
such Junior Preferred Unit, on the sum of (i) the Junior Preferred Unreturned Contribution and (ii) all amounts compounded pursuant to this sentence with respect to such Junior Preferred Unit. 

  
 A-8 

 “Law” means any federal, state, local or
non-U.S. law, statute or ordinance, common law, or any rule, regulation, standard, judgment, Order, writ, injunction, decree, arbitration award, agency requirement, license or Permit of any Governmental
Entity. 
 “Member” means, at any time, for so long as such Person holds any Units, (i) Investor Member,
(ii) AT&T Member and (iii) any other Person who, after the Closing, is admitted to the Company as a Member in accordance with the terms of this Agreement. No Person that is not a Member shall be deemed a “member” of the
Company under the Act. 
 “Membership Percentage” means, with respect to any Member as of any time, the number of Common
Units owned by such Member at such time divided by the aggregate number of outstanding Common Units. 
 “NFLST Agreement”
means that certain NFL Sunday Ticket Costs Agreement, dated as of July 31, 2021, by and between AT&T Member, the Company and DIRECTV Financing, LLC. 

“NFLST Losses” has the meaning ascribed to the term “Net Losses” in the NFLST Agreement. 

“Option Spectrum” shall have the meaning set forth in the Contribution Agreement. 

“Order” means any administrative decision or award, decree, injunction, judgment, order, quasi-judicial decision or award,
ruling or writ of any arbitrator, mediator or Governmental Entity. 
 “Partnership Taxable Income” means, solely for
purposes of Section 7.1(a)(i)-(v), the taxable income of the Company for U.S. federal income tax purposes; provided, that: (i) Partnership Taxable Income shall be determined prior to the NFLST Losses (except
that, solely for purposes of determining the Company’s “adjusted taxable income” within the meaning of Section 163(j) of the Code (and any similar or analogous provisions of state or local tax Law), Partnership Taxable Income
shall take into account the NFLST Losses), (ii) Partnership Taxable Income shall be determined without regard to the recognition of any built-in gain attributable to the AT&T Member’s contribution of
property to the Company pursuant to the Contribution Agreement and existing as of the Closing to the extent subject to special allocation under Section 704(c) of the Code, (iii) to the extent any amounts are treated as “guaranteed
payments” or a “capital shift” in respect of the Senior Preferred Units or Junior Preferred Units, Partnership Taxable Income shall be determined without regard to any deductions in respect of such guaranteed payments,
(iv) Partnership Taxable Income shall be determined without regard to any losses or deductions, including depreciation or amortization deductions attributable to any increase in tax basis, arising in connection with (or otherwise arising out
of) the transactions contemplated by the Contribution Agreement, including, without limitation, the Promissory Note and the transactions contemplated by the AT&T Reorganization (as defined by the Contribution Agreement) and (v), without
duplication for any item of taxable income otherwise included in the definition of Partnership Taxable Income, Partnership Taxable Income shall be determined by assuming that (A) subject to clause (B), any gross taxable income
attributable to any “advanced payment” (as defined by Treasury Regulations Section 1.451-8(a)) received by AT&T Member or any of its Subsidiaries (or any of their predecessors), the
Company or any of its Subsidiaries (or any of their predecessors), which gross taxable income (x) was recognized by the AT&T Member or any of 

  
 A-9 

 
AT&T Member’s Affiliates (including, prior to the Closing, the Company or any of its Subsidiaries) (or any of their predecessors) as a result of the transactions contemplated by the
Contribution Agreement or (y) would have been recognized by the AT&T Member or any of AT&T Member’s Affiliates (including, prior to the Closing, the Company or any of its Subsidiaries) (or any of their predecessors) as a result of
the transactions contemplated by the Contribution Agreement but for any action taken by the AT&T Member or any of the AT&T Member’s Affiliates (including, prior to the Closing, the Company or any of its Subsidiaries) (or any of their
predecessors) on or after January 1, 2020 outside of the ordinary course of business or that is inconsistent with past practice (any such taxable income described in clause (x) or (y) above, “Advanced Payment Taxable
Income”, and any such advanced payment, an “Advanced Payment”) was not recognized by the AT&T Member or any of the AT&T Member’s Affiliates (including the Company or any of its Subsidiaries) (or any of their
predecessors) during any taxable year (or portion thereof) ending on or prior to the date hereof, and (B) any Advanced Payment Taxable Income will be recognized by the Company and its Subsidiaries as if the Company and its Subsidiaries had
received such Advanced Payments directly and had elected to defer the resulting Advanced Payment Taxable Income pursuant to Treasury Regulations Section 1.451-8(c) (e.g., that the consummation of the
transactions contemplated by the Contribution Agreement does not accelerate the inclusion into income of any Advanced Payment (or portion thereof), and that the amount of any such Advanced Payment will be includable into income by the Company and
its Subsidiaries in the manner they would have been had no such acceleration occurred). 
 “Partnership Tax Audit Rules”
means Sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax Laws. 

“Permit” means any consent, license, permit, waiver, approval, authorization, certificate, registration or filing issued by,
obtained from or made with a Governmental Entity. 
 “Permitted Recapitalization” means any recapitalization or
reorganization with respect to the Company as part of a series of transactions resulting in a Company Sale or Qualified IPO in accordance with this Agreement, which recapitalization or reorganization shall not have any adverse economic effect on the
Initial Members that would not otherwise be imposed, incurred or effected in connection with such Company Sale or Qualified IPO (including any impact on the Senior Preferred Units, Junior Preferred Units, Common
Catch-Up Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Units and distributions in respect of such Units
pursuant to Section 7.1). 
 “Permitted Transferee” means (i) with respect to Investor
Member, (A) one or more Subsidiaries of an Investor Fund (excluding portfolio companies of Investor Member or of its Affiliates or Investor Affiliated Funds) or (B) one or more Subsidiaries of any Investor Affiliated Fund (excluding
portfolio companies of Investor Member or of its Affiliates or Investor Affiliated Funds), and (ii) with respect to AT&T Member, one or more Subsidiaries of AT&T Inc. For the avoidance of doubt, the term “Permitted Transferee”
as applied to either Initial Member shall not include any Company Competitor. 
 “Person” means any natural person,
corporation, company, partnership (general or limited), limited liability company, trust or other entity. 

  
 A-10 

 “Pre-Closing Period Bonuses” means
the unpaid obligations of AT&T and its Affiliates for which AT&T is required to reimburse the Company set forth in Section 6.9(i)(iv) of the Contribution Agreement. 

“Pre-Debt Prepayments Excess Cash Flow” means, with respect to a fiscal quarter, the
amount of cash available for distribution by the Company following payment of interest on any third-party indebtedness (and any amortization thereon) for such fiscal quarter and adjusted, in the reasonable discretion of the Board or the Chief
Financial Officer, for reasonably foreseeable obligations of the Company for the following fiscal quarter taking into account the known needs of the Company’s business for the following fiscal quarter and other matters contemplated for the
following fiscal quarter by the Annual Operating and Capital Budget (including but not limited to any distributions pursuant to Section 7.1(a) (taking into account any adjustment thereto in accordance with
Section 7.1(a)(iv) and Section 7.1(a)(v)), ordinary course obligations of the Company such as capital expenditures, working capital and investments) and any restrictions under applicable Law, as
calculated in accordance with the methodology set forth in Exhibit D hereto; provided, that two-thirds of the Additional Cash Amount, if any, shall be deemed to be
Pre-Debt Prepayments Excess Cash Flow and one-third of the Additional Cash Amount, if any, shall be deemed not to be Pre-Debt
Prepayments Excess Cash Flow and shall be distributable to the Members at any time in accordance with Section 7.1(c). 

“Property” means all real and personal property (whether tangible or intangible) owned by the Company, including, without
limitation, (a) cash, (b) current assets (such as accounts receivable) (c) contract rights, (d) investments (such as shares, stocks, securities, notes, bonds, debentures, derivative financial instruments, and other similar financial
assets), and (e) any improvements to real or personal property. 
 “Profit” and “Loss” means, for
each Tax Year, an amount equal to the Company’s net taxable income or net taxable loss for such Tax Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to
be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), but with the following adjustments: 

(i)    Any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in
computing Profit or Loss shall be added to such taxable income or loss; 
 (ii)    Any expenditures of the Company
described in Section 705(a)(2)(B) of the Code or treated as expenditures described in Section 705(a)(2)(B) of the Code pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing
Profit or Loss shall be subtracted from such taxable income or loss; 
 (iii)    In the event the Book Value of any
asset of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b) to reflect the fair market value of such asset as provided in the definition of “Book Value”, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profit or Loss; 

  
 A-11 

 (iv)    In lieu of the depreciation, amortization, and other cost
recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Tax Year; 

(v)    Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for U.S.
federal income tax purposes shall be computed by reference to the Book Value of the property disposed of (adjusted for accumulated Depreciation with respect to such property), notwithstanding that the adjusted tax basis of such property differs from
its Book Value; and 
 (vi)    Notwithstanding any other provision of this definition, any items which are specially
allocated pursuant to Section 6.6(b) shall not be taken into account in computing Profit or Loss. The amounts of items of Company income, gain, loss or deduction available to be specially allocated pursuant to
Section 6.6(b) shall be determined by applying rules analogous to those set forth in subparagraphs (i) through (v) above. 

“Promissory Note” means that certain Promissory Note, dated as of July 31, 2021, made by AT&T Inc. in favor of the
Company. 
 “Public Company Sale” means a Company Sale in which the Equity Securities of the Company or the resulting
company in the Company Sale (including any surviving or successor entity as a result of such Company Sale) become publicly traded voting Equity Securities or become Equity Securities of a class of publicly traded voting Equity Securities (or
securities convertible or exchangeable into publicly traded voting Equity Securities or Equity Securities of a class of publicly traded voting Equity Securities). 

“Qualified IPO” means the initial listing of the Equity Securities of the Company, an Alternative IPO Entity or Newco on the
New York Stock Exchange or the Nasdaq Stock Market with an aggregate public offering price of at least $500,000,000, including through (a) a firm commitment underwritten public offering led by a nationally recognized underwriting firm pursuant
to an effective registration statement filed under the Securities Act, (b) a direct listing, (c) an Up-C Structure or (d) a business combination transaction with a special purpose acquisition
company. 
 “Representative” means, with respect to any Person, the Affiliates of such Person and the officers, directors,
managers, employees, attorneys, accountants, financial advisors, agents, consultants, professional advisors and other representatives of such Person and its Affiliates. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Senior Preferred Unpaid Yield” means, with respect to each outstanding Senior Preferred Unit, as of any date (a
“Senior Yield Measurement Date”), an amount equal to the excess, if any, of (i) the aggregate Senior Preferred Yield accrued on such Senior Preferred Unit from and including the date hereof through and excluding such Senior
Yield Measurement Date, over (ii) the aggregate amount of prior distributions made by the Company pursuant to Section 7.1(b)(i) in respect of such Senior Preferred Unit from and including the date hereof through and
excluding such Senior Yield Measurement Date; provided, that the Senior Preferred Unpaid Yield shall never be less than zero. 

  
 A-12 

 “Senior Preferred Unreturned Contribution” means, as of any date (a
“Senior Unreturned Contribution Measurement Date”), with respect to each outstanding Senior Preferred Unit, an amount equal to the excess, if any, of (a) the aggregate amount of Capital Contributions made (or deemed to have
been made) in exchange for or on account of such Senior Preferred Unit, over (b) the aggregate amount of prior distributions (for the avoidance of doubt, excluding distributions pursuant to Section 7.1(a)(i)-(v)) made
by the Company in respect of such Senior Preferred Unit from and including the date hereof through and excluding such Senior Unreturned Contribution Measurement Date pursuant to Section 7.1(b)(ii); provided, that the
Senior Preferred Unreturned Contribution shall never be less than zero. 
 “Senior Preferred Yield” means, with respect to
each outstanding Senior Preferred Unit, an amount accruing on a daily basis from and including the date of issuance of such Senior Preferred Unit, at the rate of 10% per annum, compounding quarterly on the first day of each fiscal quarter following
the issuance of such Senior Preferred Unit, on the sum of (i) the Senior Preferred Unreturned Contribution and (ii) all amounts compounded pursuant to this sentence with respect to such Senior Preferred Unit. 

“Special Funding Event” means the occurrence of, or the reasonable anticipation of the occurrence of (based on the
Board’s good faith determination), either of the following: (i) a payment default or default due to the failure to satisfy a financial maintenance covenant under any Debt Documents evidencing indebtedness of the Company or any of its
Subsidiaries with an outstanding principal balance greater than or equal to $20,000,000, which default is continuing and has not been cured or waived by the date that is earlier of the stated maturity of such indebtedness and the date that such
default would allow for the applicable lenders or other debt holders under such agreement to declare that the amounts outstanding under such applicable agreement are due prior to its stated maturity by acceleration due to the occurrence and
continuance of such default, as applicable, or (ii) the Company being projected (based on the Board’s good faith determination) to be unable to meet its obligations as they come due within the subsequent three months. 

“Specified Regulatory Regime” means any of the following Laws to which AT&T Member or any Subsidiary of AT&T Inc. is
subject as of the date hereof: (i) U.S. federal, state or local telecommunications Laws, (ii) U.S. federal, state or local public utility commission Laws, (iii) Antitrust Laws and (iv) CFIUS and other foreign direct investment
Laws. 
 “Spectrum Operating Agreement” shall have the meaning set forth in the Contribution Agreement. 

“Subsidiary” means, with respect to any Person, any other Person (i) of which at least a majority of the securities or
ownership interests having by their terms ordinary voting power to elect a majority of the board of directors (or other Persons performing similar functions) of such other Person is directly or indirectly owned or controlled by such Person and/or by
one or more of its Subsidiaries or (ii) if such other Person is a partnership, limited partnership, limited liability company or other similar entity, (A) the securities or ownership interests conveying, directly or

  
 A-13 

 
indirectly, a majority of the economic interests in such other Person are directly or indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries or (B) such
Person and/or one or more of its Subsidiaries serves as the general partner or managing member of such other Person; provided, that the term Subsidiary, when used with respect to any Member or any of its Affiliates, shall not include the
Company or any of its Subsidiaries. 
 “Tax” has the meaning set forth in the Contribution Agreement. 

“Tax Year” means (i) the Fiscal Year or (ii) if after the date of this Agreement, the taxable year of the Company
is required by the Code or the Treasury Regulations promulgated thereunder to be a period other than the period described in clause (i), then each period that is the taxable year of the Company determined in accordance with the requirements of
the Code or the Treasury Regulations promulgated thereunder; provided, that in the case of a dissolution, Tax Year means the period from the day after the end of the most recently ended Tax Year until the dissolution of the Company. 

“Third Party Financing” means any third-party indebtedness of the Company for borrowed money, including any such indebtedness
incurred substantially concurrently with the consummation of the transactions under the Contribution Agreement. 
 “Total Leverage
Ratio” means, with respect to any period, the ratio of (a) the aggregate principal amount of indebtedness of the Company and its Subsidiaries outstanding as of the last day of such period, in an amount that would be reflected on a
balance sheet on a consolidated basis in accordance with GAAP, to (b) Consolidated EBITDA of the Company and its Subsidiaries for the preceding four fiscal quarters. 

“Transaction Documents” has the meaning set forth in the Contribution Agreement. 

“Transfer” means to sell, transfer, pledge, assign, create an encumbrance or otherwise dispose of any direct or indirect
economic, voting or other rights in or to any Equity Security, directly or indirectly (whether by merger, operation of law or otherwise), including by means of the Transfer of an interest in a Person that directly or indirectly holds such Equity
Security, and “Transferred”, “Transferring”, “Transferor” and “Transferee” shall have correlative meanings, except (a) with respect to the Investor Member, a sale, transfer,
pledge, assignment, creation of an encumbrance or other disposition in a secondary transaction by a limited partner of an investment fund or other vehicle that is an Affiliate of the Investor Member or an Investor Affiliated Fund of an interest in
such investment fund or other vehicle shall not be deemed a “Transfer” hereunder and (b) with respect to AT&T Member sale, transfer, pledge, assignment, creation of an encumbrance or other disposition of Equity Securities in
AT&T Inc. (or a successor entity) shall not be deemed a “Transfer” hereunder. 
 “Treasury Regulations” means
the regulations promulgated under the Code as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Unit” means each of the limited liability company interests in the Company, including the Common Units, AT&T TD Catch-Up Units, Investor TD Catch-Up Units, Common Catch-Up Units, Junior Preferred Units and Senior Preferred Units, which have the
terms set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act, and which are divided into equal proportionate units, including fractional units. 

  
 A-14 

 “Valuation Firm” means an investment bank or financial advisory firm of
national standing with experience in the valuation of businesses similar to those of the Company. 

  
 A-15 

 Each of the following terms is defined in the Section set forth opposite such term:

  

			
	 Term
	  	 Section

	 10% Member
	  	Section 11.1(a)
	 Additional Capital Contribution
	  	Section 2.1(b)
	 Additional Member
	  	Section 8.8(a)
	 Adjourned Meeting
	  	Section 4.3(d)
	 Aggregate Principal Amount
	  	Section 10.10
	 Agreement
	  	Preamble
	 All-In 704(c) Method
	  	Section 6.6(c)(ii)
	 Alternative Offer
	  	Section 8.3(e)
	 Applicable Jurisdiction
	  	Section 7.1(a)(vi)
	 AT&T Contribution
	  	Recitals
	 AT&T Economic Percentage
	  	Section 6.6(c)(ii)
	 AT&T Managers
	  	Section 4.1(c)(i)
	 AT&T Member
	  	Preamble
	 AT&T Member Prohibited Conditions
	  	Section 8.1(e)
	 AT&T NewCo
	  	Section 8.7
	 AT&T TD Catch-Up Unit
	  	Section 1.1(b)(ii)
	 AT&T TD Shortfall Distribution
	  	Section 7.1(a)(v)
	 Blocker Holders
	  	Section 8.6
	 Blocker Interests
	  	Section 8.6
	 Blocker Reduction Amount
	  	Section 8.6
	 Board
	  	Section 4.1(a)
	 Business
	  	Recitals
	 Calculation Notice
	  	Section 8.11(a)
	 Capital Account
	  	Section 2.3(a)
	 Certificate of Formation
	  	Recitals
	 Chief Executive Officer
	  	Section 4.7(a)
	 Chief Financial Officer
	  	Section 4.7(a)
	 Chosen Courts
	  	Section 13.9(b)
	 Common Unit
	  	Section 1.1(b)(i)
	 Common Catch-Up Unit
	  	Section 1.1(b)(ii)
	 Company
	  	Preamble
	 Compliance Program
	  	Section 10.2(c)
	 Contribution Agreement
	  	Recitals
	 Conversion Event
	  	Section 9.2(c)
	 Corporate Conversion Transaction
	  	Section 9.2(a)
	 Covered Persons
	  	Section 5.1(b)
	 Curative Method
	  	Section 6.6(c)(ii)
	 Debt Committee
	  	Section 4.6(d)
	 Drag-Along Manager
	  	Section 8.4(c)
	 Drag-Along Sale
	  	Section 8.4(a)
	 Drag-Along Sale Notice
	  	Section 8.4(c)
	 Drag Along Sale Percentage
	  	Section 8.4(a)
	 Drag-Along Sale Price
	  	Section 8.4(c)
	 Drag-Along Transferee
	  	Section 8.4(a)
	 Drag-Along Transferor
	  	Section 8.4(a)

  
 A-16 

			
	Dragged Member	  	Section 8.4(a)
	Economic Percentage	  	Section 7.1(a)(v)
	Electing Member	  	Section 2.7(a)
	Escrow Agent	  	Section 8.4(c)
	Existing LLC Agreement	  	Recitals
	Final Fair Market Value	  	Section 8.11(a)
	Fiscal Year	  	Section 6.1
	Flow-Through Entity	  	Section 10.3
	Former Permitted Transferee	  	Section 8.8(g)
	General Counsel	  	Section 4.7(a)
	HoldCo Holders	  	Section 8.7
	HoldCo Interests	  	Section 8.7
	HoldCo Reduction Amount	  	Section 8.7
	Indemnified Losses	  	Section 6.6(c)(viii)
	Indemnifying Party	  	Section 6.6(c)(viii)
	Independent Participant Manager	  	Section 4.1(a)
	Initial Member	  	Preamble
	Initial Offer	  	Section 8.3(b)
	Initial Offer Notice	  	Section 8.3(b)
	Initial Offer Period	  	Section 8.3(b)
	Initiating Member	  	Section 8.11(a)
	Investor Contribution	  	Recitals
	Investor Economic Percentage	  	Section 6.6(c)(ii)
	Investor Managers	  	Section 4.1(c)(i)
	Investor Member	  	Preamble
	Investor TD Shortfall Distribution	  	Section 7.1(a)(v)
	Investor TD Catch-Up Unit	  	Sections 1.1(b)(iii)
	IPO Demand	  	Section 9.1(d)
	IPO Demanding Party	  	Section 9.1(d)
	Issuance Notice	  	Section 2.6(a)
	Junior Preferred Unit	  	Section 1.1(b)(v)
	Liquidating Agent	  	Section 12.4(a)
	Manager	  	Section 4.1(a)
	Marketing Period	  	Section 8.3(e)
	Merger	  	Section 10.3
	Newco	  	Section 9.2(c)
	Non-Initiating Member	  	Section 8.11(a)
	Non-Proposing Member	  	Section 2.7(a)
	Offer Price	  	Section 8.3(b)
	Offered Securities	  	Section 8.3(a)
	Offeror	  	Section 8.3(a)
	Original Meeting	  	Section 4.3(d)
	Partnership Representative	  	Section 6.7
	Per Unit Tag-Along Purchase Price	  	Section 8.5(a)
	Post-IPO Governing Documents	  	Section 9.2(d)
	Preemptive Rights Exercise Notice	  	Section 2.6(b)

  
 A-17 

			
	Proposed Fair Market Value	  	Section 8.11(a)
	Proposed Transferee	  	Section 8.5(a)
	Proposing Member	  	Section 2.7(a)
	Registration Rights Agreement	  	Section 9.6
	Regulatory Allocations	  	Section 6.6(b)(vi)
	Reserved Matter	  	Section 4.5
	Restricted Person	  	Section 4.1(e)
	ROFO Member	  	Section 8.3(c)
	ROFO Sale	  	Section 8.3(a)
	Second Marketing Period	  	Section 8.3(e)
	Second Notice	  	Section 2.6(b)
	Second Offer	  	Section 8.3(e)
	Second Offer Notice	  	Section 8.3(e)
	Second Offer Period	  	Section 8.3(e)
	Secretary	  	Section 2.6(e)
	Senior Officer	  	Section 4.7(a)
	Senior Preferred Unit	  	Section 1.1(b)(vi)
	Special Funding Proposal	  	Section 2.7(a)
	Special Funding Determination Period	  	Section 2.7(a)
	SpinCo	  	Section 10.3
	Tag-Along Right	  	Section 8.5(a)(i)
	Tag-Along Sale	  	Section 8.5(a)(ii)
	Tag-Along Sale Notice	  	Section 8.5(b)
	Tag-Along Seller	  	Section 8.5(d)
	Tag-Along Transferor	  	Section 8.5(a)
	Tag-Along Unreturned Contribution	  	Section 8.5(a)(i)
	Tax	  	Section 8.4(f)
	Tax Group	  	Section 7.1(a)(vi)
	Tax Reserved Matter	  	Exhibit B
	Tax Sharing Amount	  	Section 7.1(a)(vi)
	Tax Sharing Payment	  	Section 7.1(a)(vi)
	TD Shortfall Distribution	  	Section 7.1(a)(v)
	Transactions	  	Section 13.9(b)
	Transfer Notice	  	Section 8.3(a)
	Up-C Structure	  	Section 9.2(c)

  
 A-18Exhibit 10.1

 

LEASE AGREEMENT

(Multi-Tenant Industrial Facility)

 

ARTICLE ONE: BASIC TERMS.

 

This Article One contains
the Basic Terms of this Lease agreement (“Lease”) between the Landlord and Tenant, as defined below.

 

Section 1.01. Date of
Lease: July 28, 2021 (for reference purposes only). This Lease shall be effective on the date mutually executed and delivered
by Landlord and Tenant.

 

Section 1.02. Landlord:
9TH & VINEYARD, LLC, a Delaware limited liability company (“Landlord”).

 

	Address of Landlord:   	9th & Vineyard, LLC
	 	450 Newport Center Drive, Suite 405
	 	Newport Beach, California 92660
	 	Attn: Adrienne Cord
	 	Email: acord@phelandevco.com

 

Section 1.03. Tenant:
iPOWER INC., a Nevada corporation (“Tenant”).

 

	Address of Tenant:   	iPower Inc.
	 	2399 Bateman Avenue
	 	Duarte, CA 91010
	 	Attn: Chenlong Tan
	 	Email: law.t@meetipower.com

 

Section 1.04. Premises:
The “Premises” is that certain building currently under construction consisting of an approximately Ninety-Nine Thousand
Three Hundred Forty Seven (99,347) square foot building known as Building C, having an address of 8798 9th Street, Rancho Cucamonga,
California. The tenant will be leasing the Premises, which is included as part of the Landlord’s “Project”,
which Project consists of approximately 11.73 acres of land, as more particularly described on Exhibit A, attached hereto
and made a part hereof (“Land”), the Premises, the other two (2) buildings located on the Land, all Common Areas (as
hereinafter defined) and all other improvements located or to be located on the Land. For purposes of this Lease, the parties acknowledge
and accept the Premises as being the sizes set forth in this Section 1.04 and the Premises shall not be re-measured.

 

Section 1.05. Lease Term:
The term of this Lease (“Lease Term”) shall be for sixty-two (62) months, commencing on Substantial Completion
of the Landlord Improvements (as such terms are hereinafter defined in the Work Letter attached hereto as Exhibit D and made
a part hereof) (“Commencement Date”) and expiring on the last day of the full calendar month sixty-two (62) months
after the Commencement Date (“Expiration Date”). Landlord will use commercially reasonable efforts to cause the Commencement
Date to occur on or before November 15, 2021 (the “Target Commencement Date”)

 

Section 1.06. Permitted
Uses (See Article Five): Tenant shall be permitted to use the Premises for storage and distribution of hydroponic equipment, lighting,
and garden accessories and other ancillary uses, home products, pet products and other consumer products (“Permitted Use”),
and for no other purpose. Tenant shall ensure that the Permitted Use complies with all Applicable Laws (as hereinafter defined) and Tenant
shall be solely responsible for all obligations, and all costs, in connection with such compliance. Tenant shall not be permitted to
engage in manufacturing or assembly at the Premises without the express written consent of Landlord which may be granted or withheld
in Landlord’s sole discretion. Except as expressly set forth in the Work Letter as being a Landlord obligation, Tenant expressly
acknowledges and agrees that Landlord is making absolutely no representations or warranties of any kind, express or implied, in connection
with the zoning or permitted uses of the Premises or Project or whether Tenant’s Permitted Use is permitted by Applicable Laws
or governing authorities and that it shall be incumbent upon Tenant to confirm the same prior to execution of this Lease by Tenant.

 

 

 

    	 	1	 

     

    

 

Section 1.07. Intentionally
Deleted.

 

Section 1.08. Brokers (See Article
Fourteen):

 

		Landlord's Broker:	Lee & Associates
	 	 	 
		Tenant's Broker:	Jones Lang LaSalle Brokerage, Inc.

 

Section 1.09. Commission
payable to Landlord’s Broker and Tenant’s Broker (See Article Fourteen): Pursuant to a separate written agreement with
Landlord.

 

Section 1.10. Security
Deposit (See Section 3.02): Two Hundred Twenty-Eight Thousand Four Hundred Ninety-Eight and 10/100 Dollars ($228,498.10).

 

Section 1.11. Vehicle
Parking Spaces Allocated to Tenant: (See Section 4.05) Tenant shall be entitled to use all vehicle parking spaces and the one (1)
trailer parking stall, which are designated for the exclusive use by the Premises, as set forth on Exhibit E, attached hereto
and made a part hereof. If approved in writing by Landlord and the Declarant (as defined in the Project CC&Rs), Tenant shall also
be permitted to use, on a non-exclusive basis with other tenants of the Project, additional vehicle parking spaces (the number of which
shall be determined by Landlord and Declarant, if any) in the non-exclusive parking areas set forth on Exhibit E. Subject to the
written approval of Landlord and the Declarant under the Project CC&Rs, Tenant shall also be permitted to use, on a non-exclusive
basis with other tenants of the Project, additional trailer stalls in the non-exclusive trailer parking areas set forth on Exhibit
E; provided, however, that the total number of trailer stalls available for Tenant’s use (exclusive and non-exclusive) shall
not exceed the number of dock doors in the Premises. Tenant’s parking, both exclusive and non-exclusive, shall be subject to all
Applicable Laws and any rules and regulations as may be adopted by Landlord from time to time for the Project. Landlord shall not be
responsible for enforcing Tenant's parking rights against any third parties. All vehicles (including all contents thereof) shall be at
the sole risk of Tenant, it being expressly agreed and understood that Landlord has no duty to insure any of said vehicles (including
the contents thereof), and Landlord is not responsible for the protection and security of such vehicles. NOTWITHSTANDING ANYTHING TO
THE CONTRARY CONTAINED IN THIS LEASE, LANDLORD SHALL HAVE NO LIABILITY WHATSOEVER FOR ANY PROPERTY DAMAGE OR LOSS WHICH MIGHT OCCUR IN
THE PARKING AREAS OR AS A RESULT OF OR IN CONNECTION WITH THE PARKING OF VEHICLES IN ANY OF THE PARKING SPACES OR TRAILER STALLS.

 

Section 1.12. Rent and
Other Charges Payable by Tenant:

 

(a)              
Base Rent: Provided that Tenant is not in default of this Lease, Base Rent (as hereinafter defined) shall be fully abated during
the first two (2) months (i.e. 60 days) after the Commencement Date (“Abated Base Rent Period”); provided, however,
that Tenant shall be responsible for and pay all Additional Rent (as hereinafter defined) during each month of such Abated Base Rent
Period. Commencing on the first (1st) day following the expiration of the Abated Base Rent Period (“Rent Commencement Date”),
Tenant shall pay to Landlord, without demand, offset or delay, when due, base rent (“Base Rent”) in monthly installments
(prorated for any fractional month) in advance on or before the first day of each calendar month throughout the Lease Term in the amounts
set forth as follows:

 

	Months	Price
    Per Square Foot of the Premises Per Month 	Monthly
    Base Rent
	1-12	$1.15
    per square foot per month	$114,249.05
	13-24	$1.19
    per square foot per month	$118,222.93
	25-36	$1.23
    per square foot per month	$122,196.81
	37-48	$1.27
    per square foot per month	$126,170.69
	49-60	$1.31
    per square foot per month	$130,144.57
	61-62	$1.36
    per square foot per month	$135,111.92

 

 

 

    	 	2	 

     

    

 

(b)              
Other Periodic Payments: Commencing on the Commencement Date (or such other earlier date as may be specified in this Lease), Tenant
shall also be responsible for and pay Tenant’s Pro Rata Share of all other costs set forth in this Lease, including without limitation
the following: (i) Real Property Taxes (See Section 4.02); (ii) Utilities (See Section 4.03); (iii) Landlord’s
insurance costs (See Section 4.04); (iv) Common Area Costs (See Section 4.05); (v) Landlord’s costs and expenses
pursuant to Section 6.03; (vi) Association fees and dues (see Section 4.08); and (vii) Management and accounting
fees (see Section 4.08).

 

(c)              
Tenant’s Pro Rata Share: Tenant’s initial pro rata share (“Pro Rata Share”) shall be 100% of all
costs attributable to the Premises and the parcel containing the Premises.

 

Section 1.13. Landlord's
Share of Profit on Assignment or Sublease: (See Section 9.05) fifty percent (50%) of the Profit (as hereinafter defined) (the
“Landlord's Share”).

 

Section 1.14. Exhibits:
The following Exhibits are attached to and made a part of this Lease: Exhibit A - Legal Description of the Land, Exhibit B
- Guaranty, Exhibit C- Contractor’s Indemnity Agreement, Exhibit D - Work Letter, Exhibit E - Parking Exhibit.

 

ARTICLE TWO: LEASE TERM.

 

Section 2.01. Lease of
Premises for Lease Term. Landlord agrees to lease the Premises to Tenant and Tenant agrees to lease the Premises from Landlord for
the Lease Term. The Lease Term is for the period stated in Section 1.05 above and shall begin and, unless earlier terminated in
accordance with the express terms hereof, end on the dates specified in Section 1.05 above, unless the beginning or end of the Lease
Term is changed under any provision of this Lease or such change in the Lease Term as may be agreed to by the parties in writing, in
each party’s sole and absolute discretion.

 

Section 2.02. Delay in
Commencement.  Landlord shall not be liable to Tenant if Landlord does not deliver possession of the Premises to Tenant on the Target
Commencement Date. Notwithstanding the foregoing, if Substantial Completion of the Landlord Improvements has not occurred on or before
January 15, 2022, which date shall be extended for Force Majeure delays and Tenant Delays (as such terms are hereinafter defined) (“Outside
Date”), then Tenant shall receive a credit against Base Rent in the amount of one (1) day of Base Rent for each one (1) day
after the Outside Date that Substantial Completion of the Landlord Improvements has not occurred. Furthermore, if Substantial Completion
of the Landlord Improvements has not occurred on or before that date which is thirty (30) days after the Outside Date (as so extended
for Force Majeure delays and Tenant Delays as provided above), then Tenant shall have the right to terminate this Lease by giving Landlord
notice to that effect at any time within ten (10) days after such date, unless the Substantial Completion of the Landlord Improvements
has occurred prior to Landlord receiving such notice in which case such termination right will be null and void. The remedies set forth
in the two immediately preceding sentences shall be Tenant’s sole and exclusive remedies in connection with Landlord’s delay
in causing Substantial Completion of the Landlord Improvements. Other than as set forth above, Landlord's non-delivery of the Premises
to Tenant on that date shall not affect this Lease or the obligations of Tenant under this Lease except that the Commencement Date shall
be delayed until Landlord delivers possession of the Premises to Tenant and the Lease Term shall be extended for a period equal to the
delay in delivery of possession of the Premises to Tenant, plus the number of days necessary to end the Lease Term on the last day of
a month. Notwithstanding the foregoing, to the extent such delay is caused by a Tenant Delay (as hereinafter defined in the Work Letter),
then the Commencement Date will not be deferred and the Commencement Date will be the date on which Landlord would have delivered possession
of the Premises to Tenant with Substantial Completion of the Landlord Improvements absent the Tenant Delay. If delivery of possession
of the Premises to Tenant is delayed, Landlord and Tenant shall, upon such delivery, execute an amendment to this Lease setting forth
the actual Commencement Date, Rent Commencement Date, and Expiration Date. Failure to execute such amendment shall not otherwise affect
the actual Commencement Date, Rent Commencement Date, and Expiration Date.

 

 

 

 

    	 	3	 

     

    

 

Section 2.03. Early Access
Rights. Subject to the terms of this Section and with the prior written approval of Landlord (not to be unreasonably withheld), Tenant
shall be entitled to early access to the Premises commencing promptly after building shell completion for the limited purpose of fixturization.
During the early access period, Tenant shall be subject to all of the obligations and restrictions set forth in this Lease; provided,
however, that Tenant shall not be required to pay Rent but shall be required to pay for all utilities and trash removal during such early
access period. Prior to any early access to the Premises, Tenant shall: (i) provide Landlord with an original of the fully executed
Guaranty, if applicable, (ii) provide Landlord with evidence of Tenant’s compliance with all of its insurance requirements
hereunder, (iii) pay to Landlord all monetary amounts required to be paid by Tenant upon execution of the Lease (as set forth in
Sections 3.01 and 3.02 below), and (iv) ensure that all governmental agencies and authorities with jurisdiction over the Premises
have approved such early access activities of the Tenant. In no event shall Tenant be permitted to commence business operations in the
Premises prior to the Commencement Date. Early access to the Premises shall not advance the Expiration Date of this Lease. Tenant shall
not interfere with the work of Landlord’s contractors, consultants, or agents during such early access period and shall ensure
that Tenant’s agents, employees, contractors and invitees do not interfere with the work of Landlord’s contractors, consultants,
or agents. Any materials of Tenant or any other party with Tenant’s permission stored in the Premises shall be at Tenant’s
sole risk and Landlord will have no obligation to secure the Premises during such early access period. Tenant shall access the Premises
during any period of early access at Tenant’s sole risk. Landlord shall not be liable for any destruction, theft, vandalism or
any other damage to any personal property placed, kept or stored by or on behalf of Tenant or permitted to be placed, kept or stored
by Tenant during any period of early access.

 

Section 2.04. Holding
Over. Tenant shall vacate the Premises upon the expiration or earlier termination of this Lease. Tenant shall reimburse Landlord
for and indemnify Landlord against all damages which Landlord incurs from Tenant's delay in vacating the Premises, including without
limitation any and all actual, special, indirect, and/or consequential damages and lost profits arising from such holding over, including,
without limitation, the loss of any prospective tenants for the Premises. Additionally, if Tenant does not vacate the Premises upon the
expiration or earlier termination of this Lease and Landlord thereafter accepts Rent from Tenant, Tenant's occupancy of the Premises
shall then be a “month-to-month” tenancy, subject to all of the terms of this Lease applicable to a month-to-month tenancy
terminable by either party upon thirty (30) days written notice, except that the Base Rent then in effect shall be increased to one hundred
fifty percent (150%) of the then current Base Rent. Acceptance by Landlord of any Rent after such expiration or earlier termination of
this Lease shall not constitute a consent to a holdover hereunder or result in a renewal of this Lease.

 

ARTICLE THREE: BASE RENT.

 

Section 3.01. Time and
Manner of Payment. Commencing on the Rent Commencement Date and each month thereafter, Tenant shall pay Landlord the Base Rent, in
advance, without offset, deduction or prior demand; provided, however, that upon execution of this Lease, by Tenant, Tenant shall pay
Landlord the Base Rent in the amount stated in Section 1.12(a) above for the first (1st) full month of the Lease Term in which Base
Rent is due, which amount shall be applied to Base Rent as it becomes due under the Lease. All Rent shall be payable at Landlord's address
set forth in Section 1.02, or at such other place as Landlord may designate in writing. Notwithstanding anything to the contrary
contained in this Lease and notwithstanding any claims that Tenant may have against Landlord, Tenant’s obligation to timely pay
Rent is a covenant independent from any of Landlord’s obligations in this Lease.

 

Section 3.02. Security
Deposit. Upon the execution of this Lease by Tenant, Tenant shall deposit with Landlord a cash Security Deposit in the amount set
forth in Section 1.10 above. Landlord may apply all or part of the Security Deposit to any unpaid Rent or other charges due from
Tenant or to cure any other defaults of Tenant under this Lease, including, without limitation, such rent and other amounts to which
Landlord may be entitled under California Civil Code Section 1951.2, any expense incurred by Landlord in curing any such default, and/or
any damages incurred by Landlord by reason of such default (including, without limitation, attorneys’ fees). Tenant hereby waives
any restriction on the uses to which the Security Deposit may be applied as contained in Section 1950.7(c) of the California Civil Code
and/or any successor statute. If Landlord uses any part of the Security Deposit, Tenant shall restore the Security Deposit to its full
amount within ten (10) days after Landlord's written request. No interest shall be paid on the Security Deposit. Landlord shall not be
required to keep the Security Deposit separate from its other accounts and no trust relationship is created with respect to the Security
Deposit.

 

 

 

 

    	 	4	 

     

    

 

ARTICLE FOUR: OTHER CHARGES PAYABLE BY TENANT.

 

Section 4.01. Additional
Rent. All charges payable by Tenant under this Lease other than Base Rent are referred to herein as “Additional Rent”.
Unless this Lease provides otherwise, Tenant shall pay all Additional Rent commencing on the Commencement Date. Additional Rent shall
be paid on the first (1st) day of each month, in advance, without offset, deduction or prior demand. The term “Rent”
shall mean Base Rent and Additional Rent. If the Commencement Date is on a day other than the first (1st) day of the month, Additional
Rent for the first (1st) month (appropriately prorated) shall be due on the Commencement Date.

 

Section 4.02. Real Property
Taxes and Other Payments.

 

(a)              
Real Property Taxes and Other Payments. Tenant shall pay its Pro Rata Share of all Real Property Taxes, and the entire amount
of and any fees, taxes or assessments against, or as a result of, any tenant improvements installed or constructed by or for the benefit
of Tenant accruing during the Lease Term, pursuant to the terms of Section 4.05(e)(iii) below.

 

(b)              
Definition of Real Property Tax(es). “Real Property Tax” means: All real property taxes, assessments and similar charges
in connection with the Project, including, without limitation (i) any fee, license fee, license tax, business license fee, excise
tax, commercial rental tax, levy charge, assessment, penalty or tax imposed by any taxing authority against the Project; (ii) any
tax on the Landlord's right to receive, or the receipt of, Rent or income from the Project or against Landlord's business of leasing
the Project or in connection with Landlord’s business of owning and/or leasing space in the Project which are now or hereafter
levied or assessed against Landlord by the United States of America, the State of California or any political subdivision, public corporation,
district or other political or public entity; (iii) water and sewer charges, any tax or charge for fire protection, streets, sidewalks,
road maintenance, refuse, capital facilities districts, or other services provided to the Project by any governmental agency; (iv) any
tax imposed upon this transaction or based upon a re-assessment of the Project due to a change of ownership, as defined by applicable
law, or based upon a re-assessment of the Project due to any other transfer of all or part of Landlord's interest in the Project or any
improvements constructed by or for Tenant; (v) margin taxes, (vi) any fees, taxes or assessments against, or as a result of,
any tenant improvements installed on the Premises by or for the benefit of Tenant, and (vii) any charge or fee replacing any tax
previously included within the definition of Real Property Tax. “Real Property Tax” does not, however, include Landlord's
federal or state net income, franchise, inheritance or estate taxes.

 

(c)              
Joint Assessment. If the parcel containing the Premises is not separately assessed for tax purposes, Landlord shall reasonably
determine Tenant's Pro Rata Share of the Real Property Taxes payable by Tenant under Section 4.02(a). Tenant shall pay such share
to Landlord pursuant to the terms of Section 4.05(e)(iii) below.

 

(d)              
Personal Property Taxes.

 

(i)               
In addition to the Real Property Taxes, Tenant shall pay before the applicable due date, the entire amount of all taxes charged against
trade fixtures, furnishings, equipment and any other personal property belonging to Tenant and/or located within the Premises during
the Lease Term. Tenant shall have personal property taxed separately from the Premises.

 

(ii)             
If any of Tenant's personal property is taxed with the Premises, Tenant shall pay Landlord the taxes for the personal property pursuant
to the terms of Section 4.05(e)(iii) below.

 

 

 

 

    	 	5	 

     

    

 

Section 4.03. Utilities.
Beginning on the Commencement Date, Tenant shall have arranged with the utility suppliers to pay, directly to the appropriate supplier,
the cost of all natural gas, heat, light, power, sewer service, telephone, data/cable, water, refuse disposal and other utilities and
services supplied to the Premises, to the extent separately metered. However, if any services or utilities are jointly metered with other
premises within the Project, Landlord shall make a reasonable determination of Tenant's Pro Rata Share of the cost of such utilities
and services and Tenant shall pay such Pro Rata Share to Landlord as provided in Section 4.05(e)(iii). Landlord shall not be liable
for, and Tenant shall not be entitled to any damages or reduction of rentals by reason of, Landlord's failure to furnish, or an interruption
or failure of, any utility services.

 

Section 4.04. Insurance
Policies.

 

(a)              
Liability Insurance and Other Insurance to be Maintained by Tenant. During the Lease Term (or any earlier access of the Premises
by Tenant), Tenant shall maintain (a) a policy of commercial general liability insurance (sometimes known as broad form comprehensive
general liability insurance) insuring Tenant against liability for bodily injury, property damage (including loss of use of property),
advertising injury and personal injury arising out of the operation, use and occupancy of the Premises and its appurtenances (including
without limitation signs) and the Project, (b) Worker’s Compensation Insurance in the amount required by Applicable Laws and
Employer’s Liability with limits of not less than $1,000,000 per each accident; $1,000,000 disease-each employee; $1,000,000 disease-policy
limit, (c) business interruption insurance in commercially reasonable amounts, but in no event less than an amount equal to one
(1) year’s Rent, (d) Business Auto Liability for auto coverage and/or Truckers or Motor Carrier coverage form as appropriate for
insuring Tenant’s vehicles used on the Project with limits not less than $1,000,000, combined single limit, each accident, for
all owned, hired and non-owned autos or trucks or other insured vehicles, insuring against claims for bodily injury or property damage
(pollution exclusion under business auto liability shall be amended to include loss, damage, or injury caused by the discharge, dispersal,
release or escape of pollutants if it is the direct result of a sudden and accidental occurrence involving the operation or use of a
covered vehicle), and (e) Motor Truck Cargo Liability and/or Warehouse Legal Liability covering Tenant’s legal liability for personal
property of others on the Premises and the Project and including coverage for temporarily stored cargo on loaded trailers or otherwise
stored on the Premises and the Project with limits sufficient to insure the full value of Tenant’s legal liability for the cargo
or personal property. Tenant shall name Landlord, Landlord’s property manager, Landlord’s lender, and such other parties
as Landlord may request, as additional insured’s under such commercial general liability policy. The initial amount of such commercial
general liability policy shall be TWO MILLION DOLLARS ($2,000,000.00) per occurrence/THREE MILLION DOLLARS ($3,000,000.00) aggregate,
with an additional FIVE MILLION DOLLARS ($5,000,000.00) in umbrella coverage in excess of the required commercial general liability,
auto and employer’s liability, and shall be subject to periodic increase based upon inflation, industry standards, or increased
liability awards. Any general aggregate will apply on a per location basis. The liability insurance obtained by Tenant under this Section 4.04(a)
shall (i) be primary and non-contributing to any policies carried by Landlord and shall be written on an occurrence form basis and
contain a standard separation of insureds provision; (ii) contain cross-liability endorsements; and (iii) insure Landlord against
Tenant's performance under Section 5.05. Tenant shall be liable for the payment of any deductible amount under Tenant’s insurance
policies, which deductibles shall not exceed Twenty-Five Thousand Dollars ($25,000.00) per occurrence without the written consent of
Landlord and shall be the sole responsibility of Tenant. Such insurance shall include contractual liability per ISO standard form, products
and completed operations liability, personal injury liability, damage to rented premises and medical payments. The policy shall contain
an exception to any pollution exclusion which insures damage or injury arising out of heat, smoke or fumes from a hostile fire. The amount
and coverage of such insurance shall not limit Tenant's liability nor relieve Tenant of any other obligations under this Lease. In the
event Tenant shall store, use, or handle Hazardous Materials (as defined in Section 5.03) at the Premises or the Project, including,
without limitation, temporarily stored Hazardous materials as cargo on loaded trailers, then prior to storing, using or handling such
Hazardous Materials, Tenant shall, obtain pollution liability insurance in the minimum amount of One Million and 00/100 Dollars ($1,000,000.00),
per occurrence and Two Million and 00/100 Dollars ($2,000,000.00) annual aggregate, naming Landlord and such other parties as Landlord
may request, as additional insureds and Tenant shall deliver proof of such pollution liability insurance to Landlord. The immediately
preceding sentence shall in no event be deemed to allow Tenant to store, use or handle Hazardous Materials on or at the Premises where
such right is not specifically granted elsewhere in this Lease or in excess of any such right granted in this Lease. Tenant shall also
carry an all-risk property insurance policy insuring all personal property of Tenant including merchandise, leasehold improvements installed
by or for Tenant, including without limitation any improvements constructed or paid for by Tenant and the Landlord Improvements, if any
(collectively, the “Leasehold Improvements”), furniture, fixtures and other personal property within the Premises,
all at their full replacement cost. Tenant shall maintain boiler and machinery insurance against loss or damage from an accident from
Tenant installed equipment in the Premises or on the Project for replacement cost. All property insurance shall name Landlord as loss
payee as respects Landlord’s interest in any improvements and betterments, including any rents payable in connection therewith.
All costs of Tenant’s insurance required by this Section 4.04(a) shall be at Tenant’s sole cost and expense.

 

 

 

    	 	6	 

     

    

 

(b)              
Landlord’s Insurance.

 

(i)              
During the Lease Term, Landlord shall maintain policies of insurance covering loss of or damage to the Premises, excluding any Leasehold
Improvements in the Premises which shall be the obligation of Tenant to insure, in the full amount of its replacement value. Such property
policy shall provide protection against all perils included within the classification of fire, extended coverage, vandalism, malicious
mischief, special extended perils (all risk), sprinkler leakage and any other perils which Landlord deems necessary, including without
limitation earthquake and flood. Landlord’s property policy may include Rent loss coverage, with loss payable to Landlord, in amounts
equal to one (1) year’s Rent or such other amount as Landlord may deem appropriate.

 

(ii)            
Landlord may, in Landlord’s sole and absolute discretion, obtain pollution legal liability insurance and/or comprehensive public
liability insurance in an amount and with coverage to be determined by Landlord insuring Landlord against liability arising out of ownership,
operation, use or occupancy of the Premises. The policy obtained by Landlord, if any, shall not be contributory and shall not provide
primary insurance.

 

(iii)           
Landlord shall not obtain insurance for Tenant's fixtures, equipment or other personal property or any Leasehold Improvements.

 

(iv)            
Tenant shall not do or permit anything to be done which invalidates any insurance policies carried by Landlord.

 

(v)              
Landlord may also obtain such other insurance as Landlord determines to be necessary from time to time.

 

(c)              
Deductibles. Tenant shall be liable for the payment of any deductible amount under Tenant’s insurance policies maintained
pursuant to Section 4.04(a). Additionally, Tenant shall be liable for the payment of Tenant’s Pro Rata Share of any deductible
amount under Landlord’s insurance policies maintained under Section 4.04(b).

 

(d)              
Payment of Premiums. Tenant shall timely pay all premiums and other costs for the insurance policies described in Section 4.04(a)
before the applicable due date. Tenant shall also pay Tenant’s Pro Rata Share of all premiums and other costs for the insurance
policies described in Section 4.04(b) as provided in Section 4.05(e)(iii). If insurance policies maintained by Landlord cover
improvements on real property other than the Project, Landlord shall deliver to Tenant a statement of the premium or other costs applicable
to the Premises showing in reasonable detail how Tenant's Pro Rata Share of the premium or other cost was computed. Before the Commencement
Date or earlier occupancy of the Premises by Tenant, Tenant shall deliver to Landlord proof of insurance which Tenant is required to
maintain under Section 4.04(a). At least thirty (30) days prior to the expiration of any policy carried by Tenant, Tenant shall
deliver to Landlord a certificate of insurance, executed by an authorized officer of the insurance company, showing that the insurance
which Tenant is required to maintain under Section 4.04(a) is in full force and effect and containing such other information which
Landlord reasonably requires.

 

(e)              
General Insurance Provisions.

 

(i)               
Any insurance which Tenant is required to maintain under this Lease shall include a provision which requires the insurance carrier to
give Landlord not less than thirty (30) days' written notice prior to any cancellation of such coverage or modification such that said
coverage is reduced.

 

(ii)             
If Tenant fails to deliver a policy or insurance certificate to Landlord required under this Lease within the prescribed time period
or if any such policy is canceled or modified such that said coverage is reduced during the Lease Term without Landlord's written consent,
Landlord may obtain such insurance, in which case Tenant shall reimburse Landlord for the cost of such insurance within fifteen (15)
days after receipt of a statement that indicates the cost of such insurance.

 

 

 

 

    	 	7	 

     

    

 

(iii)           
Tenant shall maintain all insurance required under this Lease with companies licensed to do business in California and holding a “General
Policy Rating” of A-VIII or better, as set forth in the most current issue of “Best Key Rating Guide”. Landlord makes
no representation as to the adequacy of such insurance to protect Landlord's or Tenant's interests.

 

(iv)            
Landlord and Tenant each hereby waive any and all rights of recovery against the other, or against the officers, employees, agents or
representatives of the other, for loss of or damage to its property or the property of others under its control, to the extent that such
loss or damage is covered by any property insurance policy required to be carried hereunder. All insurance policies shall either contain
language explicitly permitting a waiver of subrogation on behalf of the subject insurer, or Landlord and Tenant shall cause their respective
insurance companies to endorse their respective insurance policies to permit a waiver of subrogation.

 

Section 4.05. Common Areas:
Use, Maintenance and Costs.

 

(a)              
Common Areas. As used in this Lease, “Common Area” shall mean all areas within the Project which are available
for the common use of tenants of the Project and which are not leased or held for the exclusive use of Tenant or other tenants or occupants,
including but not limited to, to the extent applicable to the Project, non-exclusive vehicle parking areas and non-exclusive trailer
parking stalls, driveways, sidewalks, landscaped areas and the facilities and improvements necessary for the operation thereof. Landlord
reserves the right at any time and from time to time, in Landlord’s sole discretion, to change, modify, reduce or add to the Common
Areas, decorate and make repairs, alterations, additions, changes or improvements, whether structural or otherwise, to the Common Areas,
change, alter, relocate, remove or replace service areas, or otherwise alter or modify the Common Areas and to take such measures for
safety or for the expediting of such work as may be required, in Landlord's judgment, all without affecting any of Tenant's obligations
hereunder, provided such work shall be performed in such a way as to not prevent Tenant’s use of the Premises for the Permitted
Use. The Common Areas shall be under the exclusive control and management of Landlord and/or the Declarant and/or CC&R Management
Company, as applicable. No site plan attached to this Lease shall be deemed a representation or warranty by Landlord that the Project
is or will remain as shown thereon and Landlord shall have the right to modify the same without the consent of Tenant. Landlord may relocate,
increase, reduce or otherwise change the number, dimensions, or locations of the parking areas, drives, exits, entrances, walks or any
other Common Areas, parcels, buildings or premises of other tenants. Landlord shall also have the right, in its sole and absolute discretion,
to subdivide and/or sell or transfer portions of the Project. Tenant acknowledges that such activities may result in and increase or
decrease Common Area land or facilities and/or an inconvenience to Tenant. Such activities are permitted if they do not prevent Tenant's
use of the Premises for the Permitted Use. Tenant waives any claim for rent abatement, loss of business or damages arising out of any
inconvenience allegedly experienced by Tenant during the course of the initial construction of the Project or any other alteration, improvement
or work by Landlord pursuant to this Lease.

 

(b)              
Use of Common Areas. Tenant shall have the nonexclusive right (in common with other tenants and occupants and all others to whom
Landlord has granted or may grant such rights) to use the Common Areas for the purposes intended, subject to such reasonable rules and
regulations as Landlord may establish from time to time and by any covenants, conditions and restrictions and all Applicable Laws to
which the Project is subject. Tenant shall abide by such Applicable Laws and rules and regulations and shall use commercially reasonable
effort to cause others who use the Common Areas with Tenant's express or implied permission to abide by such Applicable Laws and Landlord's
rules and regulations. At any time, Landlord may close any Common Areas to perform any acts in the Common Areas as, in Landlord's judgment,
are necessary or desirable to improve the Project. Tenant shall not interfere with the rights of Landlord, other tenants or occupants
or any other person entitled to use the Common Areas.

 

(c)              
Specific Provision re: Vehicle Parking. Tenant shall be entitled to use the number of vehicle parking spaces in the Project allocated
to Tenant in Section 1.11 of this Lease and as set forth on Exhibit E attached hereto. Tenant shall not cause large trucks
or other large vehicles to be parked within the Project, other than in designated truck docks or designated trailer stalls in the Premises
or Project. Temporary parking of large delivery vehicles in the Project may be permitted by the rules and regulations established by
Landlord. Vehicles shall be parked only in striped parking spaces and not in driveways, loading areas or other locations not specifically
designated for parking. Handicapped spaces shall only be used by those legally permitted to use them. If Tenant parks more vehicles in
the parking area than the number set forth in Section 1.11 of this Lease, such conduct shall be a material breach of this Lease.
In addition to Landlord's other remedies under this Lease, Tenant shall pay to Landlord a fine of $100 per vehicle per day for any vehicles,
including trucks and/or trailers, parked in violation of the above provisions by Tenant, its agents, employees or invitees. Landlord
shall give Tenant twenty-four (24) hours’ notice so as to allow Tenant to correct such violation prior to levying any such fine.

 

 

 

    	 	8	 

     

    

 

(d)              
Maintenance of Common Areas. Landlord, or the management company under the Project CC&Rs (“CC&R Management Company”),
as applicable, shall maintain the Common Areas in good order, condition and repair. Tenant shall pay Tenant's Pro Rata Share of all costs
incurred by Landlord (whether incurred by the CC&R Management Company and passed-through to Landlord under the Project CC&Rs
or whether incurred directly by Landlord) in connection with operating, administering, managing, maintaining, repairing and replacing
the Common Areas (“Common Area Costs”). Common Area Costs include, but are not limited to, costs and expenses for
and in connection with the following (to the extent provided): gardening and landscaping; snow and ice removal; exterior building maintenance
and repair, including common dock areas; maintenance, repair and replacement of the structural portions of the Premises; capital improvements,
striping, paving, slurrying and lighting of the parking areas; utilities, water and sewage charges; maintenance of signs (other than
Tenants' signs); janitorial services; security; maintenance and repair of sprinkler systems, ponds and fountains; maintenance and repair
of signage, indoor plants, and atriums; maintenance and repair of any fire protection systems, elevator systems, lighting systems, storm
drainage systems, and other utility systems; any governmental imposition or surcharge imposed upon Landlord or assessed against the Project
or portion thereof; telecommunication expenses; window cleaning; elevator or escalator services; material handling; premiums for liability,
property damage, fire and other types of insurance on the Common Areas and all Common Area improvements; all property taxes and assessments
levied on or attributable to the Common Areas and all Common Area improvements; all personal property taxes levied on or attributable
to personal property used in connection with the Common Areas; straight-line depreciation on personal property owned by Landlord which
is consumed in the operation or maintenance of the Common Areas; costs incurred by Landlord pursuant to Section 6.03 below; rental
or lease payments paid by Landlord for rented or leased personal property used in the operation or maintenance of the Common Areas; owner’s
association fees and dues and costs pursuant to any easement or other agreement of record to which the Premises is subject, including
without limitation under the Project CC&Rs; shared fire pump costs; fees for required licenses and permits; repairing, resurfacing,
repaving, maintaining, painting, lighting, cleaning, refuse removal, security and similar items; roof maintenance and repairs, reserves
for roof replacement and exterior painting and other appropriate reserves; and a reasonable allowance to Landlord for Landlord’s
supervision of the Common Areas. Landlord may cause any or all of such services to be provided by third parties and the cost of such
services shall be included in Common Area Costs. Common Area Costs shall not include depreciation of real property which forms part of
the Common Areas. Landlord shall have the right (but not the obligation) to allocate to the Premises, as Common Area Costs, an appropriate
portion of those expenses which are incurred with respect to the Project as a whole, including without limitation charges, assessments,
dues and membership fees assessed by any owners’ association. Notwithstanding anything to the contrary in this Lease, Tenant acknowledges
that the CC&R Management Company under the Project CC&Rs has the right and obligation to perform certain maintenance and repairs
of portions of the Project and Common Areas and the costs reimbursable by Landlord in connection therewith shall be deemed Common Area
Costs under this Lease. Notwithstanding anything to the contrary in this Lease, with regard to any portions of the Project that have
been sold and are not owned by Landlord, Landlord shall not have any obligation or responsibility in connection with such parcels or
any Common Areas located thereon and therein and such parcels shall be governed by the Project CC&Rs, including without limitation
maintenance of any Common Areas thereon.

 

(e)              
Tenant's Payment of Common Area Costs.

 

(i)             
Tenant shall pay Tenant's monthly Pro Rata Share of all Common Area Costs pursuant to the terms of Section 4.05(e)(iii) below.

 

(ii)            
Tenant's Pro Rata Share of Common Area Costs is set forth in Section 1.12(c) above.

 

(iii)           
Notwithstanding any other term in this Lease, Landlord may, at Landlord's sole election, estimate in advance and charge to Tenant as
Additional Rent on a monthly basis for the Lease Term, Tenant’s Pro Rata Share of all Real Property Taxes for which Tenant is liable
under Section 4.02 of this Lease, all of Landlord’s insurance costs for which Tenant is liable under Section 4.04 of
this Lease, and all Common Area Costs payable by Tenant under this Section 4.05 of this Lease. At Landlord's election, such statements
of estimated Additional Rent costs shall be delivered monthly, quarterly or at any other periodic intervals to be designated by Landlord.
Landlord may adjust such estimates at any time based upon Landlord's experience and reasonable anticipation of costs. Such adjustments
shall be effective as of the next Rent payment date after notice to Tenant. As soon as reasonably practical after the end of each calendar
year of the Lease Term, Landlord shall deliver to Tenant a statement (“Reconciliation Statement”) setting forth, in
reasonable detail, the Additional Rent paid or incurred by Landlord during the preceding calendar year and Tenant's Pro Rata Share thereof.
Upon receipt of such Reconciliation Statement, there shall be an adjustment between Landlord and Tenant, with payment by Tenant to Landlord,
or credit by Landlord to Tenant (as the case may be) so that Landlord shall receive the entire amount of Tenant's Pro Rata Share of such
costs and expenses for such period (and such adjustment obligation shall survive the expiration or earlier termination of this Lease).

 

 

    	 	9	 

     

    

 

Section 4.06. Late Charges.
Tenant's failure to pay Rent promptly may cause Landlord to incur unanticipated costs. The exact amount of such costs is impractical
or extremely difficult to ascertain. Such costs may include, but are not limited to, processing and accounting charges and late charges
which may be imposed on Landlord by any ground lease, mortgage or trust deed encumbering the Premises. Therefore, if Landlord does not
receive any Rent payment or any other amount due from Tenant under this Lease within three (3) business days after it becomes due, Tenant
shall pay to Landlord a late charge equal to the greater of (a) five percent (5.0%) of the overdue amount or (b) One Thousand
Dollars ($1,000.00). The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur
by reason of such late payment. The payment of such late charge shall not excuse or cure any Event of Default by Tenant under this Lease.

 

Section 4.07. Interest
on Past Due Obligations. Any amount owed by Tenant to Landlord which is not paid when due shall bear interest at the Default Rate
(as hereinafter defined) from the due date of such amount. However, interest shall not be payable on late charges to be paid by Tenant
under this Lease. The payment of interest on such amounts shall not excuse or cure any Event of Default by Tenant under this Lease. If
the interest rate specified in this Lease is higher than the rate permitted by applicable law, the interest rate is hereby decreased
to the maximum legal interest rate permitted by applicable law. The payment of such interest shall not excuse or cure any Event of Default
by Tenant under this Lease.

 

Section 4.08. Association
Fees and Dues and Management Fees. As part of the Common Area Costs, Tenant shall reimburse Landlord monthly for Tenant’s Pro
Rata Share of (a) any and all fees and dues to be paid pursuant to any owner’s association, or otherwise under the Project
CC&Rs and any other CC&Rs, of which the Project or portion thereof is subject, and (b) management and accounting fees and
expenses incurred by Landlord in connection with the Premises, the parcel containing the Premises, and the Project, including without
limitation any management and accounting fees charged under the Project CC&Rs.

 

ARTICLE FIVE: USE OF PREMISES.

 

Section 5.01. Applicable
Laws. Tenant shall at all times comply with, and ensure that the Premises complies with, all applicable federal, state and local
laws, including without limitation environmental laws and the Americans with Disabilities Act of 1990 and any similar state statute (collectively
and as the same may be amended, the “ADA”), codes, including without limitation applicable fire codes, ordinances,
restrictions, regulations, governmental regulations and orders, matters of record, including without limitation any CC&Rs covering
the Project or portion thereof, including without limitation that certain Declaration of Covenants, Conditions and Restrictions and Grant
of Easements which Landlord intends to cause to be recorded against the Project after the date of this Lease (“Project CC&Rs”)
(including without limitation any amendments to any matters of record after the date hereof that do not prevent Tenant from operating
from the Premises for the Permitted Use) (collectively, the “Applicable Laws”).

 

Section 5.02. Manner of
Use. Tenant shall use the Premises only for the Permitted Use and shall not cause or permit the Premises to be used in any way which
constitutes a violation of any Applicable Law or which constitutes a nuisance or waste. Any and all costs associated with any modifications
to the Premises or any systems located therein, including without limitation the fire protection system, requested or required by Tenant’s
insurance carrier, Tenant’s specific use, or improvements constructed by or for Tenant, shall be borne solely by Tenant.

 

Section 5.03. Hazardous
Materials.

 

(a)              
Tenant shall not cause or permit any Hazardous Materials (as hereinafter defined) to be generated, produced, brought upon, used, stored,
treated, released or disposed of in or about the (i) Premises by any party, or (ii) Project by Tenant, its agents, employees,
contractors, licensees or invitees (any of such storage, generation, use, release, or disposal described items (i) and (ii) hereinabove
shall be sometimes referred to herein collectively as the “Tenant Environmental Activities”), without the prior written
consent of Landlord, which Landlord may withhold in its sole discretion. Tenant shall promptly and fully remove and remediate, in the
manner required by Applicable Laws and governing agencies and authorities (and as reasonably approved in writing by Landlord), any release
of Hazardous Materials, or any other violation of any Applicable Laws, in or about the Premises or Project caused by Tenant Environmental
Activities. Tenant shall immediately notify Landlord in writing of the release of any Hazardous Materials in, on, under, or about the
Premises or Project as the result of any Tenant Environmental Activities.

 

 

 

 

    	 	10	 

     

    

 

(b)             
Tenant Environmental Activities shall also include any mold resulting from Tenant’s use or occupancy of the Premises. Landlord
shall have the right, at Tenant’s sole cost and expense, which cost shall in no event exceed One Thousand Dollars ($1,000.00) per
inspection, to perform an annual inspection of the Premises to test for mold and in the event that any such test or inspection reveals
the existence of mold, Tenant shall be responsible for and pay the entire cost of remediation thereof within twenty (20) days of receipt
of an invoice from Landlord.

 

(c)              
As used in this Lease, the term “Hazardous Material” means any flammable items, explosives, radioactive materials,
hazardous or toxic substances, material or waste or related materials, including any substances defined as or included in the definition
of “hazardous substances”, “hazardous wastes”, “hazardous materials” or “toxic
substances”, but excluding commonly used cleaning products in ordinary quantities, now or subsequently regulated under any
Applicable Laws, including, without limitation petroleum-based products, asbestos, PCBs and similar compounds, and including any different
products and materials which are subsequently found to have adverse effects on the environment or the health and safety of persons.

 

(d)              
Routine Reporting Requirements. Tenant shall promptly notify Landlord of, and shall promptly provide Landlord with true, correct,
complete and legible copies of all of the following environmental items relating to the Premises which may be filed or prepared by or
on behalf of, or delivered to or served upon, Tenant: reports filed pursuant to any self-reporting requirements, reports filed pursuant
to any Applicable Laws governing the presence and use of Hazardous Materials or this Lease, all permit applications, permits, monitoring
reports, workplace exposure and community exposure warnings or notices and all other reports, disclosures, plans or documents (even those
which may be characterized as confidential) relating to water discharges, air, soil, sediment, and ground water pollution, waste generation
or disposal, underground storage tanks or the use, release, storage or existence of Hazardous Materials. In addition to the foregoing,
prior to the commencement of the Lease Term, Tenant will deliver to Landlord a true, correct and complete copy of Tenant's Safety Data
Sheets (“SDS”) (prepared in accordance with regulations issued by the Occupational Safety and Health Administration), and
Tenant will promptly deliver to Landlord a true, correct and complete copy of each update of each such SDS as and when prepared from
time to time.

 

(e)              
Incident Reporting Requirements. Tenant shall promptly notify Landlord of, and shall promptly provide Landlord with true, correct,
complete and legible copies of, all the following environmental items relating to the Premises which may be filed or prepared by or on
behalf of, or delivered to or served upon, Tenant: all orders, reports, notices, listings and correspondence (even those which may be
considered confidential) of or concerning the release, investigation of, compliance, clean up, remedial and corrective actions, and abatement
of Hazardous Materials on the Premises whether or not required by Applicable Laws, including, but not limited to, reports and notices
required by or given pursuant to any Applicable Laws, and all complaints, pleadings and other legal documents filed against Tenant related
to Tenant’s use, handling, release, storage or disposal of Hazardous Materials on or about the Premises. In the event of a release
of any Hazardous Materials on the Premises, Tenant shall immediately provide Landlord with copies of all reports and correspondence with
or from all governmental agencies, authorities or any other persons relating to such release.

 

(f)               
Inspection; Compliance. Landlord and Landlord’s agents shall have the right, but not the obligation, to inspect, investigate,
sample and/or monitor the Premises, including any soil, water, groundwater, air, or other sampling, at any time to determine whether
Tenant is complying with the terms of this Lease involving Hazardous Materials and in connection therewith, Tenant shall provide Landlord
with full access to all relevant facilities, records and personnel upon five (5) days’ prior written notice to Tenant (or immediately
in the event of an emergency) and without interfering with Tenant’s use of the Premises. If Landlord reasonably determines that
Tenant is not in compliance with the provisions of this Lease involving Hazardous Materials, after ten (10) days’ prior written
notice (except in the event of an emergency where no prior notice shall be required) (i) Landlord and Landlord’s agents shall
have the right, but not the obligation, without limitation upon any of Landlord’s other rights and remedies under this Lease, to
immediately enter upon the Premises and to discharge Tenant’s obligations in that regard at Tenant’s expense, notwithstanding
any other provision of this Lease, and (ii) all sums reasonably and actually disbursed, deposited or incurred by Landlord in connection
therewith, including, but not limited to, all actual out-of-pocket costs, expenses and actual and reasonable attorney fees, shall be
due and payable by Tenant to Landlord, as an item of Additional Rent, on demand by Landlord, together with interest thereon at the rate
of the lesser of (i) ten percent (10%) per annum; or (ii) the maximum legal rate (the “Default Rate”) from
the date which is twenty (20) days after such demand until fully reimbursed by Tenant. In the event of any such entry and performance
of such work, Landlord and Landlord’s agents shall endeavor to minimize interference with Tenant’s business but shall not
be liable for any such interference.

 

 

 

    	 	11	 

     

    

 

(g)              
Actions and Proceedings. Landlord shall have the right, but not the obligation, to be present at any legal or administrative proceedings
or actions initiated in connection with any claims or causes of action arising out of or in connection with any Tenant Environmental
Activities. Tenant, at its sole cost and expense, shall promptly take all actions necessary to remediate any contamination of the Premises
in connection with Tenant Environmental Activities and Tenant shall be solely responsible for any resulting damage, including without
limitation injury to any person, and injury to or contamination of any real property other than the Premises. Notwithstanding the foregoing,
Tenant shall not, without Landlord’s prior written consent, which shall not be unreasonably withheld or delayed, take any remedial
action in response to the presence of any Hazardous Materials on, under or about the Premises, or enter into any settlement agreement,
consent decree or other compromise with any governmental agency with respect to any Hazardous Materials claims; provided, however, Landlord’s
prior written consent shall not be necessary in the event that the presence of Hazardous Materials on, under or about the Premises or
Project (Y) poses an immediate threat to the health, safety or welfare of any individual or (Z) is of such a nature that an
immediate remedial response is necessary and it is not reasonably possible to obtain Landlord’s consent before taking such action.
However, Tenant shall immediately thereafter notify Landlord orally and in writing in the event of (Y) and (Z) above.

 

(h)              
Tenant’s Responsibility at Conclusion of Lease. Promptly upon the expiration or earlier termination of this Lease, Tenant shall
represent to Landlord in writing that to the best of Tenant’s knowledge no Hazardous Materials exist on, in or under the Premises
as a result of Tenant Environmental Activities other than as specifically identified to Landlord by Tenant in writing. Landlord may,
at any reasonable time prior to the expiration of the Lease Term, by notice to Tenant, conduct or cause an outside consultant selected
by Landlord to conduct an environmental evaluation of the Premises, an executed copy of which evaluation shall be delivered to Tenant
within thirty (30) days after Tenant’s written request therefor. If such environmental evaluation discloses the existence of Hazardous
Materials on, under or about the Premises as a result of any Tenant Environmental Activities, Tenant shall (i) pay for the reasonable
cost of such evaluation, and (ii) at Landlord’s written request, immediately prepare and submit to Landlord within thirty
(30) days after such request a comprehensive plan, subject to Landlord’s approval of the cleanup required, specifying within thirty
(30) days after Landlord’s request therefore the actions to be taken by Tenant to return the Premises to the condition existing
prior to the introduction of such Hazardous Materials. Upon Landlord’s approval of such clean-up plan, Tenant shall, at Tenant’s
sole cost and expense, without limitation on any rights and remedies of Landlord under this Lease, immediately implement such plan and
proceed to clean up such Hazardous Materials, as required pursuant to the comprehensive plan, in accordance with all Applicable Laws
and as required by such plan and this Lease.

 

(i)                
Tenant’s obligations under this Section 5.03, shall survive the expiration of any earlier termination of this Lease.

 

Section 5.04. Signs and
Auctions. Tenant shall not place any signs on the Premises or Project without Landlord's prior written consent. Any such signage
shall be in accordance with all Applicable Laws and any sign program for the Project. All costs in connection with Tenant’s signage
shall be at Tenant’s sole costs and expense, including without limitation, costs of design, installation, maintenance, repair,
replacement and removal. Tenant shall maintain all such signage in good condition in repair and shall remove all such signage at the
expiration or earlier termination of this Lease, and promptly repair any damage to the Premises and Project in connection with such removal,
all at Tenant’s sole cost and expense. Tenant shall not conduct or permit any auctions or sheriff's sales at the Premises or any
portion of the Project.

 

Section 5.05. Indemnity.
Except to the extent not permitted by Applicable Laws, Tenant shall indemnify and defend Landlord and its agents, employees, members,
shareholders, managers, officers, directors, investors, principals, lenders, and property managers (collectively with Landlord, the “Indemnitees”)
against and hold the Indemnitees harmless from any and all damages, costs, claims or liability arising from or in connection with: (a) the
negligence or willful misconduct of Tenant or Guarantor or any of their respective agents, employees, contractors, licensees, invitees,
partners, shareholders, members, directors, officers, affiliates, vendors, customers, or guests; (b) the conduct of Tenant's business
or anything else done by Tenant or any of its employees, agents, contractors, licensees, invitees, partners, shareholders, members, directors,
officers, affiliates, vendors, customers, or guests, in or about the Premises or Project, including without limitation the use or occupancy
of the Premises or Project or any contamination of the Premises or Project or any other property resulting from Tenant’s Environmental
Activities; (c) any breach or default in the performance of Tenant's obligations under this Lease; (d) any misrepresentation
or breach of warranty by Tenant under this Lease; or (e) other acts or omissions of Tenant occurring on or about the Project. Tenant
shall defend the Indemnitees against any such cost, claim or liability at Tenant's sole cost and expense with counsel reasonably acceptable
to the Indemnitees. THE FOREGOING INDEMNITY APPLIES TO MATTERS THAT IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE
OF LANDLORD BUT SHALL NOT APPLY TO MATTERS CAUSED BY LANDLORD’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. As used in this Section,
the term “Tenant” shall include Tenant's employees, agents, contractors, licensees and invitees. This Section shall survive
the expiration or earlier termination of this Lease with respect to any property damage, bodily or personal injury, illness or death
occurring prior to such expiration or termination. The indemnification obligations contained in this Section shall not be limited by
any worker's compensation, benefit or disability laws, and Tenant hereby waives any immunity that Tenant may have under any other worker's
compensation, benefit or disability laws.

 

 

    	 	12	 

     

    

 

Section 5.06. Landlord's
Access. Landlord and its agents may enter the Premises at all reasonable times and after reasonable advance oral or written notice
to Tenant, except in an emergency where no notice is required, to perform any maintenance or repair or any other obligation of Landlord
under this Lease; to exercise any right of Landlord under this Lease; to show the Premises to potential buyers, investors lenders or
other such parties (and to prospective tenants during the last six (6) months of the Lease Term); to do any other act or to inspect and
conduct tests in order to monitor Tenant's compliance with the terms of this Lease and all Applicable Laws, including without limitation
Applicable Laws governing the presence and use of Hazardous Materials; or for any other purpose Landlord reasonably deems necessary.
Landlord may place customary “For Sale” signs on the Premises (and “For Lease” signs during the last six (6)
months of the Lease Term).

 

Section 5.07. Quiet Possession.
Provided that there shall exist no Event of Default hereunder, Tenant shall, subject to the terms of this Lease, any ground lease,
mortgage or deed of trust now or hereafter encumbering the Premises, all matters of record, and all Applicable Laws, at all times during
the Lease Term, have peaceful and quiet enjoyment of the Premises against any person claiming by, through or under Landlord, but not
otherwise.

 

Section 5.08. Liens.
Tenant shall give Landlord written notice at least ten (10) business days prior to the commencement of any work by Tenant and Landlord
may post notices of nonresponsibility at the Premises in connection therewith. Tenant shall have no authority, express or implied, to
create or place any lien or encumbrance of any kind or nature whatsoever upon, or in any manner to bind, the Premises or Project or the
interest of Landlord in the Premises or Project or to charge the Rent for any claim in favor of any person dealing with Tenant, including
without limitation those who may furnish materials or perform labor for any construction or repairs. Tenant covenants and agrees that
it will pay or cause to be paid or bonded off all sums due and payable by it on account of any labor performed or materials or services
furnished in connection with any work performed on the Premises by Tenant on which any lien is or can be asserted against Tenant’s
or Landlord’s interest in the Premises, or Landlord’s interest in the Project, or the improvements thereon and that Tenant
will save and hold Landlord harmless from any and all loss, cost or expense based on or arising out of asserted claims or liens against
the leasehold estate or against the right, title and interest of the Landlord in the Premises or under this Lease. Without limiting any
other rights or remedies of Landlord, if Tenant fails for any reason to cause a lien or encumbrance to be discharged within fifteen (15)
days after Tenant is notified of the filing or recording thereof, then Landlord may take such action(s) as it deems necessary to cause
the discharge of the same (including, without limitation, by paying any amount demanded by the party who has filed or recorded such lien
or encumbrance, regardless of whether the same is in dispute), and Tenant shall reimburse Landlord for all costs and expenses incurred
by Landlord in connection therewith within thirty (30) days following written demand therefor.

 

Section 5.09. Cannabis.
Notwithstanding anything to the contrary in this Lease, except for Tenant’s storage of certain pet foods containing hemp and/or
CBD, or certain other goods that contain CBD or hemp as one of the ingredients in such products that are legal on both a state and federal
level, Tenant agrees that the Premises shall not be used for the use, growing, producing, processing, storing (short or long term), distributing,
transporting, or selling of cannabis, cannabis derivatives, or any cannabis containing substances (“Cannabis”), nor
shall Tenant permit, allow or suffer, any of Tenant’s officers, employees, agents, servants, licensees, subtenants, concessionaires,
contractors and invitees to bring onto the Premises, any Cannabis.  Without limiting the foregoing, the prohibitions in this paragraph
shall apply to all Cannabis, whether such Cannabis is legal for any purpose whatsoever under state or federal law or both.  Notwithstanding
anything to the contrary, any failure by Tenant to comply with each of the terms, covenants, conditions and provisions of this paragraph
shall automatically and without the requirement of any notice be an Event of Default that is not subject to cure, and Tenant agrees that
upon the occurrence of any such Event of Default, Landlord may elect, in its sole discretion, to exercise all of its rights and remedies
under this Lease, at law or in equity with respect to such Event of Default.

 

ARTICLE SIX:
CONDITION OF PREMISES; MAINTENANCE, REPAIRS AND ALTERATIONS.

 

Section 6.01. AS-IS. EXCEPT
AS SPECIFICALLY SET FORTH IN THIS LEASE, TENANT ACCEPTS THE PREMISES “AS IS”, “WHERE IS” AND “WITH ALL
FAULTS” IN ITS CONDITION AS OF THE EXECUTION OF THIS LEASE BY TENANT and subject to all recorded matters and Applicable Laws.
Except as expressly provided herein, Tenant acknowledges that neither Landlord nor any agent of Landlord nor any other party on Landlord’s
behalf has made any representation as to the condition of the Premises or the Project or the suitability of the Premises or Project for
Tenant's intended use. Tenant represents and warrants that Tenant has made its own inspection of and inquiry regarding the condition
of the Premises and Project and is not relying on any representations of Landlord or any other party with respect thereto.

 

 

 

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Section 6.02. Exemption
of Landlord from Liability. Landlord shall not be liable for any damage or injury to the person, business (or any loss of income
therefrom), goods, wares, merchandise or other property of Tenant, Tenant's agents, employees, licensees, invitees, or any other party
in or about the Premises, whether such damage or injury is caused by or results from: (a) fire, steam, electricity, water, gas or
rain; (b) the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning
or lighting fixtures or any other cause; (c) conditions arising in or about the Premises or Project, or from other sources or places;
or (d) any act or omission of any other tenant of the Project. Landlord shall not be liable for any such damage or injury even though
the cause of or the means of repairing such damage or injury may not be accessible to Tenant. As a material part of the consideration
to Landlord, Tenant assumes all risk of damage to property or injury to persons in or about the Premises arising from any cause, and
Tenant hereby waives all claims in respect thereof against Landlord, except for any claim arising out of Landlord's gross negligence
or willful misconduct. The provisions of this Section 6.02 shall not, however, exempt Landlord from liability for Landlord's gross
negligence or willful misconduct.

 

Section 6.03. Landlord's
Obligations.

 

(a)              
Subject to the terms of Sections 7 and 8, Landlord shall maintain, repair and replace, as necessary, (i) the structural portions
of the Premises, including without limitation the structural portions of the roof of the Premises, structural components of exterior
walls of the Premises and the structural portions of the foundation of the Premises (but not the slab or any floor covering), (ii) all
portions of the roof (including the membrane), (iii) all components of electrical and plumbing located in the Premises to the extent
concealed within walls or under the slab or used in common by other tenants, (iii) any common/shared building systems, including without
limitation common fire, life and safety systems, and (iii) the Common Areas located within the parcel containing the Premises.

 

(b)              
Tenant shall pay or reimburse Landlord for all costs Landlord incurs under Section 6.03(a) above (whether incurred by the CC&R
Management Company and passed-through to Landlord under the Project CC&Rs or whether incurred directly by Landlord) as Common Area
Costs as provided for in Section 4.05 of this Lease.

 

(c)              
Tenant waives the benefit of any statute in effect now or in the future, including without limitation California Civil Code Sections 1941
and 1942, which might give Tenant the right to make repairs at Landlord's expense or to terminate this Lease due to Landlord's failure
to keep the Premises in good order, condition and repair, the parties hereby agreeing that the terms and provisions of this Lease govern
the rights and remedies of the parties with respect thereto.

 

(d)              
Landlord shall not be obligated to maintain or repair windows, doors, plate glass or the interior surfaces of exterior walls.

 

(e)              
Landlord shall make any such repairs under this Section 6.03 within a reasonable time after receipt of written notice from Tenant
of the need for such repairs.

 

(f)               
Notwithstanding anything to the contrary in this Lease, if any part of the Premises or Project is damaged by any negligent or willful
act or omission of Tenant or its agents, employees, contractors, licensees or invitees, Tenant shall pay Landlord the entire cost of
repairing or replacing such damaged property, whether or not Landlord would otherwise be obligated to pay the cost of repairing or replacing
such property pursuant to the terms of this Lease.

 

Section 6.04. Tenant's Obligations.

 

(a)              
Except for the express obligations of Landlord set forth in Section 6.03(a) above, Tenant shall keep all portions of the Premises
(including without limitation nonstructural components, slab, electrical, plumbing, windows, doors, plate glass, Tenant’s exclusive
dock area, dock equipment, skylights, interior areas, finished work, interior walls, systems and equipment) in good order, condition
and repair (including without limitation interior repainting and refinishing, as needed) at Tenant’s sole cost and expense. If
any portion of the Premises or any system or equipment in the Premises cannot be fully repaired or restored, Tenant shall promptly replace
such portion of the Premises or system or equipment in the Premises. Tenant shall maintain a preventative maintenance contract acceptable
to Landlord, providing for the regular inspection and maintenance of the heating and air conditioning system(s) (EVAP/HVAC) by a licensed
heating and air conditioning contractor and shall provide Landlord a copy of such contract. In no event shall any such preventative maintenance
contract violate or void any applicable warranties. At all times Tenant shall maintain the portions of the Premises which Tenant is obligated
to maintain, repair and replace, in an attractive and fully operative condition, subject to normal wear and tear.

 

 

    	 	14	 

     

    

 

(b)              
No work performed by Tenant under this Section 6.04 shall violate or void any warranty or guaranty applicable to the Premises or
portion thereof. All work done pursuant to this Section 6.04 shall otherwise comply with all of the terms of this Lease, including without
limitation Section 6.05 below.

 

(c)              
Tenant shall fulfill all of Tenant's obligations under this Section 6.04, at Tenant's sole cost and expense. If Tenant fails to
maintain, repair or replace the Premises as required by this Section 6.04, Landlord may, upon ten (10) days' prior notice to Tenant
(except that no notice shall be required in the case of an emergency), enter the Premises and perform such maintenance or repair (including
replacement, as needed) on behalf of Tenant. In such case, Tenant shall reimburse Landlord for all costs incurred in performing such
maintenance or repair immediately upon demand, plus an administration and construction management fee to Landlord in the amount of ten
percent (10%) of any such costs.

 

Section 6.05. Alterations, Additions,
and Improvements.

 

(a)              
Tenant shall not make any alterations, additions, or improvements to the Premises without Landlord's prior written consent. Landlord
reserves the right at the expiration or earlier termination of the Lease Term to require that any alterations, additions or improvements
constructed by or for Tenant and with or without Landlord’s consent be removed, in which event Tenant shall promptly remove any
such alterations, additions, or improvements upon Landlord's written request and repair any damage caused by such removal. All alterations,
additions, and improvements shall be done pursuant to plans approved in writing by Landlord in advance, in a good and workmanlike manner,
using only new materials, in conformity with all Applicable Laws and by a licensed California contractor approved by Landlord, which
approval shall not be unreasonably withheld and such contractor shall maintain liability, workmen’s compensation and other insurance
in amounts as may be reasonably required and approved by Landlord. Tenant shall be responsible, at Tenant’s sole cost and expense,
for obtaining any and all permits and approvals required for any alterations, additions or improvements to be performed by Tenant and
shall deliver a copy of same to Landlord upon receipt by Tenant. Upon completion of any such work, Tenant shall provide Landlord with
proof of payment for all labor and materials and copies of all construction contracts, and to the extent available, “as built”
plans. If so requested by Landlord, Tenant agrees to prepare a Notice of Completion, in statutory form, for filing by Landlord, promptly
after completion of any such improvements by Tenant.

 

(b)              
Tenant shall pay when due all claims for labor and material furnished to the Premises. Tenant shall give Landlord at least twenty (20)
days’ prior written notice of the commencement of any work on the Premises, regardless of whether Landlord’s consent to such
work is required. Prior to the commencement of any work, Tenant shall provide Landlord with a fully executed original of the Contractor’s
Indemnity from Tenant’s contractors, in the form attached hereto as Exhibit C and made a part hereof. Landlord may
elect to record and post notices of non-responsibility at the Premises.

 

Section 6.06. Condition
upon Termination. Upon the expiration or earlier termination of this Lease, Tenant shall surrender the Premises to Landlord, broom
clean and in the same condition as received on the Commencement Date except for ordinary wear and tear. All alterations, additions and
improvements which Landlord has not required Tenant to remove shall become Landlord's property and shall be surrendered to Landlord upon
the expiration or earlier termination of this Lease, except that Tenant shall remove any of Tenant's machinery, equipment, trade fixtures
and other personal property which can be removed without material damage to the Premises. Tenant shall repair, at Tenant's expense, any
damage to the Premises caused by the removal of any such machinery, equipment, trade fixtures and other personal property before the
expiration or earlier termination of this Lease. Notwithstanding anything contained herein to the contrary, in no event, shall Tenant
remove any of the following materials or equipment (which shall be deemed Landlord's property) without Landlord's prior written consent
or unless otherwise instructed by Landlord in writing; any power wiring or power panels; lighting or lighting fixtures; wall coverings;
drapes, blinds or other window coverings; carpets or other floor coverings; heaters, air conditioners or any other heating or air conditioning
equipment; fencing or security gates; or other similar building operating equipment and decorations.

 

Section 6.07. Sale of
Premises During Construction of Improvements by Tenant. In the event that the Premises is sold during construction of any improvements
by Tenant or less than one hundred eighty (180) days after the completion of any work by Tenant and Tenant’s receipt of a conformed
copy of a Notice of Completion, in statutory form, with regard to improvements constructed by Tenant, then Tenant will also promptly
provide to Landlord if required by Landlord’s title company, Tenant’s financials, a concise cost breakdown of the improvements
and cost thereof and a mechanic’s lien indemnity in favor of Landlord’s title company (executed by Tenant) in connection
with the improvements and any other contracts, agreements or documents that may be required by the title company in order to underwrite
any sale of the Premises and/or Project.

 

 

 

    	 	15	 

     

    

 

ARTICLE SEVEN: DAMAGE OR DESTRUCTION

 

Section 7.01. Partial
Damage to Premises.

 

(a)              
Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Premises. If the Premises is not materially
damaged (as hereinafter defined) and if the proceeds received by Landlord from the insurance policies described in Section 4.04(b)
are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage to the shell
of the Premises as soon as reasonably practical. Tenant shall be required to repair any damage to Tenant's fixtures, equipment, improvements
and to restore all Leasehold Improvements.

 

(b)              
If the insurance proceeds received by Landlord are not sufficient to pay the entire cost of repair, or if the cause of the damage is
not covered by the insurance policies which Landlord maintains under Section 4.04(b), Landlord may elect either to (i) repair
the damage as soon as reasonably practical, in which case this Lease shall remain in full force and effect, or (ii) terminate this
Lease as of the date on which the damage occurred. Landlord shall notify Tenant within forty-five (45) days after receipt of written
notice of the occurrence of the damage whether Landlord elects to repair the damage or terminate this Lease. If Landlord elects to repair
the damage, Tenant shall pay Landlord Tenant’s Pro Rata Share of any applicable deductibles under Landlord's insurance policies
and, if the damage was due to a negligent or willful act or omission of Tenant, or Tenant's employees, agents, contractors, licensees
or invitees, the difference between the actual cost of repair and any insurance proceeds received by Landlord.

 

(c)              
If the damage to the Premises occurs during the last six (6) months of the Lease Term (as may be extended) and such damage will require
more than thirty (30) days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the damage occurred,
regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to
the other party of such election within thirty (30) days after Tenant's notice to Landlord of the occurrence of the damage.

 

Section 7.02. Substantial
or Total Destruction. Except as set forth below, if the Premises is materially damaged or destroyed by any cause whatsoever, and
regardless of whether Landlord receives any insurance proceeds, then either party may terminate this Lease as of the date the destruction
occurred by written notice to the other within forty-five (45) days after notice to the parties of the occurrence of the material damage.
For purposes of this Article Seven, “material” damage shall mean that more than fifty percent (50%) of the Premises is untenantable
as a result of such damage. Notwithstanding the foregoing or any termination by Tenant pursuant to the foregoing, if the Premises can
be rebuilt within twelve (12) months after the date of destruction and receipt by Landlord of applicable insurance proceeds, Landlord
may elect to rebuild the Premises at Landlord's expense, in which case this Lease shall remain in full force and effect, subject to rent
abatement (as set forth in Section 7.03 below) during the time during which the Premises is under construction and otherwise unusable.
Landlord shall notify Tenant of such election within forty-five (45) days after Tenant's notice to Landlord of the occurrence of total
or substantial destruction. If Landlord so elects, Landlord shall rebuild the Premises at Landlord's sole expense, except that if the
destruction was caused by a negligent or willful act or omission of Tenant or its agents, employees, contractors, licensees or invitees,
Tenant shall pay Landlord the difference between the actual cost of rebuilding and any insurance proceeds received by Landlord.

 

Section 7.03. Temporary
Reduction of Rent. If the Premises is destroyed or damaged and Landlord repairs or restores the Premises pursuant to the provisions
of this Article Seven, any Base Rent payable during the period of such damage, repair and/or restoration shall be proportionately reduced
according to the square footage of the Premises that is not able to be used. Except for such possible reduction in Base Rent, Tenant
shall not be entitled to any compensation, reduction, or reimbursement from Landlord as a result of any damage, destruction, repair,
or restoration of or to the Premises.

 

Section 7.04. Waiver.
Tenant waives the protection of all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including
without limitation those available under California Civil Code Sections 1932 and 1933(4). Except as provided in Section 7.03, no
damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business,
or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project. Tenant agrees that the provisions
of this Article Seven shall govern the rights and obligations of Landlord and Tenant in the event of any substantial or total destruction
of the Premises.

 

 

 

 

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ARTICLE EIGHT: CONDEMNATION

 

If all or any portion of
the Premises and/or Project is taken under the power of eminent domain or sold under the threat of that power (all of which are called
“Condemnation”), this Lease shall terminate as to the part taken or sold on the date the condemning authority takes
title or possession, whichever occurs first. If more than fifty percent (50%) of the floor area of the Premises is taken and such taking
makes the Premises untenantable for Tenant’s use, in the reasonable discretion of the parties, either Landlord or Tenant may terminate
this Lease as of the date the condemning authority takes title or possession, by delivering written notice to the other within ten (10)
days after receipt of written notice of such taking (or in the absence of such notice, within ten (10) days after the condemning authority
takes title or possession). If neither Landlord nor Tenant terminates this Lease, this Lease shall remain in effect as to the portion
of the Premises not taken, except that the Rent shall be reduced in proportion to the reduction in the floor area of the Premises taken.
Landlord shall be entitled to all damages and awards in connection with any Condemnation. Tenant shall execute any instrument required
by Landlord for the recovery of damages and to remit to Landlord any damage proceeds recovered; provided, however, Tenant may seek for
itself a separate award for damages for movable trade fixtures which were installed by Tenant or Tenant’s removable personal property,
provided Landlord's award is not reduced thereby. This Section shall be Tenant's sole and exclusive remedy in the event of any Condemnation
and Tenant hereby waives any rights and the benefits of Section 1265.130 of the California Code of Civil Procedure or any other
statute granting Tenant specific rights in the event of a Condemnation which are inconsistent with the provisions of this Section.

 

ARTICLE NINE: ASSIGNMENT AND SUBLETTING

 

Section 9.01. Landlord's
Consent Required. No portion of the Premises or of Tenant's interest in this Lease may be acquired by any other person or entity,
whether by sale, assignment, mortgage, sublease, transfer, operation of law, or act of Tenant, without Landlord's prior written consent.
Landlord has the right to grant or withhold its consent as provided in Section 9.05 below. Notwithstanding the foregoing, under
no circumstances shall Tenant, directly or indirectly, pledge, mortgage or hypothecate this Lease or any interest herein. Any attempted
transfer without consent shall be void and shall constitute a non-curable breach of this Lease. Unless Tenant is a publicly held company,
if Tenant is a partnership, any cumulative transfer of more than twenty percent (20%) of the partnership interests shall require Landlord's
consent and if Tenant is a corporation or limited liability company, any change in the ownership of a controlling interest of the voting
stock or membership interest of the corporation or limited liability company shall require Landlord's consent.

 

Section 9.02. Attorneys’
Fees and Costs. Tenant shall pay, as Additional Rent, within twenty (20) days after receipt of an invoice by Tenant, Landlord's
actual costs and reasonable attorneys' fees incurred for reviewing, investigating, processing and/or documenting any requested assignment
or sublease, whether or not Landlord's consent is granted.

 

Section 9.03. No Release
of Tenant or Guarantor. No transfer permitted by this Article Nine, whether with or without Landlord's consent, shall release Tenant
or any Guarantor or change their primary liability to pay the Rent and to perform all other obligations of Tenant under this Lease. Landlord's
acceptance of Rent from any other person is not a waiver of any provision of this Article Nine. Consent to one transfer is not a consent
to any subsequent transfer. If Tenant's transferee defaults under this Lease, Landlord may proceed directly against Tenant without pursuing
remedies against the transferee. Landlord may consent to subsequent assignments or modifications of this Lease by Tenant's transferee,
without notifying Tenant or obtaining its consent. Such action shall not relieve Tenant's liability under this Lease.

 

Section 9.04. Offer to
Terminate. If Tenant desires to assign this Lease or sublease the Premises, then for a period of thirty (30) days after Landlord
receives Tenant’s written request to assign or sublease, Landlord shall have the right in Landlord’s sole and absolute discretion
and without any obligation to do so, by giving written notice to Tenant, to terminate this Lease (or in the case of a partial sublease,
to terminate the Lease with respect to the portion of the Premises subject to such proposed sublease), which termination shall be effective
as of the date on which the intended assignment or sublease would have been effective if Landlord had not exercised such termination
right. If Landlord does not so elect, this Lease shall continue in effect until otherwise terminated and the provisions of Section 9.05
with respect to any proposed transfer shall continue to apply.

 

 

 

 

    	 	17	 

     

    

 

Section 9.05. Landlord's
Consent.

 

(a)       Tenant's
request for consent to any transfer described in Section 9.01 shall set forth in writing the details of the proposed transfer, including
without limitation the name, business and financial condition of the prospective transferee, financial details of the proposed transfer
(e.g., the term of and the Rent and security deposit payable under any proposed assignment or sublease), and any other information Landlord
deems relevant. Landlord shall have the right to withhold consent in its reasonable discretion based on the following or any other factors:
(i) the business of the proposed assignee or subtenant and the proposed use of the Premises; (ii) the net worth and financial
reputation of the proposed assignee or subtenant: (iii) Tenant’s compliance with all of its obligations under this Lease;
and (iv) such other factors as Landlord may reasonably deem relevant.

 

(b)       If
Tenant assigns or subleases, the following shall apply:

 

(i)             
Tenant shall pay to Landlord as Additional Rent under this Lease the Landlord's Share (stated in Section 1.13) of the Profit (defined
below) on such transaction as and when received by Tenant, unless Landlord gives written notice to Tenant and the assignee or subtenant
that Landlord's Share shall be paid by the assignee or subtenant to Landlord directly. The “Profit” means (A) all
amounts paid to Tenant for such assignment or sublease, including “key” money, monthly Rent in excess of the monthly
Rent payable under this Lease, and all fees and other consideration paid for the assignment or sublease, including fees under any collateral
agreements, less (B) costs and expenses directly incurred by Tenant in connection with the execution and performance of such assignment
or sublease for real estate broker's commissions, attorneys’ fees and costs, and costs of renovation or construction of tenant
improvements required under such assignment of sublease. Tenant is entitled to recover such cost and expenses before Tenant is obligated
to pay the Landlord's Share to Landlord. The Profit in the case of a sublease of less than all the Premises is the Rent allocable to
the subleased space as a percentage on a square footage basis.

 

(ii)            
Tenant shall provide Landlord a written statement certifying all amounts to be paid from any assignment or sublease of the Premises (the
“Certified Statement”) within thirty (30) days after the transaction documentation is signed, and Landlord may inspect
Tenant's books and records relating to such assignment or sublease to verify the accuracy of such statement. On written request, Tenant
shall promptly furnish to Landlord copies of all the transaction documentation, all of which shall be certified by Tenant to be complete,
true and correct. Landlord's receipt of Landlord's Share shall not be consent to any further assignment or subletting. The breach of
Tenant's obligation under this Section 9.05(b) shall be an Event of Default under this Lease.

 

(iii)           
Within one (1) year of receipt by Landlord of Tenant’s Certified Statement, Landlord shall have the right (but no obligation) to
audit Tenant’s non-confidential documents and materials (at Tenant’s place of business and during reasonable business hours)
used to determine the calculation of the Profit. Landlord shall deliver a copy of the audit to Tenant promptly upon receipt. The cost
of the audit shall be paid by Landlord unless such audit reveals an understatement of the Profit greater than one percent (1%), in which
case the reasonable audit expenses shall be paid by Tenant within twenty (20) days of receipt of copies of invoices and any under-payment
to Landlord shall be paid within twenty (20) days of receipt of the final audit figures. In the event the audit determines an overpayment
to Landlord, such amounts shall be refunded to Tenant within twenty (20) days of receipt of the final audit figures.

 

Section 9.06. No Merger.
No merger shall result from Tenant's sublease of the Premises under this Article Nine, Tenant's surrender of this Lease or the termination
of this Lease in any other manner. In any such event, Landlord may terminate any or all subtenancies or succeed to the interest of Tenant
as sublandlord under any or all subtenancies.

 

Section 9.07. Assignment
by Landlord: If Landlord sells or otherwise transfers its interest in the Premises, of if Landlord assigns its interest in the Lease,
such purchaser, transferee or assignee thereof shall be deemed to have assumed Landlord’s obligations hereunder arising thereafter
and this Lease shall remain in full force and effect.

 

Section 9.08. Waiver.
Notwithstanding anything to the contrary contained in this Lease, if Tenant or any proposed transferee claims that Landlord has unreasonably
withheld, conditioned or delayed its consent under this Article Nine or otherwise has breached or acted unreasonably under this Article
Nine, their sole remedies shall be a declaratory judgment and an injunction for the relief sought without any monetary damages, and Tenant
hereby waives all other remedies, including, without limitation, any right at law or equity to terminate this Lease, on its own behalf
and, to the extent permitted under all Applicable Laws, on behalf of the proposed transferee. Tenant hereby waives and releases its rights
under Section 1995.310 of the California Civil Code or under any similar law, statute or ordinance now or hereafter in effect.

 

 

 

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ARTICLE TEN: DEFAULTS; REMEDIES.

 

Section 10.01. Covenants
and Conditions. Tenant's performance of each of Tenant's obligations under this Lease is a condition as well as a covenant. Tenant's
right to continue in possession of the Premises is conditioned upon such performance. Time is of the essence in the performance of all
covenants and conditions of Tenant under this Lease and the exercise by Tenant of all options granted hereunder.

 

Section 10.02. Defaults.
Tenant shall be in default under this Lease (each an “Event of Default”):

 

(a)              
If Tenant abandons the Premises, including without limitation if Tenant fails to initially fully occupy the Premises within ten (10)
days following the Commencement Date, or if Tenant's vacation of the Premises results in the cancellation of any insurance described
in Section 4.04; or

 

(b)              
If Tenant fails to pay Rent or any other charge, or fails to deliver the Security Deposit, when due; or

 

(c)             
If Tenant fails to deliver to Landlord the documents required in Section 6.07, Section 11.03, Section 11.04, Section 11.05
or Section 13.17 of this Lease within five (5) days after receiving written notice from Landlord that Tenant has failed to deliver such
documents when due pursuant to the applicable section of this Lease; or

 

(d)              
If Tenant violates the provisions of Section 5.09; or

 

(e)              
If Tenant fails to perform any of Tenant's non-monetary obligations under this Lease (except with respect to the terms of Section 5.09
of this Lease which shall not be subject to cure) for a period of thirty (30) days after written notice from Landlord; provided that
if more than thirty (30) days are required to complete such performance, Tenant shall not be in default if Tenant commences such performance
within the thirty (30)-day period and thereafter diligently pursues its completion; provided, however, that in no event shall Tenant
be provided more than sixty (60) total days to effectuate any cure. However, Landlord shall not be required to give such notice if Tenant's
failure to perform constitutes a non-curable breach of this Lease; or

 

(f)               
(i) If Tenant makes a general assignment or general arrangement for the benefit of creditors; (ii) if a petition for adjudication
of bankruptcy or for reorganization or rearrangement is filed by or against Tenant and is not dismissed within thirty (30) days; (iii) if
a trustee or receiver is appointed to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's
interest in this Lease and possession is not restored to Tenant within thirty (30) days; (iv) if substantially all of Tenant's assets
located at the Premises or of Tenant's interest in this Lease is subjected to attachment, execution or other judicial seizure which is
not discharged within thirty (30) days; or (v) the admission by Tenant in writing of its inability to pay its debts as they become
due. If a court of competent jurisdiction determines that any of the acts described in this subsection (f) is not an Event of Default
under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession) and such trustee or Tenant
transfers Tenant's interest hereunder, then Landlord shall receive, as Additional Rent, the excess, if any, of the Rent (or any other
consideration) paid in connection with such assignment or sublease over the Rent payable by Tenant under this Lease.

 

The notices required
by this Section are intended to satisfy any and all notice requirements imposed by Applicable Law on Landlord and are not in addition
to any such requirement, including without limitation any notice required under Section 1161 et seq. of the California Code
of Civil Procedure.

 

Section 10.03. Remedies.
On the occurrence of any Event of Default by Tenant, Landlord may, at any time thereafter, with or without notice or demand and without
limiting Landlord in the exercise of any right or remedy which Landlord may have:

 

 

 

 

    	 	19	 

     

    

 

(a)              
Terminate Tenant's right to possession of the Premises by any lawful means and terminate this Lease in which event Tenant shall immediately
surrender possession of the Premises to Landlord. In such event, Landlord shall be entitled to recover from Tenant all damages incurred
by Landlord by reason of Tenant's Event of Default, including (i) the worth at the time of the award of the unpaid Base Rent, Additional
Rent and other charges which Landlord had earned at the time of the termination; (ii) the worth at the time of the award of the
amount by which the unpaid Base Rent, Additional Rent and other charges which Landlord would have earned after termination until the
time of the award exceeds the amount of such rental loss that Tenant proves Landlord could have reasonably avoided; (iii) the worth
at the time of the award of the amount by which the unpaid Base Rent, and other charges which Tenant would have paid for the balance
of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves Landlord could have reasonably avoided;
and (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform
its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including, but not limited
to, any costs or expenses Landlord incurs in maintaining or preserving the Premises after such Event of Default, the cost of recovering
possession of the Premises, expenses of reletting, including necessary renovation or alteration of the Premises, Landlord's reasonable
attorneys' fee incurred in connection therewith, and any real estate commission paid or payable. As used in subparts (i) and (ii)
above, the “worth at the time of the award” is computed by allowing interest on unpaid amounts at the rate of fifteen
percent (15%) per annum, or such lesser amount as may then be the maximum lawful rate. As used in subpart (iii) above, the “worth
at the time of the award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco
at the time of the award, plus one percent (1%). If Tenant has abandoned the Premises, Landlord shall have the option of (i) retaking
possession of the Premises and recovering from Tenant the amount specified in this Section 10.03(a), or (ii) proceeding under
Section 10.03(b).

 

(b)              
Maintain Tenant's right to possession and not terminate this Lease, in which case this Lease shall continue in effect whether or not
Tenant is in possession of the Premises. In such event, Landlord shall be entitled to enforce all of Landlord's rights and remedies under
this Lease, including the right to recover the Rent as it becomes due.

 

(c)              
Pursue any other remedy now or hereafter available to Landlord in equity or under the laws or judicial decisions of the state in which
the Premises is located including, without limitation, the remedy described in California Civil Code Section 1951.4 (lessor may continue
lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or
assign, subject only to reasonable limitations). Accordingly, this Lease shall not terminate in the event of an Event of Default by Tenant
unless Landlord expressly terminates it.

 

(d)              
In addition to all other remedies available to Landlord in this Lease and under Applicable Law, in the event of any mechanic’s
or materialman’s lien(s) on the Premises that is not removed by Tenant within ten (10) days after notice to Tenant, Landlord shall
have the right, but not the obligation, to remove such lien and Tenant shall reimburse Landlord for all costs incurred by Landlord in
connection with the removal of such lien within ten (10) days of written notice to Tenant.

 

Section 10.04. Repayment
of “Free” Rent. If this Lease provides for a postponement of any monthly rental payments, other than any rent reduction
as set forth in Section 7.03 above, a period of “free” Rent or other Rent concession, such postponed Rent or “free”
Rent is called the “Abated Rent”. Tenant shall be credited with having paid all of the Abated Rent on the expiration
of the Lease Term only if Tenant has fully, faithfully, and punctually performed all of Tenant's obligations hereunder, including the
payment of all Rent (other than the Abated Rent) and all other monetary obligations and the surrender of the Premises in the physical
condition required by this Lease. Tenant acknowledges that its right to receive credit for the Abated Rent is absolutely conditioned
upon Tenant's full, faithful and punctual performance of its obligations under this Lease. If an Event of Default occurs, the Abated
Rent shall immediately become due and payable in full and this Lease shall be enforced as if there were no such Rent abatement or other
Rent concession. In such case, Abated Rent shall be calculated based on the full initial Rent payable under this Lease.

 

Section 10.05. Damages.
 In the event of the termination of this Lease, Landlord's damages for default shall include all costs and fees, including reasonable
attorneys' fees that Landlord incurs in connection with the filing, commencement, pursuing and/or defending of any action in any bankruptcy
court or other court with respect to this Lease; the obtaining of relief from any stay in bankruptcy restraining any action to evict
Tenant; or the pursuing of any action with respect to Landlord's right to possession of the Premises. All such damages suffered (apart
from Base Rent and other Rent payable hereunder) shall constitute pecuniary damages which must be reimbursed to Landlord prior to assumption
of this Lease by Tenant or any successor to Tenant in any bankruptcy or other proceeding.

 

 

 

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Section 10.06. Cumulative
Remedies. Landlord's exercise of any right or remedy shall not prevent it from exercising any other right or remedy.

 

Section 10.07.Waiver
of Redemption by Tenant. In the event Landlord exercises any one or more of Landlord's rights and remedies under this Article 10,
Tenant expressly waives (for Tenant and for all those claiming under Tenant) any and all rights of redemption or relief from forfeiture
under California Code of Civil Procedure Section 1174 or 1179, or granted by or under any present or future laws, and further releases
Landlord from any and all claims, demands and liabilities by reason of such exercise by Landlord.

 

ARTICLE ELEVEN: PROTECTION OF LENDERS.

 

Section 11.01. Subordination.
This Lease is and shall be subject and subordinate to any ground lease, deed of trust or mortgage encumbering the Premises, any advances
made on the security thereof and any renewals, modifications, consolidations, replacements or extensions thereof, whenever made or recorded.
The immediately preceding clause shall be self-operative and no further instrument of subordination shall be required. In confirmation
of such subordination, Tenant shall reasonably cooperate with Landlord and any lender which has or is acquiring a security interest in
the Premises or this Lease and Tenant shall execute such further documents and assurances as such lender may require, provided that Tenant's
obligations under this Lease shall not be increased in any material way (the performance of ministerial acts shall not be deemed material),
and Tenant shall not be deprived of its rights under this Lease. Tenant's right to quiet possession of the Premises during the Lease
Term shall not be disturbed if Tenant pays the Rent and performs all of Tenant's obligations under this Lease and is not otherwise in
default. However, at the option of Landlord or any mortgagee or ground lessor or secured party, this Lease shall be paramount to such
mortgage or ground or underlying lease or other security instrument.

 

Section 11.02. Attornment.
If Landlord's interest in the Premises is acquired by any ground lessor, beneficiary under a deed of trust, mortgagee, or purchaser
at a foreclosure sale, Tenant shall attorn to the transferee or successor to Landlord's interest in the Premises and recognize such transferee
or successor as Landlord under this Lease. Tenant waives the protection of any statute or rule of law which gives or purports to give
Tenant any right to terminate this Lease or surrender possession of the Premises upon the transfer of Landlord's interest.

 

Section 11.03. Signing
of Documents.  Tenant shall sign and deliver any instrument or documents necessary or appropriate to evidence any such attornment
or subordination or agreement and agrees to do so within ten (10) days after written request from Landlord. If Tenant fails to do so
within ten (10) days after written request, then in addition to all other rights and remedies of Landlord under this Lease, Tenant hereby
makes, constitutes and irrevocably appoints Landlord, or any transferee or successor of Landlord, the attorney-in-fact of Tenant to execute
and deliver any such instrument or document.

 

Section 11.04. Estoppel
Certificates.

 

(a)              
Upon Landlord's written request, Tenant shall execute, acknowledge and deliver to Landlord a written statement certifying: (i) that
none of the terms or provisions of this Lease have been changed (or if they have been changed, stating how they have been changed); (ii) that
this Lease has not been cancelled or terminated; (iii) the last date of payment of the Base Rent, Additional Rent and other charges
and the time period covered by such payment; (iv) that Landlord is not in default under this Lease (or, if Landlord is claimed to
be in default, stating why); (v) that Tenant is not in default under this Lease (or, if Tenant is claimed to be in default, stating why);
and (vi) such other representations or information with respect to Tenant or this Lease as Landlord may reasonably request or which
any prospective purchaser or encumbrancer of the Premises may require. Tenant shall deliver such statement to Landlord within ten (10)
days after Landlord's request. Landlord may give any such statement by Tenant to any prospective purchaser or encumbrancer of the Premises.
Such purchaser or encumbrancer may rely conclusively upon such statement as true and correct.

 

(b)              
Tenant shall deliver such statement to Landlord within ten (10) days after written request. If Tenant does not deliver such statement
to Landlord within such ten (10) day period, then in addition to all other remedies of Landlord under this Lease, Landlord, and any prospective
purchaser or encumbrancer, may conclusively presume and rely upon the statements set forth in the estoppel provided to Tenant.

 

 

 

 

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Section 11.05. Tenant's
Financial Condition. Within ten (10) days after written request from Landlord, Tenant shall deliver to Landlord such financial statements
as Landlord reasonably requires to verify the net worth of Tenant or any assignee, subtenant, or guarantor of Tenant. In addition, Tenant
shall deliver to any lender or prospective purchaser designated by Landlord any financial statements required by such lender or prospective
purchaser to facilitate the financing, refinancing or purchase of the Premises or Project. Tenant represents and warrants to Landlord
that (i) each such financial statement is a true and accurate statement as of the date of such statement, and (ii) each financial
statement delivered to Landlord on or prior to the date of this Lease is a true and accurate statement as of the date of this Lease.
All financial statements shall be confidential and shall be used only for the purposes set forth in this Lease.

 

ARTICLE TWELVE: LEGAL COSTS.

 

Section 12.01. Legal Proceedings.
 Tenant shall indemnify Landlord against and hold Landlord harmless from all costs, expenses, demands and liability Landlord may
incur if Landlord becomes or is made a party to any claim or action (a) instituted by Tenant against any third party, or by any
third party against Tenant, or by or against any person holding any interest under or using the Premises by license of or agreement with
Tenant; (b) for foreclosure of any lien for labor or material furnished to or for Tenant or such other person; (c) otherwise
arising out of or resulting from any act or transaction of Tenant or such other person; or (d) necessary to protect Landlord's interest
under this Lease in a bankruptcy proceeding, or other proceeding under Title 11 of the United States Code, as amended. Tenant shall defend
Landlord against any such claim or action at Tenant's expense with counsel reasonably acceptable to Landlord or, at Landlord's election,
Tenant shall reimburse Landlord for any reasonable legal fees or costs Landlord incurs in any such claim or action.

 

ARTICLE THIRTEEN: MISCELLANEOUS PROVISIONS.

 

Section 13.01. Non-Discrimination.
Tenant promises, and it is a condition to the continuance of this Lease, that there will be no discrimination against, or segregation
of, any person or group of persons on the basis of race, color, creed, religion, national origin, ancestry, sex, handicaps, age, marital
status, sexual orientation, gender, gender identity, gender expression or source of income (as defined in California Government Code
§ 12955(p)) in the leasing, subleasing, transferring, occupancy, tenure or use of the Premises or any portion thereof by Tenant.

 

Section 13.02. Limitation
on Landlord's Liability; Certain Duties.

 

(a)              
As used in this Lease, the term “Landlord” means only the current owner or owners of the fee title to the Premises
or the leasehold estate under a ground lease of the Premises at the time in question. Each Landlord is obligated to perform the obligations
of Landlord accruing under this Lease only during the time such Landlord owns such interest or title. Any Landlord who transfers its
title or interest is relieved of all liability with respect to the obligations of Landlord under this Lease to be performed on or after
the date of transfer. However, each Landlord shall deliver to its transferee all funds that Tenant previously paid if such funds have
not yet been applied under the terms of this Lease.

 

(b)              
Tenant shall give written notice of any failure by Landlord to perform any of its obligations under this Lease to Landlord and to any
ground lessor, mortgagee or beneficiary under any deed of trust encumbering the Premises whose name and address have been furnished to
Tenant in writing. Landlord shall not be in default under this Lease unless Landlord (or such ground lessor, mortgagee or beneficiary)
fails to cure such non-performance within sixty (60) days after receipt of Tenant's notice. However, if such non-performance reasonably
requires more than sixty (60) days to cure, Landlord shall not be in default if such cure is commenced within such sixty (60) day period
and thereafter diligently pursued to completion.

 

(c)              
Notwithstanding any term or provision in this Lease to the contrary, (i) the liability of Landlord for a Landlord default under
this Lease is limited to Landlord's equity interest in the Premises, (ii) neither the Landlord nor its agents, property managers,
employees, partners, shareholders, officers, directors, members, investors or other principals shall have any personal liability in connection
with this Lease, and (iii) in no event will Landlord be liable for incidental, general, consequential, speculative, indirect or
punitive damages in connection with this Lease.

 

Section 13.03. Severability.
A determination by a court of competent jurisdiction that any provision of this Lease or any part thereof is illegal or unenforceable
shall not cancel or invalidate the remainder of such provision or this Lease, which shall remain in full force and effect.

 

 

 

 

    	 	22	 

     

    

 

Section 13.04. Interpretation.
The captions of the Articles or Sections of this Lease are to assist the parties in reading this Lease and are not a part of the
terms or provisions of this Lease. Whenever required by the context of this Lease, the singular shall include the plural and the plural
shall include the singular. The masculine, feminine and neuter genders shall each include the other. In any provision relating to the
conduct, acts or omissions of Tenant, the term “Tenant” shall include Tenant's agents, employees, contractors, licensees,
invitees, successors, assigns, and others using the Premises with Tenant's expressed or implied permission.

 

Section 13.05. Incorporation
of Prior Agreements; Amendments. This Lease is the only agreement between the parties pertaining to the lease of the Premises and
no other agreements are effective. All amendments to this Lease shall be in writing and signed by Landlord and Tenant. Any other attempted
amendment shall be void.

 

Section 13.06. Notices.
All notices required or permitted under this Lease shall be in writing and shall be personally delivered, sent by nationally recognized
overnight courier, sent by certified mail, return receipt requested, postage prepaid or sent via facsimile or email (so long as another
copy if sent by one of the other foregoing methods). Notices to Tenant shall be delivered to the address specified in Section 1.03
above. Notices to Landlord shall be delivered to the address specified in Section 1.02 above. All notices shall be effective upon
delivery to the receiving party. Either party may change its notice address upon written notice to the other party.

 

Section 13.07. Waivers.
All waivers must be in writing and signed by the waiving party. Landlord's failure to enforce any provision of this Lease or its
acceptance of Rent shall not be a waiver and shall not prevent Landlord from enforcing that provision or any other provision of this
Lease in the future. No statement on a payment check from Tenant or in a letter accompanying a payment check shall be binding on Landlord.
Landlord may, with or without notice to Tenant, negotiate such check without being bound to the conditions of such statement.

 

Section 13.08. No Recordation.
 Tenant shall not record this Lease, any memorandum hereof, any of the terms hereof, or any document disclosing this Lease, without
the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion. If Landlord agrees in writing to a
recording of any memorandum of this Lease, Tenant shall be responsible for applicable transfer taxes and recording fees.

 

Section 13.09. Binding
Effect. This Lease binds any party who legally acquires any rights or interest in this Lease from Landlord or Tenant. However, Landlord
shall have no obligation to Tenant's successor unless the rights or interests of Tenant's successor are acquired in accordance with the
terms of this Lease.

 

Section 13.10. Choice
of Law; Jurisdiction/Venue. The laws of the State of California shall govern this Lease regardless of conflict of law principles.
Tenant hereby submits to the personal jurisdiction of any state or federal court of Landlord’s choosing in San Bernardino County,
California, and Tenant hereby waives any objection to venue therein should any action at law or in equity be necessary to enforce or
interpret this Lease.

 

Section 13.11. Authority.
Each person signing this Lease on behalf of Tenant represents and warrants that he or she has full authority to do so and that this
Lease binds the Tenant. Within thirty (30) days after written request from Landlord, Tenant shall deliver to Landlord evidence reasonably
satisfactory to Landlord authorizing the execution of this Lease by the signatory or other evidence of such authority reasonably acceptable
to Landlord.

 

Section 13.12. Joint and
Several Liability. All parties signing this Lease as Tenant shall be jointly and severally liable for all obligations of Tenant under
this Lease.

 

 

 

 

    	 	23	 

     

    

 

Section 13.13. Force Majeure.
If Landlord is unable to perform, or is delayed in performing, any of its obligations due to events beyond Landlord's reasonable
control, the time provided for performing such obligations shall be extended by a period of time equal to the duration of such events.
Events beyond Landlord's reasonable control include, but are not limited to, delays caused by Tenant or its agents, employees, contractors,
licensees or invitees, acts of God, war, terrorism, invasion, sabotage, civil commotion, labor disputes, strikes, lockouts, fire, flood
or other casualty, delays related to COVID-19 or similar viruses or any epidemics, or pandemics, including without limitation restrictions,
shutdowns, closures, or shortages resulting therefrom, changes in Applicable Laws, historic preservation matters, subsurface conditions,
shortages of labor or material, government regulation or restriction or other delays by governmental agencies or authorities or utility
providers, governmental moratoriums, delays in issuance of applicable permits or other required governmental approvals, and weather conditions.

 

Section 13.14. Execution
of Lease. This Lease may be executed in counterparts and, when all counterpart documents are executed, the counterparts shall constitute
a single binding instrument. Signatures and initials to this Lease created by the signer by electronic means and/or transmitted by telecopy
or other electronic transmission shall be valid and effective to bind such signing party. Each party agrees to promptly deliver an execution
original to this Lease with its actual signature and initials to the other party upon request, but a failure to do so shall not affect
the enforceability of this Lease, it being expressly agreed that each party to this Lease shall be bound by its own electronically created
and/or telecopied or electronically transmitted signature and initials and shall accept the electronically created and/or telecopied
or electronically transmitted signature and initials of the other party to this Lease.

 

Section 13.15. Not an
Offer. Landlord's delivery of this Lease to Tenant shall not be deemed to be an offer to lease and shall not be binding upon either
party until executed and delivered by both parties.

 

Section 13.16. LEED Rating.
The Premises is or may become in the future certified under the LEED rating system. Landlord's sustainability practices do or may
address whole-building operations and maintenance issues, including chemical use; indoor air quality; energy efficiency; water efficiency;
recycling programs; exterior maintenance programs; and systems upgrades to meet green building energy, water, indoor air quality and
lighting performance standards. Tenant’s construction and maintenance methods and procedures, material purchases and disposal of
waste with respect to the Premises shall be in compliance with Landlord’s minimum standards and specifications in furtherance thereof,
in addition to any requirements under applicable laws with respect thereto.

 

Section 13.17. OFAC.
Landlord advises Tenant hereby that the purpose of this Section is to provide to Landlord information and assurances to enable Landlord
to comply with the law relating to OFAC. Tenant hereby makes the following representations to Landlord. Neither
Tenant (which includes its partners, members, principal stockholders, any other constituent entities or persons, overseers, trustees
and senior executive officers) nor any direct or indirect constituents or affiliates of Tenant that either directly or indirectly own
twenty five percent (25%) or more of Tenant or directly or indirectly control Tenant have been designated as a “specifically designated
national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control
at its official website, https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx or at any replacement
website or other replacement official publication of such list. Tenant is not in violation of compliance with the regulations of the
Office of Foreign Asset Control of the Department of Treasury and any statute, executive order (including the September 24, 2001 Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or any other
governmental action relating thereto.  This representation will be true at all times from the time this is made and until all obligations
under this Lease are satisfied.  In connection with this representation, no later than ten (10) days after request by Landlord,
Tenant shall provide to Landlord all information required by Landlord to confirm Tenant’s compliance with this provision. 
Tenant represents that all OFAC information provided by Tenant to Landlord in connection with this Lease is true, correct,
and complete.

 

Section 13.18. Jury Trial
Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS
LEASE OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.

 

 

 

 

    	 	24	 

     

    

 

Section 13.19. Security
Services. Tenant acknowledges and agrees that, while Landlord may (but shall not be obligated to) patrol the Project, Landlord is
not providing any security services with respect to the Premises or Project and that Landlord shall not be liable to Tenant for, and
Tenant waives any claim against Landlord with respect to, any loss by theft or any other damage suffered or incurred by Tenant in connection
with any unauthorized entry into the Premises or any other breach of security with respect to the Premises or Project.

 

Section 13.20. Easements;
CC&Rs. Landlord reserves to itself the right, from time to time, to grant such easements, rights and dedications that Landlord
deems necessary or desirable, and to cause the recordation of parcel maps, easement agreements, covenants, conditions and restrictions
and amendments thereto, so long as such easements, rights, dedications, maps and covenants, conditions and restrictions and amendments
do not prevent Tenant from operating within the Premises for the Permitted Use. Tenant shall sign any of the aforementioned documents
upon request of Landlord.

 

Section 13.21. Preparation
of Lease. This Lease shall not be construed more strictly against one party than against the other merely by virtue of the fact that
it may have been prepared by counsel for one of the parties, it being recognized that both Landlord and Tenant have contributed substantially
and materially to the preparation of this Lease. The headings of various sections in this Lease are for convenience only and are not
to be utilized in construing the content or meaning of the substantive provisions hereof. The terms “herein”, “hereof”,
“hereunder” and any other similar terms used herein shall be deemed to refer to this Lease in its entirety. Unless
specified to the contrary herein, all references herein to an exercise of discretion or judgment by Landlord, to the making of a determination
or designation by Landlord, to the application of Landlord’s discretion or opinion, to the granting or withholding of Landlord’s
consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to Landlord, or otherwise involving
the decision making of Landlord, shall be deemed to mean that Landlord shall decide unilaterally in its sole discretion or judgment.
Each of the term “Landlord” and the term “Tenant” or any pronoun used in place thereof, shall indicate
and include the masculine or feminine, the singular or plural number, individuals, firms or corporations, and each of their respective
successors, executors, administrators and permitted assigns, who are a party to this Lease according to the context hereof. This Lease,
together with its exhibits, contains all the agreements of the parties hereto and supersedes any previous negotiations. There have been
no representations made by the Landlord or understandings made between the parties other than those set forth in this Lease and its exhibits.

 

Section 13.22 Attorney’s
Fees. In the event of any dispute arising out of the enforcement or interpretation of this Lease, the prevailing party shall be entitled
to reasonable attorney fees and costs from the non-prevailing party, to include any reasonable attorney’s fees and costs on appeal.

 

ARTICLE FOURTEEN: BROKERS.

 

Section 14.01. Broker's
Fee.  If and only if this Lease is signed by and delivered to both Landlord and Tenant and all contingencies to the effectiveness
of this Lease have expired or been waived, Landlord shall pay a real estate commission to the Broker named in Section 1.08 above
pursuant to the written agreement with Landlord. Nothing contained in this Lease shall impose any obligation on Landlord to pay a commission
or fee to any other party.

 

Section 14.02. Agency
Disclosure; No Other Brokers. Landlord and Tenant each represent and warrant to each other that they have dealt with no other real
estate broker(s) in connection with this transaction except the Brokers set forth in Section 1.08 above (if any). Landlord and Tenant
hereby agree to indemnify and defend the other for any commission or fee claimed by any other party. The terms of this Section 14.02
shall survive the expiration or termination of this Lease.

 

ARTICLE FIFTEEN: CONFIDENTIALITY.

 

Tenant agrees that the terms
of this Lease, and any documents or information provided to Tenant by Landlord in connection with this Lease, are confidential and constitute
proprietary information of Landlord, and that disclosure of the terms hereof could adversely affect the ability of Landlord to negotiate
with other tenants. Tenant hereby agrees that Tenant and its partners, members, principals, officers, directors, employees, agents, real
estate brokers, sales persons and attorneys shall not disclose the terms of this Lease to any other party without Landlord’s prior
written consent, not to be unreasonably withheld, conditioned or delayed, except Tenant may disclose such information to the extent necessary
its attorneys and any accountants of Tenant, to an assignee of this Lease or subtenant of the Premises, or as required by Applicable
Law or in connection with any action brought to enforce this Lease; provided that such recipients agree in writing to maintain the confidentiality
of such information.

 

 

 

 

    	 	25	 

     

    

 

In no event shall Tenant
make or engage in any publicity statement, press release, press conference or any other public notice regarding this Lease or the transaction
contemplated herein without the prior written consent of Landlord.

 

The obligations set forth
in this Section shall survive the expiration or any earlier termination of this Lease.

 

ARTICLE SIXTEEN: TENANT’S OBLIGATION
FOR PERMITS.

 

(a)              
Except as otherwise expressly provided in this Lease as an obligation of Landlord, Tenant shall be solely responsible, at its expense,
for obtaining any and all required permits, approvals, licenses and the like in connection with Tenant’s use and occupancy of the
Premises, the operation of Tenant’s business from the Premises, and any improvements constructed by or on behalf of Tenant (including
racking permits and high pile permits), including, without limitation, a business license, all conditional use permits (if any) or
any replacement permit required for Tenant’s specific use of the Premises.

 

(b)              
Tenant’s city-approved commodity and/or use of the Premises may require specific costs and/or work to be performed related to emergency
egress lighting, hose racks, in-rack sprinklers or any other fire and/or life safety requirements. Any and all such costs and work to
be performed related thereto shall be the sole responsibility of Tenant and at Tenant’s sole cost and expense.

 

(c)              
There shall be no delay of the Commencement Date as a result of any failure or delay in Tenant obtaining any such permits, licenses
or approvals or to perform such work.

 

ARTICLE SEVENTEEN: ADA COMPLIANCE.

 

Notwithstanding any other provision of this Lease,
the parties hereby agree that the Premises is subject to the terms and conditions of the ADA. The parties further agree and acknowledge
that it shall be the sole responsibility of Tenant, at its sole cost and expense, to comply with any and all provisions of the ADA, including
without limitation with respect to or in connection with improvements to the Premises by Tenant and Tenant’s use and/or occupancy
of the Premises. Landlord shall not have any obligation under this Lease for compliance with the ADA with regard to the Premises.

 

ARTICLE EIGHTEEN: CALIFORNIA STATUTORY DISCLOSURE
AND ENERGY DISCLOSURE.

 

Landlord hereby discloses to Tenant, in accordance
with California Civil Code Section 1938, and Tenant hereby acknowledges that the Premises have not undergone an inspection by a Certified
Access Specialist (CASp) to determine whether the Premises meet all applicable construction-related accessibility standards pursuant
to California Civil Code §55.51 et seq. As required by Section 1938(e) of the California Civil Code, Landlord hereby states as follows:
"A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all
of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection
of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection
of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties
shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection,
and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises."
In furtherance of the foregoing, and notwithstanding anything to the contrary contained in this Lease, Landlord and Tenant hereby agree
as follows: (i) any CASp inspection requested by Tenant shall be conducted, at Tenant's sole cost and expense, by a CASp approved
in advance by Landlord, subject to Landlord's rules and requirements; and (ii) Landlord shall have no obligation to perform any
work or repairs identified in any such CASp inspection; and (iii) to the extent that any work, repairs, replacements, or improvements
are recommended or required by the CASp (or otherwise required as a result of any such CASp inspection or anything done by Tenant in
its use or occupancy of the Premises), then, at Landlord's election, Tenant shall be required to perform the same at Tenant's sole cost
and expense (subject to all of the terms and conditions of the Lease, including without limitation Section 6.05); provided, however,
Landlord shall have the option to perform any or all of the foregoing at Tenant's sole cost and expense (with Tenant to reimburse Landlord
upon demand for the costs and expenses incurred by Landlord in performing the same).

 

 

 

    	 	26	 

     

    

 

Notwithstanding anything to the contrary contained
in this Lease, Tenant agrees that Landlord, at its election, may contact any utility company providing utility services to the Premises
in order to obtain data on the energy being consumed by the occupant of the Premises. Furthermore, Tenant agrees to provide Landlord
with Tenant's energy consumption data within thirty (30) days after Landlord's request for the same. Tenant acknowledges that pursuant
to Applicable Law, Landlord may be required to disclose information concerning Tenant's energy usage at the Premises to certain third
parties, including, without limitation, prospective purchasers, lenders and tenants of the Premises (the "Tenant Energy Use Disclosure").
Tenant hereby (A) consents to all such Tenant Energy Use Disclosures, and (B) acknowledges that Landlord shall not be required to notify
Tenant of any Tenant Energy Use Disclosure. Tenant agrees to take such further actions as are necessary in order to further the purpose
of this Section, including, without limitation, providing to Landlord the names and contact information for all utility providers serving
the Premises, copies of utility bills, written authorization from Tenant to any such utility company to release information to Landlord,
and any other relevant information reasonably requested by Landlord or the applicable utility company.

 

ARTICLE NINETEEN: COMPLETION OF THE PREMISES
AND PROJECT.

 

Landlord shall construct the Premises shell and
other Project improvements in accordance with plans to be determined, and which may be modified, by Landlord in Landlord’s sole
and absolute discretion. Tenant expressly acknowledges and agrees that Tenant shall not have approval rights over or input into the design,
construction, installation, or modification of, the Premises or any other Project improvements and that Landlord shall have the sole
discretion over the same (provided that the Landlord Improvements shall conform to the Space Plan and Preliminary Specifications, as
such terms are defined in the Work Letter).

 

ARTICLE TWENTY: LANDLORD IMPROVEMENTS.

 

(a)              
Landlord shall perform the Landlord Improvements, as more particularly described in the Work Letter, attached hereto as Exhibit D
and made a part hereof (“Work Letter”).

 

(b)              
Except as may be expressly set forth in this Lease, Landlord shall not be responsible for any additional improvements to the Premises
or any costs in connection with any other improvements to the Premises.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

 

Landlord and Tenant have
signed this Lease as of the Date of Lease set forth in Section 1.01.

 

LANDLORD:

 

9TH & VINEYARD, LLC,

a Delaware limited liability
company

 

	By:	Phelan KND, LLC,
	 	a California limited liability
company,
	 	Its Manager

 

	 	By:	DeArmey Development,
LLC,
	 	 	a California limited liability
company,
	 	 	Its Manager

 

	 	By:	/s/ Katrina DeArmey                            
	 	 	Katrina DeArmey, Manager

 

TENANT:

 

iPOWER INC.,

a Nevada corporation

 

 

	By:	/s/ Chenlong Tan                                 
	Name:	Chenlong Tan
	Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

    	 	28	 

     

    

 

Exhibit A - Legal Description of the Land

 

The land referred to is situated in the City
of Cucamonga, County of San Bernardino, State of California, and is described as follows:

 

[RECORDING
INFORMATION TO BE COMPLETED BY LANDLORD UPON RE-RECORDING OF THE LOT MERGER]

 

PARCEL
1

 

THAT
PORTION OF THE EAST HALF OF THE WEST 330.00 FEET OF LOT 24, SECTION 9, TOWNSHIP 1 SOUTH, RANGE 7 WEST, SAN BERNARDINO BASE AND MERIDIAN
ACCORDING TO MAP OF CUCAMONGA LANDS, IN THE COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, ACCORDING TO PLAT THEREOF, RECORDED IN BOOK
4 OF MAPS, PAGE 9, RECORDS OF SAID COUNTY together with that portion of parcel 1A OF LOT MERGER NO. LLA 2020-00006 RECORDED _________________
, 2021 AS INSTRUMENT NO. ______________________ and parcel 1b OF LOT MERGER NO. LLA 2020-00007 RECORDED _________________ , 2021 AS INSTRUMENT
NO. ______________________ , IN THE CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, OFFICIAL RECORDS OF SAID
COUNTY, more particularly DESCRIBED AS FOLLOWS:

 

COMMENCING
AT A POINT IN THE NORTH LINE OF SAID LOT WITH THE INTERSECTION OF THE EAST LINE OF THE EAST HALF OF THE SAID WEST 330.00 FEET;

THENCE
ALONG SAID NORTH LINE, WEST 165.00 FEET TO THE WEST LINE OF THE EAST HALF OF THE SAID WEST 330 FEET;

THENCE
ALONG SAID WEST LINE, SOUTH 296.51 FEET TO THE TRUE POINT OF BEGINNING;

thence
CONTINUING ALONG SAID WEST LINE, SOUTH 363.49 FEET THE south line OF SAID LOT 24;

THENCE
ALONG SAID SOUTH LINE, EAST 671.42 FEET TO THE WESTERLY LINE OF THAT PORTION OF LAND AS SET OUT IN THAT CERTAIN "FINAL ORDER IN
CONDEMNATION," FILED IN SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN BERNARDINO, CASE NO. 188467 AND RECORDED JUNE 6, 1980 AS INSTRUMENT
NO. 80-131073, OFFICIAL RECORDS;

THENCE
ALONG SID WESTERLY LINES THE FOLLOWING (6) COURSES:

1.)
NORTH 60.00 FEET;

2.)
NORTH 16°06'15" EAST 59.74 FEET TO THE BEGINNING OF A NON-TANGENT 1,184.84-FOOT RADIUS CURVE, CONCAVE NORTHEASTERLY, A RADIAL
TO WHICH BEARS SOUTH 78°23'50" WEST;

3.)
NORTHWESTERLY ALONG THE ARC OF SAID CURVE, AN ARC LENGTH OF 2.99 FEET THROUGH A CENTRAL ANGLE OF 0°08'41";

4.)
NORTH 11°27'29" WEST 61.19 FEET;

5.)
NORTH 78°32'31" EAST 7.00 FEET;

6.)
NORTH 11°27'29" WEST 185.50 FEET TO A LINE PARALLEL WITH AND DISTANT SOUTH 296.51 FEET FROM SAID NORTH LINE;

THENCE
LEAVING SAID WESTERLY LINE, WEST 645.24 FEET TO THE true point of beginning.

 

CONTAINING
5.596 ACRES, MORE OR LESS.

 

PARCEL
2

 

THAT
PORTION OF THE EAST HALF OF THE WEST 330.00 FEET OF LOT 24, SECTION 9, TOWNSHIP 1 SOUTH, RANGE 7 WEST, SAN BERNARDINO BASE AND MERIDIAN
ACCORDING TO MAP OF CUCAMONGA LANDS, IN THE COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, ACCORDING TO PLAT THEREOF, RECORDED IN BOOK
4 OF MAPS, PAGE 9, RECORDS OF SAID COUNTY together with that portion of parcel 1A OF LOT MERGER NO. LLA 2020-00006 RECORDED _________________
, 2021 AS INSTRUMENT NO. ______________________ and parcel 1b OF LOT MERGER NO. LLA 2020-00007 RECORDED _________________ , 2021 AS INSTRUMENT
NO. ______________________ , IN THE CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, OFFICIAL RECORDS OF SAID
COUNTY, more particularly DESCRIBED AS FOLLOWS:

 

 

 

    	 	29	 

     

    

 

beginning
AT A POINT IN THE NORTH LINE OF SAID LOT WITH THE INTERSECTION OF THE EAST LINE OF THE EAST HALF OF THE SAID WEST 330.00 FEET;

THENCE
ALONG SAID NORTH LINE, WEST 165.00 FEET TO THE WEST LINE OF THE EAST HALF OF THE SAID WEST 330.00 FEET;

THENCE
ALONG SAID WEST LINE, SOUTH 296.51 FEET TO a line PARALLEL WITH AND DISTANT SOUTH 296.51 FEET FROM SAID NORTH LINE;

thence
along said parallel line, east 645.24 feet to the westerly line of THAT PORTION OF LAND AS SET OUT IN THAT CERTAIN "FINAL ORDER
IN CONDEMNATION," FILED IN SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN BERNARDINO, CASE NO. 188467 AND RECORDED JUNE 6, 1980 AS
INSTRUMENT NO. 80-131073, BEING ALSO THE WESTERLY LINE OF THAT CERTAIN DEED TO SAN BERNARDINO COUNTY FLOOD CONTROL RECORDED mARCH 9,
1979 AS INSTRUMENT NO. 285, FILED IN BOOK 9639, PAGE 472, BOTH OF OFFICIAL RECORDS;

thence
along said westerly line, north 11°27'29" WEST 271.77 feet to a line parallel with and distant south 30.16 feet from said north
line;

thence
along said parallel line, west 426.25 feet to THE EAST LINE OF SAID WEST 330 FEET;

THENCE
ALONG SAID EAST LINE, NORTH 30.16 FEET TO THE POINT OF BEGINNING.

 

CONTAINING
3.895 ACRES, MORE OR LESS.

 

PARCEL
3

 

THAT
portion OF parcel 1b OF LOT MERGER NO. LLA 2020-00007 RECORDED _________________ , 2021 AS INSTRUMENT NO. ______________________ , IN
THE CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, OFFICIAL RECORDS OF SAID COUNTY, more particularly DESCRIBED
AS FOLLOWS:

 

beginning
AT A POINT IN THE SOUTH LINE OF LOT 17, SECTION 9, TOWNSHIP 1 SOUTH, RANGE 7 WEST, SAN BERNARDINO BASE AND MERIDIAN ACCORDING TO
MAP OF CUCAMONGA LANDS, AS PER MAP RECORDED IN BOOK 4 OF MAPS, PAGE 9, RECORDS OF SAID COUNTY, WITH THE INTERSECTION OF THE EAST LINE
OF THE WEST 330.00 FEET OF SAID LOT;

THENCE
ALONG SAID EAST LINE, NORTH 270.00 FEET TO WESTERLY PROLONGATION OF A NORTHERLY LINE OF THE LAND CONVEYED TO ARTHUR W. CAIN, ET
UX, BY DEED RECORDED MAY 3, 1949, IN BOOK 2396, PAGE 431, OF OFFICIAL RECORDS;

THENCE ALONG SAID PROLONGATION AND NORTHERLY
LINE, SOUTH 89°43'15" EAST 358.25 FEET TO THE NORTHWESTERLY PROLONGATION OF THE NORTHEASTERLY LINE OF THE LAND CONVEYED TO EUGENE
ARNOLD MINIKEL ET UX BY DEED RECORDED FEB. 6, 1948, IN BOOK 2089, PAGE 347, SAID POINT BEING ON THE NORTHEASTERLY LINE OF THAT CERTAIN
DEED RECORDED FEBRUARY 23, 1943 IN BOOK 1571, PAGE 481, BOTH OF OFFICIAL RECORDS;

THENCE ALONG SAID PROLONGATION AND NORTHEASTERLY
LINE, SOUTH 16°24'00" EAST 85.46 FEET TO THE WESTERLY LINE OF THAT PORTION OF LAND AS
SET OUT IN THAT CERTAIN "FINAL ORDER IN CONDEMNATION," FILED IN SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN BERNARDINO, CASE
NO. 188467 AND RECORDED JUNE 6, 1980 AS INSTRUMENT NO. 80-131073, BEING ALSO THE WESTERLY LINE OF THAT CERTAIN DEED TO SAN BERNARDINO
COUNTY FLOOD CONTROL RECORDED MARCH 9, 1979 AS INSTRUMENT NO. 285, FILED IN BOOK 9639, PAGE 472, BOTH OF OFFICIAL RECORDS;

THENCE
ALONG SAID WESTERLY LINE, SOUTH 11° 27' 29" EAST 220.83 FEET TO A LINE PARALLEL WITH AND 30.16 SOUTH feet OF THE NORTH LINE
OF SAID LOT 17;

THENCE
ALONG SAID PARALLEL LINE, WEST 426.25 FEET TO THE EAST LINE OF SAID WEST 330.00 FEET;

THENCE
ALONG SAID EAST LINE, NORTH 30.16 FEET TO THE POINT OF BEGINNING.

 

CONTAINING
2.713 ACRES, MORE OR LESS.

 

 

 

 

 

    	 	30	 

     

    

 

Exhibit B – Intentionally Deleted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	31	 

     

    

 

Exhibit C - Contractor’s Indemnity Agreement

 

This INDEMNITY AGREEMENT (“Agreement”)
pertains to work to be performed at the property located at ____________________, herein referred to as “Premises”. ____________________
( “Contractor”), having an address at ____________________, is a party to the contract with ____________________ ( “Tenant”),
having an address at ____________________ which contract is dated ____________________ (“Contract”), for work to be done
at the Premises from approximately ____________________ through ____________________.

 

Contractor acknowledges and agrees that Tenant
is contractually obligated to obtain this Agreement under a lease for the Premises with ____________________ (“Landlord”),
having an address at ____________________, and that the Landlord would not have consented to the work to be done under the Contract were
it not for Contractor’s execution and delivery to Landlord of this Agreement. Contractor has entered into this Agreement in order
to induce Tenant to retain Contractor to perform the work under the Contract.

 

To the fullest extent permitted by applicable
law, Contractor hereby agrees to INDEMNIFY, DEFEND, SAVE & HOLD HARMLESS the Premises, Landlord, Landlord’s property manager,
the lender, and their respective agents, employees, directors, officers, members, partners, shareholders, investors, principals, successors,
assigns (collectively with Landlord, the “Indemnitees”), of and from all liabilities, claims, losses, damages, injury, causes
of action and suits of whatever nature for personal injury, including death, and property damage (collectively, the “Claims”),
arising out of or alleged to arise out of, or any conditions of, the work performed under this Contract, whether by Contractor or by
any employee, agent, or sub-contractor, and whether any such Claims are asserted against any Indemnitees, or Contractor, severally, jointly,
or jointly and severally. To the fullest extent permitted by applicable law, Contractor hereby agrees to INDEMNIFY, DEFEND, SAVE &
HOLD HARMLESS the Indemnitees of and from any and all costs of any nature, including without limitation investigation, adjustment, attorney's
fees, expert's fees, court costs, administrative costs, and other items of expense arising out of any Claims.

 

Neither Contractor nor any sub-contractor shall
file any mechanic's, materialmen’s, or other liens either against the Premises or any portion thereof from any work, labor, services
or materials supplied or performed by Contractor or by any sub-contractor. To the fullest extent permitted by applicable law, Contractor
hereby agrees to INDEMNIFY, DEFEND, SAVE & HOLD HARMLESS the Indemnitees of and from any and all costs of any nature, including without
limitation investigation, adjustment, attorney's fees, expert's fees, court costs, administrative costs, and other items of expense arising
out of any mechanic's, materialmen’s, or other liens filed against the Premises or portion thereof by Contractor or by any sub-contractor.

 

In addition to any insurance required to be carried
by Tenant under its Lease, Contractor hereby agrees that it will obtain and maintain Comprehensive General Liability insurance including
blanket contractual liability with minimum amount of $2,000,000.00 combined single limit for bodily injury/death and property damage,
and shall add Landlord and any other party required by Landlord as additional insured’s.

 

Additionally, Contractor must also obtain and
maintain Workers Compensation and Occupational Disease insurance with statutory limits and form as required by the State in which the
Premises is located, and Employer's Liability with a limit of not less than $1,000,000.00 for all damage.

 

Certificates for all insurance and/or copies
of all insurance policies will be submitted to Landlord before commencement of any work. The Certificates and insurance policies must
indicate that the "HOLD HARMLESS" contractual indemnity as set forth in this Agreement is insured. Landlord and any other party
required by Landlord must be named as additional insured’s and the policy must provide that no less than 30 days advance written
notice will be given to Landlord in the event of cancellation or modification of the policies.

 

 

 

 

    	 	32	 

     

    

 

Contractor acknowledges that Landlord did not
retain Contractor to perform any work at the Premises and agrees that Contractor will not look to Landlord, the Indemnitees or the Premises
for any compensation whatsoever for any work it performs at the Premises.

 

Contractor must give Landlord no less than ten
(10) business days prior to written notice before the commencement of any work so that Landlord may file a Notice of Nonresponsibility
in connection with any work done by Contractor or any of its subcontractors.

 

IN WITNESS HEREOF, this Contractor has executed
this Agreement

 

this day of , 201__.

 

CONTRACTOR:

 

 

By:________________________________

Name:______________________________

Title:_______________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	33	 

     

    

 

Exhibit D - Work Letter

 

This Work
Letter ("Work Letter") is attached to, supplements, and is made a part of the Lease Agreement (Multi-Tenant Industrial
Facility) to which it is attached. The provisions of this Work Letter define the terms and conditions relating to the completion of and
payment for the Landlord Improvements (as defined below). All initially capitalized terms not defined herein shall have the same meaning
as set forth in the Lease.

 

1.       Definitions.
As used in this Work Letter and in the Lease, the term "Landlord Improvements" shall mean those permanent, physical
improvements set forth on the "Final Plans" (defined below).

 

2.       Completion
of the Landlord Improvements. Subject to the terms of the Lease and this Work Letter, Landlord shall use commercially reasonable
and diligent efforts to cause the Contractor (defined below) to complete the Landlord Improvements in the Premises in accordance with
the terms of this Work Letter.

 

3.       Appointment
of Construction Representatives.

 

(a)       By
Landlord. Landlord hereby appoints the following person as Landlord's representative ("Landlord's Representative") to
act for Landlord in all matters covered by this Work Letter: Katrina DeArmey (Email: kdearmey@phelandevco.com).

 

(b)       By
Tenant. Tenant hereby appoints the following person as Tenant's representative ("Tenant's Representative") to act for
Tenant in all matters covered by this Work Letter: Elton Yuan (Email: Elton.Y@meetipower.com).

 

(c)       Communications.
All communications with respect to the matters covered by this Work Letter shall be made to Landlord's Representative or Tenant's Representative,
as the case may be. Either party may change its representative under this Work Letter, or add an additional representative, at any time
by written notice to the other party. If more than one representative is appointed for either party, communications need only be made
to one of the appointed representatives. Tenant will not make any inquiries of or request to, and will not give any instructions or authorizations
to, any other employee or agent of Landlord, including without limitation the Contractor, Landlord’s architects, engineers, or
any of their agents or employees, with regard to matters covered by this Work Letter.

 

4.       Contractor
and Other Consultants. A contractor selected by Landlord shall construct the Landlord Improvements (the "Contractor").
Landlord shall approve all architects, engineers, subcontractors, space planners and/or other consultants, if and to the extent required.

 

5.       Landlord
Improvement Plans.

 

(a)       Landlord
and Tenant have each approved the space plan, attached hereto as Schedule 1 and made a part hereof (“Space Plan”)
and the preliminary specifications, attached hereto as Schedule 2 and made a part hereof (the “Preliminary Specifications”)
for the Landlord Improvements.

 

(b)       Final
Plans. Based on the Space Plan and the Preliminary Specifications, Landlord shall use reasonable efforts to cause the Contractor and
other consultants as may be selected by Landlord to prepare final plans for the Landlord Improvements ("Final Plans").

 

(c)       Governmental
Approvals. When the Final Plans have been completed, Landlord, if required, shall submit the Final Plans to the appropriate governmental
agencies for plan checking and the issuance of applicable permits and approvals for the Landlord Improvements. Landlord may make any
changes to the Final Plans required by any applicable governmental entity, agency or authority. Tenant shall cooperate with Landlord
in obtaining all permits, licenses and approvals.

 

 

 

 

    	 	34	 

     

    

 

(d)       No
Representations. Notwithstanding anything to the contrary contained in the Lease or this Work Letter, Landlord makes absolutely no representation
or warranty, express or implied, that the Landlord Improvements will be suitable for Tenant's intended purpose, and Landlord specifically
disclaims any such effect. Landlord's sole obligation shall be to arrange the construction of the Landlord Improvements in accordance
with the Final Plans and any additional costs or expenses required for the modification thereof, whether during or after Landlord's construction
thereof, shall be borne entirely by Tenant. Landlord’s approval of any plans, drawings or reports is not a representation or warranty
of any kind by Landlord, including without limitation that such items comply with any Applicable Laws or any representation or warranty
as to the adequacy of the improvements contemplated thereby.

 

6.       Change
Orders. If Tenant desires any change to the Landlord Improvements, such changes may only be requested by the delivery to Landlord
by Tenant of a proposed written "Change Order" specifically setting forth in detail the requested change and the reasons
for such requested change. Landlord may accept or reject the Change Order in Landlord’s sole discretion. If the Change Order is
approved by Landlord, Landlord shall have ten (10) business days from the receipt of the proposed Change Order to provide the following
items: (a) a reasonable summary of any estimated increase in the cost caused by such change ("Change Order Cost")
and (b) a statement of the estimated number of days of any delay caused by such proposed change (the "Change Order Delay").
Tenant shall then have three (3) business days to approve the Change Order Cost and the Change Order Delay in writing to Landlord. If
Tenant approves these items, Tenant shall pay to Landlord the Change Order Cost, if any, within ten (10) days after Landlord’s
invoice therefor and any Change Order Delay shall be deemed a Tenant Delay. Landlord shall, promptly upon Tenant’s approval of
the Change Order Cost and Change Order Delay, execute the Change Order and cause the appropriate changes to the Landlord Improvements,
and if applicable as of such date, the Final Plans to be made. If Tenant fails to respond to Landlord within said 3-business day period,
the Change Order Cost and the Change Order Delay shall be deemed disapproved by Tenant and Landlord shall have no further obligation
to perform any work set forth in the proposed Change Order. The Change Order Cost shall include all reasonable actual out-of-pocket costs
associated with the Change Order, including, without limitation, architectural fees, engineering fees and construction costs, as reasonably
determined by the Contractor and other professionals and consultants hired by Landlord and Landlord’s standard construction management
fee applicable to such costs. The Change Order Delay shall include all actual unavoidable delays caused by the Change Order, including,
without limitation, all design and construction delays, as reasonably determined by the Contractor and other professionals and consultants.
Notwithstanding the foregoing, in no event shall Tenant be permitted to make any changes which would (i) be of a quality lower than
the quality of the Landlord Improvements set forth in the Preliminary Specifications, Space Plan, or Final Plans; and/or (ii) violate
any Applicable Laws.

 

7.       Substantial
Completion. For purposes of the Lease and this Work Letter, "Substantial Completion" (or words of similar import)
of the Landlord Improvements shall occur upon (i) completion of the Landlord Improvements in accordance with the Final Plans (as
the same may be modified pursuant to this Work Letter), with the exception of any Punch List Items (as defined below) which do not materially
impair the usability of the Premises by Tenant for the Permitted Use set forth in the Lease, and (ii) receipt by Landlord of any
one of the following: (a) a certificate of occupancy (or local equivalent), (b) a temporary certificate of occupancy (or local
equivalent), (c) the building final and permission (written or oral) from the building inspector for the Tenant to occupy, or (d) certification
by Landlord’s architect that the Landlord Improvements are complete. If Landlord shall be delayed in Substantial Completion of
the Landlord Improvements as a result of the occurrence of any Tenant Delay, then, for purposes of determining the Commencement Date,
the date of Substantial Completion shall be deemed to be the date that the Landlord Improvements would have been Substantially Completed
absent any such Tenant Delay (as determined by Landlord’s Contractor).

 

8.       Tenant
Delays. As used herein, "Tenant Delay" means any delay, including without limitation a delay in the design, construction
and/or completion of the Landlord Improvements resulting from any or all of the following: (a) Tenant's failure to timely perform
any of its obligations pursuant to the Lease or this Work Letter, including without limitation Tenant's failure to provide information,
documentation, approvals, disapprovals and/or make payments within the time frames described herein, or if no time period is prescribed,
then within five (5) business days after receipt of such request; (b) any requested modifications to any of the Landlord Improvements;
(c) Tenant's request for materials, finishes, or installations which are not readily available; (d) Change Order Delays, or
(e) any other delay, action or failure to act by Tenant, Tenant's Representative, Tenant's employees, agents, contractors, consultants,
invitees, and/or any other person performing or required to perform services on behalf of Tenant, including without limitation interference
with Landlord, or Contractor or any subcontractors or other consultants of Landlord.

 

 

 

 

    	 	35	 

     

    

 

9.       Walk-Through
and Punch List. Upon Substantial Completion of the Landlord Improvements, Tenant, Landlord, the Tenant's Representative and the Contractor
shall jointly conduct a walk-through of the Premises and shall jointly prepare a punch list ("Punch List") of items
reasonably needing additional work ("Punch List Items"); provided, however, the Punch List shall be limited to items
which are required by the Final Plans, as may be modified in accordance with this Work Letter. Landlord shall use commercially reasonable
efforts to complete the Punch List Items within sixty (60) days after completion and approval of the Punch List by Landlord and Tenant.

 

10.       Miscellaneous
Construction Covenants.

 

(a)       Cooperation.
Tenant agrees to cooperate with Landlord in all respects in connection with the completion of the Landlord Improvements.

 

(b)       Relationship
of Parties. Nothing herein contained shall be construed as (i) constituting Tenant or Landlord as the other’s agent for any
purpose whatsoever, or (ii) a waiver by Landlord or Tenant of any of the terms or provisions of the Lease.

 

(c)       Notwithstanding
anything to the contrary in the Lease, Tenant hereby agrees that Landlord and Landlord’s contractors, agents and employees shall
be permitted access to the Premises to complete all Punch List Items.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	36	 

     

    

 

Schedule 1 to Work Letter

Space Plan

[subject to City approval]

 

 

 

    	 	37	 

     

    

 

 

 

    	 	38	 

     

    

 

Schedule 2 to Work Letter

Preliminary Specifications

 

9th & Vineyard TI Finishes

 

ALL FINISHES ARE SUBJECT TO CHANGE BASED ON AVAILABILITY 

 

Carpet

		·	Shaw
                                            contract 

		·	Style
                                            Switch 5A205

		·	Color
                                            - Vista 03481

 

Rubber Base

		·	Burke
                                            727 Thunder or Equal 

 

Flooring

		·	Vinyl Flooring
                                            TBD - landing area at front entry door, in front of coffee bar area, hallway and vestibule
                                            by office Restrooms.

 

Floor Tile

		·	Restrooms

		·	Arizona
                                            

		·	Pave-
                                            Grigio 12x24" floor tile

 

Wall Tile

		·	Restrooms

		·	Arizona

		·	Paloma
                                            Pumice 4 x 16

 

Janitor Sink 

		·	Sheet
                                            Vinyl

		·	Rubber
                                            Base

		·	FRP
                                            behind mop sink

 

Interior Paint Colors

Paint color in the restrooms:

		·	Dunn
                                            Edwards Whisper Gray SP836 (wall color)

		·	Ceiling:
                                            Pure white SW 7005

Paint color in the office area walls:

		·	Worldly
                                            Grey SW 7044

 

 

 

 

    	 	39	 

     

    

 

Plastic Laminate

		·	Coffee
                                            bar area

		·	PL
                                            1 & PL2

		·	Arborite
                                            S431 

		·	Willow
                                            Grey (or wilsonite 1500 Grey) 

 

Warehouse Lighting

		·	Egress
                                            lighting required

		·	Install
                                            (101) 24K LED warehouse lights with motion and ambient sensors

		·	Light
                                            levels of 20-25 FC

		·	Install
                                            conduit, wire, and circuit breakers

		·	Install
                                            energy controls and switch

		·	Install
                                            egress path around the perimeter and 1() N/S aisle

		·	Install
                                            1,500 watt inverter

 

Dock levelers 

		·	Serco
                                            Edge of Dock Model# SM7230.  72” wide usable Ramp. 30,000 lb. capacity, 15”
                                            lip

 

Restroom Partitions N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	40	 

     

    

 

Exhibit E - Parking Exhibit

 

THIS PLAN IS DIAGRAMMATIC ONLY AND INTENDED
ONLY AS AN APPROXIMATE DEPICTION OF THE PROJECT AS IT IS CURRENTLY IS. THIS PLAN DOES NOT CONTAIN THE EXACT LEASING LINES OF ANY PREMISES
NOR DOES IT DEPICT THE EXACT LOCATION OF ANY POSSIBLE TENANTS OR OCCUPANTS OF THE PROJECT. THIS PLAN DOES NOT CONSTITUTE A REPRESENTATION
OR WARRANTY THAT ANY RETAILERS NAMED IN THIS PLAN OCCUPIES AND OR WILL OCCUPY PREMISES IN THE PROJECT.

 

 

[SEE NEXT PAGE]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	41	 

     

    

 

 

 

    	 	42

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