Document:

Series E Convertible Preferred Stock Purchase Agreement

 Exhibit 10.35 

EXECUTION VERSION 

FLEETCOR TECHNOLOGIES, INC. 

SERIES E CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT 

DATED AS OF APRIL 1, 2009 

 FLEETCOR TECHNOLOGIES, INC. 

SERIES E CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT 

Dated as of April 1, 2009 

TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

					
	 ARTICLE I
	  	 PURCHASE AND SALE OF SHARES
	  	1
	 1.1.
	  	Purchase and Sale of Preferred Stock	  	1
	 1.2.
	  	Conversion Shares	  	1
	 1.3.
	  	Closing	  	1
	 1.4.
	  	Ordinary Course of Business	  	2
	 1.5.
	  	Use of Proceeds	  	2
			
	 ARTICLE II
	  	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	2
	 2.1.
	  	Organization and Corporate Power	  	2
	 2.2.
	  	Authorization	  	2
	 2.3.
	  	Approvals	  	3
	 2.4.
	  	Authorized and Outstanding Stock	  	3
	 2.5.
	  	Subsidiaries	  	4
	 2.6.
	  	Financial Information	  	5
	 2.7.
	  	Events Subsequent to the Date of the Financial Statements	  	5
	 2.8.
	  	Litigation	  	5
	 2.9.
	  	Compliance with Laws and Other Instruments	  	6
	 2.10.
	  	Taxes	  	6
	 2.11.
	  	Real Property; Environmental Matters	  	7
	 2.12.
	  	Personal Property	  	8
	 2.13.
	  	Intellectual Property; Proprietary Rights; Employee Restrictions	  	8
	 2.14.
	  	Agreements of Directors, Officers and Employees	  	11
	 2.15.
	  	Governmental and Industrial Approvals	  	11
	 2.16.
	  	Contracts and Commitments	  	11
	 2.17.
	  	Registration Rights	  	12
	 2.18.
	  	Insurance Coverage	  	12
	 2.19.
	  	Employee Matters	  	12
	 2.20.
	  	Merchants and Customers	  	13
	 2.21.
	  	No Brokers or Finders	  	13
	 2.22.
	  	Transactions with Affiliates	  	13
	 2.23.
	  	Accounts Receivable	  	13
	 2.24.
	  	Assumptions, Guarantees, etc. of Indebtedness of Other Persons	  	13
	 2.25.
	  	Disclosures	  	13
			
	 ARTICLE III
	  	 INVESTMENT REPRESENTATIONS
	  	14
	 3.1.
	  	Representations and Warranties	  	14
	 3.2.
	  	Permitted Sales; Legends	  	15
			
	 ARTICLE IV
	  	 AFFIRMATIVE COVENANTS OF THE COMPANY
	  	16

					
	 4.1.
	  	Reports to the Board of Directors	  	16
	 4.2.
	  	Payment of Taxes	  	16
	 4.3.
	  	Compliance with Laws, etc.	  	17
	 4.4.
	  	Corporate Existence; Ownership of Subsidiaries	  	17
	 4.5.
	  	Compliance with ERISA	  	17
	 4.6.
	  	Board Approval	  	17
	 4.7.
	  	Financings	  	17
	 4.8.
	  	Meetings of the Board of Directors	  	17
	 4.9.
	  	Rule 144A Information	  	17
	 4.10.
	  	Option Holders	  	18
	 4.11.
	  	Further Action	  	18
	 4.12.
	  	Public Announcements	  	18
	 4.13.
	  	Notification	  	18
	 4.14.
	  	Acquisition of CLC Group	  	18
			
	 ARTICLE V
	  	 CONDITIONS OF PURCHASERS’ OBLIGATION
	  	18
	 5.1.
	  	Effect of Conditions	  	18
	 5.2.
	  	Representations and Warranties	  	19
	 5.3.
	  	Performance	  	19
	 5.4.
	  	No Material Adverse Change	  	19
	 5.5.
	  	Opinion of Counsel	  	19
	 5.6.
	  	Stockholders Agreement	  	19
	 5.7.
	  	Registration Rights Agreement	  	19
	 5.8.
	  	Certificate of Incorporation	  	19
	 5.9.
	  	Consents and Waivers	  	19
	 5.10.
	  	Management Rights Letter	  	20
	 5.11.
	  	Material Agreements	  	20
	 5.12.
	  	Amendment to Bylaws	  	20
	 5.13.
	  	Expenses	  	20
	 5.14.
	  	Consummation of Acquisition of CLC Group	  	20
			
	 ARTICLE VI
	  	 CONDITIONS OF THE COMPANY’S OBLIGATIONS
	  	20
	 6.1.
	  	Effect of Conditions	  	20
	 6.2.
	  	Representations and Warranties	  	20
	 6.3.
	  	Execution of Agreements	  	20
	 6.4.
	  	Performance	  	21
	 6.5.
	  	Consummation of Acquisition of CLC Group	  	21
	 6.6.
	  	Contribution	  	21
			
	 ARTICLE VII
	  	 CERTAIN DEFINITIONS
	  	21
			
	 ARTICLE VIII
	  	 SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS; INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	24
	 8.1.
	  	Survival	  	24
	 8.2.
	  	Indemnification by the Company	  	24
	 8.3.
	  	Indemnification Procedures	  	25
			
	 ARTICLE IX
	  	 TERMINATION
	  	26

  

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	 9.1.
	  	Termination	  	26
	 9.2.
	  	Specific Performance and Other Remedies	  	27
	 9.3.
	  	Effect of Termination	  	27
			
	 ARTICLE X
	  	 MISCELLANEOUS
	  	27
	 10.1.
	  	Parties in Interest	  	27
	 10.2.
	  	Amendments and Waivers	  	27
	 10.3.
	  	Notices	  	28
	 10.4.
	  	Confidentiality	  	28
	 10.5.
	  	Expenses	  	29
	 10.6.
	  	Counterparts	  	29
	 10.7.
	  	Effect of Headings	  	29
	 10.8.
	  	Governing Law	  	29

  

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		  	EXHIBITS
	 A
	  	Description of Preferred Stock
		
	 B
	  	Opinion of Counsel for Company
		
	 C
	  	Sixth Amended and Restated Stockholders Agreement
		
	 D
	  	Sixth Amended and Restated Registration Rights Agreement
		
	 E
	  	Management Rights Letter
		
	 F
	  	CLC Group Purchase Agreement
		
	 G
	  	Amendment to Bylaws

  

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 April 1, 2009 

 

	To:	The Purchasers listed on 

	    	Schedule I attached hereto: 

  

	Re:	Series E Convertible Preferred Stock of FleetCor Technologies, Inc. 

Ladies and Gentlemen: 

FleetCor Technologies, Inc., a Delaware corporation (the “Company”), hereby agrees with you as follows: 

ARTICLE I 

PURCHASE AND SALE OF SHARES 

1.1. Purchase and Sale of Preferred Stock. At the Closing (as herein defined), the Company will sell to the purchasers listed on
Schedule I attached hereto and/or one or more of their affiliated funds (the “Purchasers”) an aggregate of 3,400,000 shares (the “Shares”) of the Company’s authorized but unissued shares of Series E Convertible
Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”), having the rights, powers and privileges as set forth in Exhibit A attached hereto, at a price of $30.00 per share, for an aggregate purchase price
of $102,000,000. The Shares shall represent approximately 9.93% of the fully-diluted capital stock of the Company as of the Closing (after giving effect to (i) the issuance of all Shares to be purchased at the Closing, (ii) all options and
shares reserved for grant under the Company’s Amended and Restated Stock Incentive Plan (the “Incentive Plan”), and (iii) the exercise or conversion of all options, warrants and other convertible securities outstanding as of the
Closing). 
 1.2. Conversion Shares. The Series E Preferred Stock shall be convertible into shares of the Company’s
common stock, $0.001 par value per share (the “Common Stock”), in accordance with the terms set forth in Exhibit A attached hereto. Shares of Common Stock issued or issuable upon conversion of the Series E Preferred Stock are
herein referred to as the “Conversion Shares.” The Company hereby covenants that it will reserve from its authorized but unissued shares of Common Stock a sufficient number of shares to issue the Conversion Shares which may be issuable
upon conversion of the Series E Preferred Stock from time to time 
 1.3. Closing. Subject to the satisfaction or waiver
of the conditions set forth in Articles V and VI hereof, the purchase of the Shares, for an aggregate purchase price of $102,000,000, shall be made at a closing (the “Closing”) to be held at the offices of King & Spalding
LLP, 1180 Peachtree Street NE, Atlanta, Georgia 30309, at 10:00 a.m. on the date on which the last of the conditions set forth in Articles V and VI shall have been satisfied or waived or on such other date as the parties shall otherwise
agree (the “Closing Date”). Payment at the Closing for the Shares shall be by wire transfer payable in immediately available federal funds, except that the Nautic Purchasers shall pay for the Shares being purchased by them by contributing
to FleetCor Technologies Operating Company, LLC, a Georgia limited liability company (“FTOC”), 3,221.91 shares of common stock (the “Nautic Contributed Stock”) of CLC Group, Inc., a Delaware Corporation (“CLC Group”),
free and clear of all Liens, it being 

 
understood and agreed that the Nautic Contributed Stock shall be deemed for purposes of this Agreement and the CLC Group Purchase Agreement to have an aggregate value of $8,000,010. Each
Purchaser shall pay that amount for the Shares being acquired by it at the Closing as described on Schedule I attached hereto. At the Closing, the Company shall deliver to each Purchaser one or more certificates representing the Shares
being purchased by such Purchaser, in such denominations and issued in such names as may be requested by such Purchaser. 
 1.4.
Ordinary Course of Business. Except for the transactions contemplated hereby, between the date of execution and delivery of this Agreement and the Closing Date, the Company (i) shall conduct its business, finances and operations only in
the ordinary course of business consistent with past practice and (ii) shall not purchase, redeem, or otherwise acquire, or set aside any sums for the purchase, redemption or other acquisition of, or pay any dividend or make any distribution in
respect of any shares of capital stock of the Company or any other securities convertible into, or exercisable or exchangeable for, shares of capital stock of the Company. 

1.5. Use of Proceeds. The cash proceeds from the sale of the Shares at the Closing shall be used to acquire all of the issued
and outstanding capital stock of CLC Group (other than the Nautic Contributed Stock). 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

In order to induce the Purchasers to purchase the Shares, the Company makes the following representations and warranties, which shall be
true, correct and complete in all respects on the date hereof and, if the Closing occurs following the date hereof, shall be true, correct and complete in all material respects as of the Closing except to the extent that such representations and
warranties refer to a specific earlier date, and in each case shall be unaffected by any investigation heretofore or hereafter made by the Purchasers. All references to “Company” used in this Article II, other than those in
Sections 2.4, 2.5 and 2.6, shall mean and refer to the Company, together with each of the Subsidiaries. 
 2.1.
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to own its
properties and to carry on its business as presently conducted. The Company is qualified as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property or maintains employees, except where the failure to so
qualify could not reasonably be expected to have a Material Adverse Effect. 
 2.2. Authorization. The Company has all
necessary corporate power and has taken all necessary corporate action required for the due authorization, execution, delivery and performance by the Company of this Agreement (including the Exhibits hereto), the Stockholders Agreement (as herein
defined), the Registration Rights Agreement (as herein defined) and the management rights letter referred to in Section 5.10 (collectively, the “Related Agreements”), and any other agreements or instruments executed by the Company in
connection herewith or therewith and the consummation of the transactions contemplated herein or therein, 
  

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and for the due authorization, and the issuance and delivery of the shares of Series E Preferred Stock issuable pursuant to this Agreement and the Conversion Shares issuable upon conversion
thereof. Except for the amendments to the Company’s Certificate of Incorporation contemplated by this Agreement (the “Charter Amendments”), the issuance of the Series E Preferred Stock and the issuance of the Conversion Shares
issuable upon conversion of the Series E Preferred Stock do not require any further corporate action and, upon effectiveness of the Stockholders Agreement, are not and will not be subject to any preemptive right, right of first refusal or the like
(other than rights that have been waived). This Agreement, the Related Agreements and the other agreements and instruments executed by the Company in connection herewith or therewith will each be a valid and binding obligation of the Company
enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws relating to or affecting enforcement of creditors’ rights
generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

2.3. Approvals. No consent, approval, waiver, order, license or authorization of, or designation, declaration or filing with, any
Person or Governmental Entity is or will be required on the part of the Company in connection with the execution, delivery and performance by the Company of this Agreement, any of the Related Agreements or any other agreements or instruments
executed by the Company in connection herewith or therewith, or in connection with the issuance of the Series E Preferred Stock and the issuance of the Conversion Shares upon conversion thereof, except for (i) those which have already been made
or granted, (ii) filings pursuant to federal and state securities laws (all of which filings have been made by the Company other than those which are required to be made after the Closing and which will be made on a timely basis) in connection
with (A) the sale of the Shares and (B) the issuance of securities by the Company pursuant to the rights of first refusal set forth in the Stockholders Agreement which may be triggered at a future date pursuant to the terms thereof,
(iii) the filing of registration statements with the Securities and Exchange Commission (the “Commission”) and any applicable state securities commission as specifically provided for in the Registration Rights Agreement and
(iv) such filings as may be required under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). 

2.4. Authorized and Outstanding Stock. 

(a) As of the date hereof, the authorized capital stock of the Company consists of 52,000,000 shares of Common Stock, of which 13,358,157
shares are issued and outstanding; 1,919,135 shares of Series D-1 Preferred Stock, par value $0.001 per share, of which 1,668,449 are issued and outstanding; 230,769 shares of Series D-2 Preferred Stock, par value $0.001 per share, of
which 201,923 are issued and outstanding; 3,995,413 shares of Series D-3 Preferred Stock, par value $0.001 per share, of which 3,995,413 are issued and outstanding; 8,164,281 shares of Series D-4 Preferred Stock, par value $0.001 per
share, of which 8,164,281 are issued and outstanding; and 1,000,000 shares of Blank Check Preferred Stock (as defined in the Company’s Fifth Amended and Restated Certificate of Incorporation). Immediately following the filing of the Charter and
after the Closing (subject to the exercise of any options or conversion rights), the authorized capital stock of the Company shall consist of 52,000,000 shares of Common Stock, of which 13,358,157 shares shall be issued and outstanding; 1,919,135
shares of Series D-1 Preferred Stock, par value $0.001 per share, of which 1,668,449 shall be 
  

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issued and outstanding; 230,769 shares of Series D-2 Preferred Stock, par value $0.001 per share, of which 201,923 shall be issued and outstanding; 3,995,413 shares of Series D-3
Preferred Stock, par value $0.001 per share, of which 3,995,413 shall be issued and outstanding; 8,164,281 shares of Series D-4 Preferred Stock, par value $0.001 per share, of which 8,164,281 shall be issued and outstanding; 3,400,000 shares of
Series E Preferred Stock, par value $0.001 per share, of which 3,400,000 shall be issued and outstanding; and 1,000,000 shares of Blank Check Preferred Stock (as defined in the Charter). All outstanding shares of capital stock of the Company are
validly issued, fully paid and non-assessable except as set forth on Schedule 2.4 and outstanding and held of record and owned beneficially by the Persons as set forth on Schedule 2.4 attached hereto, free and clear of all
Liens or restrictions on transfer except for restrictions on transfer imposed by federal or state securities or “blue-sky” laws or pursuant to the Company’s Fifth Amended and Restated Stockholders Agreement and Fifth Amended and
Restated Registration Rights Agreement. Except as set forth on Schedule 2.4, there are no outstanding warrants, options, stock appreciation rights, phantom stock, stock rights, commitments, preemptive rights, rights to acquire or
purchase, conversion rights or demands (including, without limitation, obligations of the Company to repurchase, redeem or otherwise acquire securities of the Company) of any character relating to the capital stock or other securities of the
Company. Except as set forth on Schedule 2.4, there are no shares or options issuable or reserved for issuance pursuant to the Incentive Plan or any other stock option plan or stock incentive plan of the Company. All issued and outstanding
shares of capital stock of the Company were issued (i) in transactions exempt from the registration provisions of the Act, and (ii) in compliance with or in transactions exempt from the registration provisions of applicable state
securities or “blue-sky” laws. Except as set forth on Schedule 2.4, the Company has no shares in its treasury. Except for the Stockholders Agreement, there is no proxy, stockholder agreement, voting trust, or other agreement or
understanding to which the Company, or to the Company’s knowledge, any other Person, is a party or by which it is bound relating to the voting of any securities of the Company. 

(b) The Common Stock and Series E Preferred Stock shall have the rights, terms and privileges set forth in Exhibit A attached
hereto. The Shares have been duly authorized and, when issued in accordance with this Agreement, will be duly and validly authorized, validly issued and fully paid and non-assessable and free from any restrictions on transfer, except for
restrictions imposed by federal or state securities “blue-sky” laws and except for those imposed pursuant to this Agreement or any Related Agreement. The Conversion Shares have been duly authorized and reserved for issuance upon conversion
of the Shares, and, when so issued, will be duly and validly authorized, validly issued and fully paid and non-assessable and free from any restrictions on transfer, except for restrictions imposed by federal or state securities or
“blue-sky” laws and except for those imposed pursuant to this Agreement or any Related Agreement. 
 2.5.
Subsidiaries. Except as set forth on Schedule 2.5 attached hereto, the Company does not have any Subsidiaries or other equity investment in any other Person. Each Subsidiary has an authorized capitalization consisting of the
number and types of shares of capital stock set forth in Schedule 2.5, with the par value per share stated therein. Such Subsidiary has issued and outstanding the number and types of shares of capital stock set forth in
Schedule 2.5, and listed thereon is the name and address of each lawful owner of such shares of capital stock setting forth the number and type of shares of capital stock in such Subsidiary owned by such Person. Except

  

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as set forth on Schedule 2.5, no other shares of capital stock are issued or outstanding and there are no outstanding options, warrants or other equity acquisition rights for
securities of such Subsidiaries. All of the issued and outstanding shares of capital stock of the Subsidiaries has been duly authorized and validly issued and are fully paid and non-assessable. 

2.6. Financial Information. The Company has previously delivered to the Purchasers (i) the audited financial statements of
the Company for the year ended December 31, 2007, and (ii) the unaudited financial statements of the Company for the year ended December 31, 2008 (collectively, the “Financial Statements”). The Financial Statements are in
accordance with the books and records of the Company and present fairly in accordance with generally accepted accounting principles (“GAAP”) applied on a basis consistent with prior periods the financial condition, results of operations,
cash flows and changes in stockholders’ equity of the Company as of the dates and for the periods shown; however such unaudited Financial Statements may not be in accordance with GAAP as a result of the absence of footnotes and normal year-end
adjustments, none of which will be material in amount. As of December 31, 2007, the Company had no liability or obligation, contingent or otherwise, which is required by GAAP to be reserved or reflected and is not adequately reserved
against or reflected in the Financial Statements for the period ended, and as of, such date, except as set forth on Schedule 2.6. Except as set forth on Schedule 2.6, since December 31, 2007, (i) there has been no change
in the business, assets, liabilities, condition (financial or otherwise) or operations of the Company except for changes in the ordinary course of business which could not reasonably be expected to have a Material Adverse Effect and (ii) none
of the business, condition (financial or otherwise), operations, property or affairs of the Company has been materially adversely affected by any occurrence or development, individually or in the aggregate, whether or not insured against.

 2.7. Events Subsequent to the Date of the Financial Statements. Except as contemplated by this Agreement or any
Related Agreement or set forth on Schedule 2.7, since December 31, 2007, the Company has not (i) except for employee stock options (or exercises thereof), issued any stock, stock options, warrants or other securities
convertible into or exercisable or exchangeable for capital stock, or any bond or other corporate security, (ii) borrowed any money (except under revolving lines of credit which existed as of December 31, 2007) or mortgaged, pledged or
subjected to any Lien any of its assets, tangible or intangible, (iii) sold, assigned or transferred any of its tangible assets, or cancelled any debt or claim except in the ordinary course of business, or (iv) suffered any loss of
property or waived any right of substantial value. Except as contemplated by this Agreement or any Related Agreement or set forth on Schedule 2.7, since December 31, 2007, the Company has not declared or made, or set aside any sums
for, any payment or distribution to stockholders or purchased or redeemed any shares of its capital stock or other securities. 

2.8. Litigation. Except as otherwise set forth on Schedule 2.8, there is no litigation or governmental proceeding or
investigation pending or, to the knowledge of the Company threatened, against the Company or affecting any of its properties or assets, or, to the knowledge of the Company, against any officer, director or employee of the Company in his capacity as
such with any substantial likelihood of recovery where such recovery could reasonably be expected to have a Material Adverse Effect. 
  

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 2.9. Compliance with Laws and Other Instruments. The Company is in compliance with
all of the provisions of this Agreement and of its respective charter and by-laws, and, in all material respects with the provisions of each mortgage, indenture, lease, license, other agreement or instrument, judgment, decree, judicial order,
statute, and regulation by which it is bound or to which it or its properties are subject, including, without limitation, privacy and usury laws. Neither the execution, delivery or performance of this Agreement and the Related Agreements nor the
consummation of the transactions contemplated hereby and thereby, nor the offer, issuance, sale or delivery of the Shares and Conversion Shares, with or without the giving of notice or passage of time, or both, will violate, or result in any breach
of, or constitute a default under, or result in the imposition of any encumbrance upon any asset of the Company pursuant to any provision of its charter or by-laws, subject to the Charter Amendments, or any statute, rule or regulation, contract,
lease, judgment, decree or other document or instrument (except as set forth on Schedule 2.9) by which the Company is bound or to which it or any of its properties are subject, except for violations, breaches, defaults, encumbrances or
losses which could not reasonably be expected to have a Material Adverse Effect. 
 2.10. Taxes. The Company has timely
filed all material tax returns required to be filed by it within the applicable periods for such filings, and all such tax returns are true, correct, and complete in all material respects. All taxes shown to be payable on the tax returns or on
subsequent assessments with respect thereto have been paid in full on a timely basis, and no other taxes are payable by the Company with respect to the items or periods covered by such tax returns (whether or not shown on or reportable on such tax
returns) or with respect to any period prior to the date of this Agreement except as reflected as on the Financial Statements as a current liability accrual for taxes in accordance with GAAP (excluding reserves for deferred taxes). The amount of the
Company’s liability for unpaid taxes for all periods ending on or before the date of the most recent Financial Statements does not, in the aggregate, exceed the amount of the current liability accruals for taxes in accordance with GAAP
(excluding reserves for deferred taxes) reflected on such Financial Statements. The Company has not incurred any liability for taxes from the date of the most recent Financial Statements through the date of this Agreement other than in the ordinary
course of business and consistent with reasonable past practice. The Company has properly classified for tax purposes all employees, consultants and independent contractors and other service providers, and has made all filings and has withheld,
deposited and paid all taxes, required to have been filed, withheld, deposited or paid in connection with services provided by such persons. Proper and adequate amounts have been withheld, deposited and paid by the Company with respect to its
employees for all periods in compliance with the tax, social security and unemployment withholding provisions of all federal, state, local and foreign laws. No deficiencies for any tax are currently assessed against the Company, and, to the
knowledge of the Company, except as set forth on Schedule 2.10 there is no audit pending or contemplated with respect to the income tax returns of the Company. There is no material tax Lien, whether imposed by any federal, state, local or
foreign taxing authority, outstanding against the assets, properties or business of the Company, other than any Lien for taxes not yet due and payable. The Company has not agreed, and the Company is not required, to make an adjustment under
Section 481 of the Code (or any comparable provisions of state, local or foreign law) by reason of a change in accounting method, including on account of the transactions contemplated herein or in related agreements; and the Company has not
received any written ruling of a taxing authority relating to federal income taxes or entered into any written and legally binding agreement with a taxing authority relating to federal income taxes,

  

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including any closing agreements under Section 7121 of the Code. The Company has no liability for, and no obligation to pay, the taxes of any person, as a transferee or successor, by
contract, pursuant to a tax sharing agreement, indemnification, or guaranty, or otherwise. The Company has not filed a consent under Section 341(f) of the Code concerning collapsible corporations, or agreed to have Section 341(f)(2) of the
Code apply to any disposition of an asset owned by the Company. The Company has no liability for, and no obligation to pay, the taxes of any person other than the Company, under Treasury Regulations Section 1.1502-6 (or any similar provision of
state, local or foreign law) or otherwise. The Company has no liability for, and no obligation to pay, the taxes of any person, as a transferee or successor, by contract, pursuant to a tax sharing agreement, indemnification, or guaranty, or
otherwise. The Company has not made, revoked or changed any material tax elections or changed any material method of accounting since December 31, 2007. For the purposes of this Agreement, the term “tax” shall include all
federal, state, local and foreign taxes, including income, franchise, property, sales, use, gross receipts, excise, gasoline, fuel, withholding, backup withholding, payroll and employment taxes or other similar assessments or taxes of any kind
whatsoever, including all interest, penalties and additions imposed with respect to such amounts. 
 2.11. Real Property;
Environmental Matters. 
 (a) Schedule 2.11 sets forth the addresses and uses of all real property that the
Company owns or leases or subleases pursuant to an agreement requiring the Company to pay in excess of $75,000, and any Lien (exclusive of any Permitted Liens) for which the Company is liable and which the Company has secured with any such owned
real property or leasehold interest, specifying in the case of each such lease or sublease, the name of the lessor or sublessor, as the case may be, the lease term and the obligations of the lessee thereunder (or in lieu thereof, attaching a copy of
such lease or sublease). Except as set forth on Schedule 2.11, there are no defaults by the Company, or to the knowledge of the Company, by any other party thereto, which might curtail in any material respect the present use by the
Company of the property listed on Schedule 2.11. The performance by the Company of this Agreement and the Related Agreements will not result in the termination of, or in any increase of any amounts payable under, any lease listed on
Schedule 2.11. 
 (b) Except as set forth on Schedule 2.11, there is no material violation by the
Company of any law, rules, regulations, order, ordinances, judgments and decrees of any Governmental Entity or any Environmental Laws (including, without limitation, those relating to zoning, environmental, city planning or similar matters) relating
to any real property or part thereof, as the case may be, owned, leased or subleased by the Company. 
 (c) Except as set forth
on Schedule 2.11, all real property owned or leased by the Company, complies with all applicable Environmental Laws. Except as set forth on Schedule 2.11, the Company has not received notice of, nor does the Company have
knowledge of, any noncompliance with such Environmental Laws or of any alleged liability for any claim, action, suit, proceeding, hearing, or investigation, based on or related to the disposal, storage, handling, manufacture, processing,
distribution, use, treatment or transport, or the emission, discharge, release or threatened release into the environment, of any Substance. As used in this Section 2.11, the term “Substance” or shall mean any pollutant, hazardous
substance, hazardous material, hazardous waste or toxic waste, as defined in any presently enacted federal, state or 

 

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local statute or any regulation that has been promulgated pursuant thereto. No part of any of the real property owned or leased by the Company has been listed or proposed for listing on the
National Priorities List established by the United States Environmental Protection Agency, or any other such list by any federal, state or local authorities. 

(d) Except as set forth on Schedule 2.11, the Company has all registrations, permits, licenses, and approvals issued by or on
behalf of any federal, state or local governmental body or agency if any (“Environmental Permits”) that are required in connection with the operation by the Company of its business, the discharge or emission of any Substance by the Company
from real property owned or leased by the Company or the generation, treatment, storage, transportation, or disposal of any Substance by the Company and is in material compliance with the same. 

2.12. Personal Property. Except as set forth on Schedule 2.12 and except for property sold or otherwise disposed of in
the ordinary course of business since December 31, 2008, the Company owns free and clear of any Liens, all of the personal property reflected as owned by the Company in the most recent balance sheet contained in the Financial Statements, and
all other material items of personal property acquired by the Company through the date hereof. All material items of such personal property are in normal operating condition, wear and tear excepted. 

2.13. Intellectual Property; Proprietary Rights; Employee Restrictions. For the purposes of this Agreement, the following terms
have the following definitions: 
 “Intellectual Property” shall mean any or all of the
following and all rights in, arising out of, or associated therewith: (i) all United States, international and foreign patents and applications therefor and all reissues, divisions, renewals, extensions, provisionals, continuations and
continuations-in-part thereof; (ii) all inventions (whether patentable or not), invention disclosures, improvements, trade secrets, proprietary information, know how, technology, technical data and customer lists, computer programs and other
computer software, user interfaces, processes and formulae, source code, object code, algorithms, architecture, structure, display screens, layouts, development tools, instructions, templates and marketing materials, designs and all documentation
relating to any of the foregoing; (iii) all copyrights, copyright registrations and applications therefor, and all other rights corresponding thereto throughout the world; (iv) all industrial designs and any registrations and applications
therefor throughout the world; (v) all trade names, logos, common law trademarks and service marks, trademark and service mark registrations, intent-to-use applications and other registrations and applications therefor throughout the world;
(vi) all databases and data collections and all rights therein throughout the world; (vii) all domain names; (viii) all economic rights of authors and inventors, however denominated, throughout the world, and (ix) any similar or
equivalent rights to any of the foregoing anywhere in the world. 
 “Company Intellectual
Property” shall mean any Intellectual Property that is owned by, or exclusively licensed to, the Company. 
  

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 (a) No Company Intellectual Property or product or service of the Company is subject to any
proceeding or outstanding decree, order, judgment, contract, license, agreement, or stipulation restricting in any manner the use, transfer, or licensing thereof by Company, or which may affect the validity, use or enforceability of such Company
Intellectual Property. 
 (b) All licenses, assignments and releases relating to such Intellectual Property used by the Company
are valid and binding agreements of the parties thereto, enforceable in accordance with their terms. The Company owns and has good and exclusive right, title and interest to, or (x) has exclusive license to, each item of Company Intellectual
Property and (y) has non-exclusive license to other Intellectual Property used by Company, in each case, free and clear of any Lien; and all Company Intellectual Property rights, and, to the knowledge of the Company, all other Intellectual
Property rights, are in full force and effect. Except as set forth on Schedule 2.13, the Company is the exclusive owner of all trademarks and trade names used in connection with the operation or conduct of the business of Company,
including the sale of any products or the provision of any services by Company. The Company owns exclusively, and has good title to, all copyrighted works that are Company products or which Company otherwise expressly purports to own. No university,
government agency (whether federal or state) or other organization has sponsored research and development conducted by the Company or has any claim of right to or ownership of or other encumbrance upon the Intellectual Property Rights of the
Company. No holder of the Company’s capital stock maintains any proprietary interest in Intellectual Property owned or used by the Company, other than an indirect interest by virtue of his equity interest in the Company. 

(c) All material patents, patent applications, trademarks, service marks, copyrights, mask work rights and domain names of the Company
have been duly registered and/or filed with or issued by each appropriate governmental entity, all material affidavits of continuing use have been filed, and all material maintenance fees have been paid to continue all such rights in effect.

 (d) To the extent that any Company Intellectual Property (including without limitation software, hardware, copyrightable
works and the like) has been developed, created, modified or improved by a third party for the Company, the Company has a written agreement with such third party that assigns to the Company ownership of such Company Intellectual Property, each of
which is a valid and binding agreement of the parties thereto, enforceable in accordance with its terms; and the Company thereby has obtained ownership of, and is the exclusive owner of such work, material or invention by operation of law or by
valid assignment, to the fullest extent it is legally possible to do so. The Company has the right to use all trade secrets, data, customer lists, log files, hardware designs, programming processes, software and other information required for or
incident to its products or its business (including, without limitation, the operation of its World Wide Web sites) as presently conducted and has no reason to believe that any of such information that is provided to the Company by third parties
will not continue to be provided to the Company on the same terms and conditions as currently exist. 
 (e) Except as set forth
on Schedule 2.13 the Company has not transferred ownership of, or granted any exclusive license with respect to, any Intellectual Property that is or was Company Intellectual Property, to any third party. 

 

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 (f) Except as set forth on Schedule 2.13, to the knowledge of the Company, the
operation of the business of the Company as such business currently is conducted, including the Company’s design, development, manufacture, marketing and sale of the products or services of the Company (including products currently under
development) does not infringe or misappropriate the Intellectual Property of any third party or, constitute unfair competition or trade practices under the laws of any jurisdiction. 

(g) To the knowledge of the Company, no person is infringing or misappropriating any Company Intellectual Property or other Intellectual
Property Rights in any of its products, technology or services, or has or is violating the confidentiality of any of its proprietary information. 

(h) The Company has taken reasonable steps to protect the Company’s rights in the Company’s proprietary and/or confidential
information and trade secrets or any trade secrets or confidential information of third parties provided to the Company, and, without limiting the foregoing, the Company has and enforces a policy requiring each employee to execute a proprietary
information/confidentiality agreement substantially in the form provided to the Purchasers. To the knowledge of the Company, all trade secrets and other confidential information of the Company are not part of the public domain or knowledge, nor, to
the knowledge of the Company, have they been misappropriated by any person having an obligation to maintain such trade secrets or other confidential information in confidence for the Company. To the knowledge of the Company, no employee or
consultant of the Company has used any trade secrets or other confidential information of any other person in the course of their work for the Company. The Company is not making unlawful use of any confidential information or trade secrets of any
past or present employees of the Company. 
 All Intellectual Property Rights purported to be owned by the Company which were
developed, worked on or otherwise held by any employee, officer or consultant are owned by the Company, without any material restriction or encumbrance except as set forth on Schedule 2.13, by operation of law or have been validly assigned to
the Company, and such assignments are valid binding agreements of the parties thereto, enforceable in accordance with their terms. To the knowledge of the Company, none of the Company’s employees and consultants is bound by any agreement
relating to confidential information or trade secrets of, or the assignment of rights to any inventions, know how or intellectual property of any kind to, another entity that are being violated by such employee or consultant. The activities of the
Company’s employees and consultants on behalf of the Company do not violate in any material respects any agreements or arrangements known to the Company which any such employees or consultants have with former employers or any other entity to
whom such employees or consultants may have rendered consulting services. 
 (i) All information and content of the
Company’s World Wide Web sites (other than information provided by users, customers and advertisers) is accurate and complete in all material respects. 

(j) The Company’s software-based credit transaction processing system has operated and continues to operate in a manner that
accurately reflects in all material respects customer transactions. 
  

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 2.14. Agreements of Directors, Officers and Employees. To the knowledge of the
Company, no director, officer or employee of or consultant to the Company is in violation of any terms of any employment contract, non-competition agreement, non-disclosure agreement, patent disclosure or assignment agreement or other contract or
agreement containing restrictive covenants relating to the right of any such director, officer, employee or consultant to be employed or engaged by the Company because of the nature of the business conducted or proposed to be conducted by the
Company, or relating to the use of trade secrets or proprietary information of others. 
 2.15. Governmental and Industrial
Approvals. The Company has all the material permits, licenses, orders, franchises and other rights and privileges of all federal, state, local or foreign governmental or regulatory bodies necessary for the conduct of its business as presently
conducted. To the knowledge of the Company, all such permits, licenses, orders, franchises and other rights and privileges are in full force and effect and no suspension or cancellation of any of them is threatened. None of such permits, licenses,
orders, franchises or other rights and privileges will be affected by the consummation of the transactions contemplated in this Agreement and the Related Agreements other than effects which would not have a Material Adverse Effect. 

2.16. Contracts and Commitments. 

(a) Except as contemplated by this Agreement or any Related Agreement or set forth on Schedule 2.16 attached hereto, the
Company has no contract, obligation or commitment, which is material or which involves a potential material commitment, or any stock redemption or stock purchase agreement, stock option plan, stockholders’ agreement, or financing agreement.
Schedule 2.16 sets forth the ten (10) largest customer and ten (10) largest merchant contracts of the Company. Except as set forth on Schedule 2.20 and except with respect to merchant contracts, no party to any contract,
obligation or commitment listed on Schedule 2.16 has canceled or otherwise terminated, or to the knowledge of the Company, threatened to cancel or otherwise terminate, any contract, obligation or commitment listed on Schedule 2.16 or
decreased materially, or to the knowledge of the Company, threatened to decrease or limit materially, its level of business with the Company pursuant to any contract, obligation or commitment listed on Schedule 2.16. For purposes of this
Section 2.16, a contract, obligation or commitment shall be deemed material if it (i) is not a customer or merchant contract in the ordinary course of business and (ii) requires future expenditures by the Company in excess of $500,000
or requires payment to the Company in excess of $500,000 or is not cancelable by the Company without penalty within thirty (30) days. 

(b) The Company has previously delivered to the Purchasers true and completed copies of the (i) Credit Agreement, dated as of
June 29, 2005, which was amended and restated as of April 30, 2007, by and among FleetCor Technologies Operating Company, LLC, FleetCor UK Acquisition Limited, FleetCor Technologies, Inc., J.P. Morgan Chase Bank, N.A., as Administrative
Agent and Collateral Agent, JP Morgan Europe Limited, as London Agent, and each lender from time to time party thereto, and (ii) Fourth Amended and Restated Receivables Purchase Agreement, dated as of October 29, 2007, which was amended by
the First Amendment to the Fourth Amended and Restated Receivables Purchase Agreement dated as of July 8, 2008, and which was further amended by that certain Assignment, Assumption 

 

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Agreement and Second Amendment to the Fourth Amended and Restated Receivables Purchase Agreement dated as of November 10, 2008, among FleetCor Funding, as Seller, the Company, as initial
Servicer, the various Purchasers and Purchaser Agents from time to time party thereto, and PNC Bank, National Association, as Administrator, as amended (such agreements listed in (i) and (ii) above, collectively, the “Credit
Agreements”). Each of the Credit Agreements remains in full force and effect in accordance with the terms thereof. No party is in default of any Credit Agreement or has received notice of any default of any Credit Agreement. No party to any
Credit Agreement has canceled or otherwise terminated, or to the knowledge of the Company, threatened to cancel or otherwise terminate, any Credit Agreement. 

2.17. Registration Rights. Except for the Fifth Amended and Restated Registration Rights Agreement, dated as of December 19,
2006, that will be superseded by the Registration Rights Agreement, the Company has not granted any rights relating to registration of its capital stock under the Act or state securities laws other than those contained in the Registration Rights
Agreement. 
 2.18. Insurance Coverage. Except as described on Schedule 2.18, there are currently no claims
pending against the Company under any insurance policies currently in effect and covering the property, business or employees of the Company, and all premiums due and payable with respect to the policies maintained by the Company have been paid to
date. The Company has no reason to believe that any of such policies are not in full force and effect and such policies provide insurance, including without limitation, liability insurance, in such amounts and against such risks as is customary for
companies engaged in similar businesses to the Company to protect employees, properties, assets, businesses and operations of the Company. 

2.19. Employee Matters. Except as contemplated by this Agreement or any Related Agreement or set forth on
Schedule 2.19, the Company does not have in effect any employment agreements, consulting agreements, deferred compensation, severance, pension or retirement agreements or arrangements, bonus, incentive or profit-sharing plans or
arrangements (other than sales commission plans entered into in the ordinary course of business), or labor or collective bargaining agreements, written or oral. The Company has no knowledge that any of the officers or other key employees of the
Company presently intends to terminate his employment. The Company is in compliance in all material respects with all applicable laws and regulations relating to labor, employment, fair employment practices, terms and conditions of employment, and
wages and hours. The Company is in material compliance with the terms of all plans, programs and agreements listed on Schedule 2.19, and each such plan, program or agreement is in material compliance with all of the requirements and
provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Code. No such plan or program has engaged in any “prohibited transaction” as defined in Section 4975 of the Code, or has
incurred any “accumulated funding deficiency” as defined in Section 302 of ERISA, nor has any reportable event as defined in Section 4043(b) of ERISA occurred with respect to any such plan or program. With respect to each plan
listed on Schedule 2.19, any required filings, including all filings required to be made with the United States Department of Labor and Internal Revenue Service, have been timely filed, except where the failure to make such filings will
not have a Material Adverse Effect. The consummation of the transactions contemplated hereby will not entitle any employee of the Company to receive any bonus, severance or other payment. 

 

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 2.20. Merchants and Customers. Except as set forth on Schedule 2.20,
during the last twelve (12) months, no Large Account (as defined below) has canceled or otherwise terminated, or to the knowledge of the Company, threatened to cancel or otherwise terminate, its relationship with the Company or has decreased
materially, or to the knowledge of the Company, threatened to decrease or limit materially, its level of business with the Company. A “Large Account” shall mean the ten (10) largest customers of the Company based on revenues
attributable to such customers for the year ended December 31, 2008. The loss or termination of any single merchant relationship would not have a Material Adverse Effect. 

2.21. No Brokers or Finders. Except as set forth on Schedule 2.21, no person has or will have, as a result of the
transactions contemplated by this Agreement, any right, interest or claim against or upon the Company for any commission, fee or other compensation as a finder or broker because of any act or omission by the Company. 

2.22. Transactions with Affiliates. Except as contemplated by this Agreement or any Related Agreement or as set forth on
Schedule 2.22, there are no loans, leases or other continuing transactions between the Company, on the one hand, and any officer or director of the Company or any person owning five percent (5%) or more of the Common Stock of the
Company or any respective family member or affiliate of such officer, director or stockholder, on the other hand. 
 2.23.
Accounts Receivable. All accounts receivable of the Company, whether reflected in the Financial Statements or otherwise, represent sales made or services performed in the ordinary course of business, and, at the aggregate recorded amounts
thereof, are collectible in the ordinary course of business within ninety (90) days of invoice and are not subject to any valid counterclaims or setoffs, except to the extent such accounts are adequately reserved against in the Financial
Statements or otherwise in the books and records of the Company on a basis and in amounts consistent with past practice. The Company has not received notice of, and the Company does not have any reason to believe that it will receive notice of, any
insurance provider’s intent to discontinue or not renew the Company’s existing credit or similar insurance that it currently carries on its accounts receivable on terms substantially comparable in the aggregate to the Company’s
existing credit or similar insurance that it currently carries on its accounts receivable. 
 2.24. Assumptions, Guarantees,
etc. of Indebtedness of Other Persons. Except as set forth on Schedule 2.24, the Company has not assumed, guaranteed, endorsed or otherwise become directly or contingently liable on or for any Indebtedness for borrowed money of any other
Person, except guarantees by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business. 

2.25. Disclosures. The representations and warranties contained in this Agreement, together with the Schedules to this Agreement,
taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements contained herein or therein, in light of the circumstances in which they were made, not misleading.

  

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 ARTICLE III 

INVESTMENT REPRESENTATIONS 

3.1. Representations and Warranties. Each Purchaser, severally and not jointly, hereby represents and warrants (except with
respect to Section 3.1(k), which is represented and warranted to only by the Nautic Purchasers, and Section 3.1(l), which is represented and warranted to only by First Plaza Group Trust) to the Company as follows: 

(a) Such Purchaser is a limited partnership, trust, limited liability company or corporation, duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization or incorporation and has all requisite corporate, limited liability company or partnership power and authority and has taken all necessary corporate, trust, limited liability company
or partnership action required for the due authorization, execution, delivery and performance by such Purchaser of this Agreement and the Related Agreements to which it is party, and any other agreements or instruments executed by the Purchaser in
connection herewith or therewith and the consummation of the transactions contemplated herein or therein; 
 (b) This Agreement,
the Related Agreements executed by such Purchaser and the other agreements and instruments executed by such Purchaser in connection herewith or therewith will each be a legal, valid and binding obligation of such Purchaser, enforceable against such
Purchaser in accordance with its terms; 
 (c) No consent, approval, license or authorization of, or designation, declaration or
filing with, any Person or Governmental Entity is or will be required on the part of such Purchaser in connection with the execution, delivery and performance by such Purchaser of this Agreement, any Related Agreements executed by such Purchaser and
any other agreements or instruments executed by such Purchaser in connection herewith or therewith, except for such filings as may be required under the HSR Act; 

(d) Such Purchaser is in compliance with all the provisions of this Agreement and its organizational and partnership documents, and in
all material respects with the material provisions of each other agreement or instrument, judgment, decree, judicial order, statute and regulation by which it is bound or to which it is subject. Neither the execution, delivery or performance of this
Agreement and the Related Agreements to which such Purchaser is party nor the consummation of the transactions contemplated hereby and thereby, will materially violate, or result in any material breach of, or constitute a default under any provision
of such Purchaser’s organizational or partnership documents, or any statute, rule or regulation, contract, lease, judgment, decree or other document or instrument by which such Purchaser is bound; 

(e) Such Purchaser is acquiring the Shares to be purchased by such Purchaser and, upon the conversion thereof, the Conversion Shares (the
“Securities”) solely for its own account as an investment and not with a view to any distribution or resale thereof in violation of the Act; 

(f) Such Purchaser is an “Accredited Investor” (as such term is defined in Rule 501 of Regulation D of the Act). The
financial situation of such Purchaser is such that it can afford to bear the economic risk of holding the Securities to be acquired by such Purchaser 

 

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for an indefinite period of time. Such Purchaser can afford to suffer the complete loss of its investment in the Securities. The knowledge and experience of such Purchaser in financial and
business matters is such that it is capable of evaluating the risk of an investment in the Securities. Such Purchaser acknowledges that it has had access to such financial and other information, and has been afforded the opportunity to ask such
questions of representatives of the Company and receive answers thereto, as such Purchaser has deemed necessary in connection with its decision to make its investment in the Company, and that no representation or warranty, express or implied, is
being made by the Company with respect to the Company or the Securities, other than those expressly set forth herein; 
 (g)
Such Purchaser has been advised and understands that the Shares and Conversion Shares have not been registered under the Act, by reason of their issuance in a transaction exempt from the registration requirements of the Act pursuant to
Section 4(2) thereof, or Rule 505 or 506 promulgated under the Act, and that in this connection, the Company is relying in part on the representations of such Purchaser set forth in this Article III; 

(h) Such Purchaser has been further advised and understands that no public market now exists for any of the securities issued by the
Company and that a public market may never exist for the Securities; 
 (i) Such Purchaser is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares; provided, however, that nothing in this Section 3.1 shall be deemed to
vitiate or limit the representations, warranties and covenants of the Company contained in this Agreement; and 
 (j) No person
has or will have, as a result of the transactions contemplated by this Agreement, any right, interest or claim against or upon the Shares and/or Conversion Shares to be acquired by such Purchaser or upon the Company for any commission, fee or other
compensation as a finder or broker because of any act or omission by such Purchaser. 
 (k) The Nautic Purchasers have good and
valid title to Nautic Contributed stock free and clear of all Liens, and, at the Closing, the Nautic Contributed Stock shall be contributed to the Company, with good and marketable title thereto, free and clear of all Liens. 

(l) The acquisition of Shares pursuant to this Agreement (including the receipt of Conversion Shares) by First Plaza Group Trust will not
constitute a non-exempt “prohibited transaction” within the meaning of Section 406 of the Employee Retirement Income Security Act of 1974 or Section 4975 of the Internal Revenue Code. 

3.2. Permitted Sales; Legends. Subject to the Stockholders Agreement, the Company agrees that it will permit (i) a
distribution of the Securities by a partnership to one or more of its partners, where no consideration is exchanged therefor by such partners, or to a retired or withdrawn partner who retires or withdraws after the date hereof in full or partial
distribution of his interest in such partnership, or to the estate of any such partner or the transfer by gift, will or intestate succession of any partner to his spouse or to the siblings, lineal descendants or ancestors of such partner or his
spouse, or to a trust created for the benefit of one or more of the foregoing 
  

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and (ii) a sale or other transfer of any of the shares of Securities, if the transferee agrees in writing to be subject to the terms of this Section 3.2 and Section 10.4 hereof to
the same extent as if it were an original Purchaser hereunder and upon obtaining assurance satisfactory to the Company that such transaction is exempt from the registration requirements of, or is covered by an effective registration statement under,
the Act and applicable state securities or “blue-sky” laws, including, without limitation, receipt of an unqualified opinion to such effect of counsel reasonably satisfactory to the Company; provided that, no such sale or other transfer
shall relieve or discharge any Purchaser of its obligations hereunder. The certificates representing the shares of Securities shall bear a legend evidencing such restriction on transfer substantially in the following form: 

“The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act
of 1933 (the “Act”) or the securities laws of any state. The shares may not be transferred by sale, assignment, pledge or otherwise unless (i) a registration statement for the shares under the Act is in effect or (ii) the
corporation has received an opinion of counsel, which opinion is reasonably satisfactory to the corporation, to the effect that such registration is not required under the Act or the securities laws of any state.” 

The certificates representing the shares of Securities shall also bear legends evidencing restrictions set forth in the Stockholders Agreement executed
herewith and any other legends required or necessitated by law. 
 ARTICLE IV 

AFFIRMATIVE COVENANTS OF THE COMPANY 

Without limiting any other covenants and provisions hereof, the Company covenants and agrees that it will observe the following covenants
on and after the date hereof (unless compliance is waived by the Majority Purchasers in advance in accordance with this Agreement): 

4.1. Reports to the Board of Directors. In addition to any reports set forth in Section 13 of the Stockholders
Agreement, all members of the Board of Directors shall be furnished with: (i) notification of defaults under material agreements; (ii) notification of all material litigation; and (iii) copies of all filings made with the
Commission. 
 4.2. Payment of Taxes. The Company will, and will cause each Subsidiary to, pay and discharge all
material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful claims which, if unpaid, might
become a Lien upon any properties of the Company or any Subsidiary, provided that neither the Company nor any Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim which (i) has not been asserted or is not owed,
or (ii) is being contested in good faith and by proper proceedings if the Company or such Subsidiary shall have set aside on its books adequate reserves in the opinion of management. 

 

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 4.3. Compliance with Laws, etc. The Company will, and will cause each
Subsidiary to, comply with all applicable laws, rules, regulations and orders of any Governmental Entity, the noncompliance with which would reasonably be expected to have a Material Adverse Effect. 

4.4. Corporate Existence; Ownership of Subsidiaries. The Company will, and will cause each Subsidiary, to at all times
preserve and keep in full force and effect its corporate existence, and rights and franchises material to the business of the Company and the Subsidiaries, taken as a whole, and will, and will cause each Subsidiary to, qualify to do business as a
foreign corporation in any jurisdiction where the failure to do so would have a Material Adverse Effect. Except as required by the Company’s financing or borrowing agreements or arrangements or otherwise as approved by the Majority Purchasers,
the Company shall at all times own of record and beneficially, free and clear of all Liens of any nature, all of the issued and outstanding capital stock of each Subsidiary.  

4.5. Compliance with ERISA. The Company will, and will cause each of the Subsidiaries to, use its best efforts to comply in
all material respects with all minimum funding requirements applicable to any pension or other employee benefit plans which are subject to ERISA or to the Code, and comply in all material respects with the provisions of Title IV, ERISA, and the
rules and regulations thereunder, which are applicable to any such plan. Neither the Company nor any Subsidiary will permit any event or condition to exist which could permit any such plan to be terminated under circumstances which cause the lien
provided for in Section 4068 of ERISA to attach to the assets of the Company or any Subsidiary. 
 4.6.
Board Approval. Not later than thirty (30) days prior to the end of each fiscal year, the Company will prepare and submit to its Board of Directors for its approval prior to such year end an operating plan and budget, cash flow
projections and profit and loss projections, all itemized in reasonable detail for the immediately following year. 

4.7. Financings. The Company will promptly provide to its Board of Directors the details and terms of, and any brochures or
investment memoranda prepared by the Company related to, any possible financing of any nature for the Company or any Subsidiary, whether initiated by the Company or any other Person. 

4.8. Meetings of the Board of Directors. The Company shall use its best efforts to cause meetings of the Board of Directors
of the Company to be scheduled regularly and not less frequently than once every fiscal quarter. The Company shall reimburse all members of the Board of Directors of the Company for all direct out-of-pocket expenses incurred by them in attending
such meetings. 
 4.9. Rule 144A Information. The Company shall, upon the written request of any Purchaser,
provide to such Purchaser and to any prospective institutional transferee of the shares of Series E Preferred Stock designated by such Purchaser, such financial and other information as is available to the Company or can be obtained by the Company
without material expense and as such Purchaser may reasonably determine is required to permit such transfer to comply with the requirements of Rule 144A promulgated under the Act. 

 

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 4.10. Option Holders. 

(a) The Company shall require that each optionee, upon his or her exercise of any option to purchase capital stock held by him or her,
become a party to the Stockholders Agreement as a Common Investor (as defined in the Stockholders Agreement). 
 (b) Unless
otherwise approved by the Compensation Committee of the Board of Directors, all options hereinafter granted under the Incentive Plan shall be exercisable at the rate of 25% per annum commencing on the first anniversary of such employee’s
date of hire and 25% per annum thereafter in equal annual installments. 
 4.11. Further Action. Upon the terms and
subject to the conditions set forth in this Agreement, the Company shall use all commercially reasonable efforts to take, or cause to be taken, all reasonable actions, and to do, or cause to be done, and to assist and cooperate with the Purchasers
in doing, all things reasonably necessary, proper or advisable to bring about the satisfaction of the conditions to the Closing set forth herein, and the Purchasers undertake to use all commercially reasonable efforts (which efforts shall not
require the expenditure of any money (other than the incurrence of legal fees) or the incurrence of any debt or obligation but shall require payment of the purchase price) to take such actions as the Company may reasonably request to cause the
Closing to occur on the terms and conditions set forth herein; provided, however, that nothing in this Agreement shall be deemed to require any party to waive any provision of this Agreement. 

4.12. Public Announcements. The Company and the Majority Purchasers will consult with each other and will mutually agree (the
agreement of each party not to be unreasonably withheld) upon the content and timing of any press release or other public statement in respect of the transactions contemplated hereby. 

4.13. Notification. From the date hereof through the Closing Date, the Company will notify Purchasers of any change,
circumstance, condition, development, effect, event, fact, or result in respect of the business, operations, financial condition, results of operations, assets, liabilities, or prospects of the Company that, individually or in the aggregate, has
resulted in or could reasonably be expected to have in a Material Adverse Effect. 
 4.14. Acquisition of CLC Group.
Promptly after the Closing, the Company shall cause FTOC to acquire all of the remaining issued and outstanding capital stock of CLC Group pursuant to the terms and conditions set forth in the Stock Purchase Agreement by and among FleetCor
Technologies Operating Company, LLC, CLC Group and the seller parties listed on the signature pages thereto (the “CLC Group Purchase Agreement”), substantially in the form attached hereto as Exhibit F. 

ARTICLE V 

CONDITIONS OF PURCHASERS’ OBLIGATION 

5.1. Effect of Conditions. The obligation of the respective Purchasers to purchase and pay for the Shares at the Closing shall be
subject at their respective election to the satisfaction of each of the conditions stated in the following Sections of this Article V. 
  

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 5.2. Representations and Warranties. Each of the representations and warranties of
the Company contained in this Agreement shall be true and correct in all material respects on the Closing Date with the same effect as though made on and as of the Closing Date, (except to the extent that such representations and warranties refer to
a specific earlier date), and the Purchasers shall have received a certificate dated as of the Closing Date and signed by the Chief Executive Officer of the Company on behalf of the Company to that effect. 

5.3. Performance. The Company shall have performed and complied in all material respects with each of the agreements, covenants
and conditions contained in this Agreement required to be performed or complied with by it at or prior to the Closing, and the Purchasers shall have received a certificate dated as of the Closing Date and signed by the Chief Executive Officer of the
Company on behalf of the Company to that effect (provided, however, that such certificate shall specifically exclude reference to the condition set forth in Section 5.11). 

5.4. No Material Adverse Change. The business, properties, assets or condition (financial or otherwise) of the Company shall not
have been materially adversely affected since the date of this Agreement, whether by fire, casualty, act of God or otherwise, and there shall have been no other changes in the business, properties, assets, condition (financial or otherwise),
management or prospects of the Company that could reasonably be expected to have a Material Adverse Effect. 
 5.5. Opinion
of Counsel. The Purchasers shall have received an opinion letter, dated the date of the Closing, from King & Spalding LLP, counsel to the Company, in the form attached as Exhibit B. 

5.6. Stockholders Agreement. The Fifth Amended and Restated Stockholders Agreement shall have been replaced by the Sixth Amended
and Restated Stockholders Agreement in the form of Exhibit C attached hereto (the ”Stockholders Agreement”), which shall have been executed and delivered by the Company and the appropriate parties thereto. 

5.7. Registration Rights Agreement. The Fifth Amended and Restated Registration Rights Agreement shall have been replaced by the
Sixth Amended and Restated Registration Rights Agreement in the form of Exhibit D attached hereto (the “Registration Rights Agreement”), which shall have been executed by the Company and the appropriate parties thereto.

 5.8. Certificate of Incorporation. The Certificate of Incorporation of the Company shall have been amended and
restated to provide for, among other things, the authorization of the Series E Preferred Stock. The Sixth Amended and Restated Certificate of Incorporation of the Company (the “Charter”) in the form of Exhibit A attached hereto
shall have been filed, accepted and certified by the Secretary of the State of Delaware. 
 5.9. Consents and Waivers.
The Company shall have obtained all consents or waivers necessary to execute this Agreement and the other agreements and documents contemplated herein, to sell and issue the Shares and Conversion Shares issuable upon conversion thereof, and to carry
out the transactions contemplated hereby and thereby, including, without limitation, required consents, if any, of its lenders, its licensees and its stockholders. All corporate and 

 

 - 19 - 

 
other action and governmental filings necessary to effectuate the terms of this Agreement, the Related Agreements and the other agreements and instruments executed and delivered by the Company in
connection herewith, and the issuance of the Shares and Conversion Shares, shall have been made or taken. 
 5.10. Management
Rights Letter. The Company shall have executed and delivered to the Summit Purchasers a Management Rights Letter in the form of Exhibit E attached hereto. 

5.11. Material Agreements. No circumstance, event or condition shall have occurred or arisen which has had, or could reasonably be
expected to have, a material adverse effect on the Company’s relationship or business plan with BP (including ARCO) or any of the ancillary parties to the BP Agreement (specifically Comdata, Mastercard and Citi), Chevron, Citgo or Mastercard as
such relationship and business plan have been disclosed by the Company or its representatives to the Purchasers prior to the date hereof. For the avoidance of doubt, the parties agree that the provisions of this Section 5.11 shall terminate and
become null and void at Closing. 
 5.12. Amendment to Bylaws. The Bylaws of the Company shall have been amended as set
forth on Exhibit F attached hereto. 
 5.13. Expenses. The Company shall have paid all costs and expenses of
the Summit Purchasers incurred prior to Closing, or the Summit Purchasers may, at their sole election, cause such costs and expenses to be paid pursuant to a reduction in the purchase price to be paid at the Closing. 

5.14. Consummation of Acquisition of CLC Group. The parties to the CLC Group Purchase Agreement shall be ready, willing, able and
obligated to effect the transactions contemplated thereby on the terms and conditions contemplated therein immediately following the Closing, and such transactions shall be consummated immediately following the Closing on such terms and conditions,
without waiver or amendment by the Company. 
 ARTICLE VI 

CONDITIONS OF THE COMPANY’S OBLIGATIONS 

6.1. Effect of Conditions. The obligation of the Company to sell and issue the Shares at the Closing to the respective Purchasers
shall be subject at its election to the satisfaction of each of the conditions stated in the following Sections of this Article VI. 

6.2. Representations and Warranties. Each of the representations and warranties of the applicable Purchaser contained in this
Agreement shall be true and correct in all material respects on the Closing Date with the same effect as though made on and as of the Closing Date, and the Company shall have received a certificate dated as of the Closing Date and signed on behalf
of the applicable Purchaser to that effect. 
 6.3. Execution of Agreements. The Related Agreements shall have been
executed and delivered by the applicable Purchaser and/or the other appropriate parties thereto (other than the Company), as applicable. 
  

 - 20 - 

 6.4. Performance. The applicable Purchaser shall have performed and complied in all
material respects with each of the agreements, covenants and conditions contained in the Agreement required to be performed or complied with by it at or prior to the Closing, and the Company shall have received a certificate dated as of the Closing
Date and signed on behalf of the applicable Purchaser to that effect. 
 6.5. Consummation of Acquisition of CLC Group.
The Company shall in its sole discretion be prepared to acquire CLC Group promptly after Closing. 
 6.6. Contribution.
The Company shall have received stock certificates representing the Nautic Contributed Stock and accompanying stock powers duly executed by the Nautic Purchasers evidencing the transfer of the Nautic Contributed Stock to FTOC. 

ARTICLE VII 

CERTAIN DEFINITIONS 

As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined): 
 “Act” means the Securities Act of 1933, as amended. 

“Agreement” means this Stock Purchase Agreement as from time to time amended and in effect between the parties. 

“Charter” shall have the meaning set forth in Section 5.8. 

“Charter Amendments” shall have the meaning set forth in Section 2.2. 

“Claim” shall have the meaning set forth in Section 8.3(a). 

“CLC Group” shall have the meaning set forth in Section 1.3. 

“CLC Group Purchase Agreement” shall have the meaning set forth in Section 4.14. 

“Closing” shall have the meaning set forth in Section 1.3. 

“Closing Date” shall have the meaning set forth in Section 1.3. 

“Commission” shall have the meaning set forth in Section 2.3. 

“Common Stock” shall have the meaning set forth in Section 1.2. 

“Company” shall have the meaning set forth in the first paragraph. 

“Company Intellectual Property” shall have the meaning set forth in Section 2.13. 

“Conversion Shares” shall have the meaning set forth in Section 1.2. 

“Credit Agreements” shall have the meaning set forth in Section 2.16(b). 

 

 - 21 - 

 “Deductible” shall have the meaning set forth in Section 8.2(b). 

“Environmental Laws” means all applicable federal, state and local statutes, rules, regulations, ordinances, orders, decrees
and common law relating in any manner to contamination, pollution or protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation and Liability Act, the Solid Waste Disposal Act,
the Clean Air Act, the Clean Water Act, the Toxic Substances Control Act, the Occupational Safety and Health Act, the Emergency Planning and Community-Right-to-Know Act, the Safe Drinking Water Act, all as amended, and all similar state laws.

 “Environmental Permits” shall have the meaning set forth in Section 2.11(d). 

“ERISA” shall have the meaning set forth in Section 2.19. 

“Financial Statements” shall have the meaning set forth in Section 2.6. 

“First Plaza Group Trust” means First Plaza Group Trust, solely for the benefit of pools PMI-127, 128, 129 and 130. 

“GAAP” shall have the meaning set forth in Section 2.6. 

“Governmental Entity” means any federal, state, or municipal court or other governmental department, commission, board, bureau,
agency, or instrumentality, governmental or quasi-governmental, domestic or foreign. 
 “Incentive Plan” shall have
the meaning set forth in Section 1.1. 
 “Indebtedness” means all obligations, contingent or otherwise, whether
current or long-term, which in accordance with generally accepted accounting principles would be classified upon the obligor’s balance sheet as indebtedness (other than deferred taxes) and shall include (i) capitalized leases, guarantees,
endorsements (other than for collection in the ordinary course of business) or other arrangements whereby responsibility is assumed for the obligations of others, including any agreement to purchase or otherwise acquire the obligations of others or
any agreement, contingent or otherwise, to furnish funds for the purchase of goods, supplies or services for the purpose of payment of the obligations of others, excluding accounts payable incurred in the ordinary course of business, (ii) all
obligations for borrowed money, (iii) all obligations evidenced by notes, bonds, debentures, acceptances, or instruments, or arising out of letters of credit or bankers’ acceptances issued for such Person’s account, (iv) all
obligations, whether or not assumed, secured by any Lien or payable out of the proceeds or production from any property or assets now or hereafter owned or acquired by such Person, (v) all obligations described in clauses (i) through
(iv) for which such Person is obligated pursuant to a guaranty, (vi) all obligations for which such Person is obligated pursuant to any swap agreements designed to hedge against fluctuations in interest rates, foreign exchange rates or
commodities pricing risk, and (vii) all obligations of such Person upon which interest charges are customarily paid or accrued. 

“Intellectual Property” shall have the meaning set forth in Section 2.13. 

 

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 “Large Accounts” shall have the meaning set forth in Section 2.20.

 “Lien” means (a) any encumbrance, mortgage, pledge, lien, charge or other security interest of any kind upon
any property or assets of any character, or upon the income or profits therefrom; (b) any acquisition of or agreement to have an option to acquire any property or assets upon conditional sale or other title retention agreement, device or
arrangement (including a capitalized lease); or (c) any sale, assignment, pledge or other transfer for security of any accounts, general intangibles or chattel paper, with or without recourse. 

“Losses” shall have the meaning set forth in Section 8.2(a). 

“Majority Purchasers” means Purchasers purchasing a majority of the Shares hereunder; provided, however, that any
event requiring the consent, approval or consultation of the Majority Purchasers shall require the consent, approval or consultation, as applicable, of the Summit Purchasers. 

“Material Adverse Effect” means a material and adverse effect on (i) the assets, liabilities, properties, business,
results of operation, condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, (ii) the ability of any of the Company to perform in a timely manner any of its obligations under this Agreement or any of the
Related Agreements or any transaction contemplated hereby or thereby, or (iii) the legality, validity, or enforceability of this Agreement or the other Related Agreements. 

“Nautic Contributed Stock” shall have the meaning set forth in Section 1.3. 

“Nautic Purchasers” shall mean, collectively, Nautic Partners V, L.P. and Kennedy Plaza Partners III, LLC 

“Permitted Liens” means liens for taxes, assessments or governmental charges, or landlords’, mechanics’,
materialmen’s or similar Liens, in each case that are not due and payable. 
 “Person” means an individual,
corporation, partnership, association, joint stock, limited liability or other company, joint venture, business trust, trust or unincorporated organization or a government or agency or political subdivision thereof. 

“Purchasers” shall have the meaning set forth in Section 1.1. 

“Purchaser’s Ownership Percentage” shall have the meaning set forth in Section 8.2(a). 

“Registration Rights Agreement” shall have the meaning set forth in Section 5.7. 

“Related Agreements” shall have the meaning set forth in Section 2.2. 

“Securities” shall have the meaning set forth is Section 3.1(e). 

“Series E Preferred Stock” shall have the meaning set forth in Section 1.1. 

“Shares” shall have the meaning set forth in Section 1.1. 

 

 - 23 - 

 “Stockholders Agreement” shall have the meaning set forth in Section 5.6.

 “Subsidiary” means any corporation, association or other business entity of which the Company and/or any of its
other subsidiaries directly or indirectly owns at the time more than fifty percent (50%) of the outstanding voting shares of every class of such corporation or trust other than directors’ qualifying shares. 

“Substance” shall have the meaning set forth in Section 2.11(c). 

“Summit Purchasers” shall mean the Purchasers set forth below the heading “Summit Purchasers” on Schedule I.

 ARTICLE VIII 

SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS; 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

8.1. Survival. The representations and warranties of the Company contained in this Agreement (other than the representations and
warranties contained in Sections 2.2 (Authorization), 2.4 (Authorized and Outstanding Stock), 2.5 (Subsidiaries), 2.10 (Taxes), 2.21 (No Brokers or Finders) of this Agreement) shall survive the Closing until the later of June 30, 2010 and
the date ninety (90) days after the date the Purchasers receive the audited financial statements of the Company for the year ended December 31, 2009, and any claim for indemnification under Section 8.2 in respect of such
representations and warranties must be brought within such time period; provided, that if a claim is brought within such time period, such claim shall remain valid thereafter until ultimately resolved. The representations and warranties of
the Company contained in Section 2.4 shall survive the Closing indefinitely and the representations and warranties in Sections 2.2. 2.5, 2.10 and 2.21 shall survive the Closing until the termination of the applicable statute of
limitations, and any claim for indemnification under Section 8.2 in respect of such representations and warranties must be brought within such time period; provided, that if a claim is brought within such time period, such claim shall
remain valid thereafter until ultimately resolved. The covenants and agreements of the Company contained in this Agreement shall survive the Closing indefinitely (unless they terminated earlier in accordance with their terms). The representations,
warranties and covenants of the Purchasers contained in this Agreement shall survive the Closing until the termination of the applicable statutes of limitation. 

8.2. Indemnification by the Company. 

(a) Indemnity. Subject to the conditions and limitations set forth in this Section 8.2, the Company shall defend, indemnify
and hold harmless each Purchaser and its directors, officers, employees, agents, successors and assigns, from and against (1) such Purchaser’s Pro Rata Share of any loss, liability, damage, claim, action or cause of action, assessment,
cost, penalty and expense, including reasonable legal and accounting fees and including any interest thereon (“Losses”), asserted against, resulting to, imposed upon or incurred by the Company or any of the Subsidiaries and (2) all
Losses directly asserted against, resulting to, imposed upon or incurred by an indemnified party, in each case, by reason of, resulting from or related to the breach of (x) any representation or warranty made by the

  

 - 24 - 

 
Company in this Agreement or (y) the certificates delivered pursuant to Sections 5.2 and 5.3. Each Purchaser’s “Pro Rata Share” of any Loss shall be an amount equal to the
Indemnifiable Percentage of such Loss multiplied by a fraction, the numerator of which is the number of Shares purchased by such Purchaser hereunder and the denominator of which is the total number of Shares purchased by all Purchasers hereunder.
The “Indemnifiable Percentage” of any Loss shall equal the fraction (expressed as a percentage), (i) the numerator of which is the aggregate fully-diluted ownership percentage represented by the Shares issued and outstanding on the
date of the Claim delivered in respect of such Loss (after giving effect to the issuance of all options and shares reserved as of the date of the Closing for grant under the Incentive Plan and the exercise and conversion of all other options,
warrants and other convertible securities outstanding as of the date of the Closing after giving effect to the transactions contemplated by this Agreement and any Related Agreement) (the “Purchaser’s Ownership Percentage”), and
(ii) the denominator of which is the amount equal to (A) 1.0 minus (B) the Purchaser’s Ownership Percentage. For purposes of determining only the amount of any Loss for which the Company may be required to provide indemnification
under this Article VIII (and not for purposes of determining whether a breach of a representation of warranty has occurred that covers such Loss), all representations and warranties shall be read without regard to any materiality or Material
Adverse Effect qualification which may be contained therein. 
 (b) Deductible. Notwithstanding the provisions of
Section 8.2(a), the Company shall not be required to provide indemnity under this Section 8.2 unless, and then only to the extent that, the aggregate Losses exceed $2,000,000 (the “Deductible”); provided, however, that the
Deductible shall not apply to a breach of a representation or warranty contained in Sections 2.2 or 2.4. 
 (c) Cap.
In no event shall the Company be liable to make indemnification payments under this Agreement in excess of the aggregate purchase price paid by the Purchasers. 

(d) Exclusive Remedy. The remedies set forth in this Article VIII shall be the sole and exclusive remedies of the Purchasers under
this Agreement from and after the Closing with respect to any breach of any representation or warranty made by the Company set forth in this Agreement. 

8.3. Indemnification Procedures 

(a) In the event that any legal proceedings shall be instituted or that any claim or demand (“Claim”) shall be asserted by any
Person in respect of which indemnification may be sought under Section 8.2 hereof, the Company or an indemnified party, as applicable, shall reasonably and promptly cause written notice of the assertion of any Claim of which it has knowledge
which is or may be covered by this indemnity to be forwarded to the other party or parties. The indemnifying party shall have the right, at its sole option and expense, to be represented by counsel of its choice, which must be reasonably
satisfactory to the indemnified party, and to defend against, negotiate, settle or otherwise deal with any Claim which relates to any Losses indemnified against hereunder. If the indemnifying party elects to defend against, negotiate, settle or
otherwise deal with any Claim which relates to any Losses indemnified against hereunder, it shall within five (5) days (or sooner, if the nature of the Claim so requires) notify the indemnified party of its intent to do so. If the indemnifying
party elects not to defend 
  

 - 25 - 

 
against, negotiate, settle or otherwise deal with any Claim which relates to any Losses indemnified against hereunder, fails to notify the indemnified party of its election as herein provided or
contests its obligation to indemnify the indemnified party for such Losses under this Agreement, the indemnified party may defend against, negotiate, settle or otherwise deal with such Claim. If the indemnified party defends any Claim, then the
indemnifying party shall reimburse the indemnified party for the expenses of defending such Claim upon submission of periodic bills. If the indemnifying party shall assume the defense of any Claim, the indemnified party may participate, at his or
its own expense, in the defense of such Claim; provided, however, that such indemnified party shall be entitled to participate in any such defense with separate counsel at the expense of the indemnifying party if, (i) so requested
by the indemnifying party to participate or (ii) in the reasonable opinion of counsel to the indemnified party, a conflict or potential conflict exists between the indemnified party and the indemnifying party that would make such separate
representation advisable; and provided, further, that the indemnifying party shall not be required to pay for more than one such counsel for all indemnified parties in connection with any Claim. The parties hereto agree to cooperate
fully with each other in connection with the defense, negotiation or settlement of any such Claim. After any final judgment or award shall have been rendered by a court, arbitration board or administrative agency of competent jurisdiction and the
expiration of the time in which to appeal therefrom, or a settlement shall have been consummated, or the indemnified party and the indemnifying party shall have arrived at a mutually binding agreement with respect to a Claim hereunder, the
indemnified party shall forward to the indemnifying party notice of any sums due and owing by the indemnifying party pursuant to this Agreement with respect to such matter and the indemnifying party shall be required to pay all of the sums so due
and owing to the indemnified party by wire transfer of immediately available funds within ten (10) business days after the date of such notice. 

(b) The failure of the indemnified party to give reasonably prompt notice of any Claim shall not release, waive or otherwise affect the
indemnifying party’s obligations with respect thereto except to the extent that the indemnifying party can demonstrate actual and material loss and prejudice as a result of such failure. 

ARTICLE IX 

TERMINATION 

9.1. Termination. This Agreement may be terminated at any time prior to the Closing Date only as follows: 

(a) by mutual agreement of the Company and the Majority Purchasers; 

(b) by the Majority Purchasers or the Company if there shall have been entered a final, non-appealable order or injunction
by any Governmental Entity prohibiting or restraining the consummation of the transactions contemplated hereby or any material part hereof; 

(c) by the Company, if the conditions set forth in Article VI hereof (to the extent compliance or performance thereunder
is not within the control of the Company) shall not have been complied with or performed and such noncompliance or 
  

 - 26 - 

 
nonperformance shall not have been cured or eliminated (or by its nature cannot be cured or eliminated) by the Majority Purchasers on or before April 1, 2009 (the “Outside
Date”) (or such later date as may be mutually agreed upon in writing by the parties hereto); and 
 (d)
by the Majority Purchasers, if the conditions set forth in Section 5 hereof (to the extent compliance or performance thereunder is not within the control of the Purchasers) shall not have been complied with or performed and such noncompliance
or nonperformance shall not have been cured or eliminated (or by its nature cannot be cured or eliminated) by the Company on or before the Outside Date (or such later date as may be mutually agreed upon in writing by the parties hereto). 

9.2. Specific Performance and Other Remedies. The parties hereto each acknowledge that the rights of each party to consummate the
transactions contemplated hereby are special, unique and of extraordinary character, and that, in the event that any party violates or fails or refuses to perform any covenant or agreement made by it herein, the non-breaching party may be without an
adequate remedy at law. The parties each agree, therefore, that in the event that either party violates or fails or refuses to perform any covenant or agreement made by such party herein, the non-breaching party or parties may, subject to the terms
of this Agreement and in addition to any remedies at law for damages or other relief, institute and prosecute an action in any court of competent jurisdiction to enforce specific performance of such covenant or agreement or seek any other equitable
relief. 
 9.3. Effect of Termination. In the event of termination of this Agreement pursuant to this Article IX, this
Agreement shall forthwith become void and there shall be no liability on the part of the party or its respective officers, directors, or stockholders, except for obligations under Sections 10.4 and 10.5, which shall survive termination.
Notwithstanding the foregoing, no termination of this Agreement shall relieve any party from liability for any breach of any covenant or agreement in this Agreement occurring prior to the termination of this Agreement. 

ARTICLE X 

MISCELLANEOUS 

10.1. Parties in Interest. Except as otherwise set forth herein, all covenants, agreements, representations, warranties and
undertakings contained in this Agreement shall be binding on and shall inure to the benefit of the respective successors and assigns of the parties hereto (including transferees of any of the Shares or Conversion Shares issuable upon conversion
thereof); provided, however, that the Company shall not assign any of its rights and obligations under this Agreement or any Related Agreement without the prior written consent of the Majority Purchasers. 

10.2. Amendments and Waivers. Amendments or additions to this Agreement may be made, and compliance with any term, covenant,
agreement, condition or provision set forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively) upon the written consent of (A) the Company (which consent shall only be
effective if approved by holders of a majority of the outstanding shares of Series D Preferred Stock), and (B) the Majority Purchasers. Prompt notice of any such amendment or waiver shall be given to any Person who did not consent thereto;
provided, however, the waiver 
  

 - 27 - 

 
of one or more conditions in Article V hereof shall not require the Company’s consent and the waiver of one or more conditions in Article VI hereof shall not require any Purchaser’s
consent. Notwithstanding anything to the contrary set forth in this Section 10.2, if any amendment, addition, or waiver would materially and adversely change the rights hereunder of any Purchaser in a way that is materially different from or
disproportionate to the change such amendment, addition or waiver would have on the rights of any other Purchaser, such amendment, addition or waiver shall not be effective unless consented in writing by such Purchaser whose rights are being
materially and adversely changed by such amendment, addition or waiver. This Agreement (including the Schedules and Exhibits annexed hereto, which are an integral part of this Agreement) the Related Agreements and the other agreements and
instruments referred to herein or therein constitute the full and complete agreement of the parties with respect to the subject matter hereof and thereof. The Company will reimburse the Purchasers for the reasonable fees and expenses of counsel for
the Purchasers incurred in connection with any amendment or modification of this Agreement or any of the Related Agreements or any waiver hereof or thereof. 

10.3. Notices. All notices, requests, consents, reports and demands shall be in writing and shall be hand delivered, sent by
facsimile or other electronic medium, or mailed, postage prepaid, to the Company or to the Purchasers at the address set forth below or to such other address as may be furnished in writing to the other parties hereto: 

 

			
	The Company:	 	 FleetCor Technologies, Inc.

655 Engineering Drive, Suite 300
 Norcross, GA
30092
 Attention: Ronald F. Clarke

Fax: 678-969-7650

		
	with copy to:	 	 King & Spalding LLP

1180 Peachtree Street NE
 Atlanta, GA
30303
 Attention: Jon R. Harris, Jr.

Fax: 404-572-5132

		
	The Purchasers:	 	The address set forth opposite the Purchaser’s name on Schedule I attached hereto.
		
	with copy to:	 	 Weil, Gotshal & Manges LLP

100 Federal Street, 34th Floor
 Boston, MA 02110

 Attention: Steven M. Peck
 Fax
617-772-8333

 10.4. Confidentiality. Each Purchaser agrees that it will keep confidential and will not
disclose, divulge or use for any purpose other than to monitor its investment in the Company any confidential, proprietary or secret information which such Purchaser may obtain from the Company pursuant to financial statements, reports and other
materials submitted by the 
  

 - 28 - 

 
Company to such Purchaser or its representatives pursuant to this Agreement, or pursuant to any other rights granted hereunder, unless such information is known, or until such information becomes
known, to the public (other than as a result of a breach of this Section 10.4 by such Purchaser); provided, however, that a Purchaser may disclose such information (i) to its attorneys, accountants, consultants, and other
professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any Shares or Conversion Shares from such Purchaser as long as such prospective
purchaser is obligated to keep such information confidential, (iii) to any affiliate of such Purchaser or to a partner, stockholder or subsidiary of such Purchaser, provided that such affiliate is obligated to keep such information
confidential, or (iv) as may otherwise be required by law, provided that such Purchaser takes reasonable steps to minimize the extent of any such required disclosure. 

10.5. Expenses. Immediately prior to the Closing or upon termination of this Agreement if the Closing has not yet occurred (other
than as a result of the breach of this Agreement by the Summit Purchasers), the Company shall pay all reasonable documented out-of-pocket costs and expenses of the Summit Purchasers in connection with the investigation, preparation, execution and
delivery of this Agreement and the other instruments and documents to be delivered hereunder and the transactions contemplated hereby and thereby, including legal and financial diligence relating thereto. Except as otherwise provided in this
Agreement, the Company and the Purchasers (other than the Summit Purchasers) shall bear their own respective expenses incurred in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument
contemplated by this Agreement and the consummation of the transactions contemplated hereby and thereby. 
 10.6.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original but all of which shall constitute but one and the same instrument. One or more counterparts of this Agreement or any Exhibit
hereto may be delivered via telecopier, with the intention that they shall have the same effect as an original counterpart hereof. 

10.7. Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction
hereof. 
 10.8. Governing Law. This Agreement shall be deemed a contract made under the laws of the State of Delaware
and together with the rights and obligations of the parties hereunder, shall be construed under and governed by the laws of the State of Delaware. 

* * * * * * * * * * * * 
  

 - 29 - 

 If you are in agreement with the foregoing, please sign the form of acceptance on the
enclosed counterpart of this Agreement and return the same to the Company, whereupon, this Agreement shall become a binding agreement among us. 
  

					
	Very truly yours,
	
	FLEETCOR TECHNOLOGIES, INC.
		
	By:	 	             /s/ Ronald F. Clarke

		 	Name:	 	Ronald F. Clarke
		 	Title:	 	Chief Executive Officer

 [Signature
Page to Series E Convertible Preferred Stock Purchase Agreement] 
  

 - 30 - 

			
	SUMMIT PARTNERS PRIVATE EQUITY FUND VII-A, L.P.
		
	By:	 	Summit Partners PE VII, L.P.
		 	Its General Partner
	By:	 	Summit Partners PE VII, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member
	
	SUMMIT PARTNERS PRIVATE EQUITY FUND VII-B, L.P.
		
	By:	 	Summit Partners PE VII, L.P.
		 	Its General Partner
	By:	 	Summit Partners PE VII, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member
	
	 SUMMIT SUBORDINATED DEBT FUND II, L.P.

		
	By:	 	Summit Partners SD II, LLC
		 	Its General Partner
		
	By:	 	Stamps, Woodsum & Co. IV
		 	Its Managing Member
		
	By:	 	 /s/ John Carroll

		 	General Partner

 [Signature Page to
Series E Convertible Preferred Stock Purchase Agreement] 

			
	SUMMIT INVESTORS I, LLC
		
	By:	 	Summit Investors Management, LLC
		 	Its Manager
	By:	 	Summit Partners, L.P.
		 	Its Manager
	By:	 	Summit Master Company, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member
	
	SUMMIT INVESTORS I (UK), L.P.
		
	By:	 	Summit Investors Management, LLC
		 	Its General Partner
	By:	 	Summit Partners, L.P.
		 	Its Manager
	By:	 	Summit Master Company, LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member
	
	SUMMIT INVESTORS VI, L.P.
		
	By:	 	Summit Partners VI (GP), L.P.
		 	Its General Partner
	By:	 	Summit Partners VI (GP) LLC
		 	Its General Partner
		
	By:	 	 /s/ John Carroll

		 	Member

 [Signature Page to Series E
Convertible Preferred Stock Purchase Agreement] 

			
	ADVENT PARTNERS III LIMITED PARTNERSHIP
		
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds
	
	ADVENT CENTRAL & EASTERN EUROPE III LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds
	
	ADVENT CENTRAL & EASTERN EUROPE III-A LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	ADVENT CENTRAL & EASTERN EUROPE III-B LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds
	
	ADVENT CENTRAL & EASTERN EUROPE III-C LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds
	
	ADVENT CENTRAL & EASTERN EUROPE III-D LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	ADVENT CENTRAL & EASTERN EUROPE III-E LIMITED PARTNERSHIP
		
	By:	 	ACEE III GP Limited Partnership, General
		 	Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds
	
	ADVENT PARTNERS ACEE III LIMITED PARTNERSHIP
		
	By:	 	Advent International Corporation, General
		 	Partner
		
	By:	 	 /s/ Michael J. Ristaino

	Name:	 	Michael J. Ristaino
	Title:	 	Vice President of Finance - Funds

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

					
	ADVANTAGE CAPITAL PARTNERS VI LIMITED PARTNERSHIP
		
	By:	 	Advantage Capital NOLA VI, LLC,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

		 	Name:	 	Steven T. Stull
		 	Title:	 	President
	
	ADVANTAGE CAPITAL PARTNERS X LIMITED PARTNERSHIP
		
	By:	 	Advantage Capital NOLA X, LLC,
		 	its general partner
		
	By:	 	 /s/ Steven T. Stull

		 	Name:	 	Steven T. Stull
		 	Title:	 	President
	
	ADVANTAGE CAPITAL MANAGEMENT FUND, LLC
		
	By:	 	 /s/ Steven T. Stull

		 	Name:	 	Steven T. Stull
		 	Title:	 	President
	
	ADVANTAGE CAPITAL FINANCIAL COMPANY, LLC
		
	By:	 	 /s/ Steven T. Stull

		 	Name:	 	Steven T. Stull
		 	Title:	 	President

 [Signature Page to Series
E Convertible Preferred Stock Purchase Agreement] 

					
	WM. B. REILY & COMPANY, INC.
		
	By:	 	 /s/ C. James McCarthy III

		 	Name:	 	C. James McCarthy III
		 	Title:	 	President

 [Signature Page to Series
E Convertible Preferred Stock Purchase Agreement] 

			
	NAUTIC PARTNERS V, L.P.
		
	By:	 	Nautic Management V, L.P.
	Its General Partner
		
	By:	 	 /s/ Habib Y. Gorgi

	Name:	 	Habib Y. Gorgi
	Title:	 	Managing Director
	
	KENNEDY PLAZA PARTNERS III, LLC
		
	By:	 	Nautic Management V, L.P.
	Its Manager
		
	By:	 	 /s/ Habib Y. Gorgi

	Name:	 	Habib Y. Gorgi
	Title:	 	Managing Director

 [Signature Page to
Series E Convertible Preferred Stock Purchase Agreement] 

					
	PERFORMANCE DIRECT INVESTMENTS II, L.P.
		 	By:	 	Performance Direct Investors II GP, LLC, its general partner
		 	By:	 	Performance Equity Management, LLC, its manager
	
	           /s/ Marcia
Haydel

	By:	 	Marcia Haydel
	Its:	 	Managing Director
	  
 JP Morgan Chase Bank, N.A., as trustee for First Plaza
Group Trust, solely for the benefit of pool PMI-127*

	  

          /s/ Edward J. Petrow

	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to his Agreement for the benefit of pool PMI-127 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza Group Trust
(“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-127, the Company’s recourse shall be limited and attributable solely to the assets of pool
PMI-127 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in connection with or related to the
investment in the Company made pursuant to this Agreement for the benefit of pool PMI-127 shall inure solely to pool PMI-127 and not to FPGT generally. 

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-128*
	
	           /s/ Edward J.
Petrow

	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-128 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza Group Trust
(“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-128, the Company’s recourse shall be limited and attributable solely to the assets of pool
PMI-128 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in connection with or related to the
investment in the Company made pursuant to this Agreement for the benefit of pool PMI-128 shall inure solely to pool PMI-128 and not to FPGT generally. 

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-129*
	
	             /s/ Edward J. Petrow

	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-129 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza Group Trust
(“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-129, the Company’s recourse shall be limited and attributable solely to the assets of pool
PMI-129 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in connection with or related to the
investment in the Company made pursuant to this Agreement for the benefit of pool PMI-129 shall inure solely to pool PMI-129 and not to FPGT generally. 

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pool PMI-130*
	
	             /s/ Edward J. Petrow

	By:	 	Edward J. Petrow
	Its:	 	Vice President

  

	*	The Company acknowledges and agrees that in the event of any claim whatsoever or howsoever made by the Company against (i) First Plaza Group Trust
(“FPGT”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-130 or (ii) JPMorgan Chase Bank, National Association, as trustee for First Plaza Group Trust
(“FPGT Trustee”) in connection with or related to the investment in the Company made pursuant to this Agreement for the benefit of pool PMI-130, the Company’s recourse shall be limited and attributable solely to the assets of pool
PMI-130 and upon exhaustion of such assets, the Company shall have no further recourse against FPGT or FPGT Trustee. Furthermore, the Company acknowledges and agrees that any and all benefits accruing to FPGT in connection with or related to the
investment in the Company made pursuant to this Agreement for the benefit of pool PMI-130 shall inure solely to pool PMI-130 and not to FPGT generally. 

[Signature Page to Series E Convertible Preferred Stock Purchase Agreement] 

			
	             /s/ Peter Vallis

	Peter Vallis
		
	Address:	  	Fairfields
		  	Shendish
		  	Hemel Hempstead
		  	Herts
		  	HP3 OXA
		  	United Kingdom

 [Signature Page to
Series E Convertible Preferred Stock Purchase Agreement] 

			
	HARBOURVEST PARTNERS VIII-BUYOUT FUND L.P.
		
	By:	 	HarbourVest VIII-Buyout Associates L.P.
		 	Its General Partner
	By:	 	HarbourVest VIII-Buyout Associates LLC
		 	Its General Partner
	By:	 	HarbourVest Partners, LLC
		 	Its Managing Member
		
	By:	 	 /s/ Robert M. Wadsworth

		 	Managing Director
	
	HARBOURVEST PARTNERS 2007 DIRECT FUND L.P.
		
	By:	 	HarbourVest 2007 Direct Associates L.P.
		 	Its General Partner
	By:	 	HarbourVest 2007 Direct Associates LLC
		 	Its General Partner
	By:	 	HarbourVest Partners, LLC
		 	Its Managing Member
		
	By:	 	 /s/ Robert M. Wadsworth

		 	Managing Director

 [Signature Page to
Series E Convertible Preferred Stock Purchase Agreement] 

 FLEETCOR TECHNOLOGIES, INC. 

Schedule I 
  

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 SUMMIT PURCHASERS
	  		  		
	 Summit Partners Private Equity Fund VII-A, L.P.

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	1,050,424	  	$	31,512,720.00
			
	 Summit Partners Private Equity Fund VII-B, L.P.

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	630,901	  	$	18,927,030.00
			
	 Summit Subordinated Debt Fund II, L.P.

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	25,208	  	$	756,240.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 Summit Investors I, LLC

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	6,044	  	$	181,320.00
			
	 Summit Investors I (UK), L.P.

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	634	  	$	19,020.00
			
	 Summit Investors VI, L.P.

 
 Notice Address:

 
 c/o Summit Partners

222 Berkley Street

18th
 Floor
 Boston, MA 02116

USA
	  	122	  	$	3,660.00
			
	 OTHER PURCHASERS
	  		  		
			
	 Advent Partners III Limited Partnership

 
 Notice Address:

 
 c/o Advent International
Corporation
 75 State Street

2nd
 Floor
 Boston, MA 02109

USA
	  	265	  	$	7,950.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 Advent Central & Eastern Europe III Limited Partnership

 
 Notice Address:

 
 c/o Advent International Corporation

75 State Street

2nd Floor

 Boston, MA 02109
 USA
	  	98,744	  	$	2,962,320.00
			
	 Advent Central & Eastern Europe III - A Limited Partnership

 
 Notice Address:

 
 c/o Advent International
Corporation
 75 State Street

2nd
 Floor
 Boston, MA 02109

USA
	  	75,754	  	$	2,272,620.00
			
	 Advent Central & Eastern Europe III - B Limited Partnership

 
 Notice Address:

 
 c/o Advent International
Corporation
 75 State Street

2nd
 Floor
 Boston, MA 02109

USA
	  	10,762	  	$	322,860.00
			
	 Advent Central & Eastern Europe III - C Limited Partnership

 
 Notice Address:

 
 c/o Advent International
Corporation
 75 State Street

2nd
 Floor
 Boston, MA 02109

USA
	  	14,619	  	$	438,570.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 Advent Central & Eastern Europe III - D Limited Partnership

 
 Notice Address:

 
 c/o Advent International Corporation

75 State Street

2nd Floor

 Boston, MA 02109
 USA
	  	22,192	  	$	665,760.00
			
	 Advent Central & Eastern Europe III - E Limited Partnership

 
 Notice Address:

 
 c/o Advent International Corporation

75 State Street

2nd Floor

 Boston, MA 02109
 USA
	  	18,606	  	$	558,180.00
			
	 Advent Partners ACEE III Limited Partnership
  

Notice Address:
 c/o Advent International
Corporation
 75 State Street

2nd Floor

 Boston, MA 02109
 USA
	  	2,391	  	$	71,730.00
			
	 Advantage Capital Partners VI, L.P.
  

Notice Address:
  

LL&E Tower
 909 Poydras Street

Suite 2230
 New Orleans, LA 70112

USA
 Attn: Steven T. Stull
	  	28,498	  	$	854,940.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 Advantage Capital Partners X, L.P.
  

Notice Address:
  

LL&E Tower
 909 Poydras Street

Suite 2230
 New Orleans, LA 70112

USA
 Attn: Steven T. Stull
	  	36,667	  	$	1,100,010.00
			
	 Advantage Capital Management Fund, LLC
  

Notice Address:
  

LL&E Tower
 909 Poydras Street

Suite 2230
 New Orleans, LA 70112

USA
 Attn: Steven T. Stull
	  	41,668	  	$	1,250,040.00
			
	 Advantage Capital Financial Company, LLC
  

Notice Address:
  

LL&E Tower
 909 Poydras Street

Suite 2230
 New Orleans, LA 70112

USA
 Attn: Steven T. Stull
	  	26,500	  	$	795,000.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 Wm. B. Reily & Company, Inc.
  

Notice Address:
  

640 Magazine Street
 New Orleans, LA

70130
 Attn: Wm. Boatner Reily
III
	  	100,000	  	$	3,000,000
			
	 Nautic Partners V, L.P.
  

Notice Address:
  

50 Kennedy Plaza

12th Floor

 Providence, Rhode Island 02903

Attention: Habib Y. Gorgi
 Telecopier No.:
(401) 278-6387
	  	266,400	  	$	7,992,000
			
	 Kennedy Plaza Partners III, LLC
  

Notice Address:
  

50 Kennedy Plaza

12th Floor

 Providence, Rhode Island 02903

Attention: Habib Y. Gorgi
 Telecopier No.:
(401) 278-6387
	  	267	  	$	8,010.00
			
	 Performance Direct Investments II, L.P.
  

Notice Address:
  

Performance Equity Management, LLC
 2 Pickwick
Plaza
 Suite 310
 Greenwich, CT
06830-5424
	  	277,174	  	$	8,315,220.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 JP Morgan Chase Bank, N.A., as

trustee for First Plaza Group
 Trust, solely for
the benefit of
 pool PMI-127
  

Notice Address:
  

JP Morgan Chase Bank
 Private Equity Fund
Services
 1 Chase Manhattan Plaza
17th Fl.

New York, NY 10005-1401
	  	176,911	  	$	5,307,330.00
			
	 JP Morgan Chase Bank, N.A., as

trustee for First Plaza Group
 Trust, solely for
the benefit of
 pool PMI-128
  

Notice Address:
  

JP Morgan Chase Bank
 Private Equity Fund
Services
 1 Chase Manhattan Plaza
17th Fl.

New York, NY 10005-1401
	  	39,307	  	$	1,179,210.00
			
	 JP Morgan Chase Bank, N.A., as

trustee for First Plaza Group
 Trust, solely for
the benefit of
 pool PMI-129
  

Notice Address:
  

JP Morgan Chase Bank
 Private Equity Fund
Services
 1 Chase Manhattan Plaza
17th Fl.

New York, NY 10005-1401
	  	31,219	  	$	936,570.00

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 JP Morgan Chase Bank, N.A., as

trustee for First Plaza Group
 Trust, solely for
the benefit of pool
 PMI-130
  

Notice Address:
  

JP Morgan Chase Bank
 Private Equity Fund
Services
 1 Chase Manhattan Plaza
17th Fl.

New York, NY 10005-1401
	  	8,723	  	$	261,690.00
			
	 Peter Vallis
  

Notice Address:
  

Fairfields
 Shendish

Hemel Hempstead
 Herts

HP3 OXA
 United Kingdom
	  	76,667	  	$	2,300,010.00
			
	 HarbourVest Partners VIII- Buyout Fund L.P.
  

Notice Address:
  

c/o HarbourVest Partners, LLC
 One Financial
Center
 44th Floor
 Boston,
MA 02111
 Attn: Robert M. Wadsworth
	  	166,667	  	$	5,000,010.00
			
	 HarbourVest Partners 2007 Direct Fund L.P.
  

Notice Address:
  

c/o HarbourVest Partners, LLC
 One Financial
Center
 44th Floor
 Boston,
MA 02111
 Attn: Robert M. Wadsworth
	  	166,666	  	$	4,999,980.00

  

 52 

						
	 Purchasers
	  	Series E Preferred Stock to be
Purchased
	 	  	Number of Shares	  	Purchase Price
			
	 TOTALS
	  	3,400,000	  	$	102,000,000

 Exhibit A 

 EXECUTION VERSION 

SIXTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION 

OF 

FLEETCOR TECHNOLOGIES, INC. 

FleetCor Technologies, Inc., a corporation organized and existing under the laws of the State of Delaware (the
“Company”), hereby certifies as follows: 
 1. Pursuant to Section 242 and 245 of the General Corporation
Law of the State of Delaware, this Sixth Amended and Restated Certificate of Incorporation restates, integrates and further amends the provisions of the original Certificate of Incorporation, as amended to the date of this filing. The original
Certificate of Incorporation of this corporation was filed with the Secretary of State of the State of Delaware under the name Fleetman Merger Corp. on February 3, 1998. An Amended and Restated Certificate of Incorporation was filed with the
Secretary of State of Delaware on February 9, 1998 and a Certificate of Amendment to the Amended and Restated Certificate of Incorporation was filed on October 15, 1999. A Second Amended and Restated Certificate of Incorporation was filed
with the Secretary of State of Delaware on November 24, 1999, a Certificate of First Amendment to the Second Amended and Restated Certificate of Incorporation was filed on August 8, 2000, a Certificate of Second Amendment to the Second
Amended and Restated Certificate of Incorporation was filed on January 31, 2001 and a Certificate of Third Amendment to the Second Amended and Restated Certificate of Incorporation was filed on July 25, 2001. A Third Amended and Restated
Certificate of Incorporation was filed with the Secretary of State of Delaware on May 3, 2002. A Fourth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of Delaware on May 17, 2002 and a Certificate
of Amendment of Fourth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of Delaware on September 13, 2002. A Fifth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of
Delaware on June 29, 2005, a Certificate of Amendment of the Fifth Amended and Restated Certificate of Incorporation was filed on September 7, 2006 and an additional Certificate of Amendment of the Fifth Amended and Restated Certificate of
Incorporation was filed on December 18, 2006. This Sixth Amended and Restated Certificate of Incorporation has been duly adopted by the directors of the corporation with the approval of its stockholders. 

2. The text of the original Certificate of Incorporation, as amended and/or restated to the date of this filing, is hereby restated and
amended to read in its entirety as follows: 
 ONE: The name of the corporation is FleetCor Technologies, Inc. (the
“Company”). 
 TWO: The address of the Company’s registered office in the State of Delaware is
Corporation Trust Center, 1209 Orange Street, Wilmington, in the County of New Castle. The name of its registered agent at such address is The Corporation Trust Company. 

 THREE: The purpose of the Company is to engage in any lawful act or activity for
which corporations may be organized under the General Corporation Law of Delaware. 
 FOUR: The aggregate number of
shares which the Company shall have authority to issue is 70,709,598, consisting of: 
 (i) 52,000,000 shares of Common Stock,
$0.001 par value per share (the “Common Stock”); 
 (ii) 1,919,135 shares of Series D-1 Convertible Preferred
Stock, $0.001 par value per share (the “Series D-1 Preferred Stock”); 
 (iii) 230,769 shares of Series D-2
Convertible Preferred Stock, $0.001 par value per share (the “Series D-2 Preferred Stock”); 
 (iv) 3,995,413
shares of Series D-3 Convertible Preferred Stock, $0.001 par value per share (the “Series D-3 Preferred Stock”); 

(v) 8,164,281 shares of Series D-4 Convertible Preferred Stock, $0.001 par value per share (the “Series D-4 Preferred
Stock” and, collectively with the Series D-1 Preferred Stock, the Series D-2 Preferred Stock and the Series D-3 Preferred Stock, the “Series D Preferred Stock”); 

(vi) 3,400,000 shares of Series E Convertible Preferred Stock, $0.001 par value per share (the “Series E Preferred
Stock”); and 
 (vii) 1,000,000 shares of Preferred Stock, $0.001 par value per share (the “Blank Check
Preferred Stock”), which may be issued from time to time by the Board (as defined below) as shares of one or more series. The description of shares of each such series of Blank Check Preferred Stock, including any designations, preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption will be set forth in resolutions adopted by the Board, and a certificate of designations will be filed with
the Delaware Secretary of State as required by law to be filed with respect to issuance of such Blank Check Preferred Stock, prior to the issuance of any shares of such series. 

The Board is expressly authorized, at any time, subject to the terms and conditions set forth in Section 6 hereof, by adopting
resolutions providing for the issuance of, or providing for a change in the number of, shares of any particular series of Blank Check Preferred Stock, and, if and to the extent from time to time required by law, by filing a certificate pursuant to
Section 151(g) of the General Corporation Law of the State of Delaware, setting forth the applicable resolution or resolutions of the Board, to increase or decrease the number of shares included in each such series of Blank Check Preferred
Stock, but not below the number of shares then issued, and to set in any one or more respects the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms and
conditions of redemption relating to the shares of each such series. The authority of the Board 
  

 2 

 
with respect to each such series of Blank Check Preferred Stock shall include, but not be limited to, the determination or fixing of the following by resolution or resolutions adopted by the
affirmative vote of a majority of the total number of the directors then in office: 
 (i) the dividend rate, if any, on shares
of such series, the times of payment and the date from which dividends shall be accumulated, if dividends are to be cumulative; 

(ii) whether the shares of such series shall be redeemable and, if so, the redemption price and the terms and conditions of such
redemption; 
 (iii) the obligation, if any, of the Company to redeem shares of such series; 

(iv) whether shares of such series shall be convertible into, or exchangeable for, shares of stock of any other class or classes and, if
so, the terms and conditions of such conversion or exchange, including the price or prices or the rate or rates of conversion or exchange and the terms of adjustment, if any; 

(v) whether the shares of such series shall have voting rights, in addition to the voting rights provided by law, and if so, the extent of
such voting rights; 
 (vi) the rights of the shares of such series in the event of voluntary or involuntary liquidation,
dissolution or winding-up of the Company; and 
 (vii) any other relative rights, powers, preferences, qualifications,
limitations or restrictions thereof relating to such series. 
 A statement of the designations, powers, preferences, rights, qualifications,
limitations and restrictions in respect of the shares of the Series D Preferred Stock, the Series E Preferred Stock and Common Stock is as follows: 

1. Definitions. For purposes of this Article FOUR, the following terms shall have the following definitions: 

1.1 “Approving Holders” shall mean the holders of at least sixty percent (60%) of the outstanding shares of Series
D Preferred Stock and Series E Preferred Stock at the time of the proposed action or consent, voting together as a single class; provided, however, that, (a) so long as Summit owns at least 50% of the Series D Preferred Stock held
by Summit as of the date hereof, any action requiring the consent of the Approving Holders shall also require the consent of a majority of Series D Preferred Stock held by Summit at the time of the proposed action or consent, voting together as a
single class, (b) so long as Summit owns at least 50% of the Series E Preferred Stock held by Summit as of the date hereof, any action requiring the consent of the Approving Holders shall also require the consent of a majority of Series E
Preferred Stock held by Summit at the time of the proposed action or consent, voting together as a single class, and (c) so long as Bain owns at least 50% of the shares of Series D Preferred Stock held by Bain as of immediately following the
Effective Time, any action requiring the consent of the Approving Holders shall also require the consent of a majority of the shares of Series D Preferred Stock held by Bain at the time of the proposed action or consent, voting together as a single
class. 
  

 3 

 1.2 “Bain” shall mean, collectively, Bain Capital Fund VIII, LLC, BCIP
Associates III, LLC, BCIP T Associates III, LLC, BCIP Associates III-B, LLC, BCIP T Associates III-B, LLC, BCIP Associates-G, RGIP, LLC and/or their respective affiliates (as defined under Rule 12b-2 of the Exchange Act). 

1.3 “Board” shall mean the Board of Directors of the Company. 

1.4 “Conversion Price” shall initially mean (a) for the Series D Preferred Stock, the Invested Amount for the
Series D Preferred Stock, as adjusted herein, and (b) for the Series E Preferred Stock, the Invested Amount for the Series E Preferred Stock, as adjusted herein. 

1.5 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

1.6 “Effective Time” shall mean the time of filing of this Sixth Amended and Restated Certificate of Incorporation with
the Secretary of State of Delaware. 
 1.7 “Initial Liquidation Preference” shall mean, (a) with respect
to each share of Series D Preferred Stock, the sum of (1) the Invested Amount and (2) an amount equal to the Series D Accruing Dividends and, as applicable, the Prior Accruing Dividends to and including the date full payment shall be
tendered to the holders of Series D Preferred Stock with respect to the liquidation, dissolution or winding up of the Company, and (b) with respect to each share of Series E Preferred Stock, the greater of (x) 150% of the Invested Amount
or (y) the sum of (1) the Invested Amount and (2) an amount equal to the Series E Accruing Dividends to and including the date full payment shall be tendered to the holders of Series E Preferred Stock with respect to the liquidation,
dissolution or winding up of the Company. 
 1.8 “Invested Amount” shall mean, (a) with respect to the
Series D Preferred Stock, $13.00 per share (as adjusted for changes in the Series D Preferred Stock by stock split, stock dividend or similar changes occurring after the Effective Time), and (b) with respect to the Series E Preferred Stock,
$30.00 per share (as adjusted for changes in the Series E Preferred Stock by stock split, stock dividend or similar changes occurring after the Effective Time). 

1.9 “Prior Accrued Dividend Amount” shall mean $2.17 per share for the Series D-1 Preferred Stock (as adjusted for
changes in the Series D-1 Preferred Stock by stock split, stock dividend or similar changes occurring after the date of issuance of such share of Series D-1 Preferred Stock), $2.17 per share for the Series D-2 Preferred Stock (as adjusted for
changes in the Series D-2 Preferred Stock by stock split, stock dividend or similar changes occurring after the date of issuance of such share of Series D-2 Preferred Stock), and $3.47 per share for the Series D-3 Preferred Stock (as adjusted for
changes in the Series D-3 Preferred Stock by stock split, stock dividend or similar changes occurring after the date of issuance of such share of Series D-3 Preferred Stock). 

 

 4 

 1.10 “Subsidiary” shall mean any corporation at least fifty percent
(50%) of whose outstanding voting stock shall at the time be owned, directly or indirectly, by the Company or by one or more of the subsidiaries of the Company. 

1.11 “Summit” shall mean, collectively, Summit VI Advisors Fund, L.P., Summit VI Entrepreneurs Fund, L.P., Summit
Ventures VI-A, L.P., Summit Ventures VI-B, L.P., Summit Investors VI, L.P., Summit Partners Private Equity Fund VII-A, L.P., Summit Partners Private Equity Fund VII-B, L.P., Summit Subordinated Debt Fund II, L.P., Summit Investors I, LLC, Summit
Investors I (UK), L.P., and/or their respective affiliates (as defined under Rule 12b-2 of the Exchange Act). 
 2. Dividends
and Distributions. 
 2.1 (a) For so long as any shares of Series D Preferred Stock shall be outstanding, the holders
of the outstanding shares of Series D Preferred Stock shall be entitled to receive cumulative preferential dividends at the rate per annum of five percent (5%) per share, compounded semi-annually, of their respective Invested Amounts (the
“Series D Accruing Dividends”), such that if the dividend is not paid for such six-month period, the unpaid amount shall be added to the Invested Amount per share of the Series D Preferred Stock solely for purposes of calculating
succeeding dividends. For the avoidance of doubt, Series D Accruing Dividends began to accrue with respect to each share of Series D Preferred Stock outstanding as of the date of issuance of such share of Series D Preferred Stock. 

(b) For so long as any shares of Series D-1 Preferred Stock shall be outstanding, the holders of the outstanding shares of Series D-1
Preferred Stock shall be entitled to receive, in addition to the Series D Accruing Dividends, cumulative preferential dividends at the rate per annum of five percent (5%) per share, compounded semi-annually, of their respective Prior Accrued
Dividend Amounts (the “Series D-1 Prior Accruing Dividends”), such that if the dividend is not paid for such six-month period, the unpaid amount shall be added to the Prior Accrued Dividend Amount per share of the Series D-1
Preferred Stock solely for purposes of calculating succeeding dividends. 
 (c) For so long as any shares of Series D-2
Preferred Stock shall be outstanding, the holders of the outstanding shares of Series D-2 Preferred Stock shall be entitled to receive, in addition to the Series D Accruing Dividends, cumulative preferential dividends at the rate per annum of five
percent (5%) per share, compounded semi-annually, of their respective Prior Accrued Dividend Amounts (the “Series D-2 Prior Accruing Dividends”), such that if the dividend is not paid for such six-month period, the unpaid
amount shall be added to the Prior Accrued Dividend Amount per share of the Series D-2 Preferred Stock solely for purposes of calculating succeeding dividends. 

(d) For so long as any shares of Series D-3 Preferred Stock shall be outstanding, the holders of the outstanding shares of Series D-3
Preferred Stock shall be entitled to receive, in addition to the Series D Accruing Dividends, cumulative preferential dividends at the rate per annum of five percent (5%) per share, compounded semi-annually, of their respective

  

 5 

 
Prior Accrued Dividend Amounts (the “Series D-3 Prior Accruing Dividends” and, together with the Series D-1 Prior Accruing Dividends and the Series D-2 Prior Accruing Dividends,
the “Prior Accruing Dividends”), such that if the dividend is not paid for such six-month period, the unpaid amount shall be added to the Prior Accrued Dividend Amount per share of the Series D-3 Preferred Stock solely for purposes
of calculating succeeding dividends. 
 (e) For so long as any shares of Series E Preferred Stock shall be outstanding, the
holders of the outstanding shares of Series E Preferred Stock shall be entitled to receive cumulative preferential dividends at the rate per annum of five percent (5%) per share, compounded semi-annually, of their respective Invested Amounts
(the “Series E Accruing Dividends”), such that if the dividend is not paid for such six-month period, the unpaid amount shall be added to the Invested Amount per share of the Series E Preferred Stock solely for purposes of
calculating succeeding dividends. For the avoidance of doubt, Series E Accruing Dividends shall begin to accrue with respect to each share of Series E Preferred Stock on the date of issuance of such share of Series E Preferred Stock. 

(f) The Series D Accruing Dividends, the Series E Accruing Dividends and the Prior Accruing Dividends (collectively, the
“Accruing Dividends”) shall be payable when, and if, declared by the Board and shall be cumulative from day to day on each share of Series D Preferred Stock and Series E Preferred Stock, as applicable, from the date of issuance of
such share whether or not declared and whether or not in any dividend period or dividend periods there will be net profits or net assets of the Company legally available for the payment of those dividends. 

2.2 (a) Any dividends paid or declared with respect to the Series D Preferred Stock or the Series E Preferred Stock shall be paid to
the holders of the Series D Preferred Stock or the Series E Preferred Stock, as applicable, in proportion to the unpaid Accruing Dividends with respect to each share of Series D Preferred Stock or Series E Preferred Stock, as applicable. Any
dividends actually paid with respect to a share of Series D Preferred Stock shall be first applied against the unpaid Prior Accruing Dividends, if any, with respect to such share. 

(b) Unless all unpaid Series E Accruing Dividends shall have been paid or declared and a sum sufficient for the payment thereof set
apart: (i) no dividend whatsoever (other than a dividend payable solely in shares of stock of the Company junior in rights and preferences to the Series E Preferred Stock) shall be paid or declared, and no distribution shall be made, on any
other series or class of stock of the Company, and (ii) no shares of any other series or class of stock of the Company shall be purchased, redeemed or acquired by the Company and no monies shall be paid into or set aside, or made available for
a sinking fund, for the purchase, redemption or acquisition thereof; provided, however, that this restriction shall not apply to the repurchase of shares of Common Stock made in compliance with Section 6. 

(c) Unless all unpaid Series D Accruing Dividends shall have been paid or declared and a sum sufficient for the payment thereof set
apart: (i) no dividend whatsoever (other than a dividend payable solely in shares of stock of the Company junior in rights and preferences to the Series D Preferred Stock) shall be paid or declared, and no distribution shall be made, on any
series or class of stock of the Company junior in rights and preferences to the Series D 
  

 6 

 
Preferred Stock, and (ii) no shares of any series or class of stock of the Company junior in rights and preferences to the Series D Preferred Stock shall be purchased, redeemed or acquired
by the Company and no monies shall be paid into or set aside, or made available for a sinking fund, for the purchase, redemption or acquisition thereof; provided, however, that this restriction shall not apply to the repurchase of
shares of Common Stock made in compliance with Section 6. 
 2.3 Subject to Section 2.2 above, the holders of the
outstanding shares of Series D Preferred Stock and Series E Preferred Stock shall be entitled to participate on an as converted basis in any dividends (other than a dividend payable solely in shares of stock of the Company junior to the Series D
Preferred Stock or Series E Preferred Stock, as applicable) paid or declared on shares of stock of the Company junior to the Series D Preferred Stock or Series E Preferred Stock, as applicable. 

2.4 Provided the conditions in Sections 2.2 and 2.3 hereof are satisfied, the holders of the outstanding shares of Common Stock shall be
entitled to dividends when, as and if declared by the Board, out of any funds legally available therefor. 
 3.
Liquidation. 
 3.1 In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or
involuntary, before any payment or declaration and setting apart for payment of any amount shall be made in respect of any class or series of Stock of the Company other than the Series E Preferred Stock, the holder of each share of Series E
Preferred Stock then outstanding shall be entitled to be paid, out of the assets of the Company available for distribution to its stockholders, whether such assets are capital, surplus or earnings (the “Proceeds”), an amount (such
amount the “Series E Liquidation Amount”) equal to the greater of (i) the applicable Initial Liquidation Preference or (ii) such amount per share as would have been payable had each such share been converted to Common
Stock pursuant to Section 5 immediately prior to such liquidation, dissolution or winding up, and the holders of Series E Preferred Stock shall not be entitled to any further payment. If the assets to be distributed to the holders of the Series
E Preferred Stock upon any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, shall be insufficient to permit the payment to such stockholders of the full Series E Liquidation Amount, then all of the assets of
the Company to be distributed shall be distributed ratably among the holders of the Series E Preferred Stock pro rata in proportion to the Initial Liquidation Preference to which the holders of such shares of Series E Preferred Stock are then
entitled. 
 3.2. In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary,
after the payment or distribution to the holders of the Series E Preferred Stock of the full amounts as set forth in Section 3.1 hereof but before any payment or declaration and setting apart for payment of any amount shall be made in respect
of any series or class of stock of the Company junior in rights and preferences to the Series D Preferred Stock (which shall include all series and classes of stock of the Company other than Series E Preferred Stock), the holder of each share of
Series D Preferred Stock then outstanding shall be entitled to be paid out of the remaining Proceeds an amount equal to the greater of (i) the applicable Initial Liquidation Preference or (ii) such amount per share as would have been
payable had each such 
  

 7 

 
share been converted to Common Stock pursuant to Section 5 immediately prior to such liquidation, dissolution or winding up, plus (without duplication of any dividends paid pursuant to
Section 5.4 hereof), only in the case of this subsection (ii), with respect to each share, an amount equal to any applicable Prior Accruing Dividends unpaid thereon (whether or not declared), computed to the date payment thereof is made
available, and the holders of Series D Preferred Stock shall not be entitled to any further payment. If the assets to be distributed to the holders of the Series D Preferred Stock upon any liquidation, dissolution or winding up of the Company,
whether voluntary or involuntary, shall be insufficient to permit the payment to such stockholders of the full preferential amounts as set forth above, then all of the assets of the Company to be distributed shall be distributed ratably among the
holders of the Series D Preferred Stock pro rata in proportion to the Initial Liquidation Preference to which the holders of such shares of Series D Preferred Stock are then entitled. 

3.3 After the payment or distribution to the holders of the Series E Preferred Stock of the full amounts as set forth in Section 3.1
and to the holders of the Series D Preferred Stock of the full amounts as set forth in Section 3.2, the holders of the Common Stock shall be entitled pro rata, based on the number of shares outstanding, to all the remaining assets of the
Company. 
 3.4 Solely for purposes of this Section 3, a sale of all or substantially all of the assets of the Company, or
a merger or consolidation of the Company with or into any other corporation (other than a merger or consolidation in which shares of the Company’s voting capital stock outstanding immediately before such merger or consolidation are exchanged or
converted into or constitute shares which represent more than fifty percent (50%) of the surviving entity’s voting capital stock after such consolidation or merger), or a transaction or series of related transactions in which a person or
group of persons (as defined in Rule 13d-5(b)(1) of the Exchange Act) acquires beneficial ownership (as determined in accordance with Rule 13d-3 of the Exchange Act) of more than 50% of the voting power of the Company (in each case, together with a
liquidation, dissolution or winding up of the Company, a “Liquidity Event”), shall be deemed to be a liquidation, dissolution, or winding up of the Company, unless the Approving Holders consent to treat such merger, consolidation or
acquisition of beneficial ownership otherwise. 
 3.5 The Company shall provide five (5) days’ prior written notice of
any Liquidity Event to all holders of Series D Preferred Stock and Series E Preferred Stock. 
 3.6 The preferential amounts set
forth in Sections 3.1 and 3.2 shall in all events be paid in cash to the extent that the Company has the cash or cash equivalents available for distribution to its stockholders; provided, however, that if such amounts are payable in
connection with a Liquidity Event, then the Approving Holders may elect, on behalf of all holders of Series D Preferred Stock and Series E Preferred Stock, to receive payment of such amounts in the same form of consideration as is payable with
respect to the Common Stock. Wherever a distribution provided for in this Section 3 is payable in property other than cash, the value of such distribution shall be the fair market value of such property as determined in good faith by the Board.

  

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 4. Directors and Voting Rights. 

4.1 Election of Directors. The Board shall consist of ten (10) directors, of which (i) the holders of Series D-3
Preferred Stock, voting as a separate class, shall be entitled to elect three (3) directors, (ii) the holders of Series D-4 Preferred Stock, voting as a separate class, shall be entitled to elect four (4) directors, (iii) the
holders of Series D Preferred Stock, voting as a separate class, shall be entitled to elect one (1) director, and (iv) the holders of Common Stock, Series D Preferred Stock and Series E Preferred Stock, voting together as a single class on
an as converted basis, shall be entitled to elect two (2) directors. If at any time a sub-series of Series D Preferred Stock has no shares issued and outstanding, the number of directors of the Board shall be reduced by the number of directors
to be elected by such sub-series. 
 4.2 General Voting Rights. Except as otherwise expressly provided herein or as
required by law, the holders of Series D Preferred Stock, Series E Preferred Stock and Common Stock shall be entitled to vote on all matters submitted to a vote of stockholders of the Company. Each share of Common Stock shall be entitled to one vote
and each share of Series D Preferred Stock or Series E Preferred Stock shall be entitled to that number of votes equal to the largest number of whole shares of Common Stock into which such share of Series D Preferred Stock or Series E Preferred
Stock, as applicable, may be converted as of the close of business on the record date fixed for any meeting of the stockholders of the Company or the effective date of any written consent, vote or approval of any of the stockholders of the Company
(with any fractional share determined on an aggregate basis for each holder being rounded up to the next whole share). Except as otherwise expressly provided herein or as required by law, the holders of Series D Preferred Stock, Series E Preferred
Stock and Common Stock shall vote together as a single class and not as separate classes. 
 4.3 Vacancies. In the case
of any vacancy in the office of a director elected by the holders of any of the Company’s capital stock voting as a separate class or together as a single class pursuant to Section 4.1 hereof, then the holders of such class shall have the
exclusive right to elect a successor or successors to hold office for the unexpired term of the director or directors whose office or offices shall be vacant. Any director who shall have been elected by the holders of any of the Company’s
capital stock voting as a separate or single class of stock, or by any directors so elected as provided in the next preceding sentence hereof, may be removed during the aforesaid term of office, either for or without cause, by, and only by, the vote
of the holders of the shares of the class who elected such director or directors. 
 5. Conversion. The holders of Series
D Preferred Stock and Series E Preferred Stock shall have the following conversion rights (the “Conversion Rights”): 

5.1 Right to Convert Series D and Series E Preferred Stock. Each share of Series D Preferred Stock and Series E Preferred Stock
shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, into that number of fully paid and non-assessable shares of Common Stock (or other securities or property pursuant to Sections 5.6 or
5.7 below) which shall result from dividing the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock, as applicable, in effect at the time of conversion into the Invested Amount applicable to the Series D Preferred Stock
or the Series E Preferred Stock. 
  

 9 

 5.2 Automatic Conversion. 

5.2.1 Each share of Series D Preferred Stock shall automatically be converted into that number of fully paid and non-assessable shares of
Common Stock (or other securities or property pursuant to Sections 5.6 or 5.7 below) which shall result from dividing the Conversion Price then in effect for the Series D Preferred Stock into the Invested Amount applicable to the Series D Preferred
Stock immediately upon any of the following: 
 5.2.1.1 The closing of a firmly underwritten offering of Common Stock
pursuant to a registration statement under the Securities Act of 1933, as amended, or any successor statute, resulting in gross proceeds to the Company (before underwriting discounts and commissions and offering expenses) of One Hundred Million
Dollars ($100,000,000) or more and which has a per share price to the public of not less than $26.00 (such per share price appropriately adjusted for stock splits, stock dividends and share combinations affecting the number of outstanding shares of
Common Stock after the Effective Time), or such lesser amount of (i) gross proceeds to the Company, (ii) price per share to the public or (iii) both, to which the Approving Holders (which term, for the purposes of this
Section 5.2.1, shall not include any references to Series E Preferred Stock) consent (a “Qualified Public Offering”); or 

5.2.1.2 The vote or delivery to the Company of written consent of the Approving Holders (which term, for the purposes of this
Section 5.2.1, shall not include any references to Series E Preferred Stock). This consent can be contingent upon the occurrence of certain events (e.g., immediately prior to the occurrence of a specified Liquidity Event). 

5.2.2 Each share of Series E Preferred Stock shall automatically be converted into that number of fully paid and non-assessable shares of
Common Stock (or other securities or property pursuant to Sections 5.6 or 5.7 below) which shall result from dividing the Conversion Price then in effect for the Series E Preferred Stock into the Invested Amount applicable to the Series E Preferred
Stock immediately upon any of the following: 
 5.2.2.1 The closing of a Qualified Public Offering; provided,
however, that if the Qualified Public Offering has a per share price to the public (the “Offering Price”) of less than the amount of the Initial Liquidation Preference per share as of the date of the Qualified Public Offering
(such per share amount appropriately adjusted for stock splits, stock dividends and share combinations affecting the number of outstanding shares of Common Stock after the Effective Time), then the number of shares of Common Stock into which each
share of Series E Preferred Stock shall be converted shall be equal to the greater of (x) the number of shares of Common Stock that the Series E Preferred Stock would be convertible into pursuant to Section 5.2.2 and (y) the number of
shares of Common Stock equal to the quotient obtained by dividing the amount of the Initial Liquidation Preference by the Offering Price; or 

5.2.2.2 The vote or delivery to the Company of written consent of the Approving Holders (which term, for the purposes of this
Section 5.2.2, shall not include any references to Series D Preferred Stock). This consent can be contingent upon the occurrence of certain events (e.g., immediately prior to the occurrence of a specified Liquidity Event). 

 

 10 

 5.2.3 Upon the occurrence of any event specified in Section 5.2.1 or
Section 5.2.2, as applicable, the outstanding shares of Series D Preferred Stock and, as applicable, Series E Preferred Stock (subject to the proviso in Section 5.2.2.1) shall be converted automatically, without any further action by the
holders of such shares or the Company and whether or not the certificates representing such shares are surrendered to the Company or its transfer agent. Such conversion shall be deemed to have been made (i) immediately prior to, and contingent
upon, the consummation of a Qualified Public Offering, or (ii) as set forth and provided in such vote or written consent described in Section 5.2.1 or Section 5.2.2, as applicable, and the person or persons entitled to receive the
shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock at such time on such date. 

5.2.4 Upon the automatic conversion of the Series D Preferred Stock and, as applicable, the Series E Preferred Stock, the holders of
Series D Preferred Stock and, as applicable, Series E Preferred Stock shall surrender the certificates representing such shares, duly endorsed, at the office of the Company or of any transfer agent for the Common Stock or the Series D Preferred
Stock or the Series E Preferred Stock or shall notify the Company or transfer agent that such certificates have been lost, stolen or destroyed and shall execute an agreement satisfactory to the Company to indemnify the Company from any loss incurred
by it in connection therewith. Thereupon, the Company shall promptly issue and deliver at such office to such holder of Series D Preferred Stock or Series E Preferred Stock, as applicable, new certificates for the number of shares of Common Stock to
which such holder is entitled. 
 5.3 Mechanics of Voluntary Conversion. 

5.3.1 Before any holder of shares of Series D Preferred Stock or Series E Preferred Stock shall be entitled voluntarily to convert the
same into shares of Common Stock, such holder shall surrender the certificates representing such shares, duly endorsed, at the office of the Company or of any transfer agent for the Common Stock or the Series D Preferred Stock or the Series E
Preferred Stock, or shall notify the Company or transfer agent that such certificates have been lost, stolen or destroyed and shall execute an agreement satisfactory to the Company to indemnify the Company from any loss incurred by it in connection
therewith, and shall give written notice to the Company at such office that such holder elects to convert the same, stating therein the series and number of shares of Series D Preferred Stock or Series E Preferred Stock, as applicable, being
converted. Thereupon, the Company shall promptly issue and deliver at such office to such holder of Series D Preferred Stock or Series E Preferred Stock, as applicable, new certificates for the number of shares of Common Stock to which such holder
shall be entitled. 
 5.3.2 Any voluntary conversion of shares of Series D Preferred Stock or Series E Preferred Stock, as
applicable, shall be deemed to have been made immediately prior to the close of business on the date of such surrender of such shares to be converted, or delivery of the above-described notification and indemnity, and the person or persons entitled
to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock at such time on such date, unless the

  

 11 

 
transfer books of the Company are closed on such date, in which event such person or persons shall be deemed to have become a stockholder or stockholders of record on the next succeeding date on
which the transfer books are open, but the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock, as applicable, shall be that in effect on such prior time and date. Upon conversion of only a portion of the number of
shares of Series D Preferred Stock or and Series E Preferred Stock, as applicable, represented by a certificate surrendered for conversion, the Company shall issue and deliver to the holder of the certificate so surrendered for conversion, at the
expense of the Company, a new certificate covering the number of shares of Series D Preferred Stock or Series E Preferred Stock, as applicable, representing the unconverted portion of the certificate so surrendered. 

5.4 Dividend Payment Upon Conversion. Upon any conversion of shares of Series D Preferred Stock or Series E Preferred Stock into
shares of Common Stock, the Company shall not be obligated to pay any unpaid Accruing Dividends on the shares of Series D Preferred Stock or Series E Preferred Stock being converted and all such amounts of Accruing Dividends shall be forgiven,
except as set forth in the following sentence with respect to Series D-3 Preferred Stock in the event of conversion thereof into shares of Common Stock in a Qualified Public Offering. Upon conversion of shares of Series D-3 Preferred Stock into
shares of Common Stock in a Qualified Public Offering, the Company shall be obligated to pay only three-eighths (3/8) of all unpaid Series D-3 Prior Accruing Dividends on the shares of Series D-3 Preferred Stock being converted and any other
amounts of the Series D-3 Prior Accruing Dividends shall be forgiven; provided, however, that if the Company shall be prohibited by law or by this Sixth Amended and Restated Certificate of Incorporation from making all such payments in
cash, the Company shall, in lieu of making a full cash payment of all such unpaid dividends, make payment thereof in cash to the extent permitted by law and shall pay the balance in whole shares of Common Stock, at the then current fair market value
of the Common Stock, plus cash in lieu of any fractional share. 
 5.5 Adjustment for Stock Splits and Combinations. If
the Company shall at any time effect a subdivision of the outstanding shares of Common Stock (or other securities into which Series D Preferred Stock or Series E Preferred Stock may be converted) by way of stock split, stock dividend or otherwise,
then, and in each such case, the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock as in effect immediately before such subdivision shall be proportionately decreased and, conversely, if the Company shall at any time
combine the outstanding shares of Common Stock (or other securities into which Series D Preferred Stock or Series E Preferred Stock may be converted) by way of reverse stock split or otherwise, then, and in each such case, the Conversion Price for
the Series D Preferred Stock or the Series E Preferred Stock as in effect immediately before such combination shall be proportionately increased. 

5.6 Adjustment for Reclassification, Exchange and Substitution. If the Common Stock (or other securities into which Series D
Preferred Stock or Series E Preferred Stock may be converted) shall at any time be reclassified or otherwise changed, whether by reorganization, reclassification or otherwise (other than by a merger, consolidation or sale of assets described in
Section 5.7), then, and in each such event, each share of Series D Preferred Stock and Series E Preferred Stock shall thereafter be convertible into the kind and amount of shares of stock and

  

 12 

 
other securities or property which the holder of that number of shares of Common Stock (or other securities) into which such share of Series D Preferred Stock and Series E Preferred Stock shall
be convertible immediately prior to such event would be entitled to receive upon the occurrence of such event. 
 5.7 Merger,
Consolidation and Sale of Assets. If the Company shall at any time merge or consolidate with or into another corporation (other than a merger or consolidation which is covered by Section 3.4 or where the Company is the surviving corporation
and there is no reclassification or change in the Common Stock or other securities into which Series D Preferred Stock or Series E Preferred Stock may be converted) or shall sell all or substantially all of its properties and assets to any other
person (other than a sale which is covered by Section 3.4), then, as a part of such merger, consolidation or sale, provision shall be made to assure that each holder of Series D Preferred Stock and Series E Preferred Stock shall thereafter be
entitled to receive, upon conversion of the Series D Preferred Stock or the Series E Preferred Stock, the kind and amount of shares of stock and other securities or property of the Company, or of the successor corporation resulting from such merger,
consolidation or sale, that the holder of that number of shares of Common Stock (or other securities) into which the Series D Preferred Stock or Series E Preferred Stock held by such holder shall be convertible immediately prior to such merger,
consolidation or sale would be entitled to receive on such merger, consolidation or sale. In every such case, appropriate adjustment shall be made in application of the provisions of this Section 5 with respect to the rights of the holders of
Series D Preferred Stock and Series E Preferred Stock after the merger, consolidation or sale to the end that the provisions of this Section 5 (including adjustment of the Conversion Price for the Series D Preferred Stock or the Series E
Preferred Stock then in effect and the kind and amount of shares or other property into which the Series D Preferred Stock or the Series E Preferred Stock may be converted) shall be applicable after that event, as nearly equivalent as may be
practicable. 
 5.8 Adjustments of Conversion Price Upon Dilutive Issuances. 

5.8.1 Except as provided in Section 5.8.2, if and whenever after the Effective Time the Company shall issue or sell, or is, in
accordance with Section 5.8.1.1 through Section 5.8.1.6, deemed to have issued or sold, any shares of Common Stock for a consideration per share less than the Conversion Price for the Series D Preferred Stock or the Series E Preferred
Stock then in effect, then, forthwith upon such issue or sale, the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock shall be reduced to a price (calculated to the nearest cent) determined by multiplying the
Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock then in effect by a fraction (A) the numerator of which is the total number of shares of Common Stock Deemed Outstanding (as hereinafter defined) immediately
prior to such issue or sale, plus the number of shares of Common Stock which the aggregate consideration received (or deemed received) by the Company in such issue or sale (or deemed issue or sale) would purchase at such Conversion Price in
effect immediately prior to such issue or sale (or deemed issue or sale), and (B) the denominator of which is the total number of shares of Common Stock Deemed Outstanding immediately prior to such issue or sale, plus the number of
shares of Common Stock so issued or sold (or so deemed to have been issued or sold). “Common Stock Deemed Outstanding” shall mean, as of any applicable time, the sum of (i) the number of outstanding shares of Common Stock, and
(ii) the number of shares of Common Stock 
  

 13 

 
that could be obtained through the exercise or conversion of all then outstanding rights, options and convertible securities (including, without limitation, the Series D Preferred Stock and the
Series E Preferred Stock). For the avoidance of doubt, when determining the Common Stock Deemed Outstanding for the purpose of making an adjustment to the Series E Preferred Stock Conversion Price, any adjustment to the Series D Preferred Stock
Conversion Price that would result from a transaction shall be taken into account when determining the number of shares of Common Stock that could be obtained through the conversion of Series D Preferred Stock. For the avoidance of doubt, there
could exist a situation that would require the adjustment of the Conversion Price of the Series E Preferred Stock and not require the adjustment of the Conversion Price of the Series D Preferred Stock. 

For purposes of this Section 5.8.1, the following subsections 5.8.1.1 to 5.8.1.6 shall also be applicable: 

5.8.1.1 Issuance of Rights or Options. In case at any time the Company shall in any manner grant (whether directly or by
assumption in a merger or otherwise) any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Common Stock or any stock or security convertible into or exchangeable for Common Stock (such warrants, rights or
options being called “Options” and such convertible or exchangeable stock or securities being called “Convertible Securities”) whether or not such Options or the right to convert or exchange any such Convertible
Securities are immediately exercisable, and the price per share for which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of such Convertible Securities (determined by dividing (i) the total amount,
if any, received or receivable by the Company as consideration for the granting of such Options, plus the minimum aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus, in the case of such
Options which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable upon the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, by (ii) the total
maximum number of shares of Common Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options) shall be less than the Conversion Price for the
Series D Preferred Stock or the Series E Preferred Stock in effect immediately prior to the time of the granting of such Options, then the total maximum number of shares of Common Stock issuable upon the exercise of such Options or upon conversion
or exchange of the total maximum amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued for such price per share as of the date of granting of such Options or the issuance of such
Convertible Securities and thereafter shall be deemed to be outstanding. Except as otherwise provided in Section 5.8.1.3, no adjustment of any Conversion Price shall be made upon the actual issue of such Common Stock or of such Convertible
Securities upon exercise of such Options or upon the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities. 

5.8.1.2 Issuance of Convertible Securities. In case the Company shall in any manner issue (whether directly or by assumption in a
merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible Securities are immediately exercisable, and the price per share for which Common Stock is

  

 14 

 
issuable upon such conversion or exchange (determined by dividing (i) the total amount received or receivable by the Company as consideration for the issue or sale of such Convertible
Securities, plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, by (ii) the total maximum number of shares of Common Stock issuable upon the conversion or
exchange of all such Convertible Securities) shall be less than the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock in effect immediately prior to the time of such issue or sale, then the total maximum number of
shares of Common Stock issuable upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued for such price per share as of the date of the issue or sale of such Convertible Securities and thereafter shall be
deemed to be outstanding, provided that (a) except as otherwise provided in Section 5.8.1.3, no adjustment of any Conversion Price shall be made upon the actual issue of such Common Stock upon conversion or exchange of such Convertible
Securities and (b) if any such issue or sale of such Convertible Securities is made upon exercise of any Options to purchase any such Convertible Securities for which adjustments of a Conversion Price have been or are to be made pursuant to
other provisions of this Section 5.8.1, no further adjustment of such Conversion Price shall be made by reason of such issue or sale. 

5.8.1.3 Change in Option Price or Conversion Rate. Upon the happening of any of the following events, namely, if the purchase
price provided for in any Option referred to in Section 5.8.1.1, the additional consideration, if any, payable upon the conversion or exchange of any Convertible Securities referred to in Section 5.8.1.1 or 5.8.1.2, or the rate at which
Convertible Securities referred to in Section 5.8.1.1 or 5.8.1.2 are convertible into or exchangeable for Common Stock shall change at any time (including, but not limited to, changes under or by reason of provisions designed to protect against
dilution), the Conversion Price for the Series D Preferred Stock or the Series E Preferred Stock in effect at the time of such event shall forthwith be readjusted to the Conversion Price which would have been in effect at such time had such Options
or Convertible Securities still outstanding provided for such changed purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted, issued or sold, but only if as a result of such adjustment any
Conversion Price then in effect hereunder is thereby reduced; and on the termination of any such Option or any such right to convert or exchange such Convertible Securities, the Conversion Price, if adjusted, then in effect hereunder shall forthwith
be increased to the Conversion Price which would have been in effect at the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such termination, never been issued. 

5.8.1.4 Consideration for Stock. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for
cash, the consideration received therefor shall be deemed to be the amount received by the Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company in
connection therewith. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be
the fair value of such consideration as determined in good faith by the Board, without deduction of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. In case any Options
shall be issued in connection with the 
  

 15 

 
issue and sale of other securities of the Company, together comprising one integral transaction in which no specific consideration is allocated to such Options by the parties thereto, such
Options shall be deemed to have been issued for such consideration as determined in good faith by the Board. 
 5.8.1.5
Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or
(ii) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 

5.8.1.6 Treasury Shares. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held
by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock for the purpose of this Section 5.8.1. 

5.8.2 Certain Issues of Common Stock Excepted. Anything herein to the contrary notwithstanding, the Company shall not be required
to make any adjustment of any Conversion Price in the case of the issuance and sale, deemed issuance and sale of, or, in the case of any Option or Convertible Security, change in the purchase price, consideration payable or conversion rate in
respect of, any of the following: 
 5.8.2.1 shares of Common Stock issued or issuable upon (i) conversion or exchange of
any Convertible Securities outstanding at the Effective Time or (ii) exercise of any Options outstanding at the Effective Time; 

5.8.2.2 shares of Common Stock issued or issuable as a dividend or distribution on, or upon conversion of, the Series D Preferred Stock
or Series E Preferred Stock in accordance with the provisions of this Section 5; 
 5.8.2.3 shares of Common Stock issued
or issuable by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by Sections 5.5 or 5.6; 

5.8.2.4 Options or shares of Common Stock issued or issuable to employees or directors of, or consultants to, the Company pursuant to the
Company’s stock plans in effect on April 1, 2009 or approved by the Approving Holders to the extent that the issuance of such Options or shares of Common Stock has been approved by a majority of the Board, which majority must include all
non-independent directors designated by the holders of Series D-3 Preferred Stock and Series D-4 Preferred Stock (such board approval, “Special Board Approval”); and 

 

 16 

 5.8.2.5 securities issued or issuable with the approval of the Approving Holders (unless the
Approving Holders condition such approval on an appropriate adjustment to a Conversion Price). 
 5.9 Time of Adjustments to
Conversion Price. 
 5.9.1 All adjustments to any Conversion Price, unless otherwise specified herein, shall be effective as
of the earliest of: 
 5.9.1.1 the date of issue of the security causing the adjustment; 

5.9.1.2 the date of sale of the security causing the adjustment; 

5.9.1.3 the effective date of a division or combination of shares; or 

5.9.1.4 the record date of any action of holders of the Company’s capital stock of any class taken for the purpose of dividing or
combining shares or entitling stockholders to receive a distribution or dividends payable in Common Stock, Options or Convertible Securities. 

5.10 Notice of Adjustments. In each case of an adjustment of any Conversion Price, the Company, at its expense, shall cause the
chief financial officer of the Company to compute such adjustment and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based, including a statement of (a) the consideration
received or to be received by the Company, if any, for any additional shares of Common Stock, Options or Convertible Securities issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock outstanding or deemed
to be outstanding, and (c) the adjusted Conversion Price. The Company shall promptly mail a copy of each such certificate to each holder of Series D Preferred Stock or Series E Preferred Stock affected by such adjustment. 

5.11 Duration of Adjusted Conversion Price. Following each adjustment of a Conversion Price, such adjusted Conversion Price shall
remain in effect until a further adjustment of such Conversion Price hereunder. 
 5.12 Minimum Adjustment. No adjustment
of a Conversion Price shall be made in an amount less than One Cent ($.01) (subject to appropriate adjustments for stock splits and stock dividends, and provided that at such time as events causing adjustments accumulating One Cent ($.01) or more
have occurred, adjustments to a Conversion Price shall be made), and no adjustment of a Conversion Price shall have the effect of increasing the Conversion Price above the amount of such Conversion Price in effect immediately prior to such
adjustment (except for the upward adjustments provided in Sections 5.5, 5.7 and 5.8.1.3). 
 5.13 Notices of Record Date.
In the event of any reclassification of or other change in the capital stock of the Company or any merger or consolidation of the Company (other than a merger of one or more wholly owned Subsidiaries into the Company), transfer of all or
substantially all of the assets of the Company to any other person or voluntary or 
  

 17 

 
involuntary dissolution, liquidation or winding up of the Company, the Company shall mail to each holder of Series D Preferred Stock and Series E Preferred Stock, at least thirty (30) days
prior to the record date of such event, a notice specifying the date on which such event is expected to become effective and the time, if any, that is to be fixed as to when the holders of record of shares of Common Stock (or other securities) shall
be entitled to exchange their shares of Common Stock (or other securities) for securities or other property deliverable upon such event. 

5.14 Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of shares of Series D Preferred Stock
or Series E Preferred Stock. The number of shares of Common Stock to which a holder of shares of Series D Preferred Stock or Series E Preferred Stock shall be entitled shall be based on the aggregate number of shares of Series D Preferred Stock or
Series E Preferred Stock, as applicable, then being converted by such holder. In lieu of any fractional share to which such holder would otherwise be entitled, the Company shall pay cash equal to the fair market value of such fraction based on the
fair market value of one (1) share of Common Stock on the date of conversion, as determined in good faith by the Board. 

5.15 Reservation of Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of
Common Stock (or other securities into which the Series D Preferred Stock and the Series E Preferred Stock may be converted), solely for the purpose of effecting the conversion of the Series D Preferred Stock and the Series E Preferred Stock, such
number of its shares of Common Stock (or other securities) as shall, from time to time, be sufficient to effect the conversion of (i) all outstanding shares of Series D Preferred Stock and Series E Preferred Stock and (ii) all shares of
Series D Preferred Stock and Series E Preferred Stock issuable under outstanding warrants, options or similar rights. If at any time the number of authorized but unissued shares of Common Stock (or other securities) shall not be sufficient to effect
the conversion of all the Series D Preferred Stock and Series E Preferred Stock then outstanding, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of
Common Stock (or other securities) to such number of shares as shall be sufficient for such purpose. If any shares of Common Stock reserved for the purpose of conversion of shares of Series D Preferred Stock and Series E Preferred Stock require
registration, qualification or listing with, or approval of, any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation or otherwise before such shares may be validly issued or delivered upon
conversion, the Company will, in good faith, at its own expense and as expeditiously as possible, endeavor to secure such registration, qualification, approval or listing, as the case may be. 

5.16 Notices. Any notice required by the provisions of this Section 5 to be given to a holder of Series D Preferred Stock or
Series E Preferred Stock shall be deemed given five (5) business days after the same has been deposited in the U.S. mail, certified or registered, return receipt requested, postage prepaid and addressed to each holder of record at such
holder’s address appearing on the stock record books of the Company. 
  

 18 

 5.17 Payment of Taxes. The Company will pay all taxes and other governmental charges
(other than taxes based on income) that may be imposed in respect of the issue or delivery of shares of Common Stock (or other securities or property) upon conversion of the Series D Preferred Stock or the Series E Preferred Stock. The Company shall
not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that in which the shares of Series D Preferred Stock or Series E Preferred
Stock, as applicable, so converted were registered, and no such issue or delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction of the
Company that such tax has been paid. 
 5.18 No Dilution or Impairment. The Company shall not amend its Certificate of
Incorporation or participate in any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or take any other voluntary action for the purpose of avoiding or seeking to avoid the observance or performance
of any of the terms to be observed or performed hereunder by the Company, but will at all times, in good faith, assist in carrying out all such action as may be reasonably necessary or appropriate in order to protect the conversion rights of holders
of Series D Preferred Stock or Series E Preferred Stock against impairment. 
 5.19 Status of Converted Stock. In case
any shares of any series of Series D Preferred Stock or Series E Preferred Stock shall be converted pursuant hereto, the shares so converted shall be canceled and the authorized number of shares of such series of Series D Preferred Stock or Series E
Preferred Stock, as applicable, shall be reduced accordingly. 
 6. Restrictions and Limitations. 

6.1 Preferred Stock Voting Rights. At any time when shares of Series D Preferred Stock or Series E Preferred Stock are
outstanding, except where the vote or written consent of the holders of a greater number of shares of the Company is required by law or by this Sixth Amended and Restated Certificate of Incorporation, and in addition to any other vote required by
law or this Sixth Amended and Restated Certificate of Incorporation, without the approval of the Approving Holders, the Company or any Subsidiary will not: 

6.1.1 Amend, alter or repeal this Sixth Amended and Restated Certificate of Incorporation or the Company’s By-laws; 

6.1.2 Purchase or redeem or set aside any sums for the purchase or redemption of, or pay any dividend or make any distribution on, any
shares of capital stock of the Company or any Subsidiary, except for the purchase by the Company of shares of Common Stock, Series D Preferred Stock or Series E Preferred Stock from directors, officers, employees or consultants of the Company or any
Subsidiary upon Special Board Approval. 
 6.1.3 Sell, transfer or otherwise dispose of (other than sales of inventory or other
items in the ordinary course of business), in any transaction or series of related transactions, assets constituting more than $10,000,000; 
  

 19 

 6.1.4 (a) Create or authorize the creation of any additional class or series of shares
of stock, including without limitation, by the Board establishing any designations, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption with
respect to Blank Check Preferred or (b) increase the authorized amount of the Series D Preferred Stock or Series E Preferred Stock, or create or authorize any obligation or security convertible into shares of Series D Preferred Stock or Series
E Preferred Stock; 
 6.1.5 Consummate an initial public offering of the Common Stock, other than a Qualified Public Offering;

 6.1.6 Consummate any merger or consolidation of the Company or any Subsidiary (other than a merger of one or more wholly
owned Subsidiaries into the Company or one or more other wholly owned Subsidiaries), or any sale of all or substantially all of the assets of the Company and its Subsidiaries (on a consolidated basis), except for any such transaction contemplated by
Section 10(b) of that certain Sixth Amended and Restated Stockholders Agreement of the Company dated as of April 1, 2009, as amended from time to time; 

6.1.7 Adopt any material alteration in the Company’s business plan or the nature of the Company’s business; 

6.1.8 Increase or decrease the size of the Board from ten (10) directors (except in accordance with Section 4.1); 

6.1.9 Increase the number of shares of Common Stock available for issuance or grant to employees, director and consultants pursuant to
the Company’s stock incentive plan or create any new such stock incentive plan; 
 6.1.10 Issue or sell any equity
securities of the Company or any Subsidiary or securities convertible into equity securities of the Company or any Subsidiary, except for (a) issuances and sales of Common Stock, Options or Convertible Securities as described in
Section 5.8.2.1 or 5.8.2.2 hereof, (b) issuances or sales pursuant to the Company’s stock plans, which plans are in effect on April 1, 2009 or otherwise approved pursuant to Section 6.1.9, (c) issuances and sales of
securities of any Subsidiary to the Company or a wholly owned Subsidiary, or (d) pursuant to a Qualified Public Offering; 

6.1.11 Suffer to exist indebtedness for borrowed money outstanding at any one time in excess of $500,000,000, or incur indebtedness for
borrowed money in excess of $50,000,000 in connection with any transaction or series of related transactions or incur or refinance, during any fiscal year, indebtedness for borrowed money in excess of $20,000,000 (other than revolving credit
borrowings incurred in the ordinary course of business for working capital purposes) (it being expressly understood that the Company’s accounts receivable securitization facility shall not constitute indebtedness for borrowed money);

  

 20 

 6.1.12 Acquire the securities, business or assets of any other person or entity (whether
pursuant to an acquisition, investment, joint venture or otherwise) for an aggregate purchase price in excess of $10,000,000; 

6.1.13 Make any loan (other than credit advances to customers in the ordinary course of business) to any other person or entity; or

 6.1.14 Terminate, replace, or reassign the Company’s chief executive officer. 

7. Common Stock. 

7.1 All preferences, voting powers, relative, participating, optional or other special rights and privileges, and qualifications,
limitations, or restrictions of the Common Stock are expressly made subject and subordinate to those that may be fixed with respect to any shares of Preferred Stock. 

7.2 Except as otherwise expressly provided herein or required by law, each holder of Common Stock shall have one vote in respect of each
share of stock held by him of record on the books of the Company for the election of directors and on all matters submitted to a vote of stockholders of the Company. Notwithstanding the provisions of Section 242(b)(2) of the General Corporation
Law of the State of Delaware, the number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the Common Stock,
Series D Preferred Stock and Series E Preferred Stock, voting together as a single class on an as converted basis. 
 8.
Construction. A reference in this Article FOUR to any Section shall mean a section of this Article FOUR and shall include a reference to every Section the number of which begins with the number of the Section to which reference is
specifically made (e.g., a reference to Section 5.2 shall include a reference to Sections 5.2.1 and 5.2.2). 
 FIVE:
The Board is expressly authorized to make, alter or repeal By-laws of the Company, but the stockholders of the Company may make additional bylaws and may alter or repeal any bylaw whether adopted by them or otherwise, subject to the provisions
contained in Article Four. 
 SIX: Elections of directors to the Board need not be by written ballot except and to the
extent provided in the By-laws of the Company. 
 SEVEN: Pursuant to Section 102(b)(7) of the General Corporation
Law of the State of Delaware, the Company hereby eliminates the personal liability of a director to the Company and its stockholders for monetary damages for breach of fiduciary duty as a director, provided that this Article SEVEN does not eliminate
or limit the liability of a director (i) for any breach of such director’s duty of loyalty to the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit. This Article SEVEN shall not

  

 21 

 
eliminate the liability of a director for any act or omission prior to the date upon which this Article SEVEN becomes effective. No amendment to or repeal of this Article SEVEN shall apply to or
have any effect on the liability or alleged liability of any director for or with respect to any act or omission of such director prior to such amendment or repeal. 

EIGHT: This filing shall be effective at 8:30 a.m. on April 1, 2009. 

 

 22 

 IN WITNESS WHEREOF, this Sixth Amended and Restated Certificate of Incorporation has
been signed under the seal of the Company this 31st day of March, 2009. 
  

			
	FLEETCOR TECHNOLOGIES, INC.
		
	By:	 	      /s/ Ronald F.
Clarke

			
	Name:	 	Ronald F. Clarke
	Title:	 	Chief Executive Officer

 [Signature
Page to Sixth Amended and Restated Certificate of Incorporation] 

 Exhibit B 

							
	
 

	  	 1180 Peachtree Street, NE

Atlanta, Georgia 30309
 www.kslaw.com

 

		  	 King & Spalding LLP

Direct Dial: 404/572-4600
 Direct Fax:
404/572-5100

 April 1, 2009 

To the each of the Purchasers under the Purchase Agreement (as hereinafter defined) listed on Exhibit A hereto 

Ladies and Gentlemen: 
 We have
acted as counsel to FleetCor Technologies, Inc., a Delaware corporation (the “Company”), in connection with the negotiation, execution and delivery of that certain Series E Convertible Preferred Stock Purchase Agreement (the “Purchase
Agreement”), dated as of the date hereof, by and among the Company and the purchasers listed therein. Unless otherwise defined herein, all capitalized terms used herein shall have the respective meanings ascribed to those terms in the Purchase
Agreement. The Purchase Agreement, the Stockholders Agreement and the Registration Rights Agreement are collectively referred to herein as the “Transaction Agreements.” 

This opinion letter is limited by, and is given in accordance with, the Interpretive Standards Applicable to Certain Legal Opinions to
Third Parties in Corporate Transactions adopted by the Legal Opinion Committee of the Corporate and Banking Law Section of the State Bar of Georgia, effective January 1, 1992, which Interpretive Standards are incorporated in this opinion letter
by this reference. 
 We have examined and relied upon the accuracy of original, certified, conformed or photographic copies of
such documents, records, agreements and certificates as we have considered relevant hereto. In all such examinations, we have assumed the genuineness of signatures on original documents and the conformity to such original documents of all copies
submitted to us as certified, conformed or photographic copies, and, as to certificates of public officials, we have assumed the same to have been properly given and to be accurate. We have also assumed that each agreement referred to in this letter
has been duly authorized, executed and delivered by, and is a legal, valid, binding and enforceable obligation of, each party thereto other than the Company. We have also relied, as to various matters of fact relating to this opinion, on
certificates of public officials and officers of the Company. 

 April 1, 2009 

Page 2 
  

 Additionally, we have, with your consent, assumed and relied upon the following without
undertaking any independent investigation or inquiry: 
 (a) with respect to the factual matters set forth
herein, (i) the accuracy and completeness of all certificates and other statements, documents, records, financial statements and papers reviewed by us, and (ii) the accuracy and completeness of all representations and warranties of the
Company and all schedules and exhibits contained in the Transaction Agreements; 
 (b) each party to the
Transaction Agreements (other than the Company) is duly organized, validly existing and in good standing under the laws of all jurisdictions where it is conducting its business or otherwise required to be so qualified to do business, and has full
power and authority to execute, deliver and perform under the Transaction Agreements and all such documents have been authorized, executed and delivered by such party; 

(c) each party to the Transaction Agreements (other than the Company) will act in good faith with respect to its
respective obligations and rights under the Transaction Agreements; and 
 (d) the absence of duress, fraud or
mutual mistake of material facts on the part of parties to the Transaction Agreements. 
 As to the facts material to the
opinions expressed below and limited by the expression “known to us,” we have relied on representations, statements and certificates of officers of the Company, and we have made such inquiry as we have deemed appropriate in the
circumstances. With respect to the representations, statements and certificates referred to above, we have not undertaken to verify independently the representations, statements and certifications made. The opinion set forth in paragraph 1 below as
to the due incorporation, valid existence and good standing of the Company is based solely on a review of the certificate of the Secretary of State of Delaware delivered to you this date. 

This opinion is limited in all respects to the federal laws of the United States of America, the Delaware General Corporation Law and the
laws of the State of Georgia, and no opinion is expressed with respect to the laws of any other jurisdiction or any effect which such laws may have on the opinions expressed herein. Insofar as the Transaction Agreements invoke the laws of any state
or jurisdiction other than Georgia as applicable to the construction, validity, binding effect or enforceability of such Transaction Agreements, we have assumed, with your consent, that the laws of such state or jurisdiction do not differ from
Georgia law with respect to such matters. No opinion is expressed with respect to the enforceability of any such choice of law provision. 

 April 1, 2009 

Page 3 
  

 Based upon the foregoing, we are of the opinion that: 

1. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has
all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

2. The Company has all necessary corporate power and has taken all necessary corporate action required for the due authorization,
execution, delivery and performance by the Company of the Transaction Agreements and the consummation of the transactions contemplated therein, and for the due authorization, and the issuance and delivery of the Shares and the Conversion Shares
issuable pursuant to the Purchase Agreement and the Charter. The issuance of the Shares and the Conversion Shares does not and will not require any further corporate action. Each of the Transaction Agreements will be a valid and binding obligation
of the Company enforceable in accordance with its respective terms, except: 
 (a) as the enforceability thereof
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally; 

(b) as the enforceability thereof may be limited by general principles of equity (regardless of whether such
enforceability is considered in an action at law or is a suit in equity) including the availability of equitable remedies; 

(c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to certain
equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; and 

(d) those provisions of the Transaction Agreements providing indemnification or reimbursement to, or waiver of claims
against a party where the claim to be indemnified, reimbursed or waived results from the negligence or misconduct of or violation of law by such party or where such indemnification, reimbursement or waiver would violate public policy. 

3. No consent, approval, license or authorization of, or designation, declaration or filing with, any court or governmental authority is
or will be required on the part of the Company in connection with the execution, delivery and performance by the Company of the Transaction Agreements, or in connection with the issuance of the Shares, except for (a) those which have already
been made or granted, (b) filings pursuant to federal and state securities laws in connection with the sale of the Shares, and (c) the filing of registration statements with the SEC and any applicable state securities commission as
specifically provided for in the Registration Rights Agreement. 

 April 1, 2009 

Page 4 
  

 4. The Shares and the Conversion Shares have been duly authorized and, when issued in
accordance with the terms of the Purchase Agreement and the Charter, will be validly issued, fully paid and non-assessable. 

5. Neither the execution, delivery or performance of the Transaction Agreements nor the consummation of the transactions contemplated
thereby, nor the offer, issuance, sale or delivery of the Shares or Conversion Shares, with or without the giving of notice or passage of time, or both, will violate, or result in any breach of, or constitute a default under, or result in the
imposition of any encumbrance upon any asset of the Company pursuant to any provision of (a) its charter or by-laws, (b) any statute, rule or regulation known to us by which the Company is bound, or (c) the Credit Agreements.

 6. The Charter has been filed with the Secretary of State of Delaware in accordance with the Delaware General Corporation Law
and is effective. The Company’s performance of its obligations pursuant to the Charter will not violate the Delaware General Corporation law. 

This opinion has been furnished to you pursuant to the Purchase Agreement, and no other person or entity shall be entitled to rely upon
this opinion without our prior written consent. This opinion is rendered to you solely for your benefit in connection with the above transactions and may not be relied upon by you or any other person for any other purpose without our prior written
consent. Further, this opinion may not be quoted in whole or in part or otherwise referred to in any report or document or furnished to any other person or entity without our prior written consent. 

This opinion is limited to the matters expressly set forth above, and no opinion is implied or may be inferred beyond the matters
expressly so stated. We assume no obligation to advise you of any future changes in the facts or law relating to the matters covered by this opinion. 

 

	
	Very truly yours,
	
	KING & SPALDING LLP

 Exhibit A 

Purchasers 
 Summit Partners
Private Equity Fund VII-A, L.P. 
 Summit Partners Private Equity Fund VII-B, L.P. 

Summit Subordinated Debt Fund II, L.P. 
 Summit
Investors I, LLC 
 Summit Investors I (UK), L.P. 

Summit Investors VI, L.P. 
 Advent Partners III
Limited Partnership 
 Advent Central & Eastern Europe III Limited Partnership 

Advent Central & Eastern Europe III - A Limited Partnership 

Advent Central & Eastern Europe III - B Limited Partnership 

Advent Central & Eastern Europe III - C Limited Partnership 

Advent Central & Eastern Europe III - D Limited Partnership 

Advent Central & Eastern Europe III - E Limited Partnership 

Advent Partners ACEE III Limited Partnership 

Advantage Capital Partners VI, Limited Partnership 

Advantage Capital Partners X, Limited Partnership 

Advantage Capital Management Fund, LLC 

Advantage Capital Financial Company, LLC 
 Wm. B.
Reily & Company, Inc. 
 Nautic Partners V, L.P. Kennedy Plaza Partners III, LLC 

Peter Vallis 
 Performance Direct Investments II,
L.P. 
 JP Morgan Chase Bank, N.A., as trustee for First Plaza Group Trust, solely for the benefit of pools PMI-127, 128, 129 and 130 

HarbourVest Partners VIII-Buyout Fund L.P. 

HarbourVest Partners 2007 Direct Fund L.P.

 Exhibit C 

(Incorporated by reference to Exhibit 10.34 to Registration Statement on Form S-1 (Reg. No. 333-166092)) 

 Exhibit D 

(Incorporated by reference to Exhibit 10.17 to Registration Statement on Form S-1 (Reg. No. 333-166092)) 

 Exhibit E 

 FleetCor Technologies, Inc. 

655 Engineering Drive, Suite 300 

Norcross, GA 30092 

April 1, 2009 
 Summit
Partners Private Equity Fund VII-A, L.P. 
 222 Berkeley Street, 18th Floor 

Boston, MA 02116 
  

	 	Re:	Management Rights 

 Ladies and Gentlemen:

 This letter will confirm our agreement that effective upon your direct or indirect purchase of shares of Series E Convertible
Preferred Stock (each an “Investor Share”) of FleetCor Technologies, Inc., a Delaware corporation (the “Company”), you will be entitled to the following contractual management rights, in addition to rights to
certain non-public financial information, inspection rights and other rights that you or your affiliates may be entitled to pursuant to that certain Series E Convertible Preferred Stock Purchase Agreement, dated as of the date hereof, the Sixth
Amended and Restated Stockholders Agreement, dated as of the date hereof, the Company’s Sixth Amended and Restated Certificate of Incorporation, and the other agreements referenced therein that have been entered into on the date hereof:

  

	1.	You shall be permitted to consult with and offer advice to management of the Company and each of its subsidiaries on significant business issues, including
management’s proposed annual operating plans. Company management and the management of each of its subsidiaries will make itself available to meet with you (upon reasonable written notice) at the Company’s and its subsidiaries’
facilities at mutually agreeable times for such consultation and advice and to review progress in achieving said plans. 

  

	2.	Upon reasonable written notice specifying a reasonable business purpose, during normal business hours, you may examine the books and records of the Company and each of
its subsidiaries and inspect their facilities. You may also request information at reasonable times and intervals concerning the general status of the Company’s and each of its subsidiaries’ financial condition and operations. The Company
reserves the right to exclude your representatives from access to any material, facility or meeting or portion thereof if the Company reasonably believes it is highly confidential or proprietary, or upon advice of counsel that such exclusion is
reasonably necessary to preserve the attorney-client privilege, or for other similar reasons. 

  

	3.	 If and for so long as you do not have a representative on the Company’s Board of Directors and, if applicable, any similar governing body of each
subsidiary, the Company shall invite you to send your representative to attend in a nonvoting observer capacity all meetings of its Board of Directors and each such other governing body and, in this respect, shall give your representative copies of
all notices, minutes, consents, and other material that it provides to its directors or similar governing individuals; provided, 

	 	
however, that the Company reserves the right to exclude your representative from access to any material or meeting or portion thereof if the Company reasonably believes it is highly
confidential or proprietary, or upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, or for other similar reasons. 

 

	4.	Except as otherwise required by law or judicial order or decree or by any governmental agency or authority, each person entitled to receive information regarding the
Company and its subsidiaries under this letter shall use the same standards and controls which such person uses to maintain the confidentiality of its own confidential information (but in no event less than reasonable care) to maintain the
confidentiality of all nonpublic information of the Company and its subsidiaries obtained by it pursuant to this letter; provided, however, that each such person may disclose such information in connection with any proposed sale or
transfer of any Investor Shares if such person’s transferee agrees in writing to be bound by the provisions hereof and provided such person first notifies the Company in writing of such disclosure. 

The Company shall cause its subsidiaries to comply with the rights granted to you under this letter. The rights described herein shall
terminate and be of no further force or effect upon the earlier of (i) you and your affiliates no longer being the beneficial owner of any Investor Shares or (ii) the closing of an initial public offering of shares of the Company’s
capital stock pursuant to a registration statement filed by the Company under the Securities Act of 1933 which has become effective thereunder (other than a registration statement relating solely to employee benefit plans or a transaction covered by
Rule 145). 
  

			
	Very truly yours,
	
	FLEETCOR TECHNOLOGIES, INC.
	
	  

	By:	 	  

			
	Title:	 	  

 The undersigned acknowledges and agrees to the provisions of Paragraph 4 of this letter, for itself and its
officers, directors, managers, employees, representatives, agents and affiliates (but excluding, for the avoidance of doubt, the Company and its subsidiaries). 

 

			
		 	SUMMIT PARTNERS PRIVATE EQUITY FUND VII-A, L.P.
		
	By:	 	Summit Partners PE VII, L.P.
		 	Its General Partner
	By:	 	Summit Partners PE VII, LLC
		 	Its General Partner
		
	By:	 	  

		 	Member

 [Management Rights Letter
of FleetCor Technologies, Inc.] 

 Exhibit F 

(Incorporated by reference to Exhibit 2.1 to Registration Statement on Form S-1 (Reg. No. 333-166092)) 

 Exhibit G 

AMENDMENT NO. 2 TO AMENDED AND SUPPLEMENTAL BYLAWS OF 

FLEETCOR TECHNOLOGIES, INC. 

This AMENDMENT NO. 2 TO AMENDED AND SUPPLEMENTAL BYLAWS OF FLEETCOR TECHNOLOGIES, INC. is effective as of this 1st day of April, 2009,
upon consent of and adoption by the requisite stockholders of FleetCor Technologies, Inc., a Delaware corporation (the “Corporation”). 

WHEREAS, the Corporation desires that the Bylaws be amended as set forth herein. 

NOW, THEREFORE, the Bylaws are hereby amended as follows: 

1. Amendment to Name of Corporation. The title of the Bylaws is hereby amended by deleting the existing title in its entirety and replacing it
with the following: 
 “AMENDED AND SUPPLEMENTAL 

BYLAWS FOR THE REGULATION, EXCEPT AS OTHERWISE PROVIDED 

BY STATUTE OR ITS CERTIFICATE OF INCORPORATION, 

OF 
 FLEETCOR
TECHNOLOGIES, INC., A DELAWARE CORPORATION 
 As Amended and Supplemented, April 1, 2009” 

2. Amendment to Special Meetings of Stockholders. The first sentence of Article II, Section 3 of the Bylaws is hereby amended by deleting
that existing sentence in its entirety and replacing it with the following: 
 “Special meetings of stockholders may be
called at any time by the Chairman of the Board and shall be called by the Chief Executive Officer or Secretary at the request of any two members of the Board of Directors, or upon request in writing of any holder or the holders of at least 25% of
the outstanding shares of Series D Convertible Preferred Stock or Series E Convertible Preferred Stock, which request shall state the purpose or purposes of the proposed meeting.” 

3. Amendment to Voting. Article II, Section 10 of the Bylaws is hereby amended by deleting that existing section in its entirety and
replacing it with the following: 
 “Each holder of record of common stock, as determined pursuant to Section 1 of
Article V, shall be entitled to one vote, in person or by proxy, for each share of such stock registered in such holder’s name on the number of votes and books of the Corporation. In addition, each holder of record of Series D Convertible
Preferred Stock and Series E Convertible Preferred Stock shall be entitled to the voting rights as set out in the Certificate of Incorporation, as it may be amended from time to time. Collectively, the voting rights of holders of common stock,
Series D Convertible Preferred Stock and 

 
Series E Convertible Preferred Stock shall be known as the “voting power” of the Corporation. No vote on any question before the meeting need be by written ballot unless the chairman of
the meeting shall determine that it shall be by written ballot or the holders of a majority of the voting power present in person or by proxy and entitled to participate in such vote shall so demand. In a vote by written ballot, each written ballot
shall state the number of shares voted, the number of votes to which each share is entitled, and the name of the stockholder or proxy voting. Except as otherwise provided by law or these Bylaws, all matters before the stockholders shall be decided
by the vote of the holders of a majority of the voting power present in person or by proxy at the meeting and entitled to vote in the election or on the question.” 

4. Amendment to Number of Directors. Article III, Section 2 is hereby amended by deleting that existing section in its entirety and replacing
it with the following: 
 “Section 2. Number and Qualifications of Directors. The number of Directors of the
Corporation shall be ten (10). Directors need not be residents of the State of Delaware or stockholders of the Corporation.” 
 5.
Amendment to Special Meetings of Directors. Article III, Section 12 is hereby amended by deleting that existing section in its entirety and replacing it with the following: 

“Section 12. Special Meetings. Special meetings of the Board of Directors may be called by any two directors or the Chief
Executive Officer and shall be called by the Chief Executive Officer upon request of any holder or holders of at least 25% of the Series D Convertible Preferred Stock or Series E Convertible Preferred Stock.” 

6. No Other Modifications. Except as expressly set forth herein, the Bylaws shall remain in full force and effect with no further modifications.Exhibit 10.89

 Exhibit 10.89 

SBA COMMUNICATIONS CORPORATION 

2010 PERFORMANCE AND EQUITY INCENTIVE PLAN 

1. Establishment, Effective Date and Term 

SBA COMMUNICATIONS CORPORATION, a Florida corporation (the “Company”), hereby establishes the “SBA Communications
Corporation 2010 Performance and Equity Incentive Plan” (the “Plan”). Subject to ratification within twelve (12) months by an affirmative vote of a majority of the Company’s shareholders, either in person or by proxy,
present and entitled to vote at the Annual Meeting, the effective date of the Plan shall be February 25, 2010 (the “Effective Date”), which is the date that the Plan was approved and adopted by the Board of Directors of the Company. Unless
earlier terminated pursuant to Section 25 hereof, the Plan shall terminate on the tenth anniversary of the Effective Date. 

2. Purpose 

The purpose of the Plan is to promote the interests of the Company, its Subsidiaries and its shareholders by (i) attracting and
retaining officers, employees and directors of, and consultants to, the Company and its Subsidiaries and Affiliates; (ii) motivating such individuals by means of performance-related incentives to achieve long-range performance goals;
(iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term
interests of the Company and its shareholders. With respect to any awards granted under the Plan that are intended to comply with the requirements of “performance-based compensation” under Section 162(m) of the Code, the Plan shall be
interpreted in a manner consistent with such requirements. 
 3. Definitions 

Whenever used in the Plan, the following terms shall have the meanings set forth below: 

“Affiliate” means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a
significant ownership interest as determined by the Committee provided that the entity is one with respect to which the Class A Common Stock will qualify as “service recipient stock” under Code Section 409A. 

“Applicable Laws” shall mean the requirements relating to the administration of stock option plans under U.S. federal and state
laws, any stock exchange or quotation system on which the Company has listed or submitted for quotation the Class A Common Stock to the extent provided under the terms of the Company’s agreement with such exchange or quotation system and,
with respect to Awards subject to the laws of any foreign jurisdiction where Awards are, or will be, granted under the Plan, the laws of such jurisdiction. 

“Appreciation Date” shall mean the date designated by a holder of Stock Appreciation Rights for measurement of the appreciation
in the value of rights awarded to him, which date shall be the date notice of such designation is received by the Committee, or its designee. 

“Award” shall mean any Option, Restricted Stock Award, Restricted Stock Unit, Stock Appreciation Right, Stock Bonus,
Performance Award, Other Stock-Based Award or other award granted under the Plan, whether singly, in combination or in tandem, to a Participant by the Committee pursuant to such terms, conditions, restrictions and/or limitations, if any, as the
Committee may establish or which are required by applicable legal requirements. 
 “Award Agreement” shall mean an
agreement, contract or other instrument or document evidencing the terms and conditions of an individual Award, which may be in written or electronic format, in such form and 

 

 1 

 
with such terms as may be specified by the Committee. Each Award Agreement is subject to the terms and conditions of the Plan. An Award Agreement may be in the form of either (i) an
agreement to be either executed by both the Participant and the Company or offered and accepted electronically as the Committee shall determine or (ii) certificates, notices or similar instruments as approved by the Committee. 

“Beneficial Ownership” (including correlative terms) shall have the meaning given such term in Rule 13d-3 promulgated under the
Exchange Act. 
 “Board” shall mean the Board of Directors of the Company. 

“Cause” shall mean, unless otherwise defined in the applicable Award Agreement, (i) failure or refusal of the Participant
to perform the duties and responsibilities that the Company requires to be performed by him, (ii) gross negligence or willful misconduct by the Participant in the performance of his duties, (iii) commission by the Participant of an act of
dishonesty affecting the Company, or the commission of an act constituting common law fraud or a felony, (iv) the Participant’s commission of an act (other than the good faith exercise of his business judgment in the exercise of his
responsibilities) resulting in material damages to the Company or (v) the Participant’s material violation of the Company’s Code of Ethics, Code of Conduct, Insider Trading Policy or other similar policy governing the ethical behavior
of Company employees or directors; provided, however, that if the Participant and the Company have entered into an employment agreement which defines “cause” for purposes of such agreement, “cause” shall be defined in
accordance with such agreement. The Committee, in its sole and absolute discretion, shall determine whether a termination of employment or service is for Cause. 

“Change in Control” shall mean the occurrence, in a single transaction or in a series of related transactions, of any one or
more of the following events: 
 (i) any person or related group of persons (other than the Company or a person
that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires Beneficial Ownership of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company’s outstanding securities unless such acquisition is approved by the majority of the Board members in office immediately preceding such acquisition; 

(ii) there is a change in the composition of the Board over a period of twenty four (24) consecutive months (or less)
such that a majority of the Board members (rounded up to the nearest whole number) ceases to be comprised of individuals who either (i) have been Board members continuously since the beginning of such period or (ii) have been elected or
nominated for election as Board members during such period by at least a majority of the Board members described in clause (i) who were (x) still in office at the time such election or nomination was approved by the Board and (y) not
initially (a) appointed or elected to office as a result of either an actual or threatened election and/or proxy contest by or on behalf of a Person other than the Board, or (b) designated by a Person who has entered into an agreement with
the Company to effect a transaction described in (i) above or (iii) or (iv) below; or 
 (iii) the
consummation of a merger or consolidation of the Company with any other corporation (or other entity), other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person acquires more than 25% of the combined voting power of
the Company’s then outstanding securities shall not constitute a Change in Control; 
 (iv) the consummation
of a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition

  

 2 

 
of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an entity, more than fifty percent (50%) of the combined voting power of which are owned by
shareholders of the Company in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or 

(v) the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the
Company’s assets. 
 The term “Change in Control” shall not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company. 
 “Class A Common Stock” shall mean the
Class A Common Stock of the Company, par value $0.01 per share. 
 “Code” shall mean the Internal Revenue Code of
1986, as amended. 
 “Committee” shall mean the Compensation Committee or any other committee appointed by the Board
to administer the Plan pursuant to Section 5 of the Plan. However, with respect to grants made to Independent Directors, the Committee shall mean the Board. In its absolute discretion, the Board may at any time and from time to time exercise
any and all rights of the Committee under this Plan, except with respect to matters which under Rule 16b-3 of the Exchange Act or Section 162(m) of the Code or any regulations or rules issued thereunder are required to be determined in the sole
discretion of the Committee. 
 “Compensation Committee” shall mean the Compensation Committee of the Board, which
shall consist of two or more Independent Directors, each of whom shall be both a “non-employee director” as defined by Rule 16b-3 of the Exchange Act and an “outside director” for purposes of Section 162(m) of the Code.

 “Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code. 

“Disability” shall mean “permanent and total disability” within the meaning of Section 22(e)(3) of the Code.

 “Eligible Individual” shall mean any person who is either: (i) an officer (whether or not a director) or
employee of the Company or one of its Subsidiaries or Affiliates; (ii) a director of the Company or one of its Subsidiaries; or (iii) an individual consultant or advisor who renders or has rendered bona fide services to the Company or one
of its Subsidiaries or Affiliates and who is selected to participate in this Plan by the Committee; provided, however, that a person who is otherwise an Eligible Individual under clause (iii) above may participate in this Plan only if
such participation would not adversely affect either the Company’s eligibility to use Form S-8 to register under the Securities Act, the offering and sale of shares issuable under this Plan by the Company or the Company’s compliance with
any other Applicable Laws. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any date, unless otherwise determined or provided by the Committee in the circumstances,
(i) the closing sales price of a share of Class A Common Stock as furnished by the NASDAQ Global Select Market (“NASDAQ”) or other principal stock exchange on which the Company’s Class A Common Stock is then listed for
the trading date preceding the date in question or (ii) if no sales of Class A Common Stock were reported by NASDAQ or other such exchange on that date, the closing sales price for a share of Class A Common Stock as furnished by
NASDAQ or other such exchange for the next preceding day on which sales of shares of Class A Common Stock were reported by NASDAQ. If the Class A Common Stock is no longer listed or is no longer actively traded on NASDAQ or listed on a
principal stock exchange as of the applicable date, the Fair Market Value of a share of Class A Common Stock shall be the value as reasonably determined by the Committee for purposes of the award in the circumstances. 

 

 3 

 “Grant Date” shall mean the date upon which an Award is granted to a Participant
pursuant to this Plan or such later date as specified in advance by the Committee. 
 “Incentive Stock Option” shall
mean an Option which is an “incentive stock option” within the meaning of Section 422 of the Code and which is identified as an Incentive Stock Option in the applicable Award Agreement. 

“Independent Director” shall mean a member of the Board who is a “non-employee director,” as defined in Rule 16b-3 of
the Exchange Act . 
 “Insider Trading Policy” shall mean the Company’s Insider Trading Policy, as may be amended
from time to time. 
 “Issue Date” shall mean the date established by the Committee on which certificates representing
shares of Class A Common Stock shall be issued by the Company. 
 “Non-qualified Stock Option” shall mean an
Option that is not intended to meet the requirements of Section 422 of the Code. 
 “Option” shall mean any stock
option granted pursuant to Section 7 of the Plan. 
 “Other Stock-Based Award” shall mean an Award granted
pursuant to Section 13 of the Plan 
 “Participant” shall mean any Eligible Individual with an outstanding Award.

 “Performance Award” shall mean any Award granted under Section 12 of the Plan. For purposes of the share
counting provisions of Section 4.1 hereof, a Performance Award that is not settled in cash shall be treated as (i) an Option Award if the amounts payable thereunder will be determined by reference to the appreciation of a Share, and
(ii) a Restricted Share Award if the amounts payable thereunder will be determined by reference to the full value of a Share. 

“Performance Period” shall mean a period of time within which Qualifying Performance Criteria is measured for the purpose of
determining whether an Award subject to performance restrictions has been earned. 
 “Person” shall mean any person,
corporation, partnership, joint venture or other entity or any group (as such term is defined for purposes of Section 13(d) of the Exchange Act), other than a parent or subsidiary of the Company. 

“Qualifying Performance Criteria” shall have the meaning set forth in Section 12.4 of the Plan. 

“Reorganization” shall be deemed to occur if an entity is a party to a merger, consolidation, reorganization, or other business
combination with one or more entities in which said entity is not the surviving entity, if such entity disposes of substantially all of its assets, or if such entity is a party to a spin–off, split–off, split–up or similar
transaction; provided, however, that the transaction shall not be a Reorganization if the Company or any subsidiary of the Company is the surviving entity. 

“Restricted Stock Award” shall mean Awards granted pursuant to Section 8 of the Plan. 

“Restricted Stock Unit” or “RSU” shall mean Awards granted pursuant to Section 9 of the Plan. 

“Restriction Period” shall mean the period during which applicable restrictions apply to a Restricted Stock Award or Restricted
Stock Units. 
 “Section 424 Employee” shall mean an employee of the Company or any “subsidiary corporation”
or “parent corporation” as defined in and in accordance with Code Section 424. Such term shall also include 
  

 4 

 
employees of a corporation issuing or assuming a stock option in a transaction to which Code Section 424(a) applies. 

“Share” shall mean a share of Class A Common Stock, as adjusted in accordance with Section 16.1 of the Plan.

 “Stock Appreciation Right” or “SAR” shall mean an Award granted pursuant to Section 10 of the Plan.

 “Stock Bonus” shall mean an Award granted pursuant to Section 11 of the Plan. 

“Stock Ownership Guidelines” shall mean the stock ownership guidelines adopted by the Board from time to time. 

“Subsidiary” shall mean any Person (other than the Company) of which a majority of its voting power or its equity securities or
equity interest is owned directly or indirectly by the Company. 
 “Substitute Awards” shall mean Awards granted
solely in assumption of, or in substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines. 

“Vesting Date” shall mean the date established by the Committee on which an award, such as a share of a Restricted Stock Award,
may vest. 
 4. Class A Common Stock Subject to the Plan. 

4.1 Aggregate Limits. Subject to the provisions of Section 16 of the Plan, the aggregate number of Shares subject to Awards
granted under the Plan is 15,000,000 Shares (the “Share Limit”); provided, however, that the aggregate number of shares that may be issued pursuant to Restricted Stock Awards, Restricted Stock Unit Awards, Stock Bonus Awards,
Performance Awards, Other Stock-Based Awards or other awards granted under the Plan, shall not exceed 7,500,000. The Shares subject to the Plan may be either Shares reacquired by the Company, including Shares purchased in the open market, or
authorized but unissued Shares. 
 4.2 Issuance of Shares. For purposes of Section 4.1, the aggregate number of
Shares issued under the Plan at any time shall equal only the number of Shares actually issued upon exercise or settlement of an Award. If any Shares subject to an Award granted under the Plan are forfeited or such Award is settled in cash or
otherwise terminates without the delivery of such Shares, the Shares subject to such Award, to the extent of any such forfeiture, settlement or termination, shall again be available for grant under the Plan. Notwithstanding the foregoing, Shares
subject to an Award under the Plan may not again be made available for issuance under the Plan if such Shares are: (i) Shares delivered to or withheld by the Company to pay the exercise price of an Option, (ii) Shares delivered to or
withheld by the Company to pay the withholding taxes related to an Award, or (iii) Shares repurchased by the Company on the open market with the proceeds of an Award paid to the Company by or on behalf of the Participant. With respect to Stock
Appreciation Rights, if the payment upon exercise of a SAR is in the form of Shares, the Shares subject to the SAR shall be counted against the available Shares as one Share for every Share subject to the SAR, regardless of the number of Shares used
to settle the SAR upon exercise. 
 4.3 Code Section 162(m) and 422 Limits. Subject to the provisions of
Section 16 of the Plan, the aggregate number of Shares subject to Awards granted under this Plan during any calendar year to any one Participant shall not exceed 1,000,000. Subject to the provisions of Section 16 of the Plan, the aggregate
number of Shares that may be subject to all Incentive Stock Options granted under the Plan is 15,000,000 Shares. Notwithstanding anything to the contrary in the Plan, the limitations set forth in this Section 4.3 shall be subject to adjustment
under Section 16 of the Plan only to the extent that such adjustment will not affect the status of any Award 
  

 5 

 
intended to qualify as “performance based compensation” under Code Section 162(m) or the ability to grant or the qualification of Incentive Stock Options under the Plan.

 4.4 Reservation of Shares; No Fractional Shares; Minimum Issue. The Company shall at all times reserve a number of
Shares sufficient to cover the Company’s obligations and contingent obligations to deliver shares with respect to awards then outstanding under this Plan (exclusive of any dividend equivalent obligations to the extent the Company has the right
to settle such rights in cash). No fractional shares shall be delivered under this Plan. The Committee may pay cash in lieu of any fractional shares in settlements of awards under this Plan. 

5. Administration 

5.1 Authority of Committee. The Plan shall be administered, construed and interpreted by the Committee, which shall be appointed by
and serve at the pleasure of the Board; provided, however, with respect to Awards to Independent Directors, all references in the Plan to the Committee shall be deemed to be references to the Board. Subject to the terms of the Plan and
Applicable Laws, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority in its discretion to: 

(i) designate Participants, determine eligibility for participation in the Plan and decide all questions concerning
eligibility for, and the amount of, Awards under the Plan; 
 (ii) determine the type or types of Awards to be
granted to a Participant; 
 (iii) determine the number of Shares to be covered by, or with respect to which
payments, rights or other matters are to be calculated in connection with Awards; 
 (iv) determine the timing,
terms, and conditions of any Award; 
 (v) accelerate the time at which all or any part of an Award may be
settled or exercised; 
 (vi) determine whether, to what extent, and under what circumstances, Awards may be
settled or exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; 

(vii) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other
property, and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Committee; 

(viii) grant Awards as an alternative to, or as the form of payment for, grants or rights earned or payable under, other
bonus or compensation plans, arrangements or policies of the Company or a Subsidiary or Affiliate; 
 (ix) make
all determinations under the Plan concerning the termination of any Participant’s employment or service with the Company or a Subsidiary or Affiliate, including whether such termination occurs by reason of Cause, Disability, death, or in
connection with a Change in Control and whether a leave constitutes a termination of employment; 
 (x) interpret
and administer the Plan and any instrument or Award Agreement relating to, or Award made under, the Plan; 
 (xi)
except to the extent prohibited by Section 25.4, amend or modify the terms of any Award at or after grant with the consent of the holder of the Award; 

(xii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate
for the proper administration of the Plan; and 
  

 6 

 (xiii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan, subject to the exclusive authority of the Board under this Section 5 to amend or terminate the Plan. 

5.2 Delegation of Authority. 

(i) Delegation With Respect to Awards. Subject to the terms of the Plan, the Committee’s charter and
Applicable Law, the Committee may, but need not, delegate from time to time some or all of its authority under the Plan to a committee consisting of one or more members of the Committee to (i) grant Awards, (ii) to cancel, modify or waive
rights with respect to Awards, or (iii) to alter, discontinue, suspend or terminate Awards held by Participants; provided, however, that the Committee may not delegate its authority to take any action with respect to any Awards held by,
or to be granted to, any individual (i) who is subject on the date of the grant to the reporting rules under Section 16(a) of the Exchange Act or (ii) who is a Section 162(m) Participant. Any delegation hereunder shall be subject
to the restrictions and limits that the Committee specifies at the time of such delegation of authority and may be rescinded at any time by the Committee. At all times, any committee appointed under this Section 5.2 shall serve in such capacity
at the pleasure of the Committee. 
 (ii) Delegation of Ministerial Functions. The Committee may delegate
ministerial, non-discretionary functions to individuals who are officers or employees of the Company or any of its Subsidiaries or to third parties. 

5.3 Committee Discretion Binding. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company,
any Subsidiary or Affiliate, any Participant and any holder or beneficiary of any Award. A Participant or other holder of an Award may contest a decision or action by the Committee with respect to such person or Award only on the grounds that such
decision or action was arbitrary or capricious or was unlawful, and any review of such decision or action shall be limited to determining whether the Committee’s decision or action was arbitrary or capricious or was unlawful. 

5.4 Reliance on Experts. In making any determination or in taking or not taking any action under this Plan, the Board or a
committee, as the case may be, may obtain and may rely upon the advice of experts, including employees and professional advisors to the Company. No director, officer or agent of the Company or any of its Subsidiaries shall be liable for any such
action or determination taken or made or omitted in good faith. 
 5.5 No Liability. No member of the Committee shall be
liable for any action or determination made in good faith with respect to the Plan, any Award granted or any Award Agreement entered into hereunder. 

6. Eligibility. The Committee may grant awards under this Plan only to those persons that the Committee determines to be Eligible
Individuals. An Eligible Individual who has been granted an award, if otherwise eligible, may be granted additional awards if the Committee shall so determine. 

7. Options. 

7.1 Types of Options. Each Option granted under the Plan may be designated by the Committee, in its sole discretion, either as
(i) an Incentive Stock Option or (ii) as a Non-qualified Stock Option. Options designated as Incentive Stock Options that fail to continue to meet the requirements of Section 422 of the Code shall be redesignated as Non-qualified
Stock Options automatically on the date of such failure to continue to meet such requirements without further action by the Committee. In the absence of any designation, Options granted under the Plan will be deemed to be Incentive Stock Options to
the extent that such Options meet the requirements of Section 422 of the Code. 
 7.2 Grant of Options. Subject to
the terms and conditions of the Plan, the Committee may, at any time and from time to time, prior to the date of termination of the Plan, grant to such Eligible Individuals as the Committee 

 

 7 

 
may determine, Options to purchase such number of shares of Class A Common Stock on such terms and conditions as the Committee may determine. The date on which the Committee approves the
grant of an Option (or such later date as is specified by the Committee) shall be considered the Grant Date. All Options granted pursuant to the Plan shall be evidenced by an Award Agreement in such form or forms as the Committee shall determine.
Award Agreements may contain different provisions, provided, however, that all such Award Agreements shall comply with all terms of the Plan 

7.3 Limitation on Incentive Stock Options. 

7.3.1 Section 424 Employees. Incentive Stock Options may only be granted to Section 424 Employees.
Subject to the terms and conditions of this Plan and the Award Agreement (including all vesting provisions and option periods), any and all Incentive Stock Options which an employee fails to exercise within ninety (90) days after the date said
employee ceases to be a Section 424 Employee shall automatically be classified as Non-qualified Stock Options to the extent that said Options have not otherwise been terminated. 

7.3.2 Ten Percent Shareholder. Notwithstanding any other provision of this Plan to the contrary, no individual may
receive an Incentive Stock Option under the Plan if such individual, at the time the award is granted, owns (after application of the rules contained in Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company, unless (i) the exercise price for each share of Class A Common Stock subject to such Incentive Stock Option is at least one hundred ten percent (110%) of the Fair Market
Value of a share of Class A Common Stock on the date of grant and (ii) such Incentive Stock Option is not exercisable after the fifth (5th) anniversary of the date of grant. 

7.3.3 Limitation on Grants. The aggregate Fair Market Value (determined with respect to each Incentive Stock Option
at the time such Incentive Stock Option is granted) of the shares of Class A Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year (under this Plan or any other
plan of the Company) shall not exceed $100,000. If an Incentive Stock Option is granted pursuant to which the aggregate Fair Market Value of shares with respect to which it first becomes exercisable in any calendar year by an individual exceeds such
$100,000 limitation, the portion of such Option which is in excess of the $100,000 limitation, and any Options issued subsequently in the same calendar year, shall be treated as a Non-qualified Stock Option pursuant to Section 422(d)(1) of the
Code. In the event that an individual is eligible to participate in any other stock option plan of the Company which is also intended to comply with the provisions of Section 422 of the Code, such $100,000 limitation shall apply to the
aggregate number of shares for which Incentive Stock Options may be granted under this Plan and all such other plans. 

7.3.4 Other Terms. Award Agreements evidencing Incentive Stock Options shall contain such other terms and
conditions as may be necessary to qualify, to the extent determined desirable by the Committee, with the applicable provisions of Section 422 of the Code. 

7.4 Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined
by the Committee, subject to the following: 
 (i) The per Share exercise price of an Option shall be no less
than 100% of the Fair Market Value per Share on the Grant Date. 
 (ii) Notwithstanding the foregoing, at the
Committee’s discretion, Options may be granted in substitution and/or conversion of options or stock appreciation rights of an acquired entity, with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of
such substitution and/or conversion if such exercise price is based on a formula set forth in the terms of such options/stock appreciation rights or in the terms of the agreement providing for such acquisition. 

7.5 Option Period. Subject to the provisions of Sections 7.3 and 14.2, each Option granted pursuant to Section 7 under the
Plan shall terminate and all rights to purchase shares thereunder shall cease on the tenth 
  

 8 

 
(10th) anniversary of the date such Option is granted, or on such date prior thereto as may be fixed by the Committee and stated in the Award Agreement relating to such Option.
Notwithstanding the foregoing, the Committee may in its discretion, at any time prior to the expiration or termination of any Option, extend the term of any such Option for such additional period as the Committee in its discretion may determine;
provided, however, that in no event shall the aggregate option period with respect to any Option, including the initial term of such Option and any extensions thereof, exceed ten (10) years. 

7.6 Vesting. Each Award Agreement will specify the vesting schedule applicable to the Option granted thereunder. Notwithstanding
the foregoing, the Committee may in its discretion provide that any vesting requirement or other such limitation on the exercise of an Option may be rescinded, modified or waived by the Committee, in its sole discretion, at any time and from time to
time after the date of grant of such Option, so as to accelerate the time at which the Option may be exercised. 
 7.7
Exercise of Option. 
 (i) Procedure for Exercise. 

(a) Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Committee and set forth in the respective Award Agreement. Unless the Committee provides otherwise: (A) no Option may be exercised during any leave of absence other than an approved personal or medical leave with
an employment guarantee upon return; and (B) an Option shall continue to vest during any authorized leave of absence and such Option may be exercised to the extent vested and exercisable upon the Participant’s return to active employment
status. 
 (b) An Option shall be deemed exercised when the Company, or its agent appointed pursuant to 5.2(ii)
receives (A) written, electronic or verbal, to the extent expressly permitted by the third party or Company, notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option; (B) full payment for
the Shares with respect to which the related Option is exercised; and (C) with respect to Non-qualified Stock Option, payment of all applicable withholding taxes. 

(c) Shares issued upon exercise of an Option shall be issued in the name of the Participant or, if requested by the
Participant, in the name of the Participant and his or her spouse. 
 (d) The Company shall issue (or cause to be
issued) such Shares as soon as administratively practicable after the Option is exercised. 
 (ii) Rights as
Shareholders. Unless provided otherwise by the Committee or pursuant to this Plan, until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to
vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. 

7.8 Form of Consideration. Unless provided otherwise in the Award Agreement, the following shall be deemed to be acceptable forms
of consideration for exercising an Option: 
 (i) cash; 

(ii) check or wire transfer (denominated in U.S. Dollars); 

(iii) subject to any conditions or limitations established by the Committee in the applicable Award Agreement, other
Shares which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised; 

(iv) subject to any conditions or limitations established by the Committee in the applicable Award Agreement, withholding
of Shares deliverable upon exercise, which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised; 

 

 9 

 (v) consideration received by the Company under a broker-assisted sale and
remittance program, or “cashless” exercise/sale procedure; 
 (vi) such other consideration and method
of payment for the issuance of Shares to the extent permitted by Applicable Laws; or 
 (vii) any combination of
the foregoing methods of payment. 
 7.9 Transferability. No Incentive Stock Option shall be assignable or
transferable by the Participant to whom it is granted, other than by will or the laws of descent and distribution. No Non-qualified Stock Option shall be assignable or transferable by the Participant to whom it is granted, other than by will or the
laws of descent and distribution; provided, however, that Non-qualified Stock Options may be transferred or assigned to (i) family members or entities (including trusts) established for the benefit of the Participant or the
Participant’s family members or (ii) any other person, as permitted by applicable securities law. Any Option assigned or transferred pursuant to this Section 7.9 shall continue to be subject to the same terms and conditions as were
applicable to the Option immediately before the transfer; provided, however, than any Option transferred for value may not be exercised under any Registration Statement on Form S-8 and upon exercise of such transferred Option the holder would
only be entitled to receive shares of restricted stock that have not been registered under the Securities Act of 1933. 
 8.
Restricted Stock Award. 
 8.1 Grant of a Restricted Stock Award. Subject to the provisions of the Plan, the Committee
may grant a Restricted Stock Award. Each grant of a Restricted Stock Award shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve. 

8.2 Issue Date and Vesting Date. At the time of the grant of a Restricted Stock Award, the Committee shall establish an Issue
Date(s) and a Vesting Date(s) with respect to such Restricted Stock Award. The Committee may divide a Restricted Stock Award into classes and assign a different Issue Date and/or Vesting Date for each class. Upon an Issue Date with respect to a
share of a Restricted Stock Award, a share of a Restricted Stock Award shall be issued in accordance with the provisions of Section 8.4. Provided that all conditions to the vesting of a share of a Restricted Stock Award imposed pursuant to
Section 8.3 are satisfied, upon the occurrence of the Vesting Date with respect to a share of Restricted Stock, such share of Restricted Stock shall vest. 

8.3 Vesting. At the time of the grant of a Restricted Stock Award, the Committee may impose such restrictions or conditions, not
inconsistent with the provisions hereof, to the vesting of such Restricted Stock as it, in its absolute discretion, deems appropriate. By way of example and not by way of limitation, the Committee may require, as a condition to the vesting of any
class or classes of shares underlying a Restricted Stock Award, that the Participant or the Company achieve certain performance criteria, the Class A Common Stock attain certain stock price or prices, or such other criteria to be specified by
the Committee at the time of the grant of such Shares in the applicable Award Agreement. 
 8.4 Issuance of Certificates.

 (i) Reasonably promptly after the Issue Date with respect to a Restricted Stock Award, the Company shall cause
to be issued and delivered, either physically or electronically shares of Class A Common Stock, registered in the name of the Participant to whom such shares were granted; provided, that the Company shall not cause a physical stock certificate
to be issued unless it has received a stock power duly endorsed in blank with respect to such shares. Each stock certificate representing unvested shares of Restricted Stock shall bear the following legend: 

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY IS SUBJECT TO THE RESTRICTIONS, TERMS AND CONDITIONS

  

 10 

 
(INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE SBA COMMUNICATIONS CORPORATION 2010 PERFORMANCE AND EQUITY INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER OF SUCH SHARES AND SBA COMMUNICATIONS CORPORATION. A COPY OF THE PLAN AND AGREEMENT IS ON FILE IN THE OFFICE OF THE SECRETARY OF SBA COMMUNICATIONS CORPORATION. SUCH LEGEND SHALL NOT BE REMOVED FROM THE CERTIFICATE EVIDENCING SUCH
SHARES UNTIL SUCH SHARES VEST PURSUANT TO THE TERMS HEREOF.” 
 (ii) To the extent that the shares of
Restricted Stock are delivered electronically, the Company may make such provisions as it deems necessary to ensure that each share of Restricted Stock is subject to the same terms and conditions as shares that are represented by a physical stock
certificate. Each certificate issued pursuant to Section 8.4(i) hereof, together with the stock powers relating to the shares of Restricted Stock evidenced by such certificate, shall be deposited by the Company with a custodian designated by
the Company. The Company shall cause such custodian to issue to the Participant a receipt evidencing the certificates held by it which are registered in the name of the Participant. 

8.5 Dividends and Splits. As a condition to the grant of an award of a Restricted Stock Award, the Committee may require or permit
a Participant to elect that any cash dividends paid on a share of a Restricted Stock Award be automatically reinvested in additional shares of Restricted Stock or applied to the purchase of additional awards under this Plan. Unless otherwise
determined by the Committee, stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock
Award with respect to which such stock or other property has been distributed. 
 8.6 Consequences Upon Vesting. Upon the
vesting of a share of a Restricted Stock Award pursuant to the terms hereof, the vesting restrictions shall cease to apply to such share. Reasonably promptly after a share of a Restricted Stock Award vests pursuant to the terms hereof, the Company
shall cause to be issued and delivered to the Participant to whom such shares were granted, a either (i) a certificate evidencing such shares of Class A Common Stock or (ii) an electronic issuance evidencing such shares of
Class A Common Stock, together with any other property of the Participant held by the custodian pursuant to Section 8.4 hereof; provided, however, that to the extent that the Participant is then subject to Stock Ownership Guidelines
and that such shares are subject to transfer restrictions pursuant to such Stock Ownership Guidelines then such shares (i) shall be issued with a legend indicating that “THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK
REPRESENTED HEREBY IS SUBJECT TO TRANSFERABILITY RESTRICTIONS CONTAINED IN THE SBA COMMUNICATIONS CORPORATION STOCK OWNERSHIP GUIDELINES” or (ii) if delivered electronically, the Company may make such provisions as it deems necessary to
ensure that each share of Class A Common Stock is subject to the same terms and conditions as shares that are represented by a physical stock certificate. 

9. Restricted Stock Units. 

9.1 Grant of Restricted Stock Units. Subject to the terms of the Plan, the Committee may grant awards of Restricted Stock Units or
RSUs. An award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions and such other terms and conditions as the Committee may determine, subject to the provisions of this Plan. At the time an
award of RSUs is made, the Committee shall establish a period of time during which the RSUs shall vest. Each grant of a RSU shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve. 

9.2 Dividend Equivalent Accounts. If (and only if) required by the applicable Award Agreement, prior to the expiration of the
applicable vesting period of an RSU, the Company shall pay dividend equivalent rights with respect to RSUs, in which case, the Company shall establish an account for the Participant and reflect in that

  

 11 

 
account any securities, cash or other property comprising any dividend or property distribution with respect to the Class A Common Stock underlying each RSU. Each amount or other property
credited to any such account shall be subject to the same vesting conditions as the RSU to which it relates. The Participant shall be paid the amounts or other property credited to such account upon vesting of the RSU. 

9.3 Rights as a Shareholder. Subject to the restrictions imposed under the terms and conditions of this Plan and the applicable
Award Agreement, each Participant receiving RSUs shall have no rights as a shareholder with respect to such RSUs until such time as Class A Common Stock are issued to the Participant. Except as otherwise provided in the applicable Award
Agreement, Class A Common Stock issuable under an RSU shall be treated as issued on the first date that the holder of the RSU is no longer subject to a substantial risk of forfeiture as determined for purposes of Section 409A of the Code,
and the holder shall be the owner of such Class A Common Stock on such date. 
 9.4 Consequences Upon Vesting.
Reasonably promptly after the vesting of an RSU, the Company shall cause to be issued and delivered to the Participant to whom such shares were granted, either (i) a certificate evidencing such shares of Class A Common Stock or
(ii) an electronic issuance evidencing such shares of Class A Common Stock, together with any other property of the Participant held by the custodian pursuant to Section 9.2 hereof; provided, however, that to the extent that
the Participant is then subject to Stock Ownership Guidelines and that such shares are subject to transfer restrictions pursuant to such Stock Ownership Guidelines then such shares (i) shall be issued with a legend indicating that “THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY IS SUBJECT TO TRANSFERABILITY RESTRICTIONS CONTAINED IN THE SBA COMMUNICATIONS CORPORATION STOCK OWNERSHIP GUIDELINES” or (ii) if delivered electronically, the
Company may make such provisions as it deems necessary to ensure that each share of Class A Common Stock is subject to the same terms and conditions as shares that are represented by a physical stock certificate. 

10. Stock Appreciation Rights. 

10.1 Grant of Stock Appreciation Rights. Subject to the terms of the Plan, any Option granted under the Plan may include a SAR,
either at the time of grant or by amendment except that in the case of an Incentive Stock Option, such SAR shall be granted only at the time of grant of the related Option. The Committee may also award to Participants SARs independent of any Option.
A SAR shall be subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose. Each grant of a SAR shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve. 

10.2 Vesting. A SAR granted in connection with an Option shall become exercisable, be transferable and shall lapse according to
the same vesting schedule, transferability and lapse rules that are established by the Committee for the Option. A SAR granted independent of an Option shall become exercisable, be transferable and shall lapse in accordance with a vesting schedule,
transferability and lapse rules established by the Committee. Notwithstanding the above, a SAR shall not be exercisable by a person subject to Section 16(b) of the Exchange Act for at least six (6) months following the date the SAR is
granted. 
 10.3 Failure to Exercise. If on the last day of the Option period (or in the case of a SAR independent of an
Option, the SAR period established by the Committee), the Fair Market Value of the stock exceeds the exercise price, the Participant has not exercised the Option or SAR, and neither the Option nor the SAR has lapsed, such SAR shall be deemed to have
been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor. 
 10.4
Payment. The amount of additional compensation which may be received pursuant to the award of one SAR is the excess, if any, of the Fair Market Value of one share of Class A Common Stock on the Appreciation Date over the exercise price,
in the case of a SAR granted in connection with an Option, or the Fair Market Value of one (1) share of Class A Common Stock on the date the SAR is granted, in the case of a SAR granted

  

 12 

 
independent of an Option. The Company shall pay such excess in cash, in shares of Class A Common Stock valued at Fair Market Value, or any combination thereof, as determined by the
Committee. Fractional shares shall be settled in cash. 
 10.5 Designation of Appreciation Date. A Participant may
designate an Appreciation Date at such time or times as may be determined by the Committee at the time of grant by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to which the Appreciation Date
relates, and the date on which such SARs were awarded. Such time or times determined by the Committee may take into account any applicable “window periods” required by Rule 16b-3 under the Exchange Act. 

10.6 Expiration. Except as otherwise provided in the case of SARs granted in connection with Options, the SARs shall expire on a
date designated by the Committee which is not later than ten (10) years after the date on which the SAR was awarded. 

11. Stock Bonuses. Subject to the provisions of the Plan, the Committee may grant Stock Bonuses in such amounts as it shall
determine from time to time. A Stock Bonus shall be paid at such time and subject to such conditions as the Committee shall determine at the time of the grant of such Stock Bonus. Shares of Class A Common Stock granted as a Stock Bonus shall be
issued in certificated form or electronically and delivered to such Participant as soon as practicable after the date on which such Stock Bonus is required to be paid. 

12. Performance Awards 

12.1 Grant of Performance Awards. Subject to the terms of the Plan, the Committee may grant Performance Awards to any officer or
employee of the Company or its Subsidiaries. The provisions of Performance Awards need not be the same with respect to all Participants. A Performance Award may consist of a right that is (i) denominated in cash or Shares (including but not
limited to Restricted Stock or Restricted Stock Units), (ii) valued, as determined by the Committee, in accordance with the achievement of one or more performance criteria as the Committee shall establish, and (iii) payable at such time
and in such form as the Committee shall determine. Each grant of a Performance Award shall be evidenced by an Award Agreement in such form as the Committee shall from time to time approve. 

12.2 Terms and Conditions. 

(i) Each Performance Award shall contain provisions regarding (i) the target and maximum amount payable to the
Participant, (ii) the performance criteria and level of achievement versus these criteria which shall determine the amount of such payment, (iii) the period as to which performance shall be measured for establishing the amount of any
payment, (iv) the timing of any payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the Performance Award prior to actual payment, (vi) forfeiture provisions, and (vii) such further terms
and conditions, in each case not inconsistent with the Plan, as may be determined from time to time by the Committee. In the event the Committee provides for dividends or dividend equivalents to be payable with respect to any Performance Awards
denominated in Shares, actual payment of such dividends or dividend equivalents shall be conditioned upon the performance goals underlying the Performance Award being met. 

(ii) The maximum amount payable under a Performance Award that is settled for cash may be a multiple of the target amount
payable. However, the maximum number of shares subject to any Performance Award denominated in Shares granted in any fiscal year to a Participant shall be 500,000, subject to adjustment as provided in Section 16.1, and the maximum amount paid
in respect of a Performance Award denominated in cash or value other than Shares on an annualized fiscal year basis with respect to any Participant shall be $2,500,000. 

(iii) The Committee shall have the power to impose such other restrictions on Awards subject to this Section 12.2 as
it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for 
  

 13 

 
“performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any successor provision thereto. Notwithstanding any provision of the Plan to the
contrary, the Committee shall not be authorized to increase the amount payable under any Award to which this Section 12 applies upon attainment of such pre-established formula. 

12.3 Performance Criteria. The Committee shall establish the performance criteria and level of achievement versus these criteria
which shall determine the target and the minimum and maximum amount payable under a Performance Award, which criteria may be based on financial performance and/or personal performance evaluations. The Committee may specify the percentage of the
target Performance Award that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding anything to the contrary herein, the performance criteria for any portion of
a Performance Award that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall be a measure established by the Committee based on one or more Qualifying Performance
Criteria selected by the Committee and specified in writing not later than ninety (90) days after the commencement of the performance period to which the performance goals relate (and, in the case of performance periods of less than one year,
in no event after 25% or more of the performance period has elapsed) and while performance relating to such target(s) remains substantially uncertain within the meaning of Section 162(m) of the Code. The applicable performance measurement
period may not be less than three (3) months nor more than ten (10) years. 
 12.4 Qualifying Performance
Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall mean any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company
as a whole or to a business unit, Affiliate or business segment, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or a per share basis or relative to
a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee in the Award: (i) cash flow, tower cash flow or equity free cash flow; (ii) earnings (including gross
margin, EBITDA (earnings before interest, taxes, depreciation and amortization)); (iii) earnings per share; (iv) growth in earnings, cash flow, revenue, gross margin, operating expense or operating expense as a percentage of revenue;
(v) stock price; (vi) return on equity or average shareholder equity; (vii) total shareholder return; (viii) return on capital; (ix) return on assets or net assets; (x) return on investment; (xi) revenue;
(xii) income or net income; (xiii) operating income or net operating income; (xiv) operating profit, net operating profit or controllable operating profit; (xv) operating margin or operating expense or operating expense as a
percentage of revenue; (xvi) return on operating revenue; (xvii) market share or customer indicators; (xviii) contract awards or backlog; (xix) overhead or other expense reduction; (xx) growth in shareholder value relative
to the moving average of the S&P 500 Index or a peer group index; (xxi) credit rating; (xxii) strategic plan development and implementation (xxiii) succession plan development and implementation; (xxiv) acquisitions
consummated; (xxv) improvement in productivity or workforce diversity; (xxvi) attainment of objective operating goals and employee metrics; (xxvii) economic value added; and (xxviii) any other similar criteria. These terms are
used as applied under generally accepted accounting principles or in the financial reporting of the Company or of its Subsidiaries. To the extent consistent with Section 162(m) of the Code, the Committee may appropriately adjust any evaluation
of performance under a Qualifying Performance Criteria to mitigate the unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other extraordinary events not foreseen at the time the targets were set unless the
Committee provides otherwise at the time of establishing the targets; provided that the Committee may not make any adjustment to the extent it would adversely affect the qualification of any compensation payable under such performance targets as
“performance-based compensation” under Section 162(m). 
 12.5 Timing and Form of Payment. The Committee
shall determine the timing of payment of any Performance Award. The Committee may provide for or, subject to such terms and conditions as the Committee may specify, may permit a Participant to elect (in a manner consistent with Section 409A of
the Code) for the payment of any Performance Award to be deferred to a specified date or event. 
  

 14 

 13. Other Stock-Based Awards 

Awards of shares of Class A Common Stock, stock appreciation rights, phantom stock and other awards that are valued in whole or in
part by reference to, or otherwise based on, Class A Common Stock, may also be made, from time to time, to Eligible Individuals as may be selected by the Committee. Such awards may be made alone or in addition to or in connection with any
Option, Restricted Stock Unit or any other award granted hereunder. The Committee may determine the terms and conditions of any such award. Each award shall be evidenced by an Award Agreement that shall specify the number of shares of Class A
Common Stock subject to the award, any consideration therefor, any vesting or performance requirements and such other terms and conditions as the Committee shall determine. 

14. Effect of Termination of Service on Awards. 

14.1 Termination of Employment. The Committee shall establish the effect of a termination of employment or service on the rights
and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the Participant is not an employee of the Company or one of its Subsidiaries and provides
other services to the Company or one of its Subsidiaries, the Committee shall be the sole judge for purposes of this Plan (unless a contract or the Award Agreement otherwise provides) of whether the Participant continues to render services to the
Company or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated. 
 14.2
Termination of Employment Without Cause. Unless otherwise provided in an Award Agreement, upon the termination of the employment or other service of a Participant with the Company, a Subsidiary or Affiliate, other than by reason of Cause,
death or Disability, any Option, RSU or SAR granted to such Participant which has vested as of the date upon which the termination occurs shall be exercisable for a period not to exceed ninety (90) days after such termination. Upon such
termination, (i) the Participant’s unvested Options or SARs shall expire and the Participant shall have no further right to exercises such Options or SARs and (ii) any Restricted Stock or RSU that is subject to restrictions at the
time of termination shall be forfeited and reacquired by the Company. Notwithstanding the provisions of this Section 14.2, the Committee may provide, by rule or regulation, in any Award Agreement, or in any individual case, in its sole
discretion, that following the termination of employment or service of a Participant with the Company, a Subsidiary or Affiliate , other than a termination resulting from Cause, a Participant may (i) exercise an Option, in whole or in part, at
any time subsequent to such termination of employment or service and prior to termination of the Option pursuant to Section 7.6 above, either subject to or without regard to any vesting or other limitation on exercise imposed pursuant to the
applicable Award Agreement and (ii) any restrictions or forfeiture conditions relating to the vesting of a Restricted Stock Award or Restricted Stock Unit shall be waived in whole or in part in the event of such termination. 

14.3 Termination of Employment for Cause. Upon termination of the employment or other service of a Participant with the Company, a
Subsidiary or Affiliate, as the case may be, for Cause, (i) any Option or SAR granted to the Participant shall expire immediately and the Participant shall have no further right to exercise such Option or SAR, as the case may be and
(ii) any Restricted Stock or RSU that is subject to restrictions at the time of termination shall be forfeited and reacquired by the Company. The Committee shall determine whether Cause exists for purposes of this Plan. 

14.4 Termination of Employment by Disability or Death. Unless otherwise provided in an Award Agreement , if a Participant’s
employment or service with the Company, the Subsidiary or Affiliate, as the case may be, terminates by reason of Disability or death, all outstanding Options and SARs held by the Participant at the time of death or Disability (the “Date of
Termination by Death or Disability”) shall immediately vest and, (i) in the case of termination by Disability, the Participant, or (ii) in the case of termination by death, the Participant’s estate, the devisee named in the
Participant’s valid last will and testament or the Participant’s heir at law who inherits the Option (whichever is applicable), has the right, at any time prior to the one year anniversary

  

 15 

 
of the Date of Termination by Death or Disability to exercise, in whole or in part, any portion of the Options or SARs held by the Participant on the Date of Termination by Death or Disability.
Unless otherwise provided in a Award Agreement, if a Participant’s employment or service with the Company, the Subsidiary or Affiliate, as the case may be, terminates by reason of Disability or death, any time-based restrictions applicable to
any outstanding RSU or Restricted Stock shall be deemed waived. To the extent that any RSU or Restricted Stock is subject to forfeiture based upon the achievement of performance requirements, the Committee shall, (i) determine the extent to
which such performance requirements have been met as of the Date of Termination by Death or Disability based upon such audited or unaudited financial information then available or other information as it deems relevant, and (ii) cause to be
paid to each Participant partial or full Awards with respect to such RSU or Restricted Stock based upon the Committee’s determination of the degree of attainment of the applicable performance requirements. 

14.5 Events Not Deemed Terminations of Service. Unless the express policy of the Company or one of its Subsidiaries or Affiliates,
as the case may be, or the Committee, otherwise provides, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Company or
one of its Subsidiaries, or the Committee; provided that unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three (3) months. In the case of any employee of the
Company or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Company or one of its Subsidiaries may be suspended until the employee returns to service, unless the Committee
otherwise provides or Applicable Laws otherwise require. In no event shall an award be exercised after the expiration of the term set forth in the Award Agreement. 

14.6 Effect of Change of Entity Status. Unless otherwise provided in an Award Agreement or by the Committee, in its sole and
absolute discretion, on a case-by case basis, for purposes of this Plan and any Award, if an entity ceases to be a Subsidiary or Affiliate of the Company, a termination of employment or service shall be deemed to have occurred with respect to each
Eligible Individual in respect of such Subsidiary or Affiliate who does not continue as an Eligible Individual in respect of another entity within the Company or another Subsidiary or Affiliate that continues as such after giving effect to the
transaction or other event giving rise to the change in status. 
 15. Awards to Independent Directors 

15.1 Initial Grants of Options to Independent Directors. Each person who is initially elected to the Board after the Effective Date
and who is an Independent Director at the time of such initial election shall automatically be granted Non-qualified Stock Options, Restricted Stock and/or Restricted Stock Units with an aggregate value as established by the Board from time to time;
provided, however, that the number of shares of Class A Common Stock subject to any Non-qualified Stock Option, Restricted Stock or RSU awarded under this Section 15.1 shall be reduced by the number of shares of Class A Common
Stock subject to any Option, Restricted Stock or RSU granted to an Independent Director pursuant to any other stock incentive plan maintained by the Company. 

15.2 Annual Grants to Independent Directors. The Committee may make an annual grant of Non-qualified Stock Options, Restricted
Stock and/or RSUs to all Independent Directors, in an amount to be determined by the Committee in its sole discretion and subject to the applicable limitations of the Plan; provided, however, that no Option, Restricted Stock, and/or RSU shall
be granted to an Independent Director under this Section 15.2 during any year in which such Independent Director received an Award pursuant to Section 15.1. 

15.3 Additional Awards to Independent Directors. In addition to any other grants made to Independent Directors under this
Section 15.3, the Committee may from time to time grant Options, Restricted Stock, Restricted Stock Units, Stock Bonuses and Other Stock Based Awards to any Independent Director, in its sole discretion, and subject to the applicable limitations
of the Plan. 
  

 16 

 15.4 Exercise Price. The price per share of the shares subject to each Option or SAR
granted to an Independent Director shall equal 100% of the Fair Market Value of a share of Class A Common Stock on the date the option is granted. 

15.5 Vesting. Except as set forth in the Award Agreement, subject to the provisions of this Section 18, (a) any Option,
SAR, Restricted Stock or RSU granted to an Independent Director pursuant to Section 15.1 shall vest and, in the case of Options or SARs, become exercisable, in cumulative annual installments of 20% each on the first, second, third, fourth and
fifth anniversaries of the date the Award, (b) any other Options, SARs, Restricted Stock or RSUs granted to an Independent Director pursuant to Section 15.2 or Section 15.3 shall vest and become exercisable in accordance with the
terms set forth in the applicable Award Agreement, as determined by the Committee in its sole discretion; provided, however, any Option or SAR granted to an Independent Director may in the sole discretion of the Committee vest and become
immediately exercisable and any Restricted Stock or RSU which were granted pursuant to time-based restrictions may have such restrictions waived upon the retirement of the Independent Director in accordance with the Company’s retirement policy
applicable to directors. 
 15.6 . Vesting of Restricted Stock or Restricted Stock Units. Reasonably promptly after the
vesting of a Restricted Stock Award or a RSU, the Company shall cause to be issued and delivered, either physically or electronically, to the Independent Director to whom such shares were granted, either (i) a certificate evidencing such shares
of Class A Common Stock or (ii) an electronic issuance evidencing such shares of Class A Common Stock; provided, however, that to the extent that the Independent Director is then subject to Stock Ownership Guidelines and that
such shares are subject to transfer restrictions pursuant to such Stock Ownership Guidelines then such shares (i) shall be issued with a legend indicating that “THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED
HEREBY IS SUBJECT TO THE RESTRICTIONS, TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE SBA COMMUNICATIONS CORPORATION STOCK OWNERSHIP GUIDELINES” or (ii) if delivered electronically, the
Company may make such provisions as it deems necessary to ensure that each share of Class A Common Stock is subject to the same terms and conditions as shares that are represented by a physical stock certificate. 

15.7 Term. Unless otherwise provided in the applicable Award Agreement, the term of any Non-qualified Stock Option, SAR, or RSU
granted to an Independent Director shall be ten (10) years from the date the Option is granted. 
 15.8 Effect of
Termination of Service. Upon a termination of the Independent Director’s services with the Company for any reason, any unvested Option or SAR shall immediately expire and any Restricted Stock or RSU that is subject to restrictions at the
time of termination shall be forfeited and reacquired by the Company. Vested portions of any Options granted to an Independent Director are exercisable until the first to occur of the following events: 

(i) the expiration of twelve (12) months from the date of the Independent Director’s death or a termination of
the Independent Director’s services with the Company by reason of a Disability; 
 (ii) the expiration of
three (3) months from the date the Independent Director’s services with the Company are terminated for any reason other than death or Disability; or 

(iii) the expiration of ten (10) years from the date the Option was granted. 

16. Recapitalization, Change In Control And Other Corporate Events 

16.1 Recapitalization. If the outstanding shares of Class A Common Stock are increased or decreased or changed into or
exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, or reclassification, stock split, reverse split, combination of shares, exchange of shares, stock dividend or other distribution
payable in capital stock of the Company or other increase or decrease in such 
  

 17 

 
shares effected without receipt of consideration by the Company occurring after the Effective Date, a corresponding appropriate and proportionate adjustment shall be made by the Committee
(i) in the aggregate number and kind of shares of Class A Common Stock available under the Plan, (ii) in the number and kind of shares of Class A Common Stock issuable upon exercise or vesting of an outstanding Award or upon
termination of the Restriction Period applicable to a Restricted Stock Unit granted under the Plan, and (iii) in the exercise price per share of outstanding Options granted under the Plan. 

16.2 Reorganization. Unless otherwise provided in an Award Agreement, in the event of a Reorganization of the Company, the
Committee may, in its sole and absolute discretion, provide on a case-by-case basis that some or all outstanding Awards shall become immediately exercisable, vested or entitled to payment. In the event of a Reorganization of the Company the
Committee may, in its sole and absolute discretion, provide on a case-by-case basis that Options shall terminate upon the Reorganization, provided however, that Optionee shall have the right, immediately prior to the occurrence of such
Reorganization and during such reasonable period as the Committee in its sole discretion shall determine and designate, to exercise any vested Option in whole or in part. In the event that the Committee does not terminate an Option upon a
Reorganization of the Company then each outstanding Option shall upon exercise thereafter entitle the holder thereof to such number of shares of Class A Common Stock or other securities or property to which a holder of shares of Class A
Common Stock would have been entitled to upon such Reorganization. 
 16.3 Change in Control. With respect to any Award,
other than a Performance Award, in connection with a Change in Control, the Board or Committee may, in its discretion, either by the terms of the Award Agreement applicable to any Award or by resolution adopted prior to the occurrence of the Change
in Control, (i) provide for the assumption or substitution of, or adjustment to, each outstanding Award; (ii) accelerate the vesting of Awards and terminate any restrictions on Awards; and (iii) provide for the cancellation of Awards
for a cash payment per share/unit in an amount based on Fair Market Value of the Award with reference to the Change in Control, which amount may be zero (0) if applicable. In the event of a Change in Control, (a) any outstanding
Performance Awards relating to Performance Periods ending prior to the Change in Control which have been earned but not paid shall become immediately payable, (b) all incomplete Performance Periods in effect on the date the Change in Control
occurs shall end on the date of such change, and the Committee shall, (i) determine the extent to which Qualifying Performance Criteria with respect to each such Performance Period have been met based upon such audited or unaudited financial
information then available as it deems relevant, (ii) cause to be paid to each Participant partial or full Awards with respect to Qualifying Performance Criteria for each such Performance Period based upon the Committee’s determination of
the degree of attainment of Qualifying Performance Criteria, and (c) the Company shall pay all such Performance Awards in cash promptly. 

16.4 The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company agrees that it will make appropriate provisions
for the preservation of Participant’s rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets. 

16.5 Adjustments. Adjustments under this Section 16 related to stock or securities of the Company shall be made by the
Committee whose determination in that respect shall be final, binding, and conclusive. No fractional shares of Class A Common Stock or units of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from
any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share or unit. 
 16.6 No
Limitations. The grant of an Award pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge,
consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets. 
  

 18 

 17. Provisions Applicable To Covered Employees 

17.1 Awards. Notwithstanding anything in the Plan to the contrary, the Committee may grant any Award to a Covered Employee. The
Committee, in its discretion, may determine whether an Award is to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code. To the extent necessary to comply with the performance-based compensation
requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted pursuant to the Plan which may be granted to one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in
question or any other designated fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code, the Committee shall, in writing, (i) designate one or more Covered Employees,
(ii) select the Qualifying Performance Criteria applicable to the fiscal year or other designated fiscal period or period of service, (iii) establish the various performance targets, in terms of an objective formula or standard, and
amounts of such Awards, as applicable, which may be earned for such fiscal year or other designated fiscal period or period of service and (iv) specify the relationship between Qualifying Performance Criteria and the performance targets and the
amounts of such Awards, as applicable, to be earned by each Covered Employee for such fiscal year or other designated fiscal period or period of service. Following the completion of each fiscal year or other designated fiscal period or period of
service, the Committee shall certify in writing whether the applicable performance targets have been achieved for such fiscal year or other designated fiscal period or period of service. In determining the amount earned by a Covered Employee, the
Committee shall have the right to reduce (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance
for the fiscal year or other designated fiscal period or period of service. 
 17.2 Limitations. Furthermore,
notwithstanding any other provision of the Plan or any Award which granted to a Covered Employee and is intended to qualify as performance-based compensation as described in Section 162(m)(4)(C) of the Code shall be subject to any additional
limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for qualification as performance-based compensation as
described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to conform to such requirements. 

18. Ownership and Transfer Restrictions 

The Committee, in its sole discretion, may impose such restrictions on the ownership and transferability of shares received pursuant to
any Award at it deems appropriate, including any restrictions as may be imposed pursuant to the Company’s Stock Ownership Guidelines or Insider Trading Policy. Any such restriction shall be set forth in the respective Award Agreement and may be
referred to on the certificates evidencing such shares. The holder shall give the Company prompt notice of any disposition of shares of Class A Common Stock acquired by exercise of an Incentive Stock Option within (a) two years from the
date of granting (including the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) such Option to such holder or (b) one year after the transfer of such shares to such holder. 

19. Limitations on Re-Pricing and Exchange of Options and SARs 

The approval by a majority of the votes present and entitled to vote at a duly held meeting of the shareholders of the Company at which a
quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the matter, or by written consent in accordance with applicable state law and the Articles of Incorporation and Bylaws of the
Company shall be required for (i) the re-pricing of any Option or SAR granted under the Plan, or (ii) the exchange of any outstanding Option or SAR granted under the Plan for a new Option with an exercise price that is lower than the
exercise price of the Option or SAR that is surrendered by the Participant. 
  

 19 

 20. Disclaimer of Rights. 

No provision in the Plan, any Award granted or any Award Agreement entered into pursuant to the Plan shall be construed to confer upon any
individual the right to remain in the employ of the Company or to interfere in any way with the right and authority of the Company either to increase or decrease the compensation of any individual, including any Participant, at any time, or to
terminate any employment or other relationship between any individual and the Company. A holder of an Award shall not be deemed for any purpose to be shareholder of the Company with respect to such Award except to the extent that such Award shall
have been exercised with respect thereto and, in addition, a stock certificate shall have been issued theretofore and delivered to the holder, or except as expressly provided by the Committee in writing. No adjustment shall be made for dividends
(ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date such stock certificate is issued, except as expressly provided in Section 16 hereof.

 21. Nonexclusivity of the Plan. The adoption of the Plan shall not be construed as creating any limitations upon the
right and authority of the Committee to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or individuals) as
the Committee in its discretion determines desirable, including, without limitation, the granting of stock options or stock appreciation rights other than under the Plan. 

22. Securities Matters 

22.1 Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any
certificates evidencing the Class A Common Stock pursuant to the Plan unless and until the Company is advised by its counsel that the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of
governmental authority and the requirements of any securities exchange on which Class A Common Stock are traded. The Committee may require, as a condition of the issuance and delivery of certificates evidencing Class A Common Stock
pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that such certificates bear such legends, as the Committee, in its sole discretion, deems necessary or desirable. To the extent
that there is not an effective registration statement available for the issuance of shares of Class A Common Stock upon the vesting of a RSU or the exercise of an Option, the Company may, in its sole discretion, deliver shares that are subject
to additional transferability restrictions pursuant to the Securities Act of 1933, as amended and may make such provisions as it deems necessary to ensure compliance by the Participant with such restrictions. 

22.2 The exercise of any Option granted hereunder shall only be effective at such time as counsel to the Company shall have determined
that the issuance and delivery of Class A Common Stock pursuant to such exercise is in compliance with all Applicable Laws, regulations of governmental authority and the requirements of any securities exchange on which Class A Common Stock
are traded. The Company may, in its sole discretion, defer the effectiveness of any exercise of an Option granted hereunder in order to allow the issuance of Class A Common Stock pursuant thereto to be made pursuant to registration or an
exemption from the registration or other methods for compliance available under federal or state securities laws. The Company shall inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Option granted
hereunder. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

22.3 With respect to persons subject to Section 16 of the Exchange Act, transactions under this Plan are intended to comply with all
applicable conditions of Rule 16b-3 of the Exchange Act or its successors under the Exchange Act. To the extent any provision of the Plan, the grant of an award, or action by the Committee fails to so comply, it shall be deemed null and void, to the
extent permitted by law and deemed advisable by the Committee. 
  

 20 

 23. Withholding Obligation. The Committee may make such provisions and take such
steps as it may deem necessary or appropriate for the withholding of any taxes that the Company is required by any law or regulation of any governmental authority, whether federal, state or local, domestic or foreign, to withhold in connection with
the exercise of any Option or SAR, the vesting of any Restricted Stock or RSU or the grant of Class A Common Stock pursuant to an Award. The Award Agreement may provide, subject to any limitations set forth therein, that the following forms of
consideration may be used in by the Participant for payment of any withholding due: cash or check, other Shares which have a Fair Market Value on the date of surrender equal to the amount of withholding due; withholding of Shares deliverable upon
exercise or vesting, which have a Fair Market Value on the date of surrender equal to the amount of withholding due; consideration received by the Company under a broker-assisted sale and remittance program, or “cashless” exercise/sale
procedure, acceptable to the Committee; such other consideration and method of payment for the withholding due to the extent permitted by applicable laws; or any combination of the foregoing methods of payment. 

24. Plan Construction. 

24.1 Rule 16b-3. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to any individual who
is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act)
that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive
rule. Notwithstanding the foregoing, the Company shall have no liability to any Participant for Section 16 consequences of awards or events under awards if an award or event does not so qualify. 

24.2 Section 162(m). Awards under Section 12 that are either granted or become vested, exercisable or payable based on
attainment of one or more performance goals related to the Qualifying Performance Criteria that are approved by a committee composed solely of two or more outside directors (as this requirement is applied under Section 162(m) of the Code) shall
be deemed to be intended as performance-based compensation within the meaning of Section 162(m) of the Code unless such committee provides otherwise at the time of grant of the award. It is the further intent of the Company that (to the extent
the Company or one of its Subsidiaries or awards under this Plan may be or become subject to limitations on deductibility under Section 162(m) of the Code) any such awards and any other Performance Awards under Section 12 that are granted
to or held by a person subject to Section 162(m) will qualify as performance-based compensation or otherwise be exempt from deductibility limitations under Section 162(m). 

24.3 Code Section 409A Compliance. The Board intends that, except as may be otherwise determined by the Committee, any awards
under the Plan are either exempt from or satisfy the requirements of Section 409A of the Code and related regulations and Treasury pronouncements (“Section 409A”) to avoid the imposition of any taxes, including additional income or
penalty taxes, thereunder. If the Committee determines that an award, Award Agreement, acceleration, adjustment to the terms of an award, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the
provisions of the Plan would, if undertaken, cause a Participant’s award to become subject to Section 409A, unless the Committee expressly determines otherwise, such award, Award Agreement, payment, acceleration, adjustment, distribution,
deferral election, transaction or other action or arrangement shall not be undertaken and the related provisions of the Plan and/or Award Agreement will be deemed modified or, if necessary, rescinded in order to comply with the requirements of
Section 409A to the extent determined by the Committee without the content or notice to the Participant. 
 24.4 No
Guarantee of Favorable Tax Treatment. Although the Company intends that awards under the Plan will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any award under the Plan
will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local or foreign law. The Company shall not be liable to any Participant for any tax, interest or penalties the Participant might
owe as a result of the grant, holding, vesting, exercise or payment of any award under the Plan. 
  

 21 

 25. Amendment And Termination of the Plan 

25.1 Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole
or in part. No awards may be granted during any period that the Board suspends this Plan. 
 25.2 Shareholder Approval.
To the extent then required by Applicable Laws or any applicable listing agency or required under Sections 162, 422 or 424 of the Code to preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any
amendment to this Plan shall be subject to shareholder approval. 
 25.3 Amendments to Awards. Without limiting any other
express authority of the Committee under (but subject to) the express limits of this Plan, the Committee by agreement or resolution may waive conditions of, or limitations on, awards to Participants that the Committee in the prior exercise of its
discretion has imposed, without the consent of a Participant, and, subject to the requirements of Sections 5 and 25.4, may make other changes to the terms and conditions of awards. Any amendment or other action that would constitute a repricing of
an award is subject to the limitations set forth in Section 19. 
 25.4 Limitations on Amendments to Plan and
Awards. No amendment, suspension or termination of this Plan or change of or affecting any outstanding award shall, without written consent of the Participant, affect in any manner materially adverse to the Participant any rights or benefits of
the Participant or obligations of the Company under any award granted under this Plan prior to the effective date of such change. 

25.5 Suspension or Termination of Award. In addition to the remedies of the Company elsewhere provided for herein, failure by a
Participant to comply with any of the terms and conditions of the Plan or the Award Agreement executed by such Participant evidencing an award, unless such failure is remedied by such Participant within ten days after having been notified of such
failure by the Committee, shall be grounds for the cancellation and forfeiture of such award, in whole or in part, as the Committee may determine. 

26. Notices 

Any communication or notice required or permitted to be given under the Plan shall be in writing, and mailed by registered or certified
mail or delivered by hand, if to the Company, to its principal place of business, attention: Stock Option Administrator, and if to the Participant, to the address of the Participant as appearing on the records of the Company. 

27. Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Company. 

Awards may be granted to Eligible Individuals in substitution for or in connection with an assumption of Options, SARs, a Restricted Stock
Award or other stock-based awards granted by other entities to persons who are or who will become Eligible Individuals in respect of the Company or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with
the granting entity or an affiliated entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply
with other specific terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Class A Common Stock in the transaction and any change in the
issuer of the security. Any shares that are delivered and any awards that are granted by, or become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted by an
acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Company or one of its Subsidiaries in connection with a business or asset acquisition or
similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan. Any adjustment, substitution or assumption made pursuant to this Section 27 shall be made in a
manner that, in the good faith determination of the Committee, will not likely result in the imposition of additional taxes or interest under Section 409A of the Code. 

 

 22 

 28. Governing Law; Severability 

28.1 Violations of Law. The Company shall not be required to sell or issue any shares of Class A Common Stock under any Award
if the sale or issuance of such shares would constitute a violation by the individual holding the Award, the Participant or the Company of any provisions of any law or regulation of any governmental authority, including without limitation any
federal or state securities laws or regulations. Any determination in this connection by the Committee shall be final, binding, and conclusive. The Company shall not be obligated to take any affirmative action in order to cause the exercisability or
vesting of an Option, the exercise of an Option or the issuance of shares pursuant to the exercise of an Option or expiration of a Restriction Period to comply with any law or regulation of any governmental authority. 

28.2 Governing Law. This Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of
Florida, without regard to conflicts of laws thereof. 
 28.3 Severability. If any provision of the Plan or any Award
Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain
enforceable in any other jurisdiction. 
  

 23

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