Document:

EX-10.1

 Exhibit 10.1 

EXTENSION AGREEMENT AND AMENDMENT NO. 2 

EXTENSION AGREEMENT AND AMENDMENT NO. 2, dated as of February 20, 2020 (this “Agreement”), among Lear Corporation (the
“Company”), Lear Financial Services (Netherlands) B.V. (the “Foreign Subsidiary Borrower” and, together with the Company, the “Borrowers”), the lenders party hereto (the “Lenders”)
and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), which shall amend that certain Credit Agreement dated as of August 8, 2017 (as amended by the Extension Agreement, dated as
of March 27, 2019, and as further amended, restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”, as amended by this Agreement, the “Credit Agreement”) by and among the
Borrowers, the Lenders, HSBC Securities (USA) Inc., as syndication agent, Barclays Bank PLC, Citibank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as co-documentation agents, and the
Administrative Agent. Capitalized terms not otherwise defined in this Agreement have the same meanings as specified in the Credit Agreement. 

W I T N E S S E T H: 

WHEREAS, the Borrowers have requested that the Revolving Termination Date of the outstanding Revolving Commitments be extended in accordance
with Section 2.21 of the Existing Credit Agreement; 
 WHEREAS, (a) each existing Revolving Commitment
extended in accordance with the terms of this Agreement will be an “Extended Revolving Commitment” (and the Lenders signing this Agreement to hold such Extended Revolving Commitments, the “Accepting Revolving
Lenders”) and (b) each existing Revolving Loan extended in accordance with the terms of this Agreement will be an “Extended Revolving Loan”; 

WHEREAS, each Revolving Lender whose name appears on the signature pages hereto has consented to the extension of the maturity date of all of
its existing Revolving Commitments and existing Revolving Loans and shall constitute an Accepting Revolving Lender under the Credit Agreement; 

WHEREAS, Section 2.21 of the Existing Credit Agreement permits the Company, each Lender and the Administrative Agent
to enter into an Extension Agreement to effectuate the extension of Revolving Commitments, and this Agreement is an Extension Agreement under the Credit Agreement; 

WHEREAS, the Borrowers have also requested that certain other amendments to the Existing Credit Agreement be made as further described herein;

 WHEREAS, Section 10.1 of the Existing Credit Agreement permits the Borrower, the Lenders and the Administrative
Agent to enter into an amendment to amend the Existing Credit Agreement as set forth herein; and 
 WHEREAS, the Company, the Accepting
Revolving Lenders party hereto, the Term Lenders (which, for the avoidance of doubt, together with the Accepting Revolving Lenders, constitute 100% of the Lenders under the Existing Credit Agreement) and the Administrative Agent are willing to agree
to this Agreement on the terms set forth herein. 

 NOW, THEREFORE, in consideration of these premises and for other good and valuable
consideration, the sufficiency and receipt of all of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1.
Amendment. Effective as of the Extension Agreement and Amendment Effective Date (as defined below), the Existing Credit Agreement is hereby amended to delete the struck text (indicated textually in the same manner as the following example: struck text) and to add the double-underlined text (indicated textually in the same manner as the following
example: double-underlined text) as set forth in the
changed pages attached as Exhibit A hereto, and the column relating to Revolving Commitments set forth on Schedule 1.1A of the Existing Credit Agreement is hereby deleted and replaced in its entirety by the Revolving Commitments set forth on
Exhibit B hereto. 
 SECTION 2. Extended Revolving Commitments. 

(a) Each existing Revolving Lender that executes and delivers a signature page to this Agreement indicating that such Person is an
“Accepting Revolving Lender” will have agreed to the terms of this Agreement upon the effectiveness of this Agreement on the Extension Agreement and Amendment Effective Date as an Accepting Revolving Lender. The Extended Revolving
Commitments of any Accepting Revolving Lender will be the amount set forth opposite such Accepting Revolving Lender on Schedule 1.1A hereto. On and after the Extension Agreement and Amendment Effective Date, each reference in the Credit
Agreement and this Agreement to (i) “Revolving Commitment” shall include the Extended Revolving Commitments as contemplated hereby and (ii) “Revolving Loan” shall include the Extended Revolving Loans as contemplated hereby. 

(b) On and following the Extension Agreement and Amendment Effective Date, the Extended Revolving Commitments and the Extended Revolving Loans
shall be Revolving Commitments and Revolving Loans with the same terms (except as to final maturity) as the existing Revolving Commitments and existing Revolving Loans; provided that all Letters of Credit and Swingline Loans shall be
participated in on a pro rata basis by all Lenders with Revolving Commitments in accordance with their pro rata share of the aggregate Revolving Commitments and all borrowings under Revolving Commitments and repayments thereunder shall be made on a
pro rata basis. 
 (c) On the Extension Agreement and Amendment Effective Date, all existing Revolving Loans shall be repaid, together with
accrued interest then due and payable, in accordance with the terms and conditions of the Existing Credit Agreement as in effect immediately prior to the Extension Agreement and Amendment Effective Date, and reborrowed as Extended Revolving Loans in
accordance with Section 2.1 of the Existing Credit Agreement. Each Revolving Lender party hereto hereby agrees that (i) the requirements set forth in Sections 2.1 and 2.4 of the Existing Credit Agreement
with respect to the repayment and borrowings set forth in this Section 2(c) shall be deemed satisfied by this Agreement and (ii) Section 2.17 of the Existing Credit Agreement shall not apply
to any repayment made pursuant to this Section 2(c). 
 (d) Fees. The Company hereby agrees to pay to the Administrative Agent,
for the account of each of the Accepting Revolving Lenders, a consent fee in an amount equal to 0.04% of each Accepting Revolving Lender’s Extended Revolving Commitment, payable on the Extension Agreement and Amendment Effective Date (the
“Consent Fee”). 
 (e) With respect to any Lender with existing Revolving Commitments that are not extended as Extended
Revolving Commitments, the Borrower hereby exercises its right under Section 10.1(c) of the Existing Credit Agreement to replace each such Lender by requiring that it assign all of its existing Revolving Commitments to one
or more of the Accepting Revolving Lenders. Pursuant to Section 10.1(c) of the Existing Credit Agreement, the Administrative Agent hereby confirms that, upon each such Lender’s receipt of the amount necessary to
purchase each such Lender’s Revolving Commitments, at par, and pay all accrued interest thereon, such existing Revolving Commitments shall be deemed assigned to one or more of the Accepting Revolving Lenders pursuant to this Agreement (with

  
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each such Accepting Revolving Lender’s adjusted Revolving Commitment as set forth on Schedule 1.1A hereto) and, accordingly, no other action by the Borrower, any Lender or the
Administrative Agent shall be required in connection therewith. The Administrative Agent hereby waives the processing and recordation fees under Section 10.6(b)(ii)(B) of the Existing Credit Agreement with respect to the
foregoing deemed assignment of Revolving Commitments. 
 SECTION 3. [Reserved]. 

SECTION 4. Effectiveness. This Agreement shall become effective as of the date (the “Extension Agreement and Amendment
Effective Date”) on which the following conditions have been satisfied (or waived): 
 (i) The Administrative Agent
shall have received this Agreement, executed and delivered by the Company, each Accepting Revolving Lender, each Term Lender, each Issuing Lender and each Swingline Lender; 

(ii) The Administrative Agent shall have received a Closing Certificate (together with all attachments thereto) from each
Borrower, dated as of the Extension Agreement and Amendment Effective Date, and a solvency certificate from the treasurer of the Company, dated as of the Extension Agreement and Amendment Effective Date, each in form and substance reasonably
satisfactory to the Administrative Agent; 
 (iii) The Lenders, the Administrative Agent and the Lead Arranger shall have
received all fees required to be paid, and all expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Extension Agreement and Amendment Effective Date; 

(iv) The Administrative Agent shall have received an opinion, in form and substance reasonably satisfactory to the
Administrative Agent, of counsel to the Company and its Subsidiaries; 
 (v) No Default or Event of Default shall have
occurred and be continuing on the Extension Agreement and Amendment Effective Date; and 
 (vi) Each of the representations
and warranties (other than the representations and warranties made after the Closing Date in Sections 4.1, 4.5, 4.12 and 4.16 of the Existing Credit Agreement) made by any Borrower in or pursuant to the Loan Documents shall be true and correct in
all material respects (provided that if any representation or warranty is by its terms qualified by materiality, such representation shall be true and correct in all respects) on and as of the Extension Agreement and Amendment Effective Date
as if made on and as of such date, except to the extent that any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct in all material respects
(provided that if any representation or warranty is by its terms qualified by materiality, such representation shall be true and correct in all respects) on and as of such earlier date. 

SECTION 5. Representations and Warranties. The Company represents and warrants to each of the Revolving Lenders, each of the Term
Lenders and the Administrative Agent that as of the Extension Agreement and Amendment Effective Date, this Agreement has been duly authorized, executed and delivered by the Company and this Agreement and the Credit Agreement constitute its valid and
binding obligation, enforceable against the Company in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 SECTION 6. Effect of Agreement. 

(a) Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or
otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be
deemed to entitle the Company to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or
different circumstances. 
 (b) On and after the Extension Agreement and Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement as amended
by this Agreement. This Agreement shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 7. General. 
 (a)
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

(b) Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by email or facsimile transmission (or other electronic transmission) shall be effective
as delivery of a manually executed counterpart hereof. 
 (c) Headings. The headings of this Agreement are used for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

[remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	LEAR CORPORATION
		
	By:	 	 /s/ Shari L. Burgess

	Name:	 	Shari L. Burgess
	Title:	 	Vice President and Treasurer
	
	LEAR FINANCIAL SERVICES (NETHERLANDS) B.V.
		
	By:	 	 /s/ Alexandre Brue

	Name:	 	Alexandre Brue
	Title:	 	Managing Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, as a Revolving Lender, as a Term Lender, as an Issuing Lender, as a Swingline Lender and as an Accepting Revolving Lender
		
	By:	 	 /s/ Jonathan Bennett

	Name:	 	Jonathan Bennett
	Title:	 	Executive Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	BANK OF AMERICA, N.A
		
	By:	 	 /s/ Stephen J. D’Elia

	Name:	 	Stephen J. D’Elia
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Craig Malloy

	Name:	 	Craig Malloy
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Citibank, N.A.
		
	By:	 	 /s/ Susan Olsen

	Name:	 	Susan Olsen
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	 ACCEPTING REVOLVING LENDER
  

HSBC BANK USA, NATIONAL ASSOCIATION

		
	By:	 	 /s/ Andrew M. Horn

	Name:	 	Andrew M. Horn
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	BNP Paribas
		
	By:	 	 /s/ Todd Grossnickle

	Name:	 	Todd Grossnickle
	Title:	 	Director
		
	By:	 	 /s/ Mike Shryock

	Name:	 	Mike Shryock
	Title:	 	Managing Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution: MUFG Bank, Ltd.
		
	By:	 	 /s/ John Margetanski

	Name:	 	John Margetanski
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Royal Bank of Canada
		
	By:	 	 /s/ Nikhil Madhok

	Name:	 	Nikhil Madhok
	Title:	 	Authorized Signatory

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Sumitomo Mitsui Banking Corporation
		
	By:	 	 /s/ Michael Maguire

	Name:	 	Michael Maguire
	Title:	 	Managing Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	SOCIÉTÉ GÉNÉRALE
		
	By:	 	 /s/ Clifford Hoppe

	Name:	 	Clifford Hoppe
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution: Export Development Canada
		
	By:	 	 /s/ Trevor Mulligan

	Name:	 	Trevor Mulligan
	Title:	 	Financing Manager
	
	If a second signature is required:
		
	By:	 	 /s/ Michael Lambe

	Name:	 	Michael Lambe
	Title:	 	Financing Manager

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Citizens Bank, N.A.
		
	By:	 	 /s/ Stephen A. Maenhout

	Name:	 	Stephen A. Maenhout
	Title:	 	Senior Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution: Commerzbank AG, New York Branch
		
	By:	 	 /s/ Michael W. Ravelo

	Name:	 	Michael W. Ravelo
	Title:	 	Managing Director
		
	By:	 	 /s/ Thomas J. Devitt

	Name:	 	Thomas J. Devitt
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	 ACCEPTING REVOLVING LENDER
  

PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ Scott Neiderheide

	Name:	 	Scott Neiderheide
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	U.S. BANK NATIONAL ASSOCIATION:
		
	By:	 	 /s/ Jeffrey S. Johnson

	Name:	 	Jeffrey S. Johnson
	Title:	 	Senior Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	UniCredit Bank AG, New York Branch
		
	By:	 	 /s/ Ken Hamilton

	Name:	 	Ken Hamilton
	Title:	 	Managing Director
		
	By:	 	 /s/ Thomas Petz

	Name:	 	Thomas Petz
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	BBVA USA
		
	By:	 	 /s/ April Chan

	Name:	 	April Chan
	Title:	 	Executive Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Industrial and Commercial Bank of China Limited, New York Branch
		
	By:	 	 /s/ Jing Qu

	Name:	 	Jing Qu
	Title:	 	Vice President
		
	By:	 	 /s/ Gang Duan

	Name:	 	Gang Duan
	Title:	 	Executive Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Bank of China, Chicago Branch
		
	By:	 	 /s/ Kai Wu

	Name:	 	Kai Wu
	Title:	 	Senior Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution: Comerica Bank
		
	By:	 	 /s/ Thomas VanderMeulen

	Name:	 	Thomas VanderMeulen
	Title:	 	Senior Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Fifth Third Bank, National Association
		
	By:	 	 /s/ Mike Gifford

	Name:	 	Mike Gifford
	Title:	 	Director

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	Huntington National Bank
		
	By:	 	 /s/ William N. Bartok

	Name:	 	William N. Bartok
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	The Northern Trust Company
		
	By:	 	 /s/ Will Hicks

	Name:	 	Will Hicks
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	ACCEPTING REVOLVING LENDER
	
	Name of Institution:
	
	The Bank of East Asia, Limited, New York Branch
		
	By:	 	 /s/ James Hua

	Name:	 	James Hua
	Title:	 	SVP
		
	By:	 	 /s/ Danny Leung

	Name:	 	Danny Leung
	Title:	 	SVP & COO

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	TERM LENDER
	
	Name of Institution:
	
	City National Bank
		
	By:	 	 /s/ Diane Morgan

	Name:	 	Diane Morgan
	Title:	 	Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 
			
	TERM LENDER
	
	Name of Institution:
	
	DZ BANK AG New York Branch
		
	By:	 	 /s/ Oliver Hildenbrand

	Name:	 	Oliver Hildenbrand
	Title:	 	Director
	
	If a second signature is required:
		
	By:	 	 /s/ Heiko Voss

	Name:	 	Heiko Voss
	Title:	 	Assistant Vice President

  
 [Signature Page to
Extension Agreement and Amendment] 

 EXHIBIT A 

(Attached hereto) 

 EXECUTION
VERSION Exhibit A 

CREDIT AGREEMENT 
 among 

LEAR CORPORATION, 
 THE FOREIGN
SUBSIDIARY BORROWERS, 
 The Several Lenders from Time to Time Parties Hereto, 

HSBC SECURITIES (USA) INC. 
 as
Syndication Agent, 
 BARCLAYS BANK PLC, CITIBANK, N.A. AND MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Co-Documentation Agents, 
 and

 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
 Dated as
of August 8, 2017, 

as amended by
the Extension Agreement, dated as of March 27, 2019, 
 as further amended by the Extension Agreement and Amendment No. 2, dated as of February 20, 2020 
  
  

JPMORGAN CHASE BANK, N.A., HSBC SECURITIES (USA) INC., BARCLAYS BANK PLC, 

CITIGROUP GLOBAL MARKETS INC. AND MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Joint Lead Arrangers and Joint Bookrunners 

 “Bail-In Legislation”: with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankruptcy Event”: with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the
Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any
ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person. 

“Benchmark
 Replacement”: the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection or recommendation of a
replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurocurrency Base Rate for
U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the
purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion. 

“Benchmark
 Replacement Adjustment”: the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurocurrency Base Rate with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurocurrency Base
Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the
Applicable Margin). 
 “Benchmark Replacement Conforming Changes”: with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters)
that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the
administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement). 

  
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“Benchmark
 Replacement Date”: the earlier to occur of the following events with respect to the Eurocurrency Base Rate: 
  

	 	(1)	 in the case of clause (1) or
(2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Screen Rate permanently
or indefinitely ceases to provide the Screen Rate; or 

  

	 	(2)	 in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

“Benchmark
 Transition Event”: the occurrence of one or more of the following events with respect to the Eurocurrency Base Rate: 

 

	 	(1)	 a public statement or publication
of information by or on behalf of the administrator of the Screen Rate announcing that such administrator has ceased or will cease to provide the Screen Rate, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Screen Rate; 

  

	 	(2)	 a public statement or publication
of information by the regulatory supervisor for the administrator of the Screen Rate, the Federal Reserve System of the United States, an insolvency official with jurisdiction over the administrator for the Screen Rate, a resolution authority with
jurisdiction over the administrator for the Screen Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Screen Rate, in each case which states that the administrator of the Screen Rate has
ceased or will cease to provide the Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Screen Rate; and/or

  

	 	(3)	 a public statement or publication
of information by the regulatory supervisor for the administrator of the Screen Rate announcing that the Screen Rate is no longer representative. 

“Benchmark
 Transition Start Date”: (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of
a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the
date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Company, the Administrative Agent (in the case of
such notice by the Required Lenders) and the Lenders. 
 “Benchmark Unavailability Period”: if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to the Eurocurrency Base Rate and solely to the extent that the Eurocurrency Base Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has
occurred if, at such time, no 

  
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Benchmark Replacement has replaced the Eurocurrency Base Rate for
all purposes hereunder in accordance with Section 2.13 and (y) ending at the time that a Benchmark Replacement has replaced the Eurocurrency Rate for all purposes hereunder pursuant to Section 2.13. 
 “Benefited Lender”: as defined in Section 10.7(a)Error! Reference source not
found... 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrowers”: the Company and the Foreign Subsidiary Borrowers. 

“Borrowing”: Loans of the same Type made, converted or continued on the same date and, in the case of Eurocurrency Loans, as
to which a single Interest Period is in effect. 
 “Borrowing Date”: any Business Day specified by a Borrower as a date on
which a Borrower requests the relevant Lenders to make Loans hereunder. 
 “Business”: as defined in Section 4.16(b).

 “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close; provided that, when used in connection with a Eurocurrency Loan or Alternative Currency Letter of Credit, the term “Business Day” shall also exclude (i) any day on which banks are
not open for dealings in dollar deposits or deposits in the applicable Alternative Currency in the London interbank market, (ii) in the case of a Eurocurrency Loan or Alternative Currency Letter of Credit denominated in Euros, any day on which
the Trans- European Automated Real-time Gross Settlement Express Transfer System is not open for settlement of payment in Euros or (iii) in the case of a Eurocurrency Loan or Letter Credit denominated in
an Alternative Currency other than Euro, any day on which banks are not open for dealings in such Alternative Currency in the city which is the principal financial center of the country of issuance of the applicable Alternative Currency. 

“Canadian Dollars”: dollars in the lawful currency of Canada. 

“Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the
purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Equivalents”: (a) securities issued or unconditionally guaranteed or insured by the United States Government, the
Canadian Government, Japan or any member of the European Union or any other government approved by the Administrative Agent (which approval shall not be unreasonably withheld) or any agency or instrumentality thereof, (b) securities issued or
unconditionally guaranteed or insured by any state of the United States of America or province of Canada or any agency or instrumentality thereof having maturities of not more than twelve months from the date of acquisition 

  
 6 

 “Compliance Certificate”: a certificate of the Company duly executed by a
Responsible Officer, on behalf of the Company, substantially in the form of Exhibit B. 
 “Compounded SOFR”: the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or
methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being
established by the Administrative Agent in accordance with: 
  

	 	(1)	 the rate, or methodology for this
rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 

  

	 	(2)	 if, and to the extent that, the
Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable
discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 

provided, further, that if
the Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compound SOFR will be deemed unable
to be determined for purposes of the definition of “Benchmark Replacement”. 

“Conduit Lender”: any special purpose corporation organized and administered by any Lender for the purpose of making Loans
otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a
Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or
requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.15, 2.16, 2.17 or 10.5 than the
designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 

“Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes. 
 “Consolidated Assets”: at a particular date, all amounts which would be
included under total assets on a consolidated balance sheet of the Company and its Restricted Subsidiaries as at such date, determined in accordance with GAAP. 

“Consolidated EBITDA”: for any period (and calculated without duplication), Consolidated Net Income for such period excluding
(a) any extraordinary and non-recurring non-cash expenses, losses, income or gains as determined in accordance with GAAP, (b) charges, premiums, expenses and any gains associated with the issuance, redemption, repurchase, discharge,
defeasance or amendments to the terms of Capital Stock or Indebtedness, (c) charges relating to Accounting Standards Codification 715 (Topic 715, “Compensation—Retirement Benefits”) (or any other Accounting Standards Codification
having a similar result or effect), (d) any non-cash income included, and any non- 

  
 8 

 recently in effect prior to such change or cessation or (ii) disregarding the rating from such Rating Agency

“Corresponding
 Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the
Eurocurrency Base Rate. 
 “Credit Party”: the Administrative
Agent, the Issuing Lender, the Swingline Lenders or any other Lender. 
 “Default”: any of the events specified in
Section 8.1, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

“Defaulting Lender”: any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case
of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied or waived; provided that a Lender which is an Affected Lender shall not be a Defaulting Lender as long as it complies with its obligations under Section 1.5, (b) has notified the Company
or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position
is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements
in which it commits to extend credit, (c) has failed, within three Business Days after required by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with
its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a
Bail-In Action. 
 “Disposition”: with respect to any property, any sale, lease, sale and leaseback, assignment,
conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Stock”: with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 
  

	 	(1)	 matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

 

	 	(2)	 is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is
convertible or exchangeable solely at the option of the Company or a Subsidiary); or 

  

	 	(3)	 is redeemable at the option of the holder of the Capital Stock in whole or in part, 

  
 11 

 
in each case on or prior to the date that is 91 days after the earlier of (a) the Revolving Termination Date and (b) the last scheduled maturity date of any Incremental Facility,
provided that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock.

 “Dollar Equivalent”: with respect to an amount denominated in any currency other than Dollars, the equivalent in Dollars
of such amount determined at the Exchange Rate on the date of determination of such equivalent. 
 “Dollars” and
“$”: dollars in the lawful currency of the United States. 
 “Domestic Subsidiary”: any Subsidiary of the
Company organized under the laws of any jurisdiction within the United States. 
 “Early Opt-in Election”: the occurrence of: 

 

	 	(1)	 (i) a determination by the
Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Company) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at
such time, or that include language similar to that contained in Section 2.13 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurocurrency Base Rate, and

  

	 	(i)	 the election by the
Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Company and the
Lenders or by the Required Lenders of written notice of such election to the Administrative Agent. “Earn-outs”: with respect to any Person, obligations of such Person arising from an Acquisition which are payable to the seller
based on the achievement of specified financial results over time. The amount of any Earn-outs at any time for the purpose of this Agreement shall be the amount earned and due to be paid at such time. 

“EEA Financial Institution”: (a) any institution established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority”: any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee”: (a) a commercial bank, financial institution, financial company, fund or insurance company that is
engaged in making, purchasing, holding or investing in bank loans and 

  
 12 

 immediately before it changed its lending office, (c) Taxes attributable to such Credit Party’s failure
to comply with Section 2.16(e)-(i) and (d) any withholding Taxes imposed under FATCA. 

“Existing Credit Agreement”: the Amended and Restated Credit Agreement, dated as of November 14, 2014 among the Company, the
Foreign Subsidiary Borrowers party thereto, the several lenders from time to time party thereto, the other agents and parties party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. 

“Existing Letters of Credit”: as defined in Section 3.11. 

“Extension Agreement”: as defined in Section 2.21(b). 

“Extension
 Agreement and Amendment No. 2” that certain Extension Agreement and Amendment No. 2 to this Agreement dated as of February 20, 2020, among the Borrowers, the Lenders and the Administrative Agent. 

“Extension
 Agreement No. 1”: the Extension Agreement dated as of March 27, 2019 among the Borrowers, the lenders party thereto and the Administrative Agent. 

“Extension of Credit”: as to any Lender, the making of a Loan by such Lender or the issue of, or extension of the expiry date
of, any Letter of Credit. 
 “Extension Offer”: as defined in Section 2.21(a). 

“Extension Permitted Amendment”: the terms of an amendment to this Agreement and the other Loan Documents, effected pursuant
to an Extension Agreement in connection with an Extension Offer pursuant to Section 2.21, providing for an extension of the Revolving Termination Date applicable to the Accepting Lenders’ Loans and/or scheduled maturity dates and/or
commitments and/or Loans of the applicable Extension Request Facility (such Loans or commitments being referred to as the “Extended Loans” or “Extended Commitments”, as applicable) and, in connection therewith, as
applicable (a) an increase or decrease in the rate of interest (including through fixed interest rates and changes to the interest rate margins or rate floors) accruing on such Extended Loans, (b) in the case of Extended Loans that are
Term Loans of any Facility, a modification of the scheduled amortization applicable thereto; provided that the weighted average life to maturity of such Extended Loans shall be no shorter than the remaining weighted average life to maturity
(determined at the time of such Extension Offer) of the Term Loans of such Facility, (c) a modification of voluntary or mandatory prepayments applicable thereto; provided that in the case of Extended Loans that are Term Loans, such
requirements may provide (i) that such Extended Loans may participate in any mandatory prepayments on a pro rata basis (or on a basis that is less than a pro rata basis) with the Loans of the applicable Extension Request Facility and any other
outstanding Facilities, but may not provide for mandatory prepayment requirements that are more favorable to the Extended Loans than those applicable to the Loans of the applicable Extension Request Facility and (ii) that voluntary prepayments
may be allocated as directed by the Company among the outstanding Facilities, (d) an increase or decrease in the fees payable to, or the inclusion of new fees or premiums to be payable to, the Extending Lenders in respect of such Extension
Offer or their Extended Loans or Extended Commitments and/or (e) an addition of any affirmative or negative covenants or other terms, provided that any such additional covenant or terms with which the Company and its Subsidiaries shall
be required to comply prior to the latest scheduled maturity date of any Facility in effect immediately prior to such Extension Permitted Amendment for the benefit of the Extending Lenders providing such Extended Loans or Extended Commitments shall
also be for the benefit of all other Lenders. 

  
 16 

 principles in effect on the date hereof and consistent with those used in the preparation of the most recent
audited financial statements delivered pursuant to Section 6.1(a) of the Existing Credit Agreement. 
 “Governmental
Authority”: any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank), any securities exchange and any self-regulatory organization (including the National
Association of Insurance Commissioners) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International
Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 
 “Group
Members”: the collective reference to the Company and the Restricted Subsidiaries. 
 “Guarantee Obligation”: as
to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a
separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person
(the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary
obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Company in good faith. 
 “IBA”: as defined in Section 1.6. 

“Immaterial Subsidiary”: at any time, any Subsidiary of the Company which, based on the financial statements most recently
delivered pursuant to Section 6.1(a) or (b), constituted less than 2.5% of Consolidated Assets or, for the twelve month period ended on the date of such financial statements, represented less than 2.5% of Consolidated Revenues, in each case
determined using the equity method of accounting in accordance with GAAP. 
 “Impacted Interest Period”: as defined in the
definition of “Eurocurrency Base Rate”. 
 “Incremental Amendment”: as defined in Section 2.19.

  
 18 

 
time outstanding not to exceed, together with the aggregate amount of unpaid drawings under Letter of Credit issued by such Issuing Lender, the L/C Commitment of such Issuing Lender set forth on
Schedule 1.1A. Credit. 
 “L/C Disbursement”: a payment made by the Issuing Lender pursuant to a Letter of Credit. 

“L/C Exposure”: at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit (other
than Alternative Currency Letters of Credit) at such time, (b) the aggregate amount of all L/C Disbursements under Letters of Credit (other than Alternative Currency Letters of Credit) that have not yet been reimbursed by or on behalf of the
Company at such time and (c) the Alternative Currency L/C Exposure at such time. The L/C Exposure of any Revolving Lender at any time shall be its Revolving Percentage of the total L/C Exposure at such time. 

“L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the
then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants”: the collective reference to all the Revolving Lenders other than the Issuing Lender. 

“Lenders”: as defined in the preamble; provided, that unless the context otherwise requires, each reference herein to
the Lenders shall be deemed to include any Conduit Lender. 
 “Letters of Credit”: as defined in Section 3.1(a). 

“Lien”: any mortgage, pledge, hypothecation, deposit arrangement, encumbrance, lien (statutory or other), charge or other
security interest or any priority or other security agreement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the
foregoing). 
 “Loan Documents”: this Agreement, the Notes, Extension Agreement No. 1, Extension Agreement and Amendment No. 2 and any amendment, waiver, supplement or other modification to any of the foregoing. 

“Loans”: any Loan made by any Lender pursuant to this Agreement. 

“Local Time”: (a) except as set forth in clause (b), local time in London with respect to the times for the receipt of
Borrowing requests for Alternative Currency Loans (including Swingline Alternative Currency Loans) or a request for the issuance of an Alternative Currency Letter of Credit, for receipt and sending of notices by and any disbursement by or on behalf
of the Administrative Agent, any Lender or any Issuing Lender of Alternative Currency Loans and for payment by the Borrowers with respect to Alternative Currency Loans and reimbursement obligations in respect of Alternative Currency Letters of
Credit, (b) local time in New York with respect to the times for the determination of “Dollar Equivalent”, for the receipt of Borrowing requests for Loans denominated in Dollars or a request for the issuance of a Letter of Credit
denominated in Dollars, for receipt and sending of notices by and disbursement by or on behalf of the Administrative Agent, any Lender or any Issuing Lender and for payment by the Borrowers with respect to Loans denominated in Dollars and
reimbursement obligations in respect of Letters of Credit denominated in Dollars, (c) local time in London, with respect to the times 

  
 21 

 “Refunded Swingline Loans”: as defined in Section 2.3. 

“Register”: as defined in Section 10.6(b). 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Company to reimburse the Issuing Lender pursuant to Section 3.5 for
amounts drawn under Letters of Credit. 
 “Related Parties”: as defined in Section 9.3. 

“Relevant
 Governmental Body”: the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 
 “Reorganization”: with respect to any Multiemployer Plan, the condition that
such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Replacement Facility”: as defined in
Section 10.1(d). 
 “Replacement Term Loans”: as defined in Section 10.1(d). 

“Replacement Revolving Facility”: as defined in Section 10.1(d). 

“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than
those events as to which the thirty day notice period is waived under PBGC regulations. 
 “Required Lenders”: at any time,
Lenders holding more than 50% of the sum of (i) the Total Revolving Commitments or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding and (ii) the aggregate unpaid principal amount
of the Term Loans then outstanding; provided that the portion of the Revolving Commitments, Revolving Extensions of Credit and Term Loans held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of
Required Lenders. 
 “Requirement of Law”: as to any Person, the Certificate of Incorporation and By Laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject. 
 “Responsible Officer”: with respect to any Borrower, the
chief executive officer, the president, the chief financial officer, any vice president, the treasurer or the assistant treasurer of such Borrower. 

“Restricted Subsidiary”: any Subsidiary of the Company other than an Unrestricted Subsidiary. 

“Revolving Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in
Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and
Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original amount of the Total Revolving Commitments on the Closing Date is $1,750,000,000. 

  
 25 

 “Revolving Commitment Period”: the period from and including the Closing
Date to the Revolving Termination Date. 
 “Revolving Credit Exposure”: with respect to any Revolving Lender at any time,
the sum of the outstanding principal amount of such Lender’s Revolving Loans, its L/C Exposure and its Swingline Exposure. 

“Revolving Extensions of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the Dollar Equivalent of the L/C Obligations and (c) such Lender’s Revolving Percentage of the
Dollar Equivalent of the aggregate principal amount of Swingline Loans then outstanding. 
 “Revolving Facility”: as
defined in the definition of the term “Facility”. 
 “Revolving Lender”: each Lender that has a Revolving
Commitment or that holds Revolving Loans. 
 “Revolving Loans”: as defined in Section 2.1. 

“Revolving Percentage”: as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment
then constitutes of the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding
constitutes of the aggregate principal amount of the Revolving Loans then outstanding, provided, that (i) in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total Revolving Extensions of Credit,
the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis and (ii) for purposes of Section 2.20, if a
Defaulting Lender exists the Revolving Commitment and Revolving Extensions of Credit of such Defaulting Lender shall be disregarded in determining Revolving Percentages. 

“Revolving Termination Date”: the fifth
anniversary of the Closing Date, which date is August 8, 20222024. 

“S&P”: Standard & Poor’s Financial Services LLC. 

“Sanctioned Country”: at any time, a country, region or territory which is itself the subject or target of any Sanctions (at
the time of this Agreement, including, but not limited to, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned
Person”: at any time (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the European
Union, any European Union member state, the United Kingdom or other relevant sanctions authority (b) any Person located, operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or
Persons described in the foregoing clauses (a) and (b). 

  
 26 

 “Sanctions”: economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) the European Union,
(c) any European Union member state, (d) the French Republic, (e) Her Majesty’s Treasury of the United Kingdom, (f) the Canadian government, (g) the United Nations Security Council or (h) other relevant sanctions
authority. 
 “Screen Rate”: as defined in the definition of the term “Eurocurrency Base Rate”. 

“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

“Seller Debt”: unsecured debt owing to the seller in an Acquisition. 

“Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. 

“SOFR”:
 with respect to any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 

“SOFR-Based
 Rate”: SOFR, Compounded SOFR or Term SOFR. 
 “Solvent”:
when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of
such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of
the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an
unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii)
“claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured. 
 “Special Purpose Subsidiary”: any Wholly Owned Subsidiary of the Company which is a Restricted
Subsidiary created by the Company for the sole purpose of facilitating a Receivable Financing Transaction; provided, that such Special Purpose Subsidiary shall cease to be a Special Purpose Subsidiary if at any time (a) such Special
Purpose Subsidiary engages in any business other than Receivable Financing Transactions and activities directly related thereto or (b) the Company or any of its Restricted Subsidiaries (other than a Special Purpose Subsidiary) or any of their
respective assets incur any liability, direct or indirect, contingent or otherwise, in respect of any obligation of a Special Purpose Subsidiary whether arising under or in connection with any Receivable Financing Transaction or otherwise (other
than Standard Securitization Undertakings); provided further, however, that if the law of a jurisdiction in which the Company proposes to create a Special Purpose Subsidiary does not provide for the creation of a bankruptcy
remote entity that is acceptable to the Company or requires the formation of one or more additional entities (whether or not Subsidiaries of the Company), such other type of entity 

  
 27 

 “Taxes”: all present or future taxes, duties, levies, imposts, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Lender”: each Lender that has a Term Loan Commitment or that holds Term Loans. 

“Term Loan Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Company in a
principal amount not to exceed the amount set forth under the heading “Term Loan Commitment” opposite such Lender’s name on Schedule 1.1A. The original aggregate amount of the Total Term Loan Commitments is $250,000,000. 

“Term Loan Facility”: as defined in the definition of the term “Facility”. 

“Term Loan Maturity Date”: the fifth anniversary of the Closing Date. 

“Term Loan Percentage”: as to any Term Lender, the percentage which such Lender’s Term Loan Commitments then constitutes
of the Total Term Loan Commitments then in effect or, at any time after the Term Loans have been borrowed, the percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the aggregate principal
amount of the Term Loans then outstanding. 
 “Term Loans”: as defined in Section 2A.1. 

“Term
SOFR”: the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Total L/C Limit”: $300,000,000. 

“Total Revolving Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. 

“Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit of the
Revolving Lenders outstanding at such time. 
 “Total Term Loan Commitments”: at any time, the aggregate amount of the Term
Loan Commitments the in effect. 
 “Transferee”: any Assignee or Participant. 

“Trustee”: as defined in Section 5.1(h). 

“Trustee Release Document”: as defined in Section 6.10. 

“Type”: as to any Loan or Borrowing, its nature as an ABR Loan or a Eurocurrency Loan. 

“Unadjusted
 Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will
be deemed to be zero for the purposes of this Agreement. 

  
 30 

 
such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor. Without prejudice to the respective liabilities of
the Borrowers to the Lenders and of the Lenders to the Borrowers under or pursuant to this Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time
reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the date hereof. 

1.5     Affected Lenders.     (a) If any Lender notifies the Company and the Administrative
Agent in writing that it has determined in good faith that any Alternative Currency approved by the Administrative Agent after the Closing Date is not available to such Lender in sufficient amounts to fund any Loan requested to be funded by such
Lender in such Alternative Currency as part of a requested Borrowing (or to fund any participating interest in any Swingline Loan or Letter of Credit denominated in such Alternative Currency), after using commercially reasonable efforts to obtain
sufficient amounts of such currency, then such Lender shall fund its share of the requested Loan (or participating interests) in Dollars (based on the Exchange Rate in effect on the date of funding) with any such Loan being a Eurocurrency Loan with
an Interest Period equal to the Interest Period for the requested Borrowing, in each case under this paragraph (a) pursuant to procedures to be agreed upon by the Company and the Administrative Agent. 

(b)     If any Lender notifies the Company and the Administrative Agent in writing that it has determined in good faith
that the extension of credit by such Lender to a Foreign Subsidiary Borrower designated after the Closing Date would result in adverse tax or legal consequences to such Lender (unless (1) such consequences can be avoided by a change in lending
office in a manner consistent with the provisions of Section 2.18 or (2) such consequences involve only the payment of money (other than a fine or penalty), in which case such Foreign Subsidiary Borrower shall be deemed acceptable to such
Lender if the Company agrees to pay such Lender such amounts as such Lender determines in good faith are necessary to compensate such Lender for such consequences) then (i) instead of making Loans to such Foreign Subsidiary Borrower such Lender
shall instead make its share of the requested Borrowing as a Loan to the Company, (ii) any Letters of Credit issued jointly for the account of the Company and such Foreign Subsidiary Borrower shall, with respect to such Lender only, be deemed
to be issued solely for the account of the Company and (iii) participating interests in Swingline Loans made to such Foreign Subsidiary Borrower shall be deemed held by Lenders which are not Affected Lenders with respect to such Foreign
Subsidiary Borrower (rather than by all Lenders), in each case under this paragraph (b) pursuant to procedures to be agreed upon by the Company and the Administrative Agent. 

(c)    As used herein “Affected Lender” means any Lender described in Section 1.5(a) or (b). 

1.6 
   Interest Rates; LIBOR Notification. The interest rate on a Loan denominated in dollars or an Alternative Currency may be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform.
Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with applicable laws and regulations, may be permanently
discontinued, and/or the basis on which they are calculated may change. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.
In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE
Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no 

  
 33 

 
longer be available or may no longer be deemed an appropriate
reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of
the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 2.13(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify
the Company, pursuant to Section 2.13(d), of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have
any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Base Rate” or with respect to any alternative or successor
rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.13(b), whether upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.13(c)), including without limitation, whether the composition or characteristics of any such alternative, successor or
replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Eurocurrency Base Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or
unavailability. 
 SECTION 2.     AMOUNT AND TERMS OF LOANS
AND COMMITMENTS 
 2A.1     Term Commitments. Subject to the terms and conditions set forth herein, each Term
Lender severally agrees to make a term loan to the Company in Dollars (“Term Loans”) on the Closing Date in a principal amount which does not exceed the amount of such Lender’s Term Loan Commitment. The Term Loans shall be
available in a single drawing on the Closing Date. Amounts repaid on account of the Term Loans may not be reborrowed. The Term Loans may from time to time be Eurocurrency Loans or ABR Loans, as determined by the Company and notified to the
Administrative Agent in accordance with Sections 2A.2 and 2.9. 
 2A.2     Procedure for Term Loan Borrowing. The
Company shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to (a) 12:00 Noon, New York City time, three Business Days prior to the Closing Date, in the case of Eurocurrency Loans
or (b) 1:30 P.M., New York City time on the Closing Date in the case of ABR Loans, specifying (i) the amount and Type of Term Loans to be borrowed and (ii) in the case of Eurocurrency Loans, the respective length of the initial Interest
Period therefor. Upon receipt of any such notice from the Company, the Administrative Agent shall promptly notify each Term Lender thereof. Each Term Lender will make the amount of its pro rata share of the borrowing available to the Administrative
Agent for the account of the Company at the Funding Office prior to (a) 12:00 Noon, New York City time, in the case of Eurocurrency Loans or (b) 3:30 P.M., New York City time, in the case of ABR Loans, on the Closing Date in funds immediately
available to the Administrative Agent. Such borrowing will then be made available to the Company by the Administrative Agent crediting the account of the Company on the books of such office with the aggregate of the amounts made available to the
Administrative Agent by the Term Lenders and in like funds as received by the Administrative Agent. 

2A.3    Repayment of Term Loans. Term Loans shall mature in consecutive quarterly installments (each due on the
last day of each March, June, September and December beginning on the first of such dates to occur after the first full fiscal quarter following the Closing Date), each of which shall be in an amount equal to the aggregate amount of Term Loans
borrowed on the Closing Date multiplied by the percentage set forth below opposite such installment, with the remaining balance of the Term Loans due and payable in full on the Term Loan Maturity Date: 

  
 34 

 deliver to such Borrower a statement showing the quotations used by the Administrative Agent in determining
any interest rate pursuant to Section 2.11(a). 
 2.13    Inability to Determine
InterestAlternate Rate.
of Interest. (a) If prior to the first
daycommencement of any Interest Period for a Eurocurrency Loan: 

(a1)the Administrative Agent shall have
determineds
 (which determination shall be presumptively correct and binding upon the Borrowers) that, by reason of
circumstances affecting the relevant market,conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for anor the Eurocurrency Base Rate, as applicable (including because the Screen Rate is not available or published on a current
basis), for the applicable currency forand such Interest Period,; provided that no
Benchmark Transition Event shall have occurred at such time; or 
 (b2) the Administrative Agent shall have received notice fromis advised by the Required Lenders that the Eurocurrency Rate for aor the Eurocurrency
Base Rate, as applicable, for the applicable currency determined or to be determined forand such Interest Period will not adequately and fairly reflect the cost
to such Lenders (as conclusively certified by
suchor Lenders) of making or maintaining their
affected Loans
during(or its
Loan) included in such Loan for the applicable currency and such Interest Period,; 

then the Administrative Agent shall give telecopy or telephonic notice
thereof to the Company and the relevant Lenders as soonby telephone,
telecopy or electronic mail as promptly as practicable thereafter.If such notice is given (w)
any and, until the Administrative Agent notifies the
Company and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any notice of conversion that requests the conversion of any Revolving Loan to, or continuation of any
Revolving Loan as, a Eurocurrency Loans denominated in Dollars requested to be made on the first day of
such Interest Periodshallshall be ineffective and (B) if any notice of borrowing requests a Revolving
Loan that is a Eurocurrency Loan, such Loan shall be made as
an ABR Loans, (x) any Loans denominated in Dollars that were to have been converted on the first day of such Interest Period to Eurocurrency Loans shall be continued as ABR Loans, (y)
any outstanding Eurocurrency Loans denominated in Dollars shall be converted, on the last day of the then-current Interest Period, to ABR Loans and (z) any Eurocurrency Loans denominated in the affected Alternative Currency may not be continued and
shall be repaid on the last day of the current Interest Period; provided that
(i) if the circumstances giving rise to such notice affect only one Type of BorrowingsLoan, then the other Types of Borrowings shall be permitted and (ii)if the circumstances giving rise to
such notice affect only one currency, then Borrowings in other permitted currenciesLoans shall be permitted. Until such notice has been withdrawn by the Administrative Agent (which the Administrative Agent shall do promptly after the circumstances giving rise to such event no
longer exist), no further Eurocurrency Loans of the affected Type shall be made or continued as such, nor shall the Borrowers have the right to convert Loans to such Type of Eurocurrency Loans. The provisions of this Section 2.13 shall apply to
Swingline Alternative Currency Loans, mutatismutandis. 
 (b)    Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Company may amend this Agreement to replace the Eurocurrency Base Rate with a Benchmark Replacement. Any such amendment with respect to a
Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Company, so long as the Administrative 

 
Agent has not received, by such time, written notice of objection
to such proposed amendment from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment
contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept
such amendment. No replacement of Eurocurrency Base Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date. 

(c)
 In connection with the implementation of a Benchmark Replacement, the
Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement
Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

(d)
 The Administrative Agent will promptly notify the Company and the
Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or
Lenders pursuant to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.13. 

(e)
 Upon the Company’s receipt of notice of the commencement of a
Benchmark Unavailability Period, (i) any notice of conversion that requests the conversion of any Revolving Loan to, or continuation of any Revolving Loan as, a Eurocurrency Loan shall be ineffective and (ii) if any notice of borrowing
requests a Eurocurrency Loan, such Loan shall be made as an ABR Loan. 
 2.14
Pro Rata Treatment and Payments. (a) Except as otherwise provided herein, (i) each payment by any Borrower on account of any fee payable to Lenders with respect to the respective Revolving Commitments and Revolving Loans and any
reduction of the Revolving Commitments of the Lenders shall be made pro rata according to the Revolving Percentages of the relevant Lenders entitled thereto and (ii) each payment by the Company of any fee payable to Lenders with
respect to the Term Loans shall be made pro rata according to the Term Loan Percentage of the relevant Lenders. 
 (b) Except
as otherwise provided herein, each payment (including each prepayment) by the Company on account of principal of and interest on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then
held by the Term Lenders. 
 (c) Except as otherwise provided herein, each payment (including each prepayment) by any Borrower on account of
principal of and interest on the Revolving Loans shall be made pro rata according to the respective Revolving Percentages of the Revolving Lenders entitled thereto. 

(d) All payments (including prepayments) to be made by each Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the 

  
 43EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 THIRD
AMENDED AND RESTATED COOPERATION AGREEMENT 
 This Third Amended and Restated Cooperation Agreement, dated as of February 23, 2020
(this “Agreement”), is by and among Avis Budget Group, Inc. (the “Company”) and the entities set forth on Schedule A hereto (together with their Affiliates, “SRS”). 

WHEREAS, as of the date hereof, SRS Beneficially Owns 16,189,300 shares of common stock of the Company, par value $0.01 per share (the
“Common Stock”); 
 WHEREAS, the Company and SRS have previously entered into that certain Second Amended and Restated
Cooperation Agreement, dated as of April 16, 2018 (the “Prior Agreement”), with respect to certain matters relating to the Board of Directors of the Company (the “Board”) and certain other matters, as provided
therein; 
 WHEREAS, pursuant to the Prior Agreement, the Board recommended the election of Brian Choi and Jagdeep Pahwa at the 2019 annual
meeting of stockholders of the Company, and each of them was subsequently elected at such annual meeting; 
 WHEREAS, on February 7,
2020, the Board appointed Bernardo Hees to serve as a director of the Company and as Chairman of the Board and Chair of the Executive Committee; and 

WHEREAS, the Company and SRS wish to amend and restate the Prior Agreement on the terms set forth herein. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.    Board
Representation. 
 (a)    As of the date of this Agreement, the Board has duly resolved to (i) nominate each of
Brian Choi, Jagdeep Pahwa and Karthik Sarma (collectively, the “Applicable Directors”) for election to the Board at the Company’s next annual meeting of stockholders (including any adjournments or postponements thereof, the
“2020 Annual Meeting”), (ii) appoint, effective as of the date of this Agreement, Jagdeep Pahwa as Vice Chairman and (iii) appoint, effective as of the date of this Agreement, Brian Choi as Chair of the Compensation Committee
to the Board. 
 (b)    The Company’s slate of nominees for election as directors of the Company at the 2020 Annual
Meeting shall comprise (i) the Applicable Directors and (ii) the following other nominees: Bernardo Hees, Lynn Krominga, Glenn Lurie and Carl Sparks (collectively, the “Named Company Directors”). The Company will recommend
that the Company’s stockholders vote in favor of the election of the Applicable Directors and the Named Company Directors at the 2020 Annual Meeting and will support the Applicable Directors for election in substantially the same manner as the
Named Company Directors. 
 (c)    The Company’s slate of nominees for election as directors of the Company at each
meeting of stockholders of the Company held during the Standstill Period at which directors are to be elected (the “Applicable Meetings”) shall include each of the Applicable Directors. The

 
Company shall recommend that the Company’s stockholders vote in favor of the election of each of the Applicable Directors at each of the Applicable Meetings and shall support the Applicable
Directors for election at each of the Applicable Meetings in substantially the same manner as the Company’s other nominees. 

(d)    At all times while serving as a member of the Board (and as a condition to such service), the Applicable Directors
shall (i) comply with all policies, codes and guidelines applicable to Board members (subject to Section 9), copies of which are either publicly available or have been provided to SRS or their counsel, (ii) not
serve as a director or officer of any Competitor and (iii) otherwise qualify as “independent” of the Company pursuant to the applicable stock exchange listing requirements ((i) through (iii), the “Applicable Director
Criteria”). The Company acknowledges that Mr. Pahwa does not satisfy clause (iii) of the definition of Applicable Director Criteria and agrees that such non-satisfaction (to the extent
previously disclosed to the Board in Mr. Pahwa’s director and officer questionnaire submitted in connection with the 2020 Annual Meeting) shall not preclude Mr. Pahwa from serving as an Applicable Director under this Agreement. 

(e)    During the Standstill Period, SRS shall be entitled to designate three (3) persons to serve as members of the
Board. Such persons shall serve as the Applicable Directors in accordance with this Agreement and may, but are not required to be, former or current employees of SRS or an affiliate of SRS. SRS shall be entitled to change its designation of the
persons serving as the Applicable Directors from time to time and at any time during the Standstill Period. The Applicable Directors shall be entitled to resign from the Board at any time in their discretion. Should any of the Applicable Directors
resign from the Board, become unable to serve on the Board due to death, disability or other reasons or otherwise cease to serve on the Board for any reason (including as the result of SRS changing its designation of an Applicable Director) prior to
the expiration of the Standstill Period, SRS will have the right to recommend for appointment to the Board a replacement director (a “Replacement”); provided, that any Replacement of an Applicable Director shall meet the
Applicable Director Criteria. The appointment of a Replacement will be subject to a customary due diligence process by the Board (including the review of a completed D&O questionnaire (in the Company’s standard form), interviews with
members of the Board and a customary background check) and completion by the Replacement of the following documents required of all non-executive directors on the Board: the Certification for the Procedures
and Guidelines Governing Securities Trades by Company Personnel and the Majority Voting Conditional Resignation Letter. The Company will use its reasonable best efforts to complete its approval process as promptly as practicable. The Company shall
appoint the Replacement to the Board unless (i) the Board, in good faith, upon the advice of outside legal counsel, determines that appointing the proposed director would be inconsistent with its fiduciary duties under applicable law or
(ii) the Replacement fails to satisfy the Applicable Director Criteria. For the avoidance of doubt, SRS will be entitled to continue to recommend different persons which meet the foregoing criteria until a Replacement is appointed. Except as
otherwise specified in this Agreement, if a Replacement is appointed, all references in this Agreement to the term “Applicable Director” will include such Replacement. 

  
 2 

 (f)    During the Standstill Period, (i) SRS shall be entitled to
appoint one (1) Applicable Director to the Corporate Governance Committee of the Board, (ii) SRS shall be entitled to appoint one (1) Applicable Director to the Compensation Committee of the Board, which Applicable Director shall
serve as Chair of the Compensation Committee of the Board, (iii) the size of each of the Corporate Governance Committee and the Compensation Committees shall be set at three (3) members, all of whom shall qualify as “independent”
of the Company pursuant to the applicable stock exchange listing requirements (unless the Board (including, solely in the case of an Applicable Director joining such committee, a majority of the directors who are not former or current employees of,
or advisors or consultants to, SRS or an Affiliate of SRS) approves the appointment to such committee of a director who does not qualify as “independent” of the Company in accordance with an applicable exception thereunder) and
(iv) SRS shall be entitled to designate one Applicable Director to serve as Vice Chairman of the Board; provided that, the Board shall not be required to reduce the size of each of the Corporate Governance Committee and the Compensation
Committees to three (3) members pursuant to clause (iii) of this Section 1(f) until thirty (30) days following the date hereof. SRS shall be entitled to change its appointments and designations pursuant to
this Section 1(f) from time to time and at any time during the Standstill Period. If SRS elects to change the Vice Chairman or the committee positions on which an Applicable Director serves, SRS shall provide written notice
furnishing the name of the Person being replaced, the name of the Person to be appointed, and setting forth the positions in which the new appointee will serve. The Company shall promptly appoint the Applicable Director to the designated positions
so long as, in the case of any committee appointments, such Applicable Director satisfies the applicable stock exchange listing requirements for serving on such committee. SRS has presently designated Mr. Choi to serve on the Corporate
Governance Committee and to serve on, and be Chair of, the Compensation Committee. SRS has presently designated Mr. Pahwa to serve as Vice Chairman of the Board. 

(g)    Promptly after the execution and delivery of this Agreement (or, in the case of any Replacement, immediately prior
to such Person’s appointment to the Board), each of the Applicable Directors shall deliver (and any Replacement shall deliver, as applicable) to the Company an irrevocable resignation letter pursuant to which such Person shall resign from the
Board and all applicable committees thereof, subject to the Board’s acceptance of such resignation (which may be accepted or rejected in its sole discretion), in the event of any of the following: 

(i)    SRS fails to maintain the Minimum Ownership Levels as set forth in Section 5 hereof, in
which case the resignation letter provided by such Applicable Director shall become effective; 
 (ii)    a judicial
determination that such Applicable Director has materially breached any of the terms of this Agreement, in which case the resignation letter provided by such Applicable Director shall become effective; or 

(iii)    a judicial determination that SRS has materially breached any of the terms of this Agreement, in which case the
resignation letters provided by all of the Applicable Directors shall become effective. 
 (h)    Each of Leonard
Coleman, Mary Choksi, Jeff Fox, Robert Salerno, Francis Shammo, and Sanoke Viswanathan shall not be nominated for reelection at the 2020 Annual Meeting. During the period commencing with the conclusion of the 2020 Annual Meeting through the
expiration or termination of the Standstill Period, the Board and all applicable committees of the Board shall take all necessary actions (including with respect to nominations for election at the Applicable Meetings) so that the size of the Board
is no more than nine (9) directors. 

  
 3 

 (i)    Following the conclusion of the 2020 Annual Meeting, unless the
Board determines otherwise, all determinations regarding, and actions with respect to, SRS and this Agreement (including any amendment to or waiver under this Agreement) shall be made by either (i) the Board (excluding all directors who are
current or former employees of, or advisors or consultants to, SRS or an Affiliate of SRS) or (ii) a committee of the Board comprised solely of directors who are independent under the standards of the Nasdaq Stock Exchange and are not current
or former employees of, or advisors or consultants to, SRS or an Affiliate of SRS. 
 (j)    Upon the selection by the
Board of a Chief Executive Officer on a non-interim basis, the Company will appoint the Chief Executive Officer to the Board; provided that if such Chief Executive Officer is already a director of the Company,
the Board shall, no later than ninety (90) days after such selection of a Chief Executive Officer, appoint an additional director who is (i) independent under the standards of the Nasdaq Stock Exchange and (ii) not a former or current
employee of, or advisor or consultant to, SRS or an Affiliate of SRS. The appointment of such director will be subject to the execution by such director of the following documents required of all non-executive
directors on the Board: (i) the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel, (ii) the Majority Voting Conditional Resignation Letter and (iii) a D&O questionnaire (in the
Company’s standard form). For the avoidance of doubt, the additional director appointed pursuant to this Section 1(j) shall be in addition to the Additional Director (as defined below) appointed pursuant to
Section 1(k). 
 (k)    No later than ninety (90) days after the 2020 Annual Meeting, the
Board will appoint an additional director who is (i) independent under the standards of the Nasdaq Stock Exchange and (ii) not a former or current employee of, or advisor or consultant to, SRS or an Affiliate of SRS (the
“Additional Director”). The appointment of the Additional Director will be subject to the execution by the Additional Director of the following documents required of all non-executive
directors on the Board: (i) the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel, (ii) the Majority Voting Conditional Resignation Letter and (iii) a D&O questionnaire (in the
Company’s standard form). 
 (l)    SRS agrees that the Applicable Directors shall recuse themselves from the
portion of any Board or committee or subcommittee meeting at which the Board or any such committee or subcommittee is evaluating and/or taking action with respect to (i) the exercise of any of the Company’s rights or enforcement of any of
the obligations under this Agreement, (ii) any proposed or pending (x) Extraordinary Transaction between the Company or any of its subsidiaries and SRS or its Affiliates, (y) other material transaction between the Company or any of
its subsidiaries and SRS or any of its Affiliates from which SRS or an Affiliate of SRS receives or otherwise derives a material benefit (other than a benefit to which SRS or any of its Affiliates would be entitled in its capacity as a shareholder
of the Company and in which all shareholders of the Company participate pro rata) or (z) material transaction between the Company or any of its subsidiaries and another entity in which SRS has representation on the board of directors (or
equivalent governing body), or has beneficial ownership of 10% or more, of such entity or such entity’s direct or indirect parent company, or (iii) any public stockholder proposal or public proposal to nominate any Person for election to
the Board made by SRS or its Affiliates (the matters described in clauses (i)-(iii) of this Section 1(l) referred to as “Recusal Matters”). SRS agrees that the Applicable Directors shall not have access to
documents or other information relating to Recusal Matters. 

  
 4 

 (m)    Withdrawal of Nomination Notice. SRS hereby irrevocably
withdraws the Nomination Notice with immediate effect and, if requested by the Company, agrees to notify the SEC of such withdrawal on the date hereof. SRS shall, and shall cause its Representatives to, immediately cease all solicitation efforts in
connection with the 2020 Annual Meeting. SRS shall not, and shall cause its Representatives not to, file with the SEC, or mail or otherwise deliver to the Company’s stockholders, any preliminary or definitive proxy statement or proxy card in
respect of the 2020 Annual Meeting.
 2.    Standstill Provisions. During the period commencing with the
execution and delivery of this Agreement and ending on the earliest to occur of (i) December 31, 2021, (ii) the date on which SRS’s Beneficial Ownership ceases to satisfy the Minimum Ownership Level set forth in
Section 5(c) hereof and (iii) the date that is sixty (60) calendar days prior to the Advance Notice Deadline (the “Standstill Period”), SRS shall not, directly or indirectly, in any manner, take
any of the following actions (unless specifically permitted to do so in writing in advance by the Board): 

(a)    acquire, offer to acquire, or cause to be acquired any ownership or other interest in any Voting Securities or any
Synthetic Position such that SRS would collectively have Beneficial Ownership of more than the greater of (x) 18,589,128 and (y) 25% of the outstanding Voting Securities (the “Independent Ownership Limit”) immediately following the
consummation of such transaction; provided, that for the avoidance of doubt, nothing contained in this Agreement shall in any way limit the ability of SRS to acquire, offer to acquire or cause to be acquired any ownership or other interest in
any Synthetic Position that (i) is not required or permitted to be settled, in whole or in part, in Voting Securities and (ii) does not grant SRS a right, option or obligation to own, acquire or control or direct the voting of any Voting
Securities upon Exercise; 
 (b)    solicit proxies or written consents of stockholders or conduct any other type of
referendum (binding or non-binding) with respect to, or from the holders of, Voting Securities, or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), in or assist, advise, knowingly encourage or knowingly influence any Third Party in any “solicitation” of any proxy, consent or other
authority (as such terms are defined under the Exchange Act) to vote any Voting Securities (other than such advice, encouragement or influence that is consistent with the Board’s recommendation in connection with such matter); 

(c)    other than through open market or block trade brokered sale transactions where (i) the identity of the
purchaser is unknown to SRS, or (ii) SRS does not directly or indirectly select or influence the selection of the purchaser, sell, offer or agree to sell any Voting Securities of the Company to any Third Party that, to the knowledge of SRS
after due inquiry, (x) has aggregate Beneficial Ownership (together with its Affiliates and Associates) of more than 4.9% of the issued and outstanding Common Stock or (y) would result in such Third Party having aggregate Beneficial
Ownership (together with its Affiliates and Associates) of more than 4.9% of the issued and outstanding Common Stock; 

  
 5 

 (d)    effect or seek to effect, offer or propose to effect, cause or
participate in, or in any way assist, facilitate or encourage any other Person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, scheme, arrangement, business
combination, recapitalization, reorganization, sale or acquisition of all or a substantial portion of the Company’s assets, liquidation, dissolution or other extraordinary transaction involving the Company or any of its subsidiaries or any of
their respective securities (each, an “Extraordinary Transaction”); provided that nothing in this paragraph (d) shall preclude or prohibit SRS (or its Affiliates) from (i) tendering into a tender or exchange
offer; (ii) making a proposal providing for a Change of Control Transaction (as defined below) involving the acquisition of all of the outstanding Common Stock of the Company (a “Wholeco Transaction”) directly to the
Board or a committee thereof and making filings in connection with such proposal and related discussions or negotiations under Section 13(d) of the Exchange Act and related regulations; provided, that SRS has provided notice of its
intention to make such filing (together with a reasonable description of the material items to be disclosed in such filing and, if available, a draft thereof) to the Company as soon in advance as reasonably practicable; (iii) in the event the
Board is no longer engaging in good faith negotiations relating to, or rejects an offer made by SRS (whether binding or non-binding), in each case, in accordance with clause (ii) above, making such
offer directly to stockholders of the Company after providing notice of its intent to do so as soon in advance as reasonably practicable; or (iv) after providing written notice to the Company (which may be given not more than once during any
twelve (12) month period; provided that an additional notice may be given during any twelve (12) month period if the Company enters into a confidentiality agreement with a Third Party with respect to a potential Wholeco
Transaction), for a period of no more than seventy-five (75) days after such notice, engaging in discussions with other Persons (other than a Competitor) about the possibility of partnering in the making of an offer for a Wholeco Transaction
under clause (ii) or, to the extent applicable, clause (iii) above and making an offer (whether binding or non-binding) contemplated by such clauses in partnership with any Person
(other than a Competitor) as long as such offer to the Board under clause (ii) above is first made on or prior to the end of such 75-day period; provided, that (x) nothing in
clauses (ii)-(iv) above shall be deemed to permit SRS to disclose any confidential information of the Company to any Person without the prior written consent of the Company, (y) Sections 2(d), (f), (g),
(h) and (k) shall not prevent actions (and the other subsections of Section 2 shall not be deemed to prohibit actions taken by SRS that otherwise would be prohibited by Sections 2(d), (f),
(g), (h) and (k) had they applied) to the extent such actions are taken in connection with discussions and offers made in compliance with clause (iii) or (iv) above (provided, that for the avoidance of
doubt, Section 2(a) shall continue to prohibit the acquisition of Voting Securities except as results solely from being deemed a “group” with another Person as a result of such discussions or offers or from
consummating a Wholeco Transaction that otherwise complies with this Section 2(d)), and (z) exploratory discussions by SRS in response to an unsolicited initiation by another Person of discussions with SRS with respect
to partnering in the making of an offer for a Wholeco Transaction shall not be deemed to contravene the restrictions set forth in this Section 2(d), provided that thereafter engaging in substantive discussions about the
material terms of the partnership and Wholeco Transaction shall either require the consent of the Board or the giving of the notice contemplated by clause (iv) above; 

  
 6 

 (e)    (i) call or seek the Company or any other Person to call any
meeting of stockholders, including by written consent, (ii) seek representation on, or nominate any candidate to the Board (except as expressly provided by this Agreement), (iii) nominate any candidate to the board of directors of any
Competitor unless such candidate is independent from SRS and SRS takes all appropriate acts to prevent such third party from providing any competitively sensitive information to SRS, (iv) seek the removal of any member of the Board or
(v) make any proposal at any annual or special meeting of the Company’s stockholders; provided, that, the foregoing clauses (ii) and (iv) of this Section 2(e) shall not prevent the Applicable Directors
from (x) discussing such matters at any Board or Board committee meeting or discussing such matters with other members of the Board at any time and (y) introducing qualified director candidates to the Board or the Corporate Governance
Committee; 
 (f)    take any public action in support of or make any public proposal or request that constitutes or
relates to: (i) advising, controlling, changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, (ii) any material
change in the capitalization, stock repurchase programs and practices, capital allocation programs and practices or dividend policy of the Company, (iii) any other material change in the Company’s management, business or corporate
structure, (iv) seeking to have the Company waive or make amendments or modifications to the Company’s certificate of incorporation or bylaws, or other actions that may impede or facilitate the acquisition of control of the Company by any
Person, (v) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (vi) causing a class of securities of the Company to become eligible for termination of
registration pursuant to Section 12(g)(4) of the Exchange Act; 
 (g)    make any public disclosure, announcement
or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement;

 (h)    except as is reasonably acceptable to the Company, form or join in a partnership, limited partnership,
syndicate or other group, including a “group” as defined under Section 13(d) of the Exchange Act (a “Group”), with respect to the Voting Securities (for the avoidance of doubt, excluding any group composed solely of
SRS and its Affiliates or as contemplated by Section 2(d) herein); 
 (i)    make any request
for stockholder list materials or other books and records of the Company under Section 220 of the Delaware General Corporation Law (the “DGCL”) or otherwise; 

(j)    institute, solicit or join, as a party, any litigation, arbitration or other proceeding (including any derivative
action) against the Company or any of its future, current or former directors or officers or employees (provided, that nothing shall prevent SRS from bringing litigation to enforce the provisions of this Agreement, seeking a declaratory
judgment with respect to compliance with the terms of this Agreement or being a party to a class action instituted by a Third Party without the assistance or encouragement of SRS); 

  
 7 

 (k)    except as is reasonably acceptable to the Company or as
contemplated by Section 2(d) herein, enter into any discussions, negotiations, agreements, or understandings with any Third Party with respect to any of the foregoing, or assist, advise, knowingly encourage or knowingly
influence any Third Party to take any action or make any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing; or 

(l)    (i) contest the validity of, or (ii) publicly request any waiver of, the obligations set forth in this
Section 2; provided, that clause (i) shall not be deemed to prevent SRS from defending any claim by the Company that SRS has breached this Section 2. 

Notwithstanding anything in this Agreement to the contrary, the foregoing provisions of this Section 2 shall not be deemed to
(x) prohibit SRS or its directors, officers, partners, employees, members or agents (acting in such capacity) from communicating privately with the Company’s directors or officers so long as such communications are not intended to, and
would not reasonably be expected to, require any public disclosure (including under Section 13(d) of the Exchange Act and related regulations) of such communications (except to the extent permitted by Section 2(d)) or
(y) restrict any Applicable Director in the exercise of his fiduciary duties to the Company and all of its stockholders. Notwithstanding anything to the contrary in this Agreement, Sections 2(d), (f),
(g), (h) and (k) shall be of no further force and effect (and the other subsections of Section 2 shall not be deemed to prohibit actions taken by SRS that otherwise would be prohibited by
Sections 2(d), (f), (g), (h) and (k) had they been in effect to the extent such actions are taken in pursuit of a Change of Control Transaction; provided, that for the avoidance of doubt,
Section 2(a) shall continue to fully apply in accordance with its terms except for offers (but not acquisitions of Voting Securities) relating to a Change of Control Transaction) in the event that (i) the Company shall
enter into a definitive agreement providing for (A) a merger, consolidation, business combination or similar transaction immediately following which the stockholders of the Company immediately prior to the consummation of such transaction
(other than stockholders of the Company who have entered into, or who are members of a Group any member of which has entered into, a definitive agreement with the Company in respect of a transaction of the type described in this clause (A))
will hold less than 80% of the total combined voting power of the Company or any successor holding company, (B) a tender or exchange offer for 20% or more of the Voting Securities of the Company, (C) a sale of 20% or more of the
consolidated assets of the Company and its subsidiaries (including equity securities of subsidiaries) in a single transaction or series of related transactions (other than in the ordinary course of business), or (D) a sale of 20% or more of the
Voting Securities outstanding immediately prior to such sale in a single transaction or series of related transactions (each of (A), (B), (C) and (D) constituting a “Change of Control Transaction”), (ii) the Company formally or
publicly commences a process contemplating a Change of Control Transaction and (x) does not provide SRS an opportunity to participate in such a process on the same terms as Third Parties, or (y) includes conditions to participation that
are designed to prevent SRS from participating in such a process on the same terms as Third Parties or (iii) a Third Party shall commence a tender offer or exchange offer or otherwise make a bona fide public offer to acquire the Company, all or
substantially all of the assets of the Company, or 50% or more of the Voting Securities of the Company, in each case, not resulting from a violation of this Section 2. 

  
 8 

 3.    Stockholder Rights Plan.    The Rights
Agreement, dated as of January 27, 2020, between the Company and Computershare Inc. (the “Rights Agreement”) shall stay in place until such time as it is redeemed or expires pursuant to its terms (the “Rights Agreement
Expiration Date”). From the Rights Agreement Expiration Date until five (5) business days before the expiration of the Standstill Period, the Company agrees not to adopt or enter into any stockholder rights plan or similar agreement
that would cause the rights thereunder to be “triggered” by (or would otherwise cause SRS to be materially and disproportionately adversely affected as compared to other stockholders of the Company as a result of) any action to be taken by
SRS that would otherwise be permitted by Section 2 (except in response to SRS delivering a notice of its intent to make an offer directly to stockholders of the Company pursuant to
Sections 2(d)(iii) or 2(d)(iv) with respect to which the Company shall be permitted to adopt or enter such a plan or agreement; provided that thereafter SRS shall not be restricted from (i) in connection
with such offer taking actions that would otherwise be prohibited by Sections 2(b), (d), (e), (f), (g), (h) and (k) had they applied and (ii) acquiring, offering to acquire, or causing
to be acquired any ownership or other interest in any Voting Securities or any Synthetic Position such that SRS would collectively have Beneficial Ownership of no more than the Independent Ownership Limit immediately following the consummation of
such transaction). 
 4.    Voting Commitments. 

(a)    SRS agrees that it will cause all Voting Securities Beneficially Owned by SRS as of the record date for any meeting
of stockholders of the Company occurring during the Standstill Period (including, for the avoidance of doubt, Beneficial Ownership of any Voting Securities acquired after the date of this Agreement) to be present for quorum purposes and voted at
such meetings (i) in favor of the Company’s nominees, (ii) against the election of any directors that have not been nominated by the Company, (iii) in accordance with the Board’s recommendation with respect to auditor
ratification proposals and (iv) in accordance with the Board’s recommendation with respect to any other proposal presented at such meeting, provided however, that in the case of this clause (iv), SRS shall be permitted
to vote in its sole discretion (subject to any limitations attached to Excess Voting Rights pursuant to Section 4(b)) with respect to any proposal (A) related to an Extraordinary Transaction, (B) which has
received an “against” recommendation from Institutional Shareholder Services, (C) related to the implementation of takeover defenses or adversely affecting the rights of stockholders, or (D) related to new or amended incentive
compensation plans. 
 (b)    In the event SRS obtains (as a result of buybacks or repurchases by or on behalf of the
Company, purchases by SRS, or otherwise) the right to exercise voting rights attached to Voting Securities in excess of 25% of the outstanding Voting Securities (the “Excess Voting Rights”), and for so long as SRS continues to
(i) have the right to exercise such Excess Voting Rights and (ii) Beneficially Own more than 25% of the outstanding Voting Securities, SRS shall (A) on each and every matter that is submitted to the stockholders of the Company for
their vote and with respect to which the Excess Voting Rights may be voted by SRS, exercise such Excess Voting Rights in the same proportion in which all other Voting Securities voted on such matter are voted (without taking into consideration, in
determining such proportions, (x) any Voting Securities that are not voted or with respect to which a “non-vote” or abstention is exercised or registered and (y) any Voting Securities that
are voted by SRS on such matter), and (B) take reasonable steps to cooperate with the Company in order to exercise such Excess Voting Rights in the manner contemplated by this Section 4(b). 

  
 9 

 5.    Minimum Ownership. If at any time following the execution
and delivery of this Agreement, SRS’s aggregate Beneficial Ownership of Voting Securities is less than (a) the greater of (x) 7,435,651 and (y) 10% of the issued and outstanding Voting Securities publicly disclosed as of such date, the
resignation letter provided by one Applicable Director (or any Replacement thereof) shall become effective, (b) the greater of (x) 5,576,738 and (y) 7.5% of the issued and outstanding Voting Securities publicly disclosed as of such date, the
resignation letter provided by one Applicable Director (or any Replacement thereof) shall become effective or (c) the greater of (x) 3,717,826 and (y) 5% of the issued and outstanding Voting Securities publicly disclosed as of such date, the
resignation letter provided by the final Applicable Director (or any Replacement thereof), shall become effective (each of the percentages in clauses (a), (b) and (c), a “Minimum Ownership Level”);
provided, that in the case of clauses (a) through (c), SRS shall promptly notify the Company of which Applicable Director (as applicable) will resign in each instance and, failing such notice, the Corporate Governance
Committee of the Board shall determine which Applicable Director (as applicable) will resign. Following the effectiveness of an Applicable Director’s resignation letter pursuant to this Section 5, SRS shall no
longer be entitled to recommend for appointment to the Board any Replacement for such Applicable Director and (ii) the Company shall not be obligated to nominate such Applicable Director or any Replacement thereof (as applicable) for election
to the Board at any meeting of stockholders at which directors are to be elected occurring after such time. SRS shall promptly (and in any event within five (5) business days) inform the Company in writing if at any time SRS has failed to
maintain any Minimum Ownership Level. 
 6.    Non-Disparagement. Until
the expiration of the Standstill Period, SRS and the Company agree not to (and will cause any Persons acting on their behalf not to) make, or cause to be made (whether directly or indirectly), any public statement or any public announcement
(including in any document filed with or furnished to the SEC or through the media), or any statement made by a senior officer or director of SRS or the Company to any stockholder or investor of the other party or any analyst, in each case which
constitutes an ad hominem attack on, or otherwise disparages, the other party’s past, present or future directors, officers, partners, principals or employees; provided, that from and after the time at which Sections 2(d),
(f), (g), (h) and (k) of this Agreement are no longer in full force and effect (including, for the avoidance of doubt, such time at which SRS provides notice pursuant to Sections 2(d)(iii)-(iv) in
connection with the relevant offer), nothing herein shall limit SRS from making any statement or announcement regarding any breach of fiduciary duty by the Company or any of its officers or directors to the extent such statement or announcement is
made in pursuit of a Change of Control Transaction; provided, further, that the Company shall also be permitted to make its own statement or announcement or comment on any statement or announcement made by SRS. Nothing in this
Section 6 shall be deemed to prevent either the Company or SRS from complying with its respective disclosure obligations under applicable law, legal process, subpoena, law, the rules of any stock exchange, or legal
requirement or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom information is sought. 

7.    Public Announcements. The Company shall announce this Agreement by means of a press release in the form
attached hereto as Exhibit A (the “Press Release”). Neither the Company nor SRS shall make or cause to be made any public announcement or statement with respect to the subject of this Agreement that is contrary to the
statements made in the Press Release, 

  
 10 

 
except as required by law or the rules of any stock exchange or with the prior written consent of the other party. The Company acknowledges that SRS may file this Agreement as an exhibit to its
Schedule 13D. The Company shall be given a reasonable opportunity to review and comment on any Schedule 13D filing made by SRS with respect to this Agreement, and SRS shall give reasonable consideration to the comments of the Company. SRS
acknowledges and agrees that the Company may file this Agreement and file or furnish the Press Release with the SEC as exhibits to a Current Report on Form 8-K and other filings with the SEC. 

8.    Confidentiality. 

(a)    Each Applicable Director shall be required to comply with the Company’s Code of Business Conduct and Ethics for
Directors applicable to the other members of the Board, including provisions relating to the confidentiality, disclosure and use of (including trading or influencing the actions of any Person based on) any
non-public information entrusted to or obtained by such director by reason of his or her position as a director of the Company (“Confidential Information”). 

(b)    Notwithstanding the foregoing, each of the Applicable Directors (or any Replacement thereof that is an Affiliate of
SRS) may, if he wishes to do so, provide Confidential Information to SRS’s investment professionals (“SRS Investment Professionals”), solely to the extent such SRS Investment Professionals need to know such information in
connection with SRS’s investment in the Company; provided, however, that SRS (i) shall inform each SRS Investment Professional of the confidential nature of the Confidential Information, (ii) shall cause each SRS Investment
Professional not to disclose any Confidential Information to any Person other than SRS Investment Professionals in compliance with this Section 8(b) and (iii) shall cause each SRS Investment Professional not to use any
Confidential Information other than in connection with SRS’s investment in the Company. SRS shall be responsible for the breach of this Section 8(b) by any of its directors, officers, employees, agents or other
representatives (collectively, its “Representatives”). 
 (c)    Notwithstanding anything in this
Agreement to the contrary, in the event that the SRS or any of its Representatives is required in connection with a legal, judiciary, regulatory or administrative investigation or proceeding, by interrogatories, subpoena, civil investigative demand
or similar legally mandatory process (excluding any such requirement arising out of any action or proceeding initiated by SRS or its Representatives, including for the avoidance of doubt any requirement to make a filing with the SEC or under any
securities laws or regulations) (each, a “Legal Requirement”), to disclose Confidential Information, it is agreed that SRS or such Representative will, to the extent legally permissible, provide the Company with prompt written
notice of such event so that the Company may seek a protective order or other appropriate remedy, at its expense, or waive compliance with the applicable provisions of this Agreement and, if applicable, the Company’s Code of Business Conduct
and Ethics for Directors by SRS or such Representative. In the event that (x) such protective order or other remedy is not obtained and disclosure of Confidential Information is therefore required (and such requirement does not arise from a
breach of this Agreement by SRS) or (y) the Company consents in writing to having the Confidential Information produced or disclosed pursuant to such Legal Requirement, SRS or such Representative, as the case may be, (i) may, without
liability hereunder, furnish that portion (and only that portion) of the Confidential Information that SRS or such Representative’s legal counsel advises is legally required to be disclosed and (ii) will use reasonable efforts, at the
Company’s 

  
 11 

 
expense, to obtain reasonable assurance that confidential treatment is accorded to any Confidential Information so furnished. In no event will SRS or its Representatives oppose any action by the
Company to obtain a protective order or other relief to prevent the disclosure of the Confidential Information or to obtain reliable assurance that confidential treatment will be afforded to the Confidential Information. 

(d)    Any confidentiality obligations under this Section 8 shall expire 24 months after the
date on which no Applicable Director (or any Replacement thereof that is an Affiliate of SRS) serves as a director of the Company; provided, that SRS shall maintain in accordance with the confidentiality obligations set forth herein any
Confidential Information constituting trade secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C. § 1839(3); and provided, further, that this
Section 8 is not intended to be, and shall not be interpreted as, a contractual restriction on any trading activities of SRS taken in SRS’s own judgment. 

9.    Securities Laws. SRS acknowledges that it is aware, and will advise each SRS Investment Professional who
receives Confidential Information pursuant to Section 8(b), that United States securities laws prohibit any Person who has received material, non-public information from purchasing or
selling securities on the basis of such information or from communicating such information to any other Person under circumstances in which it is reasonably foreseeable that such Person may trade securities on the basis of such information. SRS
agrees that neither it nor its investment professionals will use or communicate any Confidential Information in violation of such laws. SRS maintains customary policies and procedures designed to prevent unauthorized disclosure and use of material, non-public information. As long as the Applicable Directors (or any Replacement thereof that is an Affiliate of SRS) are on the Board, SRS shall not purchase or sell, directly or indirectly, any securities of the
Company during any blackout periods applicable to all directors under the Company’s insider trading policy; provided, however, that nothing herein shall prohibit SRS or Mr. Sarma (solely in his capacity as an advisor,
director, general partner or manager of SRS or any affiliated fund) from purchasing or selling any securities of the Company pursuant to a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act and that is not adopted during any such blackout period. The Company agrees to notify SRS of the opening and closing of any such blackout periods. The restrictions contained in the
Company’s policies and procedures applicable to the Applicable Directors (in their capacity as such) on pledging or making purchases on margin of, or entering into derivative or hedging arrangements (including options) with respect to,
securities of the Company, which transactions are otherwise in compliance with applicable law and this Agreement, shall not be deemed to apply to SRS or Mr. Sarma (solely in his capacity as an advisor, director, general partner or manager of
SRS or any affiliated fund). 
 10.    Representations and Warranties of All Parties. Each of the parties
represents and warrants to the other party that: (a) such party has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, (b) this Agreement has been duly and validly authorized,
executed and delivered by it and is a valid and binding obligation of such party, enforceable against such party in accordance with its terms (subject to applicable bankruptcy and similar laws relating to creditors’ rights and to general equity
principles), and (c) this Agreement will not result in a violation of any terms or conditions of any agreements to which such Person is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment,
order or decree governing or affecting such party. 

  
 12 

 11.    Representations, Warranties and Agreements of SRS. SRS
represents and warrants that: (a) as of the date of this Agreement, SRS collectively Beneficially Owns and SRS is entitled to vote, in each case, an aggregate of 16,189,300 shares of Common Stock, (b) as of the date of this Agreement, SRS
has a Synthetic Position (other than the shares of Common Stock Beneficially Owned as set forth in clause (a) above) equivalent to 8,810,700 shares of Common Stock, (c) SRS has not provided or agreed to provide, and will not
provide, any compensation in cash or otherwise to any Applicable Director in connection with such Applicable Director’s nomination and appointment to, or service on, the Board (other than any Applicable Director’s regular compensation as
an employee of SRS, as applicable, and not otherwise relating to such Applicable Director’s candidacy or service as a director of the Company) and (d) neither SRS nor any of its Affiliates has any agreements relating to the Company with
any member of the Board or the Company’s management (other than the Applicable Directors) or with any Third Party or its representatives (other than other than customary, ordinary course agreements between or among SRS and its Affiliate and its
and its Affiliates’ limited partners and agreements entered into with advisors and nominees in connection with SRS’s solicitation of proxies for the 2020 Annual Meeting). 

12.    Extraordinary Transactions. For so long as (i) SRS or an Affiliate of SRS has Beneficial Ownership of
5% or more of the issued and outstanding Voting Securities or (ii) a director of the Company that was appointed or designated by SRS or an Affiliate of SRS continues to serve on the Board, any Extraordinary Transaction between the Company or
its subsidiaries and SRS or its Affiliates shall be (x) negotiated with and approved by a special committee of the Board comprised solely of directors who qualify as “independent” of the Company pursuant to the applicable stock
exchange listing requirements and who are not former or current employees of, or advisors or consultants to, SRS or an Affiliate of SRS, and (y) subject to approval by a majority of the disinterested stockholders of the Company (which, for the
avoidance of doubt, shall exclude SRS or an Affiliate of SRS). 
 13.    Ownership Limit Excess. 

(a)    In connection with entering into the Prior Agreement, the Board approved the transactions which resulted in SRS
becoming an “interested stockholder” for purposes of Section 203 of the DGCL and, therefore, the restrictions contained in Section 203 of the DGCL do not apply to SRS as a matter of law. If SRS acquires any ownership or other
interest in any Voting Securities or any Synthetic Position such that SRS would collectively have Beneficial Ownership of more than the Independent Ownership Limit (an “Ownership Limit Excess Acquisition”), then, unless the Board
otherwise approves such Ownership Limit Excess Acquisition prior to such acquisition by resolution that includes the approval of a majority of the directors who are not Applicable Directors (or their Replacements) from and after that date (the
“Ownership Limit Excess Date”), SRS agrees that the provisions of Section 203 of the DGCL shall be deemed to apply as a matter of contract to any “business combination” (as defined in Section 203 of the DGCL)
between the Company and SRS as provided in Section 13(b) hereof. 

  
 13 

 (b)    SRS agrees that if SRS makes an Ownership Limit Excess
Acquisition, then, from and after the Ownership Limit Excess Date (x) the restrictions under Section 203 of the DGCL applicable to a “business combination” with an “interested stockholder” shall apply to any such
business combination between the Company and SRS as a matter of contract pursuant to this Agreement and (y) SRS will not engage in any “business combination” with the Company for a period of four (4) years following the Ownership
Limit Excess Date, unless: 
 (i)    prior to the Ownership Limit Excess Date, the Board approved, including approval by
a majority of the directors who are not Applicable Directors (or their Replacements), either the “business combination” or the Ownership Limit Excess Acquisition; 

(ii)    upon consummation of a Ownership Limit Excess Acquisition, SRS owned at least 85% of the voting power of the
Voting Securities outstanding at the time the transaction commenced, excluding for purposes of determining the Voting Securities outstanding (but not the outstanding Voting Securities owned by SRS) those shares owned (x) by Persons who are
directors and also officers of the Company and (y) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer;

 (iii)    at or subsequent to such time the “business combination” is approved by the Board, including
approval by a majority of the directors who are not Applicable Directors (or their Replacements), and authorized at an annual or special meeting of stockholders (and not by written consent) by the affirmative vote of at least 66 2/3% of the voting
power of the outstanding Voting Securities which is not owned by SRS; or 
 (iv)    unless any of the exceptions in
Section 203(b) (3), (4), (5) (6) or (7) of the DGCL would apply if the Ownership Limit Excess Acquisition had caused SRS to become an “interested stockholder” for purposes of Section 203 of the DGCL (with references to
“15%” in Section 203 of the DGCL being deemed to be replaced with “Independent Ownership Limit”). 

14.    Certain Actions. Neither the Board nor any committee thereof, on the one hand, or SRS or any Affiliate
thereof, on the other hand, shall take any action that would be reasonably likely to materially interfere with the purposes of this Agreement. Except as required by applicable law or stock exchange rules or listing standards, the Company shall not
alter, amend or adopt any Company policies or procedures or amend its bylaws, corporate governance guidelines or other organizational documents in a manner that would be reasonably likely to materially interfere with the purpose of this Agreement.
In the event the Company determines to hold the 2022 Annual Meeting (as defined below) more than twenty-five (25) days before or twenty-five (25) days after the one-year anniversary of the 2021
annual meeting of stockholders, the Company will provide notice to SRS of the Advance Notice Deadline no less than seventy-five (75) days prior to the Advance Notice Deadline. 

15.    Certain Defined Terms. For purposes of this Agreement: 

(a)    “Advance Notice Deadline” means the advance notice deadline as determined pursuant to the
Company’s bylaws, as then in effect, for stockholders to nominate candidates for the annual meeting of stockholders following the 2021 annual meeting of stockholders (the “2022 Annual Meeting”). 

  
 14 

 (b)    The terms “Affiliate” and
“Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Exchange Act.

 (c)    “Beneficial Ownership” means having the right or ability to vote, cause to be voted or
control or direct the voting of, any Voting Securities (in each case whether directly or indirectly, including pursuant to any agreement, arrangement or understanding, whether or not in writing); provided, that a Person shall be deemed to
have “Beneficial Ownership” of any Voting Securities that such Person has a right, option or obligation to own, acquire or control or direct the voting of upon conversion, exercise, expiration, settlement or similar event (an
“Exercise”) under or pursuant to (i) any Derivative (whether such Derivative is subject to Exercise immediately or only after the passage of time or upon the satisfaction of one or more conditions) and (ii) any Synthetic
Position that is required or permitted to be settled, in whole or in part, in Voting Securities. 

(d)    “Competitor” means China Auto Rental (CAR Inc.), eHi Car Services Limited, Enterprise Holdings,
Inc., Europcar Groupe SA, Hertz Global Holdings Inc., Sixt SE and any of their respective Affiliates. 

(e)    “Nomination Notice” means the letter, dated February 21, 2020, delivered by SRS to the
Company, giving notice to the Company of SRS’s intent to nominate certain individuals to stand for election to the Board at the 2020 Annual Meeting. 

(f)    “Person” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature. 

(g)    “Synthetic Position” shall mean any option, warrant, convertible security, stock appreciation
right, or other security, contract right or derivative position or similar right (including any “swap” transaction with respect to any security, other than a broad based market basket or index) (each of the foregoing, a
“Derivative”), whether or not presently exercisable, that has an exercise or conversion privilege or a settlement payment or mechanism at a price related to the value of Voting Securities or a value determined in whole or in part
with reference to, or derived in whole or in part from, the value of Voting Securities and that increases in value as the market price or value of Voting Securities increases or that provides an opportunity, directly or indirectly, to profit or
share in any profit derived from any increase in the value of Voting Securities, in each case regardless of whether (i) it conveys any voting rights in such Voting Securities to any Person, (ii) it is required to be or capable of being
settled, in whole or in part, in Voting Securities or (iii) any Person (including the holder of such Synthetic Position) may have entered into other transactions that hedge its economic effect. 

(h)    “Third Party” shall mean any Person other than the Company, SRS and their respective Affiliates
and representatives. 

  
 15 

 (i)    “Voting Securities” shall mean the Common Stock
and any other securities of the Company entitled to vote in the election of directors. 
 16.    Governing Law;
Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. Each of the parties hereto irrevocably agrees that
any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought
by the other party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery
declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably
waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment
or otherwise) and (c) to the fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or
proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

17.    No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be
construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

18.    Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the
subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto. 

  
 16 

 19.    Notices. All notices, consents, requests, instructions,
approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by email, when such email is sent to the email address set forth
below during normal business hours and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this subsection: 

if to the Company: 
 Avis Budget
Group, Inc. 
 6 Sylvan Way 

Parsippany, New Jersey 07054 

	 	Attention:	 Jean Sera 

	 	Email:	 Jean.Sera@avisbudget.com 

with a copy (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York,
NY 10001 

	 	Attention:	 Stephen F. Arcano 

	 	 	 Richard J. Grossman 

	 	 	 Neil P. Stronski 

	 	Email:	 stephen.arcano@skadden.com 

	 	 	 richard.grossman@skadden.com 

	 	 	 neil.stronski@skadden.com 

if to SRS: 
 SRS Investment
Management, LLC 
 1 Bryant Park, 39th Floor 

New York, NY 10036 

	 	Attention:	 David Zales 

	 	Email:	 david.zales@srsfund.com 

with a copy (which shall not constitute notice) to: 

Cadwalader, Wickersham & Taft LLP 

200 Liberty St. 
 New York, New
York 10281 

	 	Attention:	 Stephen Fraidin 

	 	 	 Richard Brand 

	 	 	 Braden McCurrach 

	 	Email:	 stephen.fraidin@cwt.com 

	 	 	 richard.brand@cwt.com 

	 	 	 braden.mccurrach@cwt.com 

20.    Severability. If any provision of this Agreement shall be held by any court of competent jurisdiction to be
illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement. 

  
 17 

 21.    Counterparts. This Agreement may be executed in two or
more counterparts, which together shall constitute a single agreement. 
 22.    Successors and Assigns. This
Agreement shall not be assignable by any of the parties to this Agreement. This Agreement, however, shall be binding on successors of the parties hereto. 

23.    No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not
enforceable by any other Persons. 
 24.    Amendments. This Agreement may only be amended pursuant to a written
agreement executed by SRS and the Company, subject to Section 1(i). 

25.    Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented by
counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party and its counsel cooperated and participated in the
drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by
reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby
expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. The section headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The term “including” shall be deemed to mean “including without limitation” in all instances. Any share numbers set forth in this
Agreement shall be adjusted as necessary for any stock splits, stock dividends, reverse stock splits, recapitalizations or similar events (other than stock buybacks or repurchases). 

[Signature Pages Follow] 

  
 18 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the
same to be executed by its duly authorized representative as of the date first above written. 
  

			
	AVIS BUDGET GROUP, INC.
		
	By:	 	 /s/ Jean Sera

	Name:	 	Jean Sera
	Title:	 	Senior Vice President, Corporate
		 	Secretary and Global Programs

 [Signature Page to Third Amended and Restated Cooperation Agreement] 

 
			
	SRS INVESTMENT MANAGEMENT, LLC
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS PARTNERS MASTER FUND LP
		
	By:	 	SRS Investment Management, LLC, its investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS SPECIAL OPPORTUNITIES MASTER II, LP
		
	By:	 	SRS Investment Management, LLC, its investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS LONG OPPORTUNITIES MASTER FUND, LP
		
	By:	 	SRS Investment Management, LLC, its investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel

 [Signature Page to Third Amended and Restated Cooperation Agreement] 

 SCHEDULE A 

SRS Investment Management, LLC 
 SRS Partners Master Fund LP

 SRS Special Opportunities Master II, LP 
 SRS Long
Opportunities Master Fund, LP 

 EXHIBIT A 

Press Release

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