Document:

EX-4.6

 Exhibit 4.6 

EXECUTION VERSION 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of April 11, 2022 is made by and
among Warner Bros. Discovery, Inc. (the “Corporation”), formerly known as Discovery, Inc. (“Discovery”), on the one hand, and each of Advance/Newhouse Partnership, a New York general partnership
(“ANP”), and Advance/Newhouse Programming Partnership, a New York general partnership (“ANPP” and, together with ANP, collectively, the “Advance Stockholders”), on the other hand, to amend and
restate the terms and conditions of that certain Registration Rights Agreement, dated as of September 17, 2008, by and between Discovery and ANPP (as previously amended, restated, supplemented or modified, the “Original
Agreement”). 
 RECITALS: 

WHEREAS, Discovery entered into that certain Agreement and Plan of Merger, dated as of May 17, 2021, by and among AT&T Inc.,
Magallanes, Inc., Discovery and Drake Subsidiary, Inc., (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, among other things, at the closing of
the transactions contemplated by the Merger Agreement (the “Closing”), the Advance Stockholders held Common Stock (as defined below) of the Corporation; 

WHEREAS, as an inducement to the Advance Stockholders to consent to the transactions contemplated by the Merger Agreement and enter into the
Consent Agreement (the “Consent Agreement”), dated as of May 17, 2021, by and among Discovery and the Advance Stockholders, Discovery agreed to grant certain registration rights with respect to the shares of Common Stock, in
each case, on the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, the parties desire to amend and restate
the Original Agreement on the terms and conditions set forth herein and pursuant to Section 5.08 of the Original Agreement, and the parties are entering into this Agreement in compliance with Section 4 of the Consent Agreement. 

NOW, THEREFORE, in consideration of the facts and circumstances recited above and the mutual covenants, representations, warranties and
agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Certain Defined Terms. As used in the Agreement, the following terms shall have the meanings set forth below: 

“Advance Owner” means each Person who, directly or indirectly, beneficially owns any equity interest in Advance Publications,
Inc., Newhouse Broadcasting Corporation or any direct or indirect Subsidiary of Advance Publications, Inc. or Newhouse Broadcasting Corporation, and, in each case, any successor to all or substantially all of their assets. 

 “Advance Family Foundation” means The Samuel I. Newhouse Foundation, Inc.,
a New York membership corporation. 
 “Advance Stockholders” has the meaning set forth in the preamble. 

“Affiliate” of any specified Person means any other Person directly or indirectly Controlling, Controlled by or
under direct or indirect common Control with such specified Person. For the purposes of this Agreement, the term “Control” (including correlative meanings, the terms “Controlling”, “Controlled by”,
and “under common Control with”), as used with respect to any Person, will mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by agreement or otherwise. 
 “Agreement” has the meaning set forth in the preamble.

 “ANP” has the meaning set forth in the preamble. 

“ANPP” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 on Form S-3ASR. 
 “beneficially own” has the
meaning set forth in Rule 13d-3 promulgated under the Exchange Act, as such Rule is in effect on the date hereof. 

“Blackout Period” has the meaning set forth in Section 2.04(a). 

“Board of Directors” means the Board of Directors of the Corporation or any authorized committee thereof. 

“Business Day” means any day other than Saturday, Sunday or any day on which banks are required or permitted to close in
New York, New York. 
 “Closing” has the meaning set forth in the recitals. 

“Common Stock” means the common stock, par value $0.01 per share, of the Corporation. 

“Consent Agreement” has the meaning set forth in the recitals. 

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

  
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 “Demand Registration Statement” has the meaning set forth in
Section 2.01. 
 “Demand Request” has the meaning set forth in
Section 2.01. 
 “Discovery” has the meaning set forth in the preamble. 

“Effective Time” has the meaning set forth in Section 2.01. 

“Effectiveness Period” has the meaning set forth in Section 2.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the
rules and regulations promulgated thereunder. 
 “Family Group” means, with respect to any Person, (a) such
Person’s spouse, domestic partner, descendants (whether natural or adopted), parents, siblings and their descendants and any spouse or domestic partner of the foregoing Persons (collectively, “relatives”), and (b) any holding
company, trust or other estate-planning vehicle owned by or for the benefit of such Person or any Person described in the foregoing clause (a) or any relatives of such Person’s spouse or domestic partner. 

“Free Writing Prospectus” means each “free writing prospectus” within the meaning of Rule 405. 

“GAAP” means generally accepted accounting principles as accepted by the accounting profession in the United
States as in effect from time to time, consistently applied. 
 “Governmental Authority” means any supranational, national,
federal, state or local government, foreign or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry, department, board, commission, court or other similar body exercising
executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government, including any authority or other quasi-governmental entity established by a Governmental Authority to perform any of such
functions. 
 “Holder” means the Advance Stockholders and each Permitted Transferee, for so long as such
Person beneficially owns Registrable Shares. 
 “Indemnified Party” has the meaning set forth in
Section 4.03. 
 “Indemnifying Party” has the meaning set forth in
Section 4.03. 
 “Inspectors” has the meaning set forth in
Section 3.01(l). 
 “Liability” or “Liabilities” has
the meaning set forth in Section 4.01. 

  
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 “Market Value” of a share of Common Stock on any trading day
means the last reported sale price, regular way, of a share of such stock on such trading day or, in case there is no last reported sale price on such trading day, the average of the reported closing bid and asked prices regular way of a share of
such stock on such trading day, in either case on the Nasdaq Global Select Market, or if such share is not then listed on Nasdaq Global Select Market, on the principal stock exchange on which shares of such stock are traded. 

“Marketed Offering” means a registered underwritten offering of Registrable Shares (including any registered underwritten
Shelf Offering) that is consummated by the applicable Holders following the participation by the Corporation’s management in a customary “road show” (including an “electronic road show”) or other similar marketing effort by
the Corporation. 
 “Maximum Number of Shares” means, with respect to any underwritten offering, the maximum
number of shares of Common Stock (including Registrable Shares) that the managing underwriters advise the Corporation can be included in such offering without having an adverse effect on such offering, including the price at which the shares can be
sold. 
 “Merger Agreement” has the meaning set forth in the recitals. 

“MNPI Disclosure Condition” has the meaning set forth in Section 2.04(a). 

“Original Agreement” has the meaning set forth in the preamble. 

“Original Amount of Registrable Shares” means, at the date of determination, the aggregate number of shares of
Common Stock issued to the Advance Stockholders at the Closing, without regard to any subsequent transfers of such shares by the Advance Stockholders or any Permitted Transferee, including without limitation any transfer that causes such shares to
cease to be Registrable Shares. 
 “Other Securities” means Common Stock sought to be included in a registration other than
Registrable Shares. 
 “Other Shareholders” means holders of Common Stock that have obtained registration
rights from Discovery or the Corporation (other than the Holders). 
 “Permitted Transferee” means, with respect to a
Holder: (i) any Affiliate (other than any Portfolio Company) or other equity holder of such Holder; (ii) any entity wholly-owned by such Holder or any entity or individual that wholly owns such Holder; (iii) in the case of any Holder
that is an individual or any individual that is an owner of such Holder with respect to the equity interests of such Holder, (A) a transferee by testamentary or intestate disposition or (B) a transferee who is a member of the Family Group;
(iv) any Advance Owner; (v) any successor entity of such Person; and (vi) the Advance Family Foundation; provided that any such Permitted Transferee agrees, in 

  
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writing in form and substance reasonably satisfactory to the Corporation, to be bound by the terms and provisions of this Agreement; provided further that in no event shall any Portfolio Company
of any Holder or any entity controlled by a Portfolio Company of any Holder constitute a Permitted Transferee. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, joint venture,
Governmental Authority or other entity. 
 “Piggyback Notice” has the meaning set forth in
Section 2.09(a). 
 “Piggyback Registration” has the meaning set forth in
Section 2.09(a). 
 “Portfolio Company” means Condė Nast, Advance Local, Stage
Entertainment, The IRONMAN Group, American City Business Journals, Leaders Group, Turnitin, 1010data, POP, Charter Communications, Reddit and any other portfolio company (as such term is customarily used among institutional investors to refer to
operating companies) of a Holder. 
 “prospectus” means the prospectus related to any Registration Statement
(including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 415), as amended or supplemented by any amendment (including post-effective amendments),
pricing term sheet, Free Writing Prospectus or prospectus supplement, and all documents and materials incorporated by reference in such prospectus. 

“Records” has the meaning set forth in Section 3.01(l). 

“Registrable Shares” means, at any time after the Closing, all shares of Common Stock, whenever acquired prior
to, on, or after the date hereof, and all other securities issued in respect of such Common Stock or into which such Common Stock is later converted or reclassified, in each case that are beneficially owned by any of the Holders (it being understood
that, for purposes of this Agreement, a Holder shall be deemed to be a Holder of Registrable Shares whenever such Holder has the right to then acquire or obtain from the Corporation any Registrable Shares, whether or not such acquisition has
actually been effected); provided, that any particular share of Common Stock will cease to be a Registrable Share: (i) if and when such share shall have been disposed of pursuant to an effective Registration Statement;
(ii) if and when such share shall have been sold to the public pursuant to Rule 144; and (iii) if and when such share shall have ceased to be outstanding. Shares of Common Stock beneficially owned by a Holder shall also cease to be
Registrable Shares if and when such shares may be disposed of by such Holder pursuant to Rule 144 without volume, holding period or manner of sale restrictions. 

“Registration Expenses” means all expenses incurred in connection with any registration of Registrable Shares
pursuant to this Agreement, including (i) the fees, disbursements and expenses of the Corporation’s counsel and accountants (including the expenses relating to any “comfort letters” or costs associated with the delivery by

  
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independent certified public accountants of any “comfort letters” or any special audits incidental to or required by any registration or qualification); (ii) all expenses,
including filing fees, in connection with the preparation, printing and filing of any Registration Statement, any prospectus, any other offering documents and any amendments and supplements thereto and the mailing and delivering of copies thereof to
any underwriters and dealers; (iii) the cost of printing or producing any agreements among underwriters, underwriting agreements, and blue sky or legal investment memoranda, any selling agreements and any other similar documents in connection
with the offering, sale, distribution or delivery of the Registrable Shares to be disposed of; (iv) all expenses in connection with the qualification of the Registrable Shares to be disposed of for offering and sale or distribution under state
securities laws, including the fees and disbursements of counsel for any underwriters in connection with such qualification and in connection with any blue sky and legal investment surveys; (v) the filing fees incident to securing any required
review by the Financial Industry Regulatory Authority, Inc. (“FINRA”) of the terms of the sale or distribution of the Registrable Shares to be disposed of; (vi) all security engraving and security printing expenses;
(vii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Shares; (viii) all expenses in connection with the
listing of the Registrable Shares on any stock exchange on which other shares of Common Stock are listed; and (ix) any other fees and disbursements of underwriters customarily paid by issuers of securities; provided, however, that
“Registration Expenses” shall not include broker’s commissions or underwriters’ discounts, fees or commissions relating to any offer or sale of Registrable Shares or the fees and disbursements of Special Counsel or counsel to any
Holder. 
 “Registration Statement” means any registration statement of the Corporation under the Securities Act which
covers any of the Registrable Shares pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated
by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule 144” means
Rule 144 as promulgated by the SEC under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule promulgated by the SEC. 

“Rule 405” means Rule 405 as promulgated by the SEC under the Securities Act, as such Rule may be amended from
time to time, or any similar successor rule promulgated by the SEC. 
 “Rule 415” means Rule 415 as
promulgated by the SEC under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule promulgated by the SEC. 

  
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 “Rule 424” means Rule 424 as promulgated by the SEC under the
Securities Act, as such Rule may be amended from time to time, or any similar successor rule promulgated by the SEC. 
 “Rule
433” means Rule 433 as promulgated by the SEC under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule promulgated by the SEC. 

“SEC” means the United States Securities and Exchange Commission, or any successor federal agency. 

“Section 2.09 Registration Statement” has the meaning set forth in
Section 2.09. 
 “Securities Act” means the Securities Act of 1933, as amended, or
any successor federal statute, and the rules and regulations promulgated thereunder. 
 “Shelf Offering” has the meaning
set forth in Section 2.10. 
 “Special Counsel” means such law firm of national
reputation as may be selected by a majority of the Holders and is reasonably acceptable to the Corporation. 

“Subsidiary” when used with respect to any Person, means any other Person (1) of which (x) in the
case of a corporation, at least (A) a majority of the equity and (B) a majority of the voting interests are owned or Controlled, directly or indirectly, by such first Person, by any one or more of its Subsidiaries, or by such first Person
and one or more of its Subsidiaries or (y) in the case of any Person other than a corporation, such first Person, one or more of its Subsidiaries, or such first Person and one or more of its Subsidiaries (A) owns a majority of the equity
interests thereof and (B) has the power to elect or direct the election of a majority of the members of the governing body thereof or otherwise has Control over such organization or entity; or (2) that is required to be consolidated with
such first Person for financial reporting purposes under GAAP. 
 “Take-Down Notice” has the meaning set forth in
Section 2.10. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Registration Upon Demand. At any time after the Closing, and for so long as there are any Registrable Shares, upon
the written request of a Holder of Registrable Shares then outstanding (a “Demand Request”), the Corporation shall prepare, file within ninety (90) days of such Demand Request and cause to be declared effective by the SEC in
each case, as set forth below (if such Registration Statement is not an Automatic Shelf Registration Statement), a Registration Statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant
to Rule 415, of the Registrable Shares (a “Shelf Registration Statement”), or, if the Corporation is not then eligible to file such a Shelf Registration Statement, the 

  
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Corporation shall prepare a registration statement on the appropriate form under the Securities Act for the type of offering contemplated by the Demand Request (together with the Shelf
Registration Statement, a “Demand Registration Statement”). The Demand Request shall specify, for each Holder, the number of Registrable Shares to be included in such Demand Registration Statement for such Holder’s account;
provided, that the aggregate Market Value of the Registrable Shares so specified in any such Demand Request shall be not less than $200,000,000 (as of the most recent trading day preceding the delivery of such Demand Request to the
Corporation), determined net of underwriting discounts and commissions. The Corporation shall use reasonable best efforts, subject to Section 2.04 and Section 2.05, to cause the Demand Registration
Statement to: (i) be filed with the SEC as promptly as reasonably practicable after the Corporation’s receipt of the Demand Request (but in any event within ninety (90) days in the case of a Shelf Registration Statement and forty-five
(45) days in the case of a Demand Registration Statement that is not a Shelf Registration Statement of receipt of such request), provided, that the Corporation may delay the filing of a Demand Registration Statement (x) to the date that is
ninety (90) days following the date hereof and (y) from the date the Corporation files its quarterly report for the period ended June 30, 2022 to the date the Corporation files its annual report on Form
10-K for the year ended December 31, 2022, in each case to the extent financial statements required to be filed under Regulation S-X are unavailable without
commercially unreasonable effort or expense, (ii) become effective as promptly as reasonably practicable after filing (if such Registration Statement is not an Automatic Shelf Registration Statement) but in any event upon the earlier of
(a) three business days following the date the SEC has provided notice it will not review such Demand Registration Statement and (b) the date that is one hundred and twenty (120) days following such filing if the SEC elects to review
such filing, and (iii) remain continuously effective during the time period (the “Effectiveness Period”) commencing on the date such Demand Registration Statement is declared effective (the “Effective Time”)
and ending on the earliest to occur of (a) the date that there are no longer any Registrable Shares covered by such Demand Registration Statement and (b) the third (3rd) anniversary of
the effective date of such Demand Registration Statement if such Demand Registration Statement is an Automatic Shelf Registration Statement. If the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at or
prior to the end of the third year, the Corporation shall refile a new Automatic Shelf Registration Statement covering the Registrable Shares, which will not count as a Demand Request. Holders shall have the right to make a total of five
(5) Demand Requests hereunder. Notwithstanding anything contained in this Agreement to the contrary, the Corporation shall not be required to prepare or file a Demand Registration Statement for Registrable Shares identified in any Demand
Request if the Corporation shall have effected a registration of shares of Common Stock pursuant to a Demand Request at any time during the immediately preceding one hundred and eighty-day (180) period or
if a Shelf Registration Statement covering such Registrable Shares is already effective. The Effectiveness Period referred to above shall be extended by the number of days covered by any Blackout Period and/or the number of days during which the use
of any prospectus is suspended pursuant to Section 2.05 or Section 3.01(k). 

  
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 Section 2.02 Revocation of Demand Request. No Demand Request shall be deemed to
have occurred if the Holders that make a Demand Request revoke it and (a) the Demand Registration Statement relating thereto (and covering not less than all Registrable Shares specified in the applicable Demand Request for sale in accordance
with the intended method or methods of distribution specified in such Demand Request) (i) does not become effective, or (ii) is not maintained as effective for the period required pursuant to Section 2.01 or
(b) the offering of the Registrable Shares pursuant to such Demand Registration Statement is subject to a stop order, injunction, or similar order or requirement of the SEC during such period; provided, that such Holders promptly
reimburse the Corporation for all Registration Expenses incurred by the Corporation relating to the registration requested pursuant to such revoked Demand Request. 

Section 2.03 Selection of Underwriters and Underwriters’ Counsel; Cutbacks. 

(a) Holders may effect an underwritten public offering with respect to the Registrable Shares included in a Demand Registration Statement
filed pursuant to a Demand Request; provided, that no underwritten public offering shall be effected in which the gross proceeds to the selling Holders are not reasonably expected to exceed $200,000,000. In connection with any underwritten
offering not initiated by the Corporation, the lead managing underwriter or underwriters shall be selected by the Holders holding the majority of Registrable Shares included in the Demand Registration Statement, including any Shelf Offering,
initiated by such Holders, subject to the reasonable satisfaction of the Corporation. The Corporation shall be entitled to require that such underwriter or underwriters use the Corporation’s customary underwriters’ counsel or, if the
Corporation does not have customary underwriters’ counsel, then such counsel as may be acceptable to the lead managing underwriter or underwriters and the Corporation. 

(b) If the managing underwriters advise the Holders and the Corporation that the number of Registrable Shares requested pursuant to this
Article II to be included in an underwritten offering exceeds the Maximum Number of Shares, the Registrable Shares to be included in such underwritten offering (up to the Maximum Number of Shares) shall be allocated pro
rata among all the requesting Holders based on the relative number of Registrable Shares requested by each such Holder to be included in such underwritten offering. To the extent that an Other Shareholder of Other Securities has a contractual right
to include such Other Securities in the Demand Registration Statement, and the number of such Other Securities, together with the Registrable Shares to be included in such underwritten offering, exceeds the Maximum Number of Shares in the opinion of
the managing underwriters, the Corporation shall include in such registration: 
 (i) first, Registrable Shares, allocated pro rata among
all the requesting Holders based on the relative number of Registrable Shares requested by each such Holder to be included in such underwritten offering (up to the Maximum Number of Shares); and 

  
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 (ii) second, Other Securities owned by any Other Shareholder with a contractual right to
include such Other Securities in such registration, allocated pro rata among all the requesting Other Shareholders based on the relative number of Other Securities requested by each such Other Shareholder to be included in such underwritten offering
(up to the Maximum Number of Shares); and 
 (iii) third, all of the shares of the Common Stock that the Corporation proposes to sell for
its own account (up to the Maximum Number of Shares). 
 Section 2.04 Blackout Periods. 

(a) With respect to any Demand Registration Statement, or amendment or supplement thereto, filed or to be filed pursuant to
Section 2.01 or Section 2.10, if the Board of Directors determines, in its reasonable business judgment, that such registration would cause the Corporation to (A) be unable to comply with
requirements under the Securities Act or the Exchange Act or (B) disclose material nonpublic information, which disclosure (x) would be required to be made in any registration statement so that such registration statement would not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, or required to be made in any prospectus so that such prospectus would not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (y) would not be required to be made at
such time but for the filing or effectiveness of such registration statement or prospectus (the “MNPI Disclosure Condition”), the Corporation may, for a reasonable period of time, but not more than the period that the Board of
Directors reasonably determines that the MNPI Disclosure Condition continues to exist (a “Blackout Period”), suspend the use or filing of, or the filing of an amendment or supplement to, such Demand Registration Statement,
provided, however, that the Corporation may determine that a Blackout Period exists only twice during any period of consecutive twelve (12) months and each such Blackout Period may not exceed an aggregate of sixty (60) days (which
period may not be extended or renewed) during such twelve (12) consecutive month period. The Holders shall cause any director of the Corporation who is designated pursuant to the Consent Agreement or who is an Affiliate of any Holder to recuse
himself or herself from any decision made pursuant to this Section 2.04(a). The Corporation shall notify the Special Counsel and the Holders that such Demand Registration Statement is unavailable for use (or will not be filed as requested)
promptly following the determination of a Blackout Period by the Board of Directors. Upon the receipt of any such written notice, the Holders shall forthwith discontinue use of the prospectus contained in an effective Demand Registration Statement.
When any MNPI Disclosure Condition shall cease to exist, the Corporation shall promptly notify the Special Counsel and each Holder in writing and promptly take any and all actions necessary to permit the Holders to deliver a current prospectus or,
in the case where the Demand Registration Statement has not yet been filed, to file such Demand Registration Statement. Each Blackout Period shall be deemed to begin on the date the relevant notice is given to the Holders and shall be deemed to end
on the earlier to occur of (x) the date on which the Corporation gives the Holders a notice that any MNPI Disclosure Condition has ceased to exist and (y) the date on which the number of days during which such Blackout Period has been in
effect exceeds the sixty (60)-day limit referred to above. 

  
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 (b) If the Corporation declares a Blackout Period with respect to a Demand Registration
Statement that has not yet been declared effective, the Holders whose Registrable Shares were to be included in such Demand Registration Statement may withdraw their Demand Request therefor (and such request shall not count as one of the five Demand
Requests referred to in Section 2.01). 
 Section 2.05 SEC Orders Suspending Effectiveness. The
Corporation shall notify the Special Counsel and all Holders that have Registrable Shares included in a Demand Registration Statement of any stop order threatened or issued by the SEC and, as to threatened orders, shall take such actions as may be
required, using commercially reasonable efforts, to prevent the entry of such stop order. If the effectiveness of a Demand Registration Statement is suspended by a stop order issued by the SEC at any time during the Effectiveness Period, the
Corporation shall use commercially reasonable efforts to obtain the prompt withdrawal of such order, and as promptly as reasonably practicable after such suspension of effectiveness, amend or supplement the Demand Registration Statement in a manner
reasonably expected by the Corporation to obtain the withdrawal of such order. 
 Section 2.06 Plan of Distribution. The
“plan of distribution” section of each prospectus included in a Demand Registration Statement with respect to any offering to be made on a delayed or continuous basis under Rule 415 shall be substantially in the form of
Annex A hereto, subject to the comments of the SEC and the inclusion of such other information as is required by applicable SEC regulations or to conform with applicable SEC practice. Each Holder agrees to dispose of its
Registrable Shares under a Registration Statement in accordance with the “plan of distribution” section of the prospectus. 

Section 2.07 Expenses. The Corporation shall, to the extent provided herein, pay all Registration Expenses arising from or
incident to any registration of Registrable Shares pursuant to this Agreement. 
 Section 2.08 Transfer of Registration Rights.
Each Holder shall have the right to assign, by written agreement, any or all of its rights granted under this Agreement to any Permitted Transferee; provided, that (x) the notice of any such transfer is provided to the Corporation
and (y) such transfer is effected in accordance with applicable securities laws. Following any transfer or assignment made to a Permitted Transferee, a Holder shall retain all rights under this Agreement with respect to any Registrable Shares
that continue to be beneficially owned by such Holder. A Permitted Transferee shall be deemed a Holder for purposes of this Agreement for so long as such Person continues to hold Registrable Shares. A Person that is not a Permitted Transferee to
which a Holder transfers Registrable Shares shall not have any rights under this Agreement, and the shares so transferred shall no longer be deemed Registrable Shares. 

  
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 Section 2.09 Incidental Registration. 

(a) If the Corporation or any Other Shareholder at any time after the Closing proposes to register the offer and sale of shares of the Common
Stock under the Securities Act (other than on Form S-8 or S-4 or any successor or other forms promulgated for similar purposes or filed solely in connection with an
exchange offer or any employee benefit or dividend reinvestment plan) (a “Section 2.09 Registration Statement”), whether for its own account or for the account of any Other Shareholders, in a manner which would
permit registration of Registrable Shares for sale to the public under the Securities Act (a “Piggyback Registration”), the Corporation will promptly give written notice (a “Piggyback Notice”) to all Holders of its
intention to do so and of such Holders’ rights under this Section 2.09, but in any event at least ten (10) Business Days prior to the anticipated filing date of the Section 2.09 Registration Statement. The
Piggyback Notice shall offer all Holders the opportunity to include in such Section 2.09 Registration Statement such number of Registrable Shares as each Holder may request, subject to Section 2.09(c). The Corporation
will use its reasonable best efforts to include in the Section 2.09 Registration Statement the number of Registrable Shares of each Holder sought to be included therein and so specified in a written notice delivered to the Corporation by such
Holder within five (5) Business Days after such Holder’s receipt of the related Piggyback Notice, subject to the terms of this Section 2.09. A Holder may, prior to the effective date of a Section 2.09
Registration Statement, withdraw any Registrable Shares that it had sought to have included therein, whereupon it shall promptly pay to the Corporation all Registration Expenses incurred by the Corporation in connection with the registration of such
withdrawn Registrable Shares under the Securities Act or the Exchange Act and the inclusion of such shares in the Section 2.09 Registration Statement. A Piggyback Registration shall not be considered a Demand Request for purpose of
Section 2.01. 
 (b) If a Piggyback Registration involves an underwritten offering, then all Holders whose
Registrable Shares are included in the Section 2.09 Registration Statement must sell such shares in such underwritten offering and agree to such terms and provisions that are customarily contained in underwriting agreements with respect to
selling stockholders. The Corporation will use its reasonable best efforts to cause such underwriting agreement to include, with respect to Holders, indemnification and contribution provisions that are substantially to the effect provided in
Article IV. 
 (c) The Corporation may elect, in its sole discretion, to terminate a Section 2.09
Registration Statement at any time prior to the effective date thereof. Upon giving written notice of such election to all Holders of Registrable Shares, the Corporation shall be relieved of its obligation to register any Registrable Shares in
connection with such registration (without prejudice, however to the rights of Holders under Section 2.01 hereof). The Corporation will pay all Registration Expenses incurred by the Holders in connection with each Piggyback
Registration. 

  
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 (d) If a Piggyback Registration involves an underwritten offering and the managing
underwriters advise the Corporation (and, if applicable, the Other Shareholders) that the number of shares of Common Stock requested to be included in the Piggyback Registration exceeds the Maximum Number of Shares, the following rules shall apply:

 (i) If the Section 2.09 Registration Statement was originated by the Corporation for a primary offering, then there will be
included in such registration statement: (i) first, all of the shares of the Common Stock that the Corporation proposes to sell for its own account; and (ii) second, to the extent that the number of shares of Common Stock included by the
Corporation for its own account is less than the Maximum Number of Shares, the shares of Common Stock proposed to be included by the Other Shareholders and the Registrable Shares proposed to be included by Holders, allocated pro rata among such
Persons on the basis of the number of shares each such Person has requested to be included in such registration statement (up to the Maximum Number of Shares). 

(ii) If the Section 2.09 Registration Statement was originated by Other Shareholders for a secondary offering, then there will be
included in such registration statement: (i) first, all of the shares of the Common Stock that such Other Shareholders propose to sell for their own account and (ii) second, to the extent that the number of shares of Common Stock included
by the Other Shareholders is less than the Maximum Number of Shares, the Registrable Shares proposed to be included by Holders, allocated pro rata among such Holders on the basis of the number of Registrable Shares that each such Holder has
requested to be included in such registration statement (up to the Maximum Number of Shares). 
 Section 2.10 Shelf Take Downs.
At any time that a Shelf Registration Statement covering Registrable Shares is effective, if one or more Holders delivers a notice to the Corporation (each, a “Take-Down Notice”) stating that they intend to sell all or part of their
Registrable Shares included by them on such Shelf Registration Statement and the amount of gross proceeds to the selling Holders is reasonably expected to exceed $200,000,000 (each, a “Shelf Offering”), then the Corporation shall
amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Shares to be distributed pursuant to the Shelf Offering. In connection with any Shelf Offering, including any Shelf Offering that is an
underwritten offering: (i) such proposing Holder(s) shall also deliver the Take-Down Notice to all other Holders included on such Shelf Registration Statement and permit each such other Holder to include its Registrable Shares included on the
Shelf Registration Statement in the Shelf Offering if such other Holder notifies the proposing Holder(s) and the Corporation within one (1) Business Day after delivery of the Take-Down Notice to such Holder; and (ii) if the Shelf Offering
is underwritten, in the event that the managing underwriter(s) of such Shelf Offering advise such other Holders in writing that it is their opinion the total number or dollar amount of 

  
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shares proposed to be sold exceeds the Maximum Number of Shares, then the managing underwriter(s) may limit the number of Registrable Shares which would otherwise be included in such Shelf
Offering, allocated pro rata among such Holders on the basis of the number of Registrable Shares that each such Holder has requested to be included in such Shelf Offering (up to the Maximum Number of Shares). For the avoidance of doubt, a Take-Down
Notice will not be counted as a Demand Request. Notwithstanding the foregoing, at any time and from time to time if a Shelf Registration Statement covering Registrable Shares is effective, if a Holder wishes to engage in a Shelf Offering that is an
underwritten or other coordinated registered, or “registered direct” offering not involving a “roadshow,” which is an offer commonly known as a “block trade” (a “Block Trade”), then notwithstanding the
time periods provided for above, such Holder will deliver a Take-Down Notice to the Corporation of the Block Trade at least two (2) Business Days prior to the day such offering is to commence and the Corporation shall as expeditiously as
possible use its commercially reasonable efforts to facilitate such Block Trade; provided, however, that the Holder representing a majority of the Registrable Shares wishing to engage in the Block Trade shall use commercially reasonable efforts to
work with the Corporation and any underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Block Trade. Notwithstanding anything to the
contrary in this Agreement, Section 2.09 shall not apply to a Block Trade initiated by a Holder pursuant to this Agreement. The Holder initiating a Block Trade shall have the right to select the underwriters for such Block
Trade (which shall consist of one or more reputable, nationally recognized investment banks). Notwithstanding anything contained in this Agreement to the contrary, the Corporation shall not be required to effect a Shelf Offering if the Corporation
shall have effected a registration of shares of Common Stock pursuant to a Demand Request or Shelf Offering at any time during the immediately preceding ninety-day (90) period. 

Section 2.11 Restrictions on Public Sale by Holders of Registrable Shares. If any registration pursuant to
Article II of this Agreement shall be in connection with any Marketed Offering or an underwritten offering (including with respect to a Shelf Offering or a Block Trade), the Corporation will not effect any public sale or
distribution of any Common Stock (or securities convertible into or exchangeable or exercisable for Common Stock) (other than a registration statement (i) on Form S-4, Form
S-8 or any successor forms thereto or (ii) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan) for its own account, within ninety (90) days after
the date of the prospectus (or prospectus supplement if the offering is made pursuant to a Shelf Registration Statement) for such offering except as may otherwise be agreed with the underwriters managing such offering. Each Holder agrees that for
any registration pursuant to Article II of this Agreement that is in connection with any Marketed Offering or an underwritten offering (including with respect to a Shelf Offering or a Block Trade), whether or not such
Holder is participating in such registration, upon the request of the Corporation and the underwriters managing such offering, such Holder will not effect (other than pursuant to such registration) any public sale or distribution of Common Stock,
including, but not limited to, any sale pursuant to Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, or enter 

  
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 into any swap or other arrangement that transfers to another Person any of the economic consequences of
ownership of, any Common Stock, any other equity securities of the Corporation or any securities convertible into or exchangeable or exercisable for any equity securities of the Corporation without the prior written consent of the Corporation or
such underwriters, as the case may be, during the ninety (90) days after the date of the prospectus (or prospectus supplement if the offering is made pursuant to a Shelf Registration Statement) for such offering or such shorter period as may
otherwise be agreed with the underwriters managing such offering. No Holder may participate in any Marketed Offering or an underwritten offering (including with respect to a Shelf Offering or a Block Trade) unless such Holder completes and executes
all customary questionnaires, powers of attorney, indemnities, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. 

ARTICLE III 

REGISTRATION PROCEDURES 

Section 3.01 Registration Procedures. In connection with any registration of Registrable Shares contemplated by this Agreement:

 (a) In the case of registration pursuant to a proper Demand Request under Section 2.01, the Corporation shall
use reasonable best efforts to, as promptly as reasonably practicable and not later than ninety (90) days in the case of a Shelf Registration statement and forty-five (45) days in the case of a Demand Registration Statement that is not a
Shelf Registration Statement from the date of receipt of such Demand Request, prepare and file with the SEC a Demand Registration Statement for the sale of the Registrable Shares to be registered thereunder in accordance with the intended methods of
distribution thereof, and use reasonable best efforts to cause such filed Demand Registration Statement to become and remain effective in accordance with this Agreement. 

(b) The Corporation shall use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration
Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction at the earliest date reasonably practicable. 

(c) The Corporation shall, prior to the filing of a Registration Statement or related prospectus or any amendment or supplement thereto
(including documents that would be incorporated or deemed to be incorporated therein by reference, if any, that expressly relate to any offering to be effected thereunder, except to the extent that such documents shall have previously been filed
with or furnished to the SEC) with the SEC, furnish or otherwise make available to Special Counsel (who may share such documents with the Holders) and any underwriter (if such filing relates to an underwritten offering), if any, copies of all such
documents proposed to be filed, which documents will be subject to the reasonable review and comment of such counsel, and 

  
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such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate
in the preparation of such Registration Statement and each prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, as further described in
Section 3.01(l). 
 (d) The Corporation shall promptly notify the Special Counsel and any underwriter (if such
filing relates to an underwritten offering) after the Corporation receives notice thereof (i) when a prospectus or any prospectus supplement or post-effective amendment related to a Registration Statement has been filed, and, with respect to a
Registration Statement or any post-effective amendment thereto, when the same has become effective (or in the case of an Automatic Shelf Registration Statement after the filing thereof), (ii) of any request by the SEC or any other Governmental
Authority for amendments or supplements to a Registration Statement or related prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceeding for that purpose, (iv) of the receipt by the Corporation of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Shares for sale in any
jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (v) of the happening of any event that makes any statement made in such Registration Statement or related prospectus or any document incorporated or deemed
to be incorporated therein by reference, as then in effect, untrue in any material respect or that requires the making of any change in such Registration Statement, prospectus or documents so that, in the case of such Registration Statement, it will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that, in the case of such prospectus, it will not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall notify the selling Holders only of the
occurrence of such an event and shall provide no additional information regarding such event to the extent such information would constitute material non-public information). 

(e) The Corporation shall enter into such agreements (including underwriting agreements in form, scope and substance as is customary for the
Corporation containing customary indemnification and contribution provisions) and take all such other customary actions reasonably requested by the Holders of a majority of the Registrable Shares being sold in connection therewith (including those
reasonably requested by any underwriter (if such filing relates to an underwritten offering), if any) to expedite or facilitate the disposition of such Registrable Shares and, in the case of each underwritten offering, shall provide reasonable
cooperation in connection with such disposition, including causing appropriate officers to attend and participate in one “road show” organized by the underwriters, with all
out-of-pocket costs and expenses incurred by the Corporation or such officers in connection with such attendance to be paid by the Corporation. 

  
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 (f) After the initial Effective Time of a Registration Statement, the Corporation shall, as
promptly as reasonably practicable, prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided
herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement and cause the related prospectus to be supplemented by any prospectus
supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (subject to
Section 2.04 and Section 2.05). 
 (g) After the initial Effective Time of a
Registration Statement, the Corporation shall, if requested by the Special Counsel or any underwriter (if such filing relates to an underwritten offering), promptly include in a prospectus supplement or post-effective amendment to the applicable
Registration Statement such information as the Special Counsel or any underwriter may reasonably request in order to permit the intended method of distribution of the Registrable Shares and make all required filings of such prospectus supplement or
such post-effective amendment as soon as practicable after the Corporation has received such request. 
 (h) The Corporation shall promptly
furnish to the Special Counsel copies of any and all transmittal letters and other correspondence with the SEC and all correspondence (including comment letters) from the SEC to the Corporation relating to a Registration Statement or any prospectus
or any amendment or supplement thereto; provided, that if such transmittal letters and other correspondence with the SEC contain information that the Corporation in its reasonable good faith judgment believes is competitively sensitive
(and which information will not otherwise become public as a result of inclusion in such correspondence), the Corporation may redact such information from the copies furnished to the Special Counsel. 

(i) After a Registration Statement is declared effective, and in connection with any underwritten offering under the Registration Statement,
the Corporation shall furnish to the Holders whose Registrable Shares are included in such Registration Statement and to the underwriters such number of copies of the Registration Statement, each amendment and supplement thereto (in each case
including all exhibits thereto but excluding documents incorporated by reference therein other than those that expressly relate to the offering or underwritten offering), the prospectus included in such Registration Statement and such other
documents as any such Holders or underwriters may reasonably request in order to facilitate the disposition of the Registrable Shares included in the Registration Statement. 

(j) The Corporation shall use reasonable efforts (i) to register or qualify the Registrable Shares under such other securities or blue
sky laws of such jurisdictions in the United States (in the event an exemption is not available) as any Holder of Registrable Shares covered by a Registration Statement reasonably (in the light 

  
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of such Holder’s intended plan of distribution) requests and (ii) to cause such Registrable Shares to be registered with or approved by such other governmental agencies or authorities as may
be necessary by virtue of the business and operations of the Corporation and do any and all other acts and things that may be reasonably necessary to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Shares
owned by such Holder; provided, that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (j), (ii) conform its capitalization or
the composition of its assets at the time to the securities or blue sky laws of any such jurisdiction, (iii) subject itself to taxation in any such jurisdiction or (iv) consent to general service of process in any such jurisdiction. 

(k) The Corporation shall promptly notify each Holder of Registrable Shares covered by the Registration Statement at any time when a
prospectus relating thereto is required to be delivered (or deemed delivered) under the Securities Act or of the occurrence of any event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered (or
deemed delivered) to the purchasers of such Registrable Shares, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading. Subject to Section 2.04, the Corporation shall as promptly as reasonably practicable prepare and furnish to each such Holder a supplement to or an amendment required with respect to any prospectus so that, as
thereafter delivered (or deemed delivered) to the purchasers of such Registrable Shares, such prospectus will not contain any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not misleading. 
 (l) The Corporation shall make available for
inspection at reasonable times by any Holder of Registrable Shares covered by a Registration Statement, any underwriter participating in an underwritten offering pursuant to the Registration Statement, the Special Counsel, and any attorney,
accountant or other professional retained by any such Holder or underwriter (collectively, the “Inspectors”), all financial and other records and pertinent corporate documents and properties of the Corporation (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibilities, and cause the Corporation’s and its significant Subsidiaries’ executive officers to, and use commercially
reasonable efforts to cause the Corporation’s independent accountants to, promptly supply all information reasonably requested by any Inspector in connection with such Registration Statement or underwritten offering; provided, that in no
event shall the Corporation be required to make available to any Inspector any information which the Corporation in its reasonable judgment believes is competitively sensitive or, based on advice of the Corporation’s counsel, would (i)
reasonably be expected to create any liability under applicable law or result in the waiver of any material legal privilege (provided, that in such latter event the Corporation shall use commercially reasonable efforts to cooperate to
permit disclosure of such information in a manner consistent with the preservation of such legal privilege), (ii) result in the disclosure of any trade secrets of third parties or (iii) violate any 

  
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obligation of the Corporation with respect to confidentiality (provided, that, with respect to this clause (iii), to the extent specifically requested by an Inspector, the
Corporation has in good faith sought to obtain a waiver regarding the possible disclosure from the third party to whom it owes an obligation of confidentiality). Records which the Corporation determines, in good faith, to be confidential and which
it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in advance to the Corporation if the Corporation shall so request) unless (i) the disclosure of such Records
is necessary, in the Corporation’s reasonable judgment, to avoid or correct a misstatement or omission in such Registration Statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction after exhaustion of all appeals therefrom. Each Inspector agrees (and the Inspectors shall confirm their agreement in advance to the Corporation if the Corporation shall so request) that information obtained by it as a result
of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Corporation or its Affiliates unless and until such is made generally available to the public. Each
Inspector further agrees (and will so confirm if requested by the Corporation) that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give prompt notice to the Corporation and allow the
Corporation, at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential. 
 (m) In connection
with an underwritten public offering of Registrable Shares covered by a Registration Statement, the Corporation shall use reasonable best efforts to furnish to the underwriters, on the date the Registrable Shares are delivered for sale, a signed
counterpart of (i) an opinion or opinions of counsel to the Corporation addressed to such underwriters and (ii) a “comfort letter” or “comfort letters” from the Corporation’s independent public accountants, each in
customary form and covering such matters of the type customarily covered by opinions or “comfort letters” in underwritten public offerings. 

(n) The Corporation shall otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and
make available to its security holders, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months beginning after the effective date of a Registration Statement, in a manner that satisfies the provisions
of Section 11(a) of the Securities Act. 
 (o) The Corporation shall cooperate with, and direct the Corporation’s transfer agent
to cooperate with, the selling Holders of Registrable Shares and any underwriter (if such filing relates to an underwritten offering), to facilitate the timely settlement of any offering or sale of Registrable Shares, including the preparation and
delivery of certificates (not bearing any legend unless required under applicable law) or book-entry (not bearing stop transfer instructions unless required under applicable law) representing Registrable Shares to be sold after receiving written
representations from each Holder of such Registrable Shares that the Registrable Shares represented by the certificates so delivered or book-entry so presented by such Holder will be transferred in 

  
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accordance with the Registration Statement and, in connection therewith, if reasonably required by the Corporation’s transfer agent, the Corporation shall promptly after the effectiveness of
the Registration Statement cause an opinion of counsel as to the effectiveness of any Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorization, certificate, or direction required by the
transfer agent that authorizes and directs the transfer agent to issue such Registrable Shares without restriction upon sale by the Holder of such shares of Registrable Shares under the Registration Statement. 

(p) The Corporation shall use reasonable efforts to cause all Registrable Shares to be listed on each securities exchange on which the Common
Stock is listed. 
 (q) The Corporation shall use commercially reasonable efforts to timely file the reports and materials required to be
filed by it under the Exchange Act to enable the Holders to sell Registrable Shares without registration under the Securities Act within the limitation of the exemption provided by Rule 144. Upon the request of a Holder, the Corporation shall
deliver to such Holder a written statement as to whether it has complied with such requirements, and shall provide such customary assurances as any broker or dealer facilitating a sale of Registrable Shares under Rule 144 may reasonably request.

 (r) The Corporation shall cooperate with each selling Holder of Registrable Shares and each underwriter or agent participating in the
disposition of such Registrable Shares and their respective counsel in connection with any filings required to be made with FINRA, including the use of reasonable best efforts to obtain FINRA’s
pre-clearance or pre-approval of the Registration Statement and applicable prospectus upon filing with the SEC. 

Section 3.02 Holder Responsibilities. 

(a) The Corporation may require each Holder of Registrable Shares included in a Registration Statement to promptly furnish in writing to the
Corporation such information regarding such Holder or the distribution of the Registrable Shares as the Corporation may from time to time reasonably request and such other information as may be legally required in connection with such registration
or required to be disclosed in order to make the information previously furnished to the Corporation by such Holder not materially misleading or necessary to cause such Registration Statement not to omit a material fact with respect to such Holder
necessary in order to make the statements therein not misleading. The right of any Holder to include such Holder’s Registrable Shares in any Registration Statement shall be subject to its compliance with this
Section 3.02(a). 
 (b) In connection with any disposition of Registrable Shares pursuant to a Registration
Statement, each Holder agrees that it will not use any Free Writing Prospectus without the prior consent of the Corporation. 

  
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 (c) Each Holder agrees that, upon receipt of any written notice from the Corporation of the
happening of any event of the kind described in Section 3.01(k), such Holder will forthwith discontinue the disposition of such Holder’s Registrable Shares pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 3.01(k). If the Corporation shall give such notice with regard to any Registration Statement, the Corporation shall extend the
Effectiveness Period during which the effectiveness of such Registration Statement shall be maintained by the number of days during the period from and including the date of the notice given by the Corporation to the date when the Corporation shall
make available to such Holder a prospectus or prospectus supplement that conforms with the requirements of Section 3.01(k). 

(d) Each Holder shall comply with the Securities Act and the Exchange Act and all applicable state securities laws in connection with the
registration and the disposition of Registrable Shares pursuant hereto. 
 (e) Each Holder of Registrable Shares included in a Registration
Statement will enter into and perform agreements (including underwriting or similar agreements in customary form for the Corporation containing customary indemnification and contribution provisions) containing such terms and provisions that are
customarily contained in underwriting agreements with respect to selling stockholders and will take such other commercially reasonable actions as are required in order to expedite or facilitate the disposition of any Registrable Shares pursuant
hereto and shall provide all reasonable cooperation customary for similar dispositions in connection herewith. Notwithstanding the foregoing, the Corporation shall use its reasonable best efforts to cause any underwriting agreement to include, with
respect to the Holders, indemnification and contribution provisions that are substantially to the effect provided in Article IV. 

ARTICLE IV 

INDEMNIFICATION 

Section 4.01 Indemnification By The Corporation. The Corporation agrees to indemnify and hold harmless to the fullest extent
permitted by law each Holder whose Registrable Shares are covered by a Registration Statement, its officers, directors, partners and managing members and each Person, if any, who controls such Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages, liabilities, and expenses, or any action or proceeding in respect thereof (each, a “Liability” and
collectively, “Liabilities”), as incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus relating to such Registrable Shares
(or in any amendment or supplement thereto), any Free Writing Prospectus or other document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification or compliance, or arising out of or
based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make 

  
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the statements therein not misleading, except insofar as such Liabilities arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission based upon
information furnished in writing to the Corporation by such Holder or on such Holder’s behalf, in either such case expressly for use therein; provided, that, with respect to any untrue statement or omission or alleged untrue statement or
omission made in any prospectus, the indemnity agreement contained in this paragraph shall not apply to the extent that any such Liability results from (a) the fact that a current copy of the prospectus was not sent or given to the Person
asserting any such Liability at or prior to the written confirmation of the sale of the Registrable Shares concerned to such Person if it is determined that the Corporation has provided such prospectus and it was the responsibility of such Holder or
its agents to provide such Person with a current copy of the prospectus and such current copy of the prospectus would have cured the defect giving rise to such Liability, (b) the use of any prospectus by or on behalf of any Holder after the
Corporation has notified such Person in writing (i) pursuant to Section 3.01(k) that such prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) pursuant to Section 2.05 that a stop order has been issued by the SEC with respect to the Registration
Statement, or (iii) pursuant to Section 2.04(a) that an MNPI Disclosure Condition exists or (c) the use of any prospectus by or on behalf of any Holder with respect to any Registrable Shares after such time as the
Corporation’s obligation to keep the Registration Statement effective in respect of such Registrable Shares has expired. 

Section 4.02 Indemnification By Holders of Registrable Shares. Each Holder whose Registrable Shares are included in any
Registration Statement agrees, severally and not jointly, to indemnify and hold harmless to the fullest extent permitted by law (including reimbursement of the Corporation for any legal or any other expenses reasonably incurred by it in
investigating or defending such Liabilities) the Corporation, its officers, directors, agents, other Affiliates and each Person, if any, who controls the Corporation within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all Liabilities arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus relating to such
Registrable Shares, any amendments or supplements thereto, “issuer free writing prospectus” (as such term is defined in Rule 433) or other document relating to such Registrable Shares (or in any amendment or supplement thereto), or arising
out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only (i) to the extent such Liabilities arise out of or are
based upon information furnished in writing by such Holder or on such Holder’s behalf, in either case expressly for use in the Registration Statement, prospectus or in any amendment or supplement thereto relating to such Holder’s
Registrable Shares or (ii) to the extent that any Liability described in this Section 4.02 results from (a) the fact that a current copy of the prospectus was not sent or given to the Person asserting any such
Liability at or prior to the written confirmation of the sale of the Registrable Shares concerned to such Person if it is determined that it was the responsibility of such Holder or its agent to provide such Person with a current copy of the
prospectus and such 

  
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current copy of the prospectus would have cured the defect giving rise to such Liability, (b) the use of any prospectus by or on behalf of any Holder after the Corporation has notified such
Person in writing (x) that such prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, (y) that the SEC has issued a stop order with respect to the Registration Statement or (z) that an MNPI Disclosure Condition exists or (c) the use of any prospectus by or on behalf of any Holder
after such time as the obligation of the Corporation to keep the related registration statement in respect of such Holder’s Registrable Shares effective has expired. 

Section 4.03 Conduct Of Indemnification Proceeding. After receipt by any Person in respect of which indemnity may be sought
pursuant to Section 4.01 or 4.02 (an “Indemnified Party”) of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing, such
Indemnified Party shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing; provided, however, that the delay or failure to so notify the
Indemnifying Party shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure. If notice of commencement of any such action is
given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its
own expense, with counsel reasonably satisfactory to such Indemnified Party. In any such proceeding so assumed by the Indemnifying Party, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) representation of both parties by the same counsel would be
inappropriate due to actual or potential differing or conflicting interests between them. It is understood that the Indemnifying Party, in connection with any proceeding or related proceedings in the same jurisdiction, shall be liable only for the
reasonable fees and expenses of one firm of attorneys (in addition to any necessary local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred upon submission of
reasonably itemized invoices that comply with the Corporation’s standard billing policies for outside counsel. In the case of any such separate firm for Holders who are entitled to indemnity pursuant to Section 4.01,
such firm shall be designated in writing by the Indemnified Party who had the largest number of Registrable Shares included in the Registration Statement at issue. The Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified
Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such proceeding. 

  
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 Section 4.04 Contribution. 

(a) If the indemnification provided for hereunder shall for any reason be held by a court of competent jurisdiction to be unavailable to an
Indemnified Party in respect of any Liability referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Liabilities between the Corporation on the one hand and each Holder whose Registrable Shares are covered by the Registration Statement in issue on the other, in such proportion as is appropriate to reflect the relative fault of the Corporation and
of each such Holder in connection with any untrue statement of a material fact contained in the Registration Statement, any prospectus or any amendment or supplement thereto or caused by any omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, which resulted in such Liabilities, as well as any other relevant equitable considerations. The relative fault of the Corporation on the one hand and of each such Holder on
the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (b) The
Corporation and the Holders (including each Permitted Transferee) agree that it would not be just and equitable if contribution pursuant to this Section 4.04 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Liabilities referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Article IV, no Holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Shares sold by it under the Registration Statement exceeds the
amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Exchange Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(c) For purposes of Sections 4.02 and 4.04(a), ANP and ANPP shall be jointly and severally liable with each other and any Subsidiary or
Affiliate of the Advance Stockholders that is or becomes a Holder. 

  
 24 

 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.01 Recapitalization, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all securities into which any of the Registrable Shares are converted, exchanged or substituted in any recapitalization or other capital reorganization involving the Corporation and any and all securities of the Corporation
or any successor or assign or acquirer of the Corporation (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, such Registrable Shares and shall
be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The Corporation shall cause any successor or assign or acquiror (whether by merger,
consolidation, sale of assets or otherwise) to enter into a new registration rights agreement with the Advance Stockholders and each Holder on terms no less favorable to such parties than the terms provided under this Agreement as a condition of any
such transaction. 
 Section 5.02 Notices. All notices, requests, demands, waivers and other communications required or
permitted to be given under this Agreement will be in writing and will be deemed to have been duly given if delivered personally or mailed, certified or registered mail with postage prepaid, or sent by telegram, overnight courier or confirmed
facsimile, as follows: 
  

			
	 If to any Advance Stockholder:
	  	
		
	 Advance Publications, Inc.

1 World Trade Center
	  	
	 New York, NY 10007
	  	

			
	 Attention:
	  	Chief Legal Officer
	 Email:
	  	[redacted]
	
	 with a copy (not constituting notice) to:

	
	 Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

	 New York, NY 10019-6064

			
	 Attention:
	  	Robert B. Schumer
		  	Ariel J. Deckelbaum
		  	Cullen L. Sinclair
		  	Tracey A. Zaccone
		
	 Email:
	  	rschumer@paulweiss.com
		  	ajdeckelbaum@paulweiss.com
		  	csinclair@paulweiss.com
		  	tzaccone@paulweiss.com

  
 25 

			
	 If to the Corporation:
	  	
		
	 Warner Bros. Discovery, Inc.

230 Park Avenue South
	  	
	 New York, NY 10003
	  	

			
	 Attention:
	  	Savalle Sims
	 Email:
	  	[redacted]
	
	 with a copy (not constituting notice) to:

	
	 Debevoise & Plimpton LLP

919 Third Avenue

	 New York, NY 10022

	 Attention:
	  	Matthew E. Kaplan
	 Email:
	  	mekaplan@debevoise.com

 or to such other Person or address as any party will specify by notice in writing to the other party. All such notices,
requests, demands, waivers and communications will be deemed to have been received on the date of delivery or on the third (3rd) Business Day after the mailing thereof, except that any notice of a
change of address will be effective only upon actual receipt thereof. 
 Section 5.03 Entire Agreement; No Inconsistent
Agreements. 
 (a) This Agreement constitutes the entire agreement among the parties hereto and supersedes any prior understandings,
agreements or representations by or among the parties hereto, or any of them, written or oral, with respect to the subject matter hereof. 

(b) The Corporation shall not hereafter enter into or amend any agreement with respect to its securities that is inconsistent with the rights
granted to the Holders of Registrable Shares in this Agreement or otherwise conflicts with the provisions hereof. 
 (c) Prior to the date
hereof, except as pursuant to the Original Agreement, the Corporation has not granted any “piggyback” or other registration rights to any Person that would entitle any Person (other than the Advance Stockholders and its Permitted
Transferees) to participate in any registration contemplated by this Agreement, and the Corporation agrees not to grant any rights to so participate to any Person (other than the Advance Stockholders and its Permitted Transferees) after the date
hereof and prior to the time when no Registrable Shares remain outstanding. 
 Section 5.04 Agreement Among Holders. Whenever
provision is made in this Agreement for pro rata allocation among Holders of Registrable Shares to be included in an underwritten offering, such Holders may instead agree in a subsequent writing signed by all of the affected Holders as to the
relative proportions of Registrable Shares owned by each Holder to be included in such underwritten offering (up to the Maximum Number of Shares, after taking into account all other shares that have priority in such underwritten offering). 

  
 26 

 Section 5.05 Further Assurances. Each of the parties shall execute such
documents and perform such further acts as may be reasonably required or desirable to carry out or perform the provisions of this Agreement. 

Section 5.06 No Third-Party Beneficiaries. Except as provided in Sections 4.01, 4.02 and
4.04, this Agreement is not intended, and shall not be deemed, to confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns or to otherwise create any third-party
beneficiary hereto. 
 Section 5.07 Assignment. This Agreement shall be binding upon, shall inure to the benefit of, and shall
be enforceable by the parties hereto and their respective successors and permitted assigns and, with respect to each Holder, any Permitted Transferee. No assignment or transfer shall be effective hereunder unless and until the purported transferee
executes and delivers an agreement, in form and substance reasonably acceptable to the parties, agreeing to be bound by the terms hereof. Notwithstanding anything to the contrary in this Agreement, the Corporation may not assign its obligations
hereunder. 
 Section 5.08 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless consented to in writing by the Corporation and Holders of at least 50% of the Registrable Shares held by all Holders of
Registrable Shares outstanding as of such date. 
 Section 5.09 Nominees for Beneficial Owners. If any Registrable Shares are
held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its election in writing delivered to the Corporation, be treated as the Holder of such Registrable Shares for purposes of any request, consent, waiver or other
action by any Holder or Holders of Registrable Shares pursuant to this Agreement or any determination of any number or percentage of Registrable Shares held by any Holder or Holders of Registrable Shares contemplated by this Agreement. If the
beneficial owner of any Registrable Shares makes the election provided in this Section 5.09, the Corporation may require assurances reasonably satisfactory to it of such owner’s beneficial ownership of such Registrable
Shares. 
 Section 5.10 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation
in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court
of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term or provision, to delete specific words

  
 27 

 
or phrases, or to replace any invalid or unenforceable term or provision with a term or provisions that is valid and enforceable and that comes closest to expressing the intention of the invalid
or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable
term or provision with a valid and enforceable term or provision that shall achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term. 

Section 5.11 Termination. The right of any Holder to request registration or inclusion of Registrable Shares in any Registration
Statement pursuant to Article II shall terminate upon the earliest to occur of: 
 (a) the date upon which the Registrable Shares owned,
controlled or directed, directly or indirectly, in the aggregate, by such Holder constitute less than 1% of all of the issued and outstanding Common Stock (calculated on a non-diluted basis; and for purposes
of this Section 5.11(a), all Holders aggregated as a single Holder for this purpose); 
 (b) the date on which
this Agreement is terminated by the mutual consent of the parties; 
 (c) the dissolution or liquidation of the Corporation; or 

(d) ten (10) years from the date hereof. 

Section 5.12 Counterparts and Signature. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original but all of which together shall be considered one and the same instrument and shall become effective when counterparts have been signed by each of the parties hereto and delivered to the other parties, it being understood that all
parties need not sign the same counterpart. This Agreement may be executed and delivered by facsimile transmission or by attachment to email in portable document format (PDF) or by other electronic means. 

Section 5.13 Interpretation. When reference is made in this Agreement to a Section, such reference shall be to a Section of this
Agreement, unless otherwise indicated. The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules
and regulations promulgated thereunder, unless the context requires otherwise. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” 

  
 28 

 Section 5.14 Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the conflicts of law principles thereof. 
 Section 5.15
Remedies. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party shall be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the
exercise by a party of any one remedy shall not preclude the exercise of any other remedy. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement, this being in addition to any other remedy to which the parties are entitled at law or in equity. 
 Section 5.16
Submission to Jurisdiction; Venue. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of Delaware Chancery Court, or, if the Delaware Chancery Court does not have subject matter jurisdiction, in the state courts of
the State of Delaware located in Wilmington, Delaware, or in the United States District Court for any district within such state, for the purpose of any suit, action or other proceeding arising out of this Agreement. Each party agrees that service
of any process, summons, notice or document by U.S. registered mail to such party’s respective address in accordance with Section 5.02 will be effective service of process for any such action, suit or proceeding. Each
party hereto irrevocably and unconditionally waives and agrees not to plead or claim any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably and unconditionally waives any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 5.17 WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature pages follow] 

  
 29 

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

			
	CORPORATION:
	
	WARNER BROS. DISCOVERY, INC.

 
			
		
	By:	 	 /s/ Gunnar Wiedenfels

		 	Name: Gunnar Wiedenfels
		 	Title: Chief Financial Officer
	
	ADVANCE STOCKHOLDERS:
	
	ADVANCE/NEWHOUSE PARTNERSHIP

 
			
		
	By:	 	 /s/ Steven A. Miron

		 	Name: Steven A. Miron
		 	Title: Chief Executive Officer
	
	ADVANCE/NEWHOUSE
PROGRAMMING PARTNERSHIP

 
			
		
	By:	 	 /s/ Steven A. Miron

		 	Name: Steven A. Miron
		 	Title: Chief Executive Officer

 ANNEX A 

Plan of Distribution 
 The
selling securityholder, including some of its transferees who may later hold its interest in the securities covered by this prospectus and who are otherwise entitled to resell the securities using this prospectus, may sell the securities covered by
this prospectus from time to time in any legal manner selected by the selling securityholder, including directly to purchasers or through underwriters, broker-dealers or agents, who may receive compensation in the form of discounts, concessions or
commissions from the selling securityholder or the purchasers. These discounts, concessions or commissions as to any particular underwriter, broker-dealer or agent may be in excess of those customary in the types of transactions involved. The
selling securityholder will act independently of us in making decisions with respect to the timing, manner and size of each sale of the securities covered by this prospectus. 

The selling securityholder has advised us that the securities may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at prices related to the prevailing market prices, at varying prices determined at the time of sale and/or at negotiated prices and as in-kind distributions. These sales may be
effected in one or more transactions, including: 
  

	 	•	 	 on the Nasdaq Stock Market, Inc.; 

 

	 	•	 	 in the over-the-counter market;

  

	 	•	 	 in transactions otherwise than on the Nasdaq Stock Market, Inc. or in the over-the-counter market; or 

  

	 	•	 	 any combination of the foregoing. 

In addition, subject to our Insider Trading Policy (for those selling securityholders subject to our Insider Trading Policy), the selling
securityholder may enter into derivative, hedging or other types of transactions with third parties, or sell securities not covered by this prospectus to third parties. In connection with those transactions, the third parties may sell securities
covered by this prospectus, including in short sale transactions. In connection with any such transaction, the third party may use securities pledged by the selling securityholder or borrowed from the selling securityholder or others to settle those
sales or to close out any related open securities borrowings, and may use securities received from the selling securityholder in settlement of those transactions to close out any related open securities borrowings. The selling securityholder may
also loan or pledge securities covered by this prospectus to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus. 

  
 A-1 

 The selling securityholder has advised us that it has not entered into any agreements,
arrangements or understandings with any underwriter, broker-dealer or agent regarding the sale of its securities. However, we are required, under the registration rights agreement relating to the securities being sold under this prospectus, to enter
into customary underwriting and other agreements in connection with the distribution of the securities under this prospectus, subject to certain limitations. For more information regarding the registration rights agreement, see “Selling
Securityholder—Relationships with the Selling Securityholder—Registration Rights Agreement.” The specific terms of any such underwriting or other agreement, if not included in this prospectus, will be disclosed in a supplement to this
prospectus filed with the SEC under Rule 424(b) under the Securities Act, or, if appropriate, a post-effective amendment to the registration statement of which this prospectus forms a part. The selling securityholder may sell any or all of the
securities offered by it pursuant to this prospectus. 
 In addition, there can be no assurance that the selling securityholder will not
transfer, devise or gift the securities by other means not described in this prospectus. 
 There can be no assurance that the selling
securityholder will sell any or all of the securities pursuant to this prospectus. In addition, any securities covered by this prospectus that qualify for sale pursuant to Rule 144 of the Securities Act may be sold under Rule 144 rather than
pursuant to this prospectus. 
 The aggregate proceeds to the selling securityholder from the sale of the securities offered by it will be
the purchase price of the securities less discounts and commissions, if any. If the securities are sold through underwriters or broker-dealers, the selling securityholder will be responsible for underwriting discounts and commissions and/or
agents’ commissions. We will not receive any of the proceeds from the sale of the securities covered by this prospectus. 
 In order to
comply with the securities laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the securities may not be sold unless they have been
registered or qualified for sale or any exemption from registration or qualification requirements is available and is complied with. 
 Any
underwriters, broker-dealers or agents that participate in the sale of the securities may be deemed to be “underwriters” within the meaning of Section 2(a)(11) of the Securities Act. As a result, any profits on the sale of the
securities by the selling securityholder and any discounts, commissions or concessions received by any such broker-dealers or agents may be deemed to be underwriting discounts and commissions under the Securities Act. 

To the extent required, the securities to be sold, the names of the selling securityholder, the respective purchase prices and public offering
prices, the names of any agent, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or document incorporated by reference into this
prospectus or, if appropriate, a post-effective amendment to the registration statement of which this prospectus is a part. 

  
 A-2 

 We have agreed to indemnify the selling securityholder and its directors, officers and
controlling persons against certain liabilities, including specified liabilities under the Securities Act, or to contribute with respect to payments which the selling securityholder may be required to make in respect of such liabilities. The selling
securityholder has agreed to indemnify us for liabilities arising under the Securities Act with respect to written information furnished to us by it or to contribute with respect to payments in connection with such liabilities. 

We have agreed to pay all of the costs, fees and expenses incident to our registration of the resale of the selling securityholder’s
securities, excluding any legal fees of the selling securityholder and commissions, fees and discounts of underwriters, brokers, dealers and agents. 

Under our registration rights agreement with the selling securityholder, we will use our commercially reasonable efforts to keep the
registration statement of which this prospectus is a part continuously effective, subject to customary suspension periods, until the date that there are no longer any securities covered by such registration statement. 

Our obligation to keep the registration statement to which this prospectus relates effective is subject to specified, permitted exceptions. In
these cases, we may suspend offers and sales of the securities pursuant to the registration statement to which this prospectus relates. 

  
 A-3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 TRANSITION SERVICES AGREEMENT

 by and between 

AT&T SERVICES, INC. 

and 
 MAGALLANES, INC.

 Dated as of April 8, 2022 
  

 

 TRANSITION SERVICES AGREEMENT 

Table of Contents 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  			
	SERVICES	  			
			
	 Section 1.1
	 	Provision of Services	  	 	1	 
	 Section 1.2
	 	Quality and Scope of Services	  	 	2	 
	 Section 1.3
	 	Additional Services and Omitted Services	  	 	3	 
	 Section 1.4
	 	Use of Affiliates and Third-Party Vendors	  	 	4	 
	 Section 1.5
	 	Pass-Through Warranties	  	 	5	 
	 Section 1.6
	 	Disclaimer of Warranties	  	 	5	 
	 Section 1.7
	 	Independent Contractor; Employees	  	 	6	 
	 Section 1.8
	 	Cooperation; Resources.	  	 	6	 
	 Section 1.9
	 	Information from Service Provider; No Duty of Verification	  	 	9	 
	 Section 1.10
	 	Exceptions to Service Provider’s Obligation to Perform	  	 	9	 
		
	ARTICLE II	  			
	FEES FOR THE SERVICES	  			
			
	 Section 2.1
	 	Fees for the Services	  	 	11	 
	 Section 2.2
	 	Manner and Timing of Payments	  	 	11	 
	 Section 2.3
	 	Taxes	  	 	12	 
	 Section 2.4
	 	Access to Records	  	 	13	 
		
	ARTICLE III	  			
	SERVICE FAILURE; INDEMNITY; LIMITATION OF LIABILITY	  			
			
	 Section 3.1
	 	Service Failure	  	 	14	 
	 Section 3.2
	 	Third-Party IP Matters	  	 	15	 
	 Section 3.3
	 	Indemnity	  	 	15	 
	 Section 3.4
	 	Indemnification Claims	  	 	15	 
	 Section 3.5
	 	Limitation of Liability; Limitation of Damages	  	 	16	 
	 Section 3.6
	 	Lapse of Claim	  	 	17	 
		
	ARTICLE IV	  			
	TERM AND TERMINATION	  			
			
	 Section 4.1
	 	Term	  	 	17	 
	 Section 4.2
	 	Termination and Other Remedies for Default	  	 	17	 
	 Section 4.3
	 	Termination by Service Recipient	  	 	18	 
	 Section 4.4
	 	Effect of Termination	  	 	18	 
	 Section 4.5
	 	Survival	  	 	19	 

  
 ii 

							
	ARTICLE V	  			
	CONFIDENTIALITY; INTELLECTUAL PROPERTY; DATA PRIVACY	  			
			
	 Section 5.1
	 	Definitions of Confidential Information; Disclosing Party and Receiving Party	  	 	19	 
	 Section 5.2
	 	Use and Disclosure Limitations	  	 	19	 
	 Section 5.3
	 	Data Processing	  	 	20	 
	 Section 5.4
	 	Destruction	  	 	20	 
	 Section 5.5
	 	Relief	  	 	21	 
	 Section 5.6
	 	Intellectual Property	  	 	21	 
	 Section 5.7
	 	Other Related Matters	  	 	22	 
		
	ARTICLE VI	  			
	COMPUTER SYSTEMS ACCESS, SECURITY AND INTEGRITY	  			
			
	 Section 6.1
	 	Systems Access	  	 	23	 
	 Section 6.2
	 	Data Breaches	  	 	24	 
	 Section 6.3
	 	Virus Protection	  	 	24	 
		
	ARTICLE VII	  			
	GENERAL PROVISIONS	  			
			
	 Section 7.1
	 	Dispute Resolution	  	 	24	 
	 Section 7.2
	 	Governing Law and Venue; Waiver of Jury Trial	  	 	25	 
	 Section 7.3
	 	Severability	  	 	26	 
	 Section 7.4
	 	Modification or Amendment; Waiver	  	 	26	 
	 Section 7.5
	 	Assignment	  	 	27	 
	 Section 7.6
	 	No Third-Party Beneficiaries	  	 	27	 
	 Section 7.7
	 	Notice	  	 	27	 
	 Section 7.8
	 	Entire Agreement	  	 	28	 
	 Section 7.9
	 	Specific Performance	  	 	28	 
	 Section 7.10
	 	Counterparts	  	 	28	 
	 Section 7.11
	 	Interpretation and Construction	  	 	29	 
	 Section 7.12
	 	Inconsistency	  	 	30	 
	 Section 7.13
	 	Force Majeure	  	 	30	 
	 Section 7.14
	 	Compliance with Law	  	 	30	 
	 Section 7.15
	 	No Set-Off	  	 	31	 
	 Section 7.16
	 	Definitions.	  	 	31	 

  
 iii 

 EXHIBIT A 

SCHEDULE I 
 SCHEDULE II

 SCHEDULE III 

SCHEDULE IV 

EXHIBITS & SCHEDULES 
  

			
	Exhibit A	  	Definitions
	Schedule I	  	Forward Services and Fees
	Schedule II	  	Reverse Services and Fees
	Schedule III	  	Excluded Services
	Schedule IV	  	Dependent or Interrelated Services

  
 iv 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of April 8, 2022 (the
“Effective Date”), by and between AT&T SERVICES, INC., a Delaware corporation (“AT&T”), and MAGALLANES, INC., a Delaware corporation (“Spinco” and together with AT&T, each, a
“Party” and together, the “Parties”). 
 RECITALS 

WHEREAS, AT&T Inc., a Delaware corporation (“AT&T Parent”), Spinco, Discovery, Inc., a Delaware corporation
(“Discovery”), and Drake Subsidiary, Inc., a Delaware corporation and a wholly owned Subsidiary of Discovery (“Merger Sub”), have entered into that certain Agreement and Plan of Merger, dated as of May 17, 2021
(as it may be amended, modified or supplemented from time to time in accordance with its terms, the “Merger Agreement”), pursuant to which, among other things, at the Effective Time, Merger Sub shall merge with and into Spinco (the
“Merger”), with Spinco as the surviving entity in the Merger, all upon the terms and subject to the conditions set forth in the Merger Agreement; 

WHEREAS, pursuant to the Merger Agreement, AT&T Parent and Discovery agreed to duly execute, or cause their applicable Affiliates to duly
execute, a transition services agreement with such terms and conditions as set forth on Exhibit I to the Merger Agreement; and 
 WHEREAS,
in connection with the transactions contemplated by the Merger Agreement, Spinco desires that AT&T provide certain services to Spinco and its Subsidiaries on a transitional basis to the extent described in Schedule I attached to
this Agreement (the “Forward Services”) and AT&T desires that Spinco provide certain services to AT&T Parent and its Subsidiaries on a transitional basis to the extent described in Schedule II attached to this
Agreement (the “Reverse Services,” together with the Forward Services, each, a “Service” and collectively, the “Services”). 

NOW, THEREFORE, in consideration of the foregoing and the covenants herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I

 SERVICES 

Section 1.1 Provision of Services. Except as otherwise provided in this Agreement, on the terms and subject to the conditions set
forth in this Agreement, Service Provider shall, or shall cause one or more of its Affiliates to, including through one or more third-party vendors in accordance with Section 1.4), provide to Service Recipient and its designated
Subsidiaries, solely for use in connection with the Spinco Business or Remainco Business, as applicable, and the operation of Service Recipient and its Subsidiaries, each of the services described in Schedule I or Schedule II, as
applicable, in each case, as Schedule I or Schedule II may be supplemented, modified, substituted or otherwise amended from time to time in accordance with Section 1.3, commencing on the Effective Date and continuing
through the Term, unless (a) otherwise specified for a particular Service in Schedule I or Schedule II, as 

  
 1 

 
applicable, (b) a particular Service is terminated in accordance with the terms and conditions hereof, (c) otherwise mutually agreed to by Service Provider and Service Recipient in
writing, or (d) this Agreement is terminated in accordance with this Agreement prior to the expiration of the Term. Except as otherwise expressly set forth in this Agreement (including Schedule I and Schedule II, as applicable),
(i) solely with respect to each of Schedule I and Schedule II, all references therein to “Spinco” shall be deemed to include its Subsidiaries, (ii) solely with respect to Schedule I, all references therein to
“Service Provider” shall also be deemed to refer to the applicable member of the Remainco Group and (iii) solely with respect to Schedule II, all references therein to “AT&T” shall also be deemed to refer to the
applicable member of the Remainco Group. For the avoidance of doubt, capitalized terms used but not defined in Schedule I or Schedule II shall have their respective meanings ascribed to them herein. 

Section 1.2 Quality and Scope of Services. 

(a) On the terms and subject to the conditions of this Agreement, the Services shall be provided in accordance with applicable Law and in the
manner, quality, frequency and timeliness consistent with the manner, quality, frequency and timeliness of the Services as provided by Service Provider to Service Recipient and its Subsidiaries in connection with the Spinco Business or the Remainco
Business, as applicable, during the Lookback Period (the “Service Standard”). 
 (b) Notwithstanding anything to the
contrary contained in this Agreement, with respect to any Service (and without limiting Service Provider’s rights under Section 1.10): 

(i) Service Provider shall not be bound to apply a standard of care higher than the Service Standard; and 

(ii) Service Provider may, in its sole discretion: 

(A) perform or cause its Affiliates to perform (including through one or more third-party vendors, in accordance with Section 1.4)
such Service substantially consistent with any improved or enhanced practice (as compared to the Service Standard) as Service Provider deems reasonably prudent; and 

(B) with respect to any Service that is provided by Service Provider (including through one or more third-party vendors, in accordance with
Section 1.4) to other segments of its own business, otherwise make changes from time to time in the manner in which such Service is provided if: 

(w) Service Provider is making similar changes in the manner in which such Service is provided for its own businesses and, as a result of
such similar changes, Service Provider would not, through the use of commercially reasonably efforts, be able to continue to deliver the Service hereunder on an unchanged basis without incurring significant additional costs; 

  
 2 

 (x) Service Provider consults in good faith with Service Recipient with respect to
such change; 
 (y) Service Provider furnishes to Service Recipient at least twenty (20) days’ prior written notice which
shall describe such change to be made, including any increase or decrease (in each case, not to exceed ten percent (10%)), as the case may be, in the Service Fee related thereto); provided that, solely with respect to sub-schedule TSA 1 of
Schedule I, such increase or decrease in the Service Fee shall apply only to the individual portion of the Service Fee, as identified on such sub-schedule TSA 1, that corresponds to the affected Service (or portion thereof); and 

(z) Service Provider will treat Service Recipient consistent with the manner in which it treats its own Business and the business of its
Affiliates who, prior to such change, used such Service in a comparable manner (including comparable quality, frequency, and level of usage) to Service Recipient’s use of such Service. 

Section 1.3 Additional Services and Omitted Services. 

(a) In the event Service Recipient requests that Service Provider provide additional services that are not Omitted Services
(“Additional Services”), Service Provider shall consider such request in good faith and if Service Provider is willing to provide such Additional Services, in Service Provider’s reasonable discretion, the Parties shall
negotiate in good faith to agree on the terms upon which Service Provider would provide such Additional Services and the amounts payable by Service Recipient for such Additional Services. In the event that Service Provider agrees to provide any such
Additional Service, such Additional Service shall be added to Schedule I or Schedule II, as applicable, in each case, and be deemed Services hereunder and, accordingly, Service Provider shall, and shall cause its Affiliates, as
applicable, to, provide (including through one or more third-party vendors, in accordance with Section 1.4 such Additional Services, or cause such Additional Services to be provided, in accordance with the terms and conditions of this
Agreement, and in consideration for the provision of such Additional Services, Service Recipient shall pay to Service Provider the Service Fee mutually agreed to by the Parties for each such Additional Service. For the avoidance of doubt,
(i) Service Provider shall have no obligation to provide any Additional Services if the Parties failed to agree on the terms thereof (including, for the avoidance of doubt, the amounts payable by Service Recipient for such Additional Services)
and (ii) any such Additional Services shall continue for a term agreed upon between the Parties and shall not exceed the end of the Term. 

(b) Within ninety (90) days following the Effective Date, if Service Recipient or any of its respective Affiliates identify any services
that Service Provider or its Affiliates provided to Service Recipient and its Subsidiaries in connection with the Spinco Business or the Remainco Business, as applicable, during the Lookback Period and that are reasonably necessary in order for such
Business to operate in substantially the same manner in which such Business operated during the Lookback Period, then Service Recipient may request such service by providing request thereof in writing to Service Provider explaining why Service
Recipient believes such service is required to operate the Spinco Business or the Remainco 

  
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Business, as applicable. On Service Recipient’s written request in accordance with the preceding sentence, Service Provider shall provide Service Recipient and its Affiliates with any such
services as requested by Service Recipient (collectively, the “Omitted Services”); provided that Service Provider shall have no obligation to provide (i) any of the Services listed on Schedule III attached hereto,
(ii) any Omitted Service if Service Provider (x) determines, in its reasonable discretion, that Service Provider or its Affiliates would not be obligated to perform such Omitted Service if such Omitted Service had been set forth on
Schedule I or Schedule II, as applicable, as of the Effective Date due to any of the circumstances set forth in Section 1.10(a) or (y) is unable to provide such Omitted Service or is unable to provide
such Omitted Service to the Service Standard because the personnel who performed such Omitted Service for Service Provider or its Affiliates during the Lookback Period are no longer employed by Service Provider or its Affiliates or are otherwise
unavailable to Service Provider to perform and Service Provider, using commercially reasonable efforts, is unable to replace such personnel without an undue burden on or material costs incurred by Service Provider or its Affiliates, or
(iii) any Omitted Service of which the Parties fail to agree on the terms (including, for the avoidance of doubt, the amounts payable by Service Recipient for such Omitted Service) (provided that the Parties have negotiated in good faith
to agree to the terms of such Omitted Service). All such Omitted Services shall be added to Schedule I or Schedule II, as applicable, in each case, and be deemed Services hereunder. Any such Omitted Service shall be
provided in accordance with the terms of this Agreement but shall not include any services that Service Provider and its Affiliates do not provide (either themselves or through third-party vendors) to the Business of Service Recipient during the
Lookback Period. In consideration for the provision of such Omitted Services, Service Recipient shall pay to Service Provider the Service Fee mutually agreed to by the Parties for each such Omitted Service; provided that such Service Fee
shall be calculated using a methodology consistent with that which was used to determine the Service Fees for the Services as of the Effective Date in accordance with Section 2.1. 

Section 1.4 Use of Affiliates and Third-Party Vendors. 

(a) Subject to the terms and conditions set forth in this Section 1.4, Service Provider may, in its sole discretion, use one or
more Affiliates or third-party vendors to provide the Services under this Agreement. Any third-party vendors (i) not previously used to provide a Service during the Lookback Period or (ii) not otherwise currently providing substantially
similar services to Service Provider or its Affiliates, as applicable, must be approved by Service Recipient, with such approval not to be unreasonably withheld, conditioned or delayed. Service Provider shall remain responsible for the performance
of the Services, as well as any act or omission, by any of its Affiliates or third-party vendors in their performance of the Services. 
 (b)
All of Service Provider’s and its Affiliates’ personnel and third-party vendors providing Services on behalf of Service Provider to Service Recipient and its Subsidiaries in accordance with this Agreement shall remain and shall be deemed
to be for all purposes, including all compensation and employees benefits purposes, representatives, employees, independent contractors or agents of Service Provider or its Affiliates or such third-party vendors, and not of Service Recipient or its
Subsidiaries. 

  
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 Section 1.5 Pass-Through Warranties. Service Provider shall use commercially
reasonable efforts to pass through to Service Recipient any and all third-party representations, warranties and indemnities, if any, with respect to any software, technology, services or materials included in the Services or used by Service Provider
to provide the Services, to the extent permitted by the terms of Service Provider’s agreement with such third party. Service Provider agrees to reasonably cooperate with Service Recipient to enforce such representations, warranties and
indemnities for the benefit of Service Recipient. Service Recipient shall pay, in accordance with Section 2.2, Service Provider’s costs and expenses incurred by Service Provider or any of its Affiliates in connection with Service
Provider’s compliance with this Section 1.5; provided that (i) Service Provider is enforcing such representations, warranties and indemnities due to a breach by such third party of its agreement with Service Provider
that solely impacts Service Recipient; and (ii) to the extent permitted by applicable Law, Service Recipient has provided written consent to Service Provider prior to Service Provider incurring such costs and expenses. In the event that the
representation, warranty or indemnity that is being enforced pursuant to this Section 1.5 is due to a breach that affects both Parties, Service Recipient shall pay, in accordance with Section 2.2, Service Provider’s
costs and expenses incurred by Service Provider or any of its Affiliates, and shall be entitled to share in any recovery, on a pro rata basis based on the extent that such enforcement relates to any benefit allocable to Service Recipient described
in this Section 1.5. 
 Section 1.6 Disclaimer of Warranties 

Except as otherwise expressly set forth in this Agreement, none of Service Provider or any of its Affiliates or any other Person makes
any representations or warranties regarding its provision of any or all of the Services. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE SERVICES ARE PROVIDED “AS IS” WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY KIND. EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER SERVICE PROVIDER NOR ITS AFFILIATES NOR ANY OTHER PERSON MAKES ANY OTHER REPRESENTATION OR WARRANTY UNDER THIS AGREEMENT, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN RESPECT OF THE SERVICES,
INCLUDING IN RESPECT OF THE MANNER, QUALITY, FREQUENCY OR TIMELINESS OF THE SERVICES, AND NEITHER SERVICE PROVIDER NOR ITS AFFILIATES NOR ANY OTHER PERSON MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, INCLUDING
WARRANTIES AS TO MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, QUIET ENJOYMENT, NO ENCUMBRANCES, SYSTEM INTEGRATION ACCURACY, WORKMANLIKE EFFORT OR WARRANTIES ARISING THROUGH COURSE OF DEALING OR USAGE OF TRADE. ANY
SUCH OTHER REPRESENTATION OR WARRANTY IS HEREBY EXPRESSLY DISCLAIMED BY SERVICE RECIPIENT ON BEHALF OF ITSELF AND ITS AFFILIATES. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY SERVICE PROVIDER, ITS AFFILIATES OR THEIR AUTHORIZED REPRESENTATIVES
OR THIRD-PARTY VENDORS SHALL CREATE A WARRANTY OR IN ANY WAY INCREASE THE SCOPE OF SERVICE PROVIDER’S OR ITS AFFILIATES’ OBLIGATIONS UNDER OR WITH RESPECT TO THIS AGREEMENT. 

  
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 Section 1.7 Independent Contractor; Employees. The Parties acknowledge and agree
that each Party is engaged in a business that is independent from that of the other Party and that Service Provider and its Affiliates shall perform the Services under this Agreement as independent contractors with the sole right to supervise,
manage, operate, control and, direct the performance of the Services, including the right to designate which resources Service Provider and its Affiliates shall assign to perform any Service and the right to remove and replace any such resources at
any time or, subject to Section 1.4, to designate a third-party vendor to perform such Service. Service Provider and its Affiliates shall have and maintain exclusive control over all of their respective employees, agents, third-party
vendors, other contractors and operations. Service Provider and its Affiliates shall be solely responsible for payment of compensation to their employees. Service Provider and its Affiliates shall assume full responsibility for payment of all
federal, state and local taxes or contributions imposed or required under unemployment insurance, social security and income tax Laws with respect to such employees. Service Provider and its Affiliates have no authority (express, implied or
apparent) by virtue of this Agreement or the Services hereunder to represent Service Recipient and its Subsidiaries as to any matters or to incur any obligations or liability on behalf of Service Recipient or its Subsidiaries, and Service Provider
and each of its Affiliates shall not be, act as, purport to act as, or be deemed to be, the agent, representative or employee of Service Recipient or its Subsidiaries by virtue of this Agreement or the Services hereunder. Service Recipient and its
Subsidiaries have no authority (express, implied or apparent) by virtue of this Agreement or the Services hereunder to represent Service Provider or its Affiliates as to any matters or to incur any obligations or liability on behalf of Service
Provider and its Affiliates, and Service Recipient and its Subsidiaries shall not be, act as, purport to act as, or be deemed to be, the agent, representative or employee of Service Provider and any of its Affiliates by virtue of this Agreement or
the Services hereunder. No partnership, joint venture, association, alliance, syndicate or other entity, or fiduciary, employee/employer, principal/agent or any relationship other than that of independent contractors is created by virtue of this
Agreement or the Services hereunder, expressly or by implication. Except as expressly set forth herein, neither Party shall gain, by virtue of this Agreement or the Services hereunder, by implication or otherwise, any rights of ownership of any
property or Intellectual Property owned by the other. 
 Section 1.8 Cooperation; Resources. 

(a) On the terms and subject to the conditions set forth in this Agreement, Service Provider and Service Recipient shall use good faith efforts
to cooperate with each other, and to cause their Affiliates to cooperate with each other, in all matters relating to the provision of Services. Such cooperation shall include, subject to Article V and applicable Laws, (i) exchanging
information reasonably requested by the other Party and (ii) cooperating, as reasonably requested by the other Party, in obtaining timely decisions, approvals and acceptances, and obtaining all consents, licenses, sublicenses or approvals
necessary or desirable in order to permit each Party to perform its obligations under this Agreement in a timely and efficient manner (“Third-Party Consents”); provided that Service Provider shall be responsible for obtaining
any such Third-Party Consents; provided, further, that Service Recipient agrees to cooperate in seeking such Third-Party Consents. Except as provided in Section 1.8(b), in no event shall Service Provider or any of its
Affiliates be required to make any non-de minimis payment, incur any non-de minimis liability, commence any litigation or make any non-de 

  
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minimis concession (financial or otherwise) to obtain any Third-Party Consents contemplated by this Agreement. Service Recipient shall use commercially reasonable efforts to provide information
and documentation sufficient for Service Provider to satisfy its obligations under this Agreement. In connection with the Services, each Party shall make available for consultation with the other Party, either electronically, telephonically or in
person, those employees and consultants or other service providers of such Party reasonably necessary for the effective provision of the Services. 

(b) In the event any costs, fees or expenses are incurred by Service Provider or any of its Affiliates in connection with obtaining or
soliciting any Third-Party Consents, such costs, fees and expenses shall be the responsibility of, and shall be paid by, Service Recipient, and Service Recipient shall reimburse Service Provider and its Affiliates in accordance with
Section 2.2; provided that: (i) Service Recipient has provided written consent to Service Provider prior to Service Provider incurring such costs, fees and expenses; (ii) such costs, fees, and expenses are documented and
(iii) Service Provider has used commercially reasonable efforts to minimize such costs. Service Recipient shall cooperate with Service Provider in seeking such Third-Party Consents. 

(c) If a third party does not provide a Third-Party Consent or the Third-Party Consent has expired or been withdrawn before the end of the
relevant Service Term, Service Provider shall, as soon as reasonably practicable, inform Service Recipient thereof in writing. If Service Recipient continues using such Service, Service Recipient will be responsible for any Damages arising from the
use of the relevant Service without a required Third-Party Consent; provided that Service Provider (i) has notified Service Recipient of the fact that the relevant Third-Party Consent has not been provided or has expired or has been
withheld; and (ii) has provided commercially reasonable alternative arrangements reasonably acceptable to Service Recipient for the provision of any affected Service; provided that the Parties shall cooperate and negotiate in good faith
to determine the terms of the alternative service (including, among other things, the reasonable, documented amounts to be paid based on costs actually incurred for any such alternative service (such fees to be paid in accordance with
Section 2.2, and to include any out-of-pocket costs incurred by Service Provider or its Affiliates in providing or arranging for such alternative service); it being understood that Service Provider shall have no obligation to provide
such alternative services unless the terms of the alternative service are agreed between the Parties in accordance with this Section 1.8(c). 

(d) Each Party shall appoint an employee of such Party, reasonably acceptable to the other Party, to act as its services coordinator (the
“AT&T Service Coordinator” and the “Spinco Service Coordinator,” as the case may be, and each, a “Service Coordinator” and collectively, the “Service Coordinators”), who shall
be directly responsible for coordinating and managing the delivery of the Services and shall have authority to act on the appointing Party’s behalf with respect to matters relating to this Agreement. Each Service Coordinator shall (i) work
with the personnel of the appointing Party to periodically address issues and matters raised by the other Party related to this Agreement and (ii) serve as the appointing Party’s primary liaison with the other Party’s Service
Coordinator but, for purposes of clarification, not be the sole liaison of the appointing Party or its employees or third-party vendors with the other Party or its employees. Each Party shall use commercially reasonable efforts to maintain the

  
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same individual as its Service Coordinator throughout the Term, but in the event that, despite such efforts, the appointing Party determines to replace such individual, the appointing Party may
replace its Service Coordinator with another employee of the appointing Party upon written notice to the other Party. The initial AT&T Service Coordinator shall be Neeta Joseph and the initial Spinco Service Coordinator shall be Lisa Pols. 

(e) The Service Coordinators shall generally be available, one to the other, as reasonably necessary to coordinate the provision of Services.
The Service Coordinators shall make themselves available to meet, either electronically, telephonically or in person, at such times as determined by the Service Coordinators to discuss the Services being provided, any problems with the Services or
Service Fees and any proposed modifications or extensions of this Agreement, but in no event less often than once per month (unless otherwise agreed to by the Service Coordinators); provided that nothing in this Section 1.8(e)
shall be deemed to impose an obligation on Service Provider to modify or extend any Services other than as expressly set forth herein. Each Party shall at all times during the Term maintain a Service Coordinator. 

Section 1.9 Information from Service Provider; No Duty of Verification. Service Provider and its Affiliates shall not be liable
for any impairment of any Service to the extent caused by their not receiving information or access to Persons and documents or required decisions on the part of Service Recipient or its Subsidiaries, either timely or at all; provided that
Service Provider has used reasonable efforts to notify the applicable Service Coordinator (orally or in writing) of such failure to receive such information, access or decision and the impact of such failure on Service Provider’s or its
Affiliates’ provision of the Services, or by their receiving inaccurate or incomplete information from Service Recipient or its Subsidiaries that is required or reasonably requested by Service Provider. Service Provider and its Affiliates shall
not have any responsibility for verifying the accuracy or completeness of any information given to them by or on behalf of Service Recipient or its Subsidiaries for the purpose of providing any Service. 

Section 1.10 Exceptions to Service Provider’s Obligation to Perform. 

(a) Notwithstanding anything to the contrary contained in this Agreement, Service Provider shall not be required to provide or cause its
Affiliates to provide (including through any third-party vendor) any Service or any portion thereof (i) to the extent that the performance of such Service or any portion thereof (A) would require Service Provider or its Affiliates (or, if
applicable, any such third-party vendor) to violate any applicable Law that becomes effective after the date hereof, or (B) would result in the breach of any contract or agreement due to (x) a failure to have the necessary Third-Party
Consents, other than as a result of Service Provider’s or its Affiliates’ failure to comply with their obligations set forth in Section 1.8(a), or (ii) upon the occurrence of a Force Majeure Event that would reasonably be
expected to prevent or delay Service Provider’s performance of such Service for so long as the Force Majeure Event persists. In furtherance of the foregoing, if Service Provider determines that Service Provider and its Affiliates would be
unable, using commercially reasonable efforts, to perform certain Services at all or to the Service Standard, due to any actions taken by Service Provider or its Affiliates to comply with any applicable Law that is adopted or becomes effective after
the date hereof (including any order of a Governmental Entity or any other quasi-

  
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governmental authorities having jurisdiction over Service Provider or its Affiliates), Service Provider may, at its sole discretion, stop or suspend, or cause its Affiliates to stop or suspend,
the performance of such Services, or provide or cause its Affiliates to provide (including through one or more third-party vendors) such Services in a manner that deviates from the Service Standard, which level shall become the Service Standard
during any such period; provided that Service Provider will treat Service Recipient consistently with the manner in which Service Provider treats its own Business and the Business of its Affiliates who use such affected Service in a
comparable manner (including comparable quality, frequency, timeliness and rate of service charges) to Service Recipient’s use of such affected Service. If Service Provider takes or causes its Affiliates to take any actions pursuant to this
Section 1.10(a), Service Provider shall provide written notice to Service Recipient as soon as reasonably practicable, and, following such notice, the Parties shall promptly discuss, in good faith, any actions that may be taken to
minimize the impact on the provision of the Services by Service Provider or its Affiliates. In the event that an entire Service has ceased pursuant to this Section 1.10(a), Service Provider shall be responsible for providing a
commercially reasonable alternative arrangement reasonably acceptable to Service Recipient for the provision of any such Service or portion thereof; provided that the Parties shall cooperate and negotiate in good faith to determine the terms
of the alternative service (including, among other things, the reasonable, documented amounts to be paid based on costs actually incurred for any such alternative service (such fees to be paid in accordance with Section 2.2, and to
include any out-of-pocket costs incurred by Service Provider or its Affiliates in providing or arranging for such alternative service)); provided, further, that, in respect of such alternative service and fees will be consistent with
the manner in which Service Provider treats its own Business and the Business of its Affiliates who use such affected Service in a comparable manner (including comparable quality, frequency, timeliness and rate of service charges); it being
understood that Service Provider shall have no obligation to provide such alternative service unless the terms of the alternative service are agreed between the Parties in accordance with this Section 1.10(a). 

(b) Notwithstanding anything to the contrary contained in this Agreement: 

(i) Service Provider and its Affiliates shall have the sole and exclusive responsibility and discretion to select and manage personnel
employed by Service Provider or its Affiliates or, subject to Section 1.7, personnel of third party vendors or contractors who provide the Services, provided that, Service Provider shall consider in good faith Service
Recipient’s reasonable request that Service Provider substitute any such personnel providing the Services; provided, further, that any decision to replace or substitute such personnel shall remain in Service Provider’s sole
discretion, and Service Provider shall supervise them in connection with the performance of the Services and shall have the sole and exclusive responsibility and discretion to select and provide the information technology or communications systems,
networks, equipment, data, configurations, processes, procedures or practices (“Equipment and Systems”) necessary to deliver the applicable Services, except to the extent that any changes to the method of delivering Services would
(A) cause a suspension or unreasonable delay of Services or (B) require Service Recipient or its Subsidiaries to incur additional costs (other than any such costs Service Provider or its Affiliates agree to reimburse) to adjust to the new
delivery model; provided that, to the extent that Service Recipient has specific Equipment 

  
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and Systems that it prefers to Service Provider’s equipment and systems, Service Recipient may provide additional Equipment and Systems at Service Recipient’s own expense (including any
licensing and support systems); provided, further, that the provision and use of such Equipment and Systems shall not cause any undue burdens on Service Provider’s or its Affiliates’ ability to provide any Services. If
Service Recipient elects to decommission, replace, modify or change its Equipment and Systems in a manner that adversely affects Service Provider’s ability to provide or cause its Affiliates to provide any Service as required hereunder, then
(x) Service Provider shall have no liability whatsoever with respect to the effectiveness or quality of such Service to the extent resulting from such adverse effect and shall be excused from any liability resulting from such adverse effect
until Service Recipient eliminates the adverse effect of such change and (y) Service Recipient shall be responsible for all direct out-of-pocket expenses incurred by Service Provider or its Affiliates relating to the cessation and, if
applicable, the resumption of such Service; 
 (ii) in accordance with the provisions of this Section 1.10(b)(ii), Service
Provider may suspend, or cause its Affiliates to suspend, performance of any Service if, in Service Provider’s reasonable judgment, the integrity, security or performance of the Equipment and Systems of Service Provider or any of its
Affiliates, or any data stored thereon, is being or is reasonably likely to be jeopardized in any material respect by the activities of Service Recipient, its Subsidiaries or their respective employees, agents, representatives or contractors. Any
such suspension shall be made only to the extent necessary to mitigate such threat to Service Provider’s or its Affiliates’ Equipment and Systems to the extent that Service Provider does (or would in similar circumstances) suspend such
Service to itself and its Affiliates. The applicable Service Coordinator shall notify the other Service Coordinator of any such suspension within forty-eight (48) hours thereof and shall provide a detailed explanation of the reasons therefor.
Service Provider shall, and shall cause its Affiliates, as applicable, to, use reasonable best efforts to remediate the circumstances giving rise to the suspension as expeditiously as possible. Service Recipient shall cooperate with Service Provider
at Service Provider’s reasonable request in remediating such circumstances. Service Provider shall, and shall cause its Affiliates, as applicable, to, resume provision of the Services as soon as such circumstances are remediated. In addition,
if Service Provider notifies Service Recipient in good faith and in advance that termination of any Service (or any portion thereof) in accordance with Section 4.3 (A) increases Service Provider’s cost to provide any remaining
Service, or (B) results in any of the reasons specified above in this clause (ii), and Service Recipient nevertheless elects to terminate such Service (or applicable portion thereof), in each case, the Service Provider may suspend such Service,
without any tolling of the Service Term, until Service Recipient has cured the cause for such suspension; provided that if Service Provider chooses to continue to provide such Service, the Service Fees for such Service shall be re-assessed in
good faith between the Parties in accordance with Section 2.1. 

  
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 ARTICLE II 

FEES FOR THE SERVICES 

Section 2.1 Fees for the Services. In consideration of the provision of the Services, Service Recipient shall pay to Service
Provider a service fee for each such Service in the amount equal to the fee set forth on Schedule I or Schedule II, as applicable, in each case, 

with respect to such Service, which shall include any reasonable costs or expenses that are incurred by Service Provider and directly related to the provision
of such Service hereunder, including payments or costs that would otherwise not be incurred for an ongoing license, grant or provision of rights or services, including any implemented license or similar fees, if any, required to be paid to software
vendors or licensors (with respect to each Service, the “Service Fee” and, collectively for all Services, the “Service Fees”). Any incidental expenses not contemplated in the Service Fees that are incurred by
Service Provider and pre-approved by Service Recipient, such approval not to be unreasonably withheld, shall be reimbursed by Service Recipient to Service Provider in accordance with Section 2.2. Service Recipient shall not be obligated
to pay for any individual Service that was terminated pursuant to and in accordance with Section 4.3; provided that Service Recipient shall, in accordance with Section 4.3, pay Service Provider the Service Fee relating
to any terminated Service until the effective date of termination; provided, further, that, if any such Services are terminated in accordance with Section 4.3 and result in an increase in Service Provider’s cost to
provide any remaining Service, then, solely to the extent such remaining Service is expressly identified on Schedule I or Schedule II, as applicable, as dependent on or interrelated with such terminated Service, the
Service Fees and provision of such remaining Services shall be re-assessed in good faith between the Parties in accordance with this Section 2.1 (provided that such remaining Services are not suspended in accordance with
Section 1.10(b)(ii)); provided, further that Service Provider is not obligated to provide any such remaining Service noted as dependent or interrelated to the terminated Service on Schedule I or Schedule
II, as applicable, in accordance with Section 4.1 and identified on Schedule IV as a Service that cannot reasonably be provided without the terminated Service. All Services processed by Service Provider under this
Agreement require that Service Recipient be, except as otherwise set forth on Schedule I or Schedule II, as applicable, responsible for inventory, software or Service purchases by Service Provider procured at the
direction of Service Recipient’s or its Affiliates and for which Service Recipient has provided written consent; provided that if Service Recipient does not provide written consent, Service Provider shall have no obligation to provide
such inventory, software or Service purchases. Unless otherwise set forth on Schedule I or Schedule II, commencing on the first anniversary of the Effective Date, (i) rates for third-party vendors providing Services
hereunder will increase by two percent (2%) annually and (ii) with respect to headcount costs, hourly rates will increase by three percent (3%) annually. With respect to any Service set forth in Schedule I or
Schedule II that indicates the corresponding Service Fee as having both a “Fixed Monthly Fee” and a “Monthly Variable Rate,” such charges are additive to and not exclusive of one another. The Service Fees for any
Service shall be no greater than Service Provider’s fully loaded cost (for the avoidance of doubt, including employee costs to provide such Service) without a profit margin. Service Recipient shall not be obligated to pay for any individual
Service or portion thereof that was terminated pursuant to the terms and conditions hereof, except as set forth in Section 4.3. 

Section 2.2 Manner and Timing of Payments. All undisputed payments shall be made by Service Recipient, without set-off (subject to
Section 2.3), within thirty (30) days after receipt of an invoice therefor; provided that any undisputed amounts (or amounts that are not disputed in good faith) not paid within such thirty (30) day period shall be
subject to a late payment charge calculated based on the per annum rate of interest in effect as publicly announced by JPMorgan Chase & Co. as its prime lending rate plus 0.5 of a percentage point 

  
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from the original due date of such amounts until any payment that is due is made (the “Late Payment Charge”). If any Service is terminated in accordance with
Section 4.3, any such termination shall be effective on the last day of the calendar month specified in the written notice of termination and may not be effective prior to the last day of any calendar month. Unless otherwise provided in
Schedule I or Schedule II, as applicable, Service Provider shall send invoices on a monthly basis for payments to be made under this Agreement. Such invoices shall specify in reasonable detail the costs and expenses to be reimbursed by
Service Recipient; provided that for Services with a fixed-monthly fee as noted in Schedule I or Schedule II, as applicable, such invoice shall only specify the total Service Fee and the applicable sub-schedule
(e.g., TSA 1, TSA 2) of Schedule I or Schedule II, as applicable, for which such invoice is issued. All payments made by Service Recipient under this Agreement shall be by wire transfer of the payment amount to Service
Provider’s account identified in Schedule I or Schedule II, as applicable, in each case, attached hereto or other account notified in writing by Service Provider to Service Recipient (an “Alternative Service Provider
Account”), or if requested in writing by Service Provider, by a medium agreed by both Parties. All such payments shall be effective upon receipt. Each Party shall invoice on behalf of itself or an Affiliate that is providing Services. Any
amounts not disputed shall be deemed accepted following forty-five (45) days of receiving such invoice (unless the basis for disputing such amounts was not capable of being discovered within such forty-five (45) day period) and shall be
paid notwithstanding disputes with respect to any other items within the applicable payment period. In the event that Service Recipient disputes in good faith any portion of the amount due on any invoice, then Service Recipient shall deliver a
written statement to Service Provider through the applicable Service Coordinator which shall list all disputed items and provide a reasonably detailed description of each disputed item and the basis for such dispute (each such dispute, a
“Fee Dispute”), together with reasonable supporting documentation, prior to the date the payment of the disputed invoice is due, or where the basis of the Fee Dispute was not capable of being discovered during such forty-five
(45) day period, promptly after the disputing party should have been aware of the basis for the Fee Dispute. The Parties shall seek to resolve all such Fee Disputes expeditiously and in good faith in accordance with the provisions of
Section 7.1, and Service Provider shall continue performing the Services in accordance with the Agreement pending resolution of any Fee Dispute. Service Recipient shall pay any settled amounts owed to Service Provider, if any, as soon as
reasonably practicable following resolution of any such Fee Dispute. 
 Section 2.3 Taxes. Service Fees do not include any
amounts in respect of Taxes. Service Recipient shall be responsible for and pay to Service Provider all applicable Taxes (including any sales, use, value added, gross receipt or similar Taxes, but excluding, for the avoidance of doubt, the
Washington business & occupation Tax, the Texas “margin” Tax, the Ohio commercial activity Tax and similar Taxes) that are chargeable on the provision of any Service to Service Recipient hereunder, except for (A) any such
Taxes with respect to which Service Recipient has provided Service Provider with a proper tax exemption certificate and (B) any such Taxes incurred or payable on the goods or services used or consumed by Service Provider (or any Affiliate or
third-party vendor of Service Provider) in providing such Service to Service Recipient; provided, however, that each of Service Provider and Service Recipient shall be responsible for (a) any real or personal Taxes on property it
owns or leases, (b) franchise, margin, privilege and similar Taxes on its business, (c) the employment Taxes of its employees and (d) Taxes based on its net or gross income. Any Taxes due and payable by Service 

  
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Recipient to Service Provider pursuant to the preceding sentence shall be separately itemized on the relevant invoice and shall be paid at the same time as the other amounts for the applicable
Service to which such Taxes relate. If Service Recipient is required to withhold any Tax from any amounts otherwise due and payable to Service Provider pursuant to this Agreement, the amount paid to Service Provider by Service Recipient for such
Services shall be grossed up such that Service Provider receives the amount due prior to the withholding (including any withholding imposed in respect of any additional amounts paid hereunder), and Service Recipient shall timely remit such withheld
amounts to the appropriate government authority and furnish to Service Provider evidence of payment of such Tax; provided that Service Recipient shall not be required to gross up with respect to any Tax which is (i) described in clauses
(a) through (d) of this Section 2.3, (ii) imposed as a result of Service Provider having a present or former connection with the jurisdiction imposing the Tax (other than connections arising from Service Provider having
executed, delivered, become a party to, performed its obligations under, received payments under, engaged in any other transaction pursuant to or enforced this Agreement), (iii) attributable to Service Provider’s failure to comply with any
applicable certification, identification, documentation, information or other reporting requirement or to provide any tax forms or documentation reasonably requested by Service Recipient or (iv) imposed on a payment made by Service Recipient to
an Alternative Service Provider Account and would not have been imposed if such payment had been made to Service Provider’s account identified in Schedule I or Schedule II, as applicable; provided, further, that
Service Provider and Service Recipient and their respective Affiliates shall cooperate in good faith in mitigating any such withholding. To the extent Service Provider pays or is required to pay any such Taxes that are the responsibility of Service
Recipient in accordance with this Section 2.3, Service Recipient shall promptly reimburse Service Provider on an after-Tax basis. In the event of any conflict between the terms of this Section 2.3 and the Tax Matters
Agreement, the terms of the Tax Matters Agreement shall govern in all respects. 
 Section 2.4 Access to Records. Subject to the
Parties’ obligations under Section 5.1, Service Provider and its Affiliates shall, in accordance with Service Provider’s generally applicable recordkeeping and retention policies and procedures, keep reasonable books and
records of all third-party vendor costs relating to Services provided hereunder for Service Recipient to verify third-party charges made by Service Provider under this Agreement and to comply with all applicable requirements of Law; provided
that Service Provider shall not be required to share any vendor invoices or any underlying information thereto related to third-party expenses incurred by Service Provider. If requested by Service Recipient, such request to be made no more than once
per calendar quarter, Service Provider shall agree to a review of such invoices or underlying information by a mutually agreed-upon third-party reviewer (which shall not at the time of the review be acting as an external auditor for either the
Service Provider or Service Recipient) (a “Third-Party Review”) to assist in providing assurance to Service Recipient that such invoices contain expenses applicable to the Services provided by Service Provider to Service Recipient.
Service Provider and Service Recipient agree that a Third-Party Review shall be limited to validating that the third-party charges: (i) are for the period after the Effective Date; (ii) are associated with the delivery of the Services by
the Service Provider to Service Recipient; (iii) were incurred in connection with the provision of Services under this Agreement; or (iv) the amount of such charges; provided that such third-party reviewer shall not be permitted to
share the amount of such charges with Service Recipient if (A) prohibited by Service Provider’s 

  
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confidentiality obligations to the vendor or (B) would directly or indirectly violate a confidentiality obligation owed by Service Provider to any of its vendors. A Third-Party Review shall
only provide assurance to Service Recipient and shall not disclose any vendor or proprietary information, and Service Provider shall have the right to review each report prior to such report being shared with Service Recipient. Service Recipient
shall be responsible for all expenses related to a Third-Party Review. In the event it is determined by a Third-Party Review that any amount that was paid by Service Recipient (or its designated Affiliate) was not properly owed, Service Provider
will refund that amount to Service Recipient in accordance with Section 2.2. Service Recipient shall have the right to a Third Party Review in accordance with the terms of this Section 2.4 during the Term and for six
(6) months following any termination of the Agreement, subject to applicable Law, confidentiality restrictions, contractual limitations and any generally applicable recordkeeping and retention policies of Service Provider. For clarity, nothing
in this Section 2.4 shall require Service Provider to modify its existing recordkeeping and retention policies and procedures. 

ARTICLE III 

SERVICE FAILURE; INDEMNITY; LIMITATION OF LIABILITY 

Section 3.1 Service Failure. If Service Provider or its Affiliates fail to perform a Service to a level consistent with the
Service Standard (a “Service Failure”), Service Recipient shall provide written notice thereof to Service Provider (a “Performance Notice”). Except as otherwise provided in Section 3.3,
Section 4.2 and Section 4.3, Service Recipient’s sole remedy in such event shall be to (a) require Service Provider or its Affiliates to commence re-performance of the applicable Service and take measures to cure
such Service Failure as promptly as practicable, but in any event within a twenty (20) day period following the delivery of the relevant Performance Notice, unless such Service cannot reasonably be performed within such twenty (20) day
time period, in which case such period shall be extended, in Service Provider’s sole discretion, but in no event for more than an additional ten (10) days, to provide Service Provider and its Affiliates with a reasonable period of time to
perform the Service working in good faith (the “Cure Period”), at no further charge, subject to the limitations specified in this Agreement; or (b) if at the termination of the Cure Period, Service Provider fails to commence
re-performance to a level consistent with the Service Standard, Service Provider shall provide commercially reasonable alternative arrangements reasonably acceptable to Service Recipient to substitute such Service; provided that the Parties
shall cooperate and negotiate in good faith to determine the terms of the alternative service (including, among other things, the reasonable, documented amounts to be paid based on costs actually incurred for any such alternative service (such fees
to be paid in accordance with Section 2.2, and to include any out-of-pocket costs incurred by Service Provider or its Affiliates in providing or arranging for such alternative service)). Any Performance Notice delivered by Service
Recipient under this Section 3.1 shall (a) specify in reasonable detail the particular error or defect in relation to the performance of the Services and (b) be received by Service Provider no more than the later of (i) twenty
(20) days from the date of the failure or (ii) twenty (20) days from the date that the failure could have been reasonably discovered by Service Recipient. 

  
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 Section 3.2 Third-Party IP Matters. Notwithstanding anything else in this
Agreement to the contrary, subject to the last sentence of this Section 3.2, in the event of any breach of this Agreement by either Party or the incurrence of any liability, in each case, to the extent arising out of or relating to the
failure of a third party to provide, or provide access or a license to, Intellectual Property owned or controlled by such third party and licensed to Service Provider or its Affiliates (a “Third-Party IP Matter”), Service
Provider’s and its Affiliates’ sole and exclusive obligation in respect of any such breach or liability (including the failure to provide any Services) shall be (i) to use commercially reasonable efforts to enforce the terms of the
applicable agreement between Service Provider or any of its applicable Affiliates and such third-party provider and (ii) in the event Service Provider and its Affiliates fail to enforce the terms of such agreement, to use commercially
reasonable efforts to assist Service Recipient in engaging a substitute third-party provider. Without limiting the Parties’ rights set forth in Section 3.3, Section 4.2 and Section 4.3, Service
Recipient’s and its Subsidiaries’ sole and exclusive remedy for such breach or liability is to require Service Provider or any of its applicable Affiliates to engage in the actions contemplated in this Section 3.2.
Notwithstanding anything else in this Agreement to the contrary, other than as set forth in the immediately preceding sentence, in no event shall Service Provider or any of its Affiliates be responsible or liable for any breach or liabilities to the
extent that they arise out of or relate to any Third-Party IP Matter. Notwithstanding anything else in this Agreement to the contrary, this Section 3.2 shall not limit any of the Parties’ obligations under Section 1.8.

 Section 3.3 Indemnity. Subject to the limitations set forth in Section 3.5, each Party (the “Indemnifying
Party”) agrees to indemnify, defend and hold harmless the other Party, its Affiliates and their respective officers, directors, employees, agents and representatives (collectively, the “Indemnitees”) from and against any
and all Damages incurred or suffered by an Indemnitee based upon, arising out of, in connection with or resulting from a claim relating to: (i) the fraud, gross negligence or willful misconduct by the Indemnifying Party, any of its Affiliates
or of their representatives in connection with their performance of their obligations hereunder; (ii) any material breach of Section 5.1, Section 5.2 or Article VI hereof or Sections 4.3(b)
(Instructions), (c) (Disclosure), (d) (Purposes), (i) (International Transfers) or (n) (Termination) or Section 5.6.1 of the Global Data Protection
Agreement by the Indemnifying Party or any of its Affiliates; (iii) any Data Breach involving Personal Information in the possession, custody or control of the Indemnifying Party or any of its Affiliates or for which the Indemnifying Party or
any of its Affiliates are otherwise responsible; (iv) any amounts payable by the Indemnifying Party pursuant to Section 1.5, (v) any amounts payable by Service Recipient pursuant to Section 1.8(b) and
Section 1.8(c), or (vi) the Indemnifying Party’s failure to pay any amount to Service Provider under this this Agreement as and when due. 

Section 3.4 Indemnification Claims. Any Indemnitee wishing to claim indemnification under Section 3.3, upon learning
of any such Damages, shall notify the Indemnifying Party thereof in writing and in reasonable detail of the potential claim, as promptly as practicable and in any event within thirty (30) days of becoming aware of the Damages; provided,
however, that the failure to provide notice to the Indemnifying Party pursuant to this sentence shall not release the Indemnifying Party from any of its obligations under Section 3.3 and this Section 3.4, except
and solely to the extent the Indemnifying Party shall have been actually materially prejudiced as a result of such failure. Any claims for indemnification that are undisputed between the Indemnifying Party and the Indemnitee shall be paid to the
Indemnified Party in accordance with Section 2.2. Any claims for indemnification that are disputed, by either Party, shall be settled in accordance with Section 7.1. 

  
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 Section 3.5 Limitation of Liability; Limitation of Damages. 

(a) TO THE MAXIMUM EXTENT PERMITTED BY LAW, AND EXCEPT AS PROVIDED IN SECTION 3.5(b) BELOW, NEITHER PARTY WILL BE LIABLE TO THE
OTHER PARTY FOR ANY LOST PROFITS, LOSS OF USE, OR BUSINESS INTERRUPTION OR INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY, ARISING FROM THE PERFORMANCE OF, OR RELATING TO,
THIS AGREEMENT REGARDLESS OF WHETHER SUCH PARTY HAS BEEN NOTIFIED OF THE POSSIBILITY OF, OR THE FORESEEABILITY OF, SUCH DAMAGES, PROVIDED THAT, FOR THE AVOIDANCE OF DOUBT, AMOUNTS AWARDED BY A GOVERNMENTAL ENTITY TO A THIRD PARTY SHALL NOT
CONSTITUTE ANY OF THE FOREGOING DAMAGES. 
 (b) EXCEPT AS PROVIDED IN SECTION 3.5(c) BELOW, NEITHER SERVICE PROVIDER NOR SERVICE
RECIPIENT SHALL BE LIABLE FOR ANY DAMAGES OR LIABILITIES, IN EXCESS OF THE GREATER OF (i) AGGREGATE SERVICE FEES PAID IN RESPECT OF THE SERVICE SET FORTH ON THE SUB-SCHEDULES (E.G., TSA 1, TSA 2) OF SCHEDULE I AND SCHEDULE
II, AS APPLICABLE OR (ii) THREE MILLION DOLLARS ($3,000,000), FOR WHICH SUCH DAMAGES OR LIABILITIES ARISE, WHETHER SUCH DAMAGES OR LIABILITIES ARISE IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR OTHERWISE;
PROVIDED THAT IN NO EVENT SHALL SERVICE PROVIDER BE LIABLE FOR MORE THAN ANY SERVICE FEES (WHICH INCLUDES FIXED AND VARIABLE SERVICE FEES) PAYABLE IN RESPECT OF THE SERVICE SET FORTH ON THE SUB-SCHEDULES (E.G., TSA 1, TSA 2) OF SCHEDULE
I AND SCHEDULE II, AS APPLICABLE, FOR WHICH SUCH LIABILITY AROSE; PROVIDED, FURTHER, THAT ANY VARIABLE SERVICE FEES INCLUDED IN SUCH SERVICE FEES, IN RESPECT OF SUCH SERVICE, SHALL BE CALCULATED BY EXTRAPOLATING
SUCH VARIABLE SERVICE FEES FOR THE RELEVANT SERVICE TERM (WITH NO EXTENSION PERIOD) BASED ON THE AMOUNT OF SUCH VARIABLE SERVICE FEES CHARGED WHEN SUCH LIABILITY AROSE. 

(c) THE LIMITATIONS AND EXCLUSIONS OF LIABILITY SET FORTH IN SECTION 3.5(a) AND SECTION 3.5(b) WILL NOT APPLY WITH
RESPECT TO ANY OF THE FOLLOWING: (i) THE INDEMNITY OBLIGATIONS SET FORTH IN SECTION 3.3; (ii) A BREACH OF ARTICLE V (CONFIDENTIALITY; DATA PRIVACY), ARTICLE VI (COMPUTER SYSTEMS ACCESS;
SECURITY AND INTEGRITY) OR THE GLOBAL DATA PROTECTION AGREEMENT; (iii) A DATA BREACH; OR (iv) DAMAGES OR LIABILITIES ARISING OUT OF THE FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF A PARTY. 

  
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 Section 3.6 Lapse of Claim. If a Party does not give notice to the other Party of any claim
pursuant to this Article III within (a) nine (9) months after the termination or expiration of the last Service to terminate or expire, (b) nine (9) months after the termination of this Agreement or (c) three
(3) months after the date when such Party becomes or ought to have become aware of the facts giving rise to such claim, whichever is earliest, such Party shall be deemed to have waived such claim. 

ARTICLE IV 
 TERM
AND TERMINATION 
 Section 4.1 Term. The term of this Agreement shall commence on the Effective Date and shall continue
until the termination of all Services provided for in Schedule I or Schedule II, as applicable, in each case (the “Term”), and Service Provider’s obligation to perform each Service shall terminate as set forth in
Schedule I or Schedule II, as applicable, in each case, with respect to such Service (in each case, the “Service Term”); provided that this Agreement shall terminate with respect to all Services provided
hereunder at such time when all Services to be provided by Service Provider or its Affiliates under this Agreement have been terminated (or the terms of which have expired) in accordance with the terms of this Agreement, unless this Agreement is
terminated sooner in accordance with Section 4.2 or Section 4.3 or extended by mutual written agreement of the Parties. Not less than forty-five (45) days prior to the end of the applicable Service Term for each Service,
unless indicated otherwise in Schedule I or Schedule II, as applicable, in each case, Service Recipient may notify Service Provider if Service Recipient determines in good faith that it shall not be able to complete the transition
from, or to replace, such Service prior to the end of the applicable Service Term for such Service, except as otherwise expressly stated in Schedule I or Schedule II for any particular Service. If Service Recipient so notifies Service
Provider with respect to a Service, Service Provider and its Affiliates shall continue to provide such Service at the price calculated in accordance with Section 2.1, and, solely with respect to such Service, extend the applicable
Service Term for up to the shorter of (i) ninety (90) days and (ii) such extension period stated in Schedule I or Schedule II; as applicable, for such Service (the “Extension Period”). Service Recipient
may only request one (1) such extension for each Service that has an Extension Period available to such Service and Service Provider shall have no obligation to extend any Service beyond such Extension Period and Service Recipient shall at all
times use commercially reasonable efforts to minimize the duration of any such extension, including by entering into agreements directly with third-party sources or otherwise obtaining alternative third-party sources to provide the Services, to the
extent necessary or advisable to transition such Services to Service Recipient, and Service Provider shall undertake commercially reasonable efforts to support Service Recipient’s efforts to enter such agreements. Any termination or expiration
of this Agreement with respect to any particular Service shall not terminate this Agreement with respect to any other Service provided under this Agreement. 

Section 4.2 Termination and Other Remedies for Default. In the event (a) of any breach by either Party, in any material
respect, in the due performance or observance by it of any of the terms, covenants or agreements contained in this Agreement or (b) either Party shall become or be adjudicated insolvent or bankrupt, or a receiver or trustee shall be appointed
for either Party or its property or a petition for reorganization or arrangement under any bankruptcy 

  
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or insolvency Law shall be approved, or either Party shall file a voluntary petition in bankruptcy or shall consent to the appointment of a receiver or trustee (in each such case, the
“Defaulting Party”), then any non-Defaulting Party shall have the right, at its sole discretion, (i) in the case of a default under clause (a) to terminate all or any portion of the applicable Service(s) and/or this
Agreement, with such termination being effective only after the Defaulting Party has failed to cure the breach within thirty (30) days after receiving written notice of such breach, or after an additional thirty (30) days if the extension
provided for in Section 3.1 is used, and (ii) in the case of the circumstances described under clause (b), to terminate this Agreement immediately upon notice to the Defaulting Party. For the avoidance of doubt, any breach
covered under clause (a) of this Section 4.2 is subject to the Cure Period requirement of Section 3.1 before Service Recipient is entitled to any termination rights under this Agreement. 

Section 4.3 Termination by Service Recipient. This Agreement may be terminated with respect to all Services by Service Recipient
prior to the end of the Term upon forty-five (45) days’ prior written notice to Service Provider. Any termination of this Agreement, of any Service or of any dependent Services, as expressly set forth on Schedule I or
Schedule II, as applicable, in whole or in part, permitted pursuant to this Section 4.3 shall become effective on the last day of the calendar month of the date that constitutes forty-five (45) days following Service
Provider’s receipt of Service Recipient’s notice of termination delivered specified in the written notice of termination and may not be effective prior to the last day of any calendar month delivered in accordance with this
Section 4.3; provided that any termination of a particular Service in accordance with this Section 4.3 must be terminated in its entirety and may not be terminated in part, except for the Services set forth in
sub-schedules TSA 1 (by service), TSA 5 (by cluster) and TSA 7 (by vendor) as indicated in Schedule I,; provided, further, that, following any early termination of any Service in accordance with this
Section 4.3, Service Recipient shall reimburse Service Provider for any early termination charges, wind-down costs and other fees and costs payable or that have been committed to or paid in advance by Service Provider that arise as a
result of the early termination of such Service, with such reimbursable charges, costs and fees to be invoiced by Service Provider, with reasonable supporting documentation, and paid by Service Recipient pursuant to Section 2.2. 

Section 4.4 Effect of Termination. Upon expiration or termination of this Agreement or of any Service provided hereunder, all
rights and obligations of the Parties shall cease under the Agreement with respect to all Services (in the case of a termination of the Agreement) or with respect to such Service (in the case of a termination of a particular Service), except as
provided in Section 4.5 and except that Service Recipient shall pay to Service Provider within thirty (30) days of the issuance of a final invoice, with such invoice being marked as final, following the expiration or termination of
this Agreement or any Service, as the case may be, all amounts that are or that shall become due and payable as a result of the provision of the Services or terminated Service, as applicable, pursuant to this Agreement in the manner set forth in
Article II. Upon notice of termination of this Agreement in accordance with its terms with respect to any Service for any reason or, in the event of expiration, for a reasonable period of time prior to such expiration, Service Provider shall
reasonably cooperate, at Service Recipient’s request and expense, in order to minimize the disruption to the Business of both Parties and to effect an orderly transition and transfer of the responsibility for such Service(s) to Service
Recipient or to a third party designated by Service Recipient. 

  
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 Section 4.5 Survival. Notwithstanding anything in this Agreement to the
contrary, (a) Article II, Article III, Section 4.4, this Section 4.5, Article V and Article VII shall survive the expiration or termination of this Agreement and
(b) the expiration or termination of this Agreement shall not act as a waiver of any breach of this Agreement and shall not act as a release of either Party for any liability or obligation incurred under this Agreement through the effective
date of the expiration or termination. 
 ARTICLE V 

CONFIDENTIALITY; INTELLECTUAL PROPERTY; DATA PRIVACY 

Section 5.1 Definitions of Confidential Information; Disclosing Party and Receiving Party. “Confidential Information” shall mean
any information or data of a Party or its Affiliates (the “Disclosing Party”) received or obtained by the other Party or its Affiliates (the “Receiving Party”) as a result of the exercise of the Receiving
Party’s rights or the performance of the Receiving Party’s obligations under this Agreement, and includes any business, marketing, sales, technical information, trade secrets, processes, designs, data, plans, product or service
specifications and information, prototypes, software, source code, customer and vendor information and lists, research, business opportunities, contracts and contract information, Personal Information and other information and materials related to
or arising from the Services and which may be in any form or medium (except to the extent that such Information can be shown to have been (a) in the public domain or known to the public through no fault of the Receiving Party or its Affiliates,
(b) lawfully acquired by the Receiving Party or its Affiliates from other sources not known by the Receiving Party to be subject to confidentiality obligations with respect to such Confidential Information or (c) independently developed by
the Receiving Party or its Affiliates after the time of the Spinco Distribution without reference to or use of any Confidential Information). As used herein, by example and without limitation, Confidential Information shall mean any information of a
Party marked as confidential, proprietary and/or privileged. 
 Section 5.2 Use and Disclosure Limitations. Notwithstanding any termination of
this Agreement, each Party shall, and shall cause its Affiliates to, hold, and cause each of their respective officers, employees, agents, third-party vendors, consultants and advisors to hold, in strict confidence, at a standard of care no less
than that used for its own Confidential Information (and in any event no less than a reasonable standard of care), and not to disclose or release, or except as otherwise permitted by this Agreement, use, without the prior written consent of each
Party to whom (or to whose Affiliate) the Confidential Information relates (which may be withheld in each such Party’s sole and absolute discretion), any and all Confidential Information concerning or belonging to another Party or any of its
Affiliates; provided that each Party may disclose, or may permit disclosure of, such Confidential Information (i) to its (or any of its Affiliates) respective auditors, attorneys, financial advisors, bankers and other appropriate
employees, consultants and advisors who have a need to know such Confidential Information for auditing and other purposes and are informed of the confidentiality and non-use obligations to the same extent as is applicable to the Parties and in
respect of whose failure to comply with such obligations, the applicable Party will be responsible, (ii) if any Party or any of its Affiliates is required or compelled to disclose any such Confidential Information by judicial or administrative
process or by other requirements of Law or stock exchange rule, (iii) to the extent reasonably 

  
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required in connection with any Proceeding by one Party (or any of its Affiliates) against any other Party (or any of its Affiliates) or in respect of claims by one Party (or any of its
Affiliates) against the other Party (or any of its Affiliates) brought in a Proceeding, subject to reasonably acceptable protective measures, (iv) to the extent necessary for a Party (or any of its Affiliates) to enforce its rights or perform
its obligations under this Agreement or (v) to Governmental Entities in accordance with applicable procurement regulations and contract requirements. Notwithstanding the foregoing, with respect to clause (ii), (iii), (iv) or
(v) above, each Party, as applicable, shall promptly notify (to the extent permissible by Law) the Party to whom (or to whose Affiliate) the Confidential Information relates of the existence of such request, demand or disclosure requirement and
shall provide such Party (and/or any applicable Affiliate) a reasonable opportunity to seek, at its expense, an appropriate protective order or other remedy, which such Parties shall, and shall cause the other members of their respective group to,
cooperate in obtaining to the extent reasonably practicable. The Party who is (or whose Affiliate is) required to make such disclosure shall or shall cause the applicable member of its group to furnish (at the expense of the Party seeking to limit
such request, demand or disclosure requirement), or cause to be furnished, only that portion of the Confidential Information that is legally required to be disclosed and shall take commercially reasonable steps to ensure that confidential treatment
is accorded to such Confidential Information (at the expense of the Party seeking (or whose Affiliate is seeking) to limit such request, demand or disclosure requirement). 

Section 5.3 Data Processing. To the extent that Service Provider or Service Recipient or their respective Affiliates process
Personal Information on behalf of the other Party in performance or receipt of the Services, Service Provider and Service Recipient and their respective Affiliates agree to process Personal Information in compliance with applicable Privacy
Requirements and the Global Data Protection Agreement. 
 Section 5.4 Destruction. Except (a) as expressly required under
the respective records and information management policy applicable pursuant to Section 2.4, (b) as expressly prohibited by Law or (c) as permitted by a separate written agreement between the Parties, within thirty
(30) calendar days following request by the Disclosing Party after the expiration or termination of the applicable Service or the termination of this Agreement pursuant to Article IV, the Receiving Party shall, in compliance with
applicable data destruction Laws, (i) if written, promptly return to the Disclosing Party or a nominated third party (in a format and a method defined by the Disclosing Party, with all reasonable, documented and pre-approved costs associated
with converting and transferring the Information borne by the Disclosing Party) or destroy, at the Receiving Party’s option such Confidential Information and any copies, extracts and summaries thereof and (ii) if digital or electronic,
destroy or delete such Confidential Information, including all versions, extracts and summaries, and upon the Disclosing Party’s request, such destruction or deletion will be certified by a member of the Receiving Party’s senior
management; provided, however, that the Receiving Party’s legal counsel may retain one copy of the Confidential Information for legal retention (archival/evidentiary) purposes; and provided, further, that the
Receiving Party may retain a copy of Confidential Information stored in its routine data back-up systems and in compliance with its generally applicable document retention policies, and such Confidential Information shall remain subject to the
confidentiality obligations herein in perpetuity. The Receiving Party shall deliver to the Disclosing Party written certification of such destruction. 

  
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 Section 5.5 Relief. The Receiving Party agrees that any unauthorized disclosure
or use of the Confidential Information may cause irreparable harm and result in significant commercial damage to the Disclosing Party. The Parties agree that the Disclosing Party shall be entitled to seek equitable relief, including an injunction
and specific performance, in the event of any breach of the covenants regarding Confidential Information, in addition to all other remedies available at law and in equity. 

Section 5.6 Intellectual Property. 

(a) Nothing in this Agreement or in the performance, use or receipt of the Services under this Agreement shall be deemed to transfer, assign or
otherwise convey any rights, title or interests in or to any Intellectual Property or proprietary rights (including rights in or to data or other Information) of one Party or its Affiliates to the other Party or its Affiliates, except as expressly
set forth in this Section 5.6. 
 (b) If, in connection with the provision of any Service, any Intellectual Property, data or
other Information is created, discovered, compiled or invented by either Service Provider or Service Recipient, or any of their respective Affiliates, as between the Parties, such Intellectual Property, data or other Information shall be owned by
the applicable Service Provider, and Service Recipient and its Affiliates hereby do assign such Intellectual Property, data or other Information to such Service Provider, and agree to execute such assignments or other documents as may be reasonably
required by Service Provider or such Affiliate to effectuate the foregoing. Notwithstanding the foregoing, as between the Parties, Service Recipient shall own all data regarding the Business of Service Recipient with respect to which the applicable
Service is provided. By way of example, if in performing a Service, Service Provider generates a schedule of tax withholding amounts for Service Recipient employees, such data would be owned by, and constitute the Confidential Information of,
Service Recipient. 
 (c) If Service Provider or any of its Affiliates provides to Service Recipient or any of its Affiliates any Service,
the receipt of which by Service Recipient or such Affiliate would, in the absence of a license from Service Provider or its Affiliates, infringe, misappropriate or otherwise violate any Intellectual Property or other proprietary rights (including
rights in or to data or other Information) that is licensed to Service Provider or its Affiliates by a third party and sublicensable to Service Recipient or its Affiliates without any required Third-Party Consent, breach of any agreement or the
payment of any additional consideration or granting of any additional rights by Service Provider or its Affiliates (such Intellectual Property or proprietary rights, “Service Provider Third-Party IP”) or any TSA IP owned and
licensable by Service Provider or its Affiliates, including any TSA IP owned by Service Provider or its Affiliates as contemplated by Section 5.6(b) above (such Intellectual Property or proprietary rights, including any Service Provider
Third-Party IP, “Service Provider IP”), Service Provider, on behalf of itself and its Affiliates, hereby grants to Service Recipient or such Affiliate a non-exclusive, non-revocable (other than revocations in connection with a valid
termination of a Service in accordance with Section 4.2), personal, non-transferable, worldwide, royalty-free, fully paid-up (as provided in Article II) license (or sublicense subject to the terms of the third-party license, as
applicable), without the right to sublicense, under such Service Provider IP, solely to the extent necessary for Service Recipient or such Affiliate to receive such Service in accordance with this Agreement and solely during the term of the
applicable Service. 

  
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 (d) If Service Provider or any of its Affiliates provides to Service Recipient or any of its
Affiliates any Service, the provision of which by Service Provider or such Affiliate would, in the absence of a license from Service Recipient or its Affiliates, infringe, misappropriate or otherwise violate any Intellectual Property or other
proprietary rights (including rights in or to data or other Information) that is licensed to Service Recipient or its Affiliates by a third-party and sublicensable to Service Provider or its Affiliates without any required Third-Party Consent,
breach of any agreement or the payment of any additional consideration or granting of any additional rights by Service Recipient or its Subsidiaries (such Intellectual Property or proprietary rights, “Service Recipient Third-Party
IP”) or any TSA IP owned and licensable by Service Recipient or its Affiliates (such Intellectual Property or proprietary rights, including any Service Recipient Third-Party IP, “Service Recipient IP”), Service Recipient,
on behalf of itself and its Affiliates, hereby grants to Service Provider or such Affiliate, a non-exclusive, non-revocable (other than revocations in connection with a valid termination of a Service in accordance with Section 4.2),
personal, non-transferable, worldwide, royalty-free, fully paid-up (as provided in Article II) license (or sublicense subject to the terms of the third-party license, as applicable), without the right to sublicense, under such Service
Recipient IP, solely to the extent necessary for Service Provider or such Affiliate to provide such Service in accordance with this Agreement and solely during the term of the applicable Service. 

(e) All rights and licenses with respect to Intellectual Property or other proprietary rights (including rights in or to data or other
Information) not expressly granted in this Section 5.6 are expressly reserved by the relevant Party. Upon the termination or expiration of any Service pursuant to this Agreement, the license or sublicense, as applicable, to the relevant
Intellectual Property or other proprietary rights (including rights in or to data or other Information) granted hereunder in connection with such Service shall automatically terminate (except to the extent such license or sublicense also applies to
one or more Services that have not terminated or expired); provided, however, that all licenses and sublicenses granted hereunder shall terminate immediately upon the expiration or earlier termination of this Agreement for any reason.

 Section 5.7 Other Related Matters. With respect to any Service, and subject to Section 5.3, Service Recipient
agrees that (a) all software, hardware or data, procedures and materials provided to Service Recipient or its Subsidiaries by or on behalf of Service Provider or its Affiliates in connection with such Service are solely for the use of Service
Recipient and its Subsidiaries with respect to the Spinco Business or the Remainco Business, as applicable, and solely for purposes of using such Service for the Spinco Business or the Remainco Business, as applicable, during the Term,
(b) other than that which is owned by Service Recipient, Service Recipient shall not, and shall cause its Subsidiaries not to, copy, modify, reverse engineer, decompile, distribute or in any way alter or make derivative works of any software,
hardware or data used in performing such Service without Service Provider’s prior written consent, (c) other than that which is owned by Service Provider, Service Provider shall not, and shall cause its Subsidiaries not to, copy, modify,
reverse engineer, decompile, distribute or in any way alter or make derivative works of any software, hardware or data used in 

  
 22 

 
performing such Service without Service Recipient’s prior written consent, (d) Service Recipient shall, and shall cause its Subsidiaries to, comply with any and all reasonable usage
guidelines pertaining to any Service and provided by or on behalf of Service Provider or its Affiliates, including any and all usage guidelines pertaining to software, data, or other Intellectual Property or proprietary rights, provided that
compliance with such guidelines shall in no way limit the Parties’ rights and obligations set forth herein, and (e) Service Provider shall, and shall cause its Subsidiaries to, comply with any and all reasonable usage guidelines pertaining
to any Service and received by or on behalf of Service Recipient or its Subsidiaries, including any and all usage guidelines pertaining to software, data, or other Intellectual Property or proprietary rights; provided that compliance with
such guidelines shall in no way limit the Parties’ rights and obligations set forth herein. 
 ARTICLE VI 

COMPUTER SYSTEMS ACCESS, SECURITY AND INTEGRITY 

Section 6.1 Systems Access. 

To the extent that Service Provider or Service Recipient or their respective Affiliates (including any third-party vendors engaged thereby and
subject to Service Recipient’s prior written approval) are given access (each in such capacity, a “Guest User”) to the other’s computer system(s), facilities, networks, databases or software (collectively,
“Systems”) in connection with the performance of the Services, such Guest User shall comply with the other Party’s (each in such capacity, a “Host”) (a) Systems security policies, procedures and
requirements made available to the Guest User from time to time (as such procedures may be amended by the Host from time to time), (b) Privacy Requirements, (c) agreed-upon security requirements set forth herein or in the Global Data
Protection Agreement, and (d) privacy policies ((a), (b), (c) and (d), collectively, the “Security Regulations”); provided that, such Security Regulations are materially consistent with the Security Regulations a
Party applies to its Affiliates. The Guest User shall not tamper with or circumvent any security measures employed by the Host, and shall use commercially reasonable efforts not to compromise any such security measures employed by the Host. For the
avoidance of doubt, the Guest User must comply with the confidentiality obligations set forth in Article V for any Security Regulations made available to such Guest User under this Section 6.1. The Parties may agree to specific
Systems access agreement(s); provided that such access agreement(s) shall not change the Parties’ rights or obligations set forth hereunder. The Guest User shall ensure that only those personnel specifically authorized to access the
Host’s Systems on behalf of the Guest User do so and that such access is granted only on a strictly as-needed basis in accordance with least privileged access principles. For the avoidance of doubt, the Guest User’s access to the Systems
shall be solely for purposes of, and to the extent necessary to, provide or receive the applicable Services in accordance with the terms of this Agreement. The Guest User shall use appropriate and reasonable technical, administrative and
organizational measures to prevent unauthorized destruction, alteration or loss of information contained on the Host’s Systems. If at any time the Guest User determines, or the Host notifies the Guest User, that any Person has sought to
circumvent or has circumvented the Host’s Security Regulations or other security, or that an unauthorized Person has accessed or may access the Host’s Systems, or that a Person has engaged in activities that may lead to the unauthorized
access, destruction or alteration or loss of 

  
 23 

 
either Party’s data, information or software, the Guest User shall promptly terminate and/or take other reasonable measures to block any such Person’s access to the Host’s Systems
and promptly notify the Host thereof until such activities are remediated to the reasonable satisfaction of the Host. Without limiting the Guest User’s obligations stated in the foregoing sentence, the Host may revoke such Guest User’s
personnel’s Systems credentials and privileges or otherwise take measures to protect the Systems from such personnel for so long as the Host determines, on a good faith basis, that they present a threat to the Systems. Each Host shall be
provided with reasonably sufficient access, at reasonable times upon reasonable notice (e-mail to the applicable Service Coordinator or its designee shall be deemed sufficient to satisfy such notice), to audit the Guest User’s use of the
Host’s Systems and compliance with the Host’s Security Regulations. The Guest User and Host shall use commercially reasonable efforts upon the termination or expiration of any Services to ensure that all applicable user IDs and passwords
assigned to the Guest User are cancelled. 
 Section 6.2 Data Breaches. 

A Party that experiences any actual or reasonably suspected unauthorized access to or acquisition, disclosure, destruction, loss, alteration
or use of Personal Information transmitted, stored or otherwise processed by such Party (a “Data Breach”) shall notify the other Party in accordance with Privacy Requirements and the Global Data Protection Agreement. 

Section 6.3 Virus Protection. 

Both Parties agree to implement and maintain the regular use of Virus protection software programs to prevent Viruses from being coded or
introduced into the Systems used in connection with the Services, including any of Service Provider’s or Service Recipient’s or their respective Affiliates’ proprietary Systems, and shall promptly implement appropriate Virus
protection updates issued by applicable third-party vendors and publishers. If a Virus is found to have been introduced into the Systems used in connection with the Services, the Parties shall reasonably cooperate to eradicate and reduce the effects
of such Virus and, if the Virus causes a loss of operational efficiency or loss of data, reasonably cooperate to mitigate any losses of operational efficiency or data caused by the Virus. 

ARTICLE VII 

GENERAL PROVISIONS 

Section 7.1 Dispute Resolution. 

(a) Any dispute arising out of or in connection with this Agreement shall initially be submitted for resolution pursuant to the provisions of
this Section 7.1 before any Party may commence any Proceeding (other than a Proceeding solely for injunctive relief) pursuant to Section 7.2(a). 

(b) Any dispute shall initially be submitted to the Service Coordinators for resolution. Service Provider and Service Recipient shall cause
their respective Service Coordinator to act in good faith in connection with the negotiation and resolution of the dispute. 

  
 24 

 (c) In the event the Service Coordinators fail to resolve a dispute within twenty
(20) Business Days of the submission of such dispute for resolution pursuant to Section 7.1(b), then the dispute shall be submitted to the following identified executives, or their respective successors: Jerrie Kertz shall be the
representative of AT&T and Rebecca Kent shall be the representative of Spinco. Such individuals shall cooperate in good faith to attempt to conclusively resolve any such dispute together. 

(d) If the individuals specified in Section 7.1(c) cannot resolve a dispute within twenty (20) Business Days of the referral
of the dispute to them for resolution pursuant to Section 7.1(c), either Party may avail itself of its rights provided in Section 7.2(b) and Section 7.2(c) of the Separation and Distribution Agreement pursuant to
the terms and conditions thereof, which shall apply mutatis mutandis to this Agreement; provided, however, that any notices related hereto shall be given pursuant to Section 7.7. 

Section 7.2 Governing Law and Venue; Waiver of Jury Trial. 

THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE
OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OR ANY OTHER JURISDICTION) TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION. 

(a) Each of the Parties agrees that: (i) it shall bring any Proceeding in connection with, arising out of or otherwise relating to this
Agreement, any instrument or other document delivered pursuant to this Agreement or the transactions contemplated hereby exclusively in the Chosen Courts; and (ii) solely in connection with such Proceedings, (A) it irrevocably and
unconditionally submits to the exclusive jurisdiction of the Chosen Courts, (B) it waives any objection to the laying of venue in any Proceeding in the Chosen Courts, (C) it waives any objection that the Chosen Courts are an inconvenient
forum or do not have jurisdiction over any Party, (D) mailing of process or other papers in connection with any such Proceeding in the manner provided in Section 7.7 or in such other manner as may be permitted by applicable Law
shall be valid and sufficient service thereof and (E) it shall not assert as a defense any matter or claim waived by the foregoing clauses (A) through (D) of this Section 7.2(a) or that any order issued by the Chosen
Courts may not be enforced in or by the Chosen Courts. Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence any Proceeding or otherwise proceed against any other
party in any other jurisdiction, in each case, to enforce judgments obtained in any Proceeding brought pursuant to this Section 7.2(a). 

(b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY BE IN CONNECTION WITH, ARISE OUT OF OR OTHERWISE RELATE TO THIS
AGREEMENT, ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
PARTY IRREVOCABLY AND UNCONDITIONALLY 

  
 25 

 
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING, DIRECTLY OR INDIRECTLY, IN CONNECTION WITH, ARISING OUT OF OR
OTHERWISE RELATING TO THIS AGREEMENT, ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY ACKNOWLEDGES AND CERTIFIES (i) THAT NO REPRESENTATIVE OF THE OTHER PARTIES,
AS THE CASE MAY BE, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTIES WOULD NOT, IN THE EVENT OF ANY ACTION OR PROCEEDING, 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, ACKNOWLEDGMENTS AND CERTIFICATIONS CONTAINED IN
THIS SECTION 7.2(b). 
 Section 7.3 Severability. The provisions of this Agreement shall be deemed severable and the
illegality, invalidity or unenforceability of any provision shall not affect the legality, validity or enforceability of this Agreement. If any provision of this Agreement or the application of such provision to any Person or any circumstance is
illegal, invalid or unenforceable, (a) a suitable and equitable provision to be negotiated by the Parties, each acting reasonably and in good faith, shall be substituted therefor in order to carry out, so far as may be legal, valid and
enforceable, the intent and purpose of such illegal, 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 illegality, invalidity or unenforceability, nor shall such illegality, invalidity or unenforceability affect the legality, validity or enforceability of such provision, or the application of such provision, in any other
jurisdiction. 
 Section 7.4 Modification or Amendment; Waiver. 

(a) This Agreement may not be modified or amended except by an agreement in writing specifically designated as an amendment hereto signed by
each of the Parties. Any provision of this Agreement may be waived, if and only if, such waiver is in writing and signed by the Party against which the waiver is to be effective. 

(b) No failure or delay by any Party in exercising any right, power or privilege hereunder or under applicable Law shall operate as a waiver
of such rights and, except as otherwise expressly provided herein, no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

  
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 Section 7.5 Assignment. Neither this Agreement nor any right or obligation hereunder
may be directly or indirectly assigned, or transferred by either Party in whole or in part, to any person or entity, by operation of law or otherwise, whether voluntarily or 

involuntarily, without the other Party’s prior written consent, except in the event of a Change of Control of a Party, in which case such Party undergoing
the Change of Control shall provide the other Party with prior written notice thereof. In the event of any such permitted Change of Control, the Parties acknowledge and agree that the Services shall continue to be provided only to those entities
receiving Services hereunder as of the date of such permitted assignment or Change of Control. No assignment or Change of Control hereunder shall increase the obligations for which the non-assigning Party would have been liable hereunder in the
absence of such assignment. Any assignment in violation of this Section 7.5 shall be void and of no effect. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their
respective successors and permitted assigns. 
 Section 7.6 No Third-Party Beneficiaries. Except in respect of the
indemnification obligations expressly provided for in Section 3.3 and Section 3.4, there shall be no third-party beneficiaries of this Agreement, or any exhibit, annex or schedule hereto, and none of them shall confer on any
Person other than the Parties any claim, cause of action, right or remedy. 
 Section 7.7 Notice. All notices, requests,
instructions, consents, claims, demands, waivers, approvals and other communications to be given or made hereunder by one or more Parties to one or more of the other Parties, as the case may be, shall be in writing and shall be deemed to have been
duly given or made on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day (or otherwise on the next succeeding Business Day) if (a) served by personal delivery or by
a nationally recognized overnight courier service upon the Party or Parties for whom it is intended, (b) delivered by registered or certified mail, return receipt requested or (c) sent by email; provided that the email transmission
is promptly confirmed by telephone or in writing by the recipient thereof (excluding out-of-office replies or other automatically generated responses). Such communications shall be sent to the respective Party at the following street addresses or
email addresses or at such other street address or email address for a Party, as the case may be, as shall be specified for such purpose in a notice given in accordance with this Section 7.7: 

To Spinco: 
 Discovery, Inc.

 230 Park Avenue South 
 New
York, NY 10003 
 Attention: Bruce Campbell 

Email: [redacted] 
 With a copy
to: 
 Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Attention: Jeffrey J. Rosen 

Jonathan E. Levitsky 

  
 27 

 Sue Meng 

Email: jrosen@debevoise.com 

jlevitsky@debevoise.com 

smeng@debevoise.com 

To AT&T: 
 AT&T SERVICES,
INC. 
 208 S. Akard St. 

Dallas, Texas 752-2 
 Attention:
[redacted] 
 Email: [redacted] 

With a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention: Eric M. Krautheimer 

Melissa Sawyer 

Email: Krautheimere@sullcrom.com 

Sawyerm@sullcrom.com 

Section 7.8 Entire Agreement. This Agreement (including the schedules hereto) constitutes the entire agreement and supersedes all
other prior agreements, understandings, representations and warranties, both written and oral, among the Parties, with respect to the subject matter hereof. 

Section 7.9 Specific Performance. Subject to Article III, each of the Parties acknowledges and agrees that the rights of each
Party are special, unique and of extraordinary character and that if for any reason any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or damage
would be caused for which money damages would not be an adequate remedy. Accordingly, each Party agrees that, in addition to any other available remedies a Party may have in equity or at law, each Party shall be entitled to enforce specifically the
terms and provisions of this Agreement and to obtain an injunction restraining any breach or violation or threatened breach or violation of the provisions of this Agreement without the necessity of posting a bond or other form of security. In the
event that any Proceeding should be brought in equity to enforce the provisions of this Agreement, no Party shall allege, and each Party hereby waives the defense, that there is an adequate remedy at law. 

Section 7.10 Counterparts. This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be
an original instrument, and all such counterparts shall together constitute the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as
delivery of an original signed copy of this Agreement. 

  
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 Section 7.11 Interpretation and 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. 
 (b) The Preamble, and all Recital, Article, Section, Subsection,
Schedule, Annex and Exhibit references used in this Agreement are to the recitals, articles, sections, subsections, schedules, annexes and exhibits to this Agreement unless otherwise specified herein. 

(c) Except as otherwise expressly provided herein, for purposes of this Agreement: (i) the terms defined in the singular have a
comparable meaning when used in the plural and vice versa; (ii) words importing the masculine gender shall include the feminine and neutral genders and vice versa; (iii) whenever the word “includes” or “including” is
used, it shall be deemed to be followed by the words “without limitation”; (iv) the word “or” is not exclusive; (v) the words “hereto,” “hereof,” “hereby,” “herein,”
“hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (vi) the word “extent” in the phrase “to the extent” shall mean the
degree to which a subject or other thing extends and such phrase shall not mean simply “if”; and (vii) a reference to any Person includes such Person’s successors and permitted assigns. 

(d) All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP. 

(e) Except as otherwise expressly provided herein, the term “dollars” and the symbol “$” mean United States Dollars. 

(f) Except as otherwise expressly provided herein, all references in this Agreement to any statute 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. 

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

 (h) Neither the specification of any dollar amount in any representation or warranty set forth in this Agreement nor the inclusion of any
specific item in any schedule is intended to imply that such amount, or higher or lower amounts, or the item so included or other items, are or are not material, and no Party shall use the fact of the setting forth of any such amount or the
inclusion of any such item in any dispute or controversy between the 

  
 29 

 
Parties as to whether any obligation, item or matter not described herein or included in any schedule is or is not material for purposes of this Agreement. Neither the specification of any item
or matter in any representation or warranty set forth in this Agreement nor the inclusion of any specific item in any schedule is intended to imply that such item or matter, or other items or matters, are or are not in the ordinary course of
business, and no Party shall use the fact of the setting forth or the inclusion of any specific item or matter in any dispute or controversy between the Parties as to whether any obligation, item or matter not described herein or included in any
schedule is or is not in the ordinary course of business for purposes of this Agreement. 
 Section 7.12 Inconsistency. In the
event of any inconsistency between the terms of this Agreement and Schedule I or Schedule II, as applicable, in each case, hereto, the terms of this Agreement shall control. In the event of any inconsistency between the terms of this
Agreement and the Merger Agreement, the terms of the Merger Agreement shall control. 
 Section 7.13 Force Majeure. Neither
Party shall be liable in any manner for failure or delay of performance of all or part of this Agreement (other than payment obligations), directly or indirectly, owing to any acts of God, acts, orders, restrictions or interventions of any civil,
military or government authority, wars (declared or undeclared), hostilities, invasions (including the invasion of and acts of war on Ukraine by Russia commencing in February of 2022), revolutions, rebellions, insurrections, terrorist acts,
sabotages, embargoes, epidemics or pandemics or public health emergencies (including the COVID-19 pandemic, the governmental and social responses thereto, and changes in general economic conditions with respect to or as a result of COVID-19),
strikes or other labor disturbances, civil disturbances, riots, fires, floods, storms, explosions, earthquakes, nuclear accidents, power or other utility failures, disruptions or other failures in Internet and/or other telecommunication lines,
networks and backbones, delays in transportation, losses or destruction of property, changes in Laws, or any other similar causes or circumstances, in each case to the extent beyond the reasonable control of such Party (each, a “Force
Majeure Event”); provided that such Party treats the other Party in dealing with such Force Majeure consistent with the manner in which it treats its own Business and the business of its Affiliates. Upon the occurrence of a Force
Majeure Event, the Party whose performance is prevented or delayed shall provide written notice as soon as reasonably practicable to the other party and shall use commercially reasonable efforts to cure such failure or delay. Following such notice,
the Parties shall promptly confer, in good faith, on what action may be taken to minimize the impact on both Parties of such Force Majeure Event. The Parties agree that the effects of the COVID-19 pandemic that is ongoing as of the date hereof may
be invoked as a Force Majeure Event only to the extent those effects are not reasonably foreseeable by the Parties as of the date hereof. 

Section 7.14 Compliance with Law. Each Party shall comply in all material respects with applicable requirements of Law applicable
to its activities in connection with this Agreement (including import and export control). If either Party receives notice from a Governmental Entity that it is in violation of a Law as a result of such Party’s provision of a Service, the
Parties shall mutually cooperate such that the Service may be provided in a way that is not in violation; provided that none of Service Provider or any of its Affiliates shall have any liability for discontinuing its provision of any such
Service until the Parties mutually agree in writing to the appropriate changes of such Service. 

  
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 Section 7.15 No Set-Off. 

The obligations of each Party shall not be subject to setoff for non-performance or any monetary or non-monetary claim by the other Party or
any of its respective Affiliates under any other agreement between the Parties or any of their respective Affiliates. 
 Section 7.16
Definitions. 
 For purposes of this Agreement, capitalized terms (including, with correlative meaning, their singular and plural
variations) have the meanings ascribed to such terms in EXHIBIT A or as otherwise defined elsewhere in this Agreement. 

[Signature Page Follows] 

  
 31 

 IN WITNESS WHEREOF, each of the Parties has caused this Transition Services Agreement to be
executed as of the date first above written. 
  

			
	AT&T SERVICES, INC.
		
	By:	 	 /s/ Stephen A. McGaw

	Name:	 	Stephen A. McGaw
	Title:	 	Senior Vice President – Corporate
		 	Strategy and Development

 [Signature Page to Transition Services Agreement] 

 
			
	MAGALLANES, INC.
		
	By:	 	 /s/ Stephen A. McGaw

		 	Name: Stephen A. McGaw
		 	Title: President

 [Signature Page to Transition Services Agreement] 

 EXHIBIT A 

DEFINITIONS 
 The
following terms when used in this Agreement shall have the following definitions: 
 “Additional Services” has the meaning
set forth in Section 1.3(a). 
 “Affiliates” has the meaning set forth in the Separation and Distribution
Agreement. 
 “Agreement” has the meaning set forth in the Preamble. 

“Alternative Service Provider Account” has the meaning set forth in Section 2.2. 

“AT&T” has the meaning set forth in the Preamble. 

“AT&T Parent” has the meaning set forth in the Recitals. 

“AT&T Service Coordinator” has the meaning set forth in Section 1.8(d). 

“Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Business Days” has the meaning set forth in the Merger Agreement. 

“CCPA” has the meaning set forth in the Global Data Protection Agreement. 

“Change of Control” shall mean the occurrence of any of the following events, either with respect to Service Provider or
Service Recipient, as applicable: (i) an acquisition of a Party by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation but excluding any merger
effected exclusively for the purpose of changing the domicile of such Party); or (ii) a sale of all or substantially all of the assets of a Party, so long as in either case such Party’s stockholders of record immediately prior to such
sale, immediately after such sale, hold less than fifty percent (50%) of the voting power of the surviving or acquiring entity; provided that a transfer by one Party to a wholly owned subsidiary of the ultimate parent company of such
Party is not a Change of Control. 
 “Chosen Courts” has the meaning set forth in the Merger Agreement. 

“Closing” has the meaning set forth in the Merger Agreement. 

“Confidential Information” has the meaning set forth in Section 5.1. 

“Consumer Price Index” means the measure that is published by the U.S. Bureau of Labor Statistics of the average change over
time in the prices paid by urban consumers for a market basket of consumer goods and services. 

 “Contract” has the meaning set forth in the Merger Agreement. 

“Cure Period” has the meaning set forth in Section 3.1. 

“Damages” has the meaning set forth in the Separation and Distribution Agreement. 

“Data Breach” has the meaning set forth in Section 6.2. 

“Data Protection Regulation” has the meaning set forth in the Global Data Protection Agreement. 

“Defaulting Party” has the meaning set forth in Section 4.2. 

“Disclosing Party” has the meaning set forth in Section 5.1. 

“Discovery” has the meaning set forth in the Recitals. 

“Effective Date” has the meaning set forth in the Preamble. 

“Effective Time” has the meaning set forth in the Merger Agreement. 

“Equipment and Systems” has the meaning set forth in Section 1.10(b)(i). 

“Extension Period” has the meaning set forth in Section 4.1. 

“Fee Dispute” has the meaning set forth in Section 2.2. 

“Force Majeure Event” has the meaning set forth in Section 7.13. 

“Forward Services” has the meaning set forth in the Recitals. 

“GAAP” has the meaning set forth in the Merger Agreement. 

“Global Data Protection Agreement” means the Global Data Protection Agreement, dated as of April 8, 2022, by and between
Magallanes, Inc. and AT&T Services, Inc. 
 “Governmental Entity” has the meaning set forth in the Merger Agreement.

 “Guest User” has the meaning set forth in Section 6.1. 

“Host” has the meaning set forth in Section 6.1. 

“Indemnifying Party” has the meaning set forth in Section 3.3. 

“Indemnitees” has the meaning set forth in Section 3.3. 

“Information” shall mean all information in written, oral, electronic, computerized, digital or other tangible or intangible
media; provided that the term “Information” does not include any datasets or derived data, or any Intellectual Property rights, embodied in any of the foregoing in this definition. 

 “Intellectual Property” has the meaning set forth in the Merger Agreement.
“Late Payment Charge” has the meaning set forth in Section 2.2. 
 “Laws” has the meaning set
forth in the Merger Agreement. 
 “Lookback Period” means the twelve (12) month period immediately preceding the
Closing. 
 “Merger” has the meaning set forth in the Recitals. 

“Merger Agreement” has the meaning set forth in the Recitals. 

“Merger Sub” has the meaning set forth in the Recitals. 

“Omitted Services” has the meaning set forth in Section 1.3(b). 

“Other Competent Authority” has the meaning set forth in the Global Data Protection Agreement. 

“Parties” and “Party” have the meanings set forth in the Preamble. 

“Performance Notice” has the meaning set forth in Section 3.1. 

“Person” has the meaning set forth in the Merger Agreement. 

“Personal Information” shall mean any information that is processed in connection with the provision of Services relating to
or reasonably capable of being associated with an identified or identifiable person, device or household, including, but not limited to: (a) a natural person’s name, street address or specific geolocation information, date of birth,
telephone number, email address, online contact information, photograph, biometric data, Social Security number, driver’s license number, passport number, tax identification number, any government-issued identification number, financial account
number, or credit card number, any information that would permit access to a financial account, a user name and password that would permit access to an online account, health information, insurance account information, personal characteristics such
as race or ethnicity, marital status, sexuality, or gender, any persistent identifier such as a customer number held in a cookie, an Internet protocol address, a processor or device serial number, user ID, advertising ID, or a unique device
identifier; (b) “personal data,” “personal information,” “protected health information,” “nonpublic personal information,” or other similar terms as defined by Privacy Requirements; or (c) any other
information that allows the identification of a natural person. 

 “Privacy Requirements” means any applicable national, federal, state or
provincial data privacy or data protection Law or regulation of the jurisdictions in which the Services are performed, data subjects reside and/or Personal Information is processed, as amended or introduced from time to time, including but not
limited to the Data Protection Regulation, UK Data Protection Legislation, Canada’s Personal Information Protection and Electronic Documents Act, Japan’s Act on Protection of Personal Information, CCPA, and the Federal Data Protection Act
of 19 June 1992 (Switzerland); together with: any guidance, directions, decisions, determinations, codes of practice, orders, notices or demands issued by any Supervisory Authority or Other Competent Authority; and any associated binding
judgments of any competent tribunal, regulatory body, or court of law; each as applicable and as amended, supplemented, substituted or replaced from time to time. 

“Proceeding” has the meaning set forth in the Merger Agreement. 

“Receiving Party” has the meaning set forth in Section 5.1. 

“Remainco Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Remainco Group” has the meaning set forth in the Separation and Distribution Agreement. 

“Reverse Services” has the meaning set forth in the Recitals. 

“Security Regulations” has the meaning set forth in Section 6.1. 

“Separation and Distribution Agreement” has the meaning set forth in the Merger Agreement. 

“Service” and “Services” have the meanings set forth in the Recitals. 

“Service Coordinator” and “Service Coordinators” have the meanings set forth in Section 1.8(d).

 “Service Failure” has the meaning set forth in Section 3.1. 

“Service Fee” and “Service Fees” have the meanings set forth in Section 2.1. 

“Service Provider” means either Party, as applicable, in its capacity as a provider of any Service under this Agreement. 

“Service Provider IP” has the meaning set forth in Section 5.6(c). 

“Service Provider Third-Party IP” has the meaning set forth in Section 5.6(c). 

“Service Recipient” means either Party, as applicable, in its capacity as a recipient of any Service under this Agreement.

 “Service Recipient IP” has the meaning set forth in Section 5.6(d). 

“Service Recipient Third-Party IP” has the meaning set forth in Section 5.6(d). 

“Service Standard” has the meaning set forth in Section 1.2(a). 

 “Service Term” has the meaning set forth in Section 4.1. 

“Spinco” has the meaning set forth in the Preamble. 

“Spinco Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Spinco Distribution” has the meaning set forth in the Merger Agreement. 

“Spinco Service Coordinator” has the meaning set forth in Section 1.8(d). 

“Subsidiaries” has the meaning set forth in the Merger Agreement. 

“Supervisory Authority” has the meaning set forth in the Global Data Protection Agreement. 

“Systems” has the meaning set forth in Section 6.1. 

“Tax Matters Agreement” has the meaning set forth in the Merger Agreement. 

“Taxes” has the meaning set forth in the Tax Matters Agreement. 

“Term” has the meaning set forth in Section 4.1. 

“Third-Party Consents” has the meaning set forth in Section 1.8(a). 

“Third-Party IP Matter” has the meaning set forth in Section 3.2. 

“Third-Party Review” has the meaning set forth in Section 2.4. 

“Trademarks” has the meaning set forth in the Merger Agreement. 

“TSA IP” means any Intellectual Property or other proprietary rights (including rights in or to data or other Information),
excluding rights under Trademarks or audiovisual content. 
 “UK Data Protection Legislation” has the meaning set forth in
the Global Data Protection Agreement. 
 “Virus” means any “back door,” “time bomb,” “Trojan
horse,” “worm,” “drop dead device,” “virus,” “malicious logic,” software routines, devices, effects, computer codes, programs or hardware components or other undisclosed feature or file that would
(a) enable or assist any Person to access, without authorization, any software, firmware, middleware, hardware, network, data or other Systems element, or (b) disrupt, disable, harm, erase or otherwise impede in any manner the operation or
functionality of the foregoing features or files, any portion thereof or any other software, firmware, middleware, hardware, network, data or other Systems element, except as disclosed in the documentation therefor. 

 Schedule I 

Forward Services and Fees 

 Schedule II 

Reverse Services and Fees 

 Schedule III 

Excluded Services 

 Schedule IV 

Dependent Services

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