Document:

EX-10.10

 Exhibit 10.10 
  

 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

between 
 CHRYSLER GROUP LLC

 and 
 SANTANDER
CONSUMER USA INC. 
 Dated as of February 6, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS AND INTERPRETATION	  			
			
	 Section 1.01
	 	Definitions	  	 	3	  
	 Section 1.02
	 	Interpretation	  	 	12	  
		
	ARTICLE II	  			
		
	PLANNING AND TRANSITION	  			
			
	 Section 2.01
	 	Transition Period	  	 	12	  
	 Section 2.02
	 	Transition Plans	  	 	13	  
	 Section 2.03
	 	Performance Targets	  	 	13	  
		
	ARTICLE III	  			
		
	PRIVATE LABEL SERVICES	  			
			
	 Section 3.01
	 	Contractual Framework	  	 	14	  
	 Section 3.02
	 	Key Services	  	 	15	  
	 Section 3.03
	 	Dedicated Business Unit	  	 	16	  
	 Section 3.04
	 	Non-Chrysler Services	  	 	17	  
	 Section 3.05
	 	Dealer Financing Services	  	 	17	  
	 Section 3.06
	 	Retail Financing Services	  	 	18	  
	 Section 3.07
	 	Commercial Financing Services	  	 	19	  
	 Section 3.08
	 	Annual Review of Financing Services	  	 	20	  
	 Section 3.09
	 	Third-Party Subcontracting	  	 	20	  
	 Section 3.10
	 	Trademark License and Branding	  	 	20	  
	 Section 3.11
	 	Wholesale Payment Procedures	  	 	21	  
		
	ARTICLE IV	  			
		
	COMMITMENTS FROM SCUSA	  			
			
	 Section 4.01
	 	Funding	  	 	22	  
	 Section 4.02
	 	Funding Plan	  	 	22	  
	 Section 4.03
	 	Approval Levels	  	 	23	  
	 Section 4.04
	 	Sales Force	  	 	24	  
	 Section 4.05
	 	Service Levels	  	 	24	  
	 Section 4.06
	 	Dealer Training Support	  	 	25	  
	 Section 4.07
	 	Remarketing	  	 	25	  
	 Section 4.08
	 	Pricing; Support Rate	  	 	25	  
	 Section 4.09
	 	Information Technology	  	 	27	  

  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 i 

							
	 Section 4.10
	 	Information Rights/Transparency	  	 	28	  
	 Section 4.11
	 	Quality	  	 	28	  
	 Section 4.12
	 	Promotion	  	 	29	  
	 Section 4.13
	 	Performance Metrics	  	 	29	  
	 Section 4.14
	 	Data Sharing, Security and Privacy	  	 	30	  
		
	ARTICLE V	  			
		
	SUBVENTION	  			
			
	 Section 5.01
	 	Subvention Programs	  	 	30	  
	 Section 5.02
	 	Limited Exclusivity of Subvention Programs	  	 	31	  
	 Section 5.03
	 	Support Rates	  	 	31	  
		
	ARTICLE VI	  			
		
	LIMITED EXCLUSIVITY	  			
			
	 Section 6.01
	 	Limited Exclusivity	  	 	31	  
	 Section 6.02
	 	Adjustment for Price Competitiveness	  	 	32	  
	 Section 6.03
	 	Approval	  	 	32	  
	 Section 6.04
	 	Dealer Inventory	  	 	33	  
	 Section 6.05
	 	Exclusivity Termination	  	 	33	  
		
	ARTICLE VII	  			
		
	RISK ALLOCATION	  			
			
	 Section 7.01
	 	Risk Allocation	  	 	33	  
	 Section 7.02
	 	Residual Risk Sharing	  	 	33	  
		
	ARTICLE VIII	  			
		
	REVENUE SHARING	  			
			
	 Section 8.01
	 	Upfront Payment	  	 	34	  
	 Section 8.02
	 	Revenue Sharing	  	 	35	  
	 Section 8.03
	 	Cross-Selling	  	 	35	  
	 Section 8.04
	 	Exclusivity Fees	  	 	35	  
		
	ARTICLE IX	  			
		
	GOVERNANCE	  			
			
	 Section 9.01
	 	Steering Committee	  	 	36	  
	 Section 9.02
	 	Operating Committee	  	 	36	  
	 Section 9.03
	 	Other Committees	  	 	36	  

  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 ii 

							
		
	ARTICLE X	  			
		
	TERM; TERMINATION	  			
			
	 Section 10.01
	 	Term; Termination	  	 	37	  
	 Section 10.02
	 	Obligations of SCUSA Following Termination	  	 	38	  
		
	ARTICLE XI	  			
		
	INDEMNIFICATION; LIABILITIES	  			
			
	 Section 11.01
	 	Indemnification	  	 	40	  
	 Section 11.02
	 	Limitations on Liability	  	 	41	  
	 Section 11.03
	 	Limitation on Damages	  	 	41	  
	 Section 11.04
	 	Equitable Remedies	  	 	41	  
	 Section 11.05
	 	Cumulative Remedies	  	 	41	  
		
	ARTICLE XII	  			
		
	INFORMATION REPORTING AND CONFIDENTIALITY	  			
			
	 Section 12.01
	 	Information Reporting	  	 	41	  
	 Section 12.02
	 	Confidentiality	  	 	42	  
	 Section 12.03
	 	Nondisclosure of Dealer and Consumer Information	  	 	42	  
	 Section 12.04
	 	Information Security	  	 	42	  
	 Section 12.05
	 	Confidential Personal Information	  	 	42	  
		
	ARTICLE XIII	  			
		
	OTHER PROVISIONS	  			
			
	 Section 13.01
	 	MFN	  	 	43	  
	 Section 13.02
	 	Permitted Cross-Selling	  	 	44	  
	 Section 13.03
	 	Credit Policies	  	 	44	  
	 Section 13.04
	 	Outsourcing	  	 	45	  
	 Section 13.05
	 	Audit Rights	  	 	45	  
	 Section 13.06
	 	Expenses	  	 	45	  
	 Section 13.07
	 	Regulatory Compliance	  	 	45	  
	 Section 13.08
	 	Force Majeure	  	 	45	  
		
	ARTICLE XIV	  			
		
	MISCELLANEOUS	  			
			
	 Section 14.01
	 	Representations and Warranties	  	 	46	  
	 Section 14.02
	 	Notices	  	 	46	  
	 Section 14.03
	 	Execution in Counterparts	  	 	48	  
	 Section 14.04
	 	Further Assurances	  	 	48	  

  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 iii 

							
	 Section 14.05
	 	Relationship of the Parties	  	 	48	  
	 Section 14.06
	 	Assignment and Amendment	  	 	48	  
	 Section 14.07
	 	Severability	  	 	48	  
	 Section 14.08
	 	No Third Party Beneficiaries	  	 	49	  
	 Section 14.09
	 	Dispute Resolution	  	 	49	  
	 Section 14.10
	 	GOVERNING LAW	  	 	50	  
	 Section 14.11
	 	Consent to Jurisdiction	  	 	50	  
	 Section 14.12
	 	No Trial by Jury	  	 	50	  

 EXHIBITS 
  

			
	A.	 	Equity Option Agreement
	B.	 	SCUSA Readiness Plan
	C.	 	Dealer Financing Terms
	D.	 	Corporate Identity Guidelines
	E.	 	Service Level Standards
	F.	 	Chrysler Privacy, Security and Confidentiality Agreement

  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 iv 

 This MASTER PRIVATE LABEL
FINANCING AGREEMENT (this “Agreement”), dated as of February 4, 2013, (the “Effective Date”) is made by and between CHRYSLER
GROUP LLC, a Delaware limited liability company (“Chrysler”) and Santander Consumer USA Inc., an Illinois corporation (“SCUSA”). 

RECITALS: 
  

	(A)	Chrysler manufactures, distributes, markets and sells motor vehicles and related goods and services, which are offered for sale under various brands to retail Consumers through a network of dealerships authorized by
Chrysler. 

  

	(B)	SCUSA is a financial services company that provides automotive finance and lease, insurance, lending and related services to a variety of customers, including retail purchase and lease financing to automobile purchasers
and wholesale financing and related services to automobile dealers and is majority owned by Banco Santander, a global retail banking organization. 

  

	(C)	SCUSA intends to support the sale of Chrysler Products by providing retail loans and purchasing retail installment sale contracts and lease contracts and, in lease transactions, purchasing the underlying leased vehicle
from Chrysler Dealers and by providing financing for the fleet purchase of multiple vehicles by a single customer or group of related customers. 

  

	(D)	From time-to-time Chrysler may offer retail customers incentive programs to purchase or lease Chrysler Products including special lease or financing support programs, lease pull-ahead programs, lease or financing
pre-approved programs and down payment assistance programs. 

  

	(E)	SCUSA is willing and able to provide certain Chrysler-branded dealer, consumer and commercial automotive financing services as described under the terms and conditions of this Agreement. 

 

	(F)	This Agreement is intended to provide for Chrysler the customer loyalty and dealer support benefits that would accrue to Chrysler were it an OEM with an exclusive financing affiliate, and to provide to SCUSA a
competitive level of return based on support from Chrysler comparable to that which would be provided by an OEM with an exclusive financing affiliate. 

  

	(G)	Chrysler and SCUSA desire to formally document and to establish a framework for their relationship in the United States. 

  

	(H)	Chrysler and SCUSA are also contemporaneously entering into an Equity Option Agreement (as defined below), under which Chrysler may, at its option, acquire an equity participation (which may exceed 50%) in an operating
entity through which the financial services contemplated by this Agreement are offered and provided, through one of (i) an equity interest in SCUSA entity, (ii) participation in a joint venture to which the business providing the Financing
Services would be contributed by SCUSA or (iii) another business relationship or structure that provides equity returns and participation to Chrysler 

  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 1 

	 	
that are substantially similar to those contemplated by clauses (i) or (ii) above, in any such case pursuant to a pricing formula and process provided for in the Equity Option
Agreement. 

 Now, THEREFORE, in consideration of the foregoing, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Chrysler and SCUSA hereby agree as follows: 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 2 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.01 Definitions. The words in this Agreement have the meanings usually and customarily ascribed to them in commercial
contracts, except that the following terms shall have the meanings set forth below. 
 (a) “Affiliate” means, with respect
to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by or under common control with such Person. For purposes of this definition, “control” (including the terms
“controlling,” “controlled” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise; provided, however, that Affiliates of a Person shall not be deemed to include any other Person (A) under common control with such Person but who does not control, and is
not controlled by, such Person; and (B) whose actions are not directed by such Person or any of its other Affiliates; provided further, that possession of more than twenty percent (20%) of the voting securities of any Person shall
be deemed to constitute “control” for purposes of this Agreement. For the avoidance of doubt, Fiat S.p.A. and its Subsidiaries (other than Chrysler and any Subsidiaries of Chrysler) shall be deemed not to be Affiliates of Chrysler. 

(b) “ALG” means the Residual Value Lease Guide, a publication of Automotive Lease Guide (alg), Inc. 

(c) “Ancillary Services” means Dealer Ancillary Services and Retail Ancillary Services. 

(d) “Asset Class” means a set of related Financing Services that have similar risk and return characteristics. For example,
Dealer ‘Wholesale Financing, Lease Financing, Retail Financing, etc. is each individually an Asset Class. 
 (e)
“Bundling” means offering, marketing or selling two or more services together as a package (without regard to whether a discount or integrated price is offered) and the terms “Bundle” or “Bundled”
shall have correlative meanings. 
 (f) “Business Day” means a day that is not a Saturday, Sunday or other day on which
commercial banks are required or authorized by law to be closed in Auburn Hills, Michigan or New York, New York. 
 (g) “Chrysler
Marks” means the “Chrysler Capital”, “Chrysler”, “Dodge”, “Jeep” “RAM”, “Chrysler Capital” and “Mopar” word trademarks,
and their corresponding brand logos. “Chrysler Marks” may at Chrysler’s option include names, logos, and trademarks under additional brands, including, one or more brands of Fiat Group Automobiles S.p.A. that may be distributed
by or through Chrysler from time to time. 
  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 3 

 (h) “Chrysler MSRP” means the retail price of Chrysler Products suggested by
Chrysler that Dealers sell the relevant Chrysler Product. 
 (i) “Chrysler Products” means motor vehicles and related goods
and services manufactured or distributed by Chrysler under various brands, including “Chrysler”, “Dodge”, “Jeep”, “RAM” and “Mopar”. “Chrysler Products” may at Chrysler’s option
include vehicles under additional brands, including, one or more brands of Fiat Group Automobiles S.p.A. that may be distributed by or through Chrysler from time to time. 

(j) “Commercial Customer” means a Large Commercial Customer, Small Commercial Customer or any other Person that acquires or
seeks to acquire Chrysler Products for business, commercial or similar purposes 
 (k) “Commercial Financing” means
Financing Services provided to Commercial Customers. 
 (l) “Commercial Financing Cap” as defined in Section 4.08.

 (m) “Comparable OEMs” [***]; provided that such list may be modified, supplemented or amended by Chrysler from time to
time with the approval of SCUSA (not to be unreasonably withheld or delayed). 
 (n) “Confidential Information” means the
terms and conditions of this Agreement and/or any information (including data developed from any such information) in any format that meets all of the following criteria: 

(i) Chrysler, SCUSA, or their respective Subsidiaries or Representatives (the “receiving party”) obtains the
information from the other party (the “disclosing party”) or the disclosing party’s Subsidiaries or Representatives before or after the execution of this Agreement; 

(ii) Any of the information relates to the business or financial activities of the disclosing party or its Subsidiaries; and

 (iii) The information is made available to the receiving party to facilitate one or both parties’ performance of this
Agreement or otherwise as a result of the commercial relationship between Chrysler and SCUSA, including information relating to customers and dealerships, pricing, methods, operations, processes, trade secrets, credit programs, financial data,
business and financial relationships, technical data, statistics, technical specifications, documentation, research, development or related information, computer systems, employees, and any results or compilations of any of the foregoing; 

provided that “Confidential information” does not include any information that (i) is or becomes publicly available by any means other
than a breach of this Agreement or any other obli- 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 4 

 gation of a party; (ii) was known by the receiving party before its receipt from the disclosing party
(provided that the source of that information is not known to the receiving party to be prohibited by contract or applicable law from disclosing that information or the receiving party is not otherwise under an obligation to maintain the
confidentiality of such information); or (iii) is independently developed by the receiving party without using any information (other than information described in the foregoing clauses (i) and (ii)) from the disclosing party 

(o) “Confidential Personal Information” means all information about Consumers that are natural Persons, including, without
limitation, names, addresses, telephone numbers, account numbers and lists thereof, and demographic, credit, financial and transaction information for such Consumers. 

(p) “Consumer” means (i) a Retail Consumer or (ii) a Commercial Customer. 

(q) “Consumer Financing” means Retail Financing and Lease Financing. 

(r) “Cost of Funds” means the average cost of borrowing (or otherwise securing funds, including through wholesale conduits,
securitizations and similar programs) used in recalculating the Support Rate under this Agreement, the methodology and an illustrative calculation of which are set forth on Schedule 1.01(r) to this Agreement. 

(s) “Credit Application” means a credit application in one or more standard forms developed or approved by SCUSA submitted by
or on behalf of a Consumer in connection with the purchase or lease of a new or used Chrysler Product that a Dealer submits for SCUSA’s assessment and credit decision as to whether SCUSA would provide Consumer Financing for that Consumer, if
the Dealer were to offer it to SCUSA. 
 (t) “Credit Rating Impairment” will be deemed to occur if the corporate credit
rating, as determined by one or more Rating Agencies, of [***] Notwithstanding the foregoing, a Credit Rating Impairment will be deemed not to have occurred if SCUSA, within thirty (30) days of such corporate credit rating downgrade,
demonstrates to Chrysler’s good faith satisfaction that the downgrade will not impair SCUSA’s ability to perform under this Agreement, with regard to [***] 

(u) “Credit Tier” means a category of credit risk determined by the Steering Committee based on FICO Scores. 

(v) “Dealer” or “Dealers” means the network of dealerships authorized by Chrysler to sell Chrysler Products
in the United States. 
 (w) “Dealer Ancillary Services” means dealer inventory insurance services, property/casualty,
business interruption and other insurance products, cash management services, 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 5 

 
portfolio management services, dealer inventory administration, Remarketing services and other financial services that may be provided to Dealers. 

(x) “Dealer/Customer Database” means the database maintained by SCUSA and Chrysler of all Dealers and Consumers and related
data regarding Financing Services provided by such Dealers and Consumer. 
 (y) “Equity Option Agreement” means the
agreement of even date herewith in the form attached as Exhibit A to this Agreement (the “Equity Option Term Sheet”) pursuant to which SCUSA has granted to Chrysler the option to acquire equity ownership in an organization
providing the Financing Services. 
 (z) “Existing MAFA” means the Auto Finance Operating Agreement, dated as of
April 30, 2009 by and between Ally Financial Inc. (formerly known as GMAC Inc.) and Chrysler. 
 (aa) “Fees” means all
[***] as contemplated by this Agreement. 
 (bb) “FICO Score” means the standard consumer credit scoring system created by
Fair Isaac Company and commonly used by consumer credit agencies in the United States, together with any successor system during the term of this Agreement. 

(cc) [RESERVED] 
 (dd)
“Financing Disruption” means circumstances where global credit markets are such that credit is either not available or not available on commercially reasonable terms to borrowers with credit rating and business prospects similar to
SCUSA for a period of [***]. The Steering Committee shall establish specific benchmarks for determining whether and when a Financing Disruption has occurred pursuant to this definition, which once established shall be modified only by written
agreement of the parties. 
 (ee) “Financing Services” means Dealer Financing Services, Consumer Financing Services and
Commercial Financing Services. 
 (ff) “First Break Date” means the date that is ten (10) years from the Full Start
Date. 
 (gg) “Full Start Date” means May 1, 2013. 

(hh) “GAAP” means generally accepted accounting principles in the United States. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 6 

 (ii) “Governmental Authority” means any supranational, international,
national, federal, state or local court, provincial, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority. 

(jj) “Initial Funding Period” means the period of time that begins on the Effective Date and ends on the Full Start
Date. 
 (kk) “Inventory Finance Disruption” will be deemed to have occurred if Chrysler, in any period of [***],
receives notice of termination (which does not include temporary suspensions of a right to draw on credit lines) of Inventory Financing arrangements for [***] 

(ll) “Inventory Financing” means the financing of motor vehicle inventory by Dealers. 

(mm) “Large Commercial Customer” means a Person generally purchasing or leasing more than twenty vehicles for
commercial or rental fleets for business, commercial or similar purposes. 
 (nn) “Law” shall mean any
federal, state, local or foreign law, statute, ordinance, rule, regulation, judgment, order, injunction, decree, arbitration award, agency requirement, judicial, agency or administrative opinion, franchise, license or permit of any governmental
authority or common law, including but not limited to consumer protection, consumer credit, consumer leasing, telemarketing, truth in advertising, copyright and trademark and antitrust laws. 

(oo) “Lease Financing” means financing for motor vehicle lease contracts, including the underlying lease vehicle.

 (pp) “LIBOR” means, with respect to any period, (a) the interest rate per annum appearing on Reuters
Screen LIBOR01 or any successor page as the composite offered rate for interbank deposits of Dollars for such period as of 11:00 a.m., London time, on the day that is two London banking days before the date on which such period commences and
(b) if the rate specified in clause (a) does not appear, an interest rate per annum equal to the rate at which deposits in Dollars are offered by major banks in the London inter-bank market for such period at 11:00 a.m., London time, on
the day that is two London banking days before the date on which such period commences. 
 (qq) “Market
Benchmark” will be determined in an objective and verifiable manner on [***] through the Steering Committee based on the [***] broken down by FICO bands, as referenced in Section 4.03, for retail sales by Comparable OEMs.
“Market Benchmark” will be quantified using multiple accessible data sources selected in advance [***] and include like credit and structure characteristics. The Steering Committee will on a regular  

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 7 

 basis (at least quarterly), oversee a review of the efficacy of the “Market” rates through a variety of
means, including internal audits, and side-by-side reviews with Dealers. An illustrative calculation of “Market” rates is attached as Schedule 1.01(qq). To the extent the Steering Committee is unable to agree on Market Benchmark, Chrysler
shall have the right to engage a third party (the identity of which shall be subject to SCUSA’s prior consent, not to be unreasonably withheld, conditioned or delayed) to determine Market Benchmark by credit tiers and region. 

(rr) “Material Deviation” means” a difference between originally reported data and the data derived from the results of
an audit conducted pursuant to Section 13.05 that [***] of the originally reported data; provided that [***] 
 (ss)
“NADA” means the National Automobile Dealers Association. 
 (tt) “Net Interest Income” means
the gross interest income that has been or should be recognized by SCUSA under GAAP in connection with the Retail Financing less the interest expense directly related to the funding made available in respect of the interest earning assets,
calculated based on [***] An illustrative calculation of Net Interest Income is set forth on Schedule 1.01(tt) to this Agreement. 

(uu) “Net Revenues” means the sum of (i) Net Interest Income, plus (ii) Fees, plus (iii) Operating Lease
Revenue. 
 (vv) “New Vehicle Net Wholesale Price” means wholesale delivery price (as set by Chrysler) less
applicable Lease incentives. 
 (ww) “Next Break Date” means (i) the date that is one year after the
First Break Date or (ii) following the First Break Date, the date that is one year after the immediately preceding First Break Date or Next Break Date, as applicable. 

(xx) “OEM” means an original equipment manufacturer or distributor of passenger cars and light trucks. 

(yy) [RESERVED] 
 (zz)
“Operating Lease Revenues” means net revenues (net of depreciation and taxes) from Lease Financing provided by or through SCUSA, to Consumers leasing Chrysler Products, that have been or should be recognized as revenue by SCUSA (or
affiliated Lease Financing partners, such as [***]) under GAAP. 
 (aaa) “Operating Spread” means a fixed
spread between the Support Rate and the Cost of Funds, [***] The Operating Spread will be established to be in line with comparable U.S. financial services/depositary institutions active in automotive finance and evaluated based  

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 8 

 on [***] The existing methodology and an illustrative calculation of the Operating Spread is set forth on
Schedule 1.01(aaa) of this Agreement. 
 (bbb) “Order” means any award, decision, injunction, judgment, decree,
settlement, order, process, ruling, subpoena or verdict (whether temporary, preliminary or permanent) entered, issued, made or rendered by any court, administrative agency, arbitrator, Governmental Authority or other tribunal of competent
jurisdiction. 
 (ccc) “Person” means any individual, corporation, limited liability company, partnership
(whether general or limited), association, company, joint-stock company, trust, business or statutory trust, estate, joint venture, unincorporated organization, Governmental Authority or any other entity, in its own or any representative
capacity. 
 (ddd) “Rate Support” means, with respect to financing incentives offered by Chrysler on Consumer
Financing (including balloon contracts and any other significant products) that enable Retail Consumers to obtain a specified interest rate that is below market rates, the difference between the Support Rate and the below-market rate. 

(eee) “Rate Support Subvention Program” means a Subvention Program involving Rate Support. 

(fff) “Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a corporate
credit rating on SCUSA or Banco Santander publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by Chrysler which shall be substituted for Moody’s or S&P or both, as the case may
be. 
 (ggg) “Remarketing” means remarketing and related auction services for the purchase and sale of used
vehicles, including through proprietary internet auctions hosted by SCUSA. 
 (hhh) “Representatives” means
directors, officers, employees and representatives of a party or any of its Subsidiaries and each of their respective agents, representatives, auditors, attorneys, and other professional advisors. 

(iii) “Residual Value Losses” are determined as [***]; and “Residual Value Gains” are determined as
the amount by which [***] For purposes of calculating gains on early lease termination, [***] will be deducted from the gross sales proceeds. 

(jjj) “Retail Ancillary Services” means maintenance and repair contracts (MARCs), extended warranty products,
automobile insurance or protection products, or similar products sold to Consumers. 
 (kkk) “Retail Consumer”
means an individual who acquires or seeks to acquire Chrysler Products at retail primarily for personal, family or household purposes. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 9 

 (lll) “Retail Financing” means motor vehicle retail installment sale
contracts. 
 (mmm) [RESERVED] 

(nnn) “Small Commercial Customer” means a Person generally purchasing or leasing between two and twenty vehicles for
business, commercial or similar purposes. 
 (ooo) “Specified Banking Subsidiaries” means those banking
organizations that are (i) directly or indirectly wholly-owned by Banco Santander and (ii) listed on Schedule 1.01(ooo). SCUSA and such Specified Banking Subsidiaries may offer products to Dealers, but only as set forth in Schedule
1.01(ppp). 
 (ppp) “Standard Banking Services” means those banking and financing services that may be offered
to Dealers by SCUSA and the Specified Banking Subsidiaries as set forth in Schedule 1.01(ppp). 
 (qqq)
“Subsidiary” means, with respect to any Person, any other Person of which a majority of the voting interests is owned, directly or indirectly, by such Person. 

(rrr) “Subvention Program” means programs in which Chrysler offers subvention through a financial services company
conditioned upon a Retail Consumer financing or leasing through a specific financial services company. For the avoidance of doubt, “Subvention Program” does not include a program in which Chrysler offers payments or subsidies to
Dealers directly or provides cash allowances or incentives whether to Dealers or Retail Consumers. 
 (sss) “Support
Rate” means the interest rate SCUSA provides when Chrysler wants to sponsor special financing rates to Retail Consumers through a Rate Support Subvention Program. 

(ttt) “US GAAP” means the generally accepted accounting principles in the United States. 

(uuu) Each of the following terms has the meaning set forth in the Section set forth opposite such term below: 

 

			
	 Chrysler
	  	Recitals
	 COIN
	  	Section 4.14
	 Commercial Financing Cap
	  	Section 4.08
	 [***]
	  	[***]
	 Commercial Financing Index
	  	Section 4.08
	 Commercial Financing Services
	  	Section 3.02
	 Committed Credit Lines
	  	Section 4.02(E)
	 Credit Policies
	  	Section 3.02

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 10 

			
	 Cross-Selling Activities
	  	Section 13.02
	 Data Sharing Agreement
	  	Section 4.14
	 Dealer Financing Services
	  	Section 3.05
	 Dealings
	  	Section 3.01
	 Dispute
	  	Section 14.09
	 Effective Date
	  	Recitals
	 Equity Option Term Sheet
	  	Section 1.01(y)
	 Exchange Act
	  	Section 10.01(c)(ii)
	 [***]
	  	[***]
	 Financing Privacy Policy
	  	Section 4.14
	 Force Majeure Condition
	  	Section 13.08
	 Implementing Agreement
	  	Section 3.01
	 Indemnifiable Claim
	  	Section 11.01
	 Indemnitee
	  	Section 11.01
	 Indemnitor
	  	Section 11.01
	 Key Performance Metrics
	  	Section 4.13
	 Lead Member
	  	Section 9.01
	 Minimum Approval Target
	  	Section 4.03
	 OEM Event
	  	Section 10.01(c)(iv)
	 Recovery Plan
	  	Section 4.05
	 Retail Financing Services
	  	Section 3.06
	 SCUSA
	  	Recitals
	 Subvention Fund
	  	Section 4.05
	 Termination Notice
	  	Section 10.01
	 Transition Period
	  	Section 2.01
	 Up-Front Payment
	  	Section 8.01
	 Volume Threshold
	  	Section 6.01
	 Wholesale Backup
	  	Section 4.02(C)

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 11 

 Section 1.02 Interpretation. In this Agreement, except to the extent that the context
otherwise requires: 
 (i) the headings are for convenience of reference only and shall not affect the interpretation of this
Agreement; 
 (ii) defined terms include the plural as well as the singular and vice versa; 

(iii) words importing gender include all genders; 

(iv) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may
from time to time be amended, extended, re-enacted or consolidated and to all statutory instruments or orders made under it; 

(v) any reference to a “day” or a “Business Day” shall mean the whole of such day, being the period of 24
hours running from midnight to midnight; 
 (vi) references to Recitals, Sections and subsections are references to Recitals,
Sections and subsections of this Agreement; 
 (vii) the words “including” and “include” and other words
of similar import shall be deemed to be followed by the phrase “without limitation”; 
 (viii) unless otherwise
specified, references to any document or agreement, including this Agreement, shall be deemed to include references to such document or agreement as amended, restated, supplemented or replaced from time to time in accordance with its terms and
(where applicable) subject to compliance with the requirements set forth herein and in the other Transaction Documents; 

(ix) the Uniform Commercial Code, and any express or implied interpretation of terms thereunder, shall not apply to this
Agreement which does not involve a sale of goods; and 
 (x) unless otherwise specified, references to any party to this
Agreement or any other document or agreement shall include its successors and permitted assignees. 
 ARTICLE II 

PLANNING AND TRANSITION 

Section 2.01 Transition Period. 

(a) SCUSA will use its best efforts to facilitate a smooth transition from Chrysler’s current arrangements for auto finance services
provided pursuant to the Existing MAFA to the Financing Services to be provided by SCUSA under this Agreement. The 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 12 

 
“Transition Period” shall begin on [***] and end on [***] unless mutually determined by the parties to occur sooner. 

(b) Except as otherwise set forth in Schedule 2.01(b), SCUSA shall be ready, willing and able to provide all Financing Services
sufficient to meet Chrysler, Dealer, or Retail Consumer demand, as appropriate, on the Full Start Date. In the event that Chrysler determines in good faith, after consultation with SCUSA, that SCUSA is unable or unwilling to provide any Financing
Services (either in total or in a manner sufficient to meet Chrysler, Dealer, or Retail Consumer demand) within a commercially reasonable amount of time after Chrysler’s request therefor, Chrysler may, after resolution of any dispute as
provided below, enter into agreements (“Third Party Agreements”) with any other Person(s) to obtain access to such Financing Services; provided that once SCUSA is able and willing to provide such Financing Services Chrysler will
work with SCUSA in good faith to develop arrangements under which SCUSA may provide such Financing Services consistent with any agreements Chrysler may have catered into as contemplated above. Notwithstanding anything to the contrary contained
herein, such Third Party Agreements [***] Should SCUSA disagree with Chrysler’s determination above, SCUSA may bring this dispute to the Steering Committee within 10 days, clearly demonstrating to the Steering Committee’s satisfaction that
SCUSA’s capabilities and execution timing in fact meet or exceed Chrysler’s requirements and the Steering Committee may determine that SCUSA’s capabilities and execution timing in fact meet or exceed Chrysler’s requirements, but
shall make any such determination within 30 days of Chrysler’s initial determination. 
 Section 2.02 Transition
Plans. 
 (a) Except as otherwise agreed in this Agreement, SCUSA shall launch all Dealer Financing Services and Consumer
Financing Services by the Full Start Date. To launch all Dealer Financing Services and Consumer Financing Services by the Full Start Date, SCUSA shall meet all obligations and interim milestones; by certain specified dates, as set forth
Exhibit B. 
 Section 2.03 Performance Targets 

(a) Transition Period 

(i) During the Transition Period, SCUSA shall meet the following specific performance targets: 

(A) Approval Rates as provided in Section 4.03(b) below; 

(B) Penetration rates subject to Section 4.13, and during the Transition Period: 

 

					
	 	  	Penetration	 
	 Retail: Prime
	  	 	[***]%	  

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 13 

					
	 Non-Prime
	  	 	[***	]% 
		  	  
	  
	 
	 Total Retail
	  	 	[***	]% 
		  	  
	  
	 
	 Lease
	  	 	[***	]% 
	 Wholesale
	  	 	[***	]% 

 (ii) Chrysler may also, in the event that any of the targets in Section 2.03(a)(i) are not
met, determine in its discretion that key processes have been effectively implemented. 
 (b) Post-Transition Period 

(i) If SCUSA meets each of the performance targets contemplated in Section 2.02 and Section 2.03(a)(i) regarding the
Approval Rates and penetration rates, the remaining term of this Agreement through the First Break Date will become effective, subject to any other remedies, including rights of early termination, as provided in this Agreement. 

ARTICLE III 
 PRIVATE
LABEL SERVICES 
 Section 3.01 Contractual Framework. 

(a) This Agreement establishes the contractual framework for dealings between Chrysler and SCUSA related to Consumer Financing, Dealer
Financing and Remarketing (individually and collectively “Dealings”). 
 (b) Nothing in this Agreement precludes
SCUSA from providing or continuing to provide, subject to, among other provisions of this Agreement, SCUSA’s obligations under Section 13.01 of this Agreement, any financial services to OEMs other than Chrysler or to dealers other than
Chrysler Dealers, or from providing or, subject to any express provisions of this Agreement, continuing to provide insurance, mortgage, banking, or other non-automotive financial services. 

(c) The specific terms and conditions related to individual Dealings that are not captured by this Agreement, or as to which the Parties
mutually agree to provide for more specific terms as to a specific transaction, series of transactions, or type of transaction, will be the subject of separate agreements (each an “Implementing Agreement”), and unless SCUSA and
Chrysler specifically agree otherwise, including in such Implementing Agreement, this Agreement shall control to the extent of any direct conflict between this Agreement and any such Implementing Agreement. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 14 

 (d) Chrysler and SCUSA shall reasonably cooperate with one another and shall each assist the
other in good faith in carrying out the other’s obligations under this Agreement and will execute and deliver all documents and instruments reasonably necessary and appropriate to do so. 

(e) The Financing Services under this agreement will be the sole and exclusive financing services provided by SCUSA to Chrysler customers and
Chrysler dealers unless otherwise agreed by Chrysler in writing. This provision is not intended to limit Chrysler customer or Chrysler Dealer financing options solely to this Agreement. 

(f) The terms of this Agreement are intended to preserve the customer loyalty and dealer support benefits that have historically accrued to
Chrysler as a manufacturer with an exclusive financing affiliate while at the same time assuring that SCUSA receives a competitive level of return. SCUSA recognizes Chrysler’s desire to grow its automotive business and will use all commercially
reasonable efforts to support Chrysler in that effort. 
 Section 3.02 Key Services. 

(a) SCUSA shall provide the services described below to Consumers and Dealers in connection with and in support of the Financial Services: 

(i) SCUSA shall provide the front-end system under the Chrysler Capital brand for loan submission by Consumers or by Dealers on
behalf of Consumers through DealerTrack, RouteOne, and direct application channels; 
 (ii) SCUSA shall provide a system to
provide initial notification of loan application results to Dealers on behalf of Consumers (approval, conditional approval or rejection) in a timely manner. Specifically, SCUSA will provide, as Chrysler Capital, a callback (either automated or
manually) with a baseline deal structure within [***] after a loan or lease application is submitted through [***] channels. The initial callbacks shall [***] decision, any applicable stipulations, and contact information for the dealer to package
and send deals, or rehash (i.e., the negotiation of individual applications between SCUSA and a Dealer) with a SCUSA dedicated buyer or funding associate. The parties understand rehashing is an acceptable part of the underwriting process and as
such, SCUSA dedicated buyers and funding associates shall be available for rehash discussions [***] If stipulations are required, SCUSA buyers and funding associates shall immediately and clearly state such stipulations on the callback or during
rehash. The above approval and response requirements assume receipt of loan applications at any time from [***] on any day (excluding specified holidays as determined by the Steering Committee) in the relevant North American time zone; 

(iii) SCUSA shall provide full spectrum credit servicing for Consumer Financing as Chrysler Capital and will leverage existing
infrastructure and technology to 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 15 

 maximize efficiency and effectiveness and control cost. Chrysler Capital account management will
be model-driven and utilize existing and customized automated servicing and collections strategies based on custom scores, behavior scores, and predictive modeling. Each of these models will be validated against actual results and, when necessary,
adjusted based on real time performance. These strategies shall leverage application characteristics, refreshed credit data and customer behavior to apply risk driven loan treatment; 

(iv) SCUSA shall provide Remarketing services to Dealers at SCUSA’s sole cost and expense as more fully described in
Schedule 3.02(a)(iv); 
 (v) SCUSA shall in consultation with Chrysler, establish credit policies (the “Credit
Policies”) applicable to the Financing Services provided under this Agreement. These policies will be validated against actual results and, when necessary. adjusted based on real time performance. SCUSA shall in good faith, and as allowed
by Law (including, for avoidance of doubt, all state and federal finance regulations applicable to SCUSA), seek to establish Credit Policies with the goal of meeting the needs for Chrysler Dealers and Consumes regarding Financing Services, while
also seeking to meet Chrysler’s retail sales objective; and 
 (vi) SCUSA shall, in consultation with Chrysler, develop
Chrysler Capital branded loan documentation for Lease Financing. 
 Section 3.03 Dedicated Business Unit. 

(a) SCUSA shall establish a separate business unit dedicated to providing the Financial Services. The business unit shall include SCUSA
employees dedicated solely to marketing and product development and new program, design, development and implementation of the Financing Services. 

(b) SCUSA shall segregate its Chrysler-dedicated front office personnel, sales force personnel, and the Dealer / Customer Database from other
personnel, sales force personnel, funding, retail credit and dealer credit underwriting, and dealer and customer databases that are not dedicated to providing the Financing Services provided under this Agreement or are not otherwise dedicated to
performing SCUSA’s obligations under this Agreement. Segregation of back office personnel (customer service, collections, and administration) shall be as determined by the Steering Committee. 

(c) SCUSA shall provide dedicated marketing/program development personnel and sales force personnel at Chrysler locations, as specified by
Chrysler. 
 (d) At Chrysler’s request and expense, SCUSA will develop and implement information technology systems with infrastructure
segregated from other SCUSA systems to facilitate the transition to, and/or purchase of operating systems by, Chrysler or its designee(s). 

(e) In lieu of maintaining an office location in the metropolitan Detroit area appropriately staffed by certain key SCUSA individuals resident
in the metropolitan Detroit area, 
  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 16 

 as originally agreed, SCUSA agrees that [***], at least [***] of the key individuals leading the established,
separate business unit dedicated to providing the Financial Services, [***] will be ready and capable to meet with Chrysler, in person at Chrysler’s Auburn Hills headquarters, for the duration of this Agreement without limit as to the duration
of any such meeting or the number of such meetings Chrysler may request. Any person meeting with Chrysler shall have appropriate authority to act on behalf of SCUSA. The list of such key individuals for purposes of this Section is set forth in
Schedule 3.03(e), which shall be amended from time to time by agreement of the Steering Committee. 
 Section 3.04 Non-Chrysler
Services. 
 (a) Except as provided in Schedule 1.01(ppp) or as may otherwise be agreed between Chrysler and SCUSA to jointly
market with appropriate shared compensation for the offer of any such agreed product or services, SCUSA shall not market or provide any services not related to Chrysler through Dealers or at any Chrysler location without prior written consent of
Chrysler subject to appropriate exceptions that may be approved by Chrysler (such approval not to be unreasonably withheld or delayed) to permit Specified Banking Subsidiaries to provide Standard Banking Services that are unrelated to, and that are
not Bundled with, any Financing Services provided by SCUSA pursuant to this Agreement. 
 Section 3.05 Dealer Financing
Services. 
 (a) SCUSA shall provide full and fair consideration of any application for Dealer Financing received from a Dealer,
applying commercial lending credit risk underwriting standards consistent with SCUSA’s general practices for financing automotive dealers and will provide Dealer Financing to Dealers, if appropriate in SCUSA’s reasonable discretion in
accordance with its usual and customary commercial lending standards, subject to safety and soundness requirements and, absent a default by the dealer, the guidelines described in Exhibit C to the Agreement. 

(b) The Financing Services, to be provided by SCUSA to Dealers, shall include the following services and any additional services necessary or
appropriate to facilitate the offering of any of the services listed below (collectively, the “Dealer Financing Services”): 

(i) Dealer Wholesale Financing – SCUSA shall offer lines of credit to Dealers, sufficient to allow each Dealer to
meet Chrysler sales objectives, to finance the acquisition of automobiles and Ancillary Services sold or distributed by Chrysler (including FIAT-branded automobiles). SCUSA shall provide [***] settlement to Chrysler on all Dealer Inventory Loans
[***]; 
 (ii) Other Dealer Financing – SCUSA shall provide sufficient secured or unsecured working capital loans
or credit lines, real estate or mortgage loans, equipment 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 17 

 financing, and medium-term loans to finance construction of new dealerships or renovations,
additions or expansions of existing dealerships; 
 (iii) Used Vehicle Inventory Financing – SCUSA shall provide
lines of credit to Dealers for used vehicle inventory financing; 
 (iv) Wholesale Parts Inventory Financing –
SCUSA shall provide lines of credit to Dealers to finance the purchase and carrying of parts inventory (including Dealers that supply parts to customers other than Retail Consumers, such as other dealers or body shops); 

(v) Financing for Ancillary Purposes – SCUSA shall provide financing to Dealers to support dealer rental,
demonstrator vehicles and courtesy vehicles; 
 (vi) Ancillary Services – SCUSA shall provide to Dealers
specified Dealer Ancillary Services; 
 (vii) Dealer Participation Programs – SCUSA shall make available to
Dealers services designed to allow Dealers to participate in recourse for credit losses and/or lease residuals on loans and leases provided by Chrysler customers for competitive purposes (i.e., Dealers offered the opportunity to buy down rate
or contribute financially to enable a Retail Consumer to qualify for a Retail Financing product); and 
 (viii) Dealer
Loyalty Programs – SCUSA shall in consultation with Chrysler develop and provide to Dealers loyalty incentive programs providing financial incentives to Dealers designed to (i) foster a coordinated approach across all of the Financing
Services within the Chrysler Dealer network, (ii) promote Dealers’ access to and utilization of the Financing Services and (iii) increase Chrysler brand equity consistent with best practices on the understanding and on a basis that is
competitive with offerings of auto finance companies affiliated with an OEM. 
 (c) Chrysler shall not prohibit Dealers from providing
guaranties and/or additional security or credit enhancements to SCUSA, including granting a secondary security interest in accounts payable owed by Chrysler to Dealers. 

Section 3.06 Retail Financing Services. 

(a) SCUSA shall provide full and fair consideration for any and all Credit Applications from a Retail Consumer. SCUSA shall apply credit risk
underwriting standards consistent with SCUSA’s general practices for Retail Financing and will purchase contracts or otherwise provide such Retail Financing, if appropriate in SCUSA’s reasonable discretion in accordance with its usual and
customary standards for creditworthiness and any applicable regulatory safety and soundness standards. 
 (b) The Financing Services
to be provided by SCUSA for Retail Consumers shall include the following services and any additional services necessary or appropriate to facilitate the offering of any of the services listed below (collectively, the “Retail Financing
Services”): 
  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 18 

 (i) Consumer Loans/Installment Sale Contracts – Subject to the
exception listed on Schedule 2.01(b), SCUSA shall provide consumer loans (including balloon payment loans), installment sale contracts and lender financing products common to the market to finance Retail Consumers in the purchase of new and used
(including certified pre-owned) vehicles from Dealers; 
 (ii) Consumer Lease Financing – Subject to the
exception listed on Schedule 2.01(b), SCUSA shall provide lease financing to Retail Consumers for the acquisition of new and used (including certified pre-owned) vehicles from Dealers (and will purchase the underlying vehicles to facilitate such
acquisition and loan financing); 
 (iii) Customer Loyalty Programs – SCUSA shall in consultation with Chrysler
develop and provide to Retail Customers customer loyalty programs, including rate discounts for repeat OEM and/or financing customers consistent with best practices in the industry and on a basis that is competitive with offerings of auto finance
companies affiliated with an OEM; and 
 (iv) Ancillary Services – SCUSA shall, in consultation with Chrysler,
develop and provide to Retail Customers a full range of market competitive Retail Ancillary Services that are designed to be consistent with best practices in the industry in terms of the range and quality of offerings by auto finance companies
affiliated with or otherwise providing services to other OEMs. 
 (v) All servicing (including billing, collections, customer
service, regulatory reporting; payoff and lien release) for Retail Financing (e.g. Consumer loans/leases) must be retained by SCUSA under this Agreement, regardless of the ultimate ownership of the underlying loan or lease asset. 

Section 3.07 Commercial Financing Services. 

(a) SCUSA shall provide full and fair consideration of any application from a Commercial Customer, applying credit risk underwriting standards
consistent with SCUSA’s general practices for Commercial Financing and will purchase contracts or otherwise provide such Commercial Financing, if appropriate in SCUSA’s reasonable discretion in accordance with its usual and customary
standards for creditworthiness, and any applicable regulatory safety and soundness standards. 
 (b) Except as otherwise agreed to by
the parties, the Financing Services to be provided by SCUSA, shall include the following services and any additional services necessary to facilitate the offering on a non-exclusive basis of any of the services listed below (collectively, the
“Commercial Financing Services”): 
 (i) Fleet and Large Commercial Customer Financing –
SCUSA shall provide financing for the purchase of vehicles by Large Commercial Customers, including for rental fleets and large commercial fleets; 

(ii) Small Commercial Customer Financing – SCUSA shall provide financing for the purchase of vehicles by Small
Commercial Customers; and 
  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 19 

 (iii) Bailment Pool – SCUSA shall provide financing for manufacturers
or up-fitters approved by Chrysler for inventory in the process of being modified, including modifications for special equipment. 

Section 3.08 Annual Review of Financing Services. 

(a) At least [***], SCUSA will, in consultation with Chrysler, conduct a review of the Financing Services provided under this Agreement and use
its best efforts to ensure that the Financing Services at a minimum meet industry best practices, particularly with respect to customer interface, marketing, operating processes and scope of financing products. Industry best practices shall be
defined by the Steering Committee, and may be changed from time to time by agreement of the Steering Committee to reflect changes in the industry over the term of this Agreement. To the extent that any review of Financing Services identifies any
shortfall from industry best practices as defined by the Steering Committee, the Steering Committee shall promptly develop a remediation plan reasonably acceptable to Chrysler and the parties will use reasonable best efforts to implement the
remediation plan as promptly as practicable. 
 Section 3.09 Third-Party Subcontracting. 

(a) SCUSA may provide the Financial Services via third-party subcontractors in consultation with, or with the prior written consent of,
Chrysler; provided that any such consent by Chrysler to any third-party subcontracting will not relieve SCUSA from any of its obligations under this Agreement. 

(b) Chrysler shall have the right to review and approve (acting in its sole discretion) any third-party sub-contracts related to Financial
Services, including the identity of any subcontractor. Any Financing Services provided pursuant to third party subcontracts may, to the extent Chrysler determines, be offered and sold under a Chrysler Brand. 

Section 3.10 Trademark License and Branding. 

(a) License Grant: The Financing Services provided by SCUSA pursuant to this Agreement will be marketed and provided exclusively under
one or more of the Chrysler Brands. In conjunction with its marketing and provision of the Chrysler Capital Financing Services, SCUSA may use other Chrysler Marks. Accordingly, Chrysler hereby grants to SCUSA a limited, non-exclusive,
non-transferable, royalty-free license to use the Chrysler Marks in the United States of America, solely in connection with the Financing Services and the performance of its obligations under this Agreement. 

(b) Usage Guidelines: SCUSA’s use of the Chrysler Marks will at all times comply with Chrysler’s corporate identity
guidelines, specifications and other usage instructions, as such may be amended from time to time by Chrysler. The corporate identity guidelines for the Chrysler Capital trademark are attached hereto as Exhibit D and corresponding usage 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 20 

 guidelines for the other Chrysler Marks may be found on Chrysler’s corporate identity website
(www.chryslerci.com). To ensure compliance with Chrysler’s corporate identity guidelines, SCUSA shall submit to Chrysler for prior written approval a copy of any material incorporating any Chrysler Mark that SCUSA proposes to use in connection
with the Financing Services, including but not limited to any signage, financing documents (e.g., lease agreements, loan documentation, etc.), stationery, invoices, business cards, displays, websites, advertising, publicity and promotional
materials. SCUSA shall not use any such material without Chrysler’s prior written approval, such approval not to be unreasonably withheld. 

(c) Acknowledgement of Ownership: As between the parties, SCUSA acknowledges Chrysler’s exclusive ownership of the Chrysler Marks
and the validity thereof. Any and all use of the Chrysler Marks by SCUSA shall inure to the benefit of Chrysler. SCUSA shall not (i) represent in any manner that it has any ownership rights in the Chrysler Marks; (ii) attack the validity
of any Chrysler Mark; (iii) claim adversely to any right or interest of Chrysler in and to the Chrysler Marks or any trademarks confusingly similar to the Chrysler Marks or assist any third party in doing so; (iv) register or attempt to
register any trademark or domain name incorporating any Chrysler Mark; (v) sublicense any Chrysler Mark; or (vi) initiate any legal proceeding or take any other action in connection with the defense of any Chrysler Mark. 

(d) Termination: SCUSA’s trademark license to use the Chrysler Marks terminates when this Agreement expires or terminates. In
addition, Chrysler may terminate the trademark license granted to SCUSA to use any or all of the Chrysler Marks in connection with the Financing Services in the event SCUSA fails to meet any of the requirements of Section 4.01,
Section 4.02, Section 4.03 and Section 4.05 or if SCUSA breaches any other material provision of this Agreement. 

Section 3.11 Wholesale Payment Procedures. 

(a) SCUSA agrees to comply with Chrysler’s wholesale payment procedures. 

(b) Chrysler will use commercially reasonable efforts to provide SCUSA with reasonable prior notice of any amendments, modifications, or
changes to Chrysler’s standard contractual terms and conditions or bulletins for the sale of vehicles to Chrysler Dealers. 
 (c) Each
commitment to pay with respect to Dealer Financing (“Commitment to Pay”) will be governed by Chrysler’s new vehicle financing documentation, which documentation SCUSA agrees will provide for, [***] The terms and conditions of
each Commitment to Pay shall survive termination of this Agreement. 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 21 

 ARTICLE IV 

COMMITMENTS FROM SCUSA 

Section 4.01 Funding. Subject to its Credit Policies, SCUSA shall provide all financing and funding necessary to provide all of
the Financing Services contemplated to be provided under this Agreement. 
 (a) SCUSA shall provide funding for the specified amounts as
indicated on Schedule 4.01(a) of Chrysler’s retail sales through subvented and non-subvented Consumer Financing and Commercial Financing during the Initial Funding Period. 

(b) Subject to the Credit Policies, SCUSA shall provide sufficient Dealer Inventory Financing to Dealers to support Dealer inventory at [***]
(based on [***] sales by such Dealer) of new vehicles [***] for each Dealer, subject to adjustment to facilitate build out or ramp-up of Dealer inventory. 

(c) SCUSA shall use its best efforts to provide Dealer Inventory Financing to all Dealers who request such financing from SCUSA. 

(d) SCUSA shall work with Chrysler to increase the funding available for Dealer Inventory Financing in the event of a Financing Disruption that
affects such Dealer. In the event of a Financing Disruption, SCUSA will provide Dealer Inventory Financing at market pricing and on substantially similar terms as such Dealer had in place immediately prior to the Financing Disruption, for not less
than [***] of Dealers that lose (or are notified in writing of the impending loss of) Dealer Inventory Financing during such Financing Disruption. 

(e) SCUSA will have available $5.0 billion in capital to deploy to Dealer Inventory Financing if and when such financing is needed by Dealers.

 Section 4.02 Funding Plan. 

SCUSA shall: 
  

	 	(A)	maintain in place without reduction (other than with Chrysler’s prior written consent) the funding plan for the Transition Period attached as Schedule 4.01(a), which shall rely solely on SCUSA’s own funding
capabilities, including through wholesale/conduit/securitization access and committed funding from parties that have on or prior to the date hereof entered into definitive commitments with SCUSA and Chrysler to provide funding; 

 

	 	(B)	provide written assurances, by the Effective Date from a retail funding backstop acceptable to Chrysler for the Transition Period; 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 22 

	 	(C)	maintain in place the $5.0 billion wholesale backup without reduction (other than a reduction for which Chrysler has given prior written consent) (the “Wholesale Backup”); 

 

	 	(D)	prior to the end of the Initial Funding Period, negotiate definitive cooperation agreements with providers of [***] acceptable to Chrysler; and 

 

	 	(E)	from and after the Full Start Date, maintain in place (and provide to Chrysler appropriate evidence thereof) at least $4.5 billion of financing (which may include without limitation committed credit lines, warehouse
lines, committed whole loan flow arrangements, and other financing, and/or any portion of any of the foregoing) that is reserved for the exclusive use of providing short-term liquidity needs to support Chrysler retail financing (including amounts
actually utilized for such purpose, e.g., utilization pending on ABS issuance) (the “Committed Credit Lines”). 

 In
the event that, as a result of SCUSA’s secondary market sales of portfolios of loans, Chrysler believes that, notwithstanding the sharing of economic value pursuant to the final sentence of Section 8.02(b), Chrysler is not achieving what
it regards as an acceptable revenue share, Chrysler may request that the Steering Committee review the relative economic benefits to the parties and propose remedial actions to be implemented by the parties. 

Section 4.03 Approval Levels. 

(a) The parties will target the following minimum approval rates for Retail Financing within each Credit Tier (each, a “Minimum
Approval Target”): 
  

									
	 FICO Score
	  	Net Credit Loss Rates
(Annualized)	 	  	Approval Rates	 
	 [***]
	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	 	[***]	  	  	 	[***]	  
	 [***]
	  	 	[***]	  	  	 	[***]	  

 (b) In the event delinquency and loss rates materially deviate from the parties’ original expectations, a
party may request modification in the Minimum Approval Targets which shall be subject to approval by the Steering Committee. 
 (c) Targeted
approval rates shall include those customers with an ability to pay (defined in order to meet regulatory requirements). 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 23 

 (d) SCUSA shall use the [***] for new vehicles and [***] for used vehicles, in determining the
“value” portion to the extent SCUSA imposes any loan-to-value requirements under its Credit Policies. 
 Section 4.04
Sales Force. 
 (a) The dedicated SCUSA sales personnel will manage go-to-market programs for the Financing Services as well as
any other services provided by third party subcontracts on either a flow basis or application pass through basis pursuant to Section 3.09. 

(b) The dedicated SCUSA sales personnel shall use Chrysler-branded vehicles for all sales calls to Dealers. 

(c) Subject to Section 3.09 of this Agreement, the dedicated SCUSA sales force will be aligned with Chrysler’s Business Centers. The
sales force shall be able to address all Financing Services, including Dealer wholesale financing, Dealer loans, Commercial Financing, Retail Financing, Lease Financing, Remarketing and Chrysler-provided vehicle service contracts. 

Section 4.05 Service Levels. 

(a) SCUSA will be required to meet the Service Levels Standards in dealing with Chrysler and all Dealers, Retail Consumers and Commercial
Customers. The initial Service Level Standards are set forth in Exhibit E. The parties will work in good faith to amend the initial Service Level Standards set forth in Exhibit E, from time to time, to reflect changes to current best
practices over the term of the Agreement. 
 (b) Dealer Satisfaction Surveys using [***] or other providers and/or methodologies selected by
Chrysler with the consent (not to be unreasonably withheld or delayed) of SCUSA will be conducted at least once per year during the term of the Agreement and the Service Level Standards will apply to the relative ranking of the Financing Services as
compared to competitors’ services. 
 (c) In case of a breach of any of the Service Level Standards that is not remedied by SCUSA
within the relevant time periods set forth in Exhibit E after SCUSA’s receipt of written notice from Chrysler specifying the breach in reasonable detail, SCUSA and Chrysler shall, through the Steering Committee, jointly develop a
recovery plan in respect of such breach (the “Recovery Plan”). If SCUSA fails to comply with the Recovery Plan and such failure to comply is not remedied within 30 days after written notice thereof has been given to SCUSA by
Chrysler specifying the breach (or some other time period agreed by the Steering  
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 24 

 Committee for the specified activity), Chrysler shall be entitled to [***]. Chrysler may use the Subvention Fund
for any subvention program which it implements over a [***] 
 (d) The Recovery Plan shall also include firm notice and cure periods as
agreed to by the Steering Committee, which may be amended from time to time by agreement of the Steering Committee. 
 Section 4.06
Dealer Training Support. 
 (a) SCUSA shall develop, in cooperation with Chrysler, and implement a comprehensive Dealer training
program designed to effectively and efficiently train Dealers in the adoption and optimization of the Financing Services, including Credit Applications, contracts for Retail Financing and Lease Financing, working capital, inventory and cash
management by Dealers, Retail Ancillary Services and Remarketing. 
 Section 4.07 Remarketing. 

(a) All Remarketing activities, as set forth in Section 3.02(iv), will be at SCUSA’s sole cost. The parties will cooperate for the
Remarketing of Chrysler vehicles in a manner that appropriately (i) protects and enhances the value and perception of the Chrysler Brands and (ii) leverages the Dealer network. SCUSA and Chrysler shall cooperate to implement the
parties’ suggestions and concerns for Remarketing in a manner that optimizes Chrysler Brand equity and sales efforts and pricing. Notwithstanding the foregoing, the parties recognize that there may be circumstances where Chrysler requests SCUSA
to perform Remarketing activities outside of the industry-standard. In such cases the Steering Committee may agree on such services to be provided and the allocation of the cost between SCUSA and Chrysler for such services. 

Section 4.08 Pricing; Support Rate. 

(a) Consumer Subvention Programs: 

(i) Formula to be used as the pricing model to determine the appropriate Support Rate on a pre-tax basis. 

 

	 	(A)	In calculating the Support Rate, SCUSA will provide transparency to its pricing model which will reflect [***] The Support Rate will then be compared at regular intervals, for an agreed range of Credit Tiers, to a [***]
An illustrative calculation of the Support Rate [***] is attached hereto as Schedule 4.08(a). 

  

	 	(B)	The components of both the Support Rate and the Market Benchmark will be reviewed, and found to be mutually satisfactory, by the Steering Committee. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 25 

	 	(C)	“The Operating Spread” will be a fixed spread consisting of [***] determined as provided in Schedule 4.08(c) to this Agreement. 

 

	 	(1)	The Operating Spread will be established to be in line with [***] 

  

	 	(2)	The Operating Spread will be provided by SCUSA with full disclosure of its cost of origination/servicing, credit loss, credit enhancement, dealer participation, and targeted return by asset class. 

 

	 	(3)	The Operating Spread must be [***] 

  

	 	(4)	Credit loss assumptions for the Operating Spread will vary by categories of credit risk and term of the consumer contract and will be determined based primarily on actual historical loss experience for consumer new,
consumer used, lease and balloon contracts. Credit loss assumptions will be reviewed quarterly. 

  

	 	(D)	Operating Expense levels will be reviewed no less frequently than [***] Any change in SCUSA’s operating expense assumptions will be discussed with Chrysler prior to implementation. 

(ii) SCUSA agrees that the Support Rate at each Credit Tier will: 

 

	 	(A)	[***] 

  

	 	(B)	[***] 

  

	 	(C)	[***] 

 (iii) SCUSA will make available to Chrysler on a [***] basis, or more
frequently as rates change, the standard retail rates it offers to the market, reported on a regional basis, broken down by Credit Tier, loan size and other relevant metrics. SCUSA will demonstrate its compliance with subsection (a)(ii) and this
subsection (a)(iii) through quarterly reporting to the Steering Committee by presenting comparisons to both the average standard rates offered to Consumers and in the overall marketplace. Chrysler will have audit rights with respect to such
reporting. 
 (iv) For any Subvention Program, Chrysler may, in its discretion, exclude certain Credit Tiers or terms from
the subvented financing offer. 
 (v) Any change to the credit scoring system used by SCUSA relating to the Financing
Services will be communicated to Chrysler promptly, but, in any case, such a change shall not affect the agreed pricing mechanism. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 26 

 (b) Dealer Financing Subvention Programs: 

(i) If Chrysler, in its discretion, offers Subvention Programs, then Chrysler will offer such Subvention Program through SCUSA
on a nonexclusive basis. Chrysler will use commercially reasonable efforts not to discriminate against SCUSA in offering such Subvention Programs. 

(ii) Support Rate pricing for new Subvented dealer inventory finance business will be based [***] which shall be agreed to on a
regular basis by the Steering Committee, 
 (iii) For purposes of calculating the support rate for commercial
financing, the overall weighted average cost of funding will be capped [***] (the “Commercial Financing Cap”) calculated on the basis of a [***] (the “Commercial Financing Index”). Both the Commercial Financing Cap
and the Commercial Financing Index shall be agreed to by the parties in the Steering Committee, and shall be adjusted from time to time as agreed to by the parties. [***] 

(c) Any Rate Support payments for Consumer Subvention Programs will be discounted to present value at the applicable Support Rate and further
discounted at the applicable Support Rate for expected pre-payments, based on historical customer pre-payment experience (which will be subject to quarterly true-ups to reflect actual prepayment experience, which intervals may be adjusted as agreed
by the Coordinating Committee). 
 (d) SCUSA shall report to Chrysler on actual prepayment experience on a quarterly basis. 

(e) [***] 
 Section 4.09
Information Technology. 
 (a) SCUSA shall provide best-in-class IT platform(s) (including all application components to cover the
end-to-end processes (front end, middle end and back end)) and IT services necessary or advisable for the achievement of the obligations set out in this Agreement. 

(b) SCUSA shall provide best in class IT services necessary or advisable to ensure disaster recovery of all of the applications and data as
well as business continuity procedures which are intended to avoid interruption of normal course of business operations. Any data center used by SCUSA shall be certified and conform to the best practices and standard related to security and data
protection (including but not limited to logical security, change control management, etc.). SCUSA shall (and will cause any third party data center to) comply 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 27 

 with security and data protection standards no less stringent than those applied by Chrysler in its business
operations and communicated to SCUSA. 
 (c) Chrysler will be entitled to audit, including through external consultants and/or specific
procedures, SCUSA’s IT system for the purpose of verifying compliance with the above mentioned obligations no more frequently than twice per year. 

Section 4.10 Information Rights/Transparency. 

(a) SCUSA shall develop, and use all commercially reasonable efforts to maintain and keep up to date the Dealer / Customer Database. To the
maximum extent permitted by Law, Chrysler shall own all rights in and to the Dealer / Customer Database and all Customer Information and Dealer Information stored thereon (including applicable flow, underwriting results, credit / payment
performance, residuals performances, if any, etc.). 
 (b) Each party will also use commercially reasonable efforts to generate further data
reports for the other party in response to reasonable requests. The parties will develop a joint policy on the use and protection of customer data in connection with the Financing Services and will ensure that appropriate steps are taken to comply
with applicable requirements with respect to Customer Personal Information. Chrysler shall, to the maximum extent permitted by Law and using any commercially reasonable structure determined by Chrysler, have full ownership rights or a fully-paid
worldwide perpetual license in all of the data, including the Dealer/Customer Database. 
 (c) SCUSA shall take all necessary actions to
ensure that it does not use any of the Customer Personal Information or Dealer Information except in furtherance of the performance of its obligations under this Agreement (including but not limited to, maintaining separate and segregated databases
and records (e.g., on separate servers or segregated in another way that allows Chrysler to easily obtain and maintain sole and exclusive ownership, control and domain over all such data in the event of a termination of the Agreement) for
Chrysler and other OEMs to which SCUSA provides services) or for the purposes of marketing the Financing Services or products that are not related to the Chrysler Business. 

(d) SCUSA shall work with the Chrysler marketing department on programs to best utilize proprietary data related to the Consumer Financing to
optimize vehicle lifecycle marketing efforts. 
 Section 4.11 Quality. 

(a) SCUSA shall use its best efforts to maintain the competitive position of the Financing Services as compared to comparable financing
services available to other major OEMs (including from captive and non-captive providers). 
 (b) The Financing Services will be benchmarked
against competitive offerings on a regular basis (as the basis of surveys capturing service level information consistent with the Service Level Standards and information reported by SCUSA pursuant to Section 12.01, below). In the event that
metrics related to the Financing Services substantially decline, then the parties, 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 28 

 
via the Steering Committee, will work together to determine the cause for such decline and a plan of action to improve the metrics. 

Section 4.12 Promotion. 

(a) SCUSA shall market, promote and advertise the Financing Services to Consumers in at least the same manner and frequency (including, without
limitation, consumer offers) as SCUSA currently promotes similar services with respect to other OEM services. 
 (b) The parties may create a
joint marketing fund to enable the parties to contribute funds for targeted incentives designed to drive customer growth and retention. 

(c) SCUSA’s promotion of the Chrysler-branded private label financing services will be independent on any branding associated with any
other OEM and will include the following: 
 (i) Financing documents – Chrysler Capital branded lease agreements. 

(ii) Marketing materials – Marketing materials, including brochures, catalogs and other materials will reflect appropriate
branding for both Chrysler Capital as well as each of the Chrysler brands. 
 (iii) Website – SCUSA will develop and
implement a private label website with substantially the same functionality and tools (including rate and payment tools) as any similar SCUSA consumer website including any website used for any other OEM. Such website will not link directly or
indirectly to any website other than Chrysler proprietary sites. 
 Section 4.13 Performance Metrics. 

Provided that Chrysler treats SCUSA in a manner consistent with Comparable OEM’s treatment of their captive finance providers
(“Treatment Parameters”), as defined below, SCUSA shall comply with the key performance metrics set forth in Schedule 4.13 (“Key Performance Metrics”), [***] If SCUSA fails to meet any of the Key Performance Metrics
at the end of any [***] period pursuant to Schedule 4.13, Chrysler may [***] The Steering Committee shall have the right, but not the obligation, to develop notice and cure periods factoring in to account such factors as customer service, cost
efficiency, breadth and effectiveness of product offerings, business trajectory and regional considerations. As used herein, “Treatment Parameters” means: [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 29 

 Section 4.14 Data Sharing, Security and Privacy. 

SCUSA agrees to negotiate in good faith with Chrysler the terms and conditions of a data sharing agreement [***] that includes, among other
things, standard license terms and restrictions for data use, initial uses of data contemplated by each party, a list of third party service providers that will be involved in the processing of data, and information security protocols for the
processing and transmission of data (the “Data Sharing Agreement”). As between Chrysler and SCUSA, to the maximum extent permitted by Law, Chrysler shall own all data including all customer data related to the Financing Services.

 SCUSA will provide and comply with all required disclosures and consumer facing notices, including those practices related to data
privacy (the “Financing Privacy Policy”). The Financing Privacy Policy must be approved by Chrysler and may be updated from time to time by written agreement of the parties. 

In the event that the parties wish to permit access to SCUSA of any Chrysler data or customer information from Chrysler’s owner database
(“COIN”), SCUSA agrees to execute the Chrysler Privacy, Security and Confidentiality Agreement attached hereto as Exhibit F without material modification. 

ARTICLE V 
 SUBVENTION

 Section 5.01 Subvention Programs. 

(a) Whether to offer Subvention Programs and the terms, conditions and timing of any Subvention Programs shall be determined exclusively by
Chrysler and any such Subvention Program shall be implemented by SCUSA, as required and communicated by Chrysler, either by electronic or other means, at least [***] before the commencement of any such Subvention Program (except for routine special
rate and special residual support changes, notice of which may be given [***] before the scheduled start date; it being further understood that if Chrysler does not provide the [***] notice of a Subvention Program, SCUSA will nevertheless use its
reasonable best efforts to implement that Subvention Program to the extent reasonable and practicable under the circumstances). After receipt of notice of such a Subvention Program, SCUSA will notify Chrysler as promptly as practicable if SCUSA is
unable to implement or participate in that Subvention Program. 
 (b) Chrysler will use commercially reasonable efforts to solicit input from
SCUSA as to individual Subvention Programs and will consult in good faith with SCUSA as to the terms and conditions of individual Subvention Programs to facilitate SCUSA’s ability to provide Consumer Financing Services to support
Chrysler’s business, provided that Chrysler will not be bound to implement or modify the terms of any particular proposed Subvention Program 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 30 

 
in response to SCUSA’s input but will remain free, subject to Chrysler’s specific obligations in this Agreement, to design and implement Subvention Programs in its discretion. 

Section 5.02 Limited Exclusivity of Subvention Programs. 

(a) If Chrysler, in its sole discretion, offers Subvention Programs, then Chrysler will offer such Subvention Program through SCUSA. If SCUSA
is not able to provide the necessary funding as required under this Agreement for a specific Subvention Program and/or to fulfill the financing/pricing provisions of this Agreement, Chrysler shall be entitled to revoke the limited exclusivity
described below with respect to that Subvention Program. 
 Section 5.03 Support Rates. 

(a) Support Rates shall be updated monthly by SCUSA, communicated by SCUSA to Chrysler not less than [***] prior to the beginning of the
release month and will be effective on the first Business Day of the following month, or as otherwise agreed by Chrysler, and may not be adjusted [***] 

ARTICLE VI 
 LIMITED
EXCLUSIVITY 
 Section 6.01 Limited Exclusivity. 

(a) Beginning on May 1, 2013, Chrysler will, if SCUSA has met agreed milestones as to credit decisions for initial Dealer inventory
credit applicants, provide that [***] of Chrysler subvented unit volume (the “Volume Threshold”) is financed through the private label services provided under this Agreement. 

(b) The limited exclusivity of Subvention Programs will be limited to programs under which Chrysler makes a payment to a financial services
provider of an amount necessary to achieve a targeted annual interest rate or lease payment amount pursuant to a national marketing program (and will include “bonus cash” programs similar to those currently used by Chrysler but will not
include other fixed dollar incentives, whether provided to dealers, consumers or others nor will they include any local promotions). 
 (c)
SCUSA will not enter into agreements or incur obligations that will restrict its ability to participate in any Chrysler subvention program. 

(d) Limited Exclusivity will [***] set forth below. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 31 

 Section 6.02 Adjustment for Price Competitiveness. 

(a) 
  

					
	 Pricing
	  	Level of Exclusivity	 
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  

 (b) After the first 3 months after the Full Start Date, the determination of where SCUSA’s pricing has
been relative to the Market Benchmark, and thus SCUSA’s exclusivity threshold under Section 6.02(a), shall be determined monthly pursuant to the terms of this Agreement and based on the most current [***] Notwithstanding the foregoing, the
Steering Committee shall have the right, but not the obligation, to set up a cure process, in lieu of the termination right, in the event that SCUSA’s pricing levels falls to [***]. 

Section 6.03 Approval. 

(a) 
  

					
	 FICO Score
	  	Approval Rates	 
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  

 (b) lf, [***], SCUSA’s approval rate percentages are [***] of the Approval Rate ranges for any of the FICO
Score bands, subject to SCUSA’s one time right to cure within three (3) months, the exclusivity thresholds in Sections 6.01 and 6.02 shall [***] until SCUSA’s Approval Rates for [***] are again within the Approval Rate ranges
specified in Section 6.03(a) for all FICO Score bands, subject to the Minimum Approval Targets in Section 4.03. 
 (c) If, [***],
SCUSA’s approval rate percentages are [***] of the Approval Rate ranges for any or all of the FICO Score bands above, subject to SCUSA’s one time right to cure within three (3) months, [***] until SCUSA’s Approval Rates for [***]
are again within the Approval Rate ranges specified in Section 6.03(a) for all FICO Score bands, subject to the Minimum Approval Targets in Section 4.03. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 32 

 Section 6.04 Dealer Inventory. 

In the event of an Inventory Finance Disruption, in order for limited exclusivity to apply, SCUSA must comply with its obligations in
Section 4.01(d) to provide dealer inventory financing for dealers that lose (or notified in writing of impending loss of) dealer inventory finance. 

Section 6.05 Exclusivity Termination. 

(a) The limited exclusivity under this Agreement may be terminated by Chrysler if: 

(i) Except as otherwise provided in this Agreement, [***] 

(ii) [***] 

(iii) [***] 

(iv) [***] 

ARTICLE VII 
 RISK
ALLOCATION 
 Section 7.01 Risk Allocation. 

(a) Subject to its Credit Policies and any express provisions of this Article VII, SCUSA shall bear all risks of credit losses and other
liabilities in connection with the Financing services unless SCUSA and Chrysler expressly agree otherwise in writing. 
 (b) Any financing
and funding provided by SCUSA in connection with the Financing Services will be on a non-recourse basis as to Chrysler, unless SCUSA and Chrysler expressly agree otherwise. 

(c) Chrysler’s obligations with respect to inventory financed vehicles will be limited to repurchase obligations pursuant to existing
dealer franchise agreements and any imposed by applicable state dealer franchise laws. 
 Section 7.02 Residual Risk
Sharing. 
 (a) With respect to Residual Value Losses, SCUSA and Chrysler shall bear Residual Value Losses as follows: 

(i) SCUSA shall bear and be responsible for [***]; 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 33 

 (ii) SCUSA and Chrysler shall [***] 

(iii) Chrysler shall [***] 

(iv) Notwithstanding anything in this Agreement to the contrary, [***] 

(b) Residual values will be determined using a minimum weighted average of [***] of ALG for all lease residuals unless otherwise expressly
agreed to by the Parties. 
 (c) Chrysler and SCUSA shall share in any Residual Value Gains as follows: 

(i) SCUSA will [***] 

(ii) SCUSA and Chrysler will [***]; and 

(iii) Chrysler will [***] 

(iv) Determination of net gains/losses will be based on [***] 

(v) Settlement of all net gains/losses will occur quarterly, within 30 days of quarter end. 

(d) Total annual residual gains and losses will be subject to an annual ‘true-up’ process in which there may be a reimbursement from
one of the parties to the other if the net return on the portfolio for the year differs directionally from the individual total returns of each party (for example if the portfolio shows a net gain but one party has a net gain and the other a net
loss). The mechanism for determining this adjustment is illustrated in Schedule 7.02(b). [***] 
 (e) SCUSA [***] 

ARTICLE VIII 
 REVENUE
SHARING 
 Section 8.01 Upfront Payment. 

(a) Immediately upon the Effective Date of this Agreement, SCUSA shall be liable to Chrysler for a non-refundable, non-contingent cash payment
of $150,000,000 (the “Up-Front Payment”), which shall be paid in full by SCUSA to Chrysler no later than the Full Start Date. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 34 

 Section 8.02 Revenue Sharing. 

(a) SCUSA shall pay to Chrysler a revenue share for new vehicles equal to the following percentages of Net Revenues for new vehicles: 

(i) [***] 

(ii) [***]; and 

(iii) [***] 
 (b)
Revenue sharing shall apply to [***] Revenue share payments will be made quarterly in arrears within ten (10) Business Days of the end of the relevant quarter. With respect to the sale of a portfolio of loans or leases, SCUSA
shall use reasonable best efforts to extract economic value that can be shared with Chrysler at the revenue share rate as set forth in Section 8.02(a) in effect at the time of the sale of such portfolio of loans or leases. 

(c) SCUSA may exclude from revenue sharing [***] 

(d) In the event that, as a result of the obligation to make revenue share payments pursuant to Section 8.02(a) or otherwise, SCUSA is
unable to achieve what it regards as an acceptable and competitive return on equity while maintaining compliance with the Market Benchmarks, SCUSA may request that the Steering Committee review the relative economic benefits to the parties of this
Agreement and in good faith seek to [***] the Steering Committee may if it determines appropriate develop and implement (or have the parties implement) a remediation program with the aim of improving SCUSA’s return in a manner consistent with
this Agreement. 
 Section 8.03 Cross-Selling. 

(a) In connection with any cross-selling opportunities, the parties will agree on a reasonable revenue sharing arrangement taking into account
the value of preferential customer access and branding provided by Chrysler through this Agreement. 
 Section 8.04 Exclusivity
Fees. 
 (a) [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 35 

 ARTICLE IX 

GOVERNANCE 

Section 9.01 Steering Committee. 

(a) The parties will establish a Steering Committee to be composed of an equal number of executives from each party to be responsible for
considerations around joint policies and programs and coordination of joint activities between the parties. Chrysler will have the right to select a Chairperson from among the Steering Committee members. 

(b) Each of Chrysler and SCUSA will designate an equal number of executives to serve as members of the Steering Committee. The Steering
Committee may have up to twelve (12) members at one time (six (6) members from each party). Members will be employees of Chrysler or SCUSA, respectively, with a reasonable degree of decision-making authority in order to facilitate the
prompt and efficient resolution of matters before the Steering Committee. Each of Chrysler and SCUSA will designate one of their members to be the lead member, who will be the principal point of contact and coordination for the Steering Committee
outside of formal meetings (each such lead member, a “Lead Member”). The initial members and initial Lead Members are listed in Schedule 9.01(b). 

(c) The Steering Committee will meet at least quarterly to assess performance under this Agreement and to discuss and agree on matters of
strategic importance. 
 (d) The Steering Committee shall establish rules to govern its procedures. 

(e) The Steering Committee will seek to resolve any disputes arising in the performance and/or interpretation of this Agreement that cannot be
resolved by the Operating Committee. 
 Section 9.02 Operating Committee. 

(a) The parties will also establish an Operating Committee to meet at least once per month and otherwise as needed to address operational
issues. 
 (b) The structure and membership of the Operating Committee shall be agreed to by the Steering Committee. 

Section 9.03 Other Committees. 

(a) Separate subcommittees may be formed by the Steering Committee and/or by the Operating Committee to address specific subject matter areas
as needed. Such subcommittees shall be composed of members of the Steering Committee or Operating Committee or other Chrysler or SCUSA employees with relevant expertise as the parties may from time to time agree. 

 
 MASTER PRIVATE LABEL
FINANCING AGREEMENT 

  
 36 

 ARTICLE X 

TERM; TERMINATION 

Section 10.01 Term; Termination. 

(a) Subject to any and all provisions for early termination provided for in this Agreement, this Agreement shall continue from the date of this
Agreement until the First Break Date. The Agreement will automatically renew for a one year term on the First Break Date, unless either Chrysler notifies SCUSA in writing at least six months prior to the First Break Date or SCUSA notifies Chrysler
in writing at least twelve months (but no more than thirteen months) prior to the First Break Date that it wishes to terminate the Agreement (any such notice, a “Termination Notice”). 

(b) If Chrysler or SCUSA does not deliver a Termination Notice, then this Agreement will be renewed automatically for successive one-year
terms, each expiring on the Next Break Date. The Agreement will not automatically renew for such successive one year terms if either Chrysler or SCUSA provides a Termination Notice to the other party within the time periods specified above prior to
the Next Break Date that it wishes to terminate the Agreement. 
 (c) This Agreement may also be terminated as follows: 

(i) The non-breaching party may terminate this Agreement upon a breach by the other party that materially affects the benefits
that the non-breaching party reasonably anticipated to receive under this Agreement, and such breach, if curable, is not cured within [***] of receipt of written notice from the non-breaching party; provided, however, if such non-breaching party
does not exercise its termination right within [***] after such [***] cure period, the termination right shall be waived. 

(ii) Upon a Change of Control of SCUSA, (where “Change of Control of SCUSA” means (a) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (or any successor federal statute), and the rules and regulations promulgated thereunder (the
“Exchange Act”)), other than Banco Santander and its Affiliates or the other owners of SCUSA, shall be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, or any successor provision),
directly or indirectly, of more than 20% of the outstanding shares of common stock (or similar equity interests) of SCUSA (such person or group, a “Change of Control Owner”) and (b) Banco Santander and its Affiliates shall be
the beneficial owners, directly or indirectly, of fewer shares of common stock (or similar equity interests) of SCUSA than such Change of Control Owner); provided, however, if  

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 37 

 Chrysler does not exercise its termination right within [***] after such Change of Control, the
termination right shall be waived. 
 (iii) The commencement of a voluntary or involuntary case or other proceeding by or
against the other party seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar Law, now or hereafter in effect, which in the case of an involuntary proceeding is not stayed or lifted within [***]; the
application for or consent to the appointment of a receiver, trustee, liquidator or custodian by the other party for itself or of all or a substantial part of its property; the making by the other party of a general assignment for the benefit of any
of its creditors; or the taking by the other party of any action for the purpose of effecting any of the foregoing. 
 (iv)
Chrysler may terminate this Agreement upon [***] written notice to SCUSA, if SCUSA becomes, or if SCUSA controls, is controlled by, or is under common control with, an OEM that competes with Chrysler (an “OEM Event”); provided,
however, if Chrysler does not exercise its termination right within [***] after becoming aware of such OEM Event, the termination right shall be waived. 

(v) Notwithstanding any other provision of this Agreement, Chrysler may terminate this Agreement upon written notice to SCUSA
in the event that (x) either (i) the Wholesale Backup or the Committed Credit Lines become impaired in any manner or (ii) the required amounts under the Wholesale Backup or the Committed Credit Lines are otherwise not fully available
to SCUSA for the sole and exclusive purpose contemplated by this Agreement and (y) SCUSA has not cured such failure within [***] thereof; provided, however, if Chrysler does not exercise its termination right within [***] after the end of such
[***] cure period, the termination right with respect to that particular failure shall be deemed waived. 
 (vi) Upon the
mutual written agreement of the parties. 
 (d) For the avoidance of doubt, no portion of the Up-Front Payment payable pursuant to
Section 8.01 will be refunded in the case of termination for any reason, including in the event of a breach by, or Change of Control of, or any other event that permits Chrysler to terminate or otherwise results in the termination of this
Agreement. Additionally, notwithstanding anything to the contrary contained in this Agreement, if Chrysler elects to terminate this Agreement as a result of a breach of any of Sections 2.03, 4.03, 4.05, 4.13, 6.02, 10.01(c)(ii), 10.01(c)(iii),
10.01(c)(iv), or 10.01(c)(v), Chrysler’s right to retain the Up-Front Payment shall constitute its sole and exclusive remedy for all losses and damages suffered by Chrysler as a result of the breach of such sections giving rise to
Chrysler’s right to terminate. 
 Section 10.02 Obligations of SCUSA Following Termination. 

(a) Upon termination of this Agreement 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 38 

 (i) SCUSA shall continue to comply with the terms of this Agreement with respect
to all receivables of Chrysler due from Dealers or Consumers in relation to the Financing Services until termination or liquidation of such receivables in accordance with their terms; 

(ii) If so requested by Chrysler, SCUSA shall consult with Chrysler in good faith with respect to the migration of the
Financing Services to a third party, and the method and process by which to achieve such migration, if any, and shall comply with the reasonable requests of Chrysler in respect of such migration; 

(iii) SCUSA shall transfer the [***] to enable Chrysler or such third party to continue to provide services equivalent or
similar to the Financing Services rendered under this Agreement; 
 (iv) Unless such transfer is not permitted under any
agreement binding on SCUSA, in which case SCUSA shall use best efforts to make available to Chrysler, SCUSA will transfer to Chrysler (or a third party provider of Financial Services as directed by Chrysler), subject to a reasonable pricing formula
or process to be agreed upon, ownership of, or sufficient right to use, the technology platform and applications used in the provision of the Financing Services under this Agreement (whether owned or licensed by SCUSA); and 

(v) SCUSA shall have no rights in respect of the [***] other than in relation to the performance of its obligations to provide
Financing Services after termination pursuant the provisions of this Agreement. 
 (b) Upon termination or expiration of this Agreement,
SCUSA shall provide the Financing Services for a period of [***] or such lesser period as may be requested in writing to SCUSA by Chrysler after the date on which termination or expiration of this Agreement becomes effective. If after such [***] (or
lesser period) as provided above, Chrysler has not migrated the Financing Services to a third party provider and desires in its sole discretion for SCUSA to continue to provide the Financing Services as Chrysler Capital, Chrysler may by written
notice to SCUSA, reinstate this Agreement (in which case the breach which gave rise to Chrysler’s termination right will be deemed cured) or may offer to reinstate this Agreement conditional on any amendment to the terms of this Agreement
and/or any additional remedy for the breach which gave rise to Chrysler’s right to terminate. In the absence of reinstatement, after such [***] (or lesser period) as provided above expires, SCUSA shall (i) immediately cease all use of the
Chrysler Marks, including but not limited to immediately removing any and all signage, advertisements and internet sites displaying the Chrysler Marks; (ii) file express withdrawals of all Chrysler Capital d/b/a registrations within 30 days and
provide Chrysler with written evidence of same; and (iii) immediately destroy any unused stock of financing documents, lease agreements, loan documentation, stationery, invoices and the like bearing any Chrysler Mark and provide Chrysler with
written evidence of same. 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 39 

 (c) The provisions of Section 10.02, Article X, Section 12.02, Section 12.03,
Section 12.04, and Section 12.05 shall survive expiration or termination of this Agreement and remain in force and in effect for three years following such expiration or termination unless a longer term is required by Law or to effectuate
the termination obligations of this Agreement, 
 ARTICLE XI 

INDEMNIFICATION; LIABILITIES 

Section 11.01 Indemnification. 

(a) Chrysler and SCUSA shall indemnify the other party and the other party’s Subsidiaries, directors, officers, employees and
representatives, in each case, in their capacity as such, against any and all damages, claims, causes of action, losses and/or other liabilities incurred or arising from such party’s business or operations or a breach by a party of its
representations, warranties or covenants in this Agreement (i.e., SCUSA as a financial services provides and Chrysler as a vehicle manufacturer), in each case to the extent related to a third party legal claim or enforcement
action (an “Indemnifiable Claim”). 
 (b) The party seeking indemnification (an “Indemnitee”)
must notify the other party of any third party action that may be an Indemnifiable Claim brought against the Indemnitee as promptly as reasonably practical; however, any failure to provide such notice does not relieve the indemnifying party from its
indemnity obligations under this Agreement. 
 (c) The party from whom indemnification is sought (the
“Indemnitor”) may assume full control of the defense of the Indemnifiable Claim. 
 (d) If the Indemnitor does not
assume control of the defense of the Indemnifiable Claim within a reasonable time of receiving notice of it from the Indemnitee and Indemnitee is prejudiced by such delay, then the Indemnitee may assume control of the defense of it, with full
recourse against the Indemnitor for all costs and expenses incurred in connection with the defense and/or settlement of the Indemnifiable Claim. 

(e) The Indemnitee and Indemnitor will reasonably cooperate with each other in defense of the Indemnifiable Claim, regardless of which party
has assumed control of the defense of it. 
 (f) Neither the Indemnitee nor the Indemnitor may settle any third party claim related to the
services provided under this Agreement without the prior written consent of the other party, which will not be unreasonably withheld, and without obtaining the unconditional release of the other party from all liability to the third party
claimant(s). 
 (g) If the indemnifiable damages, claims, causes of action, losses, and/or other liabilities arise out of the parties’
joint activities, then the parties will apportion the damages, claims, causes of action, losses, and/or other liabilities in good faith and in a fair manner under the circumstances. 

 
 MASTER PRIVATE LABEL
FINANCING AGREEMENT 

  
 40 

 Section 11.02 Limitations on Liability. 

(a) Neither party will be liable to the other party (i) in tort, except for gross negligence or willful misconduct, (ii) for
equitable claims (but not including equitable remedies) and (iii) for claims arising out of any contract with any customer, dealer or other third party or otherwise in connection with their relationship with such Persons. 

Section 11.03 Limitation on Damages. 

(a) Neither party is liable to the other party for (i) any damages caused by a Force Majeure Condition or (ii) indirect, incidental,
punitive, consequential, non-economic damages, or damages for lost profits, loss of business or business interruption. 

Section 11.04 Equitable Remedies. 

(a) Nothing in this Agreement restricts either party’s ability to seek equitable remedies (as distinguished from claims), including
specific performance of a party’s obligations under this Agreement. 
 Section 11.05 Cumulative Remedies. 

(a) Each party’s rights and remedies under, and/or in connection with, this Agreement are cumulative and may be exercised singly,
concurrently, and/or successively in the exercising party’s sole discretion. 
 ARTICLE XII 

INFORMATION REPORTING AND CONFIDENTIALITY 

Section 12.01 Information Reporting. 

(a) The parties will meet periodically through the Steering Committee or on a reasonable request of a party to discuss current and projected
financing needs for Dealers and Consumers, marketing programs as well as SCUSA’s funding plans to meet the projected financing needs and marketing programs. 

(b) SCUSA will provide to Chrysler through the Steering Committee and Operating Committee information and reports regarding Dealers’
credit limits, Dealers’ credit performance, Dealers’ credit limit utilization, and any other information that Chrysler may reasonably request for the development of its business with Consumers and Dealers. 

(c) SCUSA shall provide regular (and, at Chrysler’s reasonable request, special) reports to Chrysler via the Steering Committee, or other
committee as the Steering Committee may designate, to facilitate Chrysler’s understanding of the Dealer and Consumer 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 41 

 
financing dynamics relevant to their markets and SCUSA’s [***] Such reporting shall also be provided within a reasonable time to allow Chrysler to perform financial reporting and to provide
for internal control reporting as requested. 
 (d) The parties will meet periodically through the Steering and Operating Committees to
discuss the data referred to above and their market implications. 
 Section 12.02 Confidentiality. 

The parties shall treat any information received by it in connection with this Agreement in accordance with the existing Confidentiality
Agreement among themselves. 
 Section 12.03 Nondisclosure of Dealer and Consumer Information. 

SCUSA shall not directly or indirectly share data about Dealers or Consumers with third parties, other OEMs, authorized vehicle distributors or
authorized vehicle dealers without the written consent of Chrysler (and affected Dealers as required). SCUSA shall employ appropriate safeguards to protect such information from unauthorized disclosure or dissemination. 

Section 12.04 Information Security. 

(a) Chrysler and SCUSA will take reasonable technological and organizational precautions to ensure that each other’s Confidential
Information is protected from unauthorized access, alteration, disclosure, erasure, manipulation and destruction by third parties while such information is in its possession or control and will ensure that such information is not processed in other
ways contradictory to privacy and/or data protection laws. 
 (b) Chrysler and SCUSA will provide to each other reasonable information
regarding the processing, storage and security of Confidential Information. 
 (c) Chrysler and SCUSA will maintain sufficient procedures to
detect and respond to security breaches or unauthorized access or dissemination of Confidential Information and will inform the other party as soon as practicable if a party suspects or learns of a security breach or unauthorized access or
dissemination of Confidential Information, including an estimate of the actual and potential impact of the event and the corrective action taken or proposed to be taken. 

Section 12.05 Confidential Personal Information. 

(a) Chrysler and SCUSA will restrict access to Confidential Personal Information in their possession or control to their employees and/or
representatives who have a need to know such information in connection with providing Financing Services and the performance of their respective obligations under this Agreement. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 42 

 (b) Unless otherwise prohibited by Law, Chrysler and SCUSA will immediately notify the other
party of any legal process served on such party for the purpose of obtaining Confidential Personal Information and, prior to disclosure of any Confidential Personal Information in connection with such process, use commercially reasonable efforts to
give the other party adequate time to exercise its legal options to prohibit or limit such disclosure. 
 (c) Chrysler and SCUSA each will
implement appropriate measures designed to meet the following objectives: 
 (i) Ensure the security and confidentiality of
Confidential Personal Information; 
 (ii) Protect against any anticipated threats or hazards to the security or integrity of
such information; and 
 (iii) Protect against unauthorized access to or use of such information that could result in
substantial harm or inconvenience to the person about whom the Confidential Personal Information refers. 
 (d) Within ten days following
termination of this Agreement or ten days following the completion of a project for which the Confidential Personal Information has been provided, whichever first occurs, upon the other party’s request, Chrysler or SCUSA, as the case may be,
will: 
 (i) Return the other party’s Confidential Personal Information to such other party; or 

(ii) Certify in writing to such other party that such Confidential Personal Information has been destroyed in such a manner
that it cannot be retrieved. 
 (e) Chrysler and SCUSA will notify each other promptly upon the discovery of any loss, unauthorized
disclosure, unauthorized access, or unauthorized use of the other’s Confidential Personal Information and will indemnify the other party for such loss, unauthorized disclosure, unauthorized access or unauthorized use, including reasonable
attorney fees in accordance with the terms and conditions of Article XI of this Agreement. 
 ARTICLE XIII 

OTHER PROVISIONS 

Section 13.01 MFN. 

(a) Chrysler shall be permitted to accept any preferable terms and conditions of any agreement or set of agreements similar to this Agreement
between SCUSA and any other OEM that is related to dealer or customer financing arrangements. 
 (b) SCUSA will notify Chrysler of the
existence of terms and conditions of any agreement or set of agreements similar to this Agreement and Chrysler shall have the right to 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 43 

 
receive such terms and conditions. The parties will agree through the Steering Committee on a method for any necessary third party review of the terms of any other OEM program to enable Chrysler
effectively to realize the benefit of this MFN provision while not compromising the integrity of any such OEM program and SCUSA will ensure that the terms of any such OEM program permits such review. 

(c) In the event of a dispute with respect to the compliance with this Section, any party may request a nationally recognized firm of
independent accountants agreeable to the parties to resolve such dispute. Any such request shall be in writing and shall specify with particularity the terms and conditions being submitted for determination. The parties agree to promptly, and in
good faith, take all necessary action to designate the accountant no later than ten (10) business days after a request is made. The parties shall cooperate fully in assisting the accountants in their review, including by providing the
accountants full access to all files, books and records relevant thereto. Notwithstanding the generality of the foregoing, the parties shall not be required to provide the accountants with access to records to the extent (i) such access is
prohibited by applicable Law or (ii) such records or information is legally privileged. The fees and expenses if such accountants will be borne by the prevailing party (as determined by accountants in their sole discretion). 

Section 13.02 Permitted Cross-Selling. 

(a) Except as otherwise provided in this Agreement, any offer and marketing of products and services other than the Financing Services
provided pursuant to this Agreement (including, but not limited to personal loans, insurance products, extended repair plans and warranties, credit card and white label credit cards, employee sales, (“Cross-Selling Activities”)) by
SCUSA to Consumers and Dealers shall be permissible only with the express prior written approval of Chrysler. 
 (b) In connection
with any Cross-Selling Activities, the parties will agree within the Transition Period and prior to engaging in any Cross-Selling Activities on a reasonable revenue sharing arrangement taking into account the value of preferential customer access
and branding provided by Chrysler through this Agreement. 
 Section 13.03 Credit Policies. 

(a) SCUSA shall provide the Financing Services pursuant to the Credit Policies. The Credit Policies shall be at the sole responsibility and
shall be under the control of SCUSA. 
 (b) SCUSA must communicate its Credit Policies and credit scoring practices in place from time to
time to Chrysler on a regular basis. SCUSA shall provide [***] written notice to Chrysler before it implements any material changes to its Credit Policies and credit scoring practices that would be applicable to any of the Financing Services. 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 44 

 (c) SCUSA shall, at quarterly intervals (or more frequently if requested by Chrysler) discuss
with Chrysler its current Credit Policies and credit scoring system, any anticipated changes in its Credit Policies and credit scoring system as well as the application of such policies to the automotive financing business generally and the
Financing Services in particular. 
 Section 13.04 Outsourcing. 

(a) SCUSA shall not outsource or allow any third party to provide any material Financing Services or permit any third party to perform any of
SCUSA’s material obligations under this Agreement without the prior written consent of Chrysler. 
 (b) SCUSA shall remain liable for
the performance of its obligations under this Agreement, including the achievement of all Service Level Standards applicable to the Financing Services, notwithstanding the performance of such obligations by any third party. 

Section 13.05 Audit Rights. 

(a) Each party will provide the other party reasonable access, during regular business hours, to its files, books, and records pertaining to
the Financing Services and the other obligations contemplated by this Agreement. 
 (b) Each party may audit the other party’s
compliance with its principal financial and operating obligations under this Agreement. 
 (c) Neither party will be entitled to conduct such
an audit more than once in any year unless a prior audit has shown a Material Deviation. 
 (d) Any review or audit will be limited in
duration, manner, and scope reasonably necessary and appropriate to confirm compliance with the terms and conditions of this Agreement. 

Section 13.06 Expenses. 

(a) Each party will bear its own fees and expenses that are incurred in connection with or related to the authorization, preparation,
negotiation, execution and performance of this Agreement. 
 Section 13.07 Regulatory Compliance. 

(a) SCUSA shall be responsible for developing policies and procedures to ensure compliance with federal, state and local statutory and
regulatory requirements applicable to the Financing Services. 
 Section 13.08 Force Majeure. 

(a) Neither Chrysler nor SCUSA is liable for a delay in performance or failure to perform any obligation under this Agreement to the extent
such delay is due to causes beyond 
  
 MASTER
PRIVATE LABEL FINANCING AGREEMENT 

  
 45 

 
its control and is without its fault or negligence, including, natural disasters, governmental regulations or orders, civil disturbance, war conditions, acts of terrorism or strikes, lock-outs or
other labor disputes (“Force Majeure Condition”). The performance of any obligation suspended due to a Force Majeure Condition will resume as soon as reasonably possible as and when the Force Majeure Condition subsides. 

ARTICLE XIV 

MISCELLANEOUS 

Section 14.01 Representations and Warranties. 

(a) Chrysler and SCUSA each hereby represent and warrant to the other that, as of the date of this Agreement: 

(i) It is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was
formed and has all requisite power and authority to enter into and perform all of its obligations under the Agreement. 

(ii) The execution, delivery and performance of this Agreement by it have been duly authorized by all requisite action on its
part. 
 (iii) This Agreement constitutes a valid and binding obligation of it and is enforceable against it in accordance
with its terms. 
 (iv) The execution and performance of this Agreement by it will not: 

 

	 	(A)	Violate any provision of applicable Law. 

  

	 	(B)	Conflict with the terms or provisions of its organizational or governance documents, or any other material instrument relating to the conduct of its business or the ownership of its property. 

 

	 	(C)	Conflict with any other material agreement to which it is a party or by which it is bound. 

(v) There are no actions, suits, proceedings or other litigation or governmental investigations pending, or to its knowledge,
threatened, by or against it with respect to this Agreement or in connection with the dealings contemplated by this Agreement. 

(vi) There is no order, injunction or decree outstanding against, or relating to, it that could reasonably be expected to have
a material adverse effect upon its ability to perform its obligations under this Agreement. 
 Section 14.02 Notices. Any
notice, claim, request, demand, consent, designation, direction, instruction, certificate, report or other communication (each, a “notice”) to be given hereunder shall be given in writing in the English language (or accompanied by
an accurate English language translation upon which the recipient shall have the right to rely for all purposes) 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 46 

 
and delivered in person, or by facsimile or other electronic transmission to address, the fax number or email address below: 

If to Chrysler: 

Chrysler Group LLC 

1000 Chrysler Drive 

Auburn Hills, MI 48326 

CIMS: 485-03-71 

Attention: Head of Financial Services 

Tel: [***] 

Fax: 

Email: [***] 

With copy to: 

Chrysler Group LLC 

1000 Chrysler Drive 

Auburn Hills, MI 48326 

Attention: General Counsel 

Tel: [***] 

Fax: [***] 
 if to
SCUSA: 
 Santander Consumer USA Inc. 

8585 N. Stemmons Freeway 

Suite 1100 N 

Dallas, TX 75247 

Attention: [***] 

Tel: [***] 

Fax: [***] 

Email: [***] 

With a copy to: 

Santander Consumer USA Inc. 

8585 N. Stemmons Freeway 

Suite 1100 N 

Dallas, TX 75247 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 47 

 Attention: Chief Legal Officer 

Tel: [***] 

Email: [***] 

Where a notice is sent by facsimile or other electronic transmission, service of the notice shall be deemed to be effected by properly
addressing and sending such notice and shall be deemed to have been received, if sent within business hours on a business day in the place of receipt, on the same day that it was transmitted or, if sent outside of business hours, during business
hours on the next business day in the place of receipt. Each party, by written notice to each other party in accordance with this Section 14.02, may change the address to which notices are to be sent to such party. 

Section 14.03 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by the different parties
on separate counterparts, each of which, when so executed and delivered, shall be an original, but all the counterparts shall together constitute one and the same instrument. 

Section 14.04 Further Assurances. Each party agrees to execute and deliver any and all such other documents and instruments and
take or cause to be taken any and all such other actions as the other party may reasonably request (at the cost of the requesting party) or that are reasonably necessary or appropriate in order to give full effect to the terms of this Agreement.

 Section 14.05 Relationship of the Parties. 

(a) Nothing contained in this Agreement creates or will be construed as creating a joint venture, association, partnership, franchise or agency
relationship between Chrysler and SCUSA. 
 Section 14.06 Assignment and Amendment. 

(a) This Agreement binds and inures to the benefit of the parties hereto and their respective successors and assigns. Neither Chrysler nor
SCUSA may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement (by operation of Law or otherwise) to any party without the other party’s prior express written consent. 

(b) This Agreement may be amended or modified only by a writing signed by both parties. 

Section 14.07 Severability. 

(a) If a court of competent jurisdiction holds that any part of this Agreement is invalid or unenforceable under applicable Law, all other
parts remain valid and enforceable. 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

  
 MASTER PRIVATE
LABEL FINANCING AGREEMENT 

  
 48 

 Section 14.08 No Third Party Beneficiaries. 

(a) Nothing in this Agreement, express or implied, confers upon any person or entity, other than the parties and their successors and permitted
assigns, any rights or remedies under or by reason of this Agreement. 
 Section 14.09 Dispute Resolution. 

(a) Any dispute, controversy, claim or disagreement arising from or in connection with this Agreement (a “Dispute”), will be
exclusively governed by and resolved in accordance with the provisions of this Section 14.09. Except as provided in this Section 14.09, neither party will seek judicial relief of any Dispute. 

(b) Any Dispute that cannot be resolved at the working level will, in the first instance, be submitted to each member of the Steering Committee
before the next scheduled Steering Committee meeting. 
 (c) If at formal Steering Committee meeting or within ten business days thereafter
(unless a different time is agreed to by the Steering Committee) the Coordinating Committee is unable to resolve any such Dispute, the Dispute will immediately be escalated to lead members of the Steering Committee for each party, or their designees
for the particular matter, for resolution. 
 (d) Any Dispute that is not resolved by the lead members of the Steering Committee for each
party (or their designees for the particular matter) within 30 days of submission to them will immediately be escalated to the Chairman of Banco Santander and the Chairman and CEO of Chrysler. 

(e) If a Dispute is not resolved within 60 days of the date of escalation to the Chairman of Banco Santander and the Chairman and CEO of
Chrysler, the parties agree in good faith to try to settle the Dispute by mediation administered by the American Arbitration Association under its Commercial Mediation Rules, before resorting to litigation or any other dispute resolution mechanism.

 (f) If a Dispute is not resolved within 120 days of the start date of mediation, either party may pursue legal remedies. 

(g) This Section 14.09 does not limit either party’s right to apply to a court of competent jurisdiction for equitable, provisional
relief with respect to any Dispute pending the resolution of the Dispute pursuant to this Section 14.09. 
  

MASTER PRIVATE LABEL FINANCING AGREEMENT 

  
 49 

 Section 14.10 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 14.11 Consent to Jurisdiction. 

(a) To the fullest extent permitted by Law, each party hereby irrevocably consents and agrees, for the benefit of the other party, that any
legal action, suit or proceeding against it with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement may be brought in any federal or state court located in the Borough of
Manhattan, The City of New York, and hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each such court with respect to any such action, suit or proceeding. To the fullest extent permitted by Law, each party waives any
objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings brought in any such court and hereby further waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought therein has been brought in an inconvenient forum. 
 Section 14.12 No Trial by Jury. EACH
PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 
 MASTER PRIVATE LABEL
FINANCING AGREEMENT 

  
 50 

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

			
	CHRYSLER GROUP LLC
		
	By:	 	 /s/ Richard Palmer

		 	Name: Richard Palmer
		 	Title: CFO
	
	SANTANDER CONSUMER USA INC.
		
	By:	 	 /s/ Tom Dundon

		 	Name: Tom Dundon
		 	Title: CEO

 [Signature Page to Master Private Label Financing Agreement] 

 SCHEDULE OF SCHEDULES 

 
  

 

 Schedule 1.01(r) 

Methodology and an illustrative calculation of Cost of Funds  

Chrysler Capital 
 [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01(qq) 

Illustrative Calculation of “Market” Rates 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01(qq) (continued) 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01 (tt) 

Illustrative calculation of Net Interest Income 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01(aaa) 

Existing Methodology and an Illustrative Calculation of the Operating Spread 

Chrysler Capital 
 Illustrative calculation of the
operating speed (illustration purposes only) 
 Retail installment contracts 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01(ooo) 

Specified Banking Subsidiaries 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 1.01(ppp) 

Standard Banking Services 
 [***]

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 2.01(b) 

Exceptions 
 [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 3.02(a)(iv) 

Remarketing Services 
  

	 	•	 	All remarketing processes to be established and managed by SCUSA, including, without limitation, all [***] 

  

	 	•	 	Chrysler will have final approval on all remarketing strategies, policies and procedures prior to implementation 

  

	 	•	 	SCUSA shall propose a joint Chrysler/ SCUSA remarketing management committee with meetings on a regular basis 

  

	 	•	 	SCUSA shall propose a system that collectively leverages the scale of Chrysler and SCUSA to maximize benefit related to auction costs. 

 

	 	•	 	SCUSA shall provide that grounding dealers shall have the right to purchase off lease vehicle at fair market value (not residual value) 

 

	 	•	 	SCUSA shall provide copies of existing agreements with each auction company 

  

	 	•	 	SCUSA will share remarketing data on a regular basis including but not limited to: [***] 

  

	 	•	 	All remarketing expenses that exceed the standard industry reconditioning expenses for SCUSA shall be agreed upon by Chrysler and SCUSA on a [***] basis (or, if applicable, exclusive cost basis by either Chrysler or
SCUSA) where appropriate. 

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 3.03(e) 

Key SCUSA Individuals 
 [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 4.01(a) 

Funding 
 [***] 

 

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 4.08(a) 

Illustrative Calculation of the Support Rate 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 4.08(c) 

Existing Methodology and an illustrative Calculation of the Operating Spread 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 4.13 

Key Performance Metrics 

SCUSA’s minimum retail and lease penetration rates 
  

											
	 	  	        Year 1        	  	        Year 2        	  	        Year 3        	  	        Year 4        	  	        Year 5        
	 Retail
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	 Lease
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
		  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 7.02 (b) 

Illustrative Methodology for Determining Residual Gains and Losses 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 7.02 (b) (continued) 

[***] 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 Schedule 9.01(b) 

Steering Committee 
 SCUSA Members

  

	 	1.	Tom Dundon, CEO, Lead Member 

  

	 	2.	Jason Kulas, CFO 

  

	 	3.	Steve Zemaitis, Chief Credit Officer 

  

	 	4.	Jason Grubb, Chief Operating Officer 

  

	 	5.	Rich Morrin, EVP, Chrysler Capital Lead 

  

	 	6.	Eldridge Burns, Chief Legal Counsel 

 Chrysler Group Members 

 

	 	1.	Peter Grady, Chrysler Group, Lead Member 

  

	 	2.	Gerry Quinn, Chrysler Group, Chrysler Capital Lead 

  

	 	3.	Scott Grissom, Chrysler Group, Chrysler Capital Finance 

  

	 	4.	Steve Beahm, Chrysler Group, VP Sales 

  

	 	5.	Mike Novak, Chrysler Group, Sales Incentives Finance 

  

	 	6.	Patrick White, Chrysler Group, VP Finance 

 EXHIBIT A 

EQUITY OPTION AGREEMENT 

  

 
 EQUITY OPTION AGREEMENT 

Dated as of February 6, 2013 

by and between 
 CHRYSLER GROUP
LLC 
 and 
 SANTANDER CONSUMER
USA INC. 
  
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	  
		
	 ARTICLE II EQUITY OPTION
	  	 	2	  
		
	 Section 2.1 Grant
	  	 	2	  
	 Section 2.2 Exercise of the Equity Option
	  	 	2	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	4	  
		
	 ARTICLE IV COVENANTS
	  	 	5	  
		
	 Section 4.1 Covenants of Chrysler
	  	 	5	  
	 Section 4.2 Covenants of SCUSA
	  	 	5	  
		
	 ARTICLE V MISCELLANEOUS
	  	 	6	  
		
	 Section 5.1 Termination
	  	 	6	  
	 Section 5.2 Amendments and Waivers
	  	 	6	  
	 Section 5.3 Assignment
	  	 	6	  
	 Section 5.4 Attorneys’ Fees
	  	 	6	  
	 Section 5.5 Notices
	  	 	6	  
	 Section 5.6 No Third Party Beneficiaries
	  	 	7	  
	 Section 5.7 Counterparts
	  	 	7	  
	 Section 5.8 Remedies
	  	 	7	  
	 Section 5.9 Expenses
	  	 	8	  
	 Section 5.10 GOVERNING LAW
	  	 	8	  
	 Section 5.11 WAIVER OF JURY TRIAL
	  	 	8	  
	 Section 5.12 Severability
	  	 	8	  
		
	 ANNEX A—Definitions
	  			
		
	 ANNEX B—Determination of Equity Value
	  			
		
	 Al\INEX C—Representations and Warranties of SCUSA
	  			

  
 i 

 EQUITY OPTION AGREEMENT 

This EQUITY OPTION AGREEMENT (the “Agreement”), dated as of February 4, 2013, is made and entered into by Chrysler
Group LLC (“Chrysler”) and Santander Consumer USA Inc. (“SCUSA”). 
 RECITALS

 WHEREAS, Chrysler manufactures, distributes, markets and sells motor vehicles and related goods and services, which are
offered for sale under various brands to retail consumers through a network of dealerships authorized by Chrysler; and 

WHEREAS, SCUSA is a financial services company that provides automotive finance and lease, insurance, lending and related services to a
variety of customers, including retail purchase and lease financing to automobile purchasers and wholesale financing and related services to automobile dealers and is majority owned by Banco Santander, a global retail banking organization; and

 WHEREAS, Chrysler and SCUSA are concurrently with the execution and delivery of this Agreement, entering into a Master
Private Label Financing Agreement, dated the date hereof (the “MPLFA”), pursuant to which SCUSA will provide Chrysler-branded automotive financing services to Chrysler dealers and customers; and 

WHEREAS, in connection with the MPLFA, the parties have agreed that Chrysler may at its option, acquire an equity participation (which
may exceed 50%) in an operating entity through which the financial services contemplated by the MPLFA are offered and provided, through one of (i) an equity interest in the SCUSA entity, (ii) participation in a joint venture to which the
business providing the Financing Services would be contributed by SCUSA or (iii) another business relationship or structure that provides equity returns and participation to Chrysler that are substantially similar to those contemplated by
clauses (i) or (ii) above, in any such case pursuant to a pricing formula and process provided for in this Agreement; and 
 WHEREAS, in connection with the foregoing, the parties hereto wish to enter into this Agreement to govern the rights and obligations of the parties with respect to equity option rights and certain other
matters. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 
 Capitalized terms
used but not otherwise defined herein shall have the meanings set forth in Annex A hereto or if not set forth therein, as defined in the MPLFA (with terms defined in the singular having comparable meanings when used in the plural and vice
versa), unless the context otherwise requires. 
 ARTICLE II 

EQUITY OPTION 
 Section 2.1
Grant. (a) SCUSA hereby grants to Chrysler or any of Chrysler’s designated subsidiaries or permitted assigns (such optionee, the “Holder”), the right and the option (the “Equity Option”) to purchase
the Covered Interests, subject to the terms and conditions set forth below. The price payable by the Holder to SCUSA to acquire the Covered Interests to be acquired upon any exercise of the Equity Option shall be the Equity Option Exercise Price.

 (b) The parties hereby acknowledge and agree that the purchase price for the Equity Option, once paid, shall be in full satisfaction of
both the purchase price of the Equity Option as well as the purchase price of any Covered Interests purchased upon exercise of the Equity Option (i.e. this Agreement contemplates no additional payment in respect of the Equity Option itself). 

Section 2.2 Exercise of the Equity Option. (a) The Equity Option may be exercised in the manner described herein in whole or
from time to time in part at any time during the Equity Option Exercise Period. 
 (b) Prior to any exercise of the Equity Option pursuant
to Section 2.2(c), the Holder shall give notice to SCUSA of its intention to exercise the Equity Option (a “Notice of Intent”) in the manner prescribed in Section 4.5. During the period of twenty (20) Business Days
after the date of any Notice of Intent, Chrysler and SCUSA will discuss in good faith the structure and valuation of a potential equity participation by Chrysler in the operating entity providing financing services to Chrysler dealers and customers
pursuant to the MPLFA. In the event that the parties do not agree on an alternate structure, the Equity Option shall become exercisable for an interest in the Company, into which SCUSA will transfer the Transferred Assets and which will own and
operate the Transferred Business. Unless the parties agree otherwise, the Company will be organized as a Delaware limited liability company. In any case SCUSA and Chrysler shall have equivalent voting and governance rights without regard to their
respective ownership interests, except to the extent that a party has an ownership interest representing less than 20% of the total equity in the Company in which case the minority participant shall have (i) the right to designate a number of
directors proportionate to its ownership and (ii) customary minority voting rights as reasonably determined by the parties. Additionally, Chrysler and SCUSA shall agree in good faith on other relevant investor rights for the Company (i.e., exit
rights, transfer rights, etc.); provided that the failure to agree on any such 

  
 2 

 
rights will not affect the validity or enforceability of the Equity Option (which will be implemented without any investor rights that are not agreed between the parties). SCUSA shall assign its
rights under the MPLFA to the Company with effect from the completion of the Equity Option. The parties shall use reasonable best efforts to complete the valuation and other procedures set forth in Annex B hereto not later than ninety (90) days
from the date of delivery of the relevant Notice of Intent (the “Target Completion Date”). The Holder shall not, as a result of delivering any Notice of Intent, have any obligation to exercise the Equity Option. 

(c) If Chrysler provides a Notice of Intent, SCUSA shall within twenty (20) Business days thereof deliver to Chrysler schedules of all
Transferred Assets and Assumed Liabilities as well as historical or pro forma financial statements for the Transferred Business as at the end of and for the most recently completed calendar year (“Annual Financial Statements”) and
each subsequent quarterly interim period (“Interim Financial Statements” and together with the Annual Financial Statements, “Financial Statements”) on a carve out basis (reflecting the ownership of the Transferred
Assets and the assumption of the Assumed Liabilities by the Company) as though the Transferred Business had been operating as an independent entity for all relevant periods. 

(d) If, during the period described in Section 2.2(b) above, the parties have not agreed on a valuation, either party may, not earlier
than five (5) Business Days thereafter, commence the valuation process set forth in Annex B herein. Either party shall have the right to defer, for a period of up to nine (9) months, the valuation process; provided that a party may
exercise the right to defer the valuation process only one time during the term of this Agreement. The notice of deferral shall be delivered in the manner prescribed in Section 4.5 during the five (5) Business Day period referred to above
(i.e., prior to the appointment of the banks referred to in Annex B). 
 (e) Subject to this Section 2.2(e), the Holder may exercise
the Equity Option, within 90 days following the valuation, by giving written binding notice to SCUSA of the exercise of such Equity Option (a “Notice of Exercise”) in the manner prescribed in Section 5.5. The Notice of Exercise
shall set forth the percentage of total Covered Interests that the Holder intends to purchase pursuant to such exercise of the Equity Option. The parties will use best efforts to complete the settlement of and payment for the portion of the Covered
Interests being purchased not less than three (3) nor more than ten (10) Business Days from the date of delivery after Notice of Exercise. The completion of the settlement and payment for the portion of the Covered Interests being
purchased may be delayed for a period not to exceed one hundred eighty (180) days in the event that any consent, approval, authorization or order of any Governmental Authority is, in Chrysler’s reasonable judgment, necessary or advisable
and Chrysler is pursuing such consent, approval, authorization or order with reasonable diligence. Upon settlement of the Equity Option, SCUSA shall execute and deliver all such bills of sale, assignments and other customary instruments of transfer
and such other documents evidencing the transfer to the Company of the Transferred Assets and the vesting in the Company of all rights, power and authority to operate the Transferred Business, as Chrysler may reasonably request each in form and
substance as Chrysler may reasonably request. 
 (f) Upon payment for and settlement of the Equity Option, SCUSA shall be deemed to have
made to Chrysler the representations and warranties attached as 

  
 3 

 
Annex C to this Agreement which may, other than with respect to paragraphs 1, 4, 5 and 9, be subject to an SCUSA Disclosure Letter that SCUSA shall deliver to the Investment Banks (as defined in
Annex B) prior to completion of, and which shall be factored into the Investment Banks’ determination of, the Company Equity Value and SCUSA shall indemnify and hold Chrysler harmless against any losses arising and if or resulting from any
breach or inaccuracy of such representations and warranties as of the date and time of delivery of the SCUSA Disclosure Letter as well as any losses or liabilities arising out of or related to the operation of the Transferred Business or the
ownership or operation of any of the Transferred Assets prior to the completion of the Equity Option. 
 (g) As promptly as reasonably
practicable following the delivery of the Notice of Exercise by the Holder, SCUSA shall (a) deliver, against payment of the exercise price to SCUSA by wire transfer of immediately available funds to such account as SCUSA may specify, duly
executed transfer instructions with respect to the Covered Interests purchased pursuant to the Notice of Exercise to the Holder in a form suitable to cause the transfer of such Covered Interests together with any supporting documents duly executed
by SCUSA as the Holder may reasonably request or (b) provide other evidence of transfer of the Covered Interests purchased pursuant to the Notice of Exercise to the Holder that is reasonably satisfactory to the Holder. Such Covered Interests so
purchased will be delivered free and clear of any liens, claims, encumbrances, restrictions or charges of any kind. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1 Chrysler and SCUSA each hereby represent and warrant to the other that as to it, as of the date of this Agreement: 

(a) It is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed and has
all requisite power and authority to enter into and perform all of its obligations under the Agreement; 
 (b) The execution, delivery and
performance of this Agreement by it have been duly authorized by all requisite action on its part; 
 (c) This Agreement constitutes a valid
and binding obligation of it and is enforceable against it in accordance with its terms; 
 (d) The execution and performance of this
Agreement by it and the consummation of any transaction contemplated hereby will not: 
 (i) Violate any provision of applicable Law; 

(ii) Conflict with the terms or provisions of its organizational or governance documents, or any other material instrument relating to the
conduct of its business or the ownership of its property; 

  
 4 

 (iii) Conflict with any other material agreement to which it is a party or by which it is bound;

 (e) There are no actions, suits, proceedings or other litigation or governmental investigations pending, or to its knowledge, threatened,
by or against it with respect to this Agreement or any transaction contemplated hereby or in connection with the dealings contemplated by this Agreement or any transaction contemplated hereby; and 

(f) There is no order, injunction or decree outstanding against, or relating to, it that could reasonably be expected to have a material
adverse effect upon its ability to perform its obligations under this Agreement or complete any of the transactions contemplated hereby. 

ARTICLE IV 
 COVENANTS 

Section 4.1 Covenants of Chrysler. Chrysler hereby covenants to and agrees with SCUSA as follows: 

(a) Chrysler and any subsequent Holder each agrees that it will, at the reasonable request of SCUSA, take any further action that is necessary
or desirable to carry out the purposes of this Equity Option Agreement. 
 (b) Chrysler agrees to use commercially reasonable efforts to
obtain any consent or to vacate or lift any order relating to matters of Antitrust Law that would have the effect of making the Equity Option illegal or otherwise prohibiting or materially delaying the exercise of the Equity Option. 

Section 4.2 Covenants of SCUSA. SCUSA hereby covenants to and agrees with Chrysler as follows: 

(a) SCUSA covenants and agrees with the Holder that upon receipt of the Equity Option Exercise Price it will deliver to Holder full legal and
beneficial ownership of the Covered Interests upon due exercise of the Equity Option in accordance with the terms of this Agreement and free and clear of any liens, claims, charges, restrictions or encumbrances of any kind. For the avoidance of
doubt, SCUSA, on the one hand, and Chrysler, on the other hand, may, at any time agree to a sale and purchase of the Covered Interests on terms to be agreed among them. 

(b) SCUSA agrees that it will, at the reasonable request of Chrysler and any subsequent Holder, take any further action that is necessary or
desirable to carry out the purposes of this Agreement. 
 (c) SCUSA agrees to use commercially reasonable efforts to obtain any consent or
to vacate or lift any order relating to matters of Antitrust Law that would have the effect of making the Equity Option illegal or otherwise prohibiting or materially delaying the exercise of the Equity Option. 

  
 5 

 ARTICLE V 

MISCELLANEOUS 
 Section 5.1
Termination. All rights, restrictions, and obligations of the parties hereto shall terminate and this Agreement shall have no further force and effect thirty (30) days following the termination of the MPLFA. 

Section 5.2 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may not be amended,
modified or supplemented except by a writing signed by SCUSA and Chrysler (or any subsequent Holders). Any obligation of, or restriction applicable to, a party hereunder may be waived by a writing signed by the other party. 

Section 5.3 Assignment. (a) This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. 
 (b) Neither this Agreement nor any of the rights granted herein,
nor any of the other interests and obligations created hereunder, shall be assigned or delegated, without the prior express written consent of the other parties (such consent not unreasonably to be withheld), and any attempted assignment or
delegation without such consent shall be void provided that Chrysler may assign its rights hereunder to any member of the Fiat Group or any party that is a successor to Chrysler pursuant to merger, consolidation or other business combination
transaction, provided such assigns or successors are also the assigns or successors of Chrysler under the MPLFA. 
 Section 5.4
Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable law, be
entitled to recover reasonable attorneys’ fees in addition to any other available remedy. 
 Section 5.5 Notices. 

 

	 	(i)	If to Chrysler: 

 Chrysler Group LLC 

1000 Chrysler Drive 
 Auburn
Hills, MI 48326 
 Attention: General Counsel 

Email:
                                         
                
 Tel:
                                         
                    
 Fax:
                                         
                    
 Email:
                                         
                
  

  
 6 

	 	(ii)	if to SCUSA: 

 Santander Consumer USA Inc. 

8585 N. Stemmons Frwy, 
 Suite
1100 North 
 Dallas, TX 75247 

Attention: Chief Legal Officer 

Tel: [***] 
 Email: [***] 

Where a notice is sent by facsimile or other electronic transmission, service of the notice shall be deemed to be effected by properly
addressing and sending such notice and shall be deemed to have been received, if sent within business hours on a business day in the place of receipt, on the same day that it was transmitted or, if sent outside of business hours, during business
hours on the next business day in the place of receipt. Each party, by written notice to each other party in accordance with this Section 4.5, may change the address to which notices are to be sent to such party. 

Section 5.6 No Third Party Beneficiaries. This Agreement shall be for the sole and exclusive benefit of (i) Chrysler and its
successors and permitted assigns (including any Holder), and (ii) SCUSA and its successors and permitted assigns. Nothing in this Agreement shall be construed to give any other Person any legal or equitable right, remedy or claim under this
Agreement. 
 Section 5.7 Counterparts. This Agreement may be executed in counterparts, and shall be deemed to have been duly
executed and delivered by all parties when each party has executed a counterpart hereof and delivered an original or facsimile copy thereof to the other party. Each such counterpart hereof shall be deemed to be an original, and all of such
counterparts together shall constitute one and the same instrument. 
 Section 5.8 Remedies. 

(a) Each party hereto acknowledges that monetary damages would not be an adequate remedy in the event that any of the covenants or agreements
in this Agreement is not performed in accordance with its terms, and it is therefore agreed that, in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary
restraining order or other equitable relief enjoining any such breach or threatened breach and enforcing specifically the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the event such court
determines that such a breach has occurred, and to waive any requirement for the securing or posting of any bond in connection with such remedy. 

(b) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be
cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 

 
  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. 

	 	[***]	Indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 7 

 Section 5.9 Expenses. SCUSA and Chrysler shall each pay its own expenses incidental
to the preparation and negotiation of this Agreement, the carrying out of the provisions of this Agreement and the consummation of any of the transactions contemplated hereby. 

Section 5.10 GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED, AND
GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. To the fullest extent permitted by law, each party hereby irrevocably consents and agrees, for the benefit of the other party, that any legal action, suit or proceeding against it
with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement may be brought in any federal or state court located in the Borough of Manhattan, The City of New York, and hereby
irrevocably accepts and submits to the non-exclusive jurisdiction of each such court with respect to any such action, suit or proceeding. To the fullest extent permitted by law, each party waives any objection which it may now or hereafter have to
the laying of venue of any of the aforesaid actions, suits or proceedings brought in any such court and hereby further waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought therein has been
brought in an inconvenient forum. 
 Section 5.11 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE
PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.11. 

Section 5.12 Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 [Remainder of page left
blank intentionally] 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date above first
written. 
  

			
	CHRYSLER GROUP LLC
		
	By:	 	/s/ Richard Palmer
		 	 Name: Richard Palmer
 Title:
CFO

  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	/s/ Tom Dundon
		 	 Name: Tom Dundon
 Title:
CEO

  
 [Signature
Page to Equity Option Agreement] 

 ANNEX A 

Definitions 

“Affiliate”; “control”: The term “Affiliate” of any specified Person shall mean any other
Person directly or indirectly through one or more intermediaries, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with
respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” shall have meanings correlative to the foregoing. 

“Agreement” has the meaning specified in the preamble to this Agreement. 

“Antitrust Laws” means the HSR Act and all other federal, provincial, state and foreign statutes, rules, regulations, orders,
decrees, administrative and judicial doctrines and other laws that (a) are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or the lessening of competition
through merger or acquisition or (b) involve foreign investment review by Governmental Entities. 
 “Assumed
Liabilities” means only (i) those obligations of SCUSA related to the performance subsequent to the completion of the Equity Option of obligations under any contracts that are primarily related to the Transferred Business and only to
the extent that such obligations are required pursuant to the terms of such contracts to be performed thereafter, were incurred in the ordinary course of business and do not relate to any failure to perform, improper performance, warranty or other
breach, default or violation by SCUSA or any other Person and (ii) those other liabilities that primarily relate to or primarily arise out of the Transferred Assets and that are specifically identified in the SCUSA Disclosure Letter. 

“Business Day” means any day other than a Saturday or Sunday and other than a day on which banking institutions in Auburn
Hills, Michigan or New York, New York are authorized or obligated by law or regulation to close. 
 “Company” means the
entity formed to receive the Transferred Assets and assume the Assumed Liabilities and to own and operate the Transferred Business following settlement of the Equity Option, it being understood and agreed that the organizational form of the Company
shall be determined by Chrysler in its reasonable discretion, taking into account relevant factors including regulatory, tax and valuation considerations. 

“Company Equity Value” means the fair value of 100% of the Company’s outstanding equity determined in the manner
provided in Annex B. 

  
 A-1 

 “Covered Interests” means equity interests representing ownership in the
Company. 
 “Equity Option” has the meaning specified in Section 2.1(a) of this Agreement. 

“Equity Option Exercise Period” means the period during which the MPLFA (or any successor or replacement agreement) is
in effect. 
 “Equity Option Exercise Price” means a price equal to the Company Equity Value multiplied by the
total percentage interest represented by the Covered Interests (expressed as a decimal). 
 “Governmental
Authority” means the United States of America or any other nation, any state, province or other political subdivision, any international or supra-national entity, or any entity exercising executive, legislative, judicial, regulatory or
administrative functions of government, including any court, tribunal or arbitral body, and any self-regulatory organization, in each case having jurisdiction over SCUSA, Chrysler, the Transferred Assets, the Transferred Business or any of their
respective Subsidiaries, properties or other assets. 
 “Holder” has the meaning specified in
Section 2.1(a) of this Agreement. 
 “Investment Bank” has the meaning specified in Annex B hereto.

 “Law” means any law, statute, ordinance, rule, regulation, code, order, judgment, tax ruling, injunction or
decree of any Governmental Authority. 
 “Notice of Exercise” has the meaning specified in Section 2.2(e)
of this Agreement. 
 “Person” means any individual or general partnership, limited partnership, corporation,
association, cooperative, joint stock company, trust, limited liability company, business or statutory trust, joint venture, unincorporated organization or Governmental Authority. 

“SCUSA Disclosure Letter” means the letter to be delivered by SCUSA to Chrysler with respect to the representations and
warranties set forth in Annex C and the Assumed Liabilities. 
 “Transferred Assets” means all of SCUSA’s
right, title and interest in, to and under all of the assets, properties and rights of every kind and nature, whether real, personal or mixed, tangible or intangible (including goodwill), wherever located and whether now existing or hereafter
acquired, which (i) relate to, or are primarily used or held for use in connection with, or (ii) are otherwise reasonably necessary for the operation of, the Transferred Business, including, without limitation, the following: 

(a) all inventory, finished goods, raw materials, work in progress, packaging, supplies, parts and other inventories;

  
 A-2

 (b) all contracts including all deposits associated with the contracts;

 (c) all Intellectual Property Assets; 

(d) all furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones and
other tangible personal property; 
 (e) any leased real property; 

(f) all Permits which are held by SCUSA and required to conduct the Transferred Business or to own and use the Transferred
Assets; 
 (g) all rights to any actions, suits or claims of any nature available to or being pursued by SCUSA to
the extent related to the Transferred Business, the Transferred Assets or the Assumed Liabilities, whether arising by way of counterclaim or otherwise; 
 (h) all prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, charges, sums and fees (including any such item
relating to the payment of taxes); 
 (i) all of SCUSA’s rights under warranties, indemnities and all
similar rights against third parties to the extent related to any Transferred Assets; 
 (j) all insurance
benefits, including rights and proceeds, arising from or relating to the Transferred Business, the Transferred Assets or the Assumed Liabilities; 
 (k) originals, or where not available, copies, of all books and records, including, but not limited to, books of account, ledgers and general, financial and accounting records, machinery and equipment
maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files,
records and data (including all correspondence with any governmental or regulatory authority), sales material and records (including pricing history, total sales, terms and conditions of sale, sales and pricing policies and practices), strategic
plans, internal financial statements, marketing and promotional surveys, material and research and intellectual property files relating to the Intellectual Property Asset; 

(l) all goodwill and the going concern value of the Business; and 

(m) all other assets of SCUSA or any of their respective Affiliates related to, or are used or held for use in or are
otherwise reasonably necessary for the operation of, the Transferred Business. 
 “Transferred Business” means
the provision of Financing Services, including to Dealers and Retail Consumers as contemplated in the MPLFA. 

  
 A-3

 ANNEX B 

Determination of Company Equity Value 

The Company Equity Value used to determine the Equity Option Exercise Price will be determined through the following process: 

(i) For a period of not less than twenty (20) Business Days from the date of delivery of the Notice of Intent (the “Discussion
Period”), Chrysler and SCUSA shall negotiate exclusively with one another, in good faith, in order to agree on the structure and valuation of a potential equity participation by Chrysler in the operating entity providing financing services
to Chrysler dealers and customers pursuant to the MPLFA and to agree on the Company Equity Value. 
 (ii) In the event that the parties do
not agree on the Company Equity Value pursuant to clause (i) above, within ten (10) Business Days of the end of the Discussion Period, Chrysler and SCUSA, shall each appoint (the date of the first such appointment being the
“Appointment Date”) an internationally recognized investment banking firm (an “Appointed Bank”) and the Appointed Banks shall mutually appoint an additional internationally recognized investment banking firm (the
“Independent Bank”, and, together with the Appointed Banks, the “Investment Banks”). 
 (iii) Each
Investment Bank shall separately determine its best estimate of the Company Equity Value, based on the customary methodologies that such Investment Bank in its professional experience deem relevant to such a determination, and governed by the
principle that the Company Equity Value is to be determined based upon the value of the Transferred Assets and Transferred Business, taking into account the Assumed Liabilities and the Financial Statements assuming a third party sale of the
Transferred Business as constituted in the context of the representations and warranties of SCUSA and the financial statements of the Transferred Business, the general economic and industrial conditions prevailing at the time of such determination.

 (iv) Each such Investment Bank shall for a period of not more than twenty (20) Business Days conduct customary due diligence to
support its determination and each of the parties shall each cooperate with the Investment Banks in making information reasonably requested by such Investment Banks available to assist in this due diligence. 

(v) Each Appointed Bank shall present its final determination of Company Equity Value to the parties no later than twenty-five
(25) Business Days after the Appointment Date, by simultaneously presenting to Chrysler and SCUSA its determination of Company Equity Value. 

  
 B-1 

 (vi) In the event the Company Equity Values determined by the two Appointed Banks are
within 10% of one another (determined by reference to the higher of the two), the Company Equity Value shall be the average of those two estimates and such determination of Company Equity Value shall be final and binding on the parties. 

(vii) In the event the Company Equity Values determined by the two Appointed Banks are not within 10% of one another (determined by
reference to the higher of the two), the Independent Bank shall present its valuation. The Company Equity Value shall then be determined by the Independent Bank, calculated as an amount equal to the average of the Company Equity Values determined by
those two Investment Banks the estimates of which are numerically closest to one another, and such resulting determination shall be final and binding on the parties. 
 (viii) Notwithstanding anything above or in this Agreement or the MPLFA to the contrary, if a party takes any legal action to delay implementation of the Equity Option or extend any period provided for
exercise of the Equity Option or determination of the Equity Option Exercise Price, the Company Equity Value shall be determined as that value presented by the Appointed Bank appointed by the other party. 

(ix) Each of Chrysler and SCUSA shall pay the costs and fees of its Appointed Bank and the parties shall share evenly the cost and fees
of the Independent Bank. 

  
 B-2

 ANNEX C 

Representations and Warranties of SCUSA 

1. No Conflicts; Consents. The performance by SCUSA of its obligations under the Equity Option Agreement and the consummation of the
transactions contemplated thereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of formation, limited liability company operating agreement or other
organizational documents of SCUSA; (b) conflict with or result in a violation or breach of any provision of any law or governmental order applicable to SCUSA, the Transferred Business or the Transferred Assets; (c) require the consent,
notice or other action by any person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or
create in any party the right to accelerate, terminate, modify or cancel any contract or permit to which SCUSA is a party or by which the SCUSA or the Transferred Business is bound or to which any of the Transferred Assets are subject; or
(d) result in the creation or imposition of any Encumbrance on the Transferred Assets. No consent, approval, permit, governmental order, declaration or filing with, or notice to, any governmental or regulatory authority is required by or with
respect to SCUSA in connection with the performance by SCUSA of its obligations under the Equity Option Agreement and the consummation of the transactions contemplated thereby. “Encumbrance” means any charge, claim, community
property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use,
voting, transfer, receipt of income or exercise of any other attribute of ownership. 
 2. Financial Statements. Complete The
Financial Statements with respect to the Transferred Business delivered pursuant to the Equity Option Agreement will have been prepared in accordance with GAAP applied on a consistent basis throughout the periods involved, subject, in the case of
any Interim Financial Statements, to normal and recurring year-end adjustments (the effect of which will not be material) and the absence of notes (that, if presented, would not differ materially from those presented in the Annual Financial
Statements). The Financial Statements will be based on the books and records of the Transferred Business, and will be true, complete and correct as of the respective dates they were prepared and the results of the operations of the Transferred
Business for the periods indicated. 
 3. Contracts. Each material contract of the Transferred Business is valid and binding on
the Transferred Business in accordance with its terms and is in full force and effect and has been validly assigned to the Company. Neither SCUSA nor to SCUSA’s knowledge, any other party thereto is in breach of or default under (or is alleged
to be in breach of or default under), or has provided or received any notice of any intention to terminate, any such contract. No event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default
under any material contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of any benefit thereunder. 

  
 C-1 

 4. Title to Transferred Assets. SCUSA has and will transfer to the Company good and
valid title to, or a valid leasehold interest in, all of the Transferred Assets. All such Transferred Assets (including leasehold interests) are free and clear of Encumbrances except for the following (collectively referred to as “Permitted
Encumbrances”): 
  

	 	•	 	 liens for Taxes not yet due and payable or being contested in good faith by appropriate procedures and for which there are adequate accruals or
reserves in place; 

  

	 	•	 	 mechanics’, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business consistent
with past practice or amounts that are not delinquent and which are not, individually or in the aggregate, material to the Business or the Transferred Assets; or 

 

	 	•	 	 easements, rights of way, zoning ordinances and other similar encumbrances affecting Transferred Assets which are not, individually or in the
aggregate, material to the Business or the Transferred Assets, which do not prohibit or interfere with the current operation of any Transferred Assets and which do not render title to any Transferred Assets unmarketable.

 5. Condition and Sufficiency of Assets. Any buildings, plants, structures, furniture, fixtures,
machinery, equipment, vehicles and other items of tangible personal property included in the Transferred Assets are structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and none
of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material
in nature or cost. The Transferred Assets are sufficient to permit the Company to conduct the Transferred Business after the Closing in all material respects in the same manner as conducted by SCUSA prior to the Closing and the Transferred Assets
constitute all of the rights, property and assets used by SCUSA or any of its affiliates or otherwise necessary to conduct the Transferred Business as conducted prior to the exercise of the Equity Option. No asset retained by SCUSA or any of its
affiliates is material to the past or continued future operation of the Business. 
 6. Intellectual Property.
(a) SCUSA owns, exclusively or jointly with other Persons, all right, title and interest in and to the Intellectual Property Assets, free and clear of Encumbrances and is in full compliance with all legal requirements applicable to the
Intellectual Property Assets and its ownership and use thereof. All Intellectual Property Licenses are valid, binding and enforceable between the applicable Seller and the other parties thereto, and the applicable Seller and such other parties are
in full compliance with the terms and conditions of such Intellectual Property Licenses. 
 (b) The Intellectual Property
Assets and Intellectual Property Licenses as currently or formerly owned, licensed or used by SCUSA or proposed to be used in the conduct of the Transferred Business as proposed to be conducted have not, do not and will not infringe, violate or
misappropriate the Intellectual Property of any Person. SCUSA has not received any communication, and no Action has been instituted, settled or threatened that alleges 

  
 C-2

 
any such infringement, violation or misappropriation, and none of the Intellectual Property are subject to any outstanding order of a Governmental Authority. 

“Intellectual Property” means: (a) trademarks, service marks, trade names, brand names, logos, trade dress and
other proprietary indicia of goods and services, whether registered, unregistered or arising by law, and all registrations and applications for registration of such trademarks, including intent-to-use applications, and all issuances, extensions and
renewals of such registrations and applications; (b) internet domain names and all rights therein; (c) all copyrights (whether registered, unregistered or arising by law), all registrations and applications therefor, and all issuances,
extensions and renewals thereof; (d) confidential information, knowhow, inventions. methods and other trade secrets, whether or not patentable; and (e) patented and patentable designs and inventions, all design, plant and utility patents,
letters patent, utility models, pending patent applications and provisional applications and all issuances, divisions, continuations, continuations-in-part, reissues, extensions, re-examinations and renewals of such patents and applications.
“Intellectual Property Licenses” means all licenses, sublicenses and other agreements by or through which other Persons will grant the Company exclusive or nonexclusive rights or interests in or to any Intellectual Property that is
used in or necessary for the conduct of the Transferred Business as currently conducted, including any “canned” or “shrinkwrap” software loaded onto any of the Transferred Assets. 

7. Compliance With Laws; Permits. SCUSA has complied, and is now complying, with all Laws applicable to the conduct of the
Transferred Business as conducted prior to the exercise of the Equity Option or the ownership and use of the Transferred Assets. There is no pending or proposed Law that would be applicable to the Transferred Business and that could have a material
adverse effect on the Transferred Business. 
 8. Permits. All permits required for the Company to conduct the
Transferred Business as conducted by SCUSA per the exercise of the Equity Option or for the ownership and use of the Transferred Assets have been obtained by the Company and are valid and in full force and effect. All fees and charges with respect
to such Permits as of the date hereof have been paid in full. 
 9. Operation of the Business. No part of the Transferred
Business is operated through any entity other than SCUSA before the closing. 

  
 C-3

 EXHIBIT B 

PLANNING AND TRANSITION 
 [+++] 

 

	+++	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [+++] indicates that 19 pages have been omitted and are the subject of a confidential treatment
request. 

 EXHIBIT C 
  

			
	 	  	WHOLESALE FLOORPLAN
	 Purpose:
	  	[***]
	 Inventory Security:
	  	[***]
	 Additional Security:
	  	[***]
	 Credit Lines:
	  	[***]
	 Advance:
	  	[***]
	 Release Privilege:
	  	[***]
	 Application Fee:
	  	[***]
	 Set-Up Fee:
	  	[***]
	 Monthly Curtailment:
	  	[***]
	 Floorplan Insurance:
	  	[***]
	 Fleet:
	  	[***]
	 Other Terms:
	  	[***]

  

	***	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.

 EXHIBIT D 

CORPORATE IDENTITY GUIDELINES 
 [###] 

 

	###	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [###] indicates that 11 pages have been omitted and are the subject of a confidential treatment
request. 

 EXHIBIT E 

SERVICE LEVEL STANDARDS 
 [@@@] 

 

	@@@	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [@@@] indicates that two pages have been omitted and are the subject of a confidential treatment
request. 

 EXHIBIT F 

CHRYSLER PRIVACY, SECURITY AND CONFIDENTIALITY POLICY 

[&&&] 
  

	&&&	Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [&&&] indicates that five pages have been omitted and are the subject of a
confidential treatment request.EX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), entered into this 21st day of November, 2013, by and
between AmSurg Corp., a Tennessee corporation with its principal place of business at 20 Burton Hills Boulevard, Nashville, Tennessee 37215 (“Company”), and Christopher A. Holden (“Officer”), hereby amends and replaces in its
entirety that certain Amended and Restated Employment Agreement, dated January 30, 2009, between the Company and Officer. 
 W
I T N E S S E T H: 
 1. EMPLOYMENT. The Company employs
Officer and Officer hereby accepts employment under the terms and conditions hereinafter set forth. 
 2. DUTIES. Officer is engaged
as Chief Executive Officer and President of the Company. His powers and duties in that capacity shall be those normally associated with the position of Chief Executive Officer and President, and he shall not be subordinate to any other officer or
employee of the Company. Officer shall report to the Board of Directors of the Company or any committee thereof and shall perform such duties and responsibilities as may be prescribed from time-to-time by the Board of Directors. During the term of
this Agreement, Officer shall also serve without additional compensation in such other offices of the Company and its subsidiaries to which he may be elected or appointed by the Board of Directors. During the term of this Agreement, the Company
shall nominate Officer for election as a member of the Board of Directors at each meeting of the Company’s shareholders at which the election of Officer is subject to a vote by the Company’s shareholders and recommend that the shareholders
of the Company vote to elect Officer as a member of the Board. 
 3. TERM. Subject to provisions of termination as hereinafter
provided, the initial term of Officer’s employment under this Agreement shall terminate on December 31, 2014. On each December 31 during this Agreement, commencing on December 31, 2014, unless the Company notifies Officer,
pursuant to the following paragraph, that his employment under this Agreement will not be extended, his employment under this Agreement shall automatically be extended for a one (1) year period on the same terms and conditions as are set forth
herein. 
 If the Company elects not to extend Officer’s employment under this Agreement, it shall do so by notifying Officer in
writing not less than sixty (60) days prior to the applicable December 31 of this Agreement. If the Company does not elect to extend Officer’s employment under this Agreement other than for Cause, Officer shall be considered to have
been terminated without Cause upon the expiration of his employment, and Officer will receive the payments and benefits set forth in Section 8 hereof. 

 4. COMPENSATION. 
  

	 	a.	For all duties rendered by Officer, the Company shall pay Officer a minimum salary of $736,450 per year, payable in equal semi-monthly installments. In addition thereto, each year, beginning January 1, 2014,
Officer’s compensation will be reviewed by the Board of Directors of the Company, or the Compensation Committee thereof, and after taking into consideration performance and any other factors deemed relevant, the Committee may increase
Officer’s salary. Officer will be eligible to receive an annual bonus on the terms and conditions approved by the Compensation Committee of the Company’s Board of Directors. Officer shall also be eligible to receive equity incentive awards
as approved from time to time by the Compensation Committee of the Company’s Board of Directors. 

  

	 	b.	All compensation payable hereunder shall be subject to withholding for federal income taxes, FICA and all other applicable federal, state and local withholding requirements. 

 

	 	c.	The Company shall pay the reasonable expenses incurred by Officer in the performance of his duties under this Agreement (or shall reimburse Officer on account of such expenses paid directly by Officer) in accordance
with the Company’s polices and procedures. Any such reimbursement of expenses shall be made by the Company promptly upon or as soon as reasonably practicable following receipt of supporting documentation reasonably satisfactory to the Company
(but in any event not later than the close of Officer’s taxable year following the taxable year in which the expense is incurred by Officer); provided, however, that upon Officer’s termination of employment with the Company, in no event
shall any additional reimbursement be made prior to the Section 409A Payment Date (as such term is defined in Section 22) to the extent such payment delay is required under Section 409A(a)(2)(B)(i) of the Internal Revenue Code
of 1986, as amended (the “Code”). In no event shall any reimbursement be made to Officer for such expenses after the later of (i) the first anniversary of the date of Officer’s death or (ii) December 31 of the
calendar year following the year of the Officer’s termination of employment with the Company (other than by reason of Officer’s death). 

  

	 	d.	 Officer shall be eligible to receive such equity incentive awards under the Company’s equity incentive plans as may be approved from time to time
by the Compensation Committee of the Board of Directors of the Company. Any such awards shall be subject to such vesting and other terms and conditions as shall be approved by the Compensation Committee of the Board of Directors of the Company. Any
such awards that are subject solely to time-based vesting restrictions (including any such awards outstanding as 

  
 2 

	 	
of the date of this Agreement) shall automatically vest upon the termination of employment of Officer as a result of (i) the death of Officer, (ii) the Disability of Officer (as defined
in Section 6), (iii) the termination of employment by Officer for Good Reason (as defined in Section 21), and (iv) the termination of employment by the Company without Cause (as defined in Section 7); provided, that the
vesting of such awards shall not accelerate upon the termination of Officer as a result of the termination of employment by the Company without Cause (as defined in Section 7) if such termination without Cause by the Company is a Performance
Termination (as defined in Section 21). 

 5. EXTENT OF SERVICE. Officer shall devote substantially his entire
time, attention and energies to the business of the Company and shall not during the term of this Agreement take an active role in any other business activity without the prior written consent of the Company; but this shall not prevent Officer from
making real estate or other investments of a passive nature or devoting time to charitable and non-profit activities and service as a director on the board(s) of directors of companies (whether public or private) other than the Company, in each
case, in accordance with the Company’s Corporate Governance Guidelines and in a manner that does not interfere with the performance of his duties to the Company. 

6. DISABILITY. In the event Officer shall become disabled as defined in Treasury Regulation 1.409(A)-3(i)(4) (“Disability”),
the Company shall provide the following payments and benefits: 
  

	 	a.	The Accrued Rights (as defined in Section 7(a) below); 

  

	 	b.	If Officer’s employment is terminated following the end of a fiscal year and prior to the payment date for the bonus described in Section 4(a), if any, that Officer would have been entitled to receive
with respect to such completed fiscal year, based upon the Company’s actual results, the Company shall pay to Officer, at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program
adopted by the Company, the amount of such bonus described in Section 4(a), if any, that Officer would have been entitled to receive with respect to such completed fiscal year had Officer’s employment not terminated prior to the
payment date for such bonus; and a pro rata portion of the bonus described in Section 4(a), if any, that Officer would have been entitled to receive for the fiscal year in which the Disability Payment Date (as defined below) occurs,
based upon the Company’s actual results for the year of termination and the percentage of the fiscal year that shall have elapsed through the Disability Payment Date, payable to Officer pursuant to Section 4(a) had Officer’s
employment not terminated, which pro-rata bonus shall be paid at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program adopted by the Company; and 

  
 3 

	 	c.	Through insurance or on its own account coverage for Officer that will provide payment of Officer’s full salary and benefits for twenty-four (24) months, with (i) the payment of Officer’s salary to
commence within thirty (30) days (with the date of such initial payment(s) determined by the Company in its sole discretion) of the Disability Payment Date (as defined below) and (ii) such payments being paid on the same terms and with the
same frequency as Officer’s salary was paid prior to such incapacity or illness. For the period beyond twenty-four (24) months, the Company shall provide such coverage to Officer as is then available to Officer in accordance with Company
policy. To the extent that payments are received from Worker’s Compensation or other Company paid disability plans, the Company’s obligations will be reduced by amounts so received. 

The date on which it is determined that Officer is Disabled is referred to herein as the “Disability Payment Date.” 

7. TERMINATION FOR CAUSE. 
  

	 	a.	The Company may terminate Officer’s employment for Cause, without any further liability hereunder to Officer, except that Officer shall be entitled to (i) payment of all accrued but unpaid salary through the
date of termination, (ii) reimbursement for all incurred but unreimbursed expenses for which Officer is entitled to reimbursement in accordance with Section 4(g), and (iii) benefits to which the Officer is entitled as of the
date of termination of employment under the terms of applicable benefit plans and programs (the “Accrued Rights”). 

  

	 	b.	For the purposes of this Agreement, the Company shall have “Cause” to terminate Officer’s employment based upon the following grounds (i) a felony conviction of Officer or the failure of Officer to
contest prosecution for a felony, (ii) conviction of a crime involving moral turpitude, or (iii) willful and continued misconduct or gross negligence by Officer in the performance of his duties as an officer after written notice from the
Company that reasonably identifies the manner in which the Company believes that he has committed gross negligence or willful misconduct and the failure by Officer to cure such failure within forty-five (45) days after delivery of such notice.
For purposes of this Section 7, “willful” shall be determined by the Board of Directors of the Company. In making such determination, the Board of Directors of the Company shall not act unreasonably or arbitrarily and no act or
omission by Officer shall be deemed willful if taken by Officer in a good faith belief that such act or omission to act was in the best interests of the Company or if done at the express direction of the Board. 

  
 4 

	 	c.	Prior to making a determination to terminate the Officer’s employment for Cause, Officer shall have the opportunity, together with his counsel, to be heard before the Board of Directors. 

8. TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. Officer’s employment under this Agreement may be terminated by the Company at any
time without Cause or by the Officer for Good Reason (as defined in Section 21). Except as provided in Section 9 below, in the event Officer’s employment under this Agreement is terminated by the Company without Cause or
by the Officer for Good Reason, the Company shall pay Officer the following payments and benefits: 
  

	 	a.	The Accrued Rights; 

  

	 	b.	a lump sum payment equal to two (2) times the sum of (i) the annual base salary payable to Officer as of the date of the Officer’s Separation from Service and (ii) the target bonus established by the
Compensation Committee of the Board of Directors for the Officer pursuant to the Company’s annual cash bonus plan for the year in which the Separation of Service occurs; 

 

	 	c.	Officer shall also continue to be covered under health and life insurance plans of the Company for twenty-four (24) months, or the Company shall provide the economic equivalent thereof if such continuation is not
permissible under the terms of the Company’s insurance plans; 

  

	 	d.	If Officer’s employment is terminated following the end of a fiscal year and prior to the payment date for the bonus described in Section 4(a), if any, that Officer would have been entitled to receive
with respect to such completed fiscal year, based upon the Company’s actual results, the Company shall pay to Officer, at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program
adopted by the Company, the amount of such bonus described in Section 4(a), if any, that Officer would have been entitled to receive with respect to such completed fiscal year had Officer’s employment not terminated prior to the
payment date for such bonus; and a pro rata portion of the bonus described in Section 4(a), if any, that Officer would have been entitled to receive for the fiscal year in which the termination of employment occurs, based upon the
Company’s actual results for the year of termination and the percentage of the fiscal year that shall have elapsed through the date of termination of employment, payable to Officer pursuant to Section 4(a) had Officer’s
employment not terminated, which pro-rata bonus shall be paid at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program adopted by the Company; 

  
 5 

 Benefits due under Section 8(a)-(c) shall be payable (or commence) within sixty
(60) days of the Officer’s Separation from Service, with the date of such payment determined by the Company in its sole discretion in accordance with Section 11 below. Receipt by Officer of the payment and other benefits under
this Section 8 shall be subject to Officer’s execution and delivery, pursuant to the terms of Section 11 below, to the Company of a General Release in form and substance reasonably acceptable to the Company and Officer.

 9. TERMINATION FOLLOWING A CHANGE IN CONTROL. In the event Officer’s employment under this Agreement is terminated by the
Company without Cause within twelve (12) months following the occurrence of a Change in Control (as defined in Section 21 herein) or by Officer for Good Reason within twelve (12) months following the occurrence of a Change in
Control (as defined in Section 21 herein), the Company shall pay Officer the following payments and benefits: 
  

	 	a.	a lump sum payment equal to three (3) times the sum of (i) the annual base salary payable to Officer as of the date of the Officer’s Separation from Service and (ii) the target bonus established by
the Compensation Committee of the Board of Directors for the Officer pursuant to the Company’s annual cash bonus plan for the year in which the Separation of Service occurs; 

 

	 	b.	Officer shall also continue to be covered under health and life insurance plans of the Company for three (3) years, or the Company shall provide the economic equivalent thereof if such continuation is not
permissible under the terms of the Company’s insurance plans; and 

  

	 	c.	If Officer’s employment is terminated following the end of a fiscal year and prior to the payment date for the bonus described in Section 4(a), if any, that Officer would have been entitled to receive
with respect to such completed fiscal year, based upon the Company’s actual results, the Company shall pay to Officer, at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program
adopted by the Company, the amount of such bonus described in Section 4(a), if any, that Officer would have been entitled to receive with respect to such completed fiscal year had Officer’s employment not terminated prior to the
payment date for such bonus; and a pro rata portion of the bonus described in Section 4(a), if any, that Officer would have been entitled to receive for the fiscal year in which the termination of employment occurs, based upon the
Company’s actual results for the year of termination and the percentage of the fiscal year that shall have elapsed through the date of termination of employment, payable to Officer pursuant to Section 4(a) had Officer’s
employment not terminated, which pro-rata bonus shall be paid at the time such bonus is paid to other executives of the Company according to the terms of the applicable bonus program adopted by the Company. 

  
 6 

 Benefits due under this Section 9 shall be payable (or commence) within sixty (60) days of the
Officer’s Separation from Service, with the date of such payment determined by the Company in its sole discretion in accordance with Section 11 below. Receipt by Officer of any payment or other benefits under this
Section 9 shall be subject to Officer’s execution and delivery, pursuant to the terms of Section 11 below, to the Company of a General Release in form and substance reasonably acceptable to the Company and Officer. 

10. TERMINATION BY OFFICER WITHOUT GOOD REASON. Officer may terminate his employment under this Agreement at any time other than for
Good Reason (as defined in Section 21 herein) upon the provision of sixty (60) days prior written notice to the Company. In such event, the Company shall pay Officer the Accrued Rights, and officer shall not be entitled to any other
benefits under this Agreement following the date of termination of this employment with the Company. In the event Officer gives notice of his intent to terminate his employment other than for Good Reason, the Company may elect to waive the period of
notice or any portion thereof and accept Officer’s resignation prior to the end of the notice period. 
 11. COORDINATION WITH
RELEASE. Notwithstanding any provision herein to the contrary, the provisions of this Section 11 shall apply to the payment of benefits under Sections 8 and 9 (the “Severance Payments”). The Severance Payments shall
be made only if Officer shall have executed, on or prior to the Release Expiration Date (as defined below), a General Release in form and substance reasonably acceptable to the Company and Officer (the “Release”) and any waiting periods
contained in the Release shall have expired. In any instance where the execution of a Release is required, the Company shall deliver the Release to the Officer within eight (8) days following the date of the Officer’s Separation from
Service. If Officer fails to execute and deliver the Release on or prior to the Release Expiration Date or timely revokes Officer’s acceptance of the Release thereafter, Officer shall not be entitled to any Severance Payments. The Severance
Payments shall be made immediately upon the expiration of any waiting periods contained in the Release, or if no waiting periods are applicable, within two (2) business days following Officer’s execution and delivery of the Release to the
Company; provided, however, notwithstanding anything herein to the contrary, in any case where the date the Separation from Service and the Release Expiration Date fall in two separate taxable years, any Severance Payments that are treated as
deferred compensation for purposes of Section 409A of the Code shall be made in the later taxable year. For purposes of this Section 11, the “Release Expiration Date” shall mean the later of (i) the date of the
Officer’s Separation from Service, and (ii) the date that is twenty-one (21) days following the date on which the Company timely delivers a Release to the Officer for the Officer’s execution, or in the event that the
Officer’s Separation from Service is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. 

  
 7 

 12. RESTRICTIVE COVENANTS. 

 

	 	(a)	Confidential Information. Officer agrees not to disclose, either during the time he is employed by the Company or following the termination of his employment at the Company, any confidential information
concerning the Company, including, but not limited to, customer lists, business plans, contract terms, financial costs, sales data, or business opportunities whether for existing, new or developing businesses. 

 

	 	(b)	Non-Compete. For a period of two (2) years following the date of the termination of Officer’s employment with the Company other than in the event of a termination by the Officer for Good Reason, Officer
agrees that he will not, either as an individual for his own account, as a partner or joint venturer, or as an employee, agent, officer, director, consultant, owner or otherwise, without the written consent of the Company, own, finance, operate,
manage, design, build, solicit prospects for or otherwise enter into or engage in any phase of: 

  

	 	(i)	the ambulatory surgery business, or 

  

	 	(ii)	any other line of business in which the Company is engaged on the date of termination of Officer’s employment with the Company (for purposes of clarification, the Company shall not be deemed to be engaged in a line
of business if the Company provides the goods or services that constitute such line of business solely to business units, segments or subsidiaries of the Company or facilities owned or operated by the Company), 

in the case of each of (i) and (ii) above in any state within the United States or in any foreign country or territory in which the
Company or any of its subsidiaries conducts business as of the date of termination of Officer’s employment with the Company. The Company and Officer acknowledge and agree that the provisions of this Section 12(b) shall not restrict Officer
from accepting employment or otherwise being involved with a business (such as a company that owns or operates hospitals or health systems) other than United Surgical Partners International, Inc. and Surgical Care Affiliates, Inc. and their
respective affiliates that has a unit, division, segment or subsidiary that competes with the Company as described above in this Section 12(b) so long as Officer does not directly participate in the management of the unit, division, segment or
subsidiary that competes with the business of the Company as described in subsections (i) and (ii) above. 
  

	 	(c)	Non-Solicitation. Upon termination or expiration of his employment, whether voluntary or involuntary, Officer agrees not to directly or indirectly solicit business of the type described in Sections 12(b)(i) and
12(b)(ii) above from any entity, organization or person which has contracted with the Company, which has been doing business with the Company, or from which the Officer knew or had reason to know that the Company was soliciting or going to solicit
business at the time of Officer’s termination, for a two-year-year period from the date of Officer’s termination of his employment with the Company. 

  
 8 

	 	(d)	Enforcement. Officer and the Company acknowledge and agree that any of the covenants contained in this Section 12 may be specifically enforced through injunctive relief, but such right to injunctive
relief shall not preclude Company from other remedies which may be available to it. 

  

	 	(e)	Termination. Notwithstanding any provision to the contrary otherwise contained in this Agreement, the agreements and covenants contained in this Section 12 shall not terminate upon Officer’s
termination of his employment with the Company or upon the termination of this Agreement under any other provision of this Agreement. 

13. VACATION. During each year of this Agreement, Officer shall be entitled to not less than twenty five (25) paid vacation days
per year, which shall accrue monthly. 
 14. BENEFITS. In addition to the benefits specifically provided for herein, Officer shall be
entitled to participate in all benefit plans maintained by the Company for employees generally according to the terms of such plans. 
 15.
NOTICES. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing, and if sent by registered or certified mail to his residence in the case of Officer, or to its principal office in the case of the
Company. 
 16. WAIVER OF BREACH. The waiver by either party of any provision of this Agreement shall not operate or be construed as
a waiver of any subsequent breach by the other party. 
 17. ATTORNEYS’ FEES. The Company shall pay or reimburse Officer’s
reasonable attorneys’ fees incurred in connection with the negotiation, drafting and execution of this Agreement; provided, that such fees shall not exceed $50,000. In the event that either party initiates legal proceedings to enforce any
provision of this Agreement or resolve any dispute hereunder, and Officer is the prevailing party, then the Company shall be responsible for payment of the Officer’s reasonable attorneys’ fees incurred in connection therewith. 

18. ASSIGNMENT. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon
the successors and assigns of the Company. The Officer acknowledges that the services to be rendered by him are unique and personal, and the Officer may not assign any of his rights or delegate any of his duties or obligations under this Agreement.

  
 9 

 19. ENTIRE AGREEMENT. This instrument contains the entire agreement of the parties with
respect to the matters addressed herein. It may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. This Agreement shall be
governed by the laws of the State of Tennessee. 
 20. HEADINGS. The sections, subjects and headings in this Agreement are inserted
for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 21. DEFINITIONS. For
purposes of this Agreement the following definitions shall apply: 
  

	 	a.	“Change in Control” shall mean the occurrence of any of the following: 

  

	 	(i)	the acquisition of at least a majority of the outstanding shares of Common Stock (or securities convertible into Common Stock) of the Company by any person, entity or group (as used in Section 13(d)(3) and Rule
13d-5(b)(1) under the Exchange Act); 

  

	 	(ii)	the merger or consolidation of the Company with or into another corporation or other entity, or any share exchange or similar transaction involving the Company and another corporation or other entity, if as a result of
such merger, consolidation, share exchange or other transaction, the persons who owned at least a majority of the Common Stock of the Company prior to the consummation of such transaction do not own at least a majority of the Common Stock of the
surviving entity after the consummation of such transaction; 

  

	 	(iii)	the sale of all, or substantially all, of the assets of the Company; or 

  

	 	(iv)	any change in the composition of the Board of Directors of the Company, such that persons who at the beginning of any period of up to two years constituted at least a majority of the Board of Directors of the Company,
or persons whose nomination was approved by such majority, cease to constitute at least a majority of the Board of Directors of the Company at the end of such period. 

 

	 	b.	“Company” shall mean AmSurg Corp., any successor entity or their successors or assigns. 

  
 10 

	 	c.	“Good Reason” shall exist if: 

  

	 	(i)	there is a material diminution in the nature or the scope of Officer’s authority and responsibilities, including any requirement that Officer be subordinate to any other officer or employee of the Company;

  

	 	(ii)	there is a material diminution in Officer’s rate of base salary or overall compensation (for reasons other than Company performance or stock price); 

 

	 	(iii)	the Company changes the principal location in which Officer is required to perform services outside a twenty (20) mile radius of such location without Officer’s consent; or 

 

	 	(iv)	the Company engages in any other action or inaction that constitutes a material breach of this Agreement by the Company. 

A termination under the circumstances listed above shall be for “Good Reason” only if (A) Officer notifies the Company of the
existence of the condition that otherwise constitutes Good Reason within ninety (90) days of the initial existence of the condition, (B) the Company fails to remedy the condition within forty-five (45) days following its receipt of
Officer’s notice of Good Reason and (C) the Officer Separates from Service from the Company due to the condition within twelve (12) months of the initial existence of such condition. 

 

	 	d.	“Separation From Service” shall mean the date on which the Company and Officer reasonably anticipate that no further services will be performed after such date, or that the level of bona fide services Officer
will perform after such date will permanently decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding 36-month period. Whether a Separation from Service occurs shall be interpreted consistent
with Section 1.409A-1(h) of the U.S. Treasury Regulations. 

  

	 	e.	 “Performance Termination” shall mean the termination of Officer’s employment by the Company without Cause (as defined in
Section 7) following the failure of the Company to achieve at least 85% of the budgeted level of earnings from continuing operations before income taxes (Corporate Pre-Tax Profits) or other similar budget measure approved by the Board of
Directors of the Company (as such measure may be adjusted by the Board during any fiscal year) and designated by the Board of Directors as the budget measure for purposes of this definition of “Performance Termination,” during any two
fiscal years during a consecutive three fiscal year period. The determination whether the Company has failed to achieve any such budget measure for a fiscal year shall be based upon the Company’s audited financial statements for such fiscal
year. In making a determination 

  
 11 

	 	
whether the Company has failed to achieve any such budget measure for a fiscal year, the Board shall consider the impact of changes in general economic conditions, legal or regulatory changes
generally affecting the industry in which the Company operates, and adverse weather incidents or other acts of God that are not within the control of the Company. In the event the Board of Directors determines that the Company has failed to achieve
such budget measure in any fiscal year, the Board will give the Officer written notice of such fact within five (5) business days following the filing of the Annual Report on Form 10-K for the Company for such fiscal year. In the event the
Board of Directors determines to terminate Officer’s employment without Cause pursuant to a Performance Termination, the Board must give Officer notice of such termination before the later of (i) 180 days after the end of the second fiscal
year end of the Company in which the Company failed to meet such budget measures and (ii) the date of the annual meeting of the Company’s shareholders following the end of the second fiscal year of the Company in which the Company failed
to meet such budget measures. 

 22. DELAY OF PAYMENTS. It is intended that (1) each installment of the payments
provided under this Agreement is a separate “payment” for purposes of Section 409A of the Code, and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the
Code, including those provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything to the contrary in this Agreement, if the Company determines (i) that on the date Officer’s
employment with the Company terminates or at such other time that the Company determines to be relevant, Officer is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company and (ii) that
any payments to be provided to Officer pursuant to this Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code (“Section
409A Taxes”) if provided at the time otherwise required under this Agreement then such payments shall be delayed until the date that is six months after the date of Officer’s Separation from Service with the Company, or, if earlier, the
date of the Officer’s death. Any payments delayed pursuant to this Section 22 shall be made in a lump sum on the first day of the seventh month following Officer’s Separation from Service, or, if earlier, the date of the
Officer’s death (the “Section 409A Payment Date”). In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which the Officer participates during the term of the Officer’s
employment under this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement or payment under such plan or arrangement in one
calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid),
(ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year following
the calendar year in which the expense was incurred, and (iii) such right to reimbursement or payment shall not be subject to liquidation or exchange for another benefit. 

  
 12 

 23. HEALTH BENEFITS. The costs of the Company’s portion of any post termination
health or life insurance premiums due under this Agreement shall be included in the Officer’s gross income to the extent the provision of such benefits is deemed to be discriminatory under Section 105(h) of the Code. 

24. DEEMED RESIGNATION. In the event Officer’s employment under this Agreement is terminated for any reason, unless otherwise
determined by the Board of Directors of the Company, Officer shall be deemed, without any further action on the part of Officer, to have automatically resigned as a director of the Company and as an officer and director, if applicable, of all
subsidiaries of the Company. 
 25. SECTION 280G LIMITATION. 

 

	 	a.	Notwithstanding any other provision to the contrary, if any payments or benefits Executive would receive from the Company pursuant to this Agreement or otherwise (collectively, the “Payments”) would,
either separately or in the aggregate, (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code
(the “Excise Tax”), then the Payments will be equal to the Reduced Amount (defined below). The “Reduced Amount” will be either (1) the entire amount of the Payments, or (2) an amount equal to the largest
portion of the Payments that would result in no portion of any of the Payments (after reduction) being subject to the Excise Tax, whichever amount after taking into account all applicable federal, state and local employment taxes, income taxes, and
the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in the Executive’s receipt, on an
after-tax basis, of the greatest amount of the Payments. If a reduction in the Payments is to be made so that the amount of the Payments equals the Reduced Amount, the Payments will be paid only to the extent permitted under the Reduced Amount
alternative; provided, that in the event the Reduced Amount is paid, the cash payments set forth in Section 9 shall be reduced as required by the operation of this Section 25. 

 

	 	b.	 The Company shall engage the accounting firm engaged by the Company for general audit purposes at least 20 business days prior to the effective date
of the Change in Control to perform any calculation necessary to determine the amount, if any, payable to Executive pursuant to Section 9, as limited by this Section 25. If the accounting firm so engaged by the Company is
also serving as accountant or auditor for the individual, entity or group that will 

  
 13 

	 	
control the Company following the Change in Control, the Company may appoint a nationally recognized accounting firm other than the accounting firm engaged by the Company for general audit
purposes to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

 

	 	c.	The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within 20 days after the date on which such
accounting firm has been engaged to make such determinations or within such other time period as agreed to by the Company and Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon
the Company and Executive. 

  

	 	d.	Notwithstanding the foregoing, in determining the reduction, if any, that shall occur as a result of this Section 25, the amounts payable or benefits to be provided to Executive shall be reduced such that
the economic loss to Executive as a result of the Excise Tax elimination is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically
equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 

  

	 	e.	In the event that following the payment of any Payments pursuant to Section 9, as reduced, if applicable, as required by the operation of Section 25(a)-(d), the Internal Revenue Service (the
“IRS”) determines that Officer is liable for the Excise Tax as a result of the receipt of such Payments or Reduced Amount, as applicable, then Officer shall be obligated to pay back to the Company, within 30 days after final IRS
determination, an amount of the Payments or Reduced Amount, as applicable, equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Company so that the
Officer’s net proceeds with respect to the Payments or Reduced Amount, as applicable, (after taking into account the payment of the Excise Tax imposed on such Payments or Reduced Amount, as applicable) shall be maximized. Notwithstanding the
foregoing, the Repayment Amount shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on the Payments or Reduced Amount. If the Excise Tax is not eliminated pursuant to this paragraph, Officer shall pay the
Excise Tax. 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
written. 
  

			
	
	/s/ Christopher A. Holden
	Christopher A. Holden

 
			
	
	AMSURG CORP.
		
	By:	 	/s/ Claire M. Gulmi
	Name:	 	Claire M. Gulmi
	Title:	 	Executive Vice President

  
 15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]