o grant you the right to develop and operate a licensed CHRISTIE'S INTERNATIONAL REAL ESTATE business subject to the terms and conditions of this Agreement (including all exhibits and related documents) and our Operations Manual.

AGREEMENTS

NOW, THEREFORE, for value received, you and we ("the Parties") agree as follows:

1. GRANT

• 1.1. Grant. Subject to the provisions contained in this Agreement, including all exhibits and related documents, and Operations Manual, we grant you a non-exclusive license to own and operate a CHRISTIE'S INTERNATIONAL REAL ESTATE business (the "Business"). The physical address of your Business ("Main Office") must be located within the Protected Territory and approved by us in writing before you can begin to operate your Business. Your Main Office and the Protected Territory are identified in Exhibit 1 to this Agreement. You may not relocate your Main Office without our prior written consent, as described in Section 5.2 of this Agreement.

• 1.2 Nature of the Protected Territory. Except as described below, and except as modified by Exhibit 1 (if applicable), neither we nor our affiliates will establish and operate, or grant licenses or franchises to others to establish and operate a CHRISTIE'S INTERNATIONAL REAL ESTATE business within the Protected Territory during the term of this Agreement, so long as you are in compliance with this Agreement. The license granted to you under this Agreement is personal in nature and shall only be used from the Main Office and any Additional Office authorized by us. Notwithstanding the preceding sentence, and subject to the terms of this Agreement, you shall have the right to offer and sell real estate brokerage services identified by the Marks through any other channels of distribution, including the Internet but excluding the metaverse. We reserve, maintain, and control all rights with respect to said metaverse. As used herein, "metaverse" means any 3D virtual space powered by technologies – including virtual reality, augmented reality, artificial intelligence, the Internet of Things, and blockchain – that allows people to interact with each other and to have lifelike experiences online. The rights granted under this Agreement are subject to the limitations set forth in the Operations Manual or as we otherwise periodically prescribe, which may include certain territorial policies that we establish or modify from time to time. You may not establish or operate any CHRISTIE'S INTERNATIONAL REAL ESTATE office outside the Protected Territory, unless we permit you to do so under a separate broker Affiliate license agreement. You may not subfranchise or sublicense any of your rights under this Agreement.

• 1.2.1 Subject to Section 1.2.2 below, we and our affiliates, and our and their respective licensees, franchisees, and Affiliates, as well as our agents and the agents of any of these parties, have the right (without compensation to you) to offer and sell real estate brokerage services under the Marks to clients located within the Protected Territory and for real estate located within the Protected Territory, as long as the real estate brokerage services are offered and sold from offices of CHRISTIE'S INTERNATIONAL REAL ESTATE businesses outside of the Protected Territory. In turn, and also subject to Section 1.2.2 below, you and your agents have the right to offer and sell real estate brokerage services under the Marks to clients located outside the Protected Territory and for real estate located outside the Protected Territory but only inside the United States (including Puerto Rico, the U.S. Virgin Islands, and other U.S. territories), as its borders exist on the Effective Date, so long as the real estate brokerage services are offered and sold from the Main Office and any authorized Additional Office.

Source: Item 23 — RECEIPT (FDD pages 54–177)