In the Engel & Volkers Franchise Agreement, what term is used to refer to the franchisee?

• 4.3 Franchisee's Rights: Franchisee is hereby granted a non-exclusive franchise for the Term to use the Trademarks listed in Section 4.1 solely for the purpose of operating its Residential Real Estate Brokerage under this Agreement.

Franchisee may use the Trademarks in connection with the publication of its activity under this Agreement in its correspondence (including its business documents, letterheads, listing presentations, business cards, etc.) and also in advertisements, subject to compliance with the standards stipulated by Franchisor and in the System Documentation.

Franchisee shall use the trademark ENGEL & VÖLKERS® and other Trademarks solely in accordance with the provisions of this Agreement and System Documentation and shall not use or apply for the registration of any mark or names confusingly similar to any Trademark, or use or apply for the registration of any mark or name that incorporates in whole or in part any Trademark, or, use or cause such marks or names to be registered that would prejudice the rights attaching to any Trademark in any other way whatsoever.

Franchisee shall also not use the Trademarks in the metaverse, and Franchisor reserves, maintains, and controls all right with respect to the use of the System and the Trademarks in the metaverse.

• 4.4 Individual Personnel Are Not Independently Licensed to Use Trademarks: Franchisee acknowledges and agrees that no one employed or contracted by Franchisee's Residential Real Estate Brokerage in any capacity, including any licensed real estate agent ("Sales Advisor") or person otherwise affiliated with Franchisee's Residential Real Estate Brokerage has any direct or independent right or license to use the Trademarks, but rather that their use of the Trademarks comes under and is subject to and contingent upon Franchisee's license to use such marks as set forth in this Agreement.

• 4.5 Assumed Name Filings/Disclaimer: Franchisee may not use the names ENGEL & VÖLKERS**®, ENGEL & VOLKERS, ENGEL & VOELKERS, E&V®**, ENGEL AND VÖLKERS, ENGEL AND VOELKERS, ENGEL VOELKERS, EV, EV REAL ESTATE, E&V REAL ESTATE or any other confusingly similar name as part of its company's legal name without the prior express written permission of Franchisor.

Franchisee's company

2. Nature of Franchise

• 2.1 Grant of Franchise: Subject to the terms of this Agreement, Franchisor hereby grants to Franchisee the non-exclusive right to establish and operate an ENGEL & VÖLKERS® residential real estate brokerage at the Approved Location for the provision of real estate brokerage services with respect to residential properties of the type permitted under Section 2.2 using the ENGEL & VÖLKERS System and Trademarks (the "Residential Real Estate Brokerage").
• 2.2 Types of Property: Franchisee may provide real estate brokerage services only for residential properties consisting of a house or building (including an apartment within a multi-family building) or undeveloped land, including leaseholds, vacation and resort residential units, cooperatives, condominiums, and any other form of real estate for which a residential real estate brokerage license is required under applicable law.

Although this Agreement is granting a franchise for a Residential Real Estate Brokerage, Franchisee may also provide real estate brokerage services for commercial properties under the residential Trademarks, provided: (i) the commercial real estate brokerage services are offered as a service ancillary to the provision of real estate brokerage services for residential properties, (ii) Franchisee does not hold itself out as providing commercial real

estate brokerage services as its principal business or as being a stand-alone provider solely of commercial services, and (iii) Franchisee's aggregate listings on a unit basis of commercial properties does not exceed five percent (5%) of all its listings in any calendar year during the term of Franchisee's agreement ("Permitted Commercial Services"). For purposes of clarity, the definition of Permitted Commercial Services does not provide Franchisee with a right to conduct business under any other Trademarks, other than the residential Trademarks.

2.3 Protected Area: Subject to the restrictions set forth in this Agreement, during the Term of this Agreement, if Franchisee is not in default under this Agreement, Franchisee will have exclusivity with regard to its Residential Real Estate Brokerage in an area defined by U.S. postal zip codes (hereinafter called the "Protected Area").

• 21.1.2 immediately cease using the ENGEL & VÖLKERS System, including the Trademarks, and Confidential Information;

• 21.1.3 immediately remove the name ENGEL & VÖLKERS®, ENGEL & VOELKERS, E&V® or EV from its business name, if one of those names appears in its business name, and take all necessary action to cancel any assumed name or equivalent registration and any registered user agreement which pertains to the franchised Business and contains or pertains to the name "ENGEL & VÖLKERS" or any other Trademark of Franchisor, or any variant, within fifteen (15) days following termination or expiration of this Agreement.

Franchisee must furnish Franchisor with evidence satisfactory to Franchisor of compliance with this obligation within thirty (30) days after termination or expiration of this Agreement.

If Franchisee fails to do so within thirty (30) days following the date of termination or expiration, Franchisor may, in Franchisee's name, on Franchisee's behalf and at Franchisee's expense, sign all documents necessary to cause discontinuance of Franchisee's use of the name "ENGEL & VÖLKERS" or any other Trademark or any variant with respect to the franchised Business.

Franchisee irrevocably appoints Franchisor as Franchisee's attorney-in-fact to do so;

• 21.1.4 immediately cease using any documents referring to the ENGEL & VÖLKERS System, e.g., advertising texts, advertising materials, printed matter and letterheads;

• 21.1.5 immediately remove all the typical visual features used by the ENGEL & VÖLKERS System for ENGEL & VÖLKERS offices and Residential Real Estate Brokerages;

• 1.4 The Franchisee: Franchisee wishes to be franchised the right to use the ENGEL & VÖLKERS System to operate a residential real estate brokerage and franchised business under this Agreement (the franchised "Business") at and only at the approved location specified in Appendix 1 (hereinafter called the "Approved Location"). If, as of the date of this Agreement, the Approved Location has not yet been determined, then it shall thereafter be determined in accordance with Section 3.1 and, upon determination, inserted into Appendix 1. Franchisor is prepared to grant Franchisee, at its request, a franchise to use the ENGEL & VÖLKERS System to operate a residential real estate brokerage at the Approved Location and to use commercially reasonable efforts to support Franchisee.

• 1.5 Independent Investigation: Franchisee has independently investigated the business risks involved and such other matters as Franchisee deems important, including current and potential market conditions and competitive factors and risks, has read Franchisor's Franchise Disclosure Document, and has not relied on any representations not set forth in this Agreement. Aware of the relevant facts, Franchisee desires to enter into this Agreement to obtain a franchise to use the ENGEL & VÖLKERS System to operate a residential real estate brokerage at the Approved Location. Franchisee agrees that it will bear the financial risk involved in operation of the real estate brokerage.

Source: Item 22 — CONTRACTS (FDD page 88)