Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

AMENDMENT NO. 2 TO CREDIT AND GUARANTY AGREEMENT dated as of February 28, 2019 (this
“Amendment”) among Dana Incorporated (formerly known as Dana Holding Corporation), a Delaware corporation (the “Borrower”), the guarantors listed on the signature pages hereto (the “Guarantors” and
“Grantors”), Citibank, N.A., as administrative agent and collateral agent (in such capacities, respectively, the “Administrative Agent” and “Collateral Agent”), and the other Lenders party hereto.

 PRELIMINARY STATEMENTS: 

WHEREAS, the Borrower, the Guarantors, the financial institutions and other institutional lenders party thereto from time to
time, the Administrative Agent and the other agents party thereto have entered into a Credit and Guaranty Agreement dated as of June 9, 2016 (as amended pursuant to that certain Amendment No. 1 to Revolving Credit and Guaranty Agreement
and Amendment No. 1 to the Revolving Facility Security Agreement, dated as of August 17, 2017, the “Existing Credit Agreement” and as further amended hereby, the “Amended Credit Agreement”). Capitalized
terms not otherwise defined in this Amendment have the same meanings as specified in the Amended Credit Agreement. 

WHEREAS, the Borrower has requested certain amendments to the Existing Credit Agreement in order to, among other things,
(a) establish a new term loan B facility in an initial aggregate principal amount of $450,000,000 (the “2018 Term Loan B Facility”), (b) increase the existing Term Advances by an aggregate principal amount of $225,000,000 (the
“2018 Term A Facility Upsize”) and (c) increase the Revolving Credit Facility by an aggregate committed amount of $150,000,000 (the “2018 Revolving Facility Upsize”); 

WHEREAS, each financial institution identified on a signature page hereto as a “New Term A Lender” (each, a
“2018 New Term A Lender”) and/or “New Term B Lender” (each, a “2018 New Term B Lender”) and/or “New Revolving Lender” (each, a “2018 New Revolving Lender”) has agreed severally,
on the terms and conditions set forth herein and in the Existing Credit Agreement, to provide a portion of the 2018 Term A Facility Upsize, 2018 Term Loan B Facility and/or 2018 Revolving Facility Upsize, as applicable, and to become, if not
already, a Revolving Lender and/or Term Lender for all purposes under the Amended Credit Agreement; 
 WHEREAS, each Lender
that executes and delivers a signature page to this Amendment hereby agrees to the terms and conditions of this Amendment; and 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties hereto hereby agree as follows: 
 SECTION 1.    Defined
Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement. In addition, as used in this Amendment, the following terms have the meanings specified below: 

“2018 Commitment Letter” means that certain Amended and Restated Commitment Letter, dated as of
August 17, 2018, among the Borrower, Citigroup Global Markets Inc., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Credit Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, 

 
Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America, N.A. and Royal Bank of Canada. 

“2018 Fee Letter” means that certain Amended and Restated Fee Letter, dated as of August 17, 2018, among
the Borrower, Citigroup Global Markets Inc., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Credit Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Bank of America, N.A. and Royal Bank of Canada. 
 “2018 Lead
Arrangers” means, collectively, the 2018 TLA Lead Arrangers and the 2018 TLB Lead Arrangers. 
 “2018 TLA
Lead Arrangers” means Citibank, N.A., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets. 

“2018 TLB Lead Arrangers” means Citibank, N.A., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Goldman
Sachs Bank USA, JPMorgan Chase Bank, N.A. and RBC Capital Markets. 
 “2018 Specified Representations”
means the representations of the Borrower and the Guarantors set forth in (A) the following Sections of the Existing Credit Agreement: 4.01(a)(i), the lead-in to Section 4.01(c) (with respect to this
Amendment and each other Loan Document executed and delivered in connection herewith and the Amended Credit Agreement), Section 4.01(c)(i) (with respect to this Amendment and each other Loan Document executed and delivered in connection
herewith and the Amended Credit Agreement), 4.01(e) (with respect to this Amendment and each other Loan Document executed and delivered in connection herewith and the Amended Credit Agreement), 4.01(k), 4.01(p), 4.01(s) (with Solvency for purposes
of the Amendment Effective Date to be determined in accordance with the Solvency Certificate delivered hereunder), 4.01(w) and 4.01(x) and (B) Section 9(c). 

“2018 Ticking Fee Letter” means that certain Ticking Fee Letter, dated as of November 7, 2018, among the
Borrower, Citigroup Global Markets Inc., Barclays Bank PLC, Credit Suisse Loan Funding LLC, Credit Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A. and Royal Bank of Canada. 

“Buyer” has the meaning set forth in the definition of the GrazianoFairfield Acquisition Agreement. 

“GrazianoFairfield” means GrazianoFairfield AG. 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 2

 “GrazianoFairfield Acquired Business” means OC Oerlikon
Corporation AG, Pfäffikon’s gears and high precision shifting and drive solutions for operating machinery and equipment used in agriculture, construction, energy, mining, transportation as well as high-performance cards and hybrid and
electric vehicles business. 
 “GrazianoFairfield Acquisition” means the acquisition of GrazianoFairfield
and the GrazianoFairfield Acquired Business by Dana International Luxembourg S.à.r.l. in accordance with the GrazianoFairfield Acquisition Agreement. 

“GrazianoFairfield Acquisition Agreement” means that certain Share and Loan Purchase Agreement, dated
July 29, 2018, between OC Oerlikon Corporation AG, Pfäffikon, as seller and Dana International Luxembourg S.à.r.l., as buyer (the “Buyer”). 

“GrazianFairfield Refinancing” means the repayment in full of all existing Debt for borrowed money of
GrazianoFairfield and the GrazianoFairfield Acquired Business (other than contingent obligations for which no claim has been made and any Debt of the GrazianoFairfield Acquired Business permitted to be incurred or outstanding pursuant to the
GrazianoFairfield Acquisition Agreement), the release of any liens related thereto (or arrangements reasonably satisfactory to the agent or the lenders under such Debt for such repayment and release shall have been made) and the termination of all
commitments under such Debt. 
 “GrazianoFairfield Transactions” means (a) the GrazianoFairfield
Acquisition, (b) the GrazianoFairfield Refinancing, (c) the funding of the 2018 New Term A Advances and the 2018 New Term B Advances on the Amendment Effective Date and (d) the payment of all fees and expenses incurred in connection
with the foregoing. 
 SECTION 2.    Required Lenders Amendments to Existing Credit Agreement.
Subject to the terms and conditions in Section 8 of this Amendment, on the Amendment Effective Date (as defined below), the Existing Credit Agreement shall be amended as set forth in this Section 2 (the “Required Lender
Amendments”). The parties hereto agree that the Required Lender Amendments shall become effective on the Amendment Effective Date immediately prior to (x) the effectiveness of the amendments set forth in Section 3 hereof (the
“Incremental Amendments”) and (y) the funding of the 2018 New Term A Advances and the 2018 New Term B Advances (each, as defined below); provided, that notwithstanding anything herein to the contrary, the effectiveness
of the Required Lender Amendments shall in no way be a condition precedent to the effectiveness of the Incremental Amendments or the funding of the 2018 New Term A Advances and the 2018 New Term B Advances. 

(a)    New defined terms are hereby inserted into Section 1.01 of the Existing Credit Agreement in
the proper alphabetical order: 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 3

 “‘Benefit Plan’ means any of
(a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to section 4975 of the Internal Revenue Code or (c) any Person whose assets include
(for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”.” 

“‘Divided LLC’ means any LLC which has been formed upon the consummation of an LLC
Division.” 
 “‘Fitch’ means Fitch Inc., and any successor thereto.” 

“‘LCA Election’ has the meaning specified in Section 1.05.” 

“‘LCA Test Date’ has the meaning specified in Section 1.05.” 

“‘Limited Condition Acquisition’ means any Permitted Acquisition or similar Investment
whose consummation is not conditioned on the availability of, or on obtaining, third party financing.” 

“‘LLC’ means any limited liability company organized or formed under the laws of State
of Delaware.” 
 “‘LLC Division’ means the statutory division of any LCC into
two or more LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act.” 

“‘PTE’ means a prohibited transaction class exemption issued by the U.S. Department of
Labor, as any such exemption may be amended from time to time.” 
 “‘Specified
Representations’ means the representations and warranties set forth in Sections 4.01(a)(i), the lead-in to 4.01(c), 4.01(c)(i), 4.01(e), 4.01(k), 4.01(o), 4.01(p), 4.01(s), 4.01(w) and 4.01(x).”

 “‘Subsequent Transaction’ has the meaning specified in Section 1.05.”

 (b)    A new Section 1.05 shall be inserted into the Existing Credit Agreement immediately after
Section 1.04: 
 “Section 1.05. Limited Condition Acquisitions. In connection with
any action being taken in connection with a Limited Condition Acquisition, for purposes of determining 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 4

 (a)        whether
any Debt or Lien that is being incurred in connection with such Limited Condition Acquisition is permitted to be incurred in compliance with Section 5.02(b) or 5.02(a), respectively, or Section 2.18; 

(b)        whether any other transaction undertaken or proposed to be
undertaken in connection with such Limited Condition Acquisition complies with the covenants or agreements contained in this Agreement; 

(c)        whether the representations and warranties being made in
connection with such Limited Condition Acquisition are true and correct in all material respects (other than the Specified Representations); and 

(d)        any calculation of the ratios or baskets, including the
First Lien Net Leverage Ratio, Senior Secured Net Leverage Ratio, Total Net Leverage Ratio, Consolidated Net Income, Consolidated EBITDA and/or pro forma cost savings and baskets determined by reference to Consolidated EBITDA or Total Assets and
whether a Default or Event of Default exists in connection with the foregoing: 
 in each case, at the option of the
Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), the date of determination of whether any such action is permitted hereunder shall be deemed to
be the date the definitive agreement for such Limited Condition Acquisition is entered into (the “LCA Test Date”). If, after giving pro forma effect to the Limited Condition Acquisition and the other transaction to be entered into
in connection therewith (including any incurrence of Debt and the use of proceeds thereof) as if they had occurred on the first day of the most recently ended four fiscal quarter period for which financial statements are required to be delivered to
the Administrative Agent pursuant to Section 5.03(b) or (c) prior to the LCA Test Date (except with respect to any incurrence of repayment of Debt for purpose of the calculation of any leverage-based ratio, which shall in each case be
treated as if they had occurred on the last day of such four fiscal quarter period), the Borrower or the applicable Restricted Subsidiary could have taken such action on the relevant LCA Test Date in compliance with such ratio, such ratio shall be
deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCA Election and any of the ratios for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such
ratio, including due to fluctuations in Consolidated EBITDA, Consolidated Net Income and/or Total Assets of the Borrower or the Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or
action, such ratios will not be deemed to have been exceeded as a result of such fluctuations and such changes will not be taken into account for purposes of determining whether any transaction undertaken in connection with such Limited Condition
Acquisition by the Borrower or any of the Restricted Subsidiaries complies with the Loan Documents. If the Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 5

 
any subsequent calculation of any ratio or basket with respect to any subsequent transaction, including the incurrence of Debt or Liens or the making of Investments or Restricted Payments or
prepayments of Subordinated Debt (any such transaction, a “Subsequent Transaction”) on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the
definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, for the purposes of determining if such Subsequent Transaction is permitted, any such ratio or basket
shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Debt and the use of proceeds thereof) have been consummated; provided that solely
with respect to Restricted Payments (and only until such time as the applicable Limited Condition Acquisition has been consummated or the definitive documentation for such Limited Condition Acquisition expires or is terminated), such calculation
shall also be made on a standalone basis without giving effect to such Limited Condition Acquisition and the other transactions in connection therewith.” 

(c)  The first sentence of Section 2.14 of the Existing Credit Agreement shall be amended and restated in its
entirety to read as follows: 
 “The proceeds of the Revolving Credit Advances, the Swing Line Advances
and the Letters of Credit shall be utilized to provide financing for working capital, Capital Expenditures and other general corporate purposes of the Borrower and its Subsidiaries.” 

(d)  Clause (ii) of Section 2.18(a) of the Existing Credit Agreement shall be amended and restated in its
entirety to read as follows: 
 “(ii) the aggregate principal amount of the Incremental Facilities
shall not exceed the greater of (x) (A) $750,000,000 less the aggregate principal amount of Incremental Facilities and Incremental Equivalent Debt incurred or issued in reliance on clause (x)(A) above, plus (B) an unlimited amount if,
immediately after giving effect thereto (assuming on the effective date thereof (1) the funding in full of an Incremental Revolving Facility and (2) the proceeds from the funding of such Incremental Facility shall not be netted against the
applicable amount of Consolidated Total Debt for purposes of the calculation of the First Lien Net Leverage Ratio or the Senior Secured Net Leverage Ratio, as applicable, set forth in this paragraph below), (I) in the case of an Incremental Advance
secured by Liens that rank pari passu with the Liens securing the Term Facility or the Revolving Credit Facility, the First Lien Net Leverage Ratio determined on a pro forma basis would not exceed 1.50:1.00 and (II) in the case of an
Incremental Advance secured by Liens that rank junior to the Liens securing the Term Facility or the Revolving Credit Facility, the Senior Secured Net Leverage Ratio determined on a pro forma basis would not exceed 2.50:1.00 (the sum of the amounts
specified in this clause (ii) (less the aggregate 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 6

 
principal amount of any Incremental Facility that has become effective on or prior to the date of determination) the “Available Incremental Amount”); it being acknowledged and
agreed that, for the avoidance of doubt, the 2018 Term Loan B Facility, the 2018 Term A Facility Upsize and the 2018 Revolving Facility Upsize are incurred under the incremental ratio prong set forth in clause (B)(I) above.” 

(e)  Section 2.18(c) of the Existing Credit Agreement shall be amended by inserting the words “or, at the
option of the Borrower, junior in right of security with the Revolving Credit Facility and the Term Facility” immediately after the words “will rank pari passu with the Revolving Credit Facility and the Term Facility in right of
payment and security”. 
 (f)  Section 5.01(g) of the Existing Credit Agreement shall be amended and
restated in its entirety to read as follows: 
 “Maintenance of Credit Ratings. Use commercially
reasonable efforts to obtain and to maintain, in respect of the Borrower, corporate ratings and corporate family ratings of at least two of S&P, Moody’s and Fitch, though no specific rating of S&P, Moody’s or Fitch, as the case may
be, shall be required for compliance with this covenant.” 
 (g)  Section 5.02(f) of the Existing Credit
Agreement shall be amended by adding the words “and including any disposition of assets to a Divided LLC pursuant to an LLC Division” immediately after the words “including, without limitation, the capital stock of any Restricted
Subsidiary of the Borrower or a Material Subsidiary”. 
 (h)  Section 5.03(d) of the Existing Credit
Agreement shall be amended by replacing the phrase “45 days” with “90 days” in lieu thereof. 

(i)  A new Section 7.13 shall be inserted into the Existing Credit Agreement as follows: 

“Section 7.13 Certain ERISA Matters. 

          (a)        
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

                  
(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Letters of Credit, the Commitments or this Agreement, 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 7

                  
(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance
company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for
certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of
Credit, the Commitments and this Agreement, 

                  
(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made
the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and
performance of the Advances, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE
84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement, or 

                  
(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

          (b)        
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and
covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the
Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).” 

SECTION 3.    Amendment of Existing Credit Agreement. Subject to the terms and conditions set
forth in Section 7 below, on the Amendment Effective Date (and immediately 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 8

 
following the effectiveness of the Required Lender Amendments but solely to the extent the conditions precedent to the effectiveness of the Required Lender Amendments are satisfied (or waived in
writing)): 
 (a)        the Existing Credit Agreement shall be amended in the form
of the Amended Credit Agreement attached hereto as Exhibit A, and the Administrative Agent is hereby directed by the 2018 New Term A Lenders and the 2018 New Term B Lenders party hereto to enter into such Loan Documents and
to take such other actions as may be required to give effect to the transactions contemplated hereby. Any term or provision of the Existing Credit Agreement which is different from that set forth in the Amended Credit Agreement shall be replaced and
superseded in all respects by the terms and provisions of the Amended Credit Agreement. 

(b)        Schedule I to the Existing Credit Agreement shall be amended and
restated into the form of the schedule attached hereto as Exhibit B; and 

(c)        Any Schedule to the Existing Credit Agreement not amended pursuant to
clause (b) above shall remain in full force and effect. 
 Solely for purposes of this
Section 3, the “Existing Credit Agreement” means the Existing Credit Agreement as amended by the Required Lender Amendments set forth in Section 2 of this Amendment (unless the conditions precedent to such amendments have not
been satisfied (or waived in writing) prior to the effectiveness of the Incremental Amendments). For the avoidance of doubt, the GrazianoFairfield Acquisition is a Permitted Acquisition under the Existing Credit Agreement and the Amended Credit
Agreement. 
 SECTION 4.    2018 Term A Facility Upsize. Upon the occurrence of the Amendment
Effective Date, each 2018 New Term A Lender agrees, on a several, but not joint, basis to provide the portion of the entire principal amount of the 2018 Term A Facility Upsize set forth opposite such 2018 New Term A Lender’s name on Schedule A
attached hereto, in the form of Incremental Term Advances to the Borrower in an aggregate principal amount equal to $225,000,000, which shall be added to and constitute a part of the Term A Advances. Such Incremental Term Advances (the “2018
New Term A Advances”) shall constitute Term A Advances for all purposes under the Amended Credit Agreement, and each 2018 New Term A Lender shall have the rights and obligations of a “Lender” and a “Term A Lender”
thereunder and the other Loan Documents. 
 SECTION 5.    2018 Term Loan B Facility. Upon the
occurrence of the Amendment Effective Date, each 2018 New Term B Lender agrees, on a several, but not joint, basis to provide the portion of the entire principal amount of the 2018 Term Loan B Facility set forth opposite such 2018 New Term B
Lender’s name on Schedule A attached hereto, in the form of Incremental Term Advances to the Borrower in an aggregate principal amount equal to $450,000,000. Such Incremental Term Advances (the “2018 New Term B
Advances”) shall constitute 2018 New Term B Advances for all purposes under the Amended Credit Agreement, and each 2018 New Term B Lender shall have the rights and obligations of a “Lender” and a “2018 New Term B Lender”
thereunder and the other Loan Documents. The Term Loans under the 2018 Term Loan B Facility are hereby designated as, and constitute, a separate series of Term 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 9

 
Loans under the Amended Credit Agreement. 
 SECTION
6.    2018 Revolving Facility Upsize. Upon the occurrence of the Amendment Effective Date and subject to the satisfaction or waiver in writing of the additional conditions precedent set forth in Section 8 below, each
2018 New Revolving Lender agrees, on a several but not joint, basis to provide the portion of the entire principal amount of the 2018 Revolving Facility Upsize set forth opposite such 2018 New Revolving Lender’s name on Schedule A attached
hereto, in the form of an Incremental Revolving Facility in an aggregate committed amount equal to $150,000,000, which shall be added to and constitute a part of the Revolving Credit Commitments. The revolving loans made pursuant to the 2018
Revolving Facility Upsize shall constitute Revolving Credit Advances for all purposes under the Amended Credit Agreement, and each 2018 New Revolving Lender shall have the rights and obligations of a “Lender” and a “Revolving Credit
Lender” thereunder and the other Loan Documents. 
 SECTION 7.    Conditions of
Effectiveness. The obligations of the 2018 New Term A Lenders to make the 2018 New Term A Advances, the obligations of the New Term B Lenders to make the 2018 New Term B Advances and the effectiveness of the Incremental Amendments, in each case,
on the Amendment Effective Date are subject (at the time of or substantially concurrently with the making of such Advances to be funded on the Amendment Effective Date) to the satisfaction or waiver in writing of the following conditions (the date
of such satisfaction or waiver, the “Amendment Effective Date”): 
 (a)    The
Administrative Agent’s (or its counsel’s) receipt of the following: 

(i)        counterparts of this Amendment executed by (i) the
Borrower, the Guarantors and (ii) the 2018 New Term A Lenders and the 2018 New Term B Lenders; or, as to any of the foregoing 2018 New Term A Lenders or 2018 New Term B Lenders, advice satisfactory to the Administrative Agent that such Lender
has executed this Amendment; 
 (ii)        copies of the Notes
payable to the order of the Lenders to the extent requested in accordance with Section 2.16(a) of the Amended Credit Agreement; 

(iii)        certified copies of the resolutions of the boards of
directors and sole members, as applicable, of each of the Borrower and each Guarantor approving the execution and delivery of the Amendment and each other Loan Document to which it is, or is intended to be a party, and of all documents evidencing
other necessary constitutive action and, if any, material governmental and other third party approvals and consents, if any, with respect to the Amendment, the other Transactions and each other Loan Document; 

(iv)        (a) a copy of the charter or other constitutive document
of each Loan Party and each amendment thereto, certified (as of a date reasonably acceptable to the Administrative Agent) by the Secretary of State of the jurisdiction of its incorporation or organization, as the case may be, thereof as being a true
and complete copy thereof, or, in lieu of the foregoing, (b) a certificate signed on behalf of each Loan Party certifying no 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 10

 
changes to any of such Loan Party’s charters or other constitutive documents since the Amendment No. 1 Effective Date; 

            (v)      
 a certificate of each Loan Party signed on behalf of such Loan Party by a Responsible Officer, dated the Amendment Effective Date (the statements made in which certificate shall be true on and as of the Amendment Effective Date), certifying as
to (A) the accuracy and completeness of the charter (or other applicable formation document) of such Loan Party and the absence of any changes thereto; (B) the accuracy and completeness of the bylaws (or other applicable organizational
document) of such Loan Party as in effect on the date on which the resolutions of the board of directors (or sole member) of such Person referred to in clause (iii) above were adopted and the absence of any changes thereto (a copy of which
shall be attached to such certificate unless such copy is not required to be attached pursuant to clause (iv)(b) above) and (C) the absence of any proceeding known to be pending for the dissolution, liquidation or other termination of the
existence of such Loan Party; 

            (vi)     
  a certificate of the Secretary or an Assistant Secretary of each Loan Party certifying the names and true signatures of the officers of such Loan Party authorized to sign the Amendment and the other documents to be delivered thereunder;

            (vii)     
  a certificate, in substantially the form of Exhibit C to this Amendment attesting to the solvency of the Borrower and its subsidiaries, on a consolidated basis (after giving effect to the GrazianoFairfield Transactions), from its Chief
Financial Officer; 

            (viii)     
  favorable opinions of (A) Paul, Weiss, Rifkind, Wharton & Garrison, LLP, counsel to the Loan Parties, and (B) Shumaker, Loop & Kendrick, LLP, Michigan and Ohio counsel to the Loan Parties, in each case dated as
of the Amendment Effective Date and addressing such matters as the Administrative Agent may reasonably request, including in respect of collateral; and 

            (ix)     
  good standing certificates (or equivalent document) for each Loan Party as of a recent date from Secretary of State (or other similar official) of the jurisdiction of its organization; 

(b) The Lenders shall have received at least three (3) Business Days prior to the Amendment Effective Date, all
documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act, in each case to the extent
reasonably requested of the Borrower at least 10 Business Days prior to the Amendment Effective Date; and 
 (c) the
GrazianoFairfield Acquisition (as defined below) shall have been consummated simultaneously or substantially concurrent with the closing under the 2018 Term A Facility Upsize and the 2018 Term Loan B Facility on the terms described in the
GrazianoFairfield Acquisition Agreement (as defined below); 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 11

 (d) the 2018 Lead Arrangers shall have received a pro forma consolidated
balance sheet and a related pro forma consolidated statement of income of the Borrower and its Subsidiaries (based on the financial statements of the Borrower referred to in clause (e) below and the GrazianoFairfield Acquired Business to the
extent provided in connection with the GrazianoFairfield Acquisition Agreement) prepared after giving effect to the GrazianoFairfield Transactions as if the GrazianoFairfield Transactions had occurred as of such date (in the case of such balance
sheet) or at the beginning of such period (in the case of such other statement of income), which reflect adjustments applied in accordance with Regulation S-X of the Securities Act of 1933, as amended, as well
as adjustments customary for Rule 144A transactions, it being understood that any purchase accounting adjustments may be preliminary in nature and be based only on estimates and allocations determined by the Borrower; 

(e) the 2018 Lead Arrangers shall have received (i) audited consolidated balance sheets and related statements of
income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries, for the three most recently completed Fiscal Years ended at least 90 days before the Amendment Effective Date and (ii) unaudited consolidated balance sheets
and related statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries, for each subsequent Fiscal Quarter ended at least 45 days before the Amendment Effective Date (other than any fourth Fiscal Quarter)
after the most recent fiscal period for which audited financial statements have been provided pursuant to clause (i) above, in each case prepared in accordance with GAAP. Notwithstanding the foregoing, the 2018 Lead Arrangers acknowledge that
the obligations set forth above shall be satisfied upon the Borrower’s Form 10-K or 10-Q, as applicable, being filed with the Securities Exchange Commission; 

(f) all fees required to be paid on the Amendment Effective Date pursuant to the 2018 Commitment Letter, the 2018 Fee Letter
and the 2018 Ticking Fee Letter and reasonable and documented out-of-pocket expenses required to be paid on the Amendment Effective Date pursuant to the Commitment
Letter, with respect to expenses, to the extent invoiced at least three Business Days prior to the Amendment Effective Date, shall, upon the initial borrowing of the 2018 New Term A Advances and the 2018 New Term B Advances, have been paid (which
amounts may be offset against the proceeds of the 2018 New Term A Advances and the 2018 New Term B Advances); 
 (g) no
Default or Event of Default under Section 6.01(a) or (f) of the Existing Credit Agreement shall have occurred and be continuing; 

(h) the GrazianoFairfield Refinancing shall have been consummated simultaneously or substantially concurrent with the
borrowing of the 2018 New Term A Advances and the 2018 New Term B Advances; 
 (i) the 2018 Specified Representations shall
be true and correct in all material respects; provided, that any such 2018 Specified Representations which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects; 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 12

 (j) the Administrative Agent shall have received a customary closing
certificate of a Responsible Officer of the Borrower certifying as to the satisfaction of the conditions set forth in clauses (c), (g), (h) and (i) above; and 

(k) the Administrative Agent shall have received a Notice of Borrowing for the Borrowings to be made on the Amendment
Effective Date. 
 SECTION 8.    Conditions to Effectiveness of the Required Lender Amendments and
the 2018 Revolving Facility Upsize. The effectiveness of the Required Lender Amendments and the 2018 Revolving Facility Upsize (but not, for the avoidance of doubt, the funding of the 2018 New Term A Advances, the funding of the 2018 New Term B
Advances or the effectiveness of the Incremental Amendments) are subject to the satisfaction or waiver in writing of the following conditions precedent: 

(a) the occurrence of the Amendment Effective Date; 

(b) the Administrative Agent’s (or its counsel’s) receipt of: 

            (i)      
  the counterparts of this Amendment executed by (i) the Lenders under the Existing Credit Agreement constituting the Required Lenders immediately prior to the Amendment Effective Date and (ii) the 2018 New Revolving Lenders; or,
as to any of the foregoing Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment and 

            (ii)     
   a certificate of each Loan Party signed on behalf of such Loan Party by a Responsible Officer, dated the Amendment Effective Date (the statements made in which certificate shall be true on and as of the Amendment Effective Date),
certifying as to (A) the accuracy in all material respects of the representations and warranties made by such Loan Party in the Loan Documents to which it is or is to be a party as though made on and as of the Amendment Effective Date and
(B) that no Default or Event of Default has occurred and is continuing or would result from this Amendment or any transactions contemplated hereby. 

SECTION 9.     Representations and Warranties. 

(a) Each of the Loan Parties hereby represents and warrants, on and as of the Amendment Effective Date, to the Required
Lenders immediately prior to the Amendment Effective Date and the 2018 New Revolving Lenders that: 

            (i)      
  the representations and warranties contained in each Loan Document (including, without limitation, the Amended Credit Agreement) are true and correct in all material respects, only to the extent that such representation and warranty is
not otherwise qualified by materiality or Material Adverse Effect on and as of such date, in which case such representation and warranty shall be true and correct in all respects, before and after giving effect to this Amendment, as though made on
and as of the date hereof, other than any such representations or warranties that, by their terms, refer to an earlier date, in which case as of such earlier date; and 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 13

            (ii)      
  as of the Amendment Effective Date, no Default or Event of Default has occurred and is continuing or would result from this Amendment or any transactions contemplated hereby. 

(b) Each of the Loan Parties hereby represents and warrants, on and as of the Amendment Effective Date, to the 2018 New Term
A Lenders and the 2018 New Term B Lenders that: 

            (i)      
   the 2018 Specified Representations are true and correct in all material respects, only to the extent that such representation and warranty is not otherwise qualified by materiality or Material Adverse Effect on and as of such date, in
which case such representation and warranty shall be true and correct in all respects, before and after giving effect to this Amendment, as though made on and as of the date hereof, other than any such representations or warranties that, by their
terms, refer to an earlier date, in which case as of such earlier date; and 

            (ii)     
   as of the Amendment Effective Date, no Default or Event of Default under Section 6.01(a) or (f) of the Existing Credit Agreement shall have occurred and be continuing at the time the GrazianoFairfield Acquisition is
consummated. 
 (c)        No part of the proceeds of the 2018 New Term A Advances
or the 2018 New Term B Advances will be used, directly or indirectly, in connection with any investment in, or any transactions or dealings with, any Person who, at the time of such investment, transactions or dealings, is a Sanctioned Person, or in
any other way that would cause, result in or constitute at any time (a) a violation of any Sanctions by the Borrower or any of its Affiliates or any other Person advising or financing the Borrower or any of its Affiliates in connection with the
GrazianoFairfield Transactions or (b) a Sanctions Violation. For purposes of this Section 9(c), the following capitalized terms shall have the below meanings: 

“Blocked Party” means any Person in which Sanctioned Persons, directly or indirectly, on their own or together with other
Sanctioned Persons, own legally or beneficially an interest of at least 50%. 
 “OFAC Laws” means any laws, regulations,
and Executive Orders relating to the economic sanctions programs administered by OFAC, including the International Emergency Economic Powers Act, 50 U.S.C. Sections 1701 et seq.; the Trading with the Enemy Act, 50 U.S.C. App. Sections I et seq.; and
the Office of Foreign Assets Control, Department of the Treasury Regulations, 31 C.F.R. Parts 500 et seq. (implementing the economic sanctions programs administered by OFAC). 

“OFAC SDN List” means the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC. 

“Sanctioned Country” means Cuba, Iran, Sudan, Syria, North Korea and the territory of Crimea. 

“Sanctioned Person” means (i) any Person named on the OFAC SDN List, (ii) any Person with whom a citizen of the
United States is prohibited to engage in transactions under OFAC Laws, 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 14

 
(iii) any Person listed in any Sanctions-related list of designated Persons maintained by any Sanctions Authority or (iv) any Person organized or resident in any Sanctioned Country. 

“Sanctions” mean any economic sanctions administered or enforced by any Sanctions Authority, including without limitation
OFAC Laws. 
 “Sanctions Authority” means the United States (including, without limitation, OFAC), the European Union, the
United Kingdom (including, without limitation, Her Majesty’s Treasury) or Switzerland. 
 “Sanctions Violation” means
any situation in which the Specified SDNs’ or any other Person’s beneficial interest in the Seller or any of the Segment Companies (whether directly or indirectly) will, alone or together with any other Sanctioned Person or Blocked Party
with a beneficial interest in the Seller or any of the Segment Companies (whether directly or indirectly), cause the Seller or any of the Segment Companies to become a Sanctioned Person or Blocked Party. 

“Segment Companies” means GrazianoFairfield and its subsidiaries as set forth in the segment chart in Annex B to the
GrazianoFairfield Acquisition Agreement. 
 “Seller” means OC Oerlikon Corporation AG, Pfäffikon. 

“Specified SDNs” mean Viktor Feliksovich Vekselberg, who is a named individual on the OFAC SDN List and Renova Group, which
is a named entity on the OFAC SDN List. 
 SECTION 10.    Affirmation and Consent of Guarantors and
Grantors. Each Guarantor and Grantor hereby consents to the amendments to the Existing Credit Agreement effected hereby, and hereby confirms, acknowledges and agrees that, (a) notwithstanding the effectiveness of this Amendment, the
obligations of such Guarantor contained in Article VIII of the Amended Credit Agreement or in any other Loan Document to which it is a party are, and shall remain, in full force and effect and are hereby ratified and confirmed in all respects,
except that, on and after the Amendment Effective Date, each reference in Article VIII of the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import shall mean and be a
reference to the Amended Credit Agreement, (b) the pledge and security interest in the Collateral granted by it pursuant to the Collateral Documents to which it is a party shall continue in full force and effect and (c) such pledge and
security interest in the Collateral granted by it pursuant to such Collateral Documents shall continue to secure the Obligations purported to be secured thereby, as amended or otherwise affected hereby. 

SECTION 11.    Reference to and Effect on the Loan Documents. Upon and after the effectiveness of
this Amendment, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing Credit Agreement, and each reference in the Notes and each of
the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Existing Credit Agreement shall mean and be a reference to the Amended Credit Agreement. 

(a)        The Existing Credit Agreement, the Amended Credit Agreement, the Notes and
each of the other Loan Documents, as specifically amended by this Amendment, are 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 15

 
and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. This Amendment shall constitute a “Loan Document” for all purposes of the
Amended Credit Agreement and the other Loan Documents. 
 (b)        The execution,
delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, the Administrative Agent or the Collateral Agent under the Existing Credit Agreement, the
Amended Credit Agreement or any other Loan Document, nor constitute a waiver of any provision thereof. 
 SECTION
12.    Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic communication shall be effective as delivery of an original
executed counterpart thereof. 
 SECTION 13.    Governing Law. This Amendment shall be governed
by, and construed in accordance with, the laws of the State of New York. 
 [The remainder of this page intentionally left blank.] 

  

			
	Amendment No. 2 to Credit and Guaranty Agreement	  	Page 16

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

			
	DANA INCORPORATED,
as Borrower
		
	By:  	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	DANA LIMITED,
as a Guarantor
		
	By:    	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA AUTOMOTIVE SYSTEMS GROUP, LLC, as a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA DRIVESHAFT PRODUCTS, LLC,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA DRIVESHAFT MANUFACTURING, LLC, as a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer

 [Signature Page to Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 DANA LIGHT AXLE PRODUCTS, LLC,
 as a
Guarantor

		
	By:    	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA LIGHT AXLE MANUFACTURING, LLC, as a Guarantor

		
	By:  	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA SEALING PRODUCTS, LLC,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA SEALING MANUFACTURING, LLC,
 as
a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA STRUCTURAL PRODUCTS, LLC,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA STRUCTURAL MANUFACTURING, LLC, as a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer

 [Signature Page to Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 DANA THERMAL PRODUCTS, LLC,
 as a
Guarantor

		
	By:    	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	DANA HEAVY VEHICLE SYSTEMS GROUP,
LLC, as a Guarantor
		
	By:  	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	DANA COMMERCIAL VEHICLE PRODUCTS,
LLC, as a Guarantor
		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA COMMERCIAL VEHICLE MANUFACTURING, LLC, as a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 SPICER HEAVY AXLE & BRAKE, INC.,

as a Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer

 [Signature Page to Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 DANA OFF HIGHWAY PRODUCTS, LLC,
 as
a Guarantor

		
	By:    	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA WORLD TRADE CORPORATION,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	DANA AUTOMOTIVE AFTERMARKET, INC.,
as a Guarantor
		
	By:  	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA GLOBAL PRODUCTS, INC.,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA RUSSIA HOLDINGS, INC.,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer
	
	 DANA EMPLOYMENT, INC.,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:  Timothy R. Kraus
		 	Title:    Treasurer

 [Signature Page to Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 WARREN MANUFACTURING LLC,
 as a
Guarantor

		
	By:	 	/s/ Timothy R. Kraus                                
		 	Name:   Timothy R. Kraus
		 	Title:     Treasurer
	
	 DANA FINANCIAL SERVICES US CORP.,

as a Guarantor

		
	By:    	 	/s/ Timothy R. Kraus                                
		 	Name:   Timothy R. Kraus
		 	Title:     Treasurer

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 CITIBANK, N.A.,
 as
Administrative Agent, Collateral Agent, Issuing Bank, a Lender, a 2018 New Revolving Lender, a 2018 New Term A Lender and the 2018 New Term B Lender

		
	By:    	 	/s/ Matthew Burke                                
		 	Name:   Matthew Burke
		 	Title:     Managing Director & Vice President

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 BARCLAYS BANK PLC,
 as Lender, 2018
New Revolving Lender and 2018 New Term A Lender

		
	By:    	 	/s/ Craig
Malloy                                        
                        
		 	Name:   Craig Malloy
		 	Title:     Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender, 2018 New Term A Lender and 2018 New Revolving
Lender

		
	By:    	 	 /s/ Vipul
Dhadda                                        
                            

		 	Name:   Vipul Dhadda
		 	Title:     Authorized Signatory
		
	By:	 	/s/ Brady Bingham
                                         
                       
		 	Name:   Brady Bingham
		 	Title:     Authorized Signatory

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 GOLDMAN SACHS BANK USA,
 as Issuing
Bank, Lender, 2018 New Term A Lender and 2018 New Revolving Lender

		
	By:    	 	/s/ Charles D. Johnston                            
		 	Name:   Charles D. Johnston
		 	Title:     Authorized Signatory
	
	GOLDMAN SACHS LENDING PARTNERS LLC, as Issuing Bank, Lender and 2018 New Term A Lender
		
	By:  	 	/s/ Charles D. Johnston                            
		 	Name:   Charles D. Johnston
		 	Title:     Authorized Signatory

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as
Issuing Bank, Lender, 2018 New Term A Lender and 2018 New Revolving Lender

		
	By:    	 	/s/ Gene Riego de Dios                            
		 	Name:   Gene Riego de Dios
		 	Title:     Executive Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 BANK OF AMERICA, N.A,
 as Issuing
Bank, Lender, 2018 New Term A Lender and 2018 New Revolving Lender

		
	By:    	 	/s/ Brian Lukehart                            
		 	Name:   Brian Lukehart
		 	Title:     Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 ROYAL BANK OF CANADA,
 as Lender,
2018 New Term A Lender and 2018 New Revolving Lender

		
	By:    	 	/s/ Nikhil
Madhok                                        

		 	Name:   Nikhil Madhok
		 	Title:     Authorized Signatory

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 UNICREDIT BANK AG, NEW YORK BRANCH,

as 2018 New Revolving Lender

		
	By:    	 	/s/ Betsy
Briggs                                    
		 	Name:   Betsy Briggs
		 	Title:     Associate Director
		
	By:  	 	/s/ Fabio Della Malva                            
		 	Name:   Fabio Della Malva
		 	Title:     Managing Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	UBS AG, STAMFORD BRANCH, 
	as Lender
		
	By:    	 	/s/ Darlene
Arias                                    
		 	Name:   Darlene Arias
		 	Title:     Director
		
	By:  	 	/s/ Houssem
Daly                                    
		 	Name:   Houssem Daly
		 	Title:     Associate Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 CITIZENS BANK, N.A., 

	 as Lender

		
	By:    	 	/s/ Madeline Villanueva                                
		 	Name:   Madeline Villanueva
		 	Title:     Associate, AVP

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 BMO HARRIS BANK N.A.,
 as
Lender

		
	By:    	 	/s/ Joshua Hovermale                            
		 	Name:   Joshua Hovermale
		 	Title:     Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 
			
	 FIFTH THIRD BANK, 

as Lender

		
	By:    	 	/s/ Mike Gifford                                
		 	Name:   Mike Gifford
		 	Title:     Director

  
 [Signature Page to
Amendment No. 2 to Credit and Guaranty Agreement] 

 EXHIBIT A 

Amended Credit Agreement 

[Attached.] 

 EXHIBIT A TO 

AMENDMENT NO. 2 

$1,700,000,000 
 CREDIT

 AND GUARANTY AGREEMENT 

Dated as of June 9, 2016, as amended by that certain Amendment No. 1, dated as of August 17, 2017, and 

that certain Amendment No. 2, dated as of February 28, 2019 

among 
 DANA INCORPORATED, 

as Borrower 
 and 

THE GUARANTORS PARTY HERETO 
 and

 CITIBANK, N.A., 
 as
Administrative Agent and Collateral Agent 
 and 

CITIBANK, N.A., GOLDMAN SACHS BANK USA, BANK OF AMERICA, N.A., JPMORGAN 

CHASE BANK, N.A. and GOLDMAN SACHS LENDING PARTNERS LLC, 

as Issuing Banks 
 and 

THE LENDERS PARTY HERETO 
  

 
 CITIGROUP GLOBAL MARKETS INC., 

BARCLAYS BANK PLC, 
 CREDIT SUISSE
LOAN FUNDING LLC, 
 GOLDMAN SACHS BANK USA, 

JPMORGAN CHASE BANK, N.A., 
 MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED (with respect to the 2018 New 
 Term A Facility only), and 

ROYAL BANK OF CANADA, 
 as Joint
Lead Arrangers 
 and 
 Joint
Bookrunners 
  
  

 
 UBS SECURITIES LLC, CITIZENS BANK N.A,
BMO CAPITAL MARKETS and FIFTH THIRD 
 BANK, 

as Documentation Agents 
  

 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I
	  

	
	 DEFINITIONS AND ACCOUNTING TERMS
	  

			
	 Section 1.01
	    	 Certain Defined Terms
	  	 	1	 
	 Section 1.02
	    	 Computation of Time Periods
	  	 	49	 
	 Section 1.03
	    	 Accounting Terms and Financial Determinations
	  	 	49	 
	 Section 1.04
	    	 Terms Generally
	  	 	50	 
	 Section 1.05
	    	 Limited Condition Acquisitions
	  	 	50	 
	
	ARTICLE II	  

	
	AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT	  

			
	 Section 2.01
	    	 The Advances
	  	 	51	 
	 Section 2.02
	    	 Making the Advances
	  	 	52	 
	 Section 2.03
	    	 Issuance of and Drawings and Reimbursement Under Letters of Credit
	  	 	55	 
	 Section 2.04
	    	 Repayment of Advances
	  	 	61	 
	 Section 2.05
	    	 Termination or Reduction of Commitments
	  	 	61	 
	 Section 2.06
	    	 Prepayments
	  	 	62	 
	 Section 2.07
	    	 Interest
	  	 	64	 
	 Section 2.08
	    	 Fees
	  	 	65	 
	 Section 2.09
	    	 Conversion of Advances
	  	 	66	 
	 Section 2.10
	    	 Increased Costs, Etc.
	  	 	67	 
	 Section 2.11
	    	 Payments and Computations
	  	 	68	 
	 Section 2.12
	    	 Taxes
	  	 	69	 
	 Section 2.13
	    	 Sharing of Payments, Etc.
	  	 	73	 
	 Section 2.14
	    	 Use of Proceeds
	  	 	73	 
	 Section 2.15
	    	 Defaulting Lenders
	  	 	73	 
	 Section 2.16
	    	 Evidence of Debt
	  	 	76	 
	 Section 2.17
	    	 Replacement of Certain Lenders
	  	 	76	 
	 Section 2.18
	    	 Incremental Facilities
	  	 	77	 
	 Section 2.19
	    	 Extended Facilities
	  	 	79	 
	 Section 2.20
	    	 Refinancing Facilities
	  	 	81	 
	
	ARTICLE III	  

	
	CONDITIONS TO EFFECTIVENESS	  

			
	 Section 3.01
	    	 Conditions Precedent to the Closing Date
	  	 	83	 
	 Section 3.02
	    	 Conditions Precedent to Each Borrowing and Each Issuance of a Letter of Credit
	  	 	85	 
	 Section 3.03
	    	 Determinations Under Section 3.01
	  	 	86	 

  
 i 

							
	ARTICLE IV	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	 Section 4.01
	    	 Representations and Warranties of the Loan Parties
	  	 	86	 
	
	ARTICLE V	  

	
	COVENANTS OF THE LOAN PARTIES	  

			
	 Section 5.01
	    	 Affirmative Covenants
	  	 	90	 
	 Section 5.02
	    	 Negative Covenants
	  	 	95	 
	 Section 5.03
	    	 Reporting Requirements
	  	 	107	 
	 Section 5.04
	    	 Financial Covenant
	  	 	109	 
	
	ARTICLE VI	  

	
	EVENTS OF DEFAULT	  

			
	 Section 6.01
	    	 Events of Default
	  	 	109	 
	 Section 6.02
	    	 Actions in Respect of the Letters of Credit upon Default
	  	 	112	 
	 Section 6.03
	    	 Clean-Up Period
	  	 	113	 
	
	ARTICLE VII	  

	
	THE AGENTS	  

			
	 Section 7.01
	    	 Appointment and Authorization of the Agents
	  	 	113	 
	 Section 7.02
	    	 Delegation of Duties
	  	 	113	 
	 Section 7.03
	    	 Liability of Agents
	  	 	114	 
	 Section 7.04
	    	 Reliance by Agents
	  	 	115	 
	 Section 7.05
	    	 Notice of Default
	  	 	115	 
	 Section 7.06
	    	 Credit Decision; Disclosure of Information by Agents
	  	 	116	 
	 Section 7.07
	    	 Indemnification of Agents
	  	 	116	 
	 Section 7.08
	    	 Agents in Their Individual Capacity
	  	 	117	 
	 Section 7.09
	    	 Successor Agent
	  	 	118	 
	 Section 7.10
	    	 Administrative Agent May File Proofs of Claim
	  	 	118	 
	 Section 7.11
	    	 Collateral and Guaranty Matters
	  	 	119	 
	 Section 7.12
	    	 Other Agents; Arrangers and Managers
	  	 	120	 
	 Section 7.13
	    	 Certain ERISA Matters
	  	 	120	 
	
	ARTICLE VIII	  

	
	GUARANTY	  

	 Section 8.01
	    	 Guaranty
	  	 	121	 

  
 ii 

							
	 Section 8.02
	    	 Guaranty Absolute
	  	 	122	 
	 Section 8.03
	    	 Waivers and Acknowledgments
	  	 	123	 
	 Section 8.04
	    	 Subrogation
	  	 	124	 
	 Section 8.05
	    	 Additional Guarantors
	  	 	124	 
	 Section 8.06
	    	 Continuing Guarantee; Assignments
	  	 	124	 
	 Section 8.07
	    	 No Reliance
	  	 	125	 
	 Section 8.08
	    	 No Fraudulent Transfer
	  	 	125	 
	 Section 8.09
	    	 Keepwell
	  	 	125	 
	
	ARTICLE IX	  

	
	MISCELLANEOUS	  

	 Section 9.01
	    	 Amendments, Etc.
	  	 	126	 
	 Section 9.02
	    	 Notices, Etc.
	  	 	128	 
	 Section 9.03
	    	 No Waiver; Remedies
	  	 	129	 
	 Section 9.04
	    	 Costs, Fees and Expenses
	  	 	130	 
	 Section 9.05
	    	 Right of Set-off
	  	 	132	 
	 Section 9.06
	    	 Binding Effect
	  	 	132	 
	 Section 9.07
	    	 Successors and Assigns
	  	 	132	 
	 Section 9.08
	    	 Execution in Counterparts; Integration
	  	 	137	 
	 Section 9.09
	    	 Confidentiality; Press Releases, Related Matters and Treatment of Information
	  	 	137	 
	 Section 9.10
	    	 Patriot Act Notice
	  	 	139	 
	 Section 9.11
	    	 Jurisdiction, Etc.
	  	 	139	 
	 Section 9.12
	    	 Governing Law
	  	 	140	 
	 Section 9.13
	    	 Waiver of Jury Trial
	  	 	140	 
	 Section 9.14
	    	 Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	  	 	140	 

  
 iii 

 SCHEDULES 

					
	 Schedule I
	  	-	  	 Commitments and Applicable Lending Offices

	 Schedule II
	  	-	  	 Affiliated Transactions

	 Schedule III
	  	-	  	 Agreements with Negative Pledge Clauses

	 Schedule 1.01(a)
	  	-	  	 Existing Letters of Credit

	 Schedule 1.01(b)
	  	-	  	 Surviving Debt

	 Schedule 4.01
	  	-	  	 Equity Investments; Subsidiaries

	 Schedule 4.01(j)
	  	-	  	 Disclosures

	 Schedule 5.02(a)
	  	-	  	 Existing Liens

	 Schedule 5.02(e)
	  	-	  	 Existing Investments

 EXHIBITS 
  

					
	 Exhibit A-1
	  	-	  	 Form of Revolving Credit Note

	 Exhibit A-2
	  	-	  	 Form of Term Note

	 Exhibit B
	  	-	  	 Form of Notice of Borrowing

	 Exhibit C
	  	-	  	 Form of Assignment and Acceptance

	 Exhibit D-1
	  	-	  	 Form of Opinion of Paul, Weiss, Rifkind, Wharton & Garrison, LLP

	 Exhibit D-2
	  	-	  	 Form of Opinion of Shumaker, Loop & Kendrick, LLP

	 Exhibit E
	  	-	  	 Form of Tax Compliance Certificates

	 Exhibit F
	  	-	  	 Form of Compliance Certificate

	 Exhibit G
	  	-	  	 Form of Security Agreement

	 Exhibit H
	  	-	  	 Form of Guaranty Supplement

	 Exhibit I
	  	-	  	 Form of Solvency Certificate

  
 iv 

 CREDIT AND GUARANTY AGREEMENT 

CREDIT AND GUARANTY AGREEMENT (this “Agreement”) dated as of June 9, 2016 (as amended by Amendment
No. 1, dated as of August 17, 2017, and Amendment No. 2, dated as of February 28, 2019) among DANA INCORPORATED (formerly known as Dana Holding Corporation), a Delaware corporation (the “Borrower”), and each of
the direct and indirect subsidiaries of the Borrower signatory hereto (each, a “Guarantor”, and, collectively, together with any person that becomes a Guarantor hereunder pursuant to Section 8.05, the
“Guarantors”), the banks, financial institutions and other institutional lenders party hereto (each, a “Lender”, and collectively with any other person that becomes a Lender hereunder pursuant to Section 9.07
or to Amendment No. 2 (as defined below), the “Lenders”), CITIBANK, N.A. (“CITI”), as administrative agent (or any successor appointed pursuant to Article VII, the “Administrative Agent”)
for the Lender Parties and the other Secured Parties (each as hereinafter defined), CITI, as collateral agent (or any successor appointed pursuant to Article VII, the “Collateral Agent”) for the Lender Parties and the other
Secured Parties, CITIGROUP GLOBAL MARKETS INC. (“CGMI”), JPMORGAN CHASE BANK, N.A. (“JPM”), BANK OF AMERICA, N.A. (“BofA”), GOLDMAN SACHS BANK USA (“GS”) and BARCLAYS BANK PLC
(“Barclays”) as joint lead arrangers and joint bookrunners (the “Joint Lead Arrangers”), JPM, BofA and GS, as syndication agents (the “Syndication Agents”), ROYAL BANK OF CANADA (“Royal
Bank”), UBS SECURITIES LLC (“UBS”), CREDIT SUISSE SECURITIES (USA) LLC (“CS”), CITIZENS BANK N.A. (“Citizens”), BMO CAPITAL MARKETS (“BMO”) and FIFTH THIRD BANK
(“FTB”), as documentation agents (the “Documentation Agents”). 
 PRELIMINARY STATEMENT 

The Borrower has requested that the Lender Parties provide, and the Lender Parties have agreed to provide, the senior secured
facilities described herein, the proceeds of which shall be used as provided in Section 5.01(h). 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS
AND ACCOUNTING TERMS 
 Section 1.01    Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings: 
 “2018 New Term A Advance” has the
meaning specified in Section 2.01(c). 
 “2018 New Term A Lender” means any Lender that has a 2018
New Term A Commitment or a 2018 New Term A Advance. 
 “2018 New Term A Commitment” means, with respect to
any Lender at any time, the amount set forth for such time opposite such Lender’s name on Schedule I hereto under the caption “2018 New Term A Commitment” or, if such Lender has entered into one or more Assignments and Acceptance, set
forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “2018 New Term A Commitment”, as such amount may be reduced at or prior 

  
 Dana 

Revolving Credit and Guaranty Agreement 

 
to such time pursuant to Section 2.05. The aggregate amount of the 2018 New Term A Commitment as of the Amendment No. 2 Effective Date is $225,000,000. 

“2018 New Term A Facility” means, at any time, the aggregate amount of the Lenders’ 2018 New Term A
Commitments and 2018 New Term A Advances at such time. 
 “2018 New Term B Advance” has the meaning
specified in Section 2.01(d). 
 “2018 New Term B Commitment” means, with respect to any Lender at
any time, the amount set forth for such time opposite such Lender’s name on Schedule I hereto under the caption “2018 New Term B Commitment” or, if such Lender has entered into one or more Assignments and Acceptance, set forth for
such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “2018 New Term B Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.
The aggregate amount of the 2018 New Term B Commitment as of the Amendment No. 2 Effective Date is $450,000,000. 

“2018 New Term B Facility” means, at any time, the aggregate amount of the Lenders’ 2018 New Term B
Commitments and 2018 New Term B Advances at such time. 
 “2018 New Term B Lender” means any Lender that
has a 2018 New Term B Commitment or a 2018 New Term B Advance. 
 “2021 Senior Notes” means the
$450,000,000 aggregate principal amount of 5.375% Senior Notes issued by Dana Incorporated due 2021. 
 “2025
Senior Notes” means $400,000,000 aggregate principal amount of 5.750% Senior Notes due 2025 to be issued by Dana Financing Luxembourg S.á.r.l. pursuant to that certain Indenture to be dated as of April 14, 2017. 

“ACH” means automated clearinghouse transfers. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting,
directly or indirectly, in (i) the acquisition of all or substantially all of the assets of any Person, or any business or division of any Person, (ii) the acquisition or ownership of in excess of 50% of the Capital Stock in any Person, or
(iii) the acquisition of another Person by a merger, consolidation, amalgamation or any other combination with such Person. 

“Activities” has the meaning specified in Section 7.08. 

“Additional Lender” has the meaning specified in Section 2.18. 

“Adjustment Date” has the meaning specified in the definition of “Applicable Margin”. 

“Administrative Agent” has the meaning specified in the recital of parties to this Agreement. 

“Administrative Agent’s Account” means the account of the Administrative Agent maintained by the
Administrative Agent with CITI and identified to the Borrower and the Lender Parties from time to time. 

  
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 Credit and Guaranty
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 “Advance” means a Revolving Credit Advance, a Swing Line
Advance, a Letter of Credit Advance, a Term Advance, an Incremental Revolving Advance or an Incremental Term Advance, as applicable. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled
by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common
control with”) of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Affiliated Lender” has the meaning specified in the definition of “Eligible Assignee”. 

“Agent Parties” has the meaning specified in Section 9.02(c). 

“Agent-Related Persons” means, the Agents, together with their respective Affiliates, and the officers,
directors, employees, agents and attorneys-in-fact of such Agents and Affiliates. 

“Agents” means the Administrative Agent, the Collateral Agent, the Syndication Agents, the Documentation
Agents and the Joint Lead Arrangers. 
 “Agent’s Group” has the meaning specified in
Section 7.08. 
 “Agreement Value” means, for each Hedge Agreement, on any date of determination, an
amount equal to: (a) in the case of a Hedge Agreement documented pursuant to the Master Agreement (Multicurrency-Cross Border) published by the International Swap and Derivatives Association, Inc. (the “Master Agreement”), the amount,
if any, that would be payable by any Loan Party or any of its Restricted Subsidiaries to its counterparty to such Hedge Agreement, as if (i) such Hedge Agreement was being terminated early on such date of determination, (ii) such Loan
Party or Restricted Subsidiary was the sole “Affected Party,” and (iii) the Administrative Agent was the sole party determining such payment amount (with the Administrative Agent making such determination pursuant to the provisions of
the form of Master Agreement); (b) in the case of a Hedge Agreement traded on an exchange, the mark-to-market value of such Hedge Agreement, which will be the
amount, if any, that would be payable by the Loan Party or Restricted Subsidiary of a Loan Party to its counterparty to such Hedge Agreement based on the settlement price of such Hedge Agreement on such date of determination; or (c) in all
other cases, the mark-to-market value of such Hedge Agreement, which will be the unrealized loss or gain on such Hedge Agreement to the Loan Party or Restricted
Subsidiary of a Loan Party to such Hedge Agreement determined as the amount, if any, by which (i) the present value of the future cash flows to be paid by such Loan Party or Restricted Subsidiary exceeds (ii) the present value of the
future cash flows to be received by such Loan Party or Restricted Subsidiary pursuant to such Hedge Agreement; capitalized terms used and not otherwise defined in this definition shall have the respective meanings set forth in the above described
Master Agreement. 
 “Amendment No. 1” means that certain Amendment No. 1 to
Revolving Credit and Guaranty Agreement and Amendment No. 1 to the Revolving Security Agreement, dated as of August 17, 2017, by and among the Loan Parties, the Lender Parties party thereto and the Administrative Agent. 

“Amendment No. 1 Effective Date” means the Amendment Effective Date (as defined in
Amendment No. 1). 

  
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Dana 
 Credit and Guaranty
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 “Amendment No. 2” means that certain
Amendment No. 2 to Credit and Guaranty Agreement, dated as of February 28, 2019, by and among the Loan Parties, the Lender Parties party thereto and the Administrative Agent. 

“Amendment No. 2 Effective Date” means the Amendment Effective Date (as defined in
Amendment No. 2). 
 “Applicable Lending Office” means, with respect to each Lender Party, such
Lender Party’s Domestic Lending Office in the case of a Base Rate Advance and such Lender Party’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 

“Applicable Margin” means (A) with respect to the 2018 New Term B Facility, (i) 2.25% per annum in the
case of Eurodollar Rate Advances and (ii) 1.25% per annum in the case of Base Rate Advances and (B) with respect to the Revolving Credit Facility and the Term A Facility, initially (i) 1.75% per annum in the case of Eurodollar Rate Advances and
(ii) 0.75% per annum in the case of Base Rate Advances and (ii) following the end of the first full fiscal quarter after the Closing Date, the rate per annum as determined pursuant to the pricing grid below based upon the Total Net Leverage
Ratio for the most recently ended Fiscal Quarter immediately preceding such Adjustment Date: 
  

							
	
  Total Net Leverage    

Ratio    
	 	
  Applicable Margin    

for Eurodollar    

Advances    
  
	 	
  Applicable Margin for    

Base Rate Advances    
	 	Commitment    
Fee    
	
£ 1.00:1.00

 
	 	 1.50%

 
	 	 0.50%

 
	 	 0.25%

 

	
> 1.00:1.00 and

£ 2.00:1.00

 
	 	 1.75%

 
	 	 0.75%

 
	 	 0.375%

 

	
> 2.00:1.00

 
	 	 2.00%

 
	 	 1.00%

 
	 	 0.50%

 

 Any change in the Applicable Margin resulting from changes in the Total Net Leverage
Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which the last Compliance Certificate of any Fiscal Quarter is delivered to the Lenders pursuant to Section 5.03(e)
and shall remain in effect until the next change to be effected pursuant to this paragraph. If any such Compliance Certificate is not delivered within the time period specified in Section 5.03(e), then, until the date that is three Business
Days after the date on which such Compliance Certificate is delivered, the highest rate set forth in each column of the above pricing grid shall apply. 

In the event that at any time after the end of a Fiscal Quarter it is discovered that the Total Net Leverage Ratio for such
Fiscal Quarter used for the determination of the Applicable Margin was greater than the actual Total Net Leverage Ratio for such Fiscal Quarter, the Applicable Margin with respect to the Revolving Credit Facility and the Term A Facility for such
prior Fiscal Quarter shall be adjusted to the applicable percentage based on such actual average Total Net Leverage Ratio for such Fiscal Quarter and any additional interest for the applicable period payable as a result of such recalculation shall
be due and payable on the next date in which interest or fees are due and payable to Lender Parties. 

“Appropriate Lender” means, at any time, with respect to (a) the Term A Facility, a Lender that has a
Commitment or Advance outstanding, in each case with respect to or under such Facility at such time, (b) the 2018 New Term B Facility, a Lender that has a Commitment or Advance 

  
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outstanding, in each case with respect or under such Facility at such time, (c) the Revolving Credit Facility, a Lender that has a Commitment or Advances outstanding, in each case with
respect to or under such Facility at such time, (d) the Letter of Credit Sublimit, (i) any Issuing Bank and (ii) if the Revolving Credit Lenders have made Letter of Credit Advances pursuant to Section 2.03(c) that are outstanding
at such time, each such Revolving Credit Lender and (e) the Swing Line Facility, (i) the Swing Line Lender and (ii) if the Revolving Credit Lenders have made Swing Line Advances pursuant to Section 2.02(b) that are outstanding at
such time, each Revolving Credit Lender. 
 “Approved Fund” means any Fund that is administered or managed
by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Asset Sale” means any sale, lease, transfer or other disposition of property or series of related sales,
leases, transfers or other dispositions of property, in each case, constituting Collateral by the Borrower and its Subsidiaries pursuant to clauses (iv) or (xi) of Section 5.02(f) that yields Net Cash Proceeds to the Borrower and its
Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $25,000,000 (provided that the aggregate amount of all net cash proceeds excluded from the definition of “Asset Sale” pursuant to the foregoing threshold shall not exceed an
aggregate amount of $75,000,000 in any Fiscal Year). 
 “Assignment and Acceptance” means an assignment
and acceptance entered into by a Lender Party and an Eligible Assignee, and accepted by the Administrative Agent, in accordance with Section 9.07 and in substantially the form of Exhibit C hereto. 

“Available Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn
under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing). For all purposes of this Agreement, if on any date of determination a Letter of Credit issued subject to ISP98 has expired by its terms but
any amount may still be drawn thereunder by reason of the operation of Rule 3.13 or 3.14 of ISP98, then the “Available Amount” of such Letter of Credit shall be deemed to be the amount so remaining available to be drawn. 

“Available Amount Basket” means, at any time, an amount equal to, without duplication, the sum of: 

(i)      $300,000,000, plus 

(ii)    50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net
Income shall be a loss, minus 100% of such loss) of the Borrower earned during the period beginning on the first day of the fiscal quarter commencing on July 1, 2013 and through the end of the most recent fiscal quarter for which financial
statements are available prior to the date such Restricted Payment occurs (the “Reference Date”); plus 

(iii)    the aggregate proceeds (including cash and the fair market value (as determined
in good faith by the Borrower) of property or assets other than cash) received by the Borrower from any Person (other than a Subsidiary of the Borrower) since the Closing Date as a contribution to its common equity capital or from the issuance and
sale of Qualified Capital Stock of the Borrower or from the issuance of Debt of the Borrower subsequent to the Closing Date that has been converted into or exchanged for Qualified Capital Stock of the Borrower on or prior to the Reference Date; plus

  
 5 

Dana 
 Credit and Guaranty
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 (iv)    the net proceeds received by the
Borrower or any Restricted Subsidiary since the Closing Date in connection with the disposition to any Person (other than the Borrower or any Restricted Subsidiary) of any Investment made pursuant to Section 5.02(e)(xvii); plus 

(v)      an amount equal to any returns (including dividends, interest,
distributions, return of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower or any Restricted Subsidiary in respect of Investments made pursuant to Section 5.02(e)(xvii); plus 

(vi)    an amount equal to the aggregate amount received by the Borrower or any Restricted
Subsidiary in cash (and the fair market value (as determined in good faith by the Borrower) of property other than cash received by the Borrower or any Restricted Subsidiary after the Closing Date from (A) the sale (other than to the Borrower
or any Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary or (B) any dividend of other distribution by an Unrestricted Subsidiary; plus 

(vii)    in the event any Unrestricted Subsidiary has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or any Restricted Subsidiary, the fair market value (as determined in good faith by the Borrower) of
the Investments of the Borrower or any Subsidiary in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable); minus 

(viii)    any amounts thereof used to make Investments pursuant to
Section 5.02(e)(xvii) prior to such time; minus 
 (ix)      the
cumulative amount of Restricted Payments made pursuant to Section 5.02(c)(iii) prior to such time; minus 

(x)      any amount thereof used to make payments or distributions in respect of
Subordinated Debt pursuant to Section 5.02(l)(i)(E) prior to such time. 
 “Available Incremental
Amount” has the meaning specified in Section 2.18. 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, 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 Code” means Title 11, U.S. Code, or any similar foreign, federal or state law for the relief of
debtors. 
 “Barclays” has the meaning specified in the preamble hereto. 

“Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum
shall at all times be equal to the highest of (a) the rate of interest announced publicly by CITI in New York, New York, from time to time, as Citibank N.A.’s base rate; (b) the ICE Benchmark Administration Settlement Rate (or the
successor thereto if the ICE Benchmark 

  
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Administration is no longer making such rates available) applicable to Dollars for a period of one month (“One Month LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month LIBOR
for any day shall be based on the rate appearing on Reuters LIBOR01 Page (or other commercially available source providing such quotations as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. London time on such
day); provided that, if One Month LIBOR shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and (c) 1⁄2 of 1% per annum above
the Federal Funds Rate. 
 “Base Rate Advance” means an Advance that bears interest as provided in
Section 2.07(a)(i). 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as
defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or
otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”. 

“BMO” has the meaning specified in the preamble hereto. 

“Board of Directors” means, as to any Person, the board of directors of such Person or any duly authorized
committee thereof. 
 “BofA” has the meaning specified in the preamble hereto. 

“Borrower” has the meaning specified in the recital of parties to this Agreement. 

“Borrower’s Account” means the account of the Borrower maintained by the Borrower and specified in
writing to the Administrative Agent from time to time. 
 “Borrowing” means a borrowing consisting of
simultaneous Advances of the same Type made by the Appropriate Lenders. 
 “Building” means a structure
with at least two walls and a roof. 
 “Business Day” means a day of the year on which banks are not
required or authorized by law to close in New York City and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 

“Capital Expenditures” means, for any period, with respect to any Person, the aggregate of all expenditures
by such Person or any Restricted Subsidiary thereof during such period for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements
during such period) that, in conformity with GAAP, are required to be included as capital expenditures in the consolidated statement of cash flows of the Borrower and the Restricted Subsidiaries. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as
capitalized leases. For the avoidance of doubt, any obligation of a Person under a lease (whether existing as of the Closing Date or entered into in the future) that is not (or would not be) required to be classified and accounted for as a
Capitalized Lease on a balance sheet of such Person under GAAP as in effect as of the Closing Date shall not be deemed a Capitalized Lease as a result of the adoption of changes in or changes in the application of GAAP after the Closing Date. 

  
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 “Capital Stock” means (1) with respect to any Person
that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common Stock and preferred stock of such Person, and (2) with
respect to any Person that is not a corporation, any and all partnership or other equity interests of such Person. 

“Cash Equivalents” means (1) marketable direct obligations issued by, or unconditionally guaranteed by,
the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; (2) marketable direct obligations issued by
any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from either S&P or Moody’s; (3) commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least
A-2 from S&P or at least P-2 from Moody’s; (4) demand and time deposit accounts, certificates of deposit or bankers’ acceptances maturing within one
year from the date of acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of acquisition thereof
combined capital and surplus of not less than $250.0 million; (5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting
the qualifications specified in clause (4) above; (6) investments in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through (5) above; (7) investments in money market
funds subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the Commission under the Investment Company Act of 1940, as amended; and (8) solely in respect of the ordinary course
cash management activities of the Foreign Subsidiaries, equivalents of the investments described in clause (1) above to the extent guaranteed by any member state of the European Union or the country in which the Foreign Subsidiary operates and
equivalents of the investments described in clause (4) above issued, accepted or offered by any commercial bank organized under the laws of a member state of the European Union or the jurisdiction of organization of the applicable Foreign
Subsidiary having at the date of acquisition thereof combined capital and surplus of not less than $250.0 million. 

“Cash Management Bank” means, as of the date any such arrangement or agreement is entered into (including,
without limitation, any such arrangement or agreement entered into prior to the Closing Date), any Lender Party or an Affiliate of a Lender Party in its capacity as a party to documentation in respect of Cash Management Obligations. 

“Cash Management Obligations” means all Obligations of any Loan Party owing to a Lender Party (or a banking
Affiliate of a Lender Party) in respect of any overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any ACH transfers of funds. 

“Cash Pooling Arrangements” means the cash pooling and setting off arrangements entered into by the Borrower
and Dana Limited pursuant to that certain Cash Pooling Agreement dated as of October 29, 2010 among the Borrower, Dana Limited and Bank Mendes Gans N.V., as amended, restated, or otherwise modified from time to time, or any replacement of any
of the foregoing or any cash pooling arrangements for the same or substantially similar purposes, in each case on terms no less favorable in any material respect to the Lenders than the terms in respect of the Cash Pooling Arrangements in effect on
the date hereof. 
 “CGMI” has the meaning specified in the recital of parties to this Agreement. 

  
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 “Change in Law” means the occurrence, after the date of
this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
Governmental Authority or (c) the making or issuance of any written request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, for the purposes of this Agreement: (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued but only to the extent a Lender is imposing applicable increased costs or costs in connection with capital adequacy or liquidity requirements similar to those described in
clauses (a) and (b) of Section 2.10 generally on other similarly situated borrowers of loans under comparable United States of America cash flow revolving credit facilities. 

“Change of Control” means and shall be deemed to have occurred upon the occurrence of any of the following
events: (i) any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, and regulations promulgated thereunder), shall become the beneficial owner, directly or indirectly, of shares
representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock in the Borrower, (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions)
of all or substantially all of the assets of the Borrower to any Person or “group” after the Closing Date or (iii) the approval by the holders of Capital Stock of the Borrower of any plan or proposal for the liquidation or dissolution
of the Borrower (whether or not otherwise in compliance with the provisions of this Agreement). 
 “CITI”
has the meaning specified in the recital of parties to this Agreement. 
 “Citizens” has the meaning
specified in the preamble hereto. 
 “Clean-Up Period” shall have
the meaning assigned to such term in Section 6.03. 
 “Closing Date” means June 6, 2016. 

“Collateral” means all “Collateral” referred to in the Collateral Documents and all other property
that is or is intended to be subject to any Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the Secured Parties. 

“Collateral Agent” has the meaning specified in the recital of parties to this Agreement. 

“Collateral Documents” means, collectively, the Security Agreement, any Mortgages and any other agreement
that creates or purports to create a Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the Secured Parties. 

“Commitment” means a Revolving Credit Commitment, a Swing Line Commitment, a Letter of Credit Commitment, a
Term Commitment, a commitment in respect of an Incremental Revolving Facility or a commitment in respect of an Incremental Term Facility, as applicable. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time
to time, and any successor statute. 
 “Communications” has the meaning specified in Section 9.02(b).

  
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 “Compliance Certificate” has the meaning specified in
Section 5.03(e). 
 “Confidential Information” means any and all material non-public information delivered or made available by any Loan Party or any Subsidiary of a Loan Party relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such
information that is or has been made available publicly by a Loan Party or any Subsidiary thereof. 
 “Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Consolidated” refers to the consolidation of accounts in accordance with GAAP. 

“Consolidated Current Assets” means all assets of the Borrower and its Restricted Subsidiaries that, in
accordance with GAAP, are classified as current assets on the Borrower’s balance sheet, after deducting (a) appropriate and adequate reserves therefrom in each case in which a reserve is proper in accordance with GAAP and (b) cash and
Cash Equivalents. 
 “Consolidated Current Liabilities” means all assets of the Borrower and its
Restricted Subsidiaries that, in accordance with GAAP, are classified as current liabilities on the Borrower’s balance sheet after deducting, without duplication (a) the current portion of any Debt of such Person, (b) the current
portion of accrued interest, (c) accruals for current or deferred Taxes based on income or profits and (d) liabilities in respect of deferred purchase price holdbacks and earnout obligations. 

“Consolidated EBITDA” means, with respect to the Borrower, for any period, the sum (without duplication) of:
(1) Consolidated Net Income; and (2) to the extent Consolidated Net Income has been reduced thereby: (A) all Taxes of the Borrower and the Restricted Subsidiaries expensed or accrued in accordance with GAAP for such period;
(B) Consolidated Fixed Charges; (C) Consolidated Non-cash Charges; (D) any expenses or charges related to any issuance of Capital Stock, Investment, acquisition or disposition of division or
line of business, recapitalization or the incurrence or repayment of Debt permitted to be incurred hereunder (whether or not successful), (E) expected cost savings (including sourcing), operating expense reductions, operating improvements and
synergies (net of actual amounts realized) that are reasonably identifiable and factually supportable (in the good faith determination of the Borrower) related to (1) the Transactions and (2) after the Closing Date, permitted asset sales,
acquisitions, Investments, dispositions, operating improvements, restructurings, cost savings initiatives and certain other initiatives and/or specified transactions; provided that in each case (x) such actions have been taken or are to
be taken within twenty-four (24) months after the date of determination to take such action, (y) any such amounts added pursuant to this clause (E) does not exceed in the aggregate 20% of Consolidated EBITDA for any applicable four
Fiscal Quarter period and (z) no such amounts added pursuant to this clause (E) shall be duplicative of any other charges or expenses added pursuant to another clause in this definition, (F) the amount of any loss attributable to a
New Project, until the date that is twelve months after the date of completing the construction, acquisition, assembling or creation of such New Project, as the case may be; provided, that (x) such losses are reasonably identifiable and
factually supportable and certified by a Responsible Officer of the Borrower and (y) losses attributable to such New Project after twelve months from the date of completing such construction, acquisition, assembling or creation, as the case may
be, shall not be included in this clause (F) and (G) with respect to any joint venture that is not a Subsidiary and solely to the extent relating to any net income referred to in clause (5) or (14) of the definition of
“Consolidated Net Income”, an amount equal to the proportion of those items described in clauses (A) and (B) above relating to such joint venture corresponding to the Borrower’s and the Subsidiaries’ proportionate share of
such joint venture’s Consolidated Net Income (determined as if such joint venture were a Subsidiary); less any non-cash items increasing Consolidated

  
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Net Income for such period, all as determined on a consolidated basis for the Borrower and the Restricted Subsidiaries in accordance with GAAP. 

“Consolidated First Lien Debt” means, as of any date of determination, the aggregate principal amount of
Consolidated Total Debt at such date which is secured by a Lien on assets constituting Collateral that is pari passu with the Lien securing the Revolving Credit Facility and Term Facility. 

“Consolidated Fixed Charges” means, with respect to the Borrower for any period, the sum, without
duplication, of (1) Consolidated Interest Expense, plus (2) the product of (x) the amount of all dividend payments on any series of preferred stock of the Borrower or any Restricted Subsidiary paid, accrued and/or scheduled to be paid
or accrued during such period (other than dividends paid in Qualified Capital Stock of the Borrower or paid to the Borrower or to a Restricted Subsidiary) multiplied by (y) a fraction, the numerator of which is one and the denominator of which
is one minus the then current effective consolidated U.S. federal, state and local income tax rate of the Borrower, expressed as a decimal. 

“Consolidated Interest Expense” means, with respect to the Borrower and its Restricted Subsidiaries for any
period, total interest expense (including that attributable to Capitalized Leases in accordance with GAAP) with respect to all outstanding Debt, including, without limitation, the Obligations owed with respect thereto, including capitalized
interests, amortization or write-down of any deferred financing fees or amortization of original issue discount of any Debt, and to the extent not included in the foregoing, net losses relating to sales of accounts receivable pursuant to a Qualified
Receivables Transaction, all as determined on a Consolidated basis in accordance with GAAP. For purposes of the foregoing, interest expense of the Borrower and its Restricted Subsidiaries shall be determined after giving effect to any net payments
made or received by the Borrower and its Restricted Subsidiaries with respect to interest rate Hedge Agreements. For the purpose of calculating “Consolidated Interest Expense” over any period of four consecutive Fiscal Quarters ended
during the first three full Fiscal Quarters following the Closing Date, amounts under this definition shall be determined as if the pricing, fees and other amounts payable under the Existing Credit Agreement during such period would have been
determined based on the corresponding pricing, fees and other amounts payable under this Agreement. 

“Consolidated Net Income” means with respect to the Borrower, for any period, the aggregate net income (or
loss) of the Borrower and the Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded therefrom (1) after-tax
gains and losses from Asset Sales or abandonments or reserves relating thereto or from the extinguishment of any Debt of the Borrower or any Restricted Subsidiary; (2) unusual, transactional, extraordinary or
non-recurring gains or losses (determined on an after-tax basis and less any fees, expenses or charges related thereto); (3) any
non-cash compensation expense incurred for grants and issuances of stock appreciation or similar rights, stock options, restricted shares or other rights to officers, directors and employees of the Borrower
and its Restricted Subsidiaries (including any such grant or issuance to a 401(k) plan or other retirement benefit plan); (4) the net income (but not loss) of any Restricted Subsidiary to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; (5) the net income (loss) of any Person, other than a Restricted Subsidiary, except to the extent of cash dividends or
distributions paid to the Borrower or to a Restricted Subsidiary by such Person; (6) the net income (loss) of any Person acquired during the specified period for any period, prior to the date of such acquisition will be excluded for purposes of
Restricted Payments only; (7) after-tax income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether

  
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or not such operations were classified as discontinued) from and after the date that such operation is classified as discontinued; (8) write-downs resulting from the impairment of intangible
assets and any other non-cash amortization or impairment expenses; (9) cash restructuring or integration expenses (including any severance expenses, relocation expenses, curtailments or modifications to
pension and post-retirement employee benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing
costs, acquisition integration costs, facilities opening costs, business optimization costs, signing, retention or completion bonuses) in an amount not to exceed the greater of $75,000,000 and 5.0% of Consolidated EBITDA per fiscal year, plus, to
the extent that any amount permitted to be included in a prior year pursuant to this clause (9) is not utilized, such unutilized amount may be carried forward for use in only the next succeeding year; (10) the amount of amortization or write-off of deferred financing costs and debt issuance costs of the Borrower and its Restricted Subsidiaries during such period and any premium or penalty paid in connection with redeeming or retiring Debt of the
Borrower and its Restricted Subsidiaries prior to the stated maturity thereof pursuant to the agreements governing such Debt; (11) minority interest expenses; (12) losses or expenses or income or gain associated with the Agreement Value of
Hedge Agreements, (13) non-cash currency losses or gains on intercompany loans or advances, (14) losses or earnings of Persons accounted for on an equity basis, except to the extent of cash dividends
or distributions paid to the Borrower or to a Restricted Subsidiary by such Person (15) any costs or expenses incurred in connection with the Transactions, (16) the amount of loss or discount in connection with a Qualified Receivables
Transaction, and (17) the cumulative effect of a change in accounting principles. 
 “Consolidated Non-Cash Charges” means, with respect to the Borrower and the Restricted Subsidiaries for any period, the aggregate depreciation, amortization (including amortization of intangibles, deferred financing
fees, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees, the non-cash portion of interest expense resulting from the reduction in the carrying
value under purchase accounting of the Borrower’s outstanding Debt and commissions, discounts, yield and other fees and charges but excluding amortization of prepaid cash expenses that were paid in a prior period), non-cash impairment, non-cash compensation, non-cash rent, and other non-cash charges of the
Borrower and the Restricted Subsidiaries reducing Consolidated Net Income of the Borrower and the Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Senior Secured Debt” means as of any date of determination, the aggregate principal amount of
Consolidated Total Debt at such date which is secured by a Lien on any of the assets of the Borrower or any of its Restricted Subsidiaries constituting Collateral. 

“Consolidated Total Debt” means, at any date of determination, the aggregate principal amount of all Funded
Debt of the Borrower and its Restricted Subsidiaries at such date (net of unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries), determined on a consolidated basis. 

“Conversion”, “Convert” and “Converted” each refers to the conversion of
Advances from one Type to Advances of the other Type. 
 “Credit Card Program” means the Citibank
Commercial Card Agreement, dated as of November 30, 2012 by and between Citibank, N.A. and the Borrower, as amended, restated, or otherwise modified from time to time, or any replacement of any of the foregoing or any additional credit card
programs for the same or substantially similar purposes. 
 “CS” has the meaning specified in the preamble
hereto. 

  
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 “DCC” means Dana Credit Corporation, a Delaware
corporation. 
 “DCC Entity” means DCC or any of its Subsidiaries. 

“Debt” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed
money, (b) all indebtedness of such Person for the deferred purchase price of property or services, (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness of such
Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are
limited to repossession or sale of such property), (e) all obligations of such Person as lessee under Capitalized Leases, (f) all reimbursement obligations, whether contingent or otherwise, of such Person under acceptance, letter of credit
or similar facilities, (g) all mandatory obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in cash in respect of any Disqualified Capital Stock in such Person or any other Person or any warrants,
rights or options to acquire such Disqualified Capital Stock, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (h) all obligations of such Person in respect of Hedge
Agreements, valued at the Agreement Value thereof, (i) all Guarantee Obligations of such Person, and (j) all indebtedness and other payment Obligations referred to in clauses (a) through (i) above of another Person secured by (or
for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or
become liable for the payment of such indebtedness or other payment Obligations. The amount of any Debt related to clause (j) above shall be deemed to be equal to the lesser of (a) the amount of such Debt so secured or (b) the fair
market value of the property subject to such Lien; provided that Debt shall not include accrued expenses, trade payables and intercompany liabilities incurred in the ordinary course of such Person’s business, or
earn-out obligations until such obligations become a liability on the balance sheet of such person in accordance with GAAP. 

“Debtor Relief Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Default” means any Event of Default or any event that would constitute an
Event of Default but for the requirement that notice be given or time elapse or both. 
 “Defaulted
Advance” means, with respect to any Lender at any time, the portion of any Advance required to be made by such Lender to the Borrower pursuant to Section 2.01, 2.02, 2.18 or 2.20 at or prior to such time which has not been made by such
Lender or by the Administrative Agent for the account of such Lender pursuant to Section 2.02(e) as of such time. In the event that a portion of a Defaulted Advance shall be deemed made pursuant to Section 2.15(a), the remaining portion of
such Defaulted Advance shall be considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part. 

“Defaulted Amount” means, with respect to any Lender Party at any time, any amount required to be paid by
such Lender Party to the Administrative Agent or any other Lender Party hereunder or under any other Loan Document at or prior to such time which has not been so paid as of such time, including, any amount required to be paid by such Lender Party to
or for the account of (a) the Swing Line Lender pursuant to Section 2.02(b) to purchase a portion of the Swing Line Advance made by the Swing Line Lender, (b) any Issuing Bank pursuant to Section 2.03(c) or (d), (c) the
Administrative Agent pursuant to Section 2.02(e) to reimburse the Administrative Agent for the amount of any Advance made 

  
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by the Administrative Agent for the account of such Lender Party, (d) any other Lender Party pursuant to Section 2.13 to purchase any participation in Advances owing to such other
Lender Party and (e) the Administrative Agent or any Issuing Bank pursuant to Section 7.07 to reimburse the Administrative Agent or such Issuing Bank for such Lender Party’s ratable share of any amount required to be paid by the
Lender Parties to the Administrative Agent or such Issuing Bank as provided therein. In the event that a portion of a Defaulted Amount shall be deemed paid pursuant to Section 2.15(b), the remaining portion of such Defaulted Amount shall be
considered a Defaulted Amount originally required to be paid hereunder or under any other Loan Document on the same date as the Defaulted Amount so deemed paid in part. 

“Defaulting Lender” means, at any time, any Lender Party that, at such time, has (a) failed to fund any
Defaulted Advance or Defaulted Amount within one Business Day following the date required to be funded by it hereunder, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, (b) notified the Borrower, the
Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to that effect (unless such public statement or writing states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing) cannot be satisfied) or under other
agreements in which it commits to extend credit, (c) become the subject of a Bail-In Action or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a
proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender 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 Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. 
 “Disqualified Capital Stock” means that portion of any Capital Stock 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, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is mandatorily
exchangeable for Indebtedness, or is redeemable or exchangeable for Indebtedness, at the sole option of the holder thereof on or prior to the Latest Maturity Date; provided that any Capital Stock that would not constitute Disqualified Capital
Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem such Capital Stock upon the
occurrence of a change of control or a sale of all or substantially all the assets of the Loan Parties shall not constitute Disqualified Capital Stock. 

“Disqualified Lenders” means (i) those financial institutions or other entities designated by the
Borrower in writing to the Administrative Agent on or prior to the Amendment No. 2 Effective Date, (ii) those competitors of the Borrower or its Subsidiaries or the GrazianoFairfield Acquired Business designated by the Borrower in writing
to the Administrative Agent on or prior to August 17, 2018, as such list of competitors described in this clause (ii) may be updated by the Borrower from time to time, any such update to be provided to the Lenders and to become effective
two Business Days after 

  
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notice thereof and (iii) in each case of clauses (i) and (ii) above, such Person’s controlled Affiliates to the extent identified by the Borrower in writing or clearly identifiable
solely on the basis of similarity of such Affiliate’s name (other than bona fide debt funds); provided, that no designation of any Person as a Disqualified Lender shall retroactively disqualify any assignments or participations made to, or
information provided to, such Person before it was designated as a Disqualified Lender, and such Person shall not be deemed to be a Disqualified Lender in respect of any assignments or participations made to such Person prior to the date of such
designation. 
 “Divided LLC” means any LLC which has been formed upon the consummation of an LLC
Division. 
 “Documentation Agents” has the meaning specified in the recital of parties to this Agreement.

 “Dollar” means the lawful currency of the United States. 

“Domestic Lending Office” means, with respect to any Lender Party, the office of such Lender Party specified
as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender Party, as the case may be, or such other office of such Lender Party as such Lender Party may
from time to time specify to the Borrower and the Administrative Agent. 
 “Domestic Subsidiary” means any
Subsidiary that is not a Foreign Subsidiary. 
 “Earn-Out
Obligations” means purchase price adjustments, earnouts and similar obligations, in each case, with respect to any Permitted Acquisition or other Investment permitted hereunder. 

“ECF Percentage” means, with respect to any Fiscal Year, 50%; provided, that if the First Lien Net
Leverage Ratio as of the end of such Fiscal Year is less than or equal to 1.25:1.00, such percentage shall be 0%. 

“EEA Financial Institution” means (a) any credit institution or investment firm 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
financial 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” means any of the member states of the European Union, Iceland, Liechtenstein, and
Norway. 
 “EEA Resolution Authority” means 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” means (A) with respect to the Term Facility or any Incremental Term Facility
(i) a Lender Party (which shall not be a Defaulting Lender at such time of assignment); (ii) an Affiliate of a Lender Party; and (iii) an Approved Fund; (B) with respect to the Revolving Credit Facility, (i) a Lender Party
in respect of the Revolving Credit Facility (which shall not be a Defaulting Lender at such time of assignment); (ii) an Affiliate of a Lender Party in respect of the Revolving Credit Facility; 

  
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and (iii) an Approved Fund of a Lender Party in respect of the Revolving Credit Facility and (C) with respect to any Facility, any Person (other than an individual) approved by
(x) the Administrative Agent, (y) each Issuing Bank (solely in respect of any revolving Facility) and (z) unless an Event of Default under Section 6.01(a) or (f) has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed) provided that the Borrower’s consent shall be deemed to have been given if the Borrower has not responded within 10 Business Days after written notice by the Administrative Agent or the
respective assigning Lender Party; provided, however, that no Loan Party (or any Affiliate of a Loan Party) or any Disqualified Lender shall qualify as an Eligible Assignee under this definition. Notwithstanding the foregoing,
assignments to an Affiliate of a Loan Party shall be permitted so long as (A) the aggregate amount of Commitments of such assignee immediately after giving effect to such assignment is less than 25% of the then outstanding aggregate principal
amount of Advances and (B) such assignee agrees in writing not to exercise any of the rights and obligations afforded to an Eligible Assignee pursuant to Section 9.01 (any such assignee being referred to herein as an “Affiliated
Lender”). 
 “Environmental Action” means any action, suit, written demand, demand letter,
written claim, written notice of noncompliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, any Environmental Permit, any
Hazardous Material, or arising from alleged injury or threat to public or employee health or safety, as such relates to the actual or alleged exposure to Hazardous Material, or to the environment, including, without limitation, (a) by any
governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority or third party for damages, contribution, indemnification, cost recovery,
compensation or injunctive relief. 
 “Environmental Law” means any applicable federal, state, local or
foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment, injunction or decree, or judicial or agency interpretation, relating to pollution or protection of the environment, public or employee health or safety, as such relates
to the actual or alleged exposure to Hazardous Material, or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization
required under any Environmental Law. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA
Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan Party, or under common control with any Loan Party, within the meaning of Internal Revenue Code Section 414(b),
(c), (m) or (o). 
 “ERISA Event” means (a) (i) the occurrence of a reportable event, within the
meaning of Section 4043(c) of ERISA, with respect to any ERISA Plan unless the 30 day notice requirement with respect to such event has been waived by the PBGC or (ii) the requirements of subsection (1) of Section 4043(b) of
ERISA (without regard to subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of an ERISA Plan, and an event described in paragraph (9), (10), (11), (12) or
(13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such ERISA Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to an ERISA Plan; (c) the provision by
the administrator of any ERISA Plan of a notice of intent to terminate such ERISA Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA);
(d) the 

  
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cessation of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by any Loan Party or any
ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien under Section 303(k) of ERISA shall have
been met with respect to any ERISA Plan; (g) the adoption of an amendment to an ERISA Plan requiring the provision of security to such ERISA Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of proceedings to
terminate an ERISA Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, such
ERISA Plan. 
 “ERISA Plan” means a Single Employer Plan or a Multiple Employer Plan. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Euro” means the single currency of Participating Member States of the European Union. 

“Eurodollar Lending Office” means, with respect to any Lender Party, the office of such Lender Party
specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender Party, as the case may be, or such other office of such Lender Party as such
Lender Party may from time to time specify to the Borrower and the Administrative Agent. 
 “Eurodollar
Rate” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, an interest rate per annum equal to the rate per annum obtained the London interbank offered rate as administered by the ICE
Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in Dollars for a period equal in length to such Interest Period as displayed on page LIBOR01 of the Reuters screen that displays such rate
(or, in the event such rate does not appear on a Reuters page or screen, or any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to
time as selected by the Administrative Agent (in each case, the “Screen Rate”)) at approximately 11:00 A.M., London Time, two Business Days prior to the beginning of such Interest Period (or, in the case of any determination of Base
Rate, on the day of determination. In the event that such rate does not appear on Reuters screen LIBOR01 (or other applicable Reuters screen page) (or otherwise on such screen) for such Interest Period (an “Impacted Interest Period”), then
the Eurocurrency Base Rate shall be the Interpolated Rate at such time. “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the
Screen Rate for the shortest period (for which that Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time, provided that if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero
for purposes of this Agreement. If the Eurocurrency Base Rate shall be determined to be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Eurodollar Rate Advance” means an Advance that bears interest as provided in Section 2.07(a)(ii). 

“Eurodollar Rate Reserve Percentage” for any Interest Period for all Eurodollar Rate Advances comprising
part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board 

  
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of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve
requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by
reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest Period. 

“Events of Default” has the meaning specified in Section 6.01. 

“Excess Cash Flow” means, for any Fiscal Year, the excess, if positive, of 

(a) the sum, without duplication, of 

(i) Consolidated Net Income for such Fiscal Year, 

(ii) the amount of all Consolidated Non-Cash Charges deducted in
arriving at such Consolidated Net Income, but excluding any such Consolidated Non-Cash Charges representing an accrual or reserve for a potential cash item in any future period that is reflected in
Consolidated Working Capital, 
 (iii) an amount (whether positive or negative) equal to the change in
Consolidated Current Liabilities of the Borrower and its Restricted Subsidiaries during such Fiscal Year (excluding from the calculation of Consolidated Current Liabilities decreases or increases arising from (A) acquisitions or Asset Sales of
all or substantially all of the Capital Stock of any Restricted Subsidiary of the Borrower or any business line, unit or division of the Borrower or any such Restricted Subsidiary, in each case by the Borrower and its Restricted Subsidiaries
completed during such period, (B) the application of acquisition and/or purchase recapitalization accounting, (C) the effect of reclassification during such period between Current Assets and long-term assets and Current Liabilities and
long-term liabilities (with a corresponding restatement to the prior period to give effect to such reclassification), and (D) accounts receivable sale programs), 

(iv) the aggregate net amount of loss on Asset Sales by the Borrower and the Restricted Subsidiaries during
such Fiscal Year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Consolidated Net Income, 

(v) cash receipts in respect of Swap Obligations during such Fiscal Year to the extent not otherwise included
in Consolidated Net Income, 
 (vi) to the extent not included in determining Consolidated Net Income for
such Fiscal Year, the amount of any tax refunds received in cash by or paid in cash to or for the account of the Borrower and its Restricted Subsidiaries during such Fiscal Year, over 

(b) the sum, without duplication, of 

(i) the amount of all non-cash credits included in arriving at such
Consolidated Net Income (but excluding any non-cash credit to the extent representing a reversal of an accrual or reserve described in clause (a)(ii)), 

(ii) the aggregate amount actually paid by the Borrower and Restricted Subsidiaries in cash during such
Fiscal Year on account of Capital Expenditures (excluding the 

  
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principal amount of Debt incurred in connection with such expenditures (other than Debt under any revolving facility) and Capital Expenditures made in such Fiscal Year where a certificate in the
form contemplated by the following clause (iii) was previously delivered), 
 (iii) Capital
Expenditures, Permitted Acquisitions and other Investments permitted hereunder that the Borrower or any of its Restricted Subsidiaries shall, during such Fiscal Year, become obligated to make within the 100 day period following the end of such
Fiscal Year but that are not made during such Fiscal Year; provided, that the Borrower shall deliver a certificate to the Administrative Agent not later than 100 days after the end of such Fiscal Year, signed by a Responsible Officer of the
Borrower and certifying that such Capital Expenditure, Permitted Acquisition or other Investment permitted hereunder, as applicable, will be made in the following Fiscal Year; provided, however, that if such Capital Expenditures,
Permitted Acquisition or other Investment permitted hereunder, as applicable, are not actually made in cash within 100 days after the end of such Fiscal Year, such amount shall be added back to Excess Cash Flow for the subsequent Fiscal Year, 

(iv) an amount (whether positive or negative) equal to the change in Consolidated Current Assets of the
Borrower and its Restricted Subsidiaries during such Fiscal Year (excluding from the calculation of Consolidated Current Assets decreases or increases arising from (A) acquisitions or Asset Sales of all or substantially all of the Capital Stock
of any Restricted Subsidiary of the Borrower or any business line, unit or division of the Borrower or any such Restricted Subsidiary, in each case by the Borrower and its Restricted Subsidiaries completed during such period, (B) the
application of acquisition and/or purchase recapitalization accounting, (C) the effect of reclassification during such period between Current Assets and long-term assets and Current Liabilities and long-term liabilities (with a corresponding
restatement to the prior period to give effect to such reclassification), and (D) accounts receivable sale programs), 

(v) all mandatory prepayments of the Term Advances pursuant to Section 2.06(b) made during such Fiscal
Year as a result of any Asset Sale or Recovery Event, or the amount reserved for acquisition or repair of assets or other reinvestment with respect to any Asset Sale or Recovery Event, but only to the extent that such Asset Sale or Recovery Event
resulted in a corresponding increase in Consolidated Net Income, without duplication of the effect of clauses (a)(iv) and (b)(ix), 

(vi) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such
Fiscal Year on account of Permitted Acquisitions or other Investments permitted hereunder (including any earn-out and other contingent consideration obligations and adjustments thereto, but excluding the
principal amount of Debt incurred in connection with such expenditures other than Debt under any revolving credit facility), 

(vii) to the extent not funded with the proceeds of Debt (other than Debt in respect of any revolving credit
facility), the aggregate amount of all regularly scheduled principal amortization payments of Funded Debt made on their due date during such Fiscal Year (including payments in respect of Capitalized Leases to the extent not deducted in the
calculation of Consolidated Net Income), 
 (viii) to the extent not funded with the proceeds of Debt
(other than Debt in respect of any revolving credit facility), the aggregate amount of all optional prepayments, repurchases and redemptions of Debt (other than (x) the Advances and (y) in respect of any revolving credit facility to the
extent there is not an equivalent permanent reduction in commitments thereunder) made during such Fiscal Year, 

  
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 (ix) the aggregate net amount of gains on Asset Sales by
the Borrower and the Restricted Subsidiaries during such Fiscal Year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Consolidated Net Income, 

(x) to the extent not funded with the proceeds of Debt or deducted in determining Consolidated Net Income,
Restricted Payments and any other payment on account of the purchase, redemption, defeasance, retirement or other acquisition of any Capital Stock of the Borrower in an aggregate amount not to exceed $100,000,000 in any Fiscal Year, 

(xi) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the
Borrower and any Restricted Subsidiary during such period that are required to be made in connection with any prepayment or satisfaction and discharge of Debt, 

(xii) cash expenditures in respect of Swap Obligations during such fiscal year to the extent not deducted in
arriving at such Consolidated Net Income, 
 (xiii) the amount of cash payments made in respect of
pensions, multi-employer pension plan withdrawal payments, other post-employment benefits, restructuring reserves (including severance, lease run-outs, and disposal costs), self-insurance (including workers
compensation, employer’s liability, auto liability, general liability and product liability), completion and surety bonds, or other obligations requiring advance payments, funding or deposits not otherwise specified in this definition in such
period to the extent not deducted in arriving at such Consolidated Net Income, 
 (xiv) the amount of any
increase during such period of Cash Equivalents subject to cash collateral or other deposit arrangements made with respect to letters of credit, Swap Obligations or other obligations; provided, that if such Cash Equivalents cease to be subject to
those arrangements, the amount of decrease in the Cash Equivalents so held shall be added back to Excess Cash Flow for the subsequent Fiscal Year when such arrangements cease, 

(xv) a reserve established by the Borrower in good faith in respect of deferred revenue that Borrower or any
Restricted Subsidiary generated during such Fiscal Year; provided that, to the extent all or any portion of such deferred revenue is not returned to customers during the immediately succeeding Fiscal Year or otherwise included in the Consolidated
Net Income in the immediately subsequent year, such deferred revenue shall be added back to Excess Cash Flow for such subsequent Fiscal Year, 

(xvi) cash payments by the Borrower and its Restricted Subsidiaries in respect of long-term liabilities to
the extent not deducted in arriving at such Consolidated Net Income, 
 (xvii) other items as shown on the
Borrower’s “Consolidated Statement of Cash Flows” for the applicable period, as having the effect of reducing cash and cash equivalents not otherwise specified above, including changes in exchange rates; 

(c) provided that: (i) the Consolidated Net Income for such period of any Person that is not a Subsidiary, or is
an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting shall be excluded; provided, that Excess Cash Flow shall be increased by the amount of dividends or distributions or other payments that are actually paid
in cash (or to the extent converted into cash) to the Borrower or a Domestic Subsidiary thereof in respect of such period, and (ii) Consolidated Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the
declaration or payment of dividends or similar distributions by such Restricted Subsidiary of its net 

  
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income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions
has been legally waived, provided that Excess Cash Flow of the Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash or Cash Equivalents (or to the extent converted into cash or Cash
Equivalents) to the Borrower of any of its Domestic Subsidiaries in respect of such period, to the extent not already included therein. 

“Excluded Earn-Out Obligations” means
Earn-Out Obligations (a) incurred in connection with any Permitted Acquisition in an amount which, taken together with all existing Earn-Out Obligations, does not
exceed 25% of the future Consolidated EBITDA attributable to such acquired Person or Persons determined after giving effect to such Permitted Acquisition and (b) subject to terms pursuant to which payments in respect thereof during the
occurrence and continuance of an Event of Default may accrue, but shall not be payable in cash during such period, but may be payable in cash upon the cure or waiver of such Event of Default. 

“Excluded Subsidiary” means 

(a)        each DCC Entity; 

(b)        Dana Companies, LLC and each of its Subsidiaries; 

(c)        each Subsidiary that is not a Material Subsidiary; 

(d)        each Domestic Subsidiary that is not a wholly owned Subsidiary; 

(e)        each Domestic Subsidiary that is prohibited from guaranteeing or granting
liens to secure the Obligations under the Loan Documents by any applicable law or that would require the consent, approval, license or authorization of a Governmental Authority to guarantee or grant liens to secure the Obligations under the Loan
Documents (unless such consent, approval, license or authorization has been received); 

(f)        each Domestic Subsidiary that is prohibited by any applicable contractual
requirement from guaranteeing or granting liens to secure the Obligations under the Loan Documents on the Closing Date or at the time such Subsidiary becomes a Subsidiary not in violation of Section 5.02(k) (and for so long as such restriction
or any replacement or renewal thereof is in effect); 
 (g)        each Receivables
Entity; 
 (h)        each Foreign Subsidiary; 

(i)        each Domestic Subsidiary that (i) is a FSHCO or (ii) that is a
Subsidiary of a Foreign Subsidiary; 
 (j)        each other Domestic Subsidiary
with respect to which (x) the Administrative Agent and the Borrower reasonably agree that the cost or other consequences of providing a guarantee of or granting liens to secure the Obligations under the Loan Documents are likely to be excessive
in relation to the value to be afforded thereby or (y) providing such a guarantee or granting such liens could reasonably be expected to result in material adverse tax consequences as determined in good faith by the Borrower; and 

  
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 (k)        each Unrestricted
Subsidiary. 
 “Excluded Swap Obligation” means, with respect to the Borrower or any Guarantor, any Swap
Obligation if, and to the extent that, all or a portion of the Guaranty of the Borrower or such Guarantor of, or the grant by the Borrower or such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or
becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of the Borrower’s or such Guarantor’s
failure, as applicable, for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time of the Guaranty of the Borrower or such Guarantor or the grant of such security interest becomes
effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such Guaranty or grant of security interest is or becomes illegal. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Lender Party or Agent or required to be withheld or deducted from a payment to a Lender Party or Agent: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Lender Party or Agent being organized under the laws of, or having its principal office or, in the case of any Lender Party, its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender Party, U.S. federal withholding Taxes imposed on, or otherwise with respect to, amounts payable to
or for the account of such Lender Party with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender Party acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 2.17) or (ii) such Lender Party changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable
either to such Lender Party’s assignor immediately before such Lender Party became a party hereto or to such Lender Party immediately before it changed its lending office, (c) Taxes attributable to such Lender Party’s failure to
comply with Section 2.12(f), and (d) any U.S. federal withholding Taxes imposed under FATCA. 
 “Existing
Credit Agreement” means that certain Second Amended and Restated Revolving Credit and Guaranty Agreement dated as of June 20, 2013, as amended prior to the Closing Date, among Dana Holding Corporation, as borrower, the subsidiaries of
the Borrower party thereto as guarantors, CITI, as administrative agent and collateral agent thereunder and the financial institutions party thereto as lenders. 

“Existing Facilities” has the meaning specified in Section 2.19. 

“Existing Letters of Credit” means each Letter of Credit issued under the Existing Credit Agreement prior to
the Closing Date and listed on Schedule 1.01(a), which Letters of Credit are to be migrated from the Existing Credit Agreement to the Revolving Credit Facility and shall be deemed to be obligations of the Borrower. 

“Existing Revolving Facility” has the meaning specified in Section 2.19. 

“Existing Term Facility” has the meaning specified in Section 2.19. 

“Extended Facilities” has the meaning specified in Section 2.19. 

  
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 “Extended Revolving Facility” has the meaning specified in
Section 2.19. 
 “Extended Term Facility” has the meaning specified in Section 2.19. 

“Extending Lenders” has the meaning specified in Section 2.19. 

“Extension Amendment” has the meaning specified in Section 2.19. 

“Extension Election” has the meaning specified in Section 2.19. 

“Extension Request” has the meaning specified in Section 2.19. 

“Extension Series” has the meaning specified in Section 2.19. 

“Facility” means the Revolving Credit Facility, the Swing Line Facility, the Letter of Credit Sublimit, the
Term A Facility, the 2018 New Term B Facility, any Incremental Facility, any Refinancing Facility or any other credit facility made available to the Borrower pursuant to this Agreement including, without limitation, any Refinancing Facility, as
applicable. 
 “Facility Termination Date” means the date as of which all of the following shall have
occurred: (a) all Commitments have terminated, (b) all Obligations have been paid in full (other than obligations under Cash Management Obligations or Secured Hedge Agreements not yet due and payable and contingent indemnification
obligations) and (c) all Letters of Credit have terminated or expired (other than Letters of Credit that have been Cash Collateralized pursuant to Section 2.03(g)). 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall
be determined by the Board of Directors of the Borrower acting reasonably and in good faith and shall be evidenced by a resolution of the Board of Directors of the Borrower. 

“FATCA” means Internal Revenue Code Sections 1471 through 1474, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Internal Revenue Code
Section 1471(b)(1) and any intergovernmental agreements (and any related laws or official administrative guidance) implementing the foregoing. For the avoidance of doubt, the term “applicable law” as used in this agreement includes,
as applicable, FATCA. 
 “FEMA” means the Federal Emergency Management Agency. 

“FCPA” has the meaning specified in Section 4.01(x). 

“Federal Funds Rate” means, for any period, the higher of (a) a fluctuating interest rate per annum
equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from three federal
funds brokers of recognized standing selected by it and (b) the Overnight Bank Funding Rate; provided that if the 

  
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Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letter” means (a) the fee letter dated May 20, 2016 among the Borrower and CGMI and
(b) the fee letter dated July 21, 2017 among the Borrower and CGMI. 
 “Financial Covenant”
means the covenant set forth in Section 5.04. 
 “First Lien Net Leverage Ratio” means as of any date
of determination, the ratio of (a) Consolidated First Lien Debt on such day to (b) Consolidated EBITDA for the most recently ended four fiscal quarter period for which financial statements are required to be delivered to the Administrative
Agent pursuant to Section 5.03(b) or (c); provided that the First Lien Net Leverage Ratio shall be calculated on a pro forma basis. 

“Fiscal Quarter” means any fiscal quarter of any Fiscal Year, which quarter shall end on the last day of
each March, June, September and December of such Fiscal Year in accordance with the fiscal accounting calendar of the Borrower and its Subsidiaries. 

“Fiscal Year” means a fiscal year of the Borrower and its Subsidiaries ending on December 31. 

“Fitch” means Fitch Inc., and any successor thereto. 

“Flood Compliance Event” means the occurrence of any of the following: (a) a Flood Redesignation with
respect to any Mortgaged Property, (b) any conversion of all or any portion of the Existing Revolving Facility into an Extended Revolving Facility, or all or any part of the Existing Term Facility into an Extended Term Facility pursuant to
Section 2.19, (c) the effective date of any Incremental Facility pursuant to Section 2.18, (d) the effectiveness of any Refinancing Facility pursuant to Section 2.20, and (e) the addition of any Special Flood Hazard Property as
Collateral pursuant to Section 5.01(i). 
 “Flood Hazard Determination” means a “Life-of-Loan” FEMA Standard Flood Hazard Determination obtained by the Administrative Agent. 

“Flood Insurance” means (a) federally-backed flood insurance available under the National Flood
Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program or (b) to the extent permitted by the Flood Laws, a private flood insurance
policy from a financially sound and reputable insurance company that is not an Affiliate of the Borrower. 
 “Flood
Insurance Requirements” has the meaning assigned to such term in Section 5.01(i). 
 “Flood
Laws” means the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, and as the same may be further amended, modified or supplemented, and
including the regulations issued thereunder. 
 “Flood Redesignation” means the designation of any
Mortgaged Property as a Special Flood Hazard Property where such property was not a Special Flood Hazard Property previous to such designation. 

  
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 “Foreign Lender” means (a) if the Borrower is a U.S.
Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“Foreign Subsidiary” means, at any time, any of the direct or indirect Subsidiaries of the Borrower that are
organized outside of the laws of the United States, any state thereof or the District of Columbia at such time. 

“FSHCO” means any Domestic Subsidiary the sole assets of which consist of the Capital Stock of any Foreign
Subsidiary that is a “controlled foreign corporation” within the meaning of Internal Revenue Code Section 957(a). 

“FTB” has the meaning specified in the preamble hereto. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funded Debt” means all Debt for borrowed money (including Debt outstanding under this Agreement),
Capitalized Leases and drawn letters of credit, in each case, of the Borrower and its Restricted Subsidiaries. 

“GAAP” has the meaning specified in Section 1.03. 

“Governmental Authority” shall mean the government of the United States or any other nation, or of any
political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Granting Lender” has the meaning specified in Section 9.07(k). 

“GrazianoFairfield Acquisition” has the meaning specified in Amendment No. 2. 

“GS” has the meaning specified in the preamble hereto. 

“Guarantee” means, as to any Person, a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Debt
of another Person, but excluding endorsements for collection or deposit in the normal course of business or Standard Receivables Undertakings in a Qualified Receivables Transaction. 

“Guarantee Obligation” means, with respect to any Person, any Obligation or arrangement of such Person to
guarantee or intended to guarantee any Debt (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect
guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the primary obligation of a
primary obligor, (b) the Obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement
or 

  
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(c) any Obligation of such 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 (A) for the purchase or payment of any such primary obligation or (B) 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, assets, 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 holder of such primary obligation against loss in respect thereof; provided, that “Guarantee Obligation” shall not include endorsement of negotiable instruments for deposit or collection in the ordinary
course of business. The amount of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made (or, if less, the maximum amount of
such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such Guarantee Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming
such Person is required to perform thereunder), as determined by such Person in good faith. 
 “Guaranteed
Obligations” has the meaning specified in Section 8.01. 
 “Guarantor” has the meaning
specified in the recital of parties to this Agreement. 
 “Guaranty” has the meaning specified in
Section 8.01. 
 “Hazardous Materials” means (a) petroleum or petroleum products, by products or
breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls, mold and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous, toxic or words of
similar import under any Environmental Law. 
 “Hedge Agreements” means interest rate swaps, cap or collar
agreements, interest rate forward, future or option contracts, currency swap agreements, currency forward, future or option contracts, commodity swap agreements, commodity forward, future or option contracts and other hedging agreements. 

“Hedge Bank” means, as of the date any Secured Hedge Agreement is entered into (including, without
limitation, any Secured Hedge Agreement entered into prior to the Closing Date), any Lender Party or an Affiliate of a Lender Party in its capacity as a party to such Secured Hedge Agreement. 

“Honor Date” has the meaning specified in Section 2.03(c). 

“ICC” has the meaning specified in Section 2.03(h).“Incremental Amendment” has the
meaning specified in Section 2.18. 
 “Incremental Equivalent Debt” means secured or unsecured bonds,
notes or debentures or secured or unsecured loans (and/or commitments in respect thereof) issued or incurred by the Borrower in lieu of Incremental Facilities; provided that (i) the aggregate outstanding principal amount (or committed
amount, if applicable) of all Incremental Equivalent Debt, together with the aggregate outstanding principal amount (or committed amount, if applicable) of all Incremental Facilities provided pursuant to Section 2.18, shall not exceed the
Available Incremental Amount; (ii) any Incremental Equivalent Debt shall be subject to clauses (b)(i) or (c)(i) (as applicable) of Section 2.18, (iii) any Incremental Equivalent Debt shall (A) rank pari passu or junior with the
Revolving Credit Facility and Term Facility in right of payment and (B) be unsecured or secured by the Collateral on either a pari passu or junior basis with the 

  
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Revolving Credit Facility and Term Facility (and to the extent subordinated in right of payment or security, subject to the Intercreditor Agreement or intercreditor arrangements reasonably
satisfactory to the Administrative Agent) and (iv) no Incremental Equivalent Debt may be guaranteed by any Person that is not a Loan Party or secured by any assets other than the Collateral. 

“Incremental Facility” has the meaning specified in Section 2.18. 

“Incremental Facility Closing Date” has the meaning specified in Section 2.18. 

“Incremental Revolving Advance” means any advance made under an Incremental Revolving Facility in accordance
with the provisions of Section 2.18. 
 “Incremental Revolving Facility” has the meaning specified in
Section 2.18 
 “Incremental Revolving Facility Maturity Date” has the meaning assigned to such term
in Section 2.18. 
 “Incremental Term Advance” means any advance made under an
Incremental Term Facility in accordance with the provisions of Section 2.18. 
 “Incremental Term
Facility” has the meaning specified in Section 2.18. 
 “Incremental Term Facility Maturity
Date” has the meaning assigned to such term in Section 2.18. 
 “Indemnified
Liabilities” has the meaning specified in Section 9.04(b). 
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 9.04(b). 

“Informational Website” has the meaning specified in Section 5.03. 

“Initial Extension of Credit” means the earlier to occur of the initial Borrowing and the initial issuance
of a Letter of Credit hereunder. 
 “Initial Term A Advance” has the meaning specified in
Section 2.01(b). 
 “Initial Term A Commitment” means, with respect to any Lender at any time, the
amount set forth for such time opposite such Lender’s name on Schedule I hereto under the caption “Initial Term A Commitment” or, if such Lender has entered into one or more Assignments and Acceptance, set forth for such Lender in the
Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Initial Term A Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 

“Insufficiency” means, with respect to any ERISA Plan, the amount, if any, of its unfunded benefit
liabilities, as defined in Section 4001(a)(18) of ERISA. 
 “Intercreditor Agreement” has the meaning
specified in Section 5.02(a). 

  
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 “Interest Period” means, for each Eurodollar Rate Advance
comprising part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance, and ending on the last day of the period selected by
the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the
provisions below. The duration of each such Interest Period shall be one, two, three, six months (or, if consented to by all Lenders, twelve months), as the Borrower may, upon notice received by the Administrative Agent not later than 11:00 A.M.
(New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that (a) the Borrower may not select any Interest Period with respect to any Eurodollar Rate Advance under a
Facility that ends after any principal repayment installment date for such Facility unless, after giving effect to such selection, the aggregate principal amount of Base Rate Advances and of Eurodollar Rate Advances having Interest Periods that end
on or prior to such principal repayment installment date for such Facility shall be at least equal to the aggregate principal amount of Advances under such Facility due and payable on or prior to such date; (b) Interest Periods commencing on
the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration; (c) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such
Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of
such Interest Period shall occur on the next preceding Business Day; and (d) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month
that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. 
 “Investment” means, with respect to any Person,
any direct or indirect loan or other extension of credit (including, without limitation, a Guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or
use of others), or any purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Debt issued by, any other Person. “Investment” shall exclude extensions of trade credit by the
Borrower and the Restricted Subsidiaries on commercially reasonable terms in accordance with normal trade practices of the Borrower or such Restricted Subsidiaries, as the case may be. If the Borrower or any Restricted Subsidiary sells or otherwise
disposes of any Capital Stock of any Restricted Subsidiary (the “Referent Subsidiary”) such that after giving effect to any such sale or disposition, the Referent Subsidiary shall cease to be a Restricted Subsidiary, the Borrower
shall be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Capital Stock of the Referent Subsidiary not sold or disposed of. 

“IRS” means the United States Internal Revenue Service. 

“ISP98” means with respect to a Letter of Credit, the International Standby Practices 1998, ICC Publication
No. 590, published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Bank” means (a) each financial institution listed on the signature pages hereof as an
“Issuing Bank”, (b) any other Revolving Credit Lender that agrees to act as an Issuing Bank and is 

  
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approved by the Administrative Agent and (c) any Eligible Assignee to which a Letter of Credit Commitment hereunder has been assigned pursuant to Section 7.09 or 9.07. 

“Joint Lead Arrangers” has the meaning specified in the recital of parties to this Agreement. 

“JPM” has the meaning specified in the preamble hereto. 

“L/C Cash Collateral Account” means the account established by the Borrower in the name of the
Administrative Agent and under the sole and exclusive control of the Administrative Agent that shall be used solely for the purposes set forth herein. 

“L/C Obligations” means, as at any date of determination, the aggregate Available Amount of all outstanding
Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all Letter of Credit Advances. 

“Latest Maturity Date” means the latest of the Maturity Date for the Revolving Credit Facility, the Maturity
Date for the Term A Facility, the Maturity Date for the 2018 New Term B Facility and any Incremental Term Facility Maturity Date or Incremental Revolving Facility Maturity Date applicable to any then existing Incremental Term Advances or Incremental
Revolving Advances, as applicable, as of any date of determination. 
 “LCA Election” has the meaning
specified in Section 1.05. 
 “LCA Test Date” has the meaning specified in Section 1.05. 

“Lender Party” means any Lender, any Issuing Bank or the Swing Line Lender. 

“Lenders” means the Revolving Credit Lenders and the Term Lenders. For purposes of Section 9.01 (and
any other provisions requiring the consent or approval of the Lenders set forth herein), the definition of “Lenders” shall exclude Affiliated Lenders. 

“Letter of Credit” means any letter of credit issued hereunder and shall include any Existing Letters of
Credit. 
 “Letter of Credit Advance” means an advance made by any Issuing Bank or Revolving Credit Lender
pursuant to Section 2.03(c). 
 “Letter of Credit Application” means an application and agreement for
the issuance or amendment of a Letter of Credit in the form from time to time in use by the applicable Issuing Bank. 

“Letter of Credit Commitment” means with respect to any Issuing Bank, the amount set forth opposite such
Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by
the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment,” as such amount may be reduced from time to time pursuant to Section 2.05. The aggregate amount of the Letter of
Credit Commitment as of the Amendment No. 2 Effective Date is $275,000,000. 

  
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 “Letter of Credit Expiration Date” means the day that is
five days prior to the Maturity Date then in effect for the Revolving Credit Facility, or such later date as the applicable Issuing Bank may, in its sole discretion, specify. 

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) the aggregate amount of the
Issuing Banks’ Letter of Credit Commitments at such time and (b) $275,000,000 as such amount may be reduced from time to time pursuant to Section 2.05. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving
Credit Commitments. 
 “Lien” means any lien, security interest or other charge or encumbrance of any
kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Limited Condition Acquisition” means any Permitted Acquisition or similar Investment whose consummation is
not conditioned on the availability of, or on obtaining, third party financing. 
 “LLC” means any limited
liability company organized or formed under the laws of State of Delaware. 
 “LLC Division” means the
statutory division of any LCC into two or more LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

“Loan Documents” means (i) this Agreement, (ii) Amendment No. 1, (iii) Amendment No. 2,
(iv) the Notes, if any, (v) the Collateral Documents, (vi) the Fee Letter, (vii) solely for purposes of the Collateral Documents and the Guaranty, each Secured Hedge Agreement, and (viii) any other document, agreement or
instrument executed and delivered by a Loan Party in connection with the Facilities, in each case as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Loan Parties” means, collectively, the Borrower and the Guarantors. 

“Margin Stock” has the meaning specified in Regulation U. 

“Material Adverse Change” means any event or occurrence that has resulted in or would reasonably be expected
to result in any material adverse change in the business, financial or other condition, operations or properties of the Borrower and its Restricted Subsidiaries, taken as a whole; provided that events, developments and circumstances disclosed
in public filings and press releases of the Borrower and any other events of information made available in writing to the Administrative Agent, in each case at least three days prior to the Closing Date, shall not be considered in determining
whether a Material Adverse Change has occurred, although subsequent events, developments and circumstances relating thereto may be considered in determining whether or not a Material Adverse Change has occurred. 

“Material Adverse Effect” means a material adverse effect on (a) the business, financial or other
condition, operations or properties of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender Party under any Loan Document or (c) the ability of any Loan Party
to perform its Obligations under any Loan Document to which it is or is to be a party; provided that events, developments and circumstances disclosed in public filings and press releases of the Borrower and any other events of information
made available in writing to the Administrative Agent, in each case at least three days prior to the Closing Date, shall not be considered in determining whether a Material Adverse Effect has occurred, although subsequent events,

  
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developments and circumstances relating thereto may be considered in determining whether or not a Material Adverse Effect has occurred. 

“Material Real Property” means (i) any fee-owned parcel of real
property having a net book value in excess of $10,000,000 as of the (x) Closing Date with respect to real property currently owned by the Borrower or a Material Subsidiary or (y) date of acquisition with respect to real property (or an
interest in real property) acquired after the Closing Date and (ii) any fee-owned parcel of real property owned by the Borrower or a Material Subsidiary having a net book value of $10,000,000 or less as
of the dates specified in clauses (i)(x) or (y) and whose net book value subsequently increases to greater than $10,000,000 based on any appraisal obtained by the Borrower or any other Loan Party after the date specified in clauses (i)(x) or
(y). 
 “Material Subsidiary” means, on any date of determination, any Restricted Subsidiary of the
Borrower that, on such date, has (i) assets with a book value equal to or in excess of $5,000,000 and (ii) annual net income in excess of $5,000,000 or (iii) liabilities in an aggregate amount equal to or in excess of $5,000,000;
provided, however, that in no event shall all Restricted Subsidiaries of the Borrower that are not Material Subsidiaries have (i) in the case of all such Restricted Subsidiaries organized under the laws of a jurisdiction located
within the United States (A) assets with an aggregate book value in excess of $5,000,000, (B) aggregate annual net income in excess of $5,000,000 or (C) liabilities in an aggregate amount in excess of $5,000,000 and (ii) in the
case of all such Restricted Subsidiaries (A) assets with an aggregate book value in excess of $20,000,000, (B) aggregate annual net income in excess of $20,000,000 or (C) liabilities in an aggregate amount in excess of $20,000,000.

 “Maturity Date” means (a) with respect to the Term A Facility, the earlier of (x) the date
that is five years following the Amendment No. 1 Effective Date and (y) the date on which all Term A Advances shall become due and payable in full hereunder, whether by acceleration or otherwise, (b) with respect to the 2018 New Term
B Facility, the earlier of (x) the date that is seven years following the Amendment No. 2 Effective Date and (y) the date on which all 2018 New Term B Advances shall become due and payable in full hereunder, whether by acceleration or
otherwise and (c) with respect to the Revolving Credit Facility, the earlier of (i) five years following the Amendment No. 1 Effective Date and (ii) the date on which all Revolving Credit Advances shall become due and payable in
full hereunder, whether by acceleration or otherwise; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

“Moody’s” means Moody’s Investor Services, Inc. 

“Mortgage Policy” has the meaning specified in Section 5.01(i). 

“Mortgaged Property” means any Material Real Property that is subject to a Mortgage. 

“Mortgages” means each deed of trust, trust deed and mortgage delivered pursuant to Section 5.01(i), in
each case as amended, amended and restated, supplemented, spread or otherwise modified from time to time, in form and substance reasonably satisfactory to the Administrative Agent, pursuant to which, among other things, a Loan Party owning a
Material Real Property grants a Lien on such Material Real Property securing the Secured Obligations to the Administrative Agent (or Collateral Agent) for its own benefit and the benefit of the other Secured Parties. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which
any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 

  
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 “Multiple Employer Plan” means a single employer plan, as
defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained within any of
the preceding five plan years and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 

“National Flood Insurance Program” means the program created pursuant to the Flood Laws. 

“Net Cash Proceeds” means, (a) with respect to any Asset Sale or Recovery Event, the excess, if any, of
(i) the sum of cash and Cash Equivalents received in connection with such Asset Sale or Recovery Event (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or
otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Debt (other than Debt under the Loan Documents) that is secured by any such asset and that is required to be repaid in connection with such
Asset Sale or Recovery Event, (B) in the case of Net Cash Proceeds received by a Foreign Subsidiary, the principal amount of any Debt of Foreign Subsidiaries permanently prepaid or repaid with such proceeds, (C) the reasonable and
customary out-of-pocket costs, fees (including investment banking fees, attorneys’ fees and accountants’ fees), commissions, premiums and expenses incurred by
the Borrower or its Subsidiaries, (D) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to this clause (a)(ii))
(x) related to any of the applicable assets and (y) retained by the Borrower or any of the Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters
or against any indemnification obligations associated with such transaction (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be cash
proceeds of such Asset Sale occurring on the date of such reduction), (E) payments made on a ratable basis (or less than ratable basis) to holders of non-controlling interests in
non-wholly owned Subsidiaries as a result of such Asset Sale, and (F) federal, state, provincial, foreign and local taxes reasonably estimated (on a Consolidated basis) to be actually payable within the
current or the immediately succeeding tax year as a result of any gain recognized in connection therewith; provided, however, that (x) Net Cash Proceeds shall not include the first $25,000,000 of net cash receipts received after
the Amendment No. 1 Effective Date from sales, leases, transfers or other dispositions of assets by Foreign Subsidiaries permitted by Section 5.02(f)(iv) or Section 5.02(f)(xi), (y) to the extent that the distribution to any Loan
Party of any Net Cash Proceeds from any Asset Sale or Recovery Event in respect of any asset of a Foreign Subsidiary pursuant to Section 5.02(f)(iv) or Section 5.02(f)(xi) would (1) result in material adverse tax consequences,
(2) result in a material breach of any agreement governing Debt of such Foreign Subsidiary permitted to exist or to be incurred by such Foreign Subsidiary under the terms of this Agreement and/or (3) be limited or prohibited under
applicable local law, the application of such Net Cash Proceeds to the prepayment of the Facilities pursuant to Section 2.06(b)(i) shall be deferred on terms to be agreed between the Borrower and the Administrative Agent (provided that in each
case the relevant Loan Party and/or Subsidiaries of such Loan Party shall take all commercially reasonable steps (except to the extent that any such step results in a material cost or tax to the Borrower or any of its Subsidiaries) to minimize any
such adverse tax consequences and/or to obtain any exchange control clearance or other consents, permits, authorizations or licenses which are required to enable the Net Cash Proceeds to be repatriated or advanced to, and applied by, the relevant
Loan Party in order to effect such a prepayment, or (z) if at the time of receipt of such net cash proceeds or at any time prior to the Reinvestment Prepayment Date, if the Borrower has delivered a written notice executed by a Responsible
Officer of the Borrower stating that on a pro forma basis immediately after giving effect to the Asset Sale or Recovery Event and the application of the proceeds thereof or at the relevant time prior

  
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to the Reinvestment Prepayment Date, (I) the Senior Secured Net Leverage Ratio is less than or equal to 1.75 to 1.00 but greater than 1.25 to 1.00, 50% of such net cash proceeds that would
otherwise constitute Net Cash Proceeds under this proviso shall not constitute Net Cash Proceeds or (II) the Senior Secured Net Leverage Ratio is less than or equal to 1.25 to 1.00, none of such net cash proceeds shall constitute Net Cash
Proceeds, and (b) with respect to the incurrence or issuance of any Debt by the Borrower or any of its Subsidiaries, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such transaction over (ii) the
underwriting discounts and commissions, taxes and fees (including investment banking fees, attorneys’ fees and accountants’ fees) and other reasonable and customary
out-of-pocket expenses, incurred by the Borrower or such Subsidiary in connection therewith. 

“New Project” means (x) each plant, facility or branch which is either a new plant, facility or branch
or an expansion, relocation, remodeling or substantial modernization of an existing plant, facility or branch owned by the Borrower or the Subsidiaries which in fact commences operations and (y) each creation (in one or a series of related
transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market. 

“Non-Consenting Lender” shall have the meaning specified in
Section 9.01. 
 “Non-Loan Party” means any Restricted
Subsidiary of a Loan Party that is not a Loan Party. 
 “Note” means a promissory note of the Borrower
payable to the order of any Revolving Credit Lender, in substantially the form of Exhibit A-1 hereto, or to any Term Lender, in substantially the form of Exhibit A-2, in
each case, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Revolving Credit Advances or Term Advances, as applicable, made by such Lender. 

“Notice of Borrowing” has the meaning specified in Section 2.02(a). 

“Notice of Default” has the meaning specified in Section 7.05. 

“Notice of Swing Line Borrowing” has the meaning specified in Section 2.02(b). 

“Obligation” means, with respect to any Person, any payment, performance or other obligation of such Person
of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding under any Debtor Relief Law. Without limiting the generality of the foregoing, the Obligations
of the Loan Parties under the Loan Documents include (a) the obligation to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, reasonable attorneys’ fees and disbursements, indemnities and other amounts payable
by any Loan Party under any Loan Document and (b) the obligation of any Loan Party to reimburse any amount in respect of any of the foregoing that any Lender Party, in its sole discretion, may elect to pay or advance on behalf of such Loan
Party. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the
Treasury. 
 “Other Connection Taxes” means, with respect to any Lender Party or Agent, Taxes imposed as a
result of a present or former connection between such Lender Party or Agent and the jurisdiction imposing such Tax (other than connections arising from such Lender Party or Agent having 

  
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executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other
Taxes” means all present or future stamp, documentary, property, intangible, recording or similar Taxes that arise from any payment made by any Loan Party hereunder or under any other Loan Document or from the execution, delivery or
registration of, performance under, or otherwise with respect to, this Agreement or any other Loan Documents , except, in the case of an assignment (other than an assignment request by the Borrower under Section 2.17), for Taxes that are Other
Connection Taxes. 
 “Outstanding Amount” means (i) with respect to Advances on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Advances, as the case may be, occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of
such L/C Obligations on such date after giving effect to any Letter of Credit Advance occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of
outstanding unpaid drawings under any Letters of Credit or any reductions in the Available Amount of any Letter of Credit taking effect on such date. 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and
overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the New York Federal Reserve as set forth on its public website from time to time) and published on the next
succeeding Business Day by the New York Federal Reserve as an overnight bank funding rate. 

“Participant” has the meaning specified in Section 9.07(g). 

“Participant Register” has the meaning specified in Section 9.07(g). 

“Participating Member States” has the meaning given to it in Council Regulation EC No. 1103/97 of
17 June 1997 made under Article 235 of the Treaty on European Union. 
 “Patriot Act” means the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October 26, 2001. 

“PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 

“Permitted Acquisition” means any Acquisition by the Borrower or any of its Restricted Subsidiaries;
provided that (A) such Acquisition shall be in property and assets which are part of, or in lines of business that are, substantially the same lines of business as (or ancillary to) one or more of the businesses of the Borrower and its
Restricted Subsidiaries in the ordinary course; (B) any determination of the amount of consideration paid in connection with such investment shall include all cash consideration paid, including Earn-Out
Obligations (other than Excluded Earn-Out Obligations), the aggregate amounts paid or to be paid under non-compete, consulting and other affiliated agreements with, the
sellers of such investment, and the principal amount of all assumptions of debt, liabilities and other obligations in connection therewith; and (C) immediately before and immediately after giving effect to such Acquisition, no Default or Event
of Default shall have occurred and be continuing. 
 “Permitted Asset Sale” means 

  
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 (i)        a
transaction or series of related transactions for which the Borrower or the Restricted Subsidiaries receive aggregate consideration of less than $50.0 million; 

(ii)      the sale, lease, conveyance, disposition or other transfer of all or
substantially all of the assets of the Borrower as permitted by Section 5.02(f) and (h); 

(iii)      any Restricted Payment made in accordance with the covenant described
under Section 5.02 (c) and (e); 
 (iv)      sales or contributions of
accounts receivable and related assets pursuant to a Qualified Receivables Transaction made in accordance with the covenant described under Section 5.02(b). 

(v)       the disposition by the Borrower or any Restricted Subsidiary in
the ordinary course of business of (i) cash and Cash Equivalents, (ii) inventory and other assets acquired and held for resale in the ordinary course of business, (iii) damaged, worn out or obsolete assets or assets that, in the
Borrower’s reasonable judgment, are no longer used or useful in the business of the Borrower or its Restricted Subsidiaries (in each case, including any intellectual property), or (iv) rights granted to others pursuant to leases or
licenses, to the extent not materially interfering with the operations of the Borrower or its Restricted Subsidiaries; 

(vi)        the sale or discount of accounts receivable in connection
with the compromise or collection thereof arising in the ordinary course of business or in bankruptcy or in a similar proceeding; 

(vii)      to the extent constituting an Asset Sale, the granting of a Lien
otherwise permitted in accordance with this Agreement; 
 (viii)     the licensing of
patents, trademarks, know-how or any other intellectual property to third Persons in the ordinary course of business consistent with past practice; provided that such licensing does not materially
interfere with the business of the Borrower or any of its Restricted Subsidiaries; 
 (ix)
      to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot thereon); 

(x)        the unwinding of any Hedge Agreements; 

(xi)       any exchange of assets (including a combination of assets and
Cash Equivalents) for assets of comparable or greater market value or usefulness to the business of the Borrower and the Restricted Subsidiaries as a whole, as determined in good faith by the Borrower; 

(xii)      foreclosure or any similar action with respect to any property or
other asset of the Borrower or any of the Restricted Subsidiaries; 
 (xiii)     any
disposition of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary; 

(xiv)     any swap of assets, or lease, assignment or sublease of any real or
personal property, in exchange for services (including in connection with any outsourcing 

  
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arrangements) of comparable or greater value or usefulness to the business of the Borrower and the Restricted Subsidiaries as a whole, as determined in good faith by the Borrower; 

(xv)    any financing transaction with respect to property built or acquired by the
Borrower or any Restricted Subsidiary after the Closing Date, including any Sale and Leaseback Transaction or asset securitization permitted by the indenture; 

(xvi)    any surrender or waiver of contract rights pursuant to a settlement, release,
recovery on or surrender of contract, tort or other claims of any kind; or 

(xvii)    any disposition of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Borrower or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly
formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition. 

“Permitted Encumbrances” means (a) with respect to real property, covenants, conditions, easements,
rights of way, restrictions, encroachments, encumbrances and other imperfections, defects or irregularities in title, in each case which were not incurred in connection with and do not secure Debt for borrowed money and do not or will not interfere
in any material respect with the ordinary conduct of the business of Borrower or any of its Restricted Subsidiaries or with the use of such real property for its intended use and (b) zoning restrictions, easements, trackage rights, leases
(other than Capitalized Leases), subleases, licenses, special assessments, rights of way, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business which were not incurred in connection with and
do not secure Debt for borrowed money, individually or in the aggregate, and which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of Borrower or any of its
Restricted Subsidiaries or with the use of such real property for its intended use. 
 “Permitted Lien”
means 
 (i)    liens in favor of the Administrative Agent and/or the Collateral Agent
for the benefit of the Secured Parties and the other parties intended to share the benefits of the Collateral granted pursuant to any of the Loan Documents; 

(ii)    liens for Taxes and other obligations or requirements owing to or imposed by
Governmental Authorities existing or having priority, as applicable, by operation of law which in either case (A) are not yet overdue or (B) are being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted and for which appropriate reserves in accordance with GAAP have been made; 

(iii)    statutory liens of banks and other financial institutions (and rights of set-off), 
 (iv)    statutory liens of landlords,
carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other liens imposed by law (other than any such lien imposed pursuant to Internal Revenue Code Section 430(k) or by ERISA), in each case incurred in the ordinary course
of business (A) for amounts not yet overdue or (B) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of ten days) are being contested in good faith by appropriate proceedings, so long as
such reserves or other 

  
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appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 

(v)    liens incurred in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security; 

(vi)    liens, pledges and deposits to secure the performance of tenders, statutory
obligations, performance and completion bonds, surety bonds, appeal bonds, bids, leases, licenses, government contracts, trade contracts, performance and return-of-money
bonds and other similar obligations; 
 (vii)    easements, rights-of-way, zoning restrictions, licenses, encroachments, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business,
in each case that were not incurred in connection with and do not secure Debt and do not materially and adversely affect the use of the property encumbered thereby for its intended purposes; 

(viii)    (A) any interest or title of a lessor or sublessor under any lease or
sublease by the Borrower or any Restricted Subsidiary of the Borrower and (B) any leases or subleases by the Borrower or any Restricted Subsidiary of the Borrower to another Person(s) in the ordinary course of business which do not materially
and adversely affect the use of the property encumbered thereby for its intended purposes; 

(ix)    liens solely on any cash earnest money deposits made by the Borrower or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement entered into in connection with a Permitted Acquisition or another Investment permitted hereunder; 

(x)    the filing of precautionary UCC financing statements relating to leases entered
into in the ordinary course of business and the filing of UCC financing statements by bailees and consignees in the ordinary course of business; 

(xi)    liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods; 

(xii)    leases and subleases or licenses and sublicenses of patents, trademarks and other
intellectual property rights granted by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business and not interfering in any respect with the ordinary conduct of the business of the Borrower or such Restricted Subsidiary;

 (xiii)    liens arising out of judgments not constituting an Event of Default
hereunder; 
 (xiv)    liens securing reimbursement obligations with respect to letters
of credit that encumber documents and other property relating to such letters of credit and the proceeds and products thereof; and 

(xv)    any right of first refusal or first offer, redemption right, or option or similar
right in respect of any Capital Stock owned by the Borrower or any Restricted Subsidiary of the Borrower with respect to any joint venture or other Investment, in favor of any co-venturer or other holder of
Capital Stock in such investment; 

  
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 (xvi)    Liens on property at the time
such Person or any of its Subsidiaries acquires the property and not incurred in connection with or in contemplation thereof, including any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person;
provided, however and that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (and assets and property affixed or appurtenant thereto). 

(xvii)     Permitted Encumbrances. 

“Permitted Refinancing” with respect to any Person, any modification, refinancing, refunding, renewal or
extension of any Debt of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Debt so modified, refinanced,
refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such modification, refinancing, refunding,
renewal or extension and by an amount equal to any existing commitments unutilized thereunder, (b) such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of the
Debt being modified, refinanced, refunded, renewed or extended, (c) if the Debt being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal
or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Debt being modified, refinanced, refunded, renewed or extended, taken as a whole,
(d) the terms and conditions (including, if applicable, as to Collateral) of any such modified, refinanced, refunded, renewed or extended Debt are not materially less favorable to the Loan Parties or the Lenders than the terms and conditions of
the Debt being modified, refinanced, refunded, renewed or extended, (e) no modified, refinanced, refunded, renewed or extended Debt shall have different obligors, or greater guarantees or security than the Debt subject to such modification,
refinancing, refunding, renewal or extension and (f) at the time thereof, no Event of Default shall have occurred and be continuing. 

“Person” means an individual, partnership, corporation (including a business trust), limited liability
company, joint stock company, trust, unincorporated association, joint venture or other entity, or a Governmental Authority. 

“Platform” has the meaning specified in Section 9.02(b). 

“Preferred Interests” means, with respect to any Person, Capital Stock issued by such Person that are
entitled to a preference or priority over any other Capital Stock issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation. 

“Pro Forma Transaction” means (a) any Permitted Acquisition, together with each other transaction
relating thereto and consummated in connection therewith, including any incurrence or repayment of Debt, (b) any sale, lease, transfer or other disposition made in accordance with Section 5.02(f) hereof, (c) any Investment permitted
hereunder and (d) any permitted incurrence or repayment of Debt hereunder. 
 “Pro Rata Share” of any
amount means, with respect to any Lender at any time, the product of such amount times a fraction the numerator of which is the amount of such Lender’s Commitment (or, if the Commitments shall have been terminated pursuant to Section 2.05
or Section 6.01, such Lender’s Commitment as in effect immediately prior to such termination) under the applicable Facility or Facilities at such time and the denominator of which is the amount of such Facility or Facilities

  
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at such time (or, if the Commitments shall have been terminated pursuant to Section 2.05 or Section 6.01, the amount of such Facility or Facilities as in effect immediately prior to
such termination). 
 “Projections” has the meaning specified in Section 5.03(d). 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Capital Stock. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation,
each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guaranty or grant of security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Qualified Receivables Transaction” means
any transaction or series of transactions entered into by the Company or any of its Restricted Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries sells, conveys or otherwise transfers to (1) a Receivables Entity
(in the case of a transfer by the Company or any of its Restricted Subsidiaries) or (2) any other Person (in the case of a transfer by a Receivables Entity), or transfers an undivided interest in or grants a security interest in, any
Receivables Assets (whether now existing or arising in the future) of the Company or any of its Restricted Subsidiaries. 

“Receivables Assets” means any accounts receivable and any assets related thereto, including, without
limitation, all collateral securing such accounts receivable and assets and all contracts and contract rights, and all guarantees or other supporting obligations (within the meaning of the New York Uniform Commercial Code Section 9-102(a)(77)) (including Obligations under Hedging Agreements), in respect of such accounts receivable and assets and all proceeds of the foregoing and other assets which are customarily transferred, or
in respect of which security interests are customarily granted, in connection with asset securitization transactions involving Receivables Assets. 

“Receivables Entity” means a Subsidiary of the Company (or another Person formed for the purposes of
engaging in a Qualified Receivables Transaction in which the Company or any of its Restricted Subsidiaries makes an Investment and to which the Company or any of its Restricted Subsidiaries transfers Receivables Assets) which engages in no
activities other than in connection with the financing of Receivables Assets of the Company or its Restricted Subsidiaries, and any business or activities incidental or related to such financing, and which is designated by the Board of Directors of
the Company or of such other Person (as provided below) to be a Receivables Entity (a) no portion of the Debt or any other Obligations (contingent or otherwise) of which (1) is guaranteed by the Company or any Subsidiary of the Company
(excluding guarantees of Obligations (other than the principal of, and interest on, Debt) pursuant to Standard Receivables Undertakings), (2) is recourse to or obligates the Company or any Subsidiary of the Company in any way other than pursuant to
Standard Receivables Undertakings or (3) subjects any property or asset of the Company or any Subsidiary of the Company (other than Receivables Assets and related assets as provided in the definition of “Qualified Receivables
Transaction”), directly or indirectly, contingently or otherwise, to the satisfaction thereof other than pursuant to Standard Receivables Undertakings, (b) with which neither the Company nor any Subsidiary of the Company has any material
contract, agreement, arrangement or understanding (other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons who are not Affiliates
of the Company) other than 

  
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fees payable in the ordinary course of business in connection with servicing Receivables Assets, and (c) with which neither the Company nor any Subsidiary of the Company has any obligation
to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

“Receivables Repurchase Obligation” means any obligation of a seller of Receivables Assets in a Qualified
Receivables Transaction to repurchase Receivables Assets arising as a result of a breach of a Standard Receivables Undertaking, including as a result of a Receivables Asset or portion thereof becoming subject to any asserted defense, dispute, off
set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Recovery Event” means any settlement of or payment in respect of any property or casualty insurance claim
or any condemnation proceeding relating to any asset of the Borrower or any of its Subsidiaries constituting Collateral. 

“Refinancing Amendment” has the meaning specified in Section 2.20. 

“Refinancing Debt” has the meaning specified in Section 2.20. 

“Refinancing Facilities” has the meaning specified in Section 2.20. 

“Refinancing Facility Closing Date” has the meaning specified in Section 2.20. 

“Refinancing Lender” has the meaning specified in Section 2.20. 

“Refinancing Notes” has the meaning specified in Section 2.20. 

“Refinancing Revolving Facility” has the meaning specified in Section 2.20. 

“Refinancing Term Facility” has the meaning specified in Section 2.20. 

“Register” has the meaning specified in Section 9.07(d). 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, from time to time
as in effect and all official rulings and interpretations thereunder or thereof. 
 “Reinvestment Deferred
Amount” shall mean, with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Borrower or any of its Subsidiaries in connection therewith that are not applied to prepay the Term Advances pursuant to
Section 2.06(b) as a result of the delivery of a Reinvestment Notice. 
 “Reinvestment Event” shall
mean any Asset Sale permitted under Section 5.02(f)(iv) or Section 5.02(f)(xi) or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice. 

“Reinvestment Notice” shall mean a written notice executed by a Responsible Officer of the Borrower stating
that no Event of Default has occurred and is continuing or would result therefrom and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to use all or a specified portion of the Net Cash Proceeds of a Reinvestment
Event to acquire or repair assets (in the case of any Asset Sale pursuant to Section 5.02(f)(iv) or Section 5.02(f)(xi)) or long-term assets (in the case of any Recovery Event), in each case useful in its business. 

  
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 “Reinvestment Prepayment Amount” shall mean, with respect
to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the
business of the Borrower and the Subsidiaries or to reimburse the cost of any of the foregoing incurred on or after the date on which the Asset Sale giving rise to such proceeds was contractually committed. 

“Reinvestment Prepayment Date” shall mean, with respect to any Reinvestment Event, the earlier of
(a) the later of (x) the date occurring twelve months after such Reinvestment Event and (y) solely in the case of an Asset Sale, the date occurring 180 days following the date on which the Borrower entered into a binding commitment to
reinvest such Net Cash Proceeds (provided that such commitment to reinvest shall have been made no later than twelve months after such Reinvestment Event) and (b) the date on which the Borrower shall have determined not to, or shall have
otherwise ceased to, acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower and the Subsidiaries with all or any portion of the relevant Reinvestment Deferred Amount. 

“Required Lenders” means, at any time, Lenders or an Affiliated Lender owed or holding at least a majority
in interest of the sum of (a) the aggregate principal amount of the Advances outstanding at such time, (b) the aggregate L/C Obligations at such time, (c) the aggregate Unused Revolving Credit Commitment at such time and (d) the
aggregate Unused Term Commitment at such time; provided, however, that if any Lender shall be a Defaulting Lender or an Affiliated Lender at such time, there shall be excluded from the determination of Required Lenders at such time
(A) the aggregate principal amount of the Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, (B) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit issued by
such Lender and outstanding at such time, (C) the Unused Revolving Credit Commitment of such Lender at such time and (D) the Unused Term Commitment of such Lender at such time. For purposes of this definition, the aggregate amount of Swing
Line Advances owing to any Swing Line Lender, the aggregate principal amount of Letter of Credit Advances owing to the Issuing Banks and the Available Amount of each Letter of Credit shall be considered to be owed to the Lenders ratably in
accordance with their respective Revolving Credit Commitments). 
 “Required RCF/TLA Lenders” means, at
any time, Revolving Credit Lenders and Term A Lenders or an Affiliated Lender owed or holding at least a majority in interest of the sum of (a) the aggregate principal amount of the Revolving Credit Advances and the Term A Advances outstanding
at such time, (b) the aggregate L/C Obligations at such time, (c) the aggregate Unused Revolving Credit Commitment at such time and (d) the aggregate Unused Term Commitment at such time; provided, however, that if any
Revolving Credit Lender or Term A Lender shall be a Defaulting Lender or an Affiliated Lender at such time, there shall be excluded from the determination of Required RCF/TLA Lenders at such time (A) the aggregate principal amount of the
Revolving Credit Advances and/or Term A Advances owing to such Lender (in its capacity as a Lender) and outstanding at such time, (B) such Lender’s Pro Rata Share of the aggregate Available Amount of all Letters of Credit issued by such
Lender and outstanding at such time, (C) the Unused Revolving Credit Commitment of such Lender at such time and (D) the Unused Term Commitment of such Lender at such time. For purposes of this definition, the aggregate amount of Swing Line
Advances owing to any Swing Line Lender, the aggregate principal amount of Letter of Credit Advances owing to the Issuing Banks and the Available Amount of each Letter of Credit shall be considered to be owed to the Lenders ratably in accordance
with their respective Revolving Credit Commitments). 
 “Required Revolving Lenders” means, at any time,
Revolving Credit Lenders or an Affiliated Lender owed or holding at least a majority in interest of the sum of (a) the aggregate principal 

  
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amount of the Revolving Credit Advances outstanding at such time, (b) the aggregate L/C Obligations at such time, and (c) the aggregate Unused Revolving Credit Commitment at such time;
provided, however, that if any Revolving Credit Lender shall be a Defaulting Lender or an Affiliated Lender at such time, there shall be excluded from the determination of Required Revolving Lenders at such time (A) the aggregate
principal amount of the Revolving Credit Advances owing to such Revolving Credit Lender (in its capacity as a Revolving Credit Lender) and outstanding at such time, (B) such Lender’s Pro Rata Share of the aggregate Available Amount of all
Letters of Credit issued by such Lender and outstanding at such time, and (C) the Unused Revolving Credit Commitment of such Lender at such time. For purposes of this definition, the aggregate amount of Swing Line Advances owing to any Swing
Line Lender, the aggregate principal amount of Letter of Credit Advances owing to the Issuing Banks and the Available Amount of each Letter of Credit shall be considered to be owed to the Lenders ratably in accordance with their respective Revolving
Credit Commitments). 
 “Repricing Transaction” means (i) any prepayment or repayment of the 2018 New
Term B Advances with the proceeds of, or any conversion of all or any portion of the 2018 New Term B Advances into, any new or replacement Debt bearing interest (or that could bear interest after satisfaction of conditions) with an “effective
yield” (which shall (x) be deemed to take account of interest rate benchmark floors, recurring fees and all other upfront or similar fees and original issue discount (amortized over the shorter of (A) the weighted average life of such
new or replacement Debt and (B) four years) and (y) exclude any structuring, commitment and arranger fees or other similar fees unless such similar fees are paid to all lenders generally in the primary syndication of such new or
replacement Debt) that is less than the “effective yield” applicable to the 2018 New Term B Advances, as applicable (as such comparative yields are reasonably determined by the Administrative Agent); provided, that in no event shall
any prepayment or repayment of the 2018 New Term B Advances in connection with a Change of Control or a transformative acquisition not permitted under the Loan Documents constitute a Repricing Transaction, and (ii) any amendment to this
Agreement the primary purpose of which is to reduce the “effective yield” applicable to the 2018 New Term B Advances (or any 2018 New Term B Lender must assign its 2018 New Term B Advances as a result of its failure to consent to any such
amendment). 
 “Repurchased Term Advances” has the meaning set forth in Section 9.07. 

“Responsible Officer” means the chief executive officer, president, chief financial officer secretary or
assistant secretary or treasurer or assistant treasurer of a Loan Party. Any document delivered hereunder or under any other Loan Document that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” has the meaning set forth under Section 5.02(c). 

“Restricted Subsidiary” means any Subsidiary of the Borrower that has not been designated by the Board of
Directors of the Borrower, by a resolution of the Board of Directors of the Borrower delivered to the Administrative Agent, as an Unrestricted Subsidiary pursuant to and in compliance with the covenant described under Section 5.01(l). Any such
designation may be revoked by a resolution of the Board of Directors of the Borrower delivered to the Administrative Agent, subject to the provisions of such covenant. 

“Restricting Information” has the meaning set forth in Section 9.09(c). 

“Revolving Credit Advance” has the meaning specified in Section 2.01(a). 

  
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 “Revolving Credit Commitment” means, with respect to any
Lender at any time, the amount set forth for such time opposite such Lender’s name on Schedule I hereto under the caption “Revolving Credit Commitment” or, if such Lender has entered into one or more Assignments and Acceptance,
set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Revolving Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to
Section 2.05 and shall include any Incremental Revolving Facility as described in Section 2.18. The aggregate amount of the Revolving Credit Commitment as of the Amendment No. 2 Effective Date is $750,000,000.00. 

“Revolving Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit
Commitments at such time. 
 “Revolving Credit Facility Termination Date” means the earliest to occur of
(i) the Maturity Date for the Revolving Credit Facility and (ii) the date of termination in whole of the Commitments pursuant to Section 2.05 or 6.01. 

“Revolving Credit Lender” means any Lender that has a Revolving Credit Commitment. 

“Royal Bank” has the meaning specified in the preamble hereto. 

“S&P” means S&P Global Ratings, a business unit of Standard & Poor’s Financial
Services LLC. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person
or to which any such Person is a party, providing for the leasing to the Borrower or a Restricted Subsidiary of any property, whether owned by the Borrower or any Restricted Subsidiary at the Closing Date or later acquired, which has been or is to
be sold or transferred by the Borrower or such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced on the security of such property. 

“Sanctioned Country” shall mean any country, region or territory that is, or whose government is, the
subject of Sanctions Laws and Regulations broadly prohibiting dealings with such government, country, region or territory. 

“Sanctions Laws and Regulations” means (a) any sanctions or requirements imposed by, or based upon the
obligations or authorities set forth in, the Patriot Act, the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, the U.S. International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et
seq.), the U.S. Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), the U.S. Syria Accountability and Lebanese Sovereignty Act, the U.S. Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 or the Iran
Sanctions Act, Section 1245 of the National Defense Authorization Act of 2012, all as amended, or any of the foreign assets control regulations (including 31 C.F.R., Subtitle B, Chapter V, as amended) or any other law or executive order
relating thereto administered by the U.S. Department of Treasury Office of Foreign Assets Control, and any similar law, regulation, or executive order enacted in the United States after the date of this Agreement, (b) any governmental rule now
or hereafter enacted by any other relevant authority to whose laws the Loan Parties are subject to monitor, deter or otherwise prevent terrorism or the funding or support of terrorism and (c) any sanctions or requirements imposed under similar
laws or regulations enacted by the United Nations Security Council, the European Union or the United Kingdom that apply to any Loan Party. 

  
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 “Sanctions List” means (a) any blocked persons list,
designated nationals list, denied persons list, debarred party list, or other list of Persons with whom United States Persons may not conduct business, including any list published and maintained by the Office of Foreign Assets Control of the United
States Department of Treasury, the United States Department of Commerce, or the United States Department of State and (b) any list of Persons subject to general trade, economic or financial restrictions, sanctions or embargoes imposed,
administered or enforced from time to time by the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom that apply to any Loan Party. 

“Screen Rate” has the meaning specified in the definition of Eurodollar Rate. 

“SEC” means the Securities and Exchange Commission or any governmental authority succeeding to any of its
principal functions. 
 “Secured Hedge Agreement” means any Hedge Agreement (or portion of exposure under
any Hedge Agreement) not prohibited by the terms of this Agreement that is entered into by and between (a) any Loan Party and any Hedge Bank or (b) any Specified Hedge Agreement Subsidiary and any Hedge Bank, in each case (i) solely
to the extent that the obligations in respect of such Hedge Agreement (or portion of exposure) are not cash collateralized or otherwise secured (other than pursuant to the Collateral Documents) and (ii) including, for the avoidance of doubt,
any Hedge Agreement between a Loan Party or a Specified Hedge Agreement Subsidiary and any Hedge Bank that was entered into prior to the Closing Date and remains in effect as of the Closing Date. Excluded Swap Obligations shall not constitute
obligations in respect of Secured Hedge Agreements. 
 “Secured Obligation” has the meaning specified in
the Security Agreement. 
 “Secured Parties” means, collectively, each Agent, the Lender Parties, the
Hedge Banks, Cash Management Banks and the Affiliates of Lender Parties party to the Credit Card Program. 

“Security Agreement” means that certain Revolving Facility Security Agreement dated as of June 9, 2016
(as amended by Amendment No. 1, and as further amended, supplemented, amended and restated or otherwise modified from time to time) from Dana Incorporated (formerly Dana Holding Corporation) and the other grantors party thereto from time to
time to CITI, as Collateral Agent. 
 “Senior Notes” means (a) $425,000,000 aggregate principal amount of
5.500% Senior Notes issued by Dana Incorporated due 2024, (b) $375,000,000 aggregate principal amount of 6.500% Senior Notes issued by Dana Financing Luxembourg S.á.r.l. due 2026, (c) the 2021 Senior Notes, (d) $300,000,000 aggregate
principal amount of 6.000% Senior Notes issued by Dana Incorporated due 2023 and (e) the 2025 Senior Notes. 

“Senior Secured Net Leverage Ratio” means as of any date of determination, the ratio of
(a) Consolidated Senior Secured Debt on such day to (b) Consolidated EBITDA for the most recently ended four fiscal quarter period for which financial statements are required to be delivered to the Administrative Agent pursuant to
Section 5.03(b) or (c); provided that the Senior Secured Net Leverage Ratio shall be calculated on a pro forma basis. 

“Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that
(a) is maintained for employees of any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained within any of the preceding five plan years and in respect of which any
Loan Party or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

  
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 “Solvent” and “Solvency” mean, with
respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not about to engage in business
or a transaction, for which such Person’s property would constitute an unreasonably small capital, in the case of each of the foregoing, as determined in accordance with under applicable bankruptcy, insolvency or similar laws. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“SPC” has the meaning specified in Section 9.07(k). 

“Special Flood Hazard Area” means an area that FEMA has designated as an area subject to special flood or
mud slide hazards. 
 “Special Flood Hazard Property” means any Mortgaged Property that on the relevant
date of determination includes a Building (or a Building in the course of construction) and, as shown on a Flood Hazard Determination, such Building (or Building in the course of construction) is located in a Special Flood Hazard Area. 

“Specified Hedge Agreement Subsidiaries” means, collectively, Dana Financial Services Switzerland GmbH and
Dana Financing Luxembourg S.á.r.l. 
 “Specified Representations” means the representations and
warranties set forth in Sections 4.01(a)(i), the lead-in to 4.01(c), 4.01(c)(i), 4.01(e), 4.01(k), 4.01(o), 4.01(p), 4.01(s), 4.01(w) and 4.01(x). 

“Standard Receivables Undertakings” means representations, warranties, covenants and indemnities entered
into by the Borrower or any Restricted Subsidiary of the Borrower which are customary in a Qualified Receivables Transaction, including, without limitation, those relating to the servicing of the assets of a Receivables Entity, it being understood
that any Receivables Repurchase Obligation shall be deemed to be a Standard Receivables Undertaking. 

“Subordinated Debt” means Debt that is (a) subordinated to the Obligations under the Loan Documents or
(b) required to be subordinated to the Obligations under the Loan Documents; provided that: (i) such Subordinated Debt shall have a term to maturity no earlier than the date that is six months after the scheduled maturity date under
this Agreement; (ii) no Subordinated Debt shall permit or require scheduled amortization payments or mandatory prepayments of principal, sinking fund or similar scheduled payments (other than regularly scheduled payments of interest) prior to
the date that is six months after the scheduled maturity date under this Agreement; (iii) Obligations under any Subordinated Debt shall be subordinated in right of payment to the prior payment in full in cash of all Obligations under the Loan
Documents, including any Obligations incurred, created, assumed or guaranteed after the date hereof (subject to any limitation contained in such Subordinated Debt) on terms not less favorable to the Lenders than subordination provisions customarily
contained in high-yield debt securities for issuers of similar creditworthiness; (v) no Loan Party shall be permitted to make a payment in respect of any Subordinated Debt so long as an Event of Default has occurred or is continuing, or would
result therefrom; (vi) no Subordinated Debt shall contain covenants, defaults, remedy provisions or provisions relating to mandatory prepayment, repurchase, redemption and offers to purchase other than those that,

  
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taken as a whole, are consistent with those customarily found in high-yield financings for issuers of similar creditworthiness; (vii) Subordinated Debt shall be unsecured; and
(viii) after giving effect to the incurrence of such Subordinated Debt, , the Borrower shall be in pro forma compliance with the Financial Covenant. 

“Subsequent Transaction” has the meaning specified in Section 1.05. 

“Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company,
trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital
stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such partnership, joint venture or limited liability company or
(c) the beneficial interest in such trust or estate, is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.

 “Supplemental Collateral Agent” has the meaning specified in Section 7.02. 

“Surviving Debt” means the Debt of the Borrower and its Subsidiaries set forth on Schedule 1.01(b). 

“Swap Obligation” means, with respect to the Borrower or any Guarantor, any obligation to pay or perform
under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swing Line Advance” means an advance made by (a) the Swing Line Lender pursuant to
Section 2.01(f) or (c) any Revolving Credit Lender pursuant to Section 2.02(c). 
 “Swing Line
Borrowing” means a borrowing consisting of a Swing Line Advance made by the Swing Line Lender pursuant to Section 2.01(f) or the Revolving Credit Lenders pursuant to Section 2.02(b). 

“Swing Line Commitment” means, with respect to the Swing Line Lender, the amount set forth opposite its name
on Schedule I hereto under the caption “Swing Line Commitment” or, if the Swing Line Lender has entered into an Assignment and Acceptance, set forth for the Swing Line Lender in the Register maintained by the Administrative Agent pursuant
to Section 9.07(d) as the Swing Line Lender’s “Swing Line Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05. The aggregate amount of the Swing Line Commitment as of the Amendment
No. 2 Effective Date is $50,000,000. 
 “Swing Line Facility” means, at any time, an amount equal to
the aggregate amount of the Swing Line Lender’s Swing Line Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05. 

“Swing Line Lender” means the banks listed on the signature pages hereof as a “Swing Line Lender”
and any Eligible Assignee to which the Swing Line Commitment hereunder has been assigned pursuant to Section 9.07 so long as such Eligible Assignee expressly agrees to perform in accordance with their terms all obligations that by the terms of
this Agreement are required to be performed by it as a Swing Line Lender and notifies the Administrative Agent of its Applicable Lending Office and the amount of its Swing Line Commitment (which information shall be recorded by the

  
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Administrative Agent in the Register), for so long as such Swing Line Lender or Eligible Assignee, as the case may be, shall have a Swing Line Commitment. 

“Syndication Agents” has the meaning specified in the recital of parties to this Agreement. 

“Taxes” has the meaning specified in Section 2.12(a). 

“Term A Advance” means the Initial Term A Advances and the 2018 New Term A Advances. 

“Term A Commitment” means the Initial Term A Commitment and the 2018 New Term A Commitment. 

“Term A Facility” means, at any time, the aggregate amount of the Lender’s Term A Commitments and Term
A Advances at such time. 
 “Term A Lender” means any Lender that as a Term A Commitment or a Term A
Advance. 
 “Term Advance” means the Term A Advances and the 2018 New Term B Advances. 

“Term Commitment” the Term A Commitment and the 2018 New Term B Commitment and shall include any Incremental
Term Facility as described in Section 2.18. 
 “Term Facility” means, at any time, the aggregate
amount of the Lenders’ Term Commitments and Term Advances at such time. 
 “Term Facility Commitment
Termination Date” means the earliest to occur of (i) September 30, 2017 and (ii) the date of termination in whole of the Term Commitments pursuant to Section 2.05 or 6.01. 

“Term Lender” means any Lender that has a Term Commitment or a Term Advance. 

“Tooling Program” means any program whereby tooling equipment is purchased or progress payments are made to
facilitate production customer’s products and whereby the customer will ultimately repurchase the tooling equipment after the final approval by such customer. 

“Total Assets” means the total consolidated assets of the Borrower and its Restricted Subsidiaries, as shown
on the most recent balance sheet of the Borrower required to be provided pursuant to Section 5.03, calculated on a pro forma basis to give effect to any acquisition or disposition of companies, divisions, lines of businesses or
operations by the Borrower and its Restricted Subsidiaries subsequent to such date and on or prior to the date of determination. 

“Total Foreign Assets” means the total assets of the Foreign Subsidiaries, as shown on the most recent
balance sheet, calculated on a pro forma basis to give effect to any acquisition or disposition of companies, divisions, lines of businesses or operations by the Foreign Subsidiaries subsequent to such date and on or prior to the date of
determination. 
 “Total Net Leverage Ratio” means as of any date of determination, the ratio of
(a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for the most recently ended four fiscal 

  
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quarter period for which financial statements are required to be delivered to the Administrative Agent pursuant to Section 5.03(b) or (c); provided that the Total Net Leverage Ratio
shall be calculated on a pro forma basis. 
 “Transactions” means, collectively, (a) the entering
into by the Loan Parties and their applicable Subsidiaries of the Loan Documents to which they are or are intended to be a party, and the borrowings hereunder on the Closing Date and application of the proceeds as contemplated hereby and thereby and
(b) the payment of the fees and expenses incurred in connection with the consummation of the foregoing. 

“Type” refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing
interest at the Eurodollar Rate. 
 “UBS” has the meaning specified in the preamble hereto. 

“UCC” means the Uniform Commercial Code as in effect, from time to time, in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 “Unreimbursed Amount” means, in respect
of any Letter of Credit, the amount of any drawing paid by an Issuing Bank under such Letter of Credit that has not been reimbursed by the Borrower. 

“Unrestricted Subsidiary” means any Subsidiary of the Borrower designated by the Borrower as an Unrestricted
Subsidiary pursuant to Section 5.01(l) subsequent to the date hereof and any Subsidiary of an Unrestricted Subsidiary, in each case until such Unrestricted Subsidiary becomes a Restricted Subsidiary pursuant to Section 5.01(l). On the
Closing Date there are no Unrestricted Subsidiaries. 
 “Unused Revolving Credit Commitment” means, with
respect to any Lender at any time, (a) such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and Letter of
Credit Advances made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Pro Rata Share of (A) the aggregate Available Amount of all Letters of Credit outstanding at such time,
(B) the aggregate principal amount of all Letter of Credit Advances made by the Issuing Banks pursuant to Section 2.03(c) and outstanding at such time, and (C) the aggregate principal amount of all Swing Line Advances made by the
Swing Line Lender pursuant to Section 2.01(f) at any time. 
 “Unused Term Commitment” means, with
respect to any Lender at any time, (a) such Lender’s Term Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Term Advances made by such Lender (in its capacity as a Lender) pursuant to
such Term Commitment and outstanding at such time. 
 “U.S. Borrower” means any Borrower that is a U.S.
Person. 
 “U.S. Person” means any Person that is a “United States Person” as defined in
Internal Revenue Code Section 7701(a)(30). 

  
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 “Withdrawal Liability” has the meaning specified in Part I
of Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion Powers” means, with respect to any
EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.02     Computation of Time Periods. In this Agreement in the computation of periods
of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 

Section 1.03     Accounting Terms and Financial Determinations. 

(a)        All accounting terms not specifically defined herein shall
be construed in accordance with generally accepted accounting principles in effect from time to time (“GAAP”); provided, however, that if the Borrower notifies the Administrative Agent and the Lenders that the Borrower wishes to
amend any covenant in Article V or other financial condition or definition of this Agreement to eliminate the effect of any change in GAAP that occurs after the Closing Date on the operation of such covenant (or if the Administrative Agent notifies
the Borrower that the Required Lenders wish to amend Article V for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became
effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower, the Administrative Agent and the Required Lenders, the Borrower, the Administrative Agent and the Lenders agreeing to enter into
negotiations to amend any such covenant immediately upon receipt from any party entitled to send such notice. 

(b)        All components of financial calculations made to determine
compliance with Article V shall be adjusted on a pro forma basis to include or exclude, as the case may be, without duplication, such components of such calculations attributable to any Pro Forma Transaction consummated after the first day of
the applicable period of determination and prior to the end of such period, as determined in good faith by the Borrower based on assumptions expressed therein and that were reasonable based on the information available to Borrower at the time of
preparation of such calculations (including adjustments to reflect operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from any relevant pro forma event). 

(c)        Any financial statements or other financial information
required to be provided hereunder (including any comparison financial information to any prior period) for the Borrower or any of its Subsidiaries that includes or references financial information for any period prior to the Closing Date, shall,
unless the context clearly requires otherwise, be deemed a reference to the Borrower and its Subsidiaries for the applicable period. 

(d)        Notwithstanding anything to the contrary herein, with
respect to any amounts incurred in reliance on clause (x) of Section 2.18(a) (any such amounts, the “Fixed Incremental Amount”) substantially concurrently with any amounts incurred in reliance on clause (y) of
Section 2.18(a) (any such amounts, the “Incurrence-Based Incremental Amount”), it is understood and agreed that the Fixed Incremental Amount shall be disregarded in the calculation of the financial ratio or test applicable to
the Incurrence-Based Amount. 

  
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 Section 1.04     Terms
Generally.   The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Sections, Schedules and Exhibits shall be construed to refer to Sections of, and Schedules and Exhibits to, this Agreement, (e) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all real property, tangible and intangible assets and properties, including cash, securities, accounts and contract rights, and interests in any of the foregoing, and (f) any reference to a
statute, rule or regulation is to that statute, rule or regulation as now enacted or as the same may from time to time be amended, re-enacted or expressly replaced. 

Section 1.05     Limited Condition Acquisitions.   In connection with any action
being taken in connection with a Limited Condition Acquisition, for purposes of determining 

(a)        whether any Debt or Lien that is being incurred in
connection with such Limited Condition Acquisition is permitted to be incurred in compliance with Section 5.02(b) or 5.02(a), respectively, or Section 2.18; 

(b)        whether any other transaction undertaken or proposed to be
undertaken in connection with such Limited Condition Acquisition complies with the covenants or agreements contained in this Agreement; 

(c)        whether the representations and warranties being made in
connection with such Limited Condition Acquisition are true and correct in all material respects (other than the Specified Representations); and 

(d)        any calculation of the ratios or baskets, including the
First Lien Net Leverage Ratio, Senior Secured Net Leverage Ratio, Total Net Leverage Ratio, Consolidated Net Income, Consolidated EBITDA and/or pro forma cost savings and baskets determined by reference to Consolidated EBITDA or Total Assets and
whether a Default or Event of Default exists in connection with the foregoing: 
 in each case, at the option of the
Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), the date of determination of whether any such action is permitted hereunder shall be deemed to
be the date the definitive agreement for such Limited Condition Acquisition is entered into (the “LCA Test Date”). If, after giving pro forma effect to the Limited Condition Acquisition and the other transaction to be entered into
in connection therewith (including any incurrence of Debt and the use of proceeds thereof) as if they had occurred on the first day of the most recently ended four fiscal quarter period for which financial statements are required to be delivered to
the Administrative Agent pursuant to Section 5.03(b) or (c) prior to the LCA Test Date (except with respect to any incurrence of repayment of Debt for purpose of the calculation of any leverage-based ratio, which shall in each case be
treated as if they had occurred on the last day of such four fiscal quarter period), the Borrower or the applicable Restricted Subsidiary could 

  
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have taken such action on the relevant LCA Test Date in compliance with such ratio, such ratio shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an
LCA Election and any of the ratios for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio, including due to fluctuations in Consolidated EBITDA, Consolidated Net Income and/or
Total Assets of the Borrower or the Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such ratios will not be deemed to have been exceeded as a result of such fluctuations
and such changes will not be taken into account for purposes of determining whether any transaction undertaken in connection with such Limited Condition Acquisition by the Borrower or any of the Restricted Subsidiaries complies with the Loan
Documents. If the Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket with respect to any subsequent transaction, including the incurrence of Debt or
Liens or the making of Investments or Restricted Payments or prepayments of Subordinated Debt (any such transaction, a “Subsequent Transaction”) on or following the relevant LCA Test Date and prior to the earlier of the date on
which such Limited Condition Acquisition is consummated or the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, for the purposes of determining if such
Subsequent Transaction is permitted, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Debt and the use of
proceeds thereof) have been consummated; provided that solely with respect to Restricted Payments (and only until such time as the applicable Limited Condition Acquisition has been consummated or the definitive documentation for such Limited
Condition Acquisition expires or is terminated), such calculation shall also be made on a standalone basis without giving effect to such Limited Condition Acquisition and the other transactions in connection therewith. 

ARTICLE II 
 AMOUNTS AND
TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT 
 Section 2.01     The Advances.
(a) The Revolving Credit Advances. Each Revolving Credit Lender severally agrees, on the terms and conditions hereinafter set forth, to make advances (each, a “Revolving Credit Advance”) to the Borrower from time to time
on any Business Day during the period from the Closing Date until the Revolving Credit Facility Termination Date (i) in an amount for each such Advance not to exceed such Revolving Credit Lender’s Unused Revolving Credit Commitment at such
time and (ii) in an aggregate amount for all such Advances not to exceed such Lender’s ratable portion (based on the aggregate amount of the Unused Revolving Credit Commitments at such time) of the aggregate Revolving Credit Commitments at
such time; provided that the sum of (x) the aggregate principal amount of all Revolving Credit Advances, Swing Line Advances and Letter of Credit Advances outstanding at such time plus (y) the aggregate Available Amount of all
Letters of Credit outstanding at such time shall not exceed the aggregate Revolving Credit Commitments at any time. 

(b)        The Initial Term A Advances.   Each Term
Lender severally and not jointly with the other Term Lenders agreed, on the terms and conditions hereinafter set forth, to make an advance (each, an “Initial Term A Advance”) to the Borrower on any Business Day during the period
from the Amendment No. 1 Effective Date until the Term Facility Commitment Termination Date (subject to Section 3.02) in an amount not to exceed such Term Lender’s Unused Term Commitment at such time. 

  
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 (c)        The
2018 New Term A Advances.   Each 2018 New Term A Lender severally and not jointly with the other 2018 New Term A Lenders agrees, on the terms and conditions set forth herein and in the Amendment No. 2, to make an advance (each, a
“2018 New Term A Advance”) to the Borrower on the Amendment No. 2 Effective Date in an amount not to exceed such 2018 New Term A Lender’s 2018 New Term A Commitment. Amounts borrowed under this Section 2.01(c) may not
be reborrowed. 
 (d)        The 2018 New Term B
Advances.   Each 2018 New Term B Lender severally and not jointly with the other 2018 New Term B Lenders agrees, on the terms and conditions set forth herein and in the Amendment No. 2, to make an advance (each, a “2018
New Term B Advance”) to the Borrower on the Amendment No. 2 Effective Date in an amount not to exceed such 2018 New Term B Lender’s 2018 New Term B Commitment. Amounts borrowed under this Section 2.01(d) may not be
reborrowed. 
 (e)        Borrowings.   Each
Borrowing shall be in a principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (other than a Borrowing the proceeds of which shall be used solely to repay or prepay in full outstanding Swing Line Advances or Letter of
Credit Advances) and shall consist of Advances made simultaneously by the Lenders under the applicable Facility ratably according to the Lenders’ Commitments under such Facility. Within the limits of each Lender’s Unused Revolving Credit
Commitment in effect from time to time, the Borrower may borrow under Section 2.01(a), prepay pursuant to Section 2.06, and reborrow under Section 2.01(a). 

(f)        The Swing Line Advances. The Swing Line Lender
severally agrees on the terms and conditions hereinafter set forth to make, in its sole discretion, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the Closing Date until the Revolving Credit Facility
Termination Date in an aggregate amount owing to the Swing Line Lender not to exceed at any time outstanding the lesser of (i) the Swing Line Facility at such time and (ii) the Swing Line Lender’s Swing Line Commitment at such time;
provided, however, that no Swing Line Borrowing shall exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time; provided, further, that the Swing Line Lender shall not
be obligated to make any Swing Line Advance. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be in an amount of $500,000 or an integral multiple
of $100,000 in excess thereof. Within the limits of the Swing Line Facility and within the limits referred to in the first sentence of this subsection (f), the Borrower may borrow under this Section 2.01(f), repay pursuant to
Section 2.04(d) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(f). Immediately upon the making of a Swing Line Advance, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Advance in an amount equal to the product of such Lender’s Pro Rata Share times the principal amount of such Swing Line Advance. 

Section 2.02     Making the Advances.     (a)
    Except as otherwise provided in Section 2.02(b) or 2.03, each Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing
in the case of a Borrowing consisting of Eurodollar Rate Advances, or on the Business Day of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the Borrower to the Administrative Agent, which shall give to each
Lender prompt notice thereof by telex or telecopier. Each such notice of a Borrowing (a “Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, or telex or telecopier or electronic mail, in substantially the
form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) the Facility under which such Borrowing is to be made, 

  
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(iii) Type of Advances comprising such Borrowing, (iv) aggregate amount of such Borrowing and (v) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial
Interest Period for each such Advance. Each Lender shall, before 11:00 A.M. (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative
Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing in accordance with the respective Commitments of such Lender and the other Lenders. After the Administrative Agent’s receipt of such funds and upon
fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by crediting the Borrower’s Account or such other account as the Borrower shall request;
provided, however, that, in the case of Revolving Credit Advances, the Administrative Agent shall first apply such funds to prepay ratably the aggregate principal amount of any Swing Line Advances and Letter of Credit Advances
outstanding on the date of such Borrowing, plus interest accrued and unpaid thereon to and as of such date. 

(b)        (i) Each Swing Line Borrowing shall be made on notice,
given not later than 11:00 A.M. (New York City time) on the date of the proposed Swing Line Borrowing, by the Borrower to the Swing Line Lender and the Administrative Agent. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line
Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier, specifying therein the requested (i) date of such Borrowing, (ii) amount of such Borrowing and (iii) maturity of such Borrowing (which
maturity shall be no later than the seventh day after the requested date of such Borrowing). The Swing Line Lender will make the amount of the requested Swing Line Advances available to the Administrative Agent at the Administrative Agent’s
Account, in same day funds. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower by
crediting the Borrower’s Account or such other account as the Borrower shall request. 

(ii)      The Swing Line Lender may, at any time in its sole and absolute
discretion, request on behalf of the Borrower (and the Borrower hereby irrevocably authorizes the Swing Line Lender to so request on its behalf) that each Revolving Credit Lender make a Base Rate Advance in an amount equal to such Lender’s Pro
Rata Share of the amount of Swing Line Advances then outstanding. Such request shall be deemed to be a Notice of Borrowing for purposes hereof and shall be made in accordance with the provisions of Section 2.02(a) without regard solely to the
minimum amounts specified therein but subject to the satisfaction of the conditions set forth in Section 3.02 (except that the Borrower shall not be deemed to have made any representations and warranties). The Swing Line Lender shall furnish
the Borrower with a copy of the Notice of Borrowing promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Pro Rata Share of the amount specified in such Notice of Borrowing
available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Swing Line Lender, by deposit to the Administrative Agent’s Account, in same date funds, not later than 3:00 P.M. on the day
specified in such Notice of Borrowing. 
 (iii)      If for any reason any
Swing Line Advance cannot be refinanced by a Revolving Credit Borrowing as contemplated by Section 2.02(b)(ii), the request for Base Rate Advances submitted by the Swing Line Lender as set forth in Section 2.02(b)(ii) shall be deemed to be
a request by such Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Advance and each Revolving Credit Lender’s payment to the Administrative Agent for the account of the Swing
Line Lender pursuant to Section 2.02(b)(ii) shall be deemed payment in respect of such participation. 

  
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 (iv)      If and to the extent
that any Revolving Credit Lender shall not have made the amount of its Pro Rata Share of such Swing Line Advance available to the Administrative Agent in accordance with the provisions of Section 2.02(b)(ii), such Revolving Credit Lender agrees
to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of the applicable Notice of Borrowing delivered by such Swing Line Lender until the date such amount is paid to the
Administrative Agent, at the Federal Funds Rate. 
 (v)      Each Revolving
Credit Lender’s obligation to make Revolving Credit Advances or to purchase and fund risk participations in a Swing Line Advance pursuant to this Section 2.02(b) shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason
whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Credit Lender’s
obligation to make Revolving Credit Advances pursuant to this Section 2.02(b) is subject to satisfaction of the conditions set forth in Section 3.02. No funding of risk participations shall relieve or otherwise impair the obligation of the
Borrower to repay Swing Line Advances, together with interest as provided herein. 

(c)        Anything in subsection (a) above to the contrary
notwithstanding, (i) the Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be
suspended pursuant to Section 2.09 or 2.10 and (ii) the Advances may not be outstanding as part of more than 15 separate Borrowings. 

(d)        Each Notice of Borrowing and each Notice of Swing Line Borrowing shall be
irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred
by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any actual loss (excluding
loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a
result of such failure, is not made on such date. 
 (e)        Unless the
Administrative Agent shall have received notice from any Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent
may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such
assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to
repay or pay to the Administrative Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid or paid to the
Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at such time under Section 2.07 to Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender
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amount so paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes of this Agreement. 

(f)        The failure of any Lender to make the Advance to be made by it shall not
relieve any other Lender of its obligation, if any, hereunder to make its Advance or make available on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by it. 

Section 2.03    Issuance of and Drawings and Reimbursement Under Letters of Credit. 

(a)        The Letter of Credit Commitment. 

(i)        Subject to the terms and conditions set forth herein,
(A) each Issuing Bank agrees, in reliance upon the agreements of the Loan Parties set forth herein and in the other Loan Documents and in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to
time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or any of its Restricted Subsidiaries, and to amend Letters of Credit previously
issued by it, in accordance with subsection (b) below, and (2) to honor drafts and other demands for payment under a Letter of Credit that comply with the terms of such Letter of Credit; and (B) the Lenders severally agree to
participate in Letters of Credit issued for the account of the Borrower or any of its Subsidiaries; provided that the Issuing Banks shall not be obligated to issue any Letter of Credit, and no Lender shall be obligated to participate in any
Letter of Credit if as of the date of such issuance, (x) the Available Amount for all Letters of Credit issued by such Issuing Bank would exceed the lesser of the Letter of Credit Sublimit at such time and such Issuing Bank’s Letter of
Credit Commitment at such time, (y) the Available Amount of such Letter of Credit would exceed the Unused Revolving Credit Commitment or (z) the sum of (1) the aggregate principal amount of all Revolving Credit Advances plus
Swing Line Advances and Letter of Credit Advances outstanding at such time plus (2) the aggregate Available Amount of all Letters of Credit outstanding at such time exceed the aggregate Revolving Credit Commitments at such time. Within
the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit issued for the account of the Borrower or its Subsidiaries shall be deemed to have been issued pursuant hereto, and from and
after the Closing Date shall be subject to and governed by the terms and conditions hereof. 

(ii)        No Issuing Bank shall be under any obligation to issue any
Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank
or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which such Issuing Bank in good faith deems material to it; (B) the expiry date of such requested Letter of Credit would occur
after the Letter of Credit Expiration Date, unless such Issuing Bank has approved such expiry date; (C) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank; or (D) such

  
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Letter of Credit is in an initial amount less than $100,000 (unless such Issuing Bank agrees otherwise), or is to be denominated in a currency other than U.S. dollars. 

(iii)        No Issuing Bank shall be under any obligation to amend
any Letter of Credit if (A) such Issuing Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed
amendment to such Letter of Credit. 
 (b)        Procedures for Issuance and
Amendment of Letters of Credit. 
 (i)        Each Letter of
Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable Issuing Bank (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and
signed by a Responsible Officer of the Borrower or such Restricted Subsidiary for whose account such Letter of Credit is to be issued. Such Letter of Credit Application must be received by the applicable Issuing Bank and the Administrative Agent not
later than 11:00 a.m. at least two Business Days (or such later date and time as such Issuing Bank may agree in writing in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In
the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (A) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any
drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as such Issuing Bank may reasonably require. In the case of a request for an
amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (A) the Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as such Issuing Bank may reasonably require. 

(ii)        Promptly following receipt by the applicable Issuing Bank
of written confirmation from the Administrative Agent that the requested issuance or amendment of a Letter of Credit is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such Issuing Bank shall, on the
requested date, issue a Letter of Credit for the account of the Borrower or the applicable Restricted Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with such Issuing Bank’s usual and customary
business practices. Immediately upon the issuance of each Letter of Credit (or an amendment increasing the face amount thereof), each Lender shall be deemed to purchase, and hereby absolutely, irrevocably and unconditionally purchases, from such
Issuing Bank a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Pro Rata Share times the amount of such Letter of Credit. 

(iii)        Promptly after its delivery of any Letter of Credit or
any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Issuing Bank will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit
or amendment. 
 (c)        Drawings and Reimbursements; Funding of
Participations. 

  
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 (i)        Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank shall notify the Borrower and the Administrative Agent thereof. Following any payment by the applicable Issuing
Bank under a Letter of Credit (each date of such a payment, an “Honor Date”), the Borrower shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing (together with interest
thereon at the rate set forth in Section 2.07 for Revolving Credit Advances bearing interest at the Base Rate), such reimbursement to be made not later than 11:00 a.m. on the Honor Date or the earliest succeeding Business Day on which the
Borrower receives notice of such payment; provided that if such notice is received later than 10:00 a.m. on such date of receipt, the reimbursement shall be due not later than 11:00 a.m. on the Business Day immediately succeeding the Business Day of
receipt thereof.    If the Borrower fails to so reimburse the applicable Issuing Bank by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the Unreimbursed Amount, and the
amount of such Revolving Credit Lender’s Pro Rata Share thereof. If the Borrower fails to so reimburse the applicable Issuing Bank by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the
Unreimbursed Amount, and the amount of such Revolving Credit Lender’s Pro Rata Share thereof. In such event, the Borrower shall be deemed to have requested a Borrowing to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.01 for the principal amount of Borrowings, but subject to the amount of the Unused Revolving Credit Commitments and the conditions set forth in Section 3.02 (other
than the delivery of a Notice of Borrowing). Any notice given by an Issuing Bank or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of
such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii)        Each Revolving Credit Lender (including a Revolving Credit
Lender acting as Issuing Bank) shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the applicable Issuing Bank at the Administrative Agent’s Office in an amount equal to
its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Credit Lender that so
makes funds available shall be deemed to have made a Letter of Credit Advance to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the applicable Issuing Bank. 

(iii)        With respect to any Unreimbursed Amount that is not fully
refinanced by a Borrowing because the conditions set forth in Section 3.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable Issuing Bank a Letter of Credit Advance in the amount of
the Unreimbursed Amount that is not so refinanced, which Letter of Credit Advance shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to
the Administrative Agent for the account of the applicable Issuing Bank pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such Letter of Credit Advance and shall constitute a Letter of Credit Advance
from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.03. 

(iv)        Until each Revolving Credit Lender funds its Revolving
Credit Advance or Letter of Credit Advance pursuant to this Section 2.03(c) to reimburse the applicable Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Revolving

  
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Credit Lender’s Pro Rata Share of such amount shall be solely for the account of such Issuing Bank. 

(v)        Each Revolving Credit Lender’s obligation hereunder to
fund its participation in respect of Letters of Credit (including by making Letter of Credit Advances to reimburse the applicable Issuing Bank for amounts drawn under Letters of Credit), as contemplated by this Section 2.03, shall be absolute
and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against such
Issuing Bank, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing. No such making of a
Letter of Credit Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable Issuing Bank for the amount of any payment made by such Issuing Bank under any Letter of Credit, together with interest as provided
herein. 
 (vi)        If any Revolving Credit Lender fails to make
available to the Administrative Agent for the account of the applicable Issuing Bank any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in this
Section 2.03(c), such Issuing Bank shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the such Issuing Bank at a rate per annum equal to the Federal Funds Rate from time to time in effect. A certificate of the applicable Issuing Bank submitted to any Revolving Credit Lender
(through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error. 

(d)        Repayment of Participations. 

(i)        At any time after any Issuing Bank has made a payment under
any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender’s Letter of Credit Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the applicable Issuing Bank any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of cash collateral applied thereto by the Administrative
Agent), the Administrative Agent will distribute to such Revolving Credit Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Credit Lender’s
Letter of Credit Advance was outstanding) in the same funds as those received by the Administrative Agent. 

(ii)        If any payment received by the Administrative Agent for
the account of the applicable Issuing Bank pursuant to Section 2.03(c)(i) is required to be returned under any circumstances (including pursuant to any settlement entered into by such Issuing Bank in its discretion), each Revolving Credit
Lender shall pay to the Administrative Agent for the account of such Issuing Bank its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such
Revolving Credit Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. 

(e)        Obligations Absolute. The obligation of the Borrower to reimburse
any Issuing Bank for each drawing under each Letter of Credit and to repay each Letter of Credit Advance shall be 

  
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absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i)        any lack of validity or enforceability of such Letter of
Credit, this Agreement, or any other agreement or instrument relating thereto; 

(ii)        the existence of any claim, counterclaim, set-off, defense or other right that the Borrower may have at any time against any actual or purported beneficiary or transferee of such Letter of Credit (or any Person for whom any such actual or purported
beneficiary or transferee may be acting), such Issuing Bank or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any
unrelated transaction; 
 (iii)        any draft, demand,
certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv)        any payment by the Issuing Bank under such Letter of
Credit against presentation of a draft or certificate that does not comply with the terms of such Letter of Credit; or any payment made by such Issuing Bank under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter
of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

(v)        any other circumstance or happening whatsoever, whether or
not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and,
in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable Issuing Bank. The Borrower shall be conclusively deemed to have waived any such claim against
the applicable Issuing Bank and its correspondents unless such notice is given to the applicable Issuing Bank within one Business Day after the Borrower’s receipt of a copy of the applicable Letter of Credit or amendment. 

(f)        Role of Issuing Bank. Each Revolving Credit Lender and the Borrower
agree that, in paying any drawing under a Letter of Credit, no Issuing Bank shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or
inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Issuing Banks, any Agent-Related Person nor any of the respective correspondents, participants or
assignees of any Issuing Bank shall be liable to any Revolving Credit Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or
Letter of Credit Application. The Borrower hereby assumes all risks of the acts or omissions of any actual or purported beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption
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shall not, preclude the Borrower from pursuing such rights and remedies as it may have against any actual or purported beneficiary or transferee at law or under any other agreement. None of the
Issuing Banks, any Agent-Related Person, nor any of the respective correspondents, participants or assignees of any Issuing Bank, shall be liable or responsible for any of the matters described in clauses (i) through (v) of
Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against an Issuing Bank, any related Agent-Related Person, any of their respective correspondents,
participants or assignees of such Issuing Bank or any Agent-Related Person, and they may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential, punitive, special, or exemplary, damages suffered
by the Borrower which a court of competent jurisdiction determines in a final, non-appealable judgment were caused by such Issuing Bank’s, any such Agent-Related Person’s, or any of such respective
correspondents, participants or assignees of such Issuing Bank or of any Agent-Related Person’s willful misconduct or gross negligence or such Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to it by
the beneficiary of a sight draft or other demand for payment or certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the applicable Issuing Bank may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such Issuing Bank shall not be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g)        Cash Collateral. Upon the request of the Administrative Agent, if,
as of the Letter of Credit Expiration Date, any Letter of Credit may for any reason remain outstanding and partially or wholly undrawn, the Borrower shall immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations (in an
amount equal to 105% of such Outstanding Amount determined as of the Letter of Credit Expiration Date). For purposes hereof, “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of
the Issuing Banks and the Revolving Credit Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Banks
(which documents are hereby consented to by the Revolving Credit Lenders). Derivatives of such term have corresponding meanings. The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Banks and the Revolving Credit
Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Such cash collateral shall be maintained in the L/C Cash Collateral Account. 

(h)        Applicability of ISP98 and UCP. Unless otherwise expressly agreed
by the applicable Issuing Bank and the Borrower when a Letter of Credit is issued, (i) the rules of the International Standby Practices 1998, ICC Publication No. 590, published by the Institute of International Banking Law &
Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the
International Chamber of Commerce (the “ICC”) at the time of issuance (including the ICC decision published by the Commission on Banking Technique and Practice on April 6, 1998 regarding the European single currency (euro))
shall apply to each commercial Letter of Credit. 
 (i)        Conflict with
Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control. 

  
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 (j)        Issuing Banks.
Until such time as any financial institution that is an Issuing Bank on the date hereof shall become a Revolving Credit Lender hereunder, such Issuing Bank shall have no obligations under the Loan Documents other than with respect to Existing
Letters of Credit issued by such Issuing Bank. 

Section 2.04        Repayment of Advances. (a) Revolving Credit
Advances. The Borrower shall repay to the Administrative Agent for the ratable account of the Revolving Credit Lenders on the Revolving Credit Facility Termination Date the aggregate outstanding principal amount of the Revolving Credit Advances
then outstanding. 
 (b)        Repayment of the Term A Advances. The
Borrower shall repay the Term A Advances to the Administrative Agent for the ratable account of the Term A Lenders commencing on March 31, 2019 to and including June 30, 2022 in equal quarterly amounts on the last day of each Fiscal
Quarter of $7,945,165.09 (to be adjusted to reflect any payments made pursuant to Section 2.06); provided, that the Borrower shall pay on the Maturity Date for the Term A Facility an amount equal to the aggregate principal amount of the
Term A Advances outstanding on such date. 
 (c)        Repayment of the 2018
New Term B Advances. The Borrower shall repay the 2018 New Term B Advances to the Administrative Agent for the ratable account of the 2018 New Term B Lenders commencing on June 30, 2019 in equal quarterly amounts on the last day of each
Fiscal Quarter of 0.25% of the initial aggregate principal amount of the 2018 New Term B Advances (to be adjusted to reflect any payments made pursuant to Section 2.06); provided, that the Borrower shall pay on the Maturity Date for the
2018 New Term B Facility an amount equal to the aggregate principal amount of the 2018 New Term B Advances outstanding on such date. 

(d)        Swing Line Advances. The Borrower shall repay to the Administrative
Agent for the account of the Swing Line Lender and each other Revolving Credit Lender that has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made by each of them on the earlier of the maturity date specified
in the applicable Notice of Swing Line Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing) and the Revolving Credit Facility Termination Date. 

(e)        Letter of Credit Advances. The Borrower shall repay to the
Administrative Agent for the account of the Issuing Banks and each Revolving Credit Lender that has made a Letter of Credit Advance the outstanding principal amount of each Letter of Credit Advance made by each of them on the earlier of (i) the
date of demand therefor and (ii) the Revolving Credit Facility Termination Date. 

Section 2.05        Termination or Reduction of Commitments.
(a) Optional. The Borrower may, upon at least two Business Days’ notice to the Administrative Agent, terminate in whole or reduce in part the unused portions of the Swing Line Facility, the Letter of Credit Sublimit, the Unused
Revolving Credit Commitments and/or the Unused Term Commitments; provided, however, that each partial reduction shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof. 

(b)        Mandatory. 

(i)        The Initial Term A Commitments were automatically and
permanently reduced and terminated upon the making of the Initial Term A Advances pursuant to Section 2.01. 

  
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 (ii)        The 2018
New Term A Commitments shall be automatically and permanently reduced and terminated upon the making of the 2018 New Term A Advances pursuant to Section 2.01. 

(iii)        The 2018 New Term B Commitments shall be automatically
and permanently reduced and terminated upon the making of the 2018 New Term B Advances pursuant to Section 2.01 

(iv)        The Letter of Credit Sublimit shall be automatically and
permanently reduced from time to time on the date of each reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Letter of Credit Sublimit exceeds the Revolving Credit Facility after giving effect to such
reduction of the Revolving Credit Facility. 
 (v)        The Swing
Line Facility shall be permanently reduced from time to time on the date of each reduction in the Revolving Credit Facility by the amount, if any, by which the amount of the Swing Line Facility exceeds the Revolving Credit Facility after giving
effect to such reduction of the Revolving Credit Facility. 

(c)        Application of Commitment Reductions. Upon each reduction of the
applicable Facility pursuant to this Section 2.05, the Commitment of each of the Revolving Credit Lenders or Term Lenders, as the case may be, shall be reduced by such Lender’s Pro Rata Share of the amount by which such Facility is reduced
in accordance with the Lenders’ respective Commitments under such Facility. 

Section 2.06        Prepayments. (a) Optional. (i) The
Borrower may, upon at least one Business Day’s notice to the Administrative Agent received not later than 11:00 A.M. (New York, New York time) stating the proposed date and aggregate principal amount of the prepayment, and if such notice is
given the Borrower shall, prepay the outstanding aggregate principal amount of Advances, in whole or ratably in part, together with accrued interest to the date of such prepayment on the aggregate principal amount prepaid; provided,
however, that (i) each partial prepayment shall be in an aggregate principal amount of (A) $5,000,000 in the case of Revolving Credit Advances and (B) $1,000,000 in the case of Term Advances, or in each case, an integral multiple of
$1,000,000 in excess thereof or, if less, the aggregate outstanding principal amount of any Advance and (ii) that no prepayment of Eurodollar Advance shall be permitted pursuant to this Section 2.06 other than on the last day of the
Interest Period applicable thereto unless such prepayment is accompanied by the payment of the amounts required by Section 9.04(c) if the applicable Lender has provided the Borrower with adequate notice of the amount of the same. Each
prepayment of any Term Advances pursuant to this Section 2.06(a) shall be applied pro rata among each class of Term Advances then outstanding and within each such class to the scheduled amortization payments under the applicable Term Facility
as directed by the Borrower. 
 (ii)        Notwithstanding the
foregoing, in the event that, on or prior to the date which is six months after the Amendment No. 2 Effective Date, the Borrower (x) prepays, refinances, substitutes or replaces any 2018 New Term B Advance pursuant to a Repricing
Transaction or (y) effects any amendment of this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent, for the ratable account of each of the 2018 New Term B Lenders, (I) in the case of clause
(x), a prepayment premium of 1.00% of the aggregate principal amount of the 2018 New Term B Advances so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of
the 2018 New Term B Advances outstanding immediately prior to such amendment. Such amounts shall be due and payable on the date of effectiveness of such Repricing Transaction. 

  
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 (b)        Mandatory. 

(i)        If at any time any Loan Party or any of its Subsidiaries
shall receive Net Cash Proceeds from (x) any Asset Sale or (y) any Recovery Event and, unless and to the extent that a Reinvestment Notice shall be delivered in respect thereof, the Borrower shall, within five Business Days after the date
of the receipt of such Net Cash Proceeds by such Loan Party or any of its Subsidiaries prepay an aggregate principal amount of outstanding Term Advances equal to 100% of such Net Cash Proceeds; provided, that, notwithstanding the foregoing,
on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Advances. 

(ii)        If at any time any Loan Party or any of its Subsidiaries
shall receive Net Cash Proceeds from the issuance or incurrence of any Debt (other than any Debt permitted under Section 5.02(b) (other than any Refinancing Debt), the Borrower shall, within one Business Day after the date of receipt of such
Net Cash Proceeds by such Loan Party or any of its Subsidiaries, prepay the Term Advances in an amount equal to 100% of such Net Cash Proceeds. 

(iii)        Commencing with the Fiscal Year ending December 31,
2019, not later than five Business Days after the earlier of (i) the date on which the Borrower is required to deliver financial statements with respect of each Fiscal Year under Section 5.03(c) for such Fiscal Year and (ii) the date
on which such financial statements are actually delivered, the Borrower shall prepay the 2018 New Term B Advances in an amount equal to (A) the ECF Percentage times the amount of Excess Cash Flow for such Fiscal Year minus (B) the
amount of any voluntary prepayments, repurchases or redemptions of principal during such Fiscal Year (in each case to the extent not financed with the proceeds of Funded Debt), in each case, not previously deducted pursuant to this clause
(B) in any prior period of (I) Term Advances (provided that with respect to any prepayment of Term Advances below the par value thereof, the aggregate amount of such prepayment for purposes of this clause (B) shall be the
amount of the Borrower’s actual cash payment in respect of such prepayment) and (II) any other Debt permitted hereunder that is secured by the Collateral on a pari passu basis with the Obligations (in the case of any revolving Debt,
solely to the extent accompanied by permanent commitment reductions); provided that prepayment shall only be required pursuant to this Section 2.06(b)(iii) for any Fiscal Year if the amount calculated pursuant to clause (A) above
exceeds $10,000,000 (and then only to the extent of such excess). 

(iv)        The Borrower shall, on each Business Day, if applicable,
prepay (with no corresponding commitment reduction) an aggregate principal amount of the Revolving Credit Advances comprising part of the same Borrowings, Unreimbursed Amounts, the Letter of Credit Advances and the Swing Line Advances (and/or
deposit cash collateral in respect of Letters of Credit then outstanding) in an amount equal to the amount by which (A) the sum of (x) the aggregate principal amount of the Revolving Credit Advances, Unreimbursed Amounts, the Letter of
Credit Advances and the Swing Line Advances then outstanding plus (y) the aggregate Available Amount of all Letters of Credit then outstanding exceeds (B) the aggregate Revolving Credit Commitments. 

(v)        The Borrower shall, on each Business Day, pay to the
Administrative Agent for deposit in the L/C Cash Collateral Account an amount sufficient to cause the aggregate amount on deposit in such L/C Cash Collateral Account to equal the amount by which the 

  
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aggregate Available Amount of all Letters of Credit then outstanding exceeds the Letter of Credit Sublimit on such Business Day. 

(vi)        Prepayments of the Revolving Credit Facility made pursuant
to clause (iv) above shall be first applied to prepay Letter of Credit Advances then outstanding, if any, until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are
paid in full, third applied ratably to prepay Revolving Credit Advances then outstanding, if any, comprising part of the same Borrowings until such Advances are paid in full and fourth, if required under Section 2.03(g), deposited
in the L/C Cash Collateral Account. Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the applicable Issuing Bank or Revolving Credit Lenders, as
applicable. 
 (vii)        All prepayments under this
subsection (b) shall be made together with accrued interest to the date of such prepayment on the principal amount prepaid, and, if any such prepayment is made on a day other than on the last day of the Interest Period applicable thereto, such
prepayment shall be accompanied by the payment of the amounts required by Section 9.04(c) if the applicable Lender has provided the Borrower with adequate notice of the amount of the same. Each prepayment of the outstanding Term Advances made
under clauses (i) or (ii) of this Section 2.06(b) shall be applied pro rata among each class of Term Advances then outstanding and within each such class to the remaining principal repayment installments thereof. Each prepayment of the
outstanding 2018 New Term B Advances made under clause (iii) of this Section 2.06(b) shall be applied pro rata to the remaining principal repayment installments thereof. 

(viii)        Notwithstanding anything in this Section 2.06(b) to
the contrary, to the extent that the Borrower has determined in good faith and has documented in reasonable detail to the reasonable satisfaction of the Administrative Agent, that any portion of a distribution to any Loan Party of any (A) Net
Cash Proceeds pursuant to Section 2.06(b)(i) and (ii), in respect of Net Cash Proceeds of any Foreign Subsidiary, or (B) any Excess Cash Flow attributable to any Foreign Subsidiary, in each case would (i) result in material adverse
tax consequences, (ii) result in a material breach of any agreement governing Debt of such Foreign Subsidiary permitted to exist or to be incurred by such Foreign Subsidiary under the terms of this Agreement and/or (iii) be limited or
prohibited under applicable local law, the application of such Net Cash Proceeds or such portion of Excess Cash Flow to the prepayment of the applicable Term Facility pursuant to this Section 2.06(b) shall be deferred on terms to be agreed
between the Borrower and the Administrative Agent; provided that in each case the relevant Loan Party and/or Subsidiaries of such Loan Party shall take commercially reasonable steps (except to the extent that any such steps result in material cost
or tax to the Borrower or any of its Subsidiaries) to minimize any such adverse tax consequences and/or to obtain any exchange control clearance or other consents, permits, authorizations or licenses which are required to enable such Net Cash
Proceeds or Excess Cash Flow to be repatriated or advanced to, and applied by, the relevant Loan Party in order to effect such a prepayment. 

Section 2.07        Interest. (a) Scheduled Interest. The
Borrower shall pay interest on each Revolving Credit Advance or Term Advance owing to each Lender from the date of such Revolving Credit Advance or Term Advance, as the case may be, until such principal amount shall be paid in full, at the following
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 (i)        Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (A) the Base Rate in effect from time to time plus (B) the Applicable Margin in effect from time to
time with respect to such Advance, payable quarterly in arrears on the first Business Day following each Fiscal Quarter during such periods and upon repayment of such Advance. 

(ii)        Eurodollar Rate Advances. During such periods as
such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus (B) the Applicable
Margin in effect from time to time with respect to such Advance, payable in arrears on the last Business Day of such Interest Period and, if such Interest Period has a duration of more than 90 days, every 90 days from the first day of such Interest
Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 

(b)        Default Interest. The Borrower shall pay interest, (i) upon
the occurrence and during the continuance of an Event of Default under Section 6.01(a) or (f) on overdue principal in respect of the Advances owing to the Lenders, payable in arrears on the dates referred to in clause (a) above and on
demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a) and (ii) to the fullest extent permitted by law, on the amount of any interest, fee or other
amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all
times to 2% per annum above the rate per annum applicable to Base Rate Advances. 

(c)        Notice of Interest Rate. Promptly after receipt of a Notice of
Borrowing pursuant to Section 2.02(a), the Administrative Agent shall give notice to the Borrower and each Lender of the interest rate determined by the Administrative Agent for purposes of clause (a) above. 

Section 2.08        Fees. (a) Commitment Fees. The Borrower
shall pay to the Administrative Agent a commitment fee (i) for the account of the Revolving Credit Lenders, from the date hereof in the case of each Revolving Credit Lender party to this Agreement on the Closing Date, from the Amendment
No. 1 Effective Date in the case of each other Revolving Credit Lender party to this Agreement on the Amendment No. 1 Effective Date, and from the effective date specified in the Assignment and Acceptance pursuant to which it became a
Revolving Credit Lender in the case of each other such Revolving Credit Lender until the Revolving Credit Facility Termination Date, payable in quarterly in arrears on the first Business Day following each Fiscal Quarter and on the Revolving Credit
Facility Termination Date, at the rate per annum on the average daily unused portion of the Unused Revolving Credit Commitment of such Lender, equal to the percentage set forth in the definition of “Applicable Margin” for commitment fees
for the relevant Total Net Leverage Ratio on such date, and (ii) for the account of the Term Lenders, from the Amendment No. 1 Effective Date in the case of each Term Lender party to this Agreement on the Amendment No. 1 Effective
Date, and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Term Lender in the case of each other such Term Lender which becomes a Term Lender prior to the Term Facility Commitment Termination Date,
until the Term Facility Commitment Termination Date, payable in quarterly in arrears on the first Business Day following each Fiscal Quarter and on the Term Facility Commitment Termination Date, at the rate per annum on the average daily unused
portion of the Unused Term Commitment of such Lender, equal to the percentage set forth in the definition of “Applicable Margin” for commitment fees for the relevant Total Net Leverage Ratio on such date; 

  
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 provided, however, that no commitment fee shall accrue on any
of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. 

(b)        Letter of Credit Fees, Etc. 

(i)        The Borrower shall pay to the Administrative Agent for the
account of each Revolving Credit Lender a commission, payable quarterly in arrears on the first Business Day of each Fiscal Quarter, on the earliest to occur of the full drawing, expiration, termination or cancellation of any such Letter of Credit
and on the Revolving Credit Facility Termination Date, on such Revolving Credit Lender’s Pro Rata Share of the average daily aggregate Available Amount during such quarter of all Letters of Credit outstanding from time to time at a rate per
annum equal to the Applicable Margin for Eurodollar Rate Advances under the Revolving Credit Facility. 

(ii)        The Borrower shall pay to the Issuing Banks, for their own
account, (A) ratably, a fronting fee, payable quarterly in arrears on the first Business Day following each Fiscal Quarter and on the Revolving Credit Facility Termination Date, on the average daily Available Amount during such quarter of all
Letters of Credit, from the Closing Date until the Revolving Credit Facility Termination Date, at the rate of 0.125% per annum and (B) the customary issuance, presentation, amendment and other processing fees, and other standard costs and
charges, of the Issuing Banks. 
 Section 2.09    Conversion of
Advances.    (a)  Optional.  The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the
date of the proposed Conversion and subject to the provisions of Section 2.10, Convert all or any portion of the Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any
Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not
less than the minimum amount specified in Section 2.02(c), no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(c) and each Conversion of Advances comprising part of the same Borrowing
shall be made ratably among the Lenders in accordance with their Commitments. Each such notice of Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted and
(iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for such Advances. Each notice of Conversion shall be irrevocable and binding on the Borrower. 

(b)        Mandatory. 

(i)        On the date on which the aggregate unpaid principal amount
of Eurodollar Rate Advances comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $5,000,000, such Advances shall, at the end of the applicable Interest Period, automatically Convert into Base Rate Advances.

 (ii)        If the Borrower shall fail to select the duration of
any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and the Lenders,
whereupon each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance. 

  
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 (iii)        Upon
the occurrence and during the continuance of any Event of Default, (x) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (y) the obligation
of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended. 

Section 2.10    Increased Costs, Etc.  (a)   If a Change in Law
shall (i) result in any increase in the cost to any Lender Party of agreeing to make or of making, funding or maintaining Eurodollar Rate Advances or of agreeing to issue or amend or of issuing, amending or maintaining or participating in
Letters of Credit or of agreeing to make or of making or maintaining Letter of Credit Advances with respect to its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto) or (ii) subject any Lender Party or Agent to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income
Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, then the Borrower shall from time to time, upon demand by such Lender Party (with
a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party additional amounts sufficient to compensate such Lender Party for such increased cost or Taxes; provided, however,
that a Lender Party claiming additional amounts under this Section 2.10(a) agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable Lending Office if the
making of such a designation would avoid the need for, or reduce the amount of, such increased cost or Taxes that may thereafter accrue and would not, in the reasonable judgment of such Lender Party, be otherwise disadvantageous to such Lender
Party. A certificate as to the amount of such increased cost or Taxes, submitted to the Borrower by such Lender Party, shall be conclusive and binding for all purposes, absent manifest error. 

(b)        If any Lender Party determines that (i) compliance with any law or
regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) or (ii) a Change in Law affects or would affect the amount of capital or liquidity required or expected to be
maintained by such Lender Party or any corporation controlling such Lender Party and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender Party’s commitment to lend or to issue, amend, or
participate in Letters of Credit hereunder and other commitments of such type or the issuance, amendment, maintenance of or participation in the Letters of Credit (or similar contingent obligations), then, upon demand by such Lender Party or such
corporation (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender Party, from time to time as specified by such Lender Party, additional amounts sufficient to
compensate such Lender Party in the light of such circumstances, to the extent that such Lender Party reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender Party’s commitment to lend or to
issue, amend, or participate in Letters of Credit hereunder or to the issuance, amendment, maintenance of or participation in any Letters of Credit. A certificate as to such amounts submitted to the Borrower by such Lender Party shall be conclusive
and binding for all purposes, absent manifest error. 
 (c)        If, with respect
to any Eurodollar Rate Advances, the Required Lenders notify the Administrative Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their
Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon (i) each such Eurodollar Rate Advance will automatically, on the last day of the then existing
Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until 

  
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the Administrative Agent shall notify the Borrower that such Lenders have determined that the circumstances causing such suspension no longer exist. 

(d)        Notwithstanding any other provision of this Agreement, if the introduction
of or any change in or in the interpretation of any law or regulation shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its
obligations hereunder to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, (i) each
Eurodollar Rate Advance will automatically, upon such demand, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrower that such Lender has determined that the circumstances causing such suspension no longer exist; provided, however, that, before making any such demand, such Lender agrees to use reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its
obligations to make Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender, be otherwise disadvantageous to such Lender. 

Section 2.11    Payments and Computations. 

(a)        The Borrower shall make each payment hereunder and under the Notes,
irrespective of any right of counterclaim or set-off (except as otherwise provided in Section 2.15), not later than 11:00 A.M. (New York, New York time) on the day when due (or, in the case of payments
made by the Borrower or any Guarantor pursuant to Section 8.01, on the date of demand therefor) in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds. The Administrative Agent will promptly
thereafter cause like funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest, commitment fees or any other Obligation then payable hereunder and under the Notes to more than one Lender Party, to such
Lender Parties for the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if such payment by the Borrower is in respect of
any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and
Acceptance and recording of the information contained therein in the Register pursuant to Section 9.07(d), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder and under
the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date
directly between themselves. 
 (b)        If the Administrative Agent receives
funds for application to the Obligations under the Loan Documents under circumstances for which the Loan Documents do not specify the Advances to which, or the manner in which, such funds are to be applied, the Administrative Agent may, but shall
not be obligated to, elect to distribute such funds to each Lender Party ratably in accordance with such Lender Party’s proportionate share of the principal amount of all outstanding Advances and the Available Amount of all Letters of Credit
then outstanding, in repayment or prepayment of such of the outstanding Advances or other Obligations owed to such Lender Party, and for application to such principal installments, as the Administrative Agent shall direct. 

  
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 (c)        The Borrower hereby
authorizes each Lender Party, if and to the extent payment owed to such Lender Party is not made when due hereunder or, in the case of a Lender, under the Note held by such Lender, to charge from time to time against any or all of the
Borrower’s accounts with such Lender Party any amount so due. Each of the Lender Parties hereby agrees to notify the Borrower promptly (and in any event within two (2) Business Days thereof) after any such setoff and application shall be
made by such Lender Party; provided, however, that the failure to give such notice shall not affect the validity of such charge. 

(d)        All computations of interest based on the Base Rate, of fees and Letter of
Credit commissions shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate shall be made by the Administrative
Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. Each determination by the
Administrative Agent of an interest rate, fee or commission hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(e)        Whenever any payment hereunder or under the Notes shall be stated to be
due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or commitment fee, as the case may be;
provided, however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 

(f)        Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to any Lender Party hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative
Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due such Lender Party. If and to the extent the Borrower
shall not have so made such payment in full to the Administrative Agent, each such Lender Party shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender Party together with interest thereon, for each day
from the date such amount is distributed to such Lender Party until the date such Lender Party repays such amount to the Administrative Agent, at the Federal Funds Rate. 

Section 2.12    Taxes.    (a)  Except as required by applicable
law, any and all payments by any Loan Party to or for the account of any Lender Party or any Agent hereunder or under any other Loan Document shall be made, in accordance with Section 2.11 or the applicable provisions of such other Loan
Document, if any, free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, 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 (collectively, “Taxes”). If any Loan Party shall be required by applicable law (as determined in the good faith discretion of an applicable
withholding agent) to deduct or withhold any Taxes from or in respect of any sum payable hereunder or under any other Loan Document to any Lender Party or any Agent, then (i) the applicable Loan Party shall be entitled to make all such
deductions or withholdings and shall timely pay the full amount thereof to the relevant Governmental Authority in accordance with applicable law and (ii) except in the case of Excluded Taxes, the sum payable by such Loan Party shall be
increased as may be necessary so that after such Loan Party and the Administrative Agent have made all required deductions and withholding (including deductions and withholding applicable to additional sums payable under this Section 2.12) such
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case may be, receives an amount equal to the sum it would have received had no such deductions or withholding been made. 

(b)        Each Loan Party shall timely pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law or, at the option of the Administrative Agent, timely reimburse it for the payment of such Other Taxes. 

(c)        Except as otherwise provided herein, the Loan Parties shall, within 10
days after demand therefor, indemnify each Lender Party and each Agent for and hold them harmless against the full amount of (i) any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.12) imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document, (ii) without duplication, Other Taxes imposed on or paid by such Lender Party or such Agent, as
the case may be, and any reasonable expenses arising therefrom or with respect thereto, but, in each case, excluding penalties, interest or other expenses to the extent attributable to the gross negligence or willful misconduct of the Person
claiming such indemnity. A certificate as to the amount of such Taxes and liabilities delivered to the Borrower shall be conclusive absent manifest error. 

(d)        [Reserved]. 

(e)        Within 30 days after the date of any payment of Taxes to a Governmental
Authority pursuant to this Section 2.12, the appropriate Loan Party shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing such payment, to the extent
such a receipt is issued therefor, or other written proof of payment thereof that is reasonably satisfactory to the Administrative Agent. 

(f)        Documentation. 

(i)        Any Lender Party that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender Party, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender Party is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Section 2.12(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender Party’s reasonable judgment such completion, execution or submission would subject such
Lender Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii)        Without limiting the generality of the foregoing, in the
event that the Borrower is a U.S. Borrower, 
 (A)        any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the

  
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Borrower or the Administrative Agent), executed originals or, as permitted by applicable law, copies of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax; 
 (B)        any Foreign
Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
  

	 	1)	 in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is
a party (x) with respect to payments of interest under any Loan Document, executed originals or, as permitted by applicable law, copies of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

  

	 	2)	 executed originals or, as permitted by applicable law, copies of IRS Form
W-8ECI; 

  

	 	3)	 in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Internal
Revenue Code Section 881(c) of the, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Internal Revenue
Code Section 881(c)(3)(A), a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Internal Revenue Code
Section 881(c)(3)(C) (a “U.S. Tax Compliance Certificate”) and (y) executed originals or, as permitted by applicable law, copies of IRS Form W-8BEN or
W-8BEN-E, as applicable; or 

  

	 	4)	 to the extent a Foreign Lender is not the beneficial owner, executed originals or, as permitted by
applicable law, copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit
E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide 

  
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a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner. 

(C)        any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals or, as permitted by applicable law, copies of any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to
be made; and 
 (D)        if a payment made to a Lender Party under
any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Internal Revenue Code
Section 1471(b) or 1472(b), as applicable), such Lender Party shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Internal Revenue Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be
necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender Party has complied with such Lender Party’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(iii)        Each Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g)        If any Lender Party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes paid or reimbursed by any Loan Party pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), such Lender Party shall, as soon as
reasonably practicable, pay to such Loan Party an amount equal to such refund (but only to the extent of the indemnity payments made under this Section 2.12 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses in securing such refund. The Borrower or other Loan Party, upon the request of such Lender Party, shall, as soon as reasonably practicable, repay to
such Lender Party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such Lender Party is required to repay such refund to the relevant
Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will the Lender Party be required to pay any amount to a Loan Party the payment of which would place the Lender Party in a less favorable net after-Tax position than the Lender Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments
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any Lender Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to a Loan Party or any other Person. 

Section 2.13    Sharing of Payments, Etc. If any Lender Party shall obtain at any time any
payment, whether voluntary, involuntary, through the exercise of any right of set off, or otherwise (other than pursuant to Section 2.10, 2.12, 9.04 or 9.07), (a) on account of Obligations due and payable to such Lender Party hereunder and
under the Notes at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender Party at such time (other than pursuant to Section 2.10, 2.12, 9.04 or 9.07) to
(ii) the aggregate amount of the Obligations due and payable to all Lender Parties hereunder and under the Notes at such time) of payments on account of the Obligations due and payable to all Lender Parties hereunder and under the Notes at such
time obtained by all the Lender Parties at such time or (b) on account of Obligations owing (but not due and payable) to such Lender Party hereunder and under the Notes at such time (other than pursuant to Section 2.10, 2.12, 9.04 or 9.07)
in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing to such Lender Party at such time (other than pursuant to Section 2.10, 2.12, 9.04 or 9.07) to (ii) the aggregate amount of the
Obligations owing (but not due and payable) to all Lender Parties hereunder and under the Notes at such time) of payments on account of the Obligations owing (but not due and payable) to all Lender Parties hereunder and under the Notes at such time
obtained by all of the Lender Parties at such time, such Lender Party shall forthwith purchase from the other Lender Parties such participations in the Obligations due and payable or owing to them, as the case may be, as shall be necessary to cause
such purchasing Lender Party to share the excess payment ratably with each of them; provided, however, that, if all or any portion of such excess payment is thereafter recovered from such purchasing Lender Party, such purchase from each other Lender
Party shall be rescinded and such other Lender Party shall repay to the purchasing Lender Party the purchase price to the extent of such Lender Party’s ratable share (according to the proportion of (i) the purchase price paid to such
Lender Party to (ii) the aggregate purchase price paid to all Lender Parties) of such recovery together with an amount equal to such Lender Party’s ratable share (according to the proportion of (i) the amount of such other Lender
Party’s required repayment to (ii) the total amount so recovered from the purchasing Lender Party) of any interest or other amount paid or payable by the purchasing Lender Party in respect of the total amount so recovered. The Borrower
agrees that any Lender Party so purchasing a participation from another Lender Party pursuant to this Section 2.13 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender Party were the direct creditor of the Borrower in the amount of such participation. 

Section 2.14      Use of Proceeds. The proceeds of the Revolving Credit Advances,
the Swing Line Advances and the Letters of Credit shall be utilized to provide financing for working capital, Capital Expenditures and other general corporate purposes of the Borrower and its Subsidiaries. The proceeds of the Initial Term A Advances
shall only be utilized to provide financing for general corporate purposes of the Borrower and its Subsidiaries, including the repurchase and/or repayment of the 2021 Senior Notes. The proceeds of the 2018 New Term A Advances and the 2018 New Term B
Advances shall be utilized to finance the GrazianoFairfield Acquisition and to pay all related fees and expenses. 

Section 2.15       Defaulting Lenders. (a) In the event that, at any
time, (i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Advance to the Borrower and (iii) the Borrower shall be required to make any payment hereunder or under any other Loan Document
to or for the account of such Defaulting Lender, then the Borrower may, to the fullest extent permitted by applicable law, set off and otherwise apply the Obligation of the Borrower to make such payment to or for the account of such Defaulting
Lender against the obligation of such Defaulting Lender to make such Defaulted Advance. In the event that, on any date, the Borrower shall so set off and 

  
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otherwise apply its obligation to make any such payment against the obligation of such Defaulting Lender to make any such Defaulted Advance on or prior to such date, the amount so set off and
otherwise applied by the Borrower shall constitute for all purposes of this Agreement and the other Loan Documents an Advance by such Defaulting Lender made on the date under the Facility pursuant to which such Defaulted Advance was originally
required to have been made pursuant to Section 2.01. Such Advance shall be considered, for all purposes of this Agreement, to comprise part of the Borrowing in connection with which such Defaulted Advance was originally required to have been
made pursuant to Section 2.01, even if the other Advances comprising such Borrowing shall be Eurodollar Rate Advances on the date such Advance is deemed to be made pursuant to this subsection (a). The Borrower shall notify the
Administrative Agent at any time the Borrower exercises its right of set-off pursuant to this subsection (a) and shall set forth in such notice (A) the name of the Defaulting Lender and the Defaulted
Advance required to be made by such Defaulting Lender and (B) the amount set off and otherwise applied in respect of such Defaulted Advance pursuant to this subsection (a). Any portion of such payment otherwise required to be made by the
Borrower to or for the account of such Defaulting Lender which is paid by the Borrower, after giving effect to the amount set off and otherwise applied by the Borrower pursuant to this subsection (a), shall be applied by the Administrative
Agent as specified in subsection (b) or (c) of this Section 2.15. 

(b)        In the event that, at any time, (i) any Lender Party shall be a
Defaulting Lender, (ii) such Defaulting Lender shall owe a Defaulted Amount to the Administrative Agent or any of the other Lender Parties and (iii) the Borrower shall make any payment as provided in Section 2.08 hereunder or under
this Agreement or any other Loan Document to the Administrative Agent for the account of such Defaulting Lender, then the Administrative Agent may, on its behalf or on behalf of such other Lender Parties and to the fullest extent permitted by
applicable law, apply at such time the amount so paid by the Borrower to or for the account of such Defaulting Lender to the payment of each such Defaulted Amount to the extent required to pay such Defaulted Amount. In the event that the
Administrative Agent shall so apply any such amount to the payment of any such Defaulted Amount on any date, the amount so applied by the Administrative Agent shall constitute for all purposes of this Agreement and the other Loan Documents payment,
to such extent, of such Defaulted Amount on such date. Any such amount so applied by the Administrative Agent shall be retained by the Administrative Agent or distributed by the Administrative Agent to such other Lender Parties, ratably in
accordance with the respective portions of such Defaulted Amounts payable at such time to the Administrative Agent and such other Lender Parties and, if the amount of such payment made by the Borrower shall at such time be insufficient to pay all
Defaulted Amounts owing at such time to the Administrative Agent and the other Lender Parties, in the following order of priority: 

(i)        first, to the Administrative Agent for any Defaulted
Amount then owing to the Administrative Agent in its capacity as Administrative Agent; and 

(ii)        second, to the Issuing Banks and the Swing Line Lender
for any Defaulted Amounts then owing to them, in their capacities as such, ratably in accordance with such respective Defaulted Amounts then owing to the Issuing Banks and the Swing Line Lender; and 

(iii)        third, to any other Lender Parties for any Defaulted
Amounts then owing to such other Lender Parties, ratably in accordance with such respective Defaulted Amounts then owing to such other Lender Parties. 

Any portion of such amount paid by the Borrower for the account of such Defaulting Lender remaining, after giving effect to
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subsection (b), shall be applied by the Administrative Agent as specified in subsection (c) of this Section 2.15. 

    (c)        In the event that, at any time,
(i) any Lender Party shall be a Defaulting Lender, (ii) such Defaulting Lender shall not owe a Defaulted Advance or a Defaulted Amount and (iii) the Borrower, the Administrative Agent or any other Lender Party shall be required to pay
or distribute any amount hereunder or under any other Loan Document to or for the account of such Defaulting Lender, then the Borrower or such other Lender Party shall pay such amount to the Administrative Agent to be held by the Administrative
Agent, to the fullest extent permitted by applicable law, in escrow or the Administrative Agent shall, to the fullest extent permitted by applicable law, hold in escrow such amount otherwise held by it. Any funds held by the Administrative Agent in
escrow under this subsection (c) shall be deposited by the Administrative Agent in an account with CITI, in the name and under the control of the Administrative Agent, but subject to the provisions of this subsection (c). The terms
applicable to such account, including the rate of interest payable with respect to the credit balance of such account from time to time, shall be CITI’s standard terms applicable to escrow accounts maintained with it. Any interest credited to
such account from time to time shall be held by the Administrative Agent in escrow under, and applied by the Administrative Agent from time to time in accordance with the provisions of, this subsection (c). The Administrative Agent shall, to
the fullest extent permitted by applicable law, apply all funds so held in escrow from time to time to the extent necessary to make any Advances required to be made by such Defaulting Lender and to pay any amount payable by such Defaulting Lender
hereunder and under the other Loan Documents to the Administrative Agent or any other Lender Party, as and when such Advances or amounts are required to be made or paid and, if the amount so held in escrow shall at any time be insufficient to make
and pay all such Advances and amounts required to be made or paid at such time, in the following order of priority: 

(i)        first, to the Administrative Agent for any amount then due
and payable by such Defaulting Lender to the Administrative Agent hereunder in its capacity as Administrative Agent; 

(ii)        second, to the Issuing Banks and the Swing Line Lender for
any amounts then due and payable to them hereunder, in their capacities as such, by such Defaulting Lender, ratably in accordance with such respective amounts then due and payable to the Issuing Banks and the Swing Line Lender; 

(iii)        third, to any other Lender Parties for any amount then
due and payable by such Defaulting Lender to such other Lender Parties hereunder, ratably in accordance with such respective amounts then due and payable to such other Lender Parties; and 

(iv)        fourth, to the Borrower for any Advance then required to
be made by such Defaulting Lender pursuant to a Commitment of such Defaulting Lender. 
 In the event that any Lender Party
that is a Defaulting Lender shall, at any time, cease to be a Defaulting Lender, any funds held by the Administrative Agent in escrow at such time with respect to such Lender Party shall be distributed by the Administrative Agent to such Lender
Party and applied by such Lender Party to the Obligations owing to such Lender Party at such time under this Agreement and the other Loan Documents ratably in accordance with the respective amounts of such Obligations outstanding at such time. 

    (d)        In the event that, at any time,
any Lender Party shall be a Defaulting Lender such Defaulting Lender shall not be entitled to receive any commitment fee for any period during which 

  
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such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such commitment fee that otherwise would have been required to have been paid to such Defaulting Lender).

     (e)        The rights and remedies
against a Defaulting Lender under this Section 2.15 are in addition to other rights and remedies that the Borrower may have against such Defaulting Lender with respect to any Defaulted Advance and that the Administrative Agent or any Lender
Party may have against such Defaulting Lender with respect to any Defaulted Amount. 

Section 2.16    Evidence of Debt. (a) The Advances made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent
manifest error of the amount of the Advances made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower
hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative
Agent) a Note, which shall evidence such Lender’s Advances in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its Advances and payments with respect
thereto. 
     (b)        In addition to the
accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters
of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest error. 
 Section 2.17    Replacement of Certain Lenders. In the
event a Lender (“Affected Lender”) shall have (a) become a Defaulting Lender under Section 2.15, (b) requested compensation from the Borrower under Section 2.12 with respect to Taxes or Other Taxes or with
respect to increased costs or capital or under Section 2.10 or other additional costs incurred by such Lender which, in any case, are not being incurred generally by the other Lenders, or (c) delivered a notice pursuant to
Section 2.10(d) claiming that such Lender is unable to extend Eurodollar Rate Advances to the Borrower for reasons not generally applicable to the other Lenders, then (1) the Borrower may prepay the outstanding principal amount of such
Affected Lender’s Advances in whole (together with accrued interest to the date thereof on the principal amount prepaid) pursuant to Section 2.06 and reduce the Commitment of such Affected Lender to zero (unless, within five
(5) Business Days after receipt by the Affected Lender of notice from the Borrower that the Borrower intends to prepay and reduce the Commitment of the Affected Lender to zero, in the event that such Lender is an Affected Lender pursuant to
(i) clause (a) above, such Lender no longer is a Defaulting Lender, (ii) clause (b) above, such Lender withdraws the request for compensation as set forth in clause (b) above or (iii) clause (c) above, such Lender withdraws the
notice delivered pursuant to Section 2.10(d) claiming that such Lender is unable to extend Eurodollar Rate Advances (as noted in clause (c) above) and extends such Eurodollar Rate Advances to the Borrower) and such Affected Lender shall
cease to be a party hereto but shall continue to be entitled to the benefits of Section 9.04, as well as to any fees accrued for its account hereunder and not paid, and shall continue to be obligated under Section 7.07 with respect to
losses, obligations, liabilities, damages, penalties, actions, judgments, costs, expenses or disbursements for matters which occurred prior to the reduction of the 

  
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Commitment of such Affected Lender, or (2) the Borrower or the Administrative Agent may make written demand on such Affected Lender (with a copy to the Administrative Agent in the case of a
demand by the Borrower and a copy to the Borrower in the case of a demand by the Administrative Agent) for the Affected Lender to assign, and such Affected Lender shall use commercially reasonable efforts to assign pursuant to one or more duly
executed Assignments and Acceptances within five (5) Business Days after the date of such demand, to one or more financial institutions that comply with the provisions of Section 9.07 which the Borrower or the Administrative Agent, as the
case may be, shall have engaged for such purpose (“Replacement Lender”), all of such Affected Lender’s rights and obligations under this Agreement and the other Loan Documents (including, without limitation, its Commitment, all
Advances owing to it, all of its participation interests in existing Letters of Credit, and its obligation to participate in additional Letters of Credit hereunder) in accordance with Section 9.07. The Administrative Agent is authorized to
execute one or more of such Assignments and Acceptances as attorney-in-fact for any Affected Lender failing to execute and deliver the same within five (5) Business
Days after the date of such demand. Further, with respect to such assignment, the Affected Lender shall have concurrently received, in cash, all amounts due and owing to the Affected Lender hereunder or under any other Loan Document; provided
that upon such Affected Lender’s replacement, such Affected Lender shall cease to be a party hereto but shall continue to be entitled to the benefits, and subject to the obligations, of Sections 2.10, 2.12 and 9.04, as well as to any fees
accrued for its account hereunder and not yet paid, and shall continue to be obligated under Section 7.07 with respect to losses, obligations, liabilities, damages, penalties, actions, judgments, costs, expenses or disbursements for matters
which occurred prior to the date the Affected Lender is replaced. 

Section 2.18    Incremental Facilities. (a) The Borrower may at any time or from time to time
after the Closing Date, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request one or more tranches of term loans (each an “Incremental Term
Facility”) or one or more additional revolving facilities or an increase in the amount of the Revolving Credit Facility (each such additional facility or increase being an “Incremental Revolving Facility”; together with the
Incremental Term Facilities, each an “Incremental Facility”), provided that (i) at the time and after the effectiveness of any Incremental Amendment referred to below, no Default or Event of Default shall have occurred and be
continuing (or, in the event such Incremental Facility is incurred in connection with a Permitted Acquisition or Investment permitted hereunder, (1) no Default or Event of Default shall have occurred and be continuing at the time a commitment
to consummate such Permitted Acquisition or Investment is signed and (2) no Default or Event of Default under Section 6.01(a) or (f) shall have occurred and be continuing at the time such Permitted Acquisition or Investment is
consummated), and (ii) the aggregate principal amount of the Incremental Facilities shall not exceed the greater of (x) (A) $750,000,000 less the aggregate principal amount of Incremental Facilities and Incremental Equivalent Debt incurred or
issued in reliance on clause (x)(A) above, plus (B) an unlimited amount if, immediately after giving effect thereto (assuming on the effective date thereof (1) the funding in full of an Incremental Revolving Facility and
(2) the proceeds from the funding of such Incremental Facility shall not be netted against the applicable amount of Consolidated Total Debt for purposes of the calculation of the First Lien Net Leverage Ratio or the Senior Secured Net Leverage
Ratio, as applicable, set forth in this paragraph below), (I) in the case of an Incremental Advance secured by Liens that rank pari passu with the Liens securing the Term Facility or the Revolving Credit Facility, the First Lien Net Leverage Ratio
determined on a pro forma basis would not exceed 1.50:1.00 and (II) in the case of an Incremental Advance secured by Liens that rank junior to the Liens securing the Term Facility or the Revolving Credit Facility, the Senior Secured Net
Leverage Ratio determined on a pro forma basis would not exceed 2.50:1.00 (the sum of the amounts specified in this clause (ii) (less the aggregate principal amount of any Incremental Facility that has become effective on or prior to the date of
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Amount”); it being acknowledged and agreed that, for the avoidance of doubt, the 2018 Term Loan B Facility, the 2018 Term A Facility Upsize and the 2018 Revolving Facility Upsize are
incurred under the incremental ratio prong set forth in clause (B)(I) above. Each Incremental Facility shall be in an aggregate principal amount that is not less than $50,000,000 unless approved by the Administrative Agent (provided that such amount
may be less than $50,000,000 if such amount represents all remaining availability under the limit set forth in the preceding sentence). 

    (b)    (i) The maturity date of any Incremental Revolving
Facility (the “Incremental Revolving Facility Maturity Date”) shall not be earlier than the commitment termination date of the Revolving Credit Facility nor have a weighted average life which is shorter than the then remaining
weighted average life of the Revolving Credit Facility, (ii) the terms and conditions applicable to any Incremental Revolving Facility (other than with respect to maturity, which shall be governed by the preceding clause (i)) shall be, if not
substantially consistent with the terms of the existing Revolving Credit Facility (other than interest rate margins and commitment/facility fees), shall be reasonably satisfactory to the Administrative Agent (it being understood that, to be extent
that any financial maintenance covenant is added for the benefit of any Incremental Revolving Facility, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such financial maintenance covenant is
(1) also added for the benefit of the Revolving Credit Facility or (2) only applicable after the latest maturity of the Revolving Credit Facility) and (iii) the Applicable Margin and commitment/facility fees relating to any
Incremental Revolving Facility shall be as agreed by the Borrower and the Lenders providing such Incremental Revolving Facility. 

    (c)    (i) The maturity date of any Incremental Term
Facility (the “Incremental Term Facility Maturity Date”) shall not be earlier than the then Latest Maturity Date and the weighted average life to maturity of any Incremental Term Facility shall be no shorter than the market terms
for facilities of equivalent tenor and similar nature at the time of such incurrence for a term facility, as determined in good faith by the Borrower and the Administrative Agent, (ii) any Incremental Term Facility will rank pari passu
with the Revolving Credit Facility and the Term Facility in right of payment and security or, at the option of the Borrower, junior in right of security with the Revolving Credit Facility and the Term Facility, subject to the Intercreditor Agreement
or intercreditor arrangements reasonably satisfactory to the Administrative Agent), (iii) subject to clause (i) above, the amortization schedule applicable to any Incremental Term Facility shall be determined by the Borrower and the lenders
thereunder, (iv) any fees payable in connection with any Incremental Facility shall be determined by the Borrower and the arrangers and/or lenders providing such Incremental Facility, (v) any Incremental Term Facility shall provide for
mandatory prepayment events which shall be no more favorable to the lenders under such Incremental Term Facility than market terms for prepayment events for similar term loan facilities at the time of incurrence, as determined in good faith by the
Borrower and the Administrative Agent, (vi) the all-in yield (whether in the form of interest rate margins, original issue discount, upfront fees or a LIBOR or Base Rate floor but excluding any
structuring, commitment and arranger fees or other similar fees) applicable to any Incremental Facility will be determined by the Borrower and the lenders providing such Incremental Facility; provided that in the case of any Incremental Term
Facility in the form of a “term loan B facility” that is secured on a pari passu basis with the 2018 New Term B Facility and incurred on or prior to the first anniversary of the Amendment No. 2 Effective Date, except for any
such Incremental Term Facility that has a maturity date that is at least two years after the Maturity Date of the 2018 New Term B Facility, the “effective yield” on the loans under such Incremental Term Facility (which shall be deemed to
take account of interest rate benchmark floors, recurring fees and all upfront or similar fees or original issue discount (amortized over the shorter of (A) the weighted average life of such loans and (B) four years) payable to all lenders
providing such loans, but exclusive of any arrangement, structuring or other fees payable in connection therewith that are not shared with all lenders providing such loans) may exceed the then 

  
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“effective yield” on the loans under the 2018 New Term B Facility (determined on the same basis as provided in the preceding parenthetical), if the “effective yield” on the
loans under the 2018 New Term B Facility (determined on the same basis as provided in the second preceding parenthetical) is increased, to the extent necessary, to be not less than 0.50% lower than the “effective yield” on such loans and
(vii) except as otherwise required or permitted in clauses (i) through (vi) above, all other terms of such Incremental Facility, if not substantially consistent with the terms of the existing Revolving Credit Facility, shall be reasonably
satisfactory to the Administrative Agent other than (x) terms that are only applicable to periods after the Latest Maturity Date and (y) terms and conditions which do not apply to any then-existing Facility (it being understood that, to
the extent that any financial maintenance covenant is added for the benefit of any Incremental Facility, no consent shall be required from the Administrative Agent or any of the Lenders to the extent that such financial maintenance covenant is
(1) also added for the benefit of the Revolving Credit Facility or (2) only applicable after the latest Maturity of the Revolving Credit Facility). 

    (d)        Each Incremental Facility may be
provided by any existing Lender or by any Eligible Assignee selected by the Borrower (any such other financial institution or fund being called an “Additional Lender”), provided that the Administrative Agent shall have consented
(not to be unreasonably withheld) to such Lender’s or Additional Lender’s providing such Incremental Facility if such consent would be required under Section 9.07 for an assignment of Advances to such Lender or Additional Lender.
Commitments in respect of Incremental Facilities shall become Commitments under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the
Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent. The Incremental Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and
the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.18. The effectiveness of any Incremental Amendment shall be subject
(except as specifically set forth in this Section 2.18) to the satisfaction on the date thereof (each, an “Incremental Facility Closing Date”) of each of the conditions set forth in Section 3.02 (it being understood that
(i) all references to the date of making of an Extension of Credit or similar language in such Section 3.02 shall be deemed to refer to the effective date of such Incremental Amendment, and (ii) in the case of an Incremental Facility
being used to finance a Permitted Acquisition or a permitted Investment hereunder, the representations and warranties may be limited to customary “SunGard” provisions and the Lenders and Additional Lenders providing the applicable
Incremental Facility may waive the making of any representation or warranty). The Borrower will use the proceeds of the Incremental Facilities for any purpose not prohibited by this Agreement. No Lender shall be obligated to provide any Incremental
Facility, unless it so agrees. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected
pursuant to this paragraph. 

    (e)        To the extent not already
provided, the Administrative Agent shall provide notice to all of the Lenders of the proposed Incremental Amendment by not later than the same date established in the Incremental Amendment (if any) for applicable “know your customer” and
anti-money laundering rules and regulations, including without limitation, the Patriot Act 

    (f)        This Section 2.18 shall
supersede any provisions in Section 9.01 to the contrary. Notwithstanding any other provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms
applicable to each Incremental Facilities. 

  
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 Section 2.19    Extended
Facilities. 
 (a)        The Borrower may at any time and from
time to time request that (x) all or any portion of the Revolving Credit Commitments (the “Existing Revolving Facility”) be converted to extend the scheduled maturity date(s) and/or termination date(s) of any payment of
principal with respect to all or a portion of the loans or commitments in respect of the Existing Revolving Facility (such portion of the Revolving Credit Facility which has been so amended, an “Extended Revolving Facility”) and to
provide for other terms consistent with this Section 2.19 or (y) all or any portion of any Term Commitments or Term Advances (an “Existing Term Facility” and together with the Existing Revolving Facility, the
“Existing Facilities”) be amended to extend the scheduled maturity date(s) and/or termination date(s) of any payment of principal with respect to all or a portion of such Term Advances or Term Commitments in respect of such Existing
Term Facility (such portion of the applicable Term Facility which has been so amended, an “Extended Term Facility” and together with the Extended Revolving Facility, the “Extended Facilities”) and to provide for
other terms consistent with this Section 2.19. In order to establish any Extended Facility, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable
Existing Facility) (an “Extension Request”) setting forth the proposed terms of the Extended Facility to be established which shall be substantially identical to the Existing Facility which is being converted except that: 

(i)        all or any of the scheduled payments of principal
(including the maturity date) and/or termination dates of the Extended Facility may be delayed to later dates than the scheduled payments of principal (including the maturity date) and/or termination dates of such Existing Facility to the extent
provided in the applicable Extension Amendment; 
 (ii)        the
interest margins and commitment fees with respect to the Extended Facility may be different than the interest margins and commitment fees for the Existing Facility and upfront fees may be paid to the Extending Lenders, in each case, to the extent
provided in the applicable Extension Amendment; 
 (iii)        the
Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest final maturity or termination date of the Commitments in effect or Advances outstanding on the effective date of the Extension Amendment
immediately prior to the establishment of such Extended Facility; and 

(iv)        no commitments in respect of such Extended Facility may be
optionally reduced or terminated prior to the date on which the commitments under the Existing Facility from which they were converted are terminated unless such optional reduction or termination is accompanied by a pro rata optional reduction of
the commitments under such Existing Facility. 
 (b)        Any Extended Facility
converted pursuant to any Extension Request shall be designated a series (an “Extension Series”) of Revolving Credit Commitments or the applicable Term Advances (in each case, as extended) for all purposes of this Agreement;
provided that any Extended Revolving Facility or Extended Term Facility, as applicable, converted from an Existing Revolving Facility or Extended Term Facility, as applicable, may, to the extent provided in the applicable Extension Amendment,
be designated as an increase in any previously established Extension Series with respect to such Existing Revolving Facility or Extended Term Facility, as applicable. 

(c)        The Borrower shall provide the applicable Extension Request at least five
(5) Business Days prior to the date on which Lenders under the Existing Facility are requested to respond. No Lender shall have any obligation to agree to have any of its Advances and Commitments of any Existing Facility

  
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converted into an Extended Facility pursuant to any Extension Request. Any Lender (an “Extending Lender”) wishing to have all or any portion of its Advances and Commitments under
the Existing Facility subject to such Extension Request converted into Extended Facility, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of
its Advances and Commitments under the Existing Revolving Facility or the applicable Existing Term Facility, as the case may be, which it has elected to request be converted into the Extended Facility. In the event that the aggregate amount of
commitments under an Existing Revolving Facility or Existing Term Facility subject to Extension Elections exceeds the amount of commitments under the Extended Facility requested pursuant to the Extension Request, commitments subject to Extension
Elections shall be converted to commitments under an Extended Facility on a pro rata basis based on the amount of commitments included in each such Extension Election. 

(d)        Notwithstanding anything to the contrary set forth in this Agreement or any
other Loan Document, (i) an Extended Facility shall be in an aggregate minimum amount of $50,000,000 and an integral multiple of $1,000,000, (ii) any Extending Lender may extend all or any portion of its Commitment or Advances pursuant to one
or more Extension Requests (subject to applicable proration in the case of over participation) (including the extension of any Extended Revolving Facility), and (iii) any Extended Facility and all obligations in respect thereof shall be
Obligations under this Credit Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other Obligations under this Credit Agreement and the other Loan Documents. 

Extended Facilities shall be established pursuant to an amendment (an “Extension Amendment”) to this
Agreement among the Borrower, the Administrative Agent and each Extending Lender providing an Extended Facility thereunder which shall be consistent with the provisions set forth in paragraph (a) above (but which shall not require the consent
of any other Lender). Notwithstanding anything to the contrary herein, such Extension Amendment shall include, amongst other specifications, (1) provisions to treat extended Commitments and Advances as a separate tranche or series and the
incorporation of applicable class voting rights, (2) provisions detailing whether, and the manner in which, Letters of Credit shall be transferred to an Extended Revolving Facility or remain effective under the Existing Revolving Facility,
(3) that any and all accrued interest or fees (including, but not limited to, such fees described in Section 2.08 of this Agreement) shall be due and payable upon the effectiveness of any Extension Amendment, and (4) provisions for
the prepayment of any Advances outstanding under the Existing Facility on the date the Extension Amendment becomes effective (including payment of any breakage costs); provided, that Advances may then be
re-borrowed pursuant to a same-day Notice of Borrowing under either the Existing Facility or the Extended Facility. Each of the parties hereto hereby agrees that, upon
the effectiveness of any Extension Amendment in accordance with its terms, (i) this Agreement shall be deemed amended as set forth therein, notwithstanding anything to the contrary set forth in Section 9.07, and (ii) such Extension
Amendment shall be binding on the Lenders, the Loan Parties and the other parties hereto. All Extended Facilities and all obligations in respect thereof shall be Obligations under the Credit Agreement and the other Loan Documents that are secured by
the Collateral on a pari passu basis with all other Obligations under the Credit Agreement and in connection with any Extension Amendment, notwithstanding anything to the contrary set forth in Section 9.07 of this Agreement, the Loan
Parties and the Collateral Agent shall enter into such amendments to the Collateral Documents as may be reasonably requested by the Collateral Agent (which shall not require any consent from any Lender) in order to ensure that the extended
Commitments or Advances are provided with the benefit of the applicable Collateral Documents on a pari passu basis with the other Obligation. To the extent not already provided, the Administrative Agent shall provide notice to all of the
Lenders of the proposed Extension Amendment by not later than the same date established in the Extension Amendment (if any) for applicable “know your customer” and anti-money laundering rules and regulations, including without limitation,
the Patriot Act. 

  
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 Section 2.20    Refinancing Facilities.
 
 (a)        The Borrower may, from time to time after the Closing Date,
refinance or replace loans or commitments under the Revolving Credit Facility, any Term Facility or any Incremental Facility with one or more new term loan facilities (each, a “Refinancing Term Facility”) and new revolving credit
facilities (each, a “Refinancing Revolving Facility”, together with any Refinancing Term Facility, the “Refinancing Facilities”) or with one or more additional series of senior unsecured notes or loans or senior
secured notes or loans that will be secured by the Collateral on a pari passu basis with the Revolving Credit Facility, the Term Facility or applicable Incremental Facility or secured notes or loans that are junior in right of security in the
Collateral (any such notes or loans, “Refinancing Notes” and together with the Refinancing Facilities, “Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably
acceptable to the Borrower; provided that (i) such Refinancing Debt will rank pari passu or junior in right of payment as the other Advances and Commitments hereunder, (ii) any Refinancing Term Facility or Refinancing Notes shall
not mature prior to the maturity date of, or have a shorter weighted average life than, or have mandatory prepayment provisions (other than related to change of control offers) that could result in prepayments of such Refinancing Debt prior to, the
loans under such Term Facility or Incremental Term Facility being refinanced, (iii) any Refinancing Revolving Facility shall not mature (or require commitment reductions or amortization) prior to the Maturity Date for the Revolving Credit
Facility or the maturity date of the revolving commitments being replaced, (iv) such Refinancing Debt will not be Guaranteed or issued by any Person that is not a Loan Party, (v) the other terms and conditions, taken as a whole, of any
such Refinancing Debt (excluding pricing (as to which no “most favored nation” clause shall apply) and optional prepayment or redemption terms) are substantially similar to, or not materially less favorable to the Borrower and its
Restricted Subsidiaries, than, the terms and conditions, taken as a whole, applicable to the loans or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest maturity
date of the Revolving Credit Facility, the applicable Term Facility or applicable Incremental Facility), (vi) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by Liens on the
Collateral that are junior in priority to the Liens on the Collateral securing the Term Facility or Revolving Credit Facility, such agreements or Liens will be subject to an intercreditor agreement reasonably acceptable to the Administrative Agent
and (vii) the aggregate principal amount of any Refinancing Facility or Refinancing Notes shall not be greater than the aggregate principal amount (or committed amount) of the Revolving Credit Facility, the applicable Term Facility or
applicable Incremental Facility being refinanced or replaced plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and expenses related thereto, and the Revolving Credit Facility or applicable
Incremental Facility being refinanced or replaced will be permanently reduced substantially simultaneously with the issuance thereof. 

(b)        The Borrower shall make any request for Refinancing Debt pursuant to a
written notice to the Administrative Agent specifying in reasonable detail the proposed terms thereof. Refinancing Debt may be provided, by any existing Lender (but no existing Lender will have an obligation to make any Refinancing Debt and may
elect or decline, in its sole discretion, to provide such Refinancing Debt) or by any Additional Lender (each such existing Lender or Additional Lender providing such Refinancing Debt, a “Refinancing Lender”) provided that the
Administrative Agent shall have consented (not to be unreasonably conditioned, withheld or delayed) to such Lender’s or Additional Lender’s providing such Refinancing Debt to the extent such consent, if any, would be required under
Section 9,07 for an assignment to such Additional Lender. 

  
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 (c)        Commitments in respect of
Refinancing Facilities shall become Commitments under this Agreement pursuant to an amendment (a “Refinancing Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender
agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent. The Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.20. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on
the date thereof (each, a “Refinancing Facility Closing Date”) of each of the conditions set forth in Section 3.02 (it being understood that all references to the date of making of an Extension of Credit or similar language in
such Section 3.02 shall be deemed to refer to the effective date of such Refinancing) and such other conditions as the parties thereto shall agree. 

(d)        Each class of Refinancing Debt incurred under this Section 2.20 shall
be in an aggregate principal amount that is (x) not less than $50,000,000. Any Refinancing Amendment relating to a Refinancing Revolving Facility may provide for the issuance of Letters of Credit or the provision to the Borrower of Swing Line
Advances, pursuant to any revolving credit facility established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swing Line Advances under the Revolving Credit Commitments. 

(e)        This Section 2.20 shall supersede any provisions in Section 9.01
to the contrary. Notwithstanding any other provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms applicable to each Refinancing Amendment. 

ARTICLE III 
 CONDITIONS
TO EFFECTIVENESS 
 Section 3.01    Conditions Precedent to the Closing Date. This
Agreement shall become effective on and as of the first date on which the following conditions precedent have been satisfied (and the obligation of each Lender to make an Advance or of the Issuing Bank to issue a Letter of Credit on the occasion of
the Initial Extension of Credit hereunder is subject to the satisfaction of such conditions precedent before or concurrently with the Closing Date): 

(a)        The Administrative Agent shall have received on or before
the Closing Date the following, each dated such day (unless otherwise specified), in form and substance reasonably satisfactory to the Lenders (unless otherwise specified) and (except for the Notes) in sufficient copies for each Lender: 

(i)        Duly executed counterparts of this Agreement. 

(ii)        The Notes payable to the order of the Lenders to the
extent requested in accordance with Section 2.16(a). 

(iii)        The Security Agreement, together with evidence that all
other actions that the Collateral Agent may reasonably deem necessary or desirable in order to perfect and protect the liens and security interests created under the Collateral Documents and the required priority thereof has been taken. 

  
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(iv)        Certified copies of the resolutions of the boards of
directors of each of the Borrower and each Guarantor approving the execution and delivery of this Agreement and each other Loan Document to which it is, or is intended to be a party, and of all documents evidencing other necessary constitutive
action and, if any, material governmental and other third party approvals and consents, if any, with respect to this Agreement, the other Transactions and each other Loan Document. 

(v)        A copy of the charter or other constitutive document of
each Loan Party and each amendment thereto, certified (as of a date reasonably acceptable to the Administrative Agent) by the Secretary of State of the jurisdiction of its incorporation or organization, as the case may be, thereof as being a true
and correct copy thereof. 
 (vi)        A certificate of each Loan
Party signed on behalf of such Loan Party by a Responsible Officer, dated the Closing Date (the statements made in which certificate shall be true on and as of the Closing Date), certifying as to (A) the accuracy and completeness of the charter
(or other applicable formation document) of such Loan Party and the absence of any changes thereto; (B) the accuracy and completeness of the bylaws (or other applicable organizational document) of such Loan Party as in effect on the date on
which the resolutions of the board of directors (or persons performing similar functions) of such Person referred to in Section 3.01(a)(iv) were adopted and the absence of any changes thereto (a copy of which shall be attached to such
certificate); (C) the absence of any proceeding known to be pending for the dissolution, liquidation or other termination of the existence of such Loan Party; (D) the accuracy in all material respects of the representations and warranties
made by such Loan Party in the Loan Documents to which it is or is to be a party as though made on and as of the Closing Date, before and after giving effect to all of the Borrowings and the issuance of all of the Letters of Credit to be made on
such date (including the migration of any Existing Letters of Credit) and to the application of proceeds, if any, therefrom; (E) the absence of any event occurring and continuing, or resulting from any of the Borrowings or the issuance of any
of the Letters of Credit to be made on the Closing Date (including the migration of any Existing Letters of Credit) or the application of proceeds, if any, therefrom, that would constitute a Default; and (F) the absence of a Material Adverse
Effect since December 31, 2015. 
 (vii)      A certificate of the
Secretary or an Assistant Secretary of each Loan Party certifying the names and true signatures of the officers of such Loan Party authorized to sign this Agreement and the other documents to be delivered hereunder. 

(viii)      Certificates, in substantially the form of Exhibit I attesting to
the Solvency of the Borrower and its Restricted Subsidiaries, on a consolidated basis (after giving effect to the Transactions), from its Chief Financial Officer or other financial officer. 

(ix)        Copies of (i) at least five (5) days prior to
the Closing Date, audited financial statements of the Borrower and its Subsidiaries for each of the three most recently-ended Fiscal Years ending more than 90 days prior to the Closing Date; and (ii) customary unaudited pro forma
financial statements as to the Borrower and its Subsidiaries giving effect to the Transactions, in each case prepared in a manner consistent with the projections in the presentation provided by the Borrower dated May 5, 2016. 

(x)        To the extent applicable, a Notice of Borrowing for any
Borrowing to be made, and/or one or more Letter of Credit Applications for each Letter of Credit (other than any Existing Letter of Credit) to be issued, on the Closing Date. 

  
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 (xi)      A favorable opinion
of (A) Paul, Weiss, Rifkind, Wharton & Garrison, LLP, counsel to the Loan Parties, in substantially the form of Exhibit D-1 hereto, and addressing such other matters as the Lenders may reasonably
request (including as to Delaware corporate law matters), and (B) Shumaker, Loop & Kendrick, LLP, Michigan counsel to the Loan Parties, in substantially the form of Exhibit D-2 hereto and
addressing such other matters as the Lenders may reasonably request. 
 (xii)      Since
December 31, 2015, there shall not have occurred a Material Adverse Effect. 

(xiii)      (A) All costs, fees and expenses (including, without limitation, legal fees and
expenses for which the Borrower has received an invoice at least one (1) day prior to the Closing Date) and other compensation contemplated by the Fee Letter and payable to the Agents or the Lender Parties shall have been paid in full in cash
to the extent due and payable and (B) the Administrative Agent shall have received evidence reasonably satisfactory to it of the repayment of all Debt under the Existing Credit Agreement, at which time all commitments, security interests and
guarantees in respect of such Debt and the related documents thereunder will be terminated, returned and discharged in full (other than obligations which by their terms survive termination and the Existing Letters of Credit deemed to be issued
hereunder) and the Borrower shall have, substantially concurrently with the initial extension of credit hereunder, delivered to the Administrative Agent copies of all documents or instruments evidencing or necessary to release all Liens on the
Collateral securing such Debt. 
 (xiv)      The Lenders shall have received, at least
five (5) days prior to the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation, the Patriot Act. 
 Section 3.02    Conditions Precedent to Each Borrowing and Each
Issuance of a Letter of Credit. Each of (a) the obligation of each Appropriate Lender to make an Advance (other than a Letter of Credit Advance to be made by the Issuing Bank or a Lender pursuant to Section 2.03(c) and as set forth in
Section 2.02(b) with respect to the Swing Line Advances made by a Lender and other than a 2018 New Term A Advance and a 2018 New Term B Advance) on the occasion of each Borrowing, and (b) the obligation of the Issuing Banks to issue a
Letter of Credit (including the initial issuance of a Letter of Credit hereunder) or to renew a Letter of Credit and the right of the Borrower to request a Swing Line Borrowing, shall be subject to the further conditions precedent that on the date
of such Borrowing, issuance or renewal: 
 (a)        the following
statements shall be true (and each of the giving of the applicable Notice of Borrowing or Letter of Credit Application and the acceptance by the Borrower of the proceeds of such Borrowing or the issuance or renewal of such Letter of Credit, as the
case may be, shall constitute a representation and warranty by the Borrower that both on the date of such notice and on the date of such Borrowing, issuance or renewal such statements are true): 

(i)    the representations and warranties contained in each Loan Document are correct in
all material respects, only to the extent that such representation and warranty is not otherwise qualified by materiality or Material Adverse Effect on and as of such date, in which case such representation and warranty shall be true and correct in
all respects, before and after giving effect to such Borrowing, issuance or renewal and to the application of the proceeds therefrom, as though made on and as of such date, other than any such representations or warranties that, by their terms,
refer to an earlier date other than the date of such Borrowing, issuance or renewal, in which case as of such earlier date; and 

  
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 (ii)    no event has occurred and is
continuing, or would result from such Borrowing, issuance or renewal or from the application of the proceeds, if any, therefrom, that constitutes a Default or Event of Default. 

(b)        The Borrower shall have delivered a Notice of Borrowing.

 (c)        Solely with respect to the Term Advances to be made by
the Term Lenders in accordance with Section 2.01(b), (i) the Amendment No. 1 Effective Date shall have occurred, and (ii) the Borrower shall have delivered to the holders of the 2021 Senior Notes an irrevocable notice of redemption
for the redemption of all outstanding principal amounts of the 2021 Senior Notes. 

Section 3.03     Determinations Under Section 3.01. For purposes of
determining compliance with the conditions specified in Section 3.01, each Lender Party shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or
approved by or acceptable or satisfactory to the Lender Parties unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender Party prior to the Closing
Date specifying its objection thereto, and if a Borrowing occurs on the Closing Date, such Lender Party shall not have made available to the Administrative Agent such Lender Party’s ratable portion of such Borrowing. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.01     Representations and Warranties of the Loan Parties. Each Loan Party
represents and warrants as follows: 
 (a)        Each of the Borrower and its
Material Subsidiaries (i) is a corporation, partnership, limited liability company or other organization duly organized, validly existing and in good standing (or to the extent such concept is applicable to a
non-U.S. entity, the functional equivalent thereof) under the laws of the jurisdiction of its incorporation or formation except where the failure to be in good standing (or the functional equivalent),
individually or in the aggregate, would not have a Material Adverse Effect, (ii) is duly qualified as a foreign corporation (or other entity) and in good standing (or the functional equivalent thereof, if applicable) in each other jurisdiction
in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed, except where the failure to so qualify or be licensed and in good standing (or the functional equivalent thereof, if applicable),
individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority (including, without limitation, all governmental licenses, permits and other approvals)
to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted, except where the failure to have such power or authority, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect. As of the Closing Date, all of the outstanding capital stock of each Loan Party (other than the Borrower) has been validly issued, is fully paid and non assessable and is owned by the Persons listed on Schedule
4.01 hereto in the percentages specified on Schedule 4.01 hereto free and clear of all Liens, except those created under the Collateral Documents or otherwise permitted under Section 5.02(a) hereof. 

  
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 (b)        Set forth on Schedule
4.01 hereto is a complete and accurate list as of the Closing Date of all Subsidiaries of the Borrower, showing as of the Closing Date (as to each such Subsidiary) the jurisdiction of its incorporation or organization, as the case may be, and the
percentage of the Capital Stock owned (directly or indirectly) by the Borrower or its Subsidiaries. 

(c)        The execution, delivery and performance by each Loan Party of this
Agreement, the Notes and each other Loan Document to which it is or is to be a party, and the consummation of each aspect of the transactions contemplated hereby, are within such Loan Party’s constitutive powers, have been duly authorized by
all necessary constitutive action, and do not (i) contravene such Loan Party’s constitutive documents, (ii) violate any applicable law (including, without limitation, the Securities Exchange Act of 1934), rule, regulation (including,
without limitation, Regulation X of the Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree, determination or award, (iii) conflict with or result in the breach of, or constitute a default under, any
contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument binding on or affecting any Loan Party, or any of their properties entered into by such Loan Party after the date hereof except, in each case, other than any
conflict, breach or violation which, individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect or (iv) except for the Liens created under the Loan Documents, result in or require the creation or
imposition of any Lien upon or with respect to any of the properties of any Loan Party or any of its Restricted Subsidiaries. 

(d)        Except for the filing or recordings of Collateral Documents, filings or
recordings already made or to be made pursuant to any federal law, rule or regulation or filings or recordings to be made in any jurisdiction outside of the United States, and subject to the limitations set forth in the Collateral Documents, no
authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any other third party is required for (i) the due execution, delivery, recordation, filing or performance by any Loan
Party of this Agreement, the Notes or any other Loan Document to which it is or is to be a party, or for the consummation of each aspect of the transactions contemplated hereby, (ii) the grant by any Loan Party of the Liens granted by it
pursuant to the Collateral Documents, (iii) the perfection or maintenance of the Liens created under the Collateral Documents or (iv) the exercise by the Administrative Agent or any Lender Party of its rights under the Loan Documents or
the remedies in respect of the Collateral pursuant to the Collateral Documents. 

(e)        This Agreement has been, and each of the Notes, if any, and each other
Loan Document when delivered hereunder will have been, duly executed and delivered by each Loan Party thereto. This Agreement is, and each of the Notes and each other Loan Document when delivered hereunder will be the legal, valid and binding
obligation of each Loan Party thereto, enforceable against such Loan Party in accordance with its terms, subject in each case to Debtor Relief Laws. 

(f)        The Consolidated balance sheet of the Borrower and its Subsidiaries as at
December 31, 2015, and the related Consolidated statements of income and cash flows of Borrower and its Subsidiaries for the Fiscal Year then ended, and the interim Consolidated balance sheets of the Borrower and its Restricted Subsidiaries as
at March 31, 2016 and the related Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the respective months then ended, which have been furnished to each Lender Party present fairly in all material respects
the financial condition and results of operations of the Borrower and its Subsidiaries as of such dates and for such periods all in accordance with GAAP consistently applied (subject to year-end adjustments
and in the case of unaudited financial statements, except for the absence of footnote disclosure). 

  
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 (g)        Since December 31,
2015, there has not occurred a Material Adverse Change. 
 (h)        All projected
Consolidated balance sheets, income statements and cash flow statements of the Borrower and its Subsidiaries delivered to the Lender Parties pursuant to Section 5.03(d) were prepared and will be prepared, as applicable, in good faith on the
basis of the assumptions stated therein, which assumptions were fair and will be fair in the light of conditions existing at the time of delivery of such projections, and represented and will represent, at the time of delivery, the Borrower’s
reasonable estimate of its future financial performance, it being understood that projections are inherently unreliable and that actual performance may differ materially from such projections. 

(i)        No written information, exhibits and reports furnished by or on behalf of
any Loan Party to the Administrative Agent or any Lender Party on or after May 5, 2016 in connection with any Loan Document (other than to the extent that any such information, exhibits and reports constitute projections described in
Section 4.01(h) above and any information of a general economic or industry nature) taken as a whole and in light of the circumstances in which made, contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements made therein, in light of the circumstances in which any such statements were made, not materially misleading. 

(j)        Except as set forth on Schedule 4.01(j) or as disclosed in any SEC
filings, there is no action, suit, or proceeding affecting the Borrower or any of its Material Subsidiaries pending or, to the best knowledge of the Loan Parties, threatened before any court, governmental agency or arbitrator that (i) is
reasonably expected to be determined adversely to the Loan Party and, if so adversely determined, would reasonably be expected to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this
Agreement, any Note or any other Loan Document. 
 (k)        The Borrower is not
engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Advance or any drawing under any Letter of Credit will be used to purchase or carry any Margin Stock or to extend credit to
others for the purpose of purchasing or carrying any Margin Stock. 
 (l)        No
ERISA Event has occurred or is reasonably expected to occur with respect to any ERISA Plan that has resulted in or is reasonably expected to result in a Material Adverse Effect. 

(m)        The present value of all accumulated benefit obligations under each ERISA
Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such
ERISA Plan by an amount which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The present value of all accumulated benefit obligations of all underfunded ERISA Plans (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded ERISA Plans by an
amount which would reasonably be expected to have a Material Adverse Effect. Neither the Borrower, its Material Subsidiaries, nor any ERISA Affiliates has incurred within the previous five years or is reasonably expected to incur any Withdrawal
Liability that would reasonably be expected to have a Material Adverse Effect. 

(n)        Except to the extent that would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, the operations and properties of each Loan Party and each of its Material Subsidiaries comply with all applicable Environmental Laws and 

  
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Environmental Permits, all past noncompliance with such Environmental Laws and Environmental Permits has been resolved, and, to the knowledge of the Loan Parties after reasonable inquiry, no
circumstances exist that would be reasonably likely to (i) form the basis of an Environmental Action against any Loan Party or any of its Material Subsidiaries or any of their properties that could be reasonably likely to have an impact on any
Loan Party or (ii) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law. 

(o)        Once executed, the Collateral Documents create a valid and perfected
security interest or Lien, as applicable in the Collateral having the priority set forth therein securing the payment of the Secured Obligations, and all filings and other actions necessary to perfect such security interest have been duly taken, in
each case subject to the exceptions set forth therein. The Loan Parties are the legal and beneficial owners of the Collateral free and clear of any Lien, except for the liens and security interests created or permitted under the Loan Documents. 

(p)        Neither the making of any Advances, nor the issuance or amendment of any
Letters of Credit, nor the application of the proceeds or repayment thereof by the Borrower, nor the consummation of the other transactions contemplated by the Loan Documents, will violate any provision of the Investment Company Act of 1940, as
amended, or any rule, regulation or order of the Securities and Exchange Commission thereunder. 

(q)        Each Loan Party and each of its Restricted Subsidiaries has filed or
caused to be filed all Tax returns and reports (federal, state, local and foreign) which are required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, together with applicable interest and penalties,
except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure
to do so could not reasonably be expected to result in a Material Adverse Effect. 

(r)        Each Loan Party and each of its Restricted Subsidiaries owns, or is
licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property necessary, in the aggregate, for the conduct of its business as currently conducted, and the use thereof by the Borrower and the Guarantors does not
infringe upon the rights of any other Person, except for any such infringement that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(s)        The Borrower and its Restricted Subsidiaries, on a consolidated basis,
will be Solvent on and as of the Closing Date. 
 (t)        Except to the extent
that would not reasonably be expected to have a Material Adverse Effect, to each Loan Party’s knowledge, each Loan Party and its Restricted Subsidiaries do not have any material contingent liability in connection with any release of any
Hazardous Materials into the environment. 
 (u)        To each Loan Party’s
knowledge, none of the Loan Parties or their Subsidiaries are in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, except for any such violation or default
that would not reasonably be expected to result in a Material Adverse Effect. 

(v)        No broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with this Agreement or the Loan Documents or the Transactions 

  
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or the transactions contemplated hereby or thereby based upon arrangements made by or on behalf of the Borrower. 

(w)        Each of the Loan Parties and their respective directors, officers,
employees and, to the knowledge of each Loan Party, its respective agents, in each case, has complied with the FCPA and any other applicable anti-bribery or anti-corruption law in all material respects, and it and they have not made, offered,
promised or authorized, whether directly or indirectly, any payment of anything of value to a government official while knowing or having a reasonable belief that all or some portion will be used for the purpose of: (i) influencing any act,
decision or failure to act by a government official in his or her official capacity, (ii) inducing a government official to use his or her influence with a government or instrumentality to affect any act or decision of such government or entity
or (iii) securing an improper advantage, in each case in order to obtain, retain or direct business. 

(x)        To the extent applicable, each Loan Party and, to the knowledge of each
Loan Party, each director, officer, agent, employee, advisor or Affiliate of the Loan Parties in connection with the business of such Loan Parties, is in compliance, in all material respects, with (i) the Patriot Act and (ii) the Sanctions
Laws and Regulations. No Loan Party is, nor, to the knowledge of each Loan Party, is any director, officer, agent, employee or Affiliate of the Loan Parties, a Person described by or designated on any Sanctions List, located in a Sanctioned Country
or has engaged in or is engaging in dealings or transactions with any Person described by or designated on a Sanctions List or located in a Sanctioned Country. No part of the proceeds of the Advances will be used, directly or indirectly, for any
payments to (A) any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977 (the “FCPA”), or (B) any Person for the purpose of financing the activities of any Person that at the time of such financing, is the
subject of sanctions under the Sanctions Laws and Regulations. The Borrower through its Affiliates and its contractors has instituted and maintains policies and procedures designated to prevent violation of Sanctions Laws and Regulations. 

(y)        Neither the Borrower nor any of its Material Subsidiaries owns any
Material Real Property as of the Closing Date. 
 ARTICLE V 

COVENANTS OF THE LOAN PARTIES 

Section 5.01    Affirmative Covenants.   So long as any Advance shall remain
unpaid, any Letter of Credit shall be outstanding (or shall have expired or terminated with a pending drawing thereon) or any Lender Party shall have any Commitment hereunder, each Loan Party will: 

(a)        Corporate Existence. Preserve and maintain in full force and effect
all governmental rights, privileges, qualifications, permits, licenses and franchises necessary or desirable in the normal conduct of its business except (i)(A) if in the reasonable business judgment of the Borrower or such Guarantor, as the
case may be, it is in its best economic interest not to preserve and maintain such rights, privileges, qualifications, permits, licenses and franchises and the loss thereof is not materially disadvantageous to the Loan Parties, taken as a whole;
provided, that the Borrower may liquidate or dissolve one or more Restricted Subsidiaries if the assets of such Restricted Subsidiaries to the extent they exceed estimated liabilities are acquired by the Borrower or a wholly owned Restricted
Subsidiary of the Borrower in such liquidation or dissolution, and (B) such failure to preserve the same 

  
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could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and (ii) as otherwise permitted by Section 5.02(f). 

(b)        Compliance with Laws. Comply with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property, such compliance to include without limitation, OFAC, ERISA, Environmental Laws and The Racketeer Influenced and Corrupt Organizations Chapter of The Organized Crime Control Act
of 1970, except (other than with respect to OFAC and Sanctions Laws and Regulations, which shall be complied with in all material respects) where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. 
 (c)        Environmental Matters. Except to the
extent that would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, comply, and cause each of its Restricted Subsidiaries and all lessees and other Persons operating or occupying its properties to comply
with all applicable Environmental Laws and Environmental Permits; obtain and renew, and cause each of its Restricted Subsidiaries to obtain and renew, all Environmental Permits necessary for its operations and properties and conduct, and cause each
of its Restricted Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in
accordance with the requirements of all Environmental Laws, in each case to the extent the failure to do so would result in a loss or liability; provided, however, that neither the Borrower nor any of its Restricted Subsidiaries shall
be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such
circumstances. 
 (d)        Insurance. Keep its insurable properties
insured at all times, against such risks, including fire and other risks insured against by extended coverage, as is customary with companies of the same or similar size in the same or similar businesses (subject to deductibles and including
provisions for self-insurance); and maintain in full force and effect public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied
or controlled by the Borrower or any Guarantor, as the case may be, in such amounts and with such deductibles as are customary with companies of the same or similar size in the same or similar businesses and in the same geographic area and in each
case with financially sound and reputable insurance companies (subject to provisions for self-insurance). With respect to any Mortgaged Property that is at any time a Special Flood Hazard Property located in a community which participates in the
National Flood Insurance Program, the Borrower shall, or shall cause each applicable Loan Party to, comply with the Flood Insurance Requirements. In connection with any Flood Compliance Event, the Administrative Agent shall provide to the Secured
Parties evidence of compliance with the Flood Insurance Requirements, to the extent received from the Borrower. The Administrative Agent agrees to request such evidence of compliance at the request of any Secured Party. Unless the Borrower provides
the Administrative Agent with evidence of the Flood Insurance as required by this Agreement, the Administrative Agent may purchase such Flood Insurance at the Borrower’s expense to protect the interests of the Administrative Agent and the
Secured Parties. The Borrower and each Loan Party shall cooperate with the Administrative Agent in connection with compliance with the Flood Laws, including by providing any information reasonably required by the Administrative Agent (or by any
Secured Party through the Administrative Agent) in order to confirm compliance with the Flood Laws. If a Flood Redesignation shall occur with respect to any Mortgaged Property, the Administrative Agent shall obtain a completed Flood Hazard
Determination with respect to the applicable Mortgaged Property, and the Borrower shall comply with the Flood Insurance 

  
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Requirements with respect to such Mortgaged Property by not later than 45 days after the date of the Flood Redesignation or any earlier date required by the Flood Laws. 

(e)        Obligations and Taxes. Except to the extent that it could not
reasonably be expected to have a Material Adverse Effect, pay and discharge and cause each of its Restricted Subsidiaries to pay and discharge promptly all material Taxes imposed upon it or upon its income or profits or in respect of its property,
before the same shall become in default, as well as all lawful claims for labor, materials and supplies or otherwise which, if unpaid, would become a Lien (other than a Permitted Lien) or charge upon such properties or any part thereof;
provided, however, that the Borrower and each Guarantor shall not be required to pay and discharge or to cause to be paid and discharged any such Tax or claim so long as the validity or amount thereof shall be contested in good faith
by appropriate proceedings, in each case, if the Borrower and the Guarantors shall have set aside on their books adequate reserves therefor in conformity with GAAP. 

(f)        Access to Books and Records. Maintain or cause to be maintained at
all times true and complete books and records in accordance with GAAP of the financial operations of the Borrower and the Guarantors; and provide the Lender Parties and their representatives (which shall coordinate through the Administrative
Agent) (i) access to all such books and records during regular business hours upon reasonable advance notice, in order that the Lender Parties may examine and make abstracts from such books, accounts, records and other papers for the purpose of
verifying the accuracy of the various reports delivered by the Borrower or the Guarantors to any Agent or the Lenders pursuant to this Agreement or for otherwise ascertaining compliance with this Agreement and to discuss the affairs, finances and
condition of the Borrower and the Guarantors with the officers and independent accountants of the Borrower; provided that the Borrower shall have the right to be present at any such visit or inspection and (ii) access to and the right to
inspect all reports, audits and other internal information of the Borrower and the Guarantors relating to environmental matters upon reasonable advance notice; provided that, excluding such visits and inspections during the continuation of an
Event of Default, (x) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the Lenders under this Section 5.01(f); (y) the Administrative Agent shall not exercise such rights more
often than one time during any calendar year and (z) only one such time per calendar year shall be at the expense of the Borrower; provide, further that when an Event of Default exists, the Administrative Agent (or any of its
representatives or independent contractors) may do any of the foregoing at the expense of the Borrower during normal business hours and upon reasonable advance notice; provided, further that, notwithstanding anything to the contrary
herein, neither the Borrower nor any Restricted Subsidiary shall be required to disclose, permit the inspection, examination or making of copies of or taking abstracts from, or discuss any document, information, or other matter (i) that
constitutes non-financial trade secrets or non-financial proprietary information of the Borrower and its subsidiaries and/or any of its customers and/or suppliers,
(ii) in respect of which disclosure to the Administrative Agent or any Lender (or any of their respective representatives or contractors) is prohibited by applicable law or (iii) that is subject to attorney-client or similar privilege or
constitutes attorney work product. 
 (g)        Maintenance of Credit
Ratings.  Use commercially reasonable efforts to obtain and to maintain, in respect of the Borrower, corporate ratings and corporate family ratings of at least two of S&P, Moody’s and Fitch, though no specific rating of
S&P, Moody’s or Fitch, as the case may be, shall be required for compliance with this covenant. 

(h)        Use of Proceeds. Use the proceeds of the Advances solely for the
purposes, and subject to the restrictions, set forth in Section 2.14 and in compliance with all Sanctions Laws and Regulations. 

  
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 (i)        Additional Domestic
Subsidiaries; Additional Properties. If any Loan Party shall form or directly acquire all or substantially all of the outstanding Capital Stock of a domestic Material Subsidiary after the Closing Date, or a Restricted Subsidiary becomes a
domestic Material Subsidiary after the Closing Date, then, in each case, the Borrower will: (x) notify the Administrative Agent and the Collateral Agent thereof; (y) with respect to the acquisition or domestication of such Material
Subsidiary, such Loan Party will cause such Material Subsidiary to become a Loan Party hereunder and under each applicable Collateral Document within fifteen (15) Business Days after such Material Subsidiary is formed or acquired (or such
longer period as the Administrative Agent may agree in its reasonable discretion) and promptly take such actions to create and perfect Liens on such Material Subsidiary’s assets constituting Collateral to secure the Secured Obligations as the
Administrative Agent or the Collateral Agent shall reasonably request in accordance with and subject to the limitations set forth in the Collateral Documents; provided that notwithstanding the foregoing, no Restricted Subsidiary will be
required to become or remain a Guarantor or provide or maintain a Lien on any of its assets as security for any of the Obligations if such Restricted Subsidiary is an Excluded Subsidiary; and (z) with respect to the acquisition of an interest
in any Material Real Property (whether by way of acquisition of a new Material Subsidiary or acquisition by a Loan Party of such interest in Material Real Property), cause the Loan Party holding such interest not later than 30 days after such
acquisition to provide to the Administrative Agent a description, in detail reasonably satisfactory to the Administrative Agent, of the Material Real Property reflecting the addition of such Material Real Property, and, provide the Administrative
Agent with each of the following within 90 days after such acquisition (or such longer period of time as may be agreed to in writing by the Administrative Agent in its reasonable discretion): (I) a Mortgage with respect to such Material Real
Property (which Mortgage shall, if it relates to a Material Real Property located in a state which imposes a mortgage recording or similar tax, and “capping” the Mortgage shall permit the Borrower to pay less Mortgage recording or similar
tax than would otherwise be payable, secure an amount reasonably requested by the Administrative Agent, not to exceed 115% of the fair market value of such Material Real Property (as reasonably determined in good faith by the Borrower or the
applicable Loan Party holding an interest in such Material Real Property)), together with evidence that counterparts of such Mortgage have been either (X) duly filed for recording on or before such outside date or (Y) duly executed,
acknowledged and delivered in form suitable for filing or recording, in all filing or recording offices that the Administrative Agent may deem reasonably necessary or desirable in order to create a valid and subsisting Lien having the required
priority on the property described therein in favor of the Collateral Agent for the benefit of the Secured Parties and that all filing and recording taxes and fees have been paid; (II) an American Land Title Association/California Land Title
Association Lender’s Extended Coverage title insurance policy (a “Mortgage Policy”) with respect to such Property, in form and substance reasonably acceptable to the Administrative Agent, together with such customary
endorsements as the Administrative Agent may reasonably request and which are available at commercially reasonable rates in the jurisdiction where the applicable Material Real Property is located and in amount reasonably acceptable to the
Administrative Agent (but in no event exceeding 115% of the fair market value of such Material Real Property (as reasonably determined in good faith by the Borrower or the applicable Loan Party holding an interest in such Material Real Property),
issued, coinsured and reinsured by title insurers reasonably acceptable to the Administrative Agent, insuring the applicable Mortgage to be a valid and subsisting Lien having the required priority on the Material Real Property described therein,
free and clear of all Liens, excepting only Permitted Liens, Liens existing as of the date the applicable asset or subsidiary was acquired or any other Lien that the Administrative Agent may approve, and providing for such other affirmative
insurance (including endorsements for mechanics’ and materialmen’s Liens) and such coinsurance and direct access reinsurance as the Administrative Agent may reasonably deem necessary or desirable and that is available at commercially
reasonable rates in the jurisdiction where the applicable Material Real Property is located; and (III) if requested by the Administrative Agent, an American Land Title 

  
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Association/American Congress on Surveying and Mapping form survey with respect to such Material Real Property (or such survey alternatives reasonably acceptable to the Administrative Agent) in
form and as of a date that is sufficient for the issuer of the applicable Mortgage Policy relating to such Material Real Property to remove all standard survey exceptions from such Mortgage Policy, for which all necessary fees (where applicable)
have been paid, certified to the Administrative Agent and the issuer of the applicable Mortgage Policy in a manner reasonably satisfactory to the Administrative Agent by a land surveyor duly registered and licensed in the State in which the property
described in such survey is located and reasonably acceptable to the Administrative Agent. In connection with the addition of any Material Real Property as Collateral, the Administrative Agent shall obtain a completed Flood Hazard Determination with
respect to each such Material Real Property. If the Material Real Property is a Special Flood Hazard Property, the Borrower shall provide the following within 90 days after such acquisition of the Material Real Property (or such earlier time prior
to the acquired Material Real Property becoming a Mortgaged Property) pursuant to this Section 5.01(i): (1) evidence as to whether the community in which such Material Real Property is located participates in the National Flood Insurance
Program, (2) the applicable Loan Party’s written acknowledgment of receipt of written notification from the Administrative Agent as to the fact that such Material Real Property is located in a Special Flood Hazard Area and as to whether
the community in which such Material Real Property is located participates in the National Flood Insurance Program and (3) copies of the applicable Loan Party’s application for a Flood Insurance policy plus proof of premium payment, a
declaration page confirming that Flood Insurance has been issued, or other evidence of Flood Insurance, such Flood Insurance to be in an amount equal to at least the amount required by the Flood Laws or such greater amount as may be reasonably
required by the Administrative Agent, naming the Administrative Agent as an additional insured and loss payee/mortgagee on behalf of the Secured Parties, and otherwise including terms reasonably satisfactory to the Administrative Agent, all such
matters referred to in this sentence to be reasonably approved by the Administrative Agent (the requirements set forth in this sentence are referred to herein as the “Flood Insurance Requirements”). 

(j)        Further Assurances. 

(i)        Promptly upon reasonable request by any Agent, correct,
and cause each of its Restricted Subsidiaries promptly to correct, any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof. 

(ii)        Promptly upon reasonable request by any Agent, do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds,
conveyances, pledge agreements, assignments, financing statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, landlords’ and bailees’ waiver and consent agreements, assurances and
other instruments as any Agent may reasonably require from time to time in order to (A) carry out more effectively the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable law, subject any Loan Party’s
properties, assets, rights or interests to the Liens now or hereafter required to be covered by any of the Collateral Documents, (C) to the extent required under the Collateral Agreement, perfect and maintain the validity, effectiveness and
priority of any of the Collateral Documents and any of the Liens required to be created thereunder and (D) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or
now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Restricted Subsidiaries is or is to be a party,
and cause each of its Restricted Subsidiaries to do so. 

  
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 (k)        Maintenance of
Properties, Etc. Maintain and preserve all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted, and will from time to time make or cause to be made all
appropriate repairs, renewals and replacements thereof except where failure to do so would not have a Material Adverse Effect; provided that, this subsection (k) shall not prohibit the sale, transfer or other disposition of any such
property consummated in accordance with the other terms of this Agreement. 

(l)        Designation of Subsidiaries. The Borrower may at any time designate
any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (a) immediately before and after such designation, no Default or Event of Default shall have occurred and be
continuing and (b) immediately after giving effect to such designation, the Borrower and the Restricted Subsidiaries shall be in compliance, on a pro forma basis, with the Financial Covenant (and, as a condition precedent to the effectiveness
of any such designation, the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance). The designation of any Restricted Subsidiary as an Unrestricted
Subsidiary shall constitute an Investment by the Borrower or the relevant Restricted Subsidiary (as applicable) therein at the date of designation in an amount equal to the net book value of such Person’s (as applicable) investment therein (and
such designation shall only be permitted to the extent such Investment is permitted under Section 5.02(c) or Section 5.02(e)). The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the
time of designation of any Debt or Liens of such Subsidiary existing at such time. 

(m)        Post-Closing Matters. Satisfy the requirements set forth on
Schedule 5.01(m) on or before the date set forth on such Schedule (or such later date as may be agreed by the Administrative Agent in its discretion). 

Section 5.02        Negative Covenants. So long as any Advance shall
remain unpaid, any Letter of Credit shall be outstanding (or shall have expired or terminated with a pending drawing thereon) or any Lender Party shall have any Commitment hereunder, no Loan Party will, at any time: 

(a)        Liens. Incur, create, or assume any Lien on any asset of the
Borrower or any of its Material Subsidiaries now owned or hereafter acquired by any of the Borrower or any such Material Subsidiary, other than: 

(i)        Liens existing on the Closing Date and set forth on
Schedule 5.02(a); 
 (ii)        Permitted Liens; 

(iii)        Liens on assets of Foreign Subsidiaries to secure Debt
permitted by Section 5.02(b); 
 (iv)        Liens in favor of
the Administrative Agent, the Collateral Agent and the Secured Parties; 

(v)         Liens in connection with Debt permitted to be
incurred pursuant to Section 5.02(b)(vii) so long as such Liens extend solely to the property (and improvements and proceeds of such property) acquired or financed with the proceeds of such Debt or subject to the applicable Capitalized Lease;

 (vi)        Liens (x) in the form of cash collateral
deposited to secure Obligations under Hedge Agreements, Credit Card Programs and Cash Management Obligations (in each case to the extent not secured as set forth in clause (y)); (y) on the Collateral to secure Obligations under Secured Hedge
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the extent not secured as set forth in clause (x)); and (z) on amounts owing to any Loan Party or any Specified Hedge Agreement Subsidiary under any Hedge Agreement to which it is a party by
the counterparty to such Hedge Agreement to secure the Obligations of such Loan Party and such Specified Hedge Agreement Subsidiary owing to such counterparty under Hedge Agreements to which such Loan Party or such Specified Hedge Agreement
Subsidiary is a party; 
 (vii)      Liens arising pursuant to the Tooling
Program; 
 (viii)      Liens on cash or Cash Equivalents to secure cash
management obligations, provided that such cash or cash equivalents are not in excess of $5,000,000; 

(ix)      Liens on the Collateral to secure Debt incurred pursuant to Sections
5.02(b)(xvii), (xxiv) and (xxv); 
 (x)      Liens in respect of any Qualified
Receivables Transaction that extend only to the assets subject thereto; and 

(xi)      other Liens securing obligations in an aggregate amount not to exceed
the greater of $200,000,000 and 4.0% of Total Assets at the time of incurrence and after giving pro forma effect thereto. 
 Notwithstanding
anything contained herein to the contrary, to the extent that any Loan Party incurs a Lien on any Collateral in accordance with this Section 5.02(a), the Administrative Agent, on behalf of the Lenders, may enter into an intercreditor agreement
with the other applicable secured parties in form and substance reasonably satisfactory to the Administrative Agent and on such terms and conditions as are customary for similar financing in light of the then-prevailing market conditions as
determined by the Administrative Agent giving due regard to the first priority nature of the Collateral (and the Required Lenders hereby authorize the Administrative Agent to enter into any such intercreditor agreement) (the “Intercreditor
Agreement”) and the Collateral Agent, on behalf of the Lenders, may in connection therewith, make such amendments to the Security Agreement as it deems necessary to reflect the terms of such Intercreditor Agreement, in accordance with the
amendment provisions as set forth in the Security Agreement. 
 (b)      Debt.
Contract, create, incur or assume any Debt, or permit any of its Material Subsidiaries to contract, create, incur, or assume any Debt, except for 

(i)      Debt under this Agreement and the other Loan Documents; 

(ii)      (x) Surviving Debt and any Permitted Refinancing thereof and
(y) Debt in respect of any Qualified Receivables Transaction that is without recourse to the Borrower or any Restricted Subsidiary (other than a Receivables Entity and its assets and, as to the Borrower or any Restricted Subsidiary, other than
pursuant to Standard Receivables Undertakings) and is not guaranteed by any such Person; 

(iii)      Debt arising from Investments among the Borrower and its Restricted
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 (iv)      Debt in respect of
any overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing house transfers of funds; 

(v)      (i) guarantees of Debt otherwise permitted under this Agreement and
(ii) guarantees and non-recourse Debt in respect of Investments in joint ventures permitted under Sections 5.02(e)(ix), (xiv), (xix) or (xxvi); provided that the aggregate principal amount of
such Debt does not exceed the greater of $150,000,000 and 3.0% of Total Assets; 

(vi)      Debt of Foreign Subsidiaries in an aggregate principal amount not to
exceed the greater of $500,000,000 and 15.0% of Total Foreign Assets; 
 (vii)    Debt
constituting (i) Sale and Leaseback Transactions and (ii) purchase money debt and Capitalized Lease obligations (and, in each case, any Permitted Refinancing thereof); provided that, at the time of incurrence of such Debt and after
giving pro forma effect thereto, the aggregate principal amount of such obligations does not exceed the greater of $225,000,000 and 4.5% of Total Assets; 

(viii)    (x) Debt in respect of Hedge Agreements entered into in the ordinary course
of business to protect against fluctuations in interest rates, foreign exchange rates and commodity prices, (y) Debt arising under the Credit Card Program and (z) Debt permitted pursuant to Section 5.02(a)(vi)(z); 

(ix)      indebtedness which may be deemed to exist pursuant to any surety
bonds, appeal bonds or similar obligations incurred in connection with any judgment not constituting an Event of Default; 

(x)      indebtedness in respect of netting services, customary overdraft
protections and otherwise in connection with deposit accounts in the ordinary course of business; 

(xi)      payables owing to suppliers in connection with the Tooling Program,

 (xii)    Debt representing deferred compensation to employees of the Borrower or any
other Loan Party incurred in the ordinary course of business; 
 (xiii)    Debt incurred
by the Borrower or any of its Restricted Subsidiaries in connection with a Permitted Acquisition, any other Investment expressly permitted hereunder or any disposition, in each case limited to indemnification obligations or obligations in respect of
purchase price, including Earn-Out Obligations or similar adjustments; 

(xiv)      Debt consisting of the financing of (A) insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case in the ordinary course of business; 

(xv)      Debt supported by a Letter of Credit in a principal amount not to
exceed the face amount of such Letter of Credit; 
 (xvi)    (i) unsecured Debt
(including Subordinated Debt) of the Loan Parties and their Restricted Subsidiaries provided that after giving pro forma effect thereto, the pro forma Total Net Leverage Ratio on a pro forma basis for the most recently ended period of four
consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not exceed 3.50:1.00 and (ii) any Permitted Refinancing thereof; 

  
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 (xvii)    (i) secured Debt of the Loan
Parties and their Restricted Subsidiaries not otherwise permitted hereunder so long as after giving pro forma effect thereto (x) with respect to Liens that are pari passu with Liens of the Secured Parties on the Collateral, the First Lien Net
Leverage Ratio on a pro forma basis for the most recently ended period of four consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not exceed 1.50:1.00 and (y) if such Liens are junior to the Liens of
the Secured Parties on the Collateral, the Senior Secured Net Leverage Ratio on a pro forma basis for the most recently ended period of four consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not exceed
2.50:1.00 and (ii) any Permitted Refinancing thereof; 
 (xviii)    Debt incurred
in connection with the issuance of the Senior Notes (and any Permitted Refinancings thereof); 

(xix)    (i) Debt assumed in connection with any Permitted Acquisition, provided that
(1) such Debt was not incurred in contemplation of such Permitted Acquisition, (2) the only obligors with respect to any Debt incurred pursuant to this clause (xix) shall be those Persons who were obligors of such Debt prior to such
Permitted Acquisition (and any other Person that would have been required to become an obligor under the terms of such Debt), and (3) both immediately prior and after giving effect thereto, no Default shall exist or result therefrom and
(ii) any Permitted Refinancing thereof; 
 (xx)    (i) Debt incurred by the
Borrower or any of its Restricted Subsidiaries to finance any Permitted Acquisition so long as after giving pro forma effect to the incurrence of such Debt (A) if such Debt is secured (1) the First Lien Net Leverage Ratio on a pro forma
basis for the most recently ended period of four consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not exceed 1.50:1.00 and (2) on a junior basis to the Liens of the Secured Parties on the
Collateral, the Senior Secured Net Leverage Ratio on a pro forma basis for the most recently ended period of four consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not exceed 2.50:1.00; and (B) if
such Debt is not secured by a lien on the Collateral, the Total Net Leverage Ratio on a pro forma basis for the most recently ended period of four consecutive Fiscal Quarters of the Borrower for which financial statements are available, does not
exceed 3.50:1.00; and (ii) any Permitted Refinancing thereof; 
 (xxi)    Debt owed
to any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Restricted Subsidiary, pursuant to reimbursement or indemnification obligations to
such person, in each case in the ordinary course of business; 
 (xxii)    purchase
price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of the seller of such asset; 

(xxiii)    Guarantees of Debt of suppliers, licensees, franchisees or customers in the
ordinary course of business, in an aggregate amount at any time outstanding not to exceed $100,000,000. 

(xxiv)    Incremental Equivalent Debt and Permitted Refinancings thereof; 

(xxv)     Debt consisting of Refinancing Facilities permitted under Section 2.20 and
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 (xxvi)    other Debt of the Borrower or
its Restricted Subsidiaries (including any Permitted Refinancing thereof), in an aggregate principal amount not to exceed the greater of $375,000,000 and 7.5% of Total Assets. 

(c)        Dividends. Declare or pay, directly or indirectly,
any dividends or make any other distribution, whether in cash, property, securities or a combination thereof, with respect to (whether by reduction of capital or otherwise) any shares of capital stock (or any options, warrants, rights or other
equity securities or agreements relating to any capital stock) of the Borrower, or set apart any sum for the aforesaid purposes (collectively, “Restricted Payments”), except that: 

(i)        So long as (x) no Default or Event of Default shall
have occurred and be continuing or would result therefrom and (y) after giving pro forma effect thereto, the Total Net Leverage Ratio on a pro forma basis as at the end of the trailing four Fiscal Quarters most recently ended immediately prior
to the incurrence thereof, does not exceed 2.75:1.0, the Borrower may make Restricted Payments; 

(ii)        to the extent constituting Restricted Payments, the
Borrower may enter into and consummate any transactions permitted under Section 5.02(d), (e) and (h); 

(iii)        the Borrower may make Restricted Payments in an amount up
to the Available Amount Basket if at the time such Restricted Payment is made, no Default or Event of Default shall have occurred and be continuing and after giving effect to such Restricted Payment on a pro forma basis, the Borrower is in
compliance with the Financial Covenant; 
 (iv)        the Borrower
may make Restricted Payments in respect of any class of its Capital Stock so long as such Restricted Payments are payable solely in shares of such class of Capital Stock; and 

(v)        to the extent constituting Restricted Payments, the
Borrower may (a) convert shares of its Preferred Interests into shares of common stock or other common Capital Stock or (b) refinance such Preferred Interests (including related premiums) with Debt, provided that such Debt is permitted to
be incurred under Section 5.02(b). 

(d)        Transactions with Affiliates. 

(i)        Enter into or permit any of its Material Subsidiaries to
enter into any transaction with any of its Affiliates, other than on terms and conditions at least as favorable to the Borrower or such Restricted Subsidiary as would reasonably be obtained at that time in a comparable
arm’s-length transaction with a Person other than an Affiliate, except for the following: (i) any transaction between any Loan Party and any other Loan Party or between any Non-Loan Party and any other Non-Loan Party; (ii) any transaction between any Loan Party and any Non-Loan Party that is at least
as favorable to such Loan Party as would reasonably be obtained at that time in a comparable arm’s-length transaction with a Person other than an Affiliate; (iii) any transaction individually or of a
type expressly permitted pursuant to the terms of the Loan Documents; or (iv) reasonable and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other
benefit plans) and indemnification arrangements, in each case approved by the relevant board of directors or (v) transactions in existence on the Closing Date and set forth on Schedule II and any renewal or replacement thereof on substantially
identical terms. 

  
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 (ii)      The foregoing
clause (i) shall not prohibit, to the extent otherwise permitted under this Agreement: 

(A)      any issuance of securities, or other payments, awards or grants in
cash, securities or otherwise pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the board of directors of the Borrower; 

(B)      loans or advances to employees or consultants of the Borrower or any of
the Restricted Subsidiaries in accordance with Section 5.02(e); 

(C)      transactions among the Borrower or any Restricted Subsidiary or any
entity that becomes a Restricted Subsidiary as a result of such transaction (including via merger, consolidation or amalgamation in which a Restricted Subsidiary is the surviving entity); 

(D)      Restricted Payments permitted under Section 5.02(c) and
Investments permitted under Section 5.02(e); 
 (E)      transactions for
the purchase or sale of goods, products, parts and services entered into in the ordinary course of business; 

(F)      transactions with joint ventures for the purchase or sale of goods,
equipment and services entered into in the ordinary course of business; 

(G)      payments by the Borrower and the Restricted Subsidiaries pursuant to a
tax sharing agreement or arrangement (whether written or as a matter of practice) that complies with Section 5.02(c) and doesn’t include any Unrestricted Subsidiary; 

(H)      payments, loans (or cancellation of loans) or advances to employees or
consultants that are (i) approved by a majority of the disinterested directors of the Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement; 

(I)      transactions with customers, clients, suppliers, or purchasers or
sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower or the Restricted Subsidiaries; 

(J)      transactions between the Borrower or any of the Restricted Subsidiaries
and any person, a director of which is also a director of the Borrower or any direct or indirect parent company of the Borrower, provided, however, that (A) such director abstains from voting as a director of the Borrower or such
direct or indirect parent company, as the case may be, on any matter involving such other person and (B) such person is not an Affiliate of the Borrower for any reason other than such director’s acting in such capacity; 

(K)      transactions undertaken in good faith (as certified upon the request of
the Administrative Agent by a Responsible Officer of the Borrower) for the purpose of 

  
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improving the consolidated tax efficiency of the Borrower and the Restricted Subsidiaries and not for the purpose of circumventing any covenant set forth herein; or 

(L)        the Liens contemplated by Section 5.02(a)(vi)(z). 

(e)      Investments. Make, or permit any of its Material Subsidiaries to
make, any Investment in any Person, except for 
 (i)      (A) ownership
by the Borrower or the Guarantors of the capital stock of each of the Subsidiaries listed on Schedule 4.01 and (B) Investments consisting of intercompany loans or advances existing as of the Closing Date and other Investments existing as of the
Closing Date and set forth on Schedule 5.02(e), together with any increase in the value of thereof, in each case as extended, renewed or refinanced from time to time so long as the aggregate thereof is not increased above the amount as of the
Closing Date plus the increase in the value thereof unless otherwise permitted pursuant to another exception in this Section 5.02(e) and any Permitted Refinancing thereof; 

(ii)      Investments in Cash Equivalents and Investments by Foreign
Subsidiaries in securities and deposits similar in nature to Cash Equivalents and customary in the applicable jurisdiction; 

(iii)      Investments or intercompany loans or advances (A) by any Loan
Party to or in any other Loan Party, (B) by any Non-Loan Party to or in any Loan Party or (C) by any Non-Loan Party to or in any other Non-Loan Party; 
 (iv)      investments
(A) received in satisfaction or partial satisfaction thereof from financially troubled account debtors or in connection with the settlement of delinquent accounts and disputes with customers and suppliers, or (B) received in settlement of
debts created in the ordinary course of business and owing to the Borrower or any of its Restricted Subsidiaries or in satisfaction of judgments; 

(v)    Investments (A) in the form of deposits, prepayments and other credits to
suppliers made in the ordinary course of business consistent with current market practices, (B) in the form of extensions of trade credit in the ordinary course of business, or (C) in the form of prepaid expenses and deposits to other
Persons in the ordinary course of business; 
 (vi)      Investments made in
any Person to the extent such investment represents the non-cash portion of consideration received for an asset sale permitted under the terms of the Loan Documents; 

(vii)      loans or advance to directors, officers and employees for bona fide
business purposes and in the ordinary course of business and to repurchase Capital Stock of the Company in an aggregate principal amount not to exceed $25,000,000 at any time outstanding; 

(viii)      investments constituting guaranties otherwise permitted under this
Agreement, including without limitation, guarantees of Debt permitted to be incurred under this Agreement and guaranties of leases and trade payables and other similar obligations entered into in the ordinary course of business; 

(ix)      Permitted Acquisitions by Loan Parties, provided that, before
and after giving effect to any Permitted Acquisition, (x) no Default or Event of Default shall have occurred and 

  
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be continuing or would result therefrom and (y) after giving pro forma effect thereto, Borrower is in compliance with the Financial Covenant; 

(x)      Investments in connection with the Tooling Program in an aggregate
amount (together with any Investments in connection with the Tooling Program permitted under sub-clause (i)(B) above) not in excess of $135,000,000; 

(xi)      Investments or intercompany loans or advances by Loan Parties in non-Loan Parties; 
 (xii)      Investments
by Foreign Subsidiaries in other Foreign Subsidiaries and in the Loan Parties; 

(xiii)    loans or advances made by any Foreign Subsidiary to the purchaser of receivables
and receivables related assets or any interest therein to fund part of the purchase price of such receivables and receivables related assets or any interest therein in connection with the factoring or sale of such receivables pursuant to a
transaction permitted pursuant to Section 5.02(b)(ii); 
 (xiv)    other
Investments to the extent not permitted pursuant to any other subpart of this Section, provided that, before and after giving effect to such Investments, (x) no Default or Event of Default shall have occurred and be continuing or would
result therefrom and (y) after giving pro forma effect thereto, the Total Net Leverage Ratio on a pro forma basis as at the end of the trailing four Fiscal Quarters most recently ended immediately prior to the incurrence thereof, does not
exceed 2.75:1.0; 
 (xv)    Investments (including Permitted Acquisitions) made by the
Borrower or any Restricted Subsidiary of the Borrower with proceeds of Debt incurred pursuant to Section 5.02(b)(vi); 

(xvi)    Investments (including Permitted Acquisitions) made by the Borrower or any
Restricted Subsidiary of the Borrower with proceeds of Debt incurred pursuant to Section 5.02(b)(xvii), provided that, to the extent that such Investments are made by a Loan Party and constitute Debt, such Investments shall be pledged in
favor of the Collateral Agent pursuant to the Security Agreement, provided, further, that, before and after giving effect to such Investments, (x) no Default or Event of Default shall have occurred and be continuing or would result therefrom
and (y) after giving pro forma effect thereto, the Total Net Leverage Ratio on a pro forma basis as at the end of the trailing four Fiscal Quarters most recently ended immediately prior to the incurrence thereof, does not exceed 2.75:1.0; 

(xvii)     Investments with the Available Amount Basket if at the time such Investment is
made, no Default or Event of Default shall have occurred and be continuing and after giving effect to such Investment on a pro forma basis, the Borrower is in compliance with the Financial Covenant; and 

(xviii)    Investments in securities of trade creditors or customers received upon
foreclosure or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 

(xix)    Investments in Persons, including, without limitation, Unrestricted Subsidiaries
and joint ventures, engaged in a business similar or related to or logical 

  
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extensions of the business in which the Borrower and the Restricted Subsidiaries are engaged on the Closing Date, not to exceed the greater of $400,000,000 and 7.5% of Total Assets 

(xx)    Investments in a Receivable Entity; 

(xxi)    Stock, obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Borrower or any Restricted Subsidiary or in satisfaction of judgments; 

(xxii)    Commission, payroll, travel and similar advances to cover matters that are
expected at the time of such advances ultimately to be treated as operating expenses for accounting purposes and that are in the ordinary course of business; 

(xxiii)    Investments consisting of the licensing or contribution of patents, trademarks,
know-how or other intellectual property in the ordinary course of business; 

(xxiv)    Guarantees of Indebtedness of the Borrower or any Restricted Subsidiary
permitted to be incurred hereunder; 
 (xxv)    Investments consisting of or to finance
purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; and 

(xxvi)    other Investments in an aggregate amount not to exceed the greater of
$400,000,000 and 7.5% of Total Assets at the time of such Investment, at any one time outstanding. 

(f)      Disposition of Assets. Sell or otherwise dispose of, or permit
any of its Material Subsidiaries to sell or otherwise dispose of, any assets (including, without limitation, the capital stock of any Restricted Subsidiary of the Borrower or a Material Subsidiary and including any disposition of assets to a Divided
LLC pursuant to an LLC Division) except for 
 (i)      proposed divestitures
publicly disclosed or otherwise disclosed in writing to the Administrative Agent, in each case at least five (5) Business Days prior to the Closing Date and satisfactory to the Administrative Agent and the Lenders; 

(ii)      (x) sales of inventory or obsolete or worn-out property by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business, (y) sales, leases or transfers of property by the Borrower or any of its Restricted Subsidiaries to
the Borrower or a Restricted Subsidiary or to a third party in connection with the asset value recovery program, or (z) sales by Non-Loan Parties of property no longer used or useful; 

(iii)      the sale, lease, transfer or other disposition of any assets
(A) by any Loan Party to any other Loan Party, (B) by any Non-Loan Party to any Loan Party or (C) by any Non-Loan Party to any other Non-Loan Party; 
 (iv)       the sale,
lease, transfer or other disposition of any assets of the Borrower or any of its Restricted Subsidiaries to any Person so long as (1) no Default has occurred and is continuing, and (2) the Loan Parties, taken as a whole, do not sell, lease
or transfer all, or substantially all, of their assets to any Non-Loan Party or other Person; 

  
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 (v)      sales, transfers or
other dispositions of assets in connection with the Tooling Program; 

(vi)      any sale, lease, transfer or other disposition made in connection
with any Investment permitted under Sections 5.02(e)(ii), (iv), (v) or (viii) hereof; 

(vii)      licenses, sublicenses or similar transactions of intellectual
property in the ordinary course of business and the abandonment of intellectual property, in accordance with Section 13 of the Security Agreement, deemed no longer useful; 

(viii)      equity issuances by any Restricted Subsidiary to the Borrower or
any other Restricted Subsidiary of the Borrower to the extent such equity issuance constitutes an Investment permitted pursuant to Section 5.02(e)(iii); 

(ix)      transfers of receivables and receivables related assets or any
interest therein by any Foreign Subsidiary in connection with any factoring or similar arrangement permitted pursuant to Section 5.02(b); 

(x)      Permitted Asset Sales; and 

(xi)      other sales, leases, transfers or dispositions of assets for fair
value at the time of such sale (as reasonably determined by Borrower) so long as (A) in the case of any sale or other disposition, in any single transaction or series of related transactions, in which the fair value of the assets being sold,
leased, transferred or disposed of exceed $5,000,000 in any Fiscal Year and $50,000,000 during the term of this Agreement, not less than 75% of the net consideration is cash, (B) no Default or Event of Default exists immediately before or after
giving effect to any such sale, lease, transfer or other disposition, (C) in the case of any sale, lease transfer or other disposition by any Loan Party, the fair value of all such assets sold, leased, transferred or otherwise disposed of in
any Fiscal Year does not exceed an amount equal to $50,000,000 and (D) in the case of any sale, lease, transfer or other disposition by any Foreign Subsidiary, (1) no Default has occurred and is continuing, and (2) the Foreign
Subsidiaries, taken as a whole, do not sell, lease or transfer all, or substantially all, of their assets. 

(g)      Nature of Business. Modify or alter, or permit any of its Material Subsidiaries
to modify or alter, in any material manner the nature and type of its business as conducted at or prior to the Closing Date or the manner in which such business is currently conducted, it being understood that neither sales permitted by
Section 5.02(f) nor Permitted Acquisitions shall constitute such a material modification or alteration. 

(h)      Mergers. Merge into or consolidate with any Person or permit any Person to
merge into it, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or dispose of all or substantially all of its property or business, except 

(i)      for mergers or consolidation constituting permitted Investments under
Section 5.02(e) or asset dispositions permitted pursuant to Section 5.02(f), 

(ii)      mergers, consolidations, liquidations or dissolutions (A) by any
Loan Party (other than the Borrower) with or into any other Loan Party, (B) by any Non-Loan Party with or into any Loan Party or (C) by any Non-Loan Party with
or into any other Non-Loan Party; provided that, in the case of any such merger or consolidation, the person formed by such 

  
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merger or consolidation shall be a wholly owned Restricted Subsidiary of the Borrower, and provided further that in the case of any such merger or consolidation (x) to which
the Borrower is a party, the Person formed by such merger or consolidation shall be the Borrower and (y) to which a Loan Party (other than the Borrower) is a party (other than a merger or consolidation made in accordance with subclause (B)
above), the Person formed by such merger or consolidation shall be a Loan Party on the same terms; and 

(iii)      the dissolution, liquidation or winding up of any Restricted
Subsidiary, provided that such dissolution, liquidation or winding up would not reasonably be expected to have a Material Adverse Effect and the assets of the Person so dissolved, liquidated or wound-up are
distributed to the Borrower or to another Loan Party. 

(i)        Amendments of Constitutive Documents. Amend its
constitutive documents, except for amendments that would not reasonably be expected to materially adversely affect the interests of the Lenders. 

(j)        Accounting Changes. Make or permit any changes in
(i) accounting policies or reporting practices, except as permitted or required by generally accepted accounting principles, or (ii) its Fiscal Year. 

(k)        Negative Pledge; Payment Restrictions Affecting
Subsidiaries. Enter into, or allow any Material Subsidiary to enter into, any agreement prohibiting or conditioning the ability of the Borrower or any such Restricted Subsidiary to 

(i)        create any Lien upon the Collateral; 

(ii)        make dividends to, or pay any indebtedness owed to, any
Loan Party; 
 (iii)        make loans or advances to, or other
investments in, any Loan Party; or 
 (iv)        transfer any of
its assets to any Loan Party; 
 in each case, other than 

(A)      any such agreement with or in favor of the Administrative Agent, the
Collateral Agent or the Lenders; 
 (B)      in connection with (1) any
agreement evidencing any Liens permitted pursuant to Section 5.02(a)(iii), (v), (vi), (vii) or (ix) (so long as (x) in the case of agreements evidencing Liens permitted under Section 5.02(a)(iii), such prohibitions or conditions are
customary for such Liens and the obligations they secure and (y) in the case of agreements evidencing Liens permitted under Section 5.02(a)(v) and (vii) such prohibitions or conditions relate solely to the assets that are the subject
of such Liens) or (2) any Debt permitted to be incurred under Section 5.02(b)(ii), (iii), (vi), (vii), (viii), (xi), (xiii), (xvi), (xvii), (xviii), (xix), (xx), (xxi), (xxiv) or (xxv) above (so long as (x) in the case of
agreements evidencing Debt permitted under Section 5.02(b)(vi), such prohibitions or conditions are customary for such Debt and (y) in the case of agreements evidencing Debt permitted under Section 5.02(b)(vii), such prohibitions or
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 (C)        any
agreement setting forth customary restrictions on the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract of similar property or assets; 

(D)        any restriction or encumbrance imposed pursuant to an
agreement that has been entered into by the Borrower or any Restricted Subsidiary of the Borrower for the disposition of any of its property or assets so long as such disposition is otherwise permitted under the Loan Documents; 

(E)        any such agreement imposed in connection with consignment
agreements entered into in the ordinary course of business; 

(F)        customary anti-assignment provisions contained in any
agreement entered into in the ordinary course of business; 

(G)        any agreement in existence at the time a Restricted
Subsidiary is acquired so long as such agreement was not entered into in contemplation of such acquisition; 

(H)        such encumbrances or restrictions required by applicable
law; or 
 (I)        any agreement in existence on the Closing
Date and listed on Schedule III, the terms of which shall have been disclosed in writing to the Administrative Agent prior to the date thereof. 

(l)        Prepayments, Amendments, Etc. of Debt. 

(i)        Prepay, redeem, purchase, defease or otherwise satisfy
prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Subordinated Debt except 

(A)        regularly scheduled (including repayments of revolving
facilities) or required repayments or redemptions of Subordinated Debt permitted hereunder, 

(B)        payments thereon necessary to avoid the Subordinated Debt
from constituting “applicable high yield discount obligations” within the meaning of Internal Revenue Code Section 163(i)(l), 

(C)        any prepayments or redemptions of Subordinated Debt in
connection with a refunding or refinancing of such Subordinated Debt permitted by Section 5.02(b), 

(D)        any repayments of Subordinated Debt by the Borrower or its
Restricted Subsidiaries that was permitted to be incurred under this Agreement; provided that in the case of any prepayments or redemptions by Loan Parties pursuant to this clause (D), after giving pro forma effect thereto, the Total Net Leverage
Ratio on a pro forma basis as at the end of the trailing four Fiscal Quarters most recently ended immediately prior to the incurrence thereof, does not exceed 2.75:1.0 or 

(E)    repayments, prepayments or redemptions of Subordinated Debt with the Available
Amount Basket if at the time such repayment, prepayment or redemption is 

  
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made, no Default or Event of Default shall have occurred and be continuing and after giving effect to such prepayment or redemption on a pro forma basis, the Borrower is in compliance with the
Financial Covenant; or 
 (ii)        amend, modify or change in any
manner materially adverse to the Lenders any term or condition of any Subordinated Debt. 

Section 5.03        Reporting Requirements. So long as any Advance shall
remain unpaid, any Letter of Credit shall be outstanding (or shall have expired or terminated with a pending drawing thereon) or any Lender Party shall have any Commitment hereunder, the Borrower will furnish to the Administrative Agent: 

(a)        Default Notice. As soon as possible and in any event within three
Business Days after any Responsible Officer of the Borrower has knowledge of the occurrence of each Default or within five Business Days after any Responsible Officer of the Borrower has knowledge of the occurrence of any event, development or
occurrence reasonably likely to have a Material Adverse Effect continuing on the date of such statement, a statement of a Responsible Officer (or person performing similar functions) of the Borrower setting forth details of such Default or other
event and the action that the Borrower has taken and proposes to take with respect thereto. 

(b)        Quarterly Financials. Commencing with the Fiscal Quarter ending
March 31, 2016, as soon as available and in any event within 45 days after the end of each of the first three quarters of each Fiscal Year (or such earlier date as the Borrower may be required by the SEC to deliver its Form 10-Q or such later date as the SEC may permit for the delivery of the Borrower’s Form 10-Q), a Consolidated balance sheet of the Borrower and its Subsidiaries as of the
end of such quarter, and Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous quarter and ending with the end of such quarter, and Consolidated statements of
income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous Fiscal Year and ending with the end of such quarter, setting forth, in each case in comparative form the corresponding figures for the
corresponding period of the immediately preceding Fiscal Year, all in reasonable detail and duly certified (subject to normal year end audit adjustments) by a Responsible Officer of the Borrower as having been prepared in accordance with GAAP,
together with a certificate of said officer stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take
with respect thereto. 
 (c)        Annual Financials. Within 90 days, for
each Fiscal Year (commencing with the Fiscal Year ended December 2016, a copy of the annual audit report, including therein a Consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such Fiscal Year and Consolidated
statements of income and cash flows of the Borrower and its Subsidiaries for such Fiscal Year, in each case accompanied by (A) an opinion of PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing
(which opinion shall not be qualified as to scope of audit or as to the status of the Borrower or any Material Subsidiary as a going concern, other than solely with respect to, or resulting solely from, an upcoming maturity date of any Indebtedness
under this Agreement occurring within one year from the time such opinion is delivered or any potential inability to satisfy the Financial Covenant on a future date or in a future period), (B) a certificate of a Responsible Officer of the
Borrower stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto;
provided that, in the event of any change in GAAP used in the preparation of such financial statements, the Borrower shall also provide, if 

  
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necessary for the determination of compliance with Section 5.04, a statement of reconciliation conforming such financial statements to GAAP. 

(d)        Annual Budget. As soon as available, and in any event no later than
90 days after the end of each Fiscal Year of the Borrower, commencing with the Fiscal Year ending December 31, 2016, a reasonably detailed consolidated budget for the following Fiscal Year and each subsequent year thereafter through the Latest
Maturity Date (including a projected Consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following Fiscal Year), the related projected Consolidated statements of cash flow and income for such Fiscal Year expected as
of the end of each month during such Fiscal Year (collectively, the “Projections”) in the form delivered to the board of directors of the Borrower, which Projections shall be accompanied by a certificate of a Responsible Officer of
the Borrower stating that such Projections are based on then reasonable estimates and then available information and assumptions; it being understood that the Projections are made on the basis of the Borrower’s then current good faith views and
assumptions believed to be reasonable when made with respect to future events, and assumptions that the Borrower believes to be reasonable as of the date thereof (it being understood that projections are inherently unreliable and that actual
performance may differ materially from the Projections). 

(e)        Compliance Certificate. At the time of delivery of the financial
statements pursuant to Section 5.03(b) and (c), a certificate (the “Compliance Certificate”) substantially in the form of Exhibit F hereto regarding certain information including calculation of the Financial Covenant and the
Total Net Leverage Ratio. 
 (f)        ERISA Events. Promptly and in any
event within five Business Days after any Loan Party or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred with respect to an ERISA Plan, a statement of a Responsible Officer of the Borrower describing such ERISA Event
and the action, if any, that such Loan Party or such ERISA Affiliate has taken and proposes to take with respect thereto, on the date any records, documents or other information must be furnished to the PBGC with respect to any ERISA Plan pursuant
to Section 4010 of ERISA, a copy of such records, documents and information. 

(g)        Multiemployer Plan Notices. Promptly and in any event within seven
Business Days after receipt thereof by any Loan Party or any ERISA Affiliate from the sponsor of a Multiemployer Plan, copies of each notice concerning (i) the imposition of Withdrawal Liability by any such Multiemployer Plan, (ii) the
reorganization or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (iii) the amount of liability incurred, or that may be incurred, by such Loan Party or any ERISA Affiliate in connection with any
event described in clause (i) or (ii) above. 

(h)        Litigation. Promptly after the commencement thereof, notice of each
unstayed action, suit, investigation, litigation and proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting any Loan Party or any of its Restricted Subsidiaries
that (i) is reasonably likely to be determined adversely and if so determined adversely would be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement, any
Note, any other Loan Document or the consummation of the transactions contemplated hereby. 

(i)        Securities Reports. Promptly after the sending or filing thereof,
copies of all proxy statements, financial statements and reports that the Borrower sends to its public stockholders, copies of all regular, periodic and special reports, and all registration statements, that the Borrower files with the Securities
and Exchange Commission or any Governmental Authority that may be substituted 

  
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therefor, or with any national securities exchange; provided that such documents may be made available by posting on the Borrower’s website. 

(j)        Environmental Conditions. Promptly after the assertion or
occurrence thereof, notice of any Environmental Action against or of any non-compliance by any Loan Party or any of its Restricted Subsidiaries with any Environmental Law or Environmental Permit that would
reasonably be expected to (i) result in a material loss or liability or (ii) cause any real property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law. 

(k)        Cash Collateralized Hedge Agreements. At the time of the delivery
of the financial statements pursuant to Section 5.03(b) and (c), a report providing the aggregate balance of all Secured Hedge Agreements secured by cash collateral or other assets not constituting Collateral. 

(l)        Other Information. Such other information respecting the business,
condition (financial or otherwise), operations, performance, properties or prospects of any Loan Party or any of its Restricted Subsidiaries as any Lender Party (through the Administrative Agent), the Administrative Agent or any of their advisors
may from time to time reasonably request. 
 Documents required to be delivered pursuant to Section 5.01 or this
Section 5.03 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date of receipt by the Administrative
Agent irrespective of when such document or materials are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant website (the “Informational Website”), if any, to which each Lender and the Agents have
unrestricted access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that the accommodation provided by the foregoing sentence shall not impair the right of the Administrative Agent to
request and receive from the Loan Parties physical delivery of any specific information provided for in Section 5.01 or this Section 5.03. Other than with respect to the bad faith, gross negligence or willful misconduct on the part of the
Joint Lead Arrangers, Agents or Lenders, none of the Joint Lead Arrangers, Agents or the Lenders shall have any liability to any Loan Party, each other or any of their respective Affiliates associated with establishing and maintaining the security
and confidentiality of the Informational Website and the information posted thereto. 

Section 5.04        Financial Covenant. Permit, on the last day of any
Fiscal Quarter beginning with the Fiscal Quarter ended June 30, 2016, the First Lien Net Leverage Ratio as of such day to exceed 2.00:1.00. 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 Section 6.01        Events of Default. If any of the
following events (“Events of Default”) shall occur and be continuing: 

(a)        the Borrower shall fail to pay any principal of any Advance or any
unreimbursed drawing with respect to any Letter of Credit when the same shall become due and payable or any Loan Party shall fail to make any payment of interest on any Advance or any other payment under any Loan Document within five Business Days
after the same becomes due and payable; or 

  
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 (b)        any representation or
warranty made by any Loan Party (or any of its officers) under or in connection with any Loan Document shall prove to have been incorrect in any material respect (or in any respect, for any representation and warranty already qualified by
materiality or Material Adverse Effect), when made or deemed made; or 

(c)        any Loan Party shall fail to perform or observe any term, covenant or
agreement contained in Sections 2.14, 5.01(a) (with respect to the Borrower), 5.01(h), 5.02, 5.03 or 5.04; provided that any failure to perform the covenant set forth in Section 5.04 shall not constitute an Event of Default with respect
to the 2018 New Term B Facility until the date on which an exercise of remedies described in Section 6.01(B) has been taken with respect to the Revolving Credit Facility and the Term A Facility; or 

(d)        any Loan Party shall fail to perform any other term, covenant or agreement
contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for after the earlier of 30 days after (i) an Responsible Officer of any Loan Party obtaining knowledge of such default or
(ii) the Borrower receiving notice of such default from any Agent or any Lender (any such notice to be identified as a notice of default and to refer specifically to this paragraph); or 

(e)        (i) any Loan Party or any of its Restricted Subsidiaries shall fail
to pay any principal of, premium or interest on or any other amount payable in respect of one or more items of Debt of the Loan Parties and their Restricted Subsidiaries (excluding Debt outstanding hereunder) that is outstanding in an aggregate
principal or notional amount (or, in the case of any Hedge Agreement (including, for the avoidance of doubt, any guaranty by any Loan Party of Secured Hedge Agreements entered into by any Loan Party or Specified Hedge Agreement Subsidiary with Hedge
Banks) an Agreement Value) of at least $50,000,000 when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if
any, specified in the agreements or instruments relating to all such Debt; or (ii) any other event shall occur or condition shall exist under the agreements or instruments relating to one or more items of Debt of the Loan Parties and their
Restricted Subsidiaries (excluding Debt outstanding hereunder) that is outstanding in an aggregate principal or notional amount of at least $50,000,000, and such other event or condition shall continue after the applicable grace period, if any,
specified in all such agreements or instruments, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt or otherwise to cause, or to permit the holder thereof to cause, such Debt to
mature; or (iii) one or more items of Debt of the Loan Parties and their Restricted Subsidiaries (excluding Debt outstanding hereunder) that is outstanding in an aggregate principal or notional amount (or, in the case of any Hedge Agreement, an
Agreement Value) of at least $50,000,000, shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled or required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem,
purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 

(f)        any Loan Party or any of its Material Subsidiaries shall generally not pay
its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party or any of its
Material Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any substantial part of its property and, in the case

  
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of any such proceeding instituted against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain undismissed or unstayed for a
period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial
part of its property) shall occur; or any Loan Party or any of its Material Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this subsection (f); or 

(g)        one or more final, non-appealable
judgments or orders for the payment of money in excess of $50,000,000 (exclusive of any judgment or order the amounts of which are fully covered by insurance (less any applicable deductible) which is not in dispute) in the aggregate at any time,
shall be rendered against any Loan Party or any of its Restricted Subsidiaries and enforcement proceedings shall have been commenced by any creditor upon such judgment or order; or 

(h)        one or more nonmonetary judgments or orders shall be rendered against any
Loan Party or any of its Restricted Subsidiaries that is reasonably likely to have a Material Adverse Effect, and there shall be any period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect; or 
 (i)        any provision of any
Loan Document after delivery thereof pursuant to Section 3.01 shall for any reason cease to be valid and binding on or enforceable against any Loan Party intended to be a party to it, or any such Loan Party shall so state in writing; or 

(j)        any Collateral Document after delivery thereof pursuant to
Section 3.01 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected lien on and security interest in the Collateral purported to be covered thereby; or 

(k)        any ERISA Event shall have occurred with respect to an ERISA Plan and the
sum (determined as of the date of occurrence of such ERISA Event) of the Insufficiency of such ERISA Plan and the Insufficiency of any and all other ERISA Plans with respect to which an ERISA Event shall have occurred and then exist (or the
liability of the Loan Parties and the ERISA Affiliates related to such ERISA Event) is reasonably likely to have a Material Adverse Effect; or 

(l)        any Loan Party or any ERISA Affiliate shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount that, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Loan Parties and the ERISA Affiliates as
Withdrawal Liability (determined as of the date of such notification), exceeds $50,000,000 or requires payments exceeding $25,000,000 per annum; or 

(m)        any Loan Party or any ERISA Affiliate shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and as a result of such reorganization or termination the aggregate annual contributions of the
Loan Parties and the ERISA Affiliates to all Multiemployer Plans that are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer
Plans immediately preceding the plan year in which such reorganization or termination occurs by an amount exceeding $25,000,000; or 

(n)        any challenge by any Loan Party to the validity of any Loan Document or
the applicability or enforceability of any Loan Document or which seeks to void, avoid, limit, or otherwise adversely affect the security interest created by or in any Loan Document or any payment made pursuant thereto; or 

  
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 (o)        a Change of Control
shall occur; 
 then, (A) in any such event (other than with respect to a failure to perform the covenant set forth in
Section 5.04), the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the obligation of each Lender to make Advances (other than Letter of Credit Advances by
the Issuing Banks or a Lender pursuant to Section 2.03(c) and Swing Line Advances by a Lender pursuant to Section 2.02(b)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate,
and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be
forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by
the Borrower; provided, however, that upon the occurrence of any proceeding referred to in clause (f) above, including any actual or deemed entry of an order for relief with respect to any Loan Party under the Bankruptcy Code, the
obligation of each Lender to make Advances and of the Issuing Banks to issue Letters of Credit shall automatically be terminated, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents shall
automatically and forthwith become due and payable and the obligation of the Borrower to provide Cash Collateral as contemplated by Section 6.02 shall automatically become effective, in each case without further act of the Administrative Agent
or any Lender Party and (B) in the event of a failure to perform the covenant set forth in Section 5.04, the Administrative Agent (i) shall at the request, or may with the consent, of the Required RCF/TLA Lenders, by notice to the
Borrower, declare the obligation of each Revolving Credit Lender and each Term A Lender to make Advances (other than Letter of Credit Advances by the Issuing Banks or a Lender pursuant to Section 2.03(c) and Swing Line Advances by a Lender
pursuant to Section 2.02(b)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required RCF/TLA Lenders, by
notice to the Borrower, declare the Revolving Credit Advances and the Term A Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents with respect to the Revolving Credit Advances and the Term A
Advances to be forthwith due and payable, whereupon the Revolving Credit Advances and the Term A Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice
of any kind, all of which are hereby expressly waived by the Borrower. 

Section 6.02        Actions in Respect of the Letters of Credit upon
Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Revolving Lenders, irrespective of whether it is taking any of the actions described in
Section 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Administrative Agent on behalf of the Lender Parties in same day funds at the Administrative Agent’s office
designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to 105% of the aggregate Available Amount of all Letters of Credit then outstanding. If at any time the Administrative Agent determines that any funds held in
the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Lender Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit,
the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate
Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. 

  
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 Section 6.03        Clean-Up Period. For the purpose of this Agreement, for the period from the Amendment No. 2 Effective Date until the date falling 90 days after the Amendment No. 2 Effective Date (the “Clean-Up Period”), no Default or Event of Default would be deemed to arise from a breach of representation or warranty or a breach of covenant or other circumstance that would have been a Default or Event
of Default (but for this provision) only by reason of circumstances relating exclusively to GrazianoFairfield AG and its Subsidiaries (or any obligation to procure compliance by the GrazianoFairfield AG and its Subsidiaries); provided, that
such Default or Event of Default: (i) is capable of being remedied within the Clean-Up Period and the Borrower and the Buyer are taking appropriate steps to remedy such Default or Event of Default;
(ii) does not have a Material Adverse Effect; and (iii) was not procured or approved by the Borrower or the Buyer. Notwithstanding the above, if the relevant circumstances are continuing after the expiry of the Clean-Up Period, there shall be an immediate Default or Event of Default, as applicable, and all rights and remedies which would apply with regard thereto but for this Section 6.03 shall arise and be
exercisable. 
 ARTICLE VII 

THE AGENTS 

Section 7.01        Appointment and Authorization of the Agents. Each
Lender Party hereby irrevocably appoints, designates and authorizes each of the Agents to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan
Document, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender Party or participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against such Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Each Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued
by it and the documents associated therewith, and each Issuing Bank shall have all of the benefits (including indemnities) and immunities (i) provided to each Agent in this Article VII with respect to any acts taken or omissions suffered
by such Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Agent” as used in
this Article VII and in the definition of “Agent-Related Person” included such Issuing Bank with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuing Bank. The provisions of
this Article VII are solely for the benefit of the Administrative Agent and the Lender Parties, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any such provisions. 

Section 7.02        Delegation of Duties. 

(a)        Each Agent may execute any of its duties under this Agreement or any other
Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters
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shall be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the
absence of gross negligence or willful misconduct. 
 (b)        Without limitation
of the provisions of Section 7.02(a), it is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any law of any jurisdiction denying or restricting the right of banking corporations or associations to
transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case
the Collateral Agent deems that by reason of any present or future law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable
or necessary in connection therewith, it may be necessary that the Collateral Agent appoint an additional individual or institution as a separate trustee, co-trustee, collateral agent, collateral sub-agent or collateral co-agent (any such additional individual or institution being referred to herein as a “Supplemental Collateral Agent”). 

(c)        In the event that the Collateral Agent appoints a Supplemental Collateral
Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Collateral Agent with respect
to such Collateral shall be exercisable by and vest in such Supplemental Collateral Agent to the extent, and only to the extent, necessary to enable such Supplemental Collateral Agent to exercise such rights, powers and privileges with respect to
such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Collateral Agent shall run to and
be enforceable by either the Collateral Agent or such Supplemental Collateral Agent, and (ii) the provisions of this Article and of Section 9.04 that refer to the Collateral Agent shall inure to the benefit of such Supplemental Collateral
Agent and all references therein to the Collateral Agent shall be deemed to be references to the Collateral Agent and/or such Supplemental Collateral Agent, as the context may require. 

(d)        Should any instrument in writing from any Loan Party be required by any
Supplemental Collateral Agent so appointed by the Collateral Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, such Loan Party shall execute, acknowledge and deliver any and all
such instruments promptly upon request by the Collateral Agent. In case any Supplemental Collateral Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such
Supplemental Collateral Agent, to the extent permitted by law, shall vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent. 

Section 7.03        Liability of Agents. 

(a)        The Administrative Agent’s duties hereunder and under the other Loan
Documents are solely ministerial and administrative in nature and the Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the
foregoing, the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the written direction of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to
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Administrative Agent or any of its Affiliates to liability or that is contrary to any Loan Document or applicable law. 

(b)        No Agent-Related Person shall (a) be liable for any action taken or
omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties expressly set
forth herein), or (b) be responsible in any manner to any Lender Party or participant for any recital, statement, representation or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in
any certificate, report, statement or other document referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any
Lender Party or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan
Party or any Affiliate thereof. 
 (c)        Nothing in this Agreement or any other
Loan Document shall require the Administrative Agent or any of its Agent-Related Persons to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender Party and each Lender Party confirms to the
Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Agent-Related Persons. 

Section 7.04        Reliance by Agents. (a) Each Agent shall be
entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan
Party), independent accountants and other experts selected by such Agent, as applicable. Each Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence
of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take
any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of
Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 

(b)        For purposes of determining compliance with the conditions specified in
Section 3.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the relevant Agent or Agents shall have received notice from such Lender prior to the Closing Date specifying its objection thereto. 

Section 7.05        Notice of Default. No Agent shall be deemed to have
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interest and fees required to be paid to any Agent for the account of the Lenders, unless such Agent shall have received written notice from a Lender or the Borrower referring to this Agreement,
describing such Default and stating that such notice is a “Notice of Default.” The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent, in consultation with the Lenders, shall take such
action with respect to such Default as may be directed by the Required Lenders in accordance with Article VI; provided, however, that unless and until the Administrative Agent has received any such direction, it may (but shall not
be obligated to) take such action, or refrain from taking such action, in each case, in consultation with the Lenders, with respect to such Default as it shall deem advisable or in the best interest of the Lenders. 

Section 7.06      Credit Decision; Disclosure of Information by Agents. Each Lender
acknowledges that no Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any
Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender
represents to the Agents that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made
its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to
inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent
herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 

Section 7.07      Indemnification of Agents. Whether or not the transactions
contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and
hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such
Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted primarily from such Agent-Related Person’s own gross negligence or willful misconduct; provided,
however, that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall
reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by any Agent
in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower. The undertaking in this Section shall survive
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Commitments, the payment of all other Obligations and the resignation of each of the Agents. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 7.07 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Lender Party, its directors, shareholders or creditors and whether or not the transactions contemplated hereby
are consummated. 
 Section 7.08      Agents in Their Individual Capacity. 

(a)        CITI, CGMI, JPM, BofA, GS, Barclays, Royal Bank, UBS, CS, Citizens, BMO
and FTB and their respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Capital Stock in and generally engage in any kind of banking, trust, financial advisory, underwriting or other
business with each of the Loan Parties and their respective Affiliates as though CITI, CGMI, JPM, BofA, GS, Barclays, Royal Bank, UBS, CS, Citizens, BMO and FTB, as the case may be, were not an Agent or Issuing Bank hereunder, as the case may be,
and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, each of CITI, CGMI, JPM, BofA, GS, Barclays, Royal Bank, UBS, CS, Citizens, BMO and FTB and each of their respective Affiliates may receive
information regarding any Loan Party or its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and acknowledge that each of CITI, CGMI, JPM, BofA, GS, Barclays, Royal
Bank, UBS, CS, Citizens, BMO and FTB and their respective Affiliates shall be under no obligation to provide such information to them. With respect to its Advances, each of CITI, CGMI, JPM, BofA, GS, Barclays, Royal Bank, UBS, CS, Citizens, BMO and
FTB and their respective Affiliates shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers as though it were not an Agent, the Swing Line Lender or an Issuing Bank, as the case may be,
and the terms “Lender” and “Lenders” include CITI, CGMI, JPM, BofA, GS, Barclays, Royal Bank, UBS, CS, Citizens, BMO and FTB in its individual capacity. 

(b)        Each Lender Party understands that the Administrative Agent, acting in its
individual capacity, and its Affiliates (collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and
investment banking and research) (such services and businesses are collectively referred to in this Section 7.08(b) as “Activities”) and may engage in the Activities with or on behalf of one or more of the Loan Parties or their
respective Affiliates. Furthermore, the Agent’s Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including the Loan Parties
and their Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in the Borrower, another Loan Party or their respective Affiliates), including trading in or holding long, short or derivative
positions in securities, loans or other financial products of one or more of the Loan Parties or their Affiliates. Each Lender Party understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain
information concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to perform their respective Obligations hereunder and under the other Loan Documents) which information may not be
available to any of the Lender Parties that are not members of the Agent’s Group. None of the Administrative Agent nor any member of the Agent’s Group shall have any duty to disclose to any Lender Party or use on behalf of the Lender
Parties, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits obtained in connection with the Activities, except that the Administrative Agent shall deliver or

  
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otherwise make available to each Lender Party such documents as are expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lender Parties. 

(c)        Each Lender Party further understands that there may be situations where
members of the Agent’s Group or their respective customers (including the Loan Parties and their Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the
Lender Parties (including the interests of the Lender Parties hereunder and under the other Loan Documents). Each Lender Party agrees that no member of the Agent’s Group is or shall be required to restrict its activities as a result of the
Administrative Agent being a member of the Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Lender Party. None of (i) this Agreement nor any
other Loan Document, (ii) the receipt by the Agent’s Group of information (including Communications) concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to perform their
respective Obligations hereunder and under the other Loan Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) owing by the
Administrative Agent or any member of the Agent’s Group to any Lender Party including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers (including the Loan Parties or their Affiliates) or for
its own account. 
 Section 7.09      Successor Agent. (a) Each Agent may
resign from acting in such capacity upon 30 days’ notice to the Lenders and the Borrower; provided that any such resignation by CITI shall also constitute the resignation by CITI as Issuing Bank. If an Agent resigns under this Agreement,
the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective date of the resignation of such Agent, such Agent may appoint, after consulting with the Lenders,
a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring Agent and Issuing Bank (and
subject to the agreement of the Lender being so appointed to act as an Issuing Bank) and the term “Agent” shall mean such successor agent, and the retiring Agent’s appointment, powers and duties as Agent shall be terminated and in the
case of the Administrative Agent, the retiring Issuing Bank’s rights, powers and duties as such shall be terminated, without any other or further act or deed on the part of such retiring Agent or Issuing Bank, as the case may be, or any other
Lender, other than the obligation of the successor Issuing Bank to issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or to make other arrangements satisfactory to the retiring
Issuing Bank to effectively assume the obligations of the retiring with respect to such Letters of Credit. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article VII and Section 9.04 shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent’s notice of resignation,
the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for
above. 
 (b) The Administrative Agent shall be authorized, from time to time, to execute or to enter into amendments of,
and amendments and restatements of, the Collateral Documents and the Intercreditor Agreement and any additional and replacement intercreditor agreements, in accordance with the terms of this Agreement, the Intercreditor Agreement and the other Loan
Documents. 
 Section 7.10        Administrative Agent May File Proofs of
Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, 

  
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composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Advance shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether any Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a)        to file and prove a claim for the whole
amount of the principal and interest owing and unpaid in respect of the Advances and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the
Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and their respective agents and counsel and all other amounts due the Lenders and the Agents under Sections 2.08 and
9.04) allowed in such judicial proceeding; and 

(b)        to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due to the
Administrative Agent under Sections 2.08 and 9.04. 
 Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding. 

Section 7.11      Collateral and Guaranty Matters. The Lenders irrevocably
authorize the Administrative Agent and the Collateral Agent, at their option and in their discretion, 

(a)        to release any Lien on any property granted to or held by the
Administrative Agent or the Collateral Agent under any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all
Letters of Credit without any pending drawing thereon, (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) subject to Section 9.01, if approved,
authorized or ratified in writing by the Required Lenders; 
 (b)        to
subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 5.02(a); 

(c)        to release the Borrower or any Guarantor from its obligations under the
Guaranty if such Person ceases to be a Restricted Subsidiary as a result of a transaction permitted hereunder or if all of such Person’s assets are sold or liquidated as permitted under the terms of the Loan Documents and the proceeds thereof
are distributed to the Borrower; and 
 (d)        to acquire, hold and enforce any
and all Liens on Collateral granted by and of the Loan Parties to secure any of the Secured Obligations, together with such other powers and discretion as are reasonably incidental thereto. 

  
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 Upon request by the Administrative Agent or the Collateral Agent at any
time, the Required Lenders (acting on behalf of all the Lenders) will confirm in writing the Administrative Agent’s authority to release Liens or subordinate the interests of the Secured Parties in particular types or items of property, or to
release the Borrower or any Guarantor from its obligations under the Guaranty pursuant to this Section 7.11. 

Section 7.12      Other Agents; Arrangers and Managers. (a) None of the
Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,” “book runner,” “documentation agent,” “arranger,” or “lead arranger” shall have
any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified
shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in
taking or not taking action hereunder. 
 (b)        Each Loan Party hereby
acknowledges that each Lender Party and each Agent is acting pursuant to a contractual relationship on an arm’s length basis, and the parties hereto do not intend that any Lender Party or Agent act or be responsible as a fiduciary to any Loan
Party, its management, stockholders, creditors or any other person. Each of the Loan Parties and the Lender Parties hereby expressly disclaims any fiduciary relationship and agrees they are each responsible for making their own independent judgments
with respect to any transactions entered into between them. Each Loan Party also hereby acknowledges that (i) no Lender Party nor Agent has advised, nor is it advising such Loan Party as to any legal, accounting, regulatory or tax matters, and
that each Loan Party is consulting its own advisors concerning such matters to the extent it deems appropriate and (ii) each Lender Party, Agent and each of their respective Affiliates may have economic interests that conflict with the one or
more Loan Party’s interests. 
 (c)        Indemnification. Each Lender
Party shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable to such Lender Party (but only to the extent that the Borrower has not already indemnified the Administrative Agent
for such Taxes and without limiting the obligation of the Borrower to do so) and (ii) any other present or future taxes, levies, imposts, duties, 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, in each case, which are attributable to such Lender Party and that are payable or paid by the Administrative Agent in connection with
any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender Party by the Administrative Agent shall be conclusive absent manifest error. Each Lender Party hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
Party under any Loan Document or otherwise payable by the Administrative Agent to the Lender Party from any other source against any amount due to the Administrative Agent under this Section 7.13. 

Section 7.13      Certain ERISA Matters. 

(a)        Each Lender (x) represents and warrants, as of the date such Person
became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 

  
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 (i)        such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the
Advances, the Letters of Credit, the Commitments or this Agreement, 

(ii)         the transaction exemption set forth in one or more PTEs,
such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE
91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this
Agreement, 
 (iii)        (A) such Lender is an investment fund
managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender
to enter into, participate in, administer and perform the Advances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Letters of Credit,
the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the
Letters of Credit, the Commitments and this Agreement, or 

(iv)        such other representation, warranty and covenant as may be
agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b)      In addition, unless either (1) sub-clause
(i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in
the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect
to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

ARTICLE VIII 
 GUARANTY

 Section 8.01      Guaranty. The Borrower and each Guarantor, other than
Subsidiaries that are Excluded Subsidiaries, severally, unconditionally and irrevocably guarantees (the undertaking by the Borrower and each Guarantor under this Article VIII being the “Guaranty”) the punctual payment

  
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when due, whether at scheduled maturity or at a date fixed for prepayment or by acceleration, demand or otherwise, of all of the Obligations (including all Obligations under Secured Hedge
Agreements but excluding all Excluded Swap Obligations) of each of the other Loan Parties and each Specified Hedge Agreement Subsidiaries now or hereafter existing under or in respect of the Loan Documents (including, without limitation, any
extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premium, fees, indemnification payments, contract
causes of action, costs, expenses or otherwise (such Obligations being the “Guaranteed Obligations”; provided, that, endorsements of negotiable instruments for deposit or collection in the ordinary course of business are not
Guaranteed Obligations for purposes of the foregoing Section 8.01), and agrees to pay any and all expenses (including, without limitation, reasonable fees and expenses of counsel) incurred by the Administrative Agent or any of the other Secured
Parties solely in enforcing any rights under this Guaranty. Without limiting the generality of the foregoing, the Borrower’s and each Guarantor’s respective liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by any of the other Loan Parties or any Specified Hedge Agreement Subsidiary to the Administrative Agent or any of the other Secured Parties under or in respect of the Loan Documents but for the fact that they are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such other Loan Party. 

Section 8.02      Guaranty Absolute. The Borrower and each Guarantor, other than
Subsidiaries that are Excluded Subsidiaries, guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Administrative Agent or any other Secured Party with respect thereto. The Obligations of the Borrower and each Guarantor under this Guaranty are independent of the Guaranteed Obligations
or any other Obligations of any Loan Party or any Specified Hedge Agreement Subsidiary under the Loan Documents, and a separate action or actions may be brought and prosecuted against the Borrower or any Guarantor, as applicable, to enforce this
Guaranty, irrespective of whether any action is brought against any other Loan Party or whether any other Loan Party or any Specified Hedge Agreement Subsidiary is joined in any such action or actions. The liability of the Borrower and each
Guarantor, other than Subsidiaries that are CFCs or Subsidiaries of Subsidiaries that are CFCs, under this Guaranty shall be absolute, unconditional and irrevocable irrespective of, and the Borrower and each Guarantor hereby irrevocably waives any
defenses it may now or hereafter have in any way relating to, any and all of the following: 

(a)        any lack of validity or enforceability of any Loan Document or any other
agreement or instrument relating thereto; 
 (b)        any change in the time,
manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other Obligations of any Loan Party or any Specified Hedge Agreement Subsidiary under the Loan Documents, or any other amendment or waiver of or
any consent to departure from any Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 

(c)        any taking, exchange, release or nonperfection of any Collateral, or any
taking, release or amendment or waiver of or consent to departure from any Subsidiary Guaranty or any other guaranty, for all or any of the Guaranteed Obligations; 

(d)        any manner of application of Collateral, or proceeds thereof, to all or
any of the Guaranteed Obligations, or any manner of sale or other disposition of any Collateral for all or any of the 

  
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Guaranteed Obligations or any other Obligations of any Loan Party or any Specified Hedge Agreement Subsidiary under the Loan Documents, or any other property and assets of any other Loan Party or
any of its Subsidiaries; 
 (e)        any change, restructuring or termination of
the corporate structure or existence of any other Loan Party or any of its Subsidiaries or any Specified Hedge Agreement Subsidiary or of any of its Subsidiaries; 

(f)        any failure of the Administrative Agent or any other Secured Party to
disclose to any Loan Party or any Specified Hedge Agreement Subsidiary any information relating to the financial condition, operations, properties or prospects of any other Loan Party now or hereafter known to the Administrative Agent or such other
Secured Party, as the case may be (The Borrower and each Guarantor waiving any duty on the part of the Secured Parties to disclose such information); 

(g)        the failure of any other Person to execute this Guaranty or any other
guarantee or agreement of the release or reduction of the liability of any of the other Loan Parties, any Specified Hedge Agreement Subsidiary or any other guarantor or surety with respect to the Guaranteed Obligations; or 

(h)        any other circumstance (including, without limitation, any statute of
limitations or any existence of or reliance on any representation by the Administrative Agent or any other Secured Party) that might otherwise constitute a defense available to, or a discharge of, such Guarantor, any other Loan Party, any Specified
Hedge Agreement Subsidiary or any other guarantor or surety other than payment in full in cash of the Guaranteed Obligations. 
 This
Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Administrative Agent or any other Secured Party or by any
other Person upon the insolvency, bankruptcy or reorganization of any other Loan Party, any Specified Hedge Agreement Subsidiary or otherwise, all as though such payment had not been made. 

Section 8.03      Waivers and Acknowledgments. (a) The Borrower and each
Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty, and any requirement that the Administrative Agent or any
other Secured Party protect, secure, perfect or insure any Lien or any property or assets subject thereto or exhaust any right or take any action against any other Loan Party, or any Specified Hedge Agreement Subsidiary or any other Person or any
Collateral. 
 (b)        The Borrower and each Guarantor hereby unconditionally
waives any right to revoke this Guaranty, and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future. 

(c)        The Borrower and each Guarantor hereby unconditionally and irrevocably
waives (i) any defense arising by reason of any claim or defense based upon an election of remedies by the Secured Parties which in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of the Borrower or such Guarantor, as applicable, or other rights to proceed against any of the other Loan Parties or any Specified Hedge Agreement Subsidiary, any other guarantor or any other
Person or any Collateral, and (ii) any defense based on any right of setoff or counterclaim against or in respect of the Borrower’s or such Guarantor’s respective obligations, as applicable, hereunder. 

  
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 (d)        The Borrower and each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth in Section 8.02 and this Section 8.03 are knowingly made
in contemplation of such benefits. 
 Section 8.04      Subrogation. The Borrower
and each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or may hereafter acquire against any other Loan Party or any other insider guarantor that arise from the existence, payment, performance
or enforcement of its Obligations under this Guaranty or under any other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or
remedy of the Administrative Agent or any other Secured Party against such other Loan Party or any other insider guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law,
including, without limitation, the right to take or receive from such other Loan Party or any other insider guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim, remedy or right, until such time as all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, all of the Letters of Credit shall have
expired or been terminated without any pending drawing thereon, all Secured Hedge Agreements shall have expired or been terminated, and the Commitments shall have expired or terminated. If any amount shall be paid to the Borrower or any Guarantor in
violation of the immediately preceding sentence at any time prior to the latest of (a) the payment in full in cash of all of the Guaranteed Obligations and all other amounts payable under this Guaranty, (b) the latest date of expiration or
termination of all Letters of Credit (without any pending drawing thereon) and all Secured Hedge Agreements, and (c) the Facility Termination Date, such amount shall be held in trust for the benefit of the Administrative Agent and the other
Secured Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the
Loan Documents, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising. If (i) the Borrower or any Guarantor shall pay to the Administrative Agent all or any part of the
Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash, (iii) all Letters of Credit and all Secured Hedge Agreements shall have expired or been
terminated, and (iv) the Facility Termination Date shall have occurred, the Administrative Agent and the other Secured Parties will, at the Borrower or such Guarantor’s request and expense, execute and deliver to the Borrower or such
Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer of subrogation to the Borrower or such Guarantor of an interest in the Guaranteed Obligations resulting from the payment
made by the Borrower or such Guarantor. 
 Section 8.05        Additional
Guarantors. Upon the execution and delivery by any Person of a guaranty joinder agreement in substantially the form of Exhibit H hereto (each, a “Guaranty Supplement”), (i) such Person shall be referred to as an
“Additional Guarantor” and shall become and be a Guarantor hereunder, and each reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any other Loan
Document to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and (ii) each reference herein to “this Guaranty”, “hereunder”, “hereof” or words of like import referring to
this Guaranty, and each reference in any other Loan Document to the “Guaranty”, “thereunder”, “thereof” or words of like import referring to this Guaranty, shall include each such duly executed and delivered Guaranty
Supplement. 
 Section 8.06        Continuing Guarantee; Assignments.
This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of all 

  
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of the Guaranteed Obligations and all other amounts payable under this Guaranty, (ii) the latest date of expiration or termination of all Letters of Credit (without any pending drawing
thereon) and all Secured Hedge Agreements, and (iii) the Facility Termination Date, (b) be binding upon the Borrower and each Guarantor and its successors and assigns and (c) inure to the benefit of, and be enforceable by, the
Administrative Agent and the other Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Lender Party may assign or otherwise
transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or any portion of its Commitment or Commitments, the Advances owing to it and the Notes held by it) to any other Person, and such
other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender Party under this Article VIII or otherwise, in each case as provided in Section 9.07. 

Section 8.07        No Reliance. The Borrower and each Guarantor has,
independently and without reliance upon any Agent or any Lender Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty and each other Loan Document to
which it is or is to be a party, and the Borrower and each Guarantor has established adequate means of obtaining from each other Loan Party and each Specified Hedge Agreement Subsidiary on a continuing basis information pertaining to, and is now and
on a continuing basis will be completely familiar with, the business, condition (financial or otherwise), operations, performance, properties and prospects of such other Loan Party. 

Section 8.08        No Fraudulent Transfer. The Borrower and each
Guarantor which is incorporated or formed under the laws of a jurisdiction located within the United States, and by its acceptance of this Guaranty, the Agents and each Secured Party, hereby confirms that it is the intention of all such Persons that
this Guaranty and the Guaranteed Obligations of the Borrower and each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of U.S. bankruptcy laws, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer
Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Guaranteed Obligations of the Borrower and each Guarantor hereunder. To effectuate the foregoing intention, the Agents, the Secured Parties, the
Borrower and the Guarantors hereby irrevocably agree that the Guaranteed Obligations of the Borrower and each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will not result in the Guaranteed Obligations of the
Borrower or each Guarantor under this Guaranty constituting a fraudulent transfer or conveyance. 

Section 8.09        Keepwell. Each Qualified ECP Guarantor hereby jointly
and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap
Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 8.09 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 8.09,
or otherwise under this Guaranty, as it relates to such other Loan Party , voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under
this Section 8.09 shall remain in full force and effect in accordance with Section 8.06. Each Qualified ECP Guarantor intends that this Section 8.09 constitute, and this Section 8.09 shall be deemed to constitute, a
“keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act; provided, that the Borrower, the Administrative Agent and the relevant
swap provider may mutually agree to exclude a Loan Party from the requirement of this Section 8.09. 

  
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 ARTICLE IX 

MISCELLANEOUS 

Section 9.01      Amendments, Etc. Except as provided in Section 2.18, 2.19 or
2.20, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and
the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided, however, that no such amendment, waiver or consent shall; 

(a)      waive any condition set forth in Section 3.01(a) without the written consent of
each Lender; 
 (b)      extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 2.05 or Section 6.01) without the written consent of such Lender; 

(c)      postpone the Letter of Credit Expiration Date or any date fixed by this Agreement or
any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d)      reduce the principal of, or the rate of interest specified herein on, any Advance, or
any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(e)      change (i) Section 2.02(a) or Section 2.02(b) in a manner that would
alter the pro rata nature of Borrowings required thereby or (ii) Section 2.13 in a manner that would alter the pro rata sharing of payments required thereby, in each case with respect to clauses (i) and (ii) of this
Section 9.01(e), without the written consent of each Lender; 
 (f)      change the
definition of “Required Lenders”, “Required Revolving Lenders”, “Required RCF/TLA Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any
rights hereunder or grant any consent hereunder, without the written consent of each Lender under the applicable Facility or Facilities; 

(g)      except in connection with a transaction permitted under this Agreement, release all or
substantially all of the value of the Guarantors from the Guaranty or release all or substantially all of the Collateral without the written consent of each Lender; and 

(i)       change the order of application of any reduction in the Commitments or
any prepayment of Advances among the Facilities from the application thereof set forth in the applicable provisions of Section 2.05(b) or 2.06(b), respectively, in any manner that materially adversely affects the Lender Parties under a Facility
without the consent of holders of a majority of the Commitments or Advances outstanding under such Facility; 
 and provided
further that (i) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender or the Issuing Banks, as the case may be, in addition to the Lenders required above,

  
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affect the rights or duties of the Swing Line Lender or of the Issuing Banks, as the case may be, under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued
or to be issued by it; and (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this
Agreement or any other Loan Document. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not
be increased or extended without the consent of such Defaulting Lender. 
 Notwithstanding the foregoing, only the Required RCF/TLA Lenders
shall have the ability to amend, waive or give any consent with respect to the covenant set forth in Section 5.04 (or the defined terms to the extent used therein but not as used in any other Section of this Agreement) or Article VI (solely as
it relates to Section 5.04). 
 In the event that the Borrower requests that this Agreement or any other Loan Document be amended in a
manner which would require the consent of each Lender and such modification or amendment is agreed to by the Required Lenders, then the Borrower and the Administrative Agent shall be permitted to amend this Agreement or such other Loan Document
without the consent of the Lender or Lenders which did not agree to the modification or amendment requested by the Borrower (such Lender or Lenders, collectively, the “Non-Consenting Lenders”)
to provide for (i) the termination of the Commitment of each of the Non-Consenting Lenders, (ii) the addition to this Agreement of one or more other financial institutions (each of which shall meet
the requirements of Section 9.07), or an increase in the Commitment of one or more of the Required Lenders approving such modification or amendment, so that the aggregate value of the sum of each of the Lenders’ Commitments after giving
effect to such amendment shall be in the same amount as the aggregate value of the sum of each of the Lenders’ Commitments immediately before giving effect to such amendment, (iii) if any Advances are outstanding at the time of such
amendment, the making of such additional Advances by such new financial institutions or Required Lenders, as the case may be, as may be necessary to repay in full the outstanding Advances (including principal, interest, fees and other amounts due
and owing under the Loan Documents) of the Non-Consenting Lenders immediately before giving effect to such amendment and (iv) such other modifications to this Agreement as may be appropriate. Pursuant to
the foregoing clause (ii), with respect to any such Non-Consenting Lender, the Borrower shall have the right (unless such Non-Consenting Lender promptly grants such
consent) at its sole expense (including with respect to the processing and recordation fee referred to in Section 9.07) to replace such Non-Consenting Lender by deeming (by notice to such Non-Consenting Lender) such Non-Consenting Lender to have assigned its Loan, and its commitments hereunder, to one or more assignees that have consented to such assignment and
that are reasonably acceptable to the Administrative Agent, the Swing Line Lender and the Issuing Bank; provided that: (a) all Obligations of the Borrower owing to such Non-Consenting Lender
(including accrued fees and any amounts due under Section 2.08, 2.10, 2.11 or 2.12) being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment and (b) the
replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. No action by or consent of
the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such
assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.07. Each Lender hereby grants to the Administrative Agent an
irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s interest hereunder in
the circumstances contemplated by this Section 9.01 and the Administrative Agent agrees to effect such assignment; provided that, if such Non-Consenting Lender does not comply with
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Business Days after the Borrower’s request, compliance with Section 9.07 shall not be required to effect such assignment. 

Notwithstanding anything to the contrary in this Section 9.01, if at any time following the Closing Date, the
Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Loan
Parties shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders within
five (5) Business Days following receipt of written notice thereof. 
 Each Loan Party acknowledges the agreements set
forth in the Fee Letter and agrees that it will execute and deliver such amendments to the Loan Documents as shall be deemed advisable by CGMI to give effect to the provisions of the Fee Letter. Notwithstanding anything to the contrary in this
Section 9.01, the Administrative Agent and the Loan Parties shall be permitted to execute and deliver such amendments and such amendments shall become effective without any further action or consent of any other party to any Loan Document if
the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 

Section 9.02      Notices, Etc. (a) All notices and other communications
provided for hereunder shall be in writing (including telegraphic or telecopy communication) and mailed, telegraphed, telecopied or delivered, if to the Borrower or any Guarantor, at (i) the Borrower’s address at 3939 Technology Drive,
Maumee, Ohio 43537, Attention: Treasurer, (ii) 27870 Cabot Drive, Novi, MI 48377, Attention: Ken Andrysiak and (iii) as well as to the attention of the general counsel of the Borrower at the Borrower’s address, fax number (419) 535-4544; if to any Lender or any Issuing Bank, at its Applicable Lending Office, respectively, specified opposite its name on Schedule I hereto; if to any other Lender Party, at its Applicable Lending Office
specified in the Assignment and Acceptance pursuant to which it became a Lender Party; if to the Administrative Agent, at its address at Citibank, N.A., 1615 Brett Rd New Castle, DE 19720, Attn: Agency Operations, Telephone: (302) 894-6010, Facsimile: (646) 274-5080, Email: glagentofficeops@citi.com, as well as to Shearman & Sterling, counsel to the Administrative Agent, at its address
at 599 Lexington Avenue, New York, New York 10022, fax number (212) 848-7179, Attention: Maura O’Sullivan, Esq.; or, as to the Borrower, any Guarantor or the Administrative Agent, at such other address as
shall be designated by such party in a written notice to the other parties. All such notices and communications shall, when mailed, telegraphed or telecopied, be effective three Business Days after being deposited in the U.S. mails, first class
postage prepaid, delivered to the telegraph company or confirmed as received when sent by telecopier, respectively, except that notices and communications to the Administrative Agent pursuant to Article II, III or VII shall not be effective
until received by the Administrative Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be
effective as delivery of a manually executed counterpart thereof. 
 (b)      The Borrower
hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to a request for a new, or a Conversion of an existing, Borrowing or other
Extension of Credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor,
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or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other Extension of Credit thereunder (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative
Agent to oploanswebadmin@citigroup.com. In addition, the Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified in the Loan Documents but only to the extent requested by the Administrative
Agent. The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on an Informational Website or a substantially similar electronic transmission system (the
“Platform”). 
 (c)      THE PLATFORM IS PROVIDED “AS IS” AND
“AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER PARTY OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE
LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 (d)      The Administrative Agent agrees that the receipt of the Communications by the
Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender Party agrees
that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender Party for purposes of the Loan Documents. Each Lender
Party agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender Party’s e-mail address to which the foregoing notice may be sent by
electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender Party to give any notice
or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

Section 9.03      No Waiver; Remedies. No failure on the part of any Lender Party
or the Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

  
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 Section 9.04      Costs, Fees and
Expenses. (a) Each Loan Party agrees (i) to pay or reimburse the Administrative Agent, the Syndication Agent, the Collateral Agent, the Documentation Agents, and the Joint Lead Arrangers for all reasonable costs and expenses incurred
by each such Agent in connection with (a) the development, preparation, negotiation and execution of this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof
(whether or not the transactions contemplated hereby or thereby are consummated), (b) the syndication and funding of the Revolving Credit Facility and each Term Facility, (c) the creation, perfection or protection of the liens under the
Loan Documents (including all reasonable search, filing and recording fees) and (d) the ongoing administration of the Loan Documents (including the preparation, negotiation and execution of any amendments, consents, waivers, assignments,
restatements or supplements thereto and costs associated therewith); provided, that, prior to the occurrence, and during the continuance, of a Default or Event of Default, reasonable attorney’s fees shall be limited to one primary
counsel and, if reasonably required by any Agent, local or specialist counsel, provided further that no such limitation shall apply if counsel determines in good faith that there is a conflict of interest that requires separate
representation for any party, and (ii) to pay or reimburse each Agent and each of the Lenders for all reasonable documented costs and expenses, incurred by such Agent or such Lenders and in connection with (a) the enforcement of the Loan
Documents or collection of payments due from any Loan Party and (b) any legal proceeding relating to or arising out of the Revolving Credit Facility, any Term Facility or the other transactions contemplated by the Loan Documents. The foregoing
fees, costs and expenses shall include all search, filing, recording, title insurance and collateral review charges and fees and taxes related thereto, and other reasonable
out-of-pocket expenses incurred by the Agents and the cost of independent public accountants and other outside experts retained jointly by the Agents. All amounts due
under this Section 9.04(a) shall be payable within ten Business Days after demand therefor accompanied by an appropriate invoice. The agreements in this Section shall survive the termination of the Commitments and repayment of all other
Obligations. 
 (b)      Whether or not the transactions contemplated hereby are consummated,
each Loan Party shall indemnify and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents, advisors,
attorneys-in-fact and representatives (collectively the “Indemnitees”) from and against any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable attorney’s fees of one primary counsel for the Indemnitees as a whole and, if reasonably required, local or specialist counsel; provided that no such limitation shall apply if counsel determines
in good faith that there is a conflict of interest that requires separate representation for any party), joint or several that may be incurred by, or asserted or awarded against any Indemnitee, in each case arising out of or in connection with or
relating to any investigation, litigation or proceeding or the preparation of any defense with respect thereto arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Loan Document or
any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Commitment, Advance or Letter of Credit or the use or proposed
use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower or any other Loan Party, or any Liability related in any way to the Borrower or any other
Loan Party in respect of Environmental Laws, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of,
preparation for, or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”),
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the negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such claim, damage, loss, liability or expense is determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from (A) the gross negligence or willful misconduct of such Indemnitee, (B) a material breach of any such Indemnitee’s obligations under
the Loan Documents or (C) from any proceeding between or among Indemnitees that does not involve an act or omission by the Borrower or the Restricted Subsidiaries (other than claims against any Agent or any arranger in its capacity or in
fulfilling its role as an Agent or an arranger or any similar role hereunder (excluding its role as a Lender). No Loan Party shall be liable for any settlement entered into by any Indemnitee without the Borrower’s written consent (such consent
not to be unreasonably withheld, delayed or conditioned); provided that such exception shall not apply in the event the Borrower was offered the ability to assume the defense of the action that was the subject matter of such settlement and elected
not to assume such defense or if there is a final, non-appealable judgment by a court of competent jurisdiction for the plaintiff in any such proceeding, each Loan Party shall (subject to the exceptions set
forth above) indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the above. In the case of an investigation,
litigation or other proceeding to which the indemnity in this Section 9.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower or any of its Subsidiaries, any
security holders or creditors of the foregoing an Indemnitee or any other Person, or an Indemnitee is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. No Indemnitee shall have any liability (whether
direct or indirect, in contract, tort or otherwise) to the Borrower or any of its Subsidiaries for or in connection with the transactions contemplated hereby, except to the extent such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnitee’s gross negligence or willful misconduct. In no event, however, shall any Indemnitee be liable to the Borrower
or any of its Subsidiaries on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). No Indemnitee shall be liable to the Borrower
or any of its Subsidiaries for any damages arising from the use by others of any information or other materials obtained through an Informational Website or other similar information transmission systems in connection with this Agreement. All
amounts due under this Section 9.04(b) shall be payable within ten Business Days after demand therefor. The agreements in this Section shall survive the resignation of the Administrative Agent, the replacement of any Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

(c)      If any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made
by the Borrower to or for the account of a Lender Party other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.06, 2.09(b)(i) or 2.10(d), acceleration of the maturity of
the Notes pursuant to Section 6.01 or for any other reason, or if the Borrower fails to make any payment or prepayment of an Advance for which a notice of prepayment has been given or that is otherwise required to be made, whether pursuant to
Section 2.04, 2.06 or 6.01 or otherwise, the Borrower shall, upon demand by such Lender Party (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender Party any amounts required to
compensate such Lender Party for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion or such failure to pay or prepay, as the case may be, including, without limitation, any actual loss
(excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender Party to fund or maintain such Advance. This Section 9.04(c) and Sections 2.10 and
2.12 shall survive termination of the Commitments and the payment of all other Obligations. 

  
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 Section 9.05      Right of Set-off. Upon (a) the occurrence and during the continuance of any Event of Default and (b) the making of the request or the granting of the consent specified by Section 6.01 to authorize the
Administrative Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender Party and each of its respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and otherwise apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender Party or such Affiliate to or for the credit or
the account of the Borrower against any and all of the Obligations of the Borrower now or hereafter existing under this Agreement and the Note or Notes (if any) held by such Lender Party, irrespective of whether such Lender Party shall have made any
demand under this Agreement or such Note or Notes and although such obligations may be unmatured. Each Lender Party agrees promptly to notify the Borrower after any such set off and application; provided, however, that the failure to
give such notice shall not affect the validity of such set off and application. The rights of each Lender Party and its respective Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other
rights of set-off) that such Lender Party and its respective Affiliates may have. 

Section 9.06      Binding Effect. This Agreement shall become effective when it
shall have been executed by the Borrower, the Guarantors, each Agent, the Issuing Banks and the Swing Line Lender and the Administrative Agent shall have been notified by each Lender that such Lender has executed it and thereafter shall be binding
upon and inure to the benefit of the Borrower, each Agent and each Lender Party and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior
written consent of each Lender Party. 
 Section 9.07      Successors and
Assigns. (a) Each Lender may assign all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment or Commitments, the Advances owing to it and the Note or Notes held
by it); provided, however, that (i) each such assignment shall be of a uniform, and not a varying, percentage of all rights and obligations under and in respect of any or all Facilities, (ii) except in the case of an assignment to a Person
that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender or an Approved Fund of any Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, (A) the aggregate amount of the
Revolving Credit Commitments being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 under each
Revolving Credit Facility or Incremental Revolving Credit Facility for which a Revolving Credit Commitment is being assigned, (B) the aggregate amount of the Term A Commitments or Term A Advances being assigned to such Eligible Assignee
pursuant to such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $2,500,000 under each Term A Facility or Incremental Term Facility structured as a “term
loan A tranche” for which a Term A Commitment or a Term A Advance is being assigned and (C) the aggregate amount of the 2018 New Term B Commitments or 2018 New Term B Advances being assigned to such Eligible Assignee pursuant to any such
assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $1,000,000 under the 2018 New Term B Facility or each Incremental Term Facility structured as a “term loan B
tranche”, (iii) each such assignment shall be to an Eligible Assignee, and (iv) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment
and Acceptance, together with any Note or Notes (if any) subject to such assignment and a processing and recordation fee of $3,500 (which shall not be payable by the Borrower). The parties hereto acknowledge and agree that, at the election of the
Administrative Agent, any such Assignment and Acceptance may be electronically executed and delivered to the Administrative Agent via an electronic 

  
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loan assignment confirmation system acceptable to the Administrative Agent (which shall include ClearPar, LLC). 

(b)      Upon such execution, delivery, acceptance and recording, from and after the effective
date specified in such Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights
and obligations of a Lender or Issuing Bank (subject to the specific agreement of the assignee Lender to act as an Issuing Bank), as the case may be, hereunder, provided, that in the case of Section 2.12, such assignee shall have
complied with the requirements of said Section and (ii) the Lender or Issuing Bank assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish
its rights (other than its rights under Sections 2.10, 2.12 and 9.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of the remaining portion of an assigning Lender’s or Issuing Bank’s rights and obligations under this Agreement, such Lender or Issuing Bank shall cease to be a party hereto). 

(c)      By executing and delivering an Assignment and Acceptance, each Lender Party assignor
thereunder and each assignee thereunder confirm to and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender Party makes no representation
or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or
the perfection or priority of any lien or security interest created or purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such assigning Lender Party makes
no representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document or any other instrument or
document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 5.03(b) or 5.03(c) as applicable and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon any Agent, such assigning Lender
Party or any other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that
it is an Eligible Assignee; (vi) such assignee appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to such Agent by the terms hereof
and thereof, together with such powers and discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are
required to be performed by it as a Lender or Issuing Bank, as the case may be. 

(d)      The Administrative Agent, acting for this purpose (but only for this purpose) as the non-fiduciary agent of the Borrower, shall maintain at its address referred to in Section 9.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the
names and addresses of the Lender Parties and the Commitment under each Facility of, and principal amount of the Advances and stated interest owing under each Facility to, each Lender Party from time to time (the “Register”). The
entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lender Parties may treat each Person whose name is recorded in the Register as a Lender Party hereunder for all
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Agreement. The Register shall be available for inspection by the Borrower or any Agent or any Lender Party at any reasonable time and from time to time upon reasonable prior notice. 

(e)      Upon its receipt of an Assignment and Acceptance executed by an assigning Lender Party
and an assignee, together with any Note or Notes subject to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, (i) accept such Assignment
and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof and a copy of such Assignment and Acceptance to the Borrower and each other Agent. In the case of any assignment by a
Lender, within five Business Days after its receipt of such notice, the Borrower, at its own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes (if any) a new Note to the order of such
Eligible Assignee in an amount equal to the Commitment or Advance assumed by it under each Facility pursuant to such Assignment and Acceptance and, if any assigning Lender that had a Note or Notes prior to such assignment has retained a Commitment
or an Advance hereunder under such Facility, a new Note to the order of such assigning Lender in an amount equal to the Commitment or Advance retained by it hereunder. Such new Note or Notes shall be dated the effective date of such Assignment and
Acceptance and shall otherwise be in substantially the form of Exhibit A-1 or Exhibit A-2 hereto, as the case may be. 

(f)      Each Issuing Bank may assign to one or more Eligible Assignees all or a portion of its
rights and obligations under the undrawn portion of its Letter of Credit Commitment at any time; provided, however, that (i) each such assignment shall be to an Eligible Assignee and (ii) the parties to each such assignment
shall execute and deliver to the Administrative Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500 (which shall not be payable by the Borrower). 

(g)      Without the consent of the Borrower, the Administrative Agent, any Issuing Bank or the
Swing Line Lender, each Lender Party may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates and any Disqualified Lender) (each, a “Participant”) in or to all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Commitments, the Advances owing to it and any Note or Notes held by it); provided, however, that (i) such Lender Party’s obligations
under this Agreement (including, without limitation, its Commitments) shall remain unchanged, (ii) such Lender Party shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such Lender
Party shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agents and the other Lender Parties shall continue to deal solely and directly with such Lender Party in connection with such Lender
Party’s rights and obligations under this Agreement, (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan
Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest (other than default interest) on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject
to such participation, postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or release all or substantially
all of the value of the Collateral or the value of the Guaranties, (vi) the participating banks or other entities shall be entitled to the benefits of Sections 2.10 and 2.12 to the same extent as if they were a Lender Party but, with respect to
any particular participant, to no greater extent than the Lender Party that sold the participation to such participant (except to the extent that an entitlement to receive a greater amount results from a Change in Law that occurs after the
Participant acquired the applicable participation) and only if such participant agrees to comply with Section 2.12(f) as though it were a Lender Party, and (vii) each Lender Party that sells a participation

  
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shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Advances or other obligations under the Loan Documents (the “Participant Register”), provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (h)      Any Lender
Party may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.07, disclose to the assignee or participant or proposed assignee or participant any information relating to the
Borrower furnished to such Lender Party by or on behalf of the Borrower; provided, however, that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality
of any Confidential Information received by it from such Lender Party in accordance with Section 9.09 hereof. 

(i)      Notwithstanding any other provision set forth in this Agreement, any Lender Party may
at any time (and without the consent of the Administrative Agent or the Borrower) create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and any Note or Notes held
by it) including in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System 

(j)      Notwithstanding anything to the contrary contained herein, any Lender that is a fund
that invests in bank loans may create a security interest in all or any portion of the Advances owing to it and the Note or Notes held by it to the trustee for holders of obligations owed, or securities issued, by such fund as security for such
obligations or securities, provided, however, that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this Section 9.07, (i) no such pledge shall release the pledging Lender
from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the
pledged interest through foreclosure or otherwise. 
 (k)      Notwithstanding anything to
the contrary contained herein, any Lender Party (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower
(an “SPC”) the option to provide all or any part of any Advance that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided, however, that (i) nothing herein shall constitute a commitment
by any SPC to fund any Advance, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Advance, the Granting Lender shall be obligated to make such Advance pursuant to the terms hereof. The
making of an Advance by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Advance were made by such Granting Lender. Each party hereto hereby agrees that (i) no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement for which a Lender Party would be liable, (ii) no SPC shall be entitled to the benefits of Sections 2.10 and 2.12 (or any other 

  
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increased costs protection provision) and (iii) the Granting Lender shall for all purposes, including, without limitation, the approval of any amendment or waiver of any provision of any
Loan Document, remain the Lender Party of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after
the payment in full of all outstanding commercial paper or other senior Debt of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation
proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained in this Agreement, any SPC may (i) with notice to, but without prior consent of, the Borrower and the Administrative Agent,
assign all or any portion of its interest in any Advance to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Advances to any rating
agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such SPC. This subsection (k) may not be amended without the prior written consent of each Granting Lender, all or any part of whose
Advances are being funded by the SPC at the time of such amendment. 

(l)        Notwithstanding anything to the contrary contained in this paragraph
(l) or any other provision of this Agreement, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, each Lender shall have the right at any time to sell, assign or transfer all or a portion of its
Advances (“Repurchased Term Advances”) in respect of the 2018 New Term Facility or an Incremental Term Facility structured as a “term loan B facility” (but not, for the avoidance of doubt, in respect of the Term A
Facility) owing to it to the Borrower or any of its Restricted Subsidiaries on a non-pro rata basis in open market purchases (including privately negotiated transactions), subject to the following
limitations: (i) with respect to all repurchases made by the Borrower or a Subsidiary pursuant to this paragraph (l), (A) the Borrower shall deliver to the Administrative Agent a certificate stating that no Default or Event of Default has
occurred and is continuing or would result from such repurchase and (B) the assigning Lender and the Borrower shall execute and deliver to the Administrative Agent an Assignment and Acceptance; (ii) the Borrower or Subsidiary making such
purchase shall at the time of consummation of any such purchase affirm the representation that it is not in possession of any material non-public information with respect to the Borrower or its Restricted
Subsidiaries that has not been disclosed to the Lenders generally (other than Lenders that have elected not to receive material non-public information) and (iii) neither the Borrower nor any Subsidiary
shall use any proceeds of Revolving Credit Advances, Term Advances or Advances under any Incremental Facility make any purchase of Repurchased Term Advances and (iv) following repurchase of Advances by the Borrower or any Subsidiary pursuant to
this paragraph (l), the Repurchased Term Advances shall, without further action by any Person, be deemed cancelled for all purposes and no longer outstanding (and may not be resold by the Borrower or such Subsidiary), for all purposes of this
Agreement and all other Loan Documents, including (A) the making of, or the application of, any payments to the Lenders under this Agreement or any other Loan Document, (B) the making of any request, demand, authorization, direction,
notice, consent or waiver under this Agreement or any other Loan Document or (C) the determination of Required Lenders, or for any similar or related purpose, under this Agreement or any other Loan Document. In connection with any
Repurchased Term Advances cancelled pursuant to this paragraph (l), the Administrative Agent is authorized to make appropriate entries in the Register to reflect any such cancellation. Each repurchase and retirement of Repurchased Term Advances
shall apply to reduce the then remaining scheduled repayments of Advances under the 2018 New Term B Facility or the applicable Incremental Term Facility in accordance with the application of prepayments applicable to the 2018 New Term B Facility or
such Incremental Term Facility. 

  
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 (m)        The list of Disqualified
Lenders will be available to the Lenders and the Agents upon request to the Administrative Agent. Any assigning Lender Party shall, in connection with any assignment pursuant to this Section 9.07, provide a copy of its request (including the
name of the prospective assignee) to the Borrower concurrently with the delivery of the same request to the Administrative Agent irrespective of whether or not a Default or Event of Default under Section 6.01(a) or (e) shall have occurred
and be continuing at such time. The parties to this Agreement hereby acknowledge and agree that the Administrative Agent shall not be deemed to be in default under this Agreement or to have any duty or responsibility or to incur any liabilities as a
result of a breach of this Section 9.07, nor shall the Administrative Agent have any duty, responsibility or liability to monitor or enforce assignments, participations or other actions in respect of Disqualified Lenders, or otherwise take (or
omit to take) any action with respect thereto. 
 Section 9.08    Execution in Counterparts;
Integration. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other electronic communication shall be effective as delivery of an original executed counterpart thereof. This
Agreement and the other Loan Documents and the Fee Letter, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. 
 Section 9.09    Confidentiality; Press Releases, Related Matters and
Treatment of Information. (a) No Agent or Lender Party shall disclose any Confidential Information to any Person without the consent of the Borrower, other than (i) to such Agent’s or such Lender Party’s Affiliates and their
officers, directors, employees, agents and advisors and to actual or prospective Eligible Assignees and participants, and then only on a confidential, need to know basis, (ii) as requested or required by any law, rule or regulation or judicial
process, (iii) as requested or required by any state, federal or foreign authority or examiner regulating banks or banking, (iv) in connection with the exercise of remedies and (v) to direct and indirect counterparties in connection
with swaps or derivatives. 
 (b)        Each of the parties hereto and each party
joining hereafter agrees that neither it nor its Affiliates will in the future issue any press releases or other public disclosure using the name of any Lender or its Affiliates or referring to this Agreement or any of the other Loan Documents
without at least 2 Business Days’ prior notice to such Lender and without the prior written consent of such Lender or unless (and only to the extent that) such party or Affiliate is required to do so under law and then, in any event, such party
or Affiliate will consult with the Borrower, the Administrative Agent and such Lender before issuing such press release or other public disclosure. Each party consents to the publication by the Agents or any Lender Party of a tombstone or similar
advertising material relating to the financing transactions contemplated by this Agreement. The Agents reserve the right to provide to industry trade organizations such necessary and customary information needed for inclusion in league table
measurements. 
 (c)        Certain of the Lenders may enter into this Agreement
and take or not take action hereunder or under the other Loan Documents on the basis of information that does not contain material non-public information with respect to any of the Loan Parties or their
securities (“Restricting Information”). Other Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis of information that may contain Restricting Information. Each
Lender Party acknowledges that United States federal and state securities laws prohibit any person from purchasing or selling securities on the basis of material, non-public information concerning the issuer
of such securities or, subject to certain limited exceptions, from communicating such information 

  
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to any other Person. Neither the Administrative Agent nor any of its Agent-Related Persons shall, by making any Communications (including Restricting Information) available to a Lender Party, by
participating in any conversations or other interactions with a Lender Party or otherwise, make or be deemed to make any statement with regard to or otherwise warrant that any such information or Communication does or does not contain Restricting
Information nor shall the Administrative Agent or any of its Agent-Related Persons be responsible or liable in any way for any decision a Lender Party may make to limit or to not limit its access to Restricting Information. In particular, none of
the Administrative Agent nor any of its Agent-Related Persons (i) shall have, and the Administrative Agent, on behalf of itself and each of its Agent-Related Persons, hereby disclaims, any duty to ascertain or inquire as to whether or not a
Lender Party has or has not limited its access to Restricting Information, such Lender Party’s policies or procedures regarding the safeguarding of material, nonpublic information or such Lender Party’s compliance with applicable laws
related thereto or (ii) shall have, or incur, any liability to any Loan Party or Lender Party or any of their respective Agent-Related Persons arising out of or relating to the Administrative Agent or any of its Agent-Related Persons providing
or not providing Restricting Information to any Lender Party. 
 (d)        Each
Loan Party agrees that (i) all Communications it provides to the Administrative Agent intended for delivery to the Lender Parties whether by posting to the Platform or otherwise shall be clearly and conspicuously marked “PUBLIC” if
such Communications do not contain Restricting Information which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Communications “PUBLIC,” each Loan Party
shall be deemed to have authorized the Administrative Agent and the Lender Parties to treat such Communications as either publicly available information or not material information (although, in this latter case, such Communications may contain
sensitive business information and, therefore, remain subject to the confidentiality undertakings of this Agreement) with respect to such Loan Party or its securities for purposes of United States Federal and state securities laws, (iii) all
Communications marked “PUBLIC” may be delivered to all Lender Parties and may be made available through a portion of the Platform designated “Public Side Information,” and (iv) the Administrative Agent shall be entitled to
treat any Communications that are not marked “PUBLIC” as Restricting Information and may post such Communications to a portion of the Platform not designated “Public Side Information.” Neither the Administrative Agent nor any of
its Affiliates shall be responsible for any statement or other designation by a Loan Party regarding whether a Communication contains or does not contain material non-public information with respect to any of
the Loan Parties or their securities nor shall the Administrative Agent or any of its Affiliates incur any liability to any Loan Party, any Lender Party or any other Person for any action taken by the Administrative Agent or any of its Affiliates
based upon such statement or designation, including any action as a result of which Restricting Information is provided to a Lender Party that may decide not to take access to Restricting Information. 

(e)        Each Lender Party acknowledges that circumstances may arise that require
it to refer to Communications that might contain Restricting Information. Accordingly, each Lender Party agrees that it will nominate at least one designee to receive Communications (including Restricting Information) on its behalf. Each Lender
Party agrees to notify the Administrative Agent from time to time of such Lender Party’s designee’s e-mail address to which notice of the availability of Restricting Information may be sent by
electronic transmission. 
 (f)        Each Lender Party acknowledges that
Communications delivered hereunder and under the other Loan Documents may contain Restricting Information and that such Communications are available to all Lender Parties generally. Each Lender Party that elects not to take access to Restricting
Information does so voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other Lender Parties may have access to Restricting Information that 

  
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is not available to such electing Lender Party. None of the Administrative Agent nor any Lender Party with access to Restricting Information shall have any duty to disclose such Restricting
Information to such electing Lender Party or to use such Restricting Information on behalf of such electing Lender Party, and shall not be liable for the failure to so disclose or use, such Restricting Information. 

(g)    Clauses (c), (d), (e) and (f) of this Section 9.09 are designed to assist the
Administrative Agent, the Lender Parties and the Loan Parties, in complying with their respective contractual obligations and applicable law in circumstances where certain Lender Parties express a desire not to receive Restricting Information
notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to the Lender Parties hereunder or thereunder may contain Restricting Information. Neither the Administrative Agent nor any of its
Agent-Related Persons warrants or makes any other statement with respect to the adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its Agent-Related Persons warrant or make any other statement to the
effect that a Loan Party or Lender Party’s adherence to such provisions will be sufficient to ensure compliance by such Loan Party or Lender Party with its contractual obligations or its duties under applicable law in respect of Restricting
Information and each of the Lender Parties and each Loan Party assumes the risks associated therewith. 

Section 9.10    Patriot Act Notice. Each Lender Party and each Agent (for itself and not on
behalf of any Lender Party) hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and
address of such Loan Party and other information that will allow such Lender Party or such Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act. The Borrower shall, and shall cause each of its Restricted Subsidiaries
to, provide the extent commercially reasonable, such information and take such actions as are reasonably requested by any Agents or any Lender Party in order to assist the Agents and the Lender Parties in maintaining compliance with the Patriot Act.

 Section 9.11    Jurisdiction, Etc. (a) Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan, New York City, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any
party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the courts of any jurisdiction. 

(b)    Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party in any New
York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
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Section 9.12        Governing Law. 

This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 9.13        Waiver of Jury Trial. 

EACH OF THE GUARANTORS, THE BORROWER, THE AGENTS AND THE LENDER PARTIES IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER PARTY IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 

Section 9.14        Acknowledgment and Consent to Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)        the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)        the effects of any Bail-In Action
on any such liability, including, if applicable: 
 (i)        a
reduction in full or in part or cancellation of any such liability; 

(ii)        a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii)        the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 [The remainder of this page
intentionally left blank] 

  
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 EXHIBIT B 

Amended and Restated Schedule I 

[Attached.] 
  

 
  
 Exhibit B

  

 SCHEDULE I 

COMMITMENTS AND APPLICABLE LENDING OFFICES 
  

															
	Name of Initial  
Lender  	 	Term A  
Commitment  	 	2018 New Term
B Commitment	 	Revolving
Credit
 Commitment  	 	 Letter of Credit 
Commitment	  	Swing Line
Commitment	  	 Domestic Lending 
Office	  	Eurodollar Lending
Office
	Citibank, N.A.	 	$50,000,000.00	 	$450,000,000	 	$110,000,000.00	 	$100,000,000.00	  	$50,000,000.00	  	 1615 Brett Road, Building
III
 New Castle, DE 19720
 Attn: Loan Administration
	  	 1615 Brett
Road, Building III
 New Castle, DE 19720
 Attn: Loan
Administration

	JPMorgan Chase Bank, N.A.	 	$50,000,000.00	 	 	 	$85,000,000.00	 	$25,000,000.00	  	 	  	 500 Stanton Christiana
Road
 Ops 2, Floor 3
 Newark, DE 19713
	  	 500 Stanton
Christiana Road
 Ops 2, Floor 3
 Newark, DE 19713

	Bank of America, N.A.	 	$50,000,000.00	 	 	 	$85,000,000.00	 	$75,000,000.00	  	 	  	 540 West Madison, Suite
2223
 Chicago, IL 60661
	  	 540 West
Madison, Suite 2223
 Chicago, IL 60661

	Goldman Sachs Bank USA	 	$5,000,000.00	 	 	 	$65,000,000.00	 	$55,000,000.00	  	 	  	 200 West Street

New York, NY 10282
	  	 200 West
Street
 New York, NY 10282

	Barclays Bank PLC	 	$75,000,000.00	 	 	 	$85,000,000.00	 	 	  	 	  	 745 Seventh Avenue

New York, NY 10019
	  	 745 Seventh
Avenue
 New York, NY 10019

	Royal Bank of Canada	 	$50,000,000.00	 	 	 	$65,000,000.00	 	 	  	 	  	 Three World Financial Center
 200 Vesey
Street
 New York, NY 10281
	  	 Three World
Financial Center
 200 Vesey Street
 New York, NY
10281

	UBS AG, Stamford Branch	 	$25,000,000.00	 	 	 	$50,000,000.00	 	 	  	 	  	 600 Washington Blvd

Stamford, CT 06901
	  	 600 Washington Blvd

Stamford, CT 06901

	Credit Suisse AG, Cayman Islands Branch	 	$75,000,000.00	 	 	 	$85,000,000.00	 	 	  	 	  	 Eleven Madison Avenue

New York, NY 10010
	  	 Eleven
Madison Avenue
 New York, NY 10010

	
Citizens Bank, N.A.
	 	$25,000,000.00	 	 	 	$25,000,000.00	 	 	  	 	  	 27777 Franklin Road, 19th Floor
 Southfield, MI 48034
	  	 27777 Franklin Road, 19th Floor
 Southfield, MI 48034

	BMO Harris Bank, N.A.	 	$25,000,000.00	 	 	 	$25,000,000.00	 	 	  	 	  	 115 South LaSalle Street

25th Floor West

Chicago, Illinois 60603
  
	  	 115 South
LaSalle Street
 25th Floor West

Chicago, Illinois 60603
  

															
	Fifth Third Bank	 	$25,000,000.00	 	 	 	$25,000,000.00	 	 	  	 	  	 38 Fountain Square Plaza

Cincinnati, OH 45243
  
	  	 38 Fountain
Square Plaza
 Cincinnati, OH 45243
  

	Goldman Sachs Lending Partners LLC	 	$45,000,000.00	 	 	 	$20,000,000.00	 	$20,000,000.00	  	 	  	 200 West Street

New York, NY 10282
  
	  	 200 West
Street
 New York, NY 10282
  

	UniCredit Bank AG, New York Branch	 	 	 	 	 	$25,000,000.00	 	 	  	 	  	 150 East 42nd Street 
New
York, NY 10017 USA
	  	 150 East
42nd Street 
New York, NY 10017 USA

	 Total
	 	$500,000,000.00
 
	 	$450,000,000.00 
 
	 	$750,000,000.00 
 
	 	$275,000,000.00 
 
	  	$50,000,000.00 
 
	  	 	  	 

 EXHIBIT C 

Form of Solvency Certificate 

[DATE] 
 This
Solvency Certificate is delivered pursuant to Section [___] of the [Incremental Amendment]/[Credit Agreement] dated as of [_____], among [____] (the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the [Incremental Amendment]/[Credit Agreement]. 
 The undersigned hereby
certifies, solely in his capacity as an officer of the Borrower and not in his individual capacity, as follows: 

1.    I am the [Chief Financial Officer] of the Borrower. I am familiar with the
Transactions, and have reviewed the Credit Agreement, financial statements referred to in Section [__] of the [Incremental Amendment]/[Credit Agreement] and such documents and made such investigation as I have deemed relevant for the purposes of
this Solvency Certificate. 
 2.    As of the date hereof, immediately after giving
effect to the consummation of the Transactions, on and as of such date (i) the fair value of the assets of the Borrower and its subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct,
subordinated, contingent or otherwise, of the Borrower and its subsidiaries on a consolidated basis; (ii) the present fair saleable value of the property of the Borrower and its subsidiaries on a consolidated basis will be greater than the
amount that will be required to pay the probable liability of the Borrower and its subsidiaries on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become
absolute and matured; (iii) the Borrower and its subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and
(iv) the Borrower and its subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted
following the Closing Date. 
 3.    As of the date hereof, immediately after giving
effect to the consummation of the Transactions, the Borrower does not intend to, and the Borrower does not believe that it or any of its subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the
timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its debts or the debts of any such subsidiary. 

This Solvency Certificate is being delivered by the undersigned officer only in his capacity as [Chief Financial Officer] of
the Borrower and not individually and the undersigned shall have no personal liability to the Administrative Agent or the Lenders with respect thereto. 

[Remainder of Page Intentionally Left Blank] 

  
 Exhibit C 

 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate
on the date first written above. 

[_______________________]                    
                      
  

			
		
	By:	 	  

		 	Name:
		 	Title: Chief Financial Officer

  
 Exhibit C 

 SCHEDULE A 
  

							
	Lender	  	
Term A Facility

Upsize
	  	
Incremental
 Term Loan B
Facility
	  	Revolving Facility
Upsize
	Citibank, N.A.	  	$25,000,000    	  	$450,000,000    	  	$10,000,000    
	Barclays Bank PLC	  	$50,000,000    	  	$0    	  	$35,000,000    
	Credit Suisse, Cayman Islands Branch	  	$50,000,000    	  	$0    	  	$35,000,000    
	Goldman Sachs Lending Partners LLC	  	$20,000,000    	  	$0    	  	$0    
	Goldman Sachs Bank USA	  	$5,000,000    	  	$0    	  	$10,000,000    
	JPMorgan Chase Bank, N.A.	  	$25,000,000    	  	$0    	  	$10,000,000    
	Bank of America, N.A.	  	$25,000,000    	  	$0    	  	$10,000,000    
	Royal Bank of Canada	  	$25,000,000    	  	$0    	  	$15,000,000    
	UniCredit Bank AG, New York Branch	  	$0    	  	$0    	  	$25,000,000    
	 Total:  

 
	  	
$225,000,000    
  
	  	
$450,000,000    
  
	  	
$150,000,000    
  

  
 Schedule Aftch-ex414_657.htm

 

 

Exhibit 4.14

Execution Version

AGREEMENT AND PLAN OF MERGER 

by and among 

FARFETCH US HOLDINGS, INC., 

a Delaware corporation, 

YANKEE MERGER SUB, LLC, 

a Delaware limited liability company, 

STADIUM ENTERPRISES LLC, 

a Delaware limited liability company, 

Jed Stiller as the Members’ Agent, 

and, solely for purposes of Section 9.15, 

FARFETCH LIMITED, a Cayman limited company 

 

Dated as of December 12, 2018 

 

 

 

 

 

TABLE OF CONTENTS 

 

	
Article I The Merger
	
1

	
 
	
1.1
	
 
	
The Merger
	
1

	
 
	
1.2
	
 
	
Closing Deliveries
	
2

	
 
	
1.3
	
 
	
Effect on Company Units and Options
	
4

	
 
	
1.4
	
 
	
Payment and Exchange Procedures
	
5

	
 
	
1.5
	
 
	
No Further Ownership Rights in the Company Units
	
7

	
 
	
1.6
	
 
	
Closing Cash Consideration Adjustment
	
7

	
 
	
1.7
	
 
	
Tax Consequences
	
8

	
 
	
1.8
	
 
	
Certain Taxes
	
9

	
 
	
1.9
	
 
	
Withholding Rights
	
9

	
 
	
1.10
	
 
	
Taking of Necessary Action; Further Action
	
9

	
Article II Representations and Warranties of the Company
	
9

	
 
	
2.1
	
 
	
Organization, Standing, Power and Subsidiaries
	
9

	
 
	
2.2
	
 
	
Capital Structure
	
10

	
 
	
2.3
	
 
	
Authority; Non-contravention
	
11

	
 
	
2.4
	
 
	
Financial Statements; No Undisclosed Liabilities
	
12

	
 
	
2.5
	
 
	
Absence of Changes
	
13

	
 
	
2.6
	
 
	
Litigation
	
13

	
 
	
2.7
	
 
	
Restrictions on Business Activities
	
14

	
 
	
2.8
	
 
	
Compliance with Laws; Governmental Permits
	
14

	
 
	
2.9
	
 
	
Title to, Condition and Sufficiency of Assets; Real Property
	
14

	
 
	
2.10
	
 
	
Intellectual Property
	
15

	
 
	
2.11
	
 
	
Taxes
	
23

	
 
	
2.12
	
 
	
Employee Benefit Plans and Employee Matters
	
25

	
 
	
2.13
	
 
	
Interested-Party Transactions
	
29

	
 
	
2.14
	
 
	
Insurance
	
29

	
 
	
2.15
	
 
	
Books and Records
	
29

	
 
	
2.16
	
 
	
Material Contracts
	
29

	
 
	
2.17
	
 
	
Transaction Fees
	
32

	
 
	
2.18
	
 
	
Anti-Corruption Law
	
32

	
 
	
2.19
	
 
	
Environmental, Health and Safety Matters
	
32

	
 
	
2.20
	
 
	
Export Control Laws
	
33

	
 
	
2.21
	
 
	
Distributors
	
33

	
 
	
2.22
	
 
	
Suppliers
	
33

	
 
	
2.23
	
 
	
Member Notice
	
34

	
 
	
2.24
	
 
	
No Other Representations and Warranties; Non-reliance
	
34

	
Article III Representations and Warranties of Acquirer and Merger Sub
	
34

	
 
	
3.1
	
 
	
Organization and Standing
	
34

	
 
	
3.2
	
 
	
Authority; Non-contravention
	
34

	
 
	
3.3
	
 
	
Issuance of Shares
	
35

	
 
	
3.4
	
 
	
Member Notice
	
35

	
 
	
3.5
	
 
	
No Prior Merger Sub Operations
	
35

	
 
	
3.6
	
 
	
SEC Filings; NYSE Compliance
	
35

	
 
	
3.7
	
 
	
Sufficiency of Funds
	
35

	
 
	
3.8
	
 
	
Compliance with Laws
	
36

	
 
	
3.9
	
 
	
No Other Representations and Warranties; Non-reliance
	
36

	
Article IV Conduct Prior to the Effective Time
	
37

	
 
	
4.1
	
 
	
Conduct of the Business; Notices
	
37

	
 
	
4.2
	
 
	
Restrictions on Conduct of the Business
	
37

	
Article V Additional Agreements
	
40

	
 
	
5.1
	
 
	
Member Notice
	
40

	
 
	
5.2
	
 
	
No Solicitation
	
40

	
 
	
5.3
	
 
	
Confidentiality; Public Disclosure
	
41

	
 
	
5.4
	
 
	
Reasonable Best Efforts
	
42

	
 
	
5.5
	
 
	
Third-Party Consents; Notices
	
42

	
 
	
5.6
	
 
	
Litigation
	
42

	
 
	
5.7
	
 
	
Access to Information
	
42

	
 
	
5.8
	
 
	
Spreadsheet
	
43

 

 

	
 
	
5.9
	
 
	
Expenses; Company Debt
	
43

	
 
	
5.10
	
 
	
Employees
	
43

	
 
	
5.11
	
 
	
Termination of Benefit Plans
	
44

	
 
	
5.12
	
 
	
Certain Closing Certificates and Documents
	
44

	
 
	
5.13
	
 
	
Tax Matters
	
45

	
 
	
5.14
	
 
	
Rule 144
	
46

	
 
	
5.15
	
 
	
Directors’ and Officers’ Tail Insurance
	
46

	
Article VI Conditions to the Merger
	
47

	
 
	
6.1
	
 
	
Conditions to Obligations of Each Party to Effect the Merger
	
47

	
 
	
6.2
	
 
	
Additional Conditions to Obligations of the Company
	
47

	
 
	
6.3
	
 
	
Additional Conditions to the Obligations of Acquirer
	
47

	
Article VII Termination
	
48

	
 
	
7.1
	
 
	
Termination
	
48

	
 
	
7.2
	
 
	
Effect of Termination
	
49

	
Article VIII Escrow Fund and Indemnification
	
49

	
 
	
8.1
	
 
	
Escrow Fund
	
49

	
 
	
8.2
	
 
	
Indemnification
	
50

	
 
	
8.3
	
 
	
Indemnifiable Damage Threshold; Other Limitations
	
51

	
 
	
8.4
	
 
	
Period for Claims
	
53

	
 
	
8.5
	
 
	
Claims
	
54

	
 
	
8.6
	
 
	
Resolution of Objections to Claims
	
54

	
 
	
8.7
	
 
	
Members’ Agent
	
55

	
 
	
8.8
	
 
	
Third-Party Claims
	
57

	
 
	
8.9
	
 
	
Treatment of Indemnification Payments
	
57

	
Article IX General Provisions
	
58

	
 
	
9.1
	
 
	
Survival of Representations, Warranties and Covenants
	
58

	
 
	
9.2
	
 
	
Notices
	
58

	
 
	
9.3
	
 
	
Interpretation
	
59

	
 
	
9.4
	
 
	
Amendment
	
60

	
 
	
9.5
	
 
	
Extension; Waiver
	
60

	
 
	
9.6
	
 
	
Counterparts
	
60

	
 
	
9.7
	
 
	
Entire Agreement; Parties in Interest
	
60

	
 
	
9.8
	
 
	
Assignment
	
61

	
 
	
9.9
	
 
	
Severability
	
61

	
 
	
9.10
	
 
	
Remedies Cumulative; Specific Performance
	
61

	
 
	
9.11
	
 
	
Submission to Jurisdiction; Consent to Service of Process; Waiver of Jury Trial
	
61

	
 
	
9.12
	
 
	
Governing Law
	
61

	
 
	
9.13
	
 
	
Rules of Construction
	
62

	
 
	
9.14
	
 
	
Provisions Respecting Legal Representation
	
62

	
 
	
9.15
	
 
	
Acquirer and Merger Sub Obligations
	
62

 

 

 

 

	
Exhibits

	
Exhibit A
	
-
	
Definitions

	
Exhibit B
	
-
	
Form of Joinder Agreement

	
Exhibit C
	
-
	
Form of Investor Representation Letter

	
Exhibit D
	
-
	
Form of Certificate of Merger

	
Exhibit E
	
-
	
Form of Certificate of Non-Foreign Status

	
Exhibit F
	
-
	
Form of Note Repayment Agreement

	
Exhibit G
	
-
	
Form of Escrow Agreement

	
Schedules

	
Company Disclosure Letter

	
Schedule I
	
-
	
Key Employees

	
Schedule II
	
-
	
Contracts to be Amended or Terminated

	
Schedule III
	
-
	
Security Deposits

	
Schedule IV
	
-
	
Payment Escrows

	
Schedule V
	
-
	
Company Convertible Notes

	
Schedule VI
	
-
	
Illustrative Net Working Capital Calculation

 

 

 

 

AGREEMENT AND PLAN OF MERGER

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made and entered into as of December 12, 2018 (the “Agreement Date”), by and among Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”), Yankee Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Acquirer (“Merger Sub”), Stadium Enterprises LLC, a Delaware limited liability company (the “Company”), Jed Stiller, solely in his capacity as agent on behalf of the Converting Holders in accordance with Section 8.7 of this Agreement (the “Members’ Agent”), and, solely for purposes of Section 9.15, Farfetch Limited, a Cayman limited company and the ultimate parent entity of Acquirer (“Parent”). Certain other capitalized terms used herein are defined in Exhibit A. 

RECITALS

	
A.
	
Parent, Acquirer, Merger Sub and the Company intend to effect a merger of Merger Sub with and into the Company in accordance with this Agreement (the “Merger”). Upon consummation of the Merger, Merger Sub will cease to exist, and the Company will become a wholly owned subsidiary of Acquirer.

	
B.
	
John McPheters and Jed Stiller, the sole holders of the Company’s membership interests designated as Class A Units (the “Class A Units”), such Company Units being the sole class of membership interests of the Company entitled to vote with respect to approval of the Merger (such sole holders of Class A Units together being, the “Voting Members”), have approved this Agreement and the transactions contemplated by this Agreement and the Transactions Documents (collectively, the“ Transactions”), including the Merger, upon the terms and subject to the conditions set forth herein, in accordance with Applicable Law and the Operating Agreement (the ”Voting Member Approval”).

	
C.
	
Acquirer, as the sole member of Merger Sub, has (1) declared this Agreement and the Transactions, including the Merger, upon the terms and subject to the conditions set forth herein, in the best interests of Merger Sub and the sole member of Merger Sub and (2) adopted a resolution approving this Agreement and the Merger.

	
D.
	
Concurrently with the execution of this Agreement, and as a condition and inducement to Acquirer’s and Merger Sub’s willingness to enter into this Agreement, the individuals listed on Schedule I (each, a “Key Employee”) have each executed (1) an employment agreement with the Company and Acquirer, together with a confidential information and assignment agreement (collectively, an “Employment Agreement”), (2) a non-competition and non-solicitation agreement (a “Restrictive Covenant Agreement”) and (3) a share restriction agreement (a “Share Restriction Agreement”), each to become effective upon the Closing.

	
E.
	
Concurrently with the execution of this Agreement, the Company has obtained and delivered to Acquirer (1) a written consent (the “Written Consent”) executed by both of the Voting Members, evidencing the Voting Member Approval, (2) joinder agreements in substantially the form attached hereto as Exhibit B (each, a “Joinder Agreement”) executed by both of the Voting Members and each other Key Employee in their capacity as a Company Member (together with the Voting Members, the “Key Members”) and (3) investor representation letters in substantially the form attached hereto as Exhibit C (an “Investor Representation Letter”) executed by each Key Member, and the Company shall exercise its commercially reasonable efforts to cause each other Converting Holder to execute and deliver to Acquirer promptly after the execution of this Agreement (i) a Joinder Agreement and (ii) an Investor Representation Letter.

NOW, THEREFORE, in consideration of the representations, warranties, covenants, agreements and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I 

THE MERGER

1.1The Merger.

(a)Merger of Merger Sub into the Company. Upon the terms and subject to the conditions set forth herein, at the Effective Time, Merger Sub shall be merged with and into the Company, and the separate existence of Merger Sub shall cease. The Company will continue as the surviving company in the Merger (sometimes referred to herein as the “Surviving Company”) and as a wholly owned subsidiary of Acquirer. 

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(b)Effects of the Merger. The Merger shall have the effects set forth herein and in the applicable provisions of the DLLCA. 

(c)Closing. Upon the terms and subject to the conditions set forth herein, the closing of the Transactions (the “Closing”) shall take place at the offices of Fenwick & West LLP, 902 Broadway, Suite 14, New York, New York, 10010, or at such other location as Acquirer and the Company agree, at: (i)10:00 a.m. local time on a date to be agreed by Acquirer and the Company, which date shall be no later than the third Business Day following the date on which all of the conditions set forth in Article VI have been satisfied or waived (other than those conditions that, by their terms, are intended to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions); or (ii) such other date and time and/or such other location as Acquirer and the Company agree; provided, however, that in no event shall the Closing occur before January 2, 2019. The date on which the Closing occurs is sometimes referred to herein as the “Closing Date.”

(d)Effective Time. A certificate of merger satisfying the applicable requirements of the DLLCA in substantially the form attached hereto as Exhibit D (the “Certificate of Merger”) shall be duly executed by the Company and, concurrently with or as soon as practicable following the Closing, delivered to the Secretary of State of the State of Delaware for filing. The Merger shall become effective upon the filing of the Certificate of Merger with the Secretary of State of the State of Delaware or at such later time as Acquirer and the Company agree and specify in the Certificate of Merger (the “Effective Time”). 

(e)Certificate of Formation; Limited Liability Company Agreement; Officers. Unless otherwise determined by Acquirer and the Company prior to the Effective Time: 

(i)the certificate of formation of the Surviving Company shall be amended and restated as of the Effective Time to read as set forth in the Certificate of Merger, until thereafter as provided by the DLLCA; 

(ii)the limited liability company agreement of Merger Sub as in effect immediately prior to the Merger shall be the limited liability company agreement of the Surviving Company; and 

(iii)the Company shall take all actions necessary to cause the officers of Merger Sub immediately prior to the Effective Time to be the only officers of the Surviving Company immediately after the Effective Time until their respective successors are duly elected or appointed and qualified or until their earlier death, resignation or removal in accordance with the limited liability company agreement of the Surviving Company. 

1.2Closing Deliveries. 

(a)Acquirer Deliveries. Acquirer shall deliver to the Company, at or prior to the Closing: 

(i)a certificate, dated as of the Closing Date, executed on behalf of Acquirer by a duly authorized officer of Acquirer to the effect that each of the conditions set forth in Section 6.2(a) has been satisfied; and 

(ii)the Escrow Agreement, executed by Acquirer and the Escrow Agent.

(b)Company Deliveries. The Company shall deliver to Acquirer, at or prior to the Closing: 

(i)a certificate, dated as of the Closing Date and executed on behalf of the Company by an officer of the Company, to the effect that each of the conditions set forth in Section 6.3(a) and Section 6.3(e) has been satisfied; 

(ii)a certificate, dated as of the Closing Date and executed on behalf of the Company by an officer of the Company, certifying (A) the limited liability company agreement of the Company (the “Operating Agreement”) in effect as of the Closing, (B) the resolutions of the Voting Members (I) declaring this Agreement and the Transactions, including the Merger, upon the terms and subject to the conditions set forth herein, advisable, fair to and in the best interests of the Company and the Company Members and (II) approving this Agreement in accordance with the DLLCA and the Operating Agreement and (C) other matters reasonably requested by Acquirer; 

2

 

(iii)written acknowledgments pursuant to which any Person that is entitled to any Transaction Expenses acknowledges (A) the total amount of Transaction Expenses that has been incurred and remains payable to such Person and (B) that, upon payment of such remaining payable amount at the Closing, it shall be paid in full and shall not be owed any other amount by any of Acquirer, the Company, its Affiliates and/or the Surviving Company; 

(iv)the Joinder Agreement, executed by each Company Member, including holders of Class C Units and the Key Members, who constitute the holders of at least 90% of the outstanding Company Units as of immediately prior to the Closing; 

(v)A waiver in a form and substance reasonably satisfactory to Acquirer (a “Unit Waiver Agreement”) from each Person with an offer letter or other Contract or Company Employee Plan that contemplates a grant of, or right to purchase or receive (A) Class B Units, options to purchase Company Units or other equity awards with respect to Company Units or (B) other securities of the Company, that in each case have not been issued or granted as of the Agreement Date; 

(vi)Investor Representation Letters duly completed and executed by each Accredited Converting Holder; 4 

(vii)evidence reasonably satisfactory to Acquirer of the resignation of each officer of the Company in office immediately prior to the Closing, effective as of, and contingent upon, the Effective Time; 

(viii)unless otherwise requested by Acquirer in writing no less than three Business Days prior to the Closing Date, (A) a true, correct and complete copy of resolutions adopted by the Voting Members, certified by an officer of the Company, authorizing the termination of each or all of the Company Employee Plans that are “employee benefit plans” within the meaning of ERISA, if any, with any such termination to be effective as of the date immediately preceding the Closing Date and contingent upon the Closing; 

(ix)a certificate from the Secretary of State of Delaware and each other state or other jurisdiction in which the Company is qualified to do business as a foreign entity, dated within three Business Days prior to the Closing Date, certifying that the Company is in good standing and that all applicable Taxes and fees of the Company that are due and payable through and including the Closing Date have been paid; 

(x)the Spreadsheet completed to include all of the information specified in Section 5.8 in a form reasonably satisfactory to Acquirer and a certificate executed by an officer of the Company, dated as of the Closing Date, certifying on behalf of the Company that the Spreadsheet is true, correct and complete; 

(xi)the Company Closing Financial Certificate; 

(xii)U.S. withholding documentation, consisting of a certification by the Company in accordance with the requirements of Treasury Regulations Section 1.1445-11T(d)(2) and a certification by each Company Member of non-foreign status under Section 1446(f)(2)(A) of the Code (to the extent a Company Member is not a “foreign person” within the meaning of Section 1446(f)(2)(A) of the Code), in each case substantially the form attached hereto as Exhibit E; 

(xiii)a separation and release agreement or similar document in a form reasonably satisfactory to Acquirer (a “Separation Agreement”) executed by each of the Designated Employees; 

(xiv)to the extent requested by Acquirer in writing at least five Business Days prior to the Closing Date, evidence reasonably satisfactory to Acquirer of the termination of service with the Company of any independent contractor, consultant and/or advisory board member of the Company as requested by Acquirer, to be effective no later than immediately prior to Closing; provided that no such termination of service shall result in any payment obligations or other Liability of the Company; 

(xv)evidence reasonably satisfactory to Acquirer of the amendment or termination, as applicable, of each of the Contracts listed on Schedule II, as described therein; 

(xvi)the Certificate of Merger, executed by the Company; 

(xvii)the Escrow Agreement, executed by the Members’ Agent; 

3

 

(xviii)payoff letters or similar instruments in form and substance reasonably satisfactory to Acquirer with respect to all Company Debt (other than the Company Convertible Notes), which letters provide for the release of all Encumbrances relating to the Company Debt 5 following satisfaction of the terms contained in such payoff letters (including the payment in full and discharge of all principal and accrued but unpaid interest and any premiums or other fees payable in connection with such Company Debt); 

(xix)a note repayment agreement in substantially the form attached hereto as Exhibit F (a “Note Repayment Agreement”) with respect to each of the Company Convertible Notes; and 

(xx)executed UCC-2 or UCC-3 termination statements (or any other applicable termination statement) executed by each Person holding a security interest in any assets of the Company as of the Closing Date terminating any and all such security interests and evidence reasonably satisfactory to Acquirer that all Encumbrances on assets of the Company shall have been released prior to, or shall be released simultaneously with, the Closing. 

Receipt by Acquirer of any of the agreements, instruments, certificates or documents delivered pursuant to this Section 1.2(b) shall not be deemed to be an agreement by Acquirer or Merger Sub that the information or statements contained therein are true, correct or complete, and shall not diminish Acquirer’s or Merger Sub’s remedies hereunder if any of the foregoing agreements, instruments, certificates or documents are not true, correct or complete. 

1.3Effect on Company Units and Options. 

(a)Treatment of Company Units. Upon the terms and subject to the conditions set forth herein, at the Effective Time, by virtue of the Merger and without any action on the part of any party hereto, any Company Member or any other Person: 

(i)Company Units, other than Class B Units. Each Company Unit, other than a Class B Unit, held by a Converting Holder immediately prior to the Effective Time shall be cancelled and automatically converted into the right to receive, subject to and in accordance with Sections 1.3(f), 1.4 and 1.6, (A) an amount in cash, without interest, equal to the Closing Per Unit Cash Consideration and (B) a number of Parent Ordinary Shares equal to the Closing Per Unit Share Consideration. The amount of cash each Converting Holder holding Company Units, other than Class B Units, is entitled to receive for such Company Units shall be rounded to the nearest cent and computed after aggregating cash amounts for all Company Units held by such Converting Holder and the number of Parent Ordinary Shares each Converting Holder holding Company Units, other than Class B Units, is entitled to receive for such Company Units shall be determined in accordance with Section 1.3(g). 

(ii)Class B Units. Each Class B Unit held by a Converting Holder immediately prior to the Effective Time shall be cancelled and automatically converted into the right to receive, subject to and in accordance with Sections 1.3(f), 1.4 and 1.6, (A) an amount in cash, without interest, equal to the Class B Per Unit Cash Consideration and (B) a number of Parent Ordinary Shares equal to the Class B Per Unit Share Consideration. The amount of cash each Converting Holder holding Class B Units is entitled to receive for such Class B Units shall be rounded to the nearest cent and computed after aggregating cash amounts for all Class B Units held by such Converting Holder and the number of Parent Ordinary Shares each Converting Holder holding Class B Units is entitled to receive for such Class B Units shall be determined in accordance with Section 1.3(g). 

(b)Treatment of Company Units Owned by the Company. At the Effective Time, all Company Units that are owned by the Company immediately prior to the Effective Time shall be cancelled 6 and extinguished without any conversion thereof or payment of any cash or other property or consideration therefor and shall cease to exist. 

(c)Treatment of Merger Sub Equity Interests. At the Effective Time, by virtue of the Merger and without any action on the part of Acquirer, Merger Sub or any other Person, equity interests of Merger Sub that are issued and outstanding immediately prior to the Effective Time shall be converted into and become equity interests of the Surviving Company (and the equity interests of the Surviving Company into which the equity interests of Merger Sub are so converted shall be the only equity interests of the Surviving Company that are issued and outstanding immediately after the Effective Time). 

4

 

(d)Adjustments. In the event of any split, reverse split, dividend (including any dividend or distribution of securities convertible into equity interests), reorganization, reclassification, combination, recapitalization or other like change with respect to the Company Units or Parent Ordinary Shares occurring after the Agreement Date and prior to the Effective Time, all references herein to specified numbers of units or shares of any class or series affected thereby, and all calculations provided for that are based upon numbers of shares of any class or series (or trading prices therefor) affected thereby, shall be equitably adjusted to the extent necessary to provide the parties the same economic effect as contemplated by this Agreement prior to such stock split, reverse stock split, stock dividend, reorganization, reclassification, combination, recapitalization or other like change. 

(e)Rights Not Transferable. The rights of the Company Members under this Agreement as of immediately prior to the Effective Time are personal to each such Company Member and shall not be transferable for any reason, other than by operation of law, will or the laws of descent and distribution without action taken by or on behalf of such Company Member. Any attempted transfer of such right by any holder thereof (other than as permitted by the immediately preceding sentence) shall be null and void. 

(f)Non-Accredited Converting Holders. In the event any Converting Holder is not an “Accredited Investor” under the Securities Act, the rules and regulations thereunder and related case law, or otherwise fails to deliver an Investor Representation Letter (each, a “Non-Accredited Converting Holder”), such Non-Accredited Converting Holder shall, in lieu of the Parent Ordinary Shares otherwise issuable to such Non-Accredited Converting Holder pursuant to Section 1.3(a) (the “Ineligible Parent Ordinary Shares”), receive from Acquirer an amount in cash, rounded to the nearest whole cent, equal to the product of (i) such Ineligible Parent Ordinary Shares multiplied by (ii) the Parent Share Price (the aggregate amount paid by Acquirer to all such Non-Accredited Converting Holders pursuant to this sentence, the “Non-Accredited Additional Cash Payment”). Each Converting Holder other than the Non-Accredited Converting Holders (each, an “Accredited Converting Holder”) shall have the (x) aggregate cash amount payable to such Accredited Converting Holder pursuant to Section 1.3(a) reduced by such Accredited Converting Holder’s Accredited Pro Rata Share of the aggregate Non-Accredited Additional Cash Payment and (y) aggregate number of Parent Ordinary Shares issuable to such Accredited Converting Holder increased by such Accredited Converting Holder’s Accredited Pro Rata Share of the total number of Ineligible Parent Ordinary Shares held by all Non-Accredited Converting Holders (the aggregate number of additional Parent Ordinary Shares issued pursuant to this clause (y), the “Additional Parent Ordinary Shares”). 

(g)Fractional Shares. The number of Parent Ordinary Shares into which a Converting Holder’s Company Units are converted pursuant to this Article I (including, for the avoidance of doubt, any Additional Parent Ordinary Shares issued pursuant to Section 1.3(f)) shall be rounded down to the nearest whole number of Parent Ordinary Shares. In lieu of any fractional Parent Ordinary Shares to which any Converting Holder would otherwise be entitled (after aggregating, for each particular Converting Holder, all fractional shares of Parent Ordinary Shares to be received by such holder), such Converting Holder shall receive from Acquirer an amount in cash (rounded to the nearest whole cent) equal to the product of (i) such fraction and (ii) the Parent Share Price. 

(h)No Interest. Notwithstanding anything to the contrary contained herein, no interest shall accumulate, except as provided in the Escrow Agreement with respect to the cash amounts in the Escrow Fund, on any cash payable in connection with the consummation of the Merger or the other Transactions.

1.4Payment and Exchange Procedures. 

(a)Joinder Agreement; Payment Instructions; Legends. 

(i)As soon as reasonably practicable after the Closing Date, to the extent not previously delivered, the Company shall mail, or cause to be mailed, a Joinder Agreement together with instructions for use thereof to every holder of record of Company Units that were issued and outstanding immediately prior to the Effective Time. The right of each such holder of record of Company Units to receive the Merger Consideration hereunder shall be conditioned upon such holder delivering to Acquirer a properly completed and duly executed Joinder Agreement, including the request for payment instructions and Substitute Form W-9 or Form W-8BEN, as applicable, in each case as attached thereto, and any other documentation required thereby; it being understood and agreed that the Joinder Agreement contains an agreement to be bound by the provisions of Section 1.5 and Article VIII along with a release of the Company and the Surviving Company from any claims, rights, Liabilities and causes of action whatsoever based upon, relating to or arising out of the Company Units, the Merger and/or the Transactions. 

5

 

(ii)Any certificates or book-entry entitlements representing the Parent Ordinary Shares to be issued pursuant to Section 1.3(a) shall bear the following legends to the extent applicable (along with any other legends that may be required under Applicable Law): 

(1)THE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THESE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT (I) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR (II) UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THESE SHARES MAY BE SOLD PURSUANT TO RULE 144 OR ANOTHER AVAILABLE EXEMPTION UNDER THE ACT AND THE RULES AND REGULATIONS THEREUNDER. 

(2)THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A RIGHT OF REPURCHASE AS SET FORTH IN A CERTAIN SHARE RESTRICTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER, SUCH RIGHT TO REPURCHASE IS BINDING ON THE TRANSFEREES OF THESE SHARES. 

It is Parent’s current policy not to issue share certificates in respect of shares in its capital, and all new issuances of shares are reflected on Parent’s books and records in book entry only, with appropriate notations reflecting the applicable legends. 

(iii)Upon receipt of written confirmation of the effectiveness of the Merger from the Secretary of State of the State of Delaware, Acquirer shall (A) pay to each Converting Holder by check or wire transfer of same-day funds, as directed by such Converting Holder, the aggregate amount of cash payable to such Converting Holder pursuant to Section 1.3(a), less such Converting Holder’s Pro Rata Share of the Cash Escrow Amount and the Expense Fund Amount, and (B) subject to any applicable Share Restriction Agreement, deliver, or cause to be delivered, to each Converting Holder evidence of book entries reflected on Parent’s books and records evidencing issuance of the aggregate number of Parent Ordinary Shares issuable to such Converting Holder pursuant to Section 1.3(a),in each case, as promptly as practicable following the later of (x) the Closing Date and (y) submission of a properly completed and duly executed Joinder Agreement, including the request for payment instructions and Substitute Form W-9 or Form W-8BEN, as applicable, in each case as attached thereto, and any other documentation required thereby, to Acquirer by such Converting Holder. 

(b)Cash Escrow Amount and Expense Fund Amount. 

(i)Notwithstanding anything to the contrary in the other provisions of this Article I, Acquirer shall withhold from each Converting Holder’s applicable portion of the Closing Cash Consideration payable to such Converting Holder pursuant to Section 1.3(a) such Converting Holder’s Pro Rata Share of the Cash Escrow Amount, and shall deposit the Cash Escrow Amount with the Escrow Agent pursuant to Section 8.1. The Escrow Fund shall constitute partial security for the benefit of Acquirer (on behalf of itself or any other Indemnified Person) with respect to the indemnification obligations of the Converting Holders under Section 1.6(i) and Article VIII, and shall be held and distributed in accordance with Section 1.6(i) and Section 8.1. The approval of this Agreement and the Transactions, including the Merger, by the Voting Members shall constitute, among other things, approval of the Cash Escrow Amount, the withholding of the Cash Escrow Amount by Acquirer, the Expense Fund Amount, the withholding of the Expense Fund Amount by Acquirer and the appointment of the Members’ Agent. 

(ii)Notwithstanding anything to the contrary in the other provisions of this Article I, Acquirer shall withhold from each Converting Holder’s applicable portion of the Closing Cash Consideration payable to such Converting Holder pursuant to Section 1.3(a) such Converting Holder’s Pro Rata Share of the Expense Fund Amount, and shall deposit the Expense Fund Amount with the Members’ Agent by wire transfer of immediately available funds to the account identified by the Members’ Agent to Acquirer, which account shall be identified no less than three Business Days prior to the Closing Date. 

6

 

(c)Transfers of Ownership. If any cash amount or Parent Ordinary Shares payable or issuable pursuant to Section 1.3(a) is to be paid or issued to a Person other than the Person to which the Company Unit surrendered in exchange therefor is registered, it shall be a condition of the payment or issuance thereof that such Company Unit shall be properly endorsed (to the extent applicable) and otherwise in proper form for transfer and that the Person requesting such exchange shall have paid to Acquirer or any agent designated by Acquirer any transfer or other Taxes required by reason of the payment of cash or issuance of Parent Ordinary Shares in any name other than that of the registered holder of such Company Units, or established to the satisfaction of Acquirer or any agent designated by Acquirer that such Tax has been paid or is not payable. 

(d)No Liability. Notwithstanding anything to the contrary in this Section 1.4, no party hereto shall be liable to any Person for any amount properly paid to a public official pursuant to any applicable abandoned property, escheat or similar Applicable Law. 

(e)Unclaimed Consideration. Each holder of a Company Unit who has not theretofore complied with the exchange procedures set forth in and contemplated by this Section 1.4 shall look only to Acquirer (subject to abandoned property, escheat and similar Applicable Law) for its claim, only as a general unsecured creditor thereof, to any portion of the Merger Consideration payable or issuable pursuant to Section 1.3(a) in respect of such Company Unit. Notwithstanding anything to the contrary contained herein, if any Company Unit has not been surrendered prior to the earlier of the first anniversary of the Effective Time and such date on which the applicable portion of the Merger Consideration payable or issuable pursuant to Section 1.3(a) in respect of such Company Unit would otherwise escheat to, or become the property of, any Governmental Entity, any amounts payable in respect of such Company Unit shall, to the extent permitted by Applicable Law, become the property of Acquirer, free and clear of all claims or interests of any Person previously entitled thereto. 

1.5No Further Ownership Rights in the Company Units. The applicable portion of the Merger Consideration paid or payable and issued or issuable following the surrender for exchange of the Company Units in accordance with this Agreement shall be paid or payable or issued or issuable in full satisfaction of all rights pertaining to the Company Units, and there shall be no further registration of transfers on the records of the Surviving Company of Company Units that were issued and outstanding immediately prior to the Effective Time. If, after the Effective Time, any document or instrument representing a Company Unit is presented to the Surviving Company for any reason, such Company Unit shall be cancelled and exchanged as provided in this Article I. 

1.6Closing Cash Consideration Adjustment. 

(a)Pursuant to Section 5.12, the Company shall deliver the Company Closing Financial Certificate to Acquirer not later than three Business Days prior to the Closing Date. 

(b)Within 90 days after the Closing, Acquirer may object to the Company’s calculation of Company Net Working Capital, Company Cash, Company Debt and/or Transaction Expenses included in the Company Closing Financial Certificate (each, an “Adjustment Component” and collectively, the “Adjustment Calculations”) by delivering to the Members’ Agent a notice (the “Acquirer Adjustment Notice”) setting forth Acquirer’s calculation of each Adjustment Component as to which Acquirer is objecting and the amount by which each such Adjustment Component as calculated by Acquirer is less than or greater than such Adjustment Component as set forth in the Company Closing Financial Certificate, in each case together with supporting documentation, information and calculations. 

(c)The Members’ Agent may object to the calculation of the Adjustment Components set forth in the Acquirer Adjustment Notice by providing written notice of such objection to Acquirer within 20 days after Acquirer’s delivery of the Acquirer Adjustment Notice (the “Notice of Objection”), together with supporting documentation, information and calculations. Any matters not expressly set forth in the Notice of Objection shall be deemed to have been accepted by the Members’ Agent on behalf of the Converting Holders. During such 20-day period, the Members’ Agent shall have the right to review all books and records of the Surviving Company solely to the extent reasonably required in connection with the Members’ Agent’s review of the Acquirer Adjustment Notice and preparation of the Notice of Objection, if any, and each of Acquirer and the Surviving Company agrees to cooperate in such review as reasonably requested by the Members’ Agent and to provide such access for such limited purpose to the Surviving Company’s books and records during normal business hours as the Members’ Agent shall reasonably request. 10 

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(d)If the Members’ Agent timely provides the Notice of Objection, then Acquirer and the Members’ Agent shall confer in good faith for a period of up to 10 Business Days following Acquirer’s timely receipt of the Notice of Objection in an attempt to resolve any disputed matter set forth in the Notice of Objection, and any resolution by them shall be in writing and shall be final and binding on the parties hereto and the Converting Holders. 

(e)If, after the 10-Business Day period set forth in Section 1.6(d), Acquirer and the Members’ Agent cannot resolve any matter set forth in the Notice of Objection, then Acquirer and the Members’ Agent shall engage Ernst & Young LLP or, if such firm is not able or willing to so act, another independent auditing firm acceptable to both Acquirer and the Members’ Agent (the “Reviewing Accountant”) to review only the matters in the Notice of Objection that are still disputed by Acquirer and the Members’ Agent and the Adjustment Calculations to the extent relevant thereto. After such review and a review of the Surviving Company’s relevant books and records, the Reviewing Accountant shall promptly (and in any event within 60 days following its engagement) determine the resolution of such remaining disputed matters, which determination shall be final and binding on the parties hereto and the Converting Holders, and the Reviewing Accountant shall provide Acquirer and the Members’ Agent with a calculation of Adjustment Components at issue in accordance with such determination. 

(f)After the Adjustment Calculations are finally determined pursuant to Section 1.6(b), Section 1.6(d) and/or Section 1.6(e), as the case may be (the “Final Adjustment Calculations”), the Closing Cash Consideration shall be recalculated (as so recalculated, the “Final Closing Cash Consideration”) using the Final Adjustment Calculations instead of the Adjustment Calculations set forth in the Company Closing Financial Certificate. 

(g)If the Final Closing Cash Consideration is less than the Closing Cash Consideration (such difference, the “Final Shortfall”), then the Converting Holders shall severally, but not jointly, indemnify and hold harmless Acquirer without any dispute by the Members’ Agent, for the full amount of the Final Shortfall; provided that Acquirer shall be permitted to recover all or a portion of the Final Shortfall from the Escrow Fund. 

(h)If the Final Closing Cash Consideration is greater than the Closing Cash Consideration (such difference, the “Final Surplus”), then Acquirer shall, within 15 Business Days, pay to the Converting Holders, in accordance with their Pro Rata Shares, the Final Surplus by check or wire transfer of immediately available funds, in accordance with each Converting Holder’s payment instructions delivered in accordance with the Joinder Agreement or as otherwise directed by such Converting Holder at least five Business Days in advance of such payment. 

(i)The fees, costs and expenses of the Reviewing Accountant shall be paid (i) by Acquirer in the event the absolute value of the differences between the final Adjustment Components as determined by the Reviewing Accountant pursuant to Section 1.6(e) and the Adjustment Components set forth in the Acquirer Adjustment Notice (such aggregate difference, the “Acquirer’s Difference”) is greater than the absolute value of the differences between the final Adjustment Components as determined by the Reviewing Accountant pursuant to Section 1.6(e) and the Adjustment Components set forth in the Notice of Objection (such aggregate difference, the “Members’ Agent’s Difference”), (ii) by the Converting Holders if the Acquirer’s Difference is less than the Members’ Agent’s Difference or (iii) equally by Acquirer on the one hand, and the converting holders on the other hand, if the Acquirer’s Difference is the same as the Members’ Agent’s Difference. 

(j)Acquirer’s right to indemnification pursuant to this Section 1.6 will not be subject to the limitations set forth in Section 8.3, but shall constitute Acquirer’s sole and exclusive remedy with respect to each Adjustment Component and any Final Shortfall except in the case of fraud, intentional misrepresentation or willful misconduct. Any payments made pursuant to this Section 1.6 shall be treated as adjustments to the Merger Consideration for all Tax purposes to the maximum extent permitted under Applicable Law.

1.7Tax Consequences. The parties hereto intend that the Merger shall constitute a taxable transaction and shall be treated, pursuant to IRS Revenue Ruling 99-6, Situation No. 2, for U.S. federal income Tax purposes as a sale by the Company Members of their respective Company Units in accordance with Section 741 of the Code and as a taxable purchase of the Company’s assets by Acquirer for U.S. federal income Tax purposes, and that IRS Revenue Ruling 2007-49, Situation 3, shall apply with respect to any Key Employee who receives Parent Ordinary Shares that are subject to a Share Restriction Agreement. The parties agree to report the Merger for U.S. federal income Tax purposes in a manner consistent with such intended treatment. Notwithstanding the foregoing, it is understood and agreed that neither Acquirer nor Merger Sub makes any representations or warranties to the Company or to any Company Member regarding the Tax treatment of the Merger, or any of the Tax consequences to the Company or any Company Member of this Agreement, the Merger or the other Transactions or the other agreements contemplated by this Agreement. The Company acknowledges that the Company and the Company Members are relying solely on their own Tax advisors in connection with this Agreement, the Merger and the other Transactions and the other agreements contemplated by this Agreement. 

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1.8Certain Taxes. All transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees (including any penalties and interest) incurred in connection with this Agreement shall be paid equally by Acquirer, on the one hand, and by the applicable Company Member, on the other hand, when due, and such Company Member shall file all necessary Tax Returns and other documentation with respect to all such transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees, and Acquirer shall cooperate with the applicable Company Member to facilitate such filings. 

1.9Withholding Rights. Each of Acquirer, the Surviving Company and the Paying Agent shall be entitled to deduct and withhold from any payments of cash or issuances of Parent Ordinary Shares pursuant to this Agreement to any Key Employee, any Continuing Employee or any holder of any Company Units, such amounts in cash and/or Parent Ordinary Shares as Acquirer, the Surviving Company or the Paying Agent is required to deduct and withhold with respect to any such payments or issuances under the Code (including Section 1446(f) of the Code) or any provision of state, local, provincial or foreign Tax law. To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes of this Agreement as having been paid or issued, as applicable, to such Persons in respect of which such deduction and withholding was made. Any amounts that are deducted and withheld pursuant to this Section 1.9 shall be deposited by Acquirer, the Surviving Company or the Paying Agent, as the case may be, as required by Applicable Law. 

1.10Taking of Necessary Action; Further Action. If, at any time after the Closing, any further action is necessary or desirable to carry out the purposes of this Agreement and to vest the Surviving Company with full right, title and interest in, to and under, and/or possession of, all assets, property, rights, privileges, powers and franchises of the Company, the officers of the Surviving Company are fully authorized, in the name and on behalf of the Company or otherwise, to take all lawful action necessary or desirable to accomplish such purpose or acts, so long as such action is not inconsistent with this Agreement. 

ARTICLE II 

Representations and Warranties of the Company

Subject to the disclosures set forth in the disclosure letter of the Company delivered to Acquirer concurrently with the execution of this Agreement (the “Company Disclosure Letter”) (each of which disclosures, in order to be effective, shall clearly indicate the Section and, if applicable, the Subsection of this Article II to which it relates (unless and only to the extent the relevance to other representations and warranties is readily apparent from the actual text of the disclosures without any reference to extrinsic documentation or any independent knowledge on the part of the reader regarding the matter disclosed), and each of which disclosures shall also be deemed to be representations and warranties made by the Company to Acquirer under this Article II), the Company represents and warrants to Acquirer as follows:

2.1Organization, Standing, Power and Subsidiaries. 

(a)The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware. Each Company Subsidiary is a limited liability company duly organized, validly existing and in good standing under the laws of the state of New York. Each of the Company and the Company Subsidiaries has the power to own, operate, use, distribute and lease its properties and to conduct the Business and is duly licensed or qualified to do business and is in good standing in each jurisdiction where the failure to be so qualified or in good standing, individually or in the aggregate with any such other failures, would reasonably be expected to have a Material Adverse Effect with respect to the Company. Except as set forth on Schedule 2.1(a) of the Company Disclosure Letter, the Company has and, since its inception has had, no Subsidiaries or any Equity Interest, whether direct or indirect, in, or any loans to, any corporation, partnership, limited liability company, joint venture or other business entity. 

(b)Schedule 2.1(b) of the Company Disclosure Letter sets forth a true, correct and complete list of the names and titles of the officers of the Company and each Company Subsidiary. 

(c)The Company is the owner of all of the Equity Interests of each Company Subsidiary, free and clear of all Encumbrances, and all such Equity Interests are not subject to any preemptive rights created by statute, such Company Subsidiary’s articles of organization, limited liability company agreement or any Contract to which such Subsidiary is a party or by which it is bound. There are no outstanding subscriptions, options, warrants, “put” or “call” rights, exchangeable or convertible securities or other Contracts of any character relating to the issued membership interests of any Company Subsidiary, or otherwise obligating the Company or any Company Subsidiary to issue, transfer, sell, purchase, redeem or otherwise acquire or sell any such Equity Interests. 

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2.2Capital Structure. 

(a)The authorized, issued and outstanding Company Units consist solely of (i) 5,954.84 Class A Units, (ii) 2,633.24 Class B Units, (iii) 1,500 Class C Units and (iv) 2,069.97 Class D Units. There are no commitments or Contracts to issue any Company Units other than pursuant to the conversion of Company Convertible Notes that are outstanding as of the Agreement Date. The Company holds no Company Units. Schedule 2.2(a) of the Company Disclosure Letter sets forth, as of the Agreement Date, (i) a true, correct and complete list of the Company Members and the number and type of Company Units so owned by such Company Member, and any beneficial holders thereof, if applicable, (ii) for each Class B Unit, the applicable Threshold Value and (iii) the number of Company Units that are Unvested Company Units, including as applicable the number and type of such Unvested Company Units, the per unit purchase price paid for such Unvested Company Units, the vesting schedule in effect for such Unvested Company Units (and the terms of any acceleration thereof), the per unit repurchase price payable for such Unvested Company Units and the length of the repurchase period following the termination of service of the holder of such Unvested Company Units. None of the Class B Units were granted with a Threshold Value that would have provided the holder thereof with a share of the proceeds if, as of the date of grant of such Class B Unit, the Company’s assets were sold at their fair market value and the proceeds of such sale were distributed in a complete liquidation of the Company. Except as set forth in the Operating Agreement, all issued and outstanding Company Units are free of any Encumbrances, outstanding subscriptions, preemptive rights or “put” or “call” rights created by statute or any Contract to which the Company is a party or by which the Company or any of its assets is bound. The Company has never declared or paid any distributions on any Company Units. There is no Liability for declared and unpaid distributions by the Company. The Company is not under any obligation to register under the Securities Act or any other Applicable Law any Company Units, any Equity Interests or any other securities of the Company, whether currently outstanding or that may subsequently be issued. Each Company Unit that is convertible into another class or series of Company Unit in accordance with the Operating Agreement is convertible on a one-for-one basis. All issued and outstanding Company Units and Company Convertible Notes were issued in compliance with Applicable Law and all requirements set forth in the Operating Agreement and any applicable Contracts to which the Company is a party or by which the Company or any of its assets is bound. 

(b)As of the Agreement Date, there are no authorized, issued or outstanding Equity Interests of the Company other than Company Units and the Company Convertible Notes. Other than as set forth on Schedule 2.2(a) of the Company Disclosure Letter, as of the Agreement Date, no Person has any Equity Interests of the Company or any Company Subsidiary, equity appreciation rights, stock units, share schemes, calls or rights, or is party to any Contract of any character to which the Company, any Company Subsidiary or a Company Member is a party or by which it or its assets is bound, (i) obligating the Company, any Company Subsidiary or such Company Member to issue, deliver, sell, repurchase or redeem, or cause to be issued, delivered, sold, repurchased or redeemed, any Equity Interests of the Company or any Company Subsidiary or other rights to purchase or otherwise acquire any Equity Interests of the Company or any Company Subsidiary, whether vested or unvested (other than the issuance of Company Units upon the conversion of the Company Convertible Notes), or (ii) obligating the Company or any Company Subsidiary to grant, extend, accelerate the vesting and/or repurchase rights of, change the price of, or otherwise amend or enter into any such, call, right or Contract. 

(c)Other than the Company Convertible Notes, no Company Debt (i) granting its holder the right to vote on any matters on which any Company Member may vote (or that is convertible into, or exchangeable for, securities having such right) or (ii) the value of which is in any way based upon or derived from capital or voting units of the Company or any Company Subsidiary, is issued or outstanding as of the Agreement Date (collectively, “Company Voting Debt”). 

(d)Other than the Operating Agreement and as set forth on Schedule 2.2(d) of the Company Disclosure Letter, there are no Contracts relating to voting, purchase, sale or transfer of any Company Units (i) between or among the Company and any Company Member, other than written Contracts granting the Company the right to purchase unvested units of membership interests upon termination of employment or service, and (ii) to the knowledge of the Company, between or among any of the Company Members. No Contract to which the Company is a party or by which the Company or any of its assets is bound relating to any Unvested Company Units requires or otherwise provides for any accelerated vesting of any Unvested Company Units or the acceleration of any other benefits thereunder, in each case in connection with the Transactions or upon termination of employment or service with the Company or Acquirer, or any other event, whether before, upon or following the Effective Time or otherwise. No Company Units are subject to vesting, reverse vesting, forfeiture, a right of repurchase or to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code.

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(e)As of the Closing, (i) the number of Company Units set forth in the Spreadsheet as being owned by a Person, and the Company Convertible Notes owned by a Person, will constitute the entire interest of such Person in the issued and outstanding Company Units or any other Equity Interests of the Company, (ii) no Person not disclosed in the Spreadsheet will have a right to acquire from the Company any Company Units, Company Convertible Notes or any other Equity Interests of the Company and (iii) the Company Convertible Notes and, to the Company’s knowledge, the Company Units disclosed in the Spreadsheet will be free and clear of any Encumbrances, other than Encumbrances set forth in the Operating Agreement or the Company Convertible Notes.

(f)Schedule 2.2(f) of the Company Disclosure Letter identifies each employee of the Company or other Person with an offer letter or other Contract or Company Employee Plan that contemplates a grant of, or right to purchase or receive: (i) Class B Units, options to purchase Company Units or other equity awards with respect to Company Units or (ii) other securities of the Company, that in each case, have not been issued or granted as of the Agreement Date, together with the number of such options, other equity awards or other securities and any promised terms thereof.

2.3Authority; Non-contravention.

(a)Having obtained the Voting Member Approval, the Company has all requisite power and authority to enter into this Agreement and the other Company Transaction Documents and to consummate the Transactions. The execution and delivery of this Agreement and the other Company Transaction Documents and the consummation of the Transactions have been duly authorized by all necessary action on the part of the Company. Each Transaction Document required to be executed and delivered by the Company has been duly executed and delivered by the Company and, assuming the due execution and delivery of such Transaction Document by the other parties thereto, constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms subject only to the effect, if any, of (i) applicable bankruptcy and other similar Applicable Law affecting the rights of creditors generally and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. The Voting Members, by resolutions duly adopted (and not thereafter modified or rescinded) by the Voting Members, have approved this Agreement and the Transactions, including the Merger, in accordance with Applicable Law and the Operating Agreement. The Voting Member Approval is the only vote of the holders of Company Units necessary to consummate the Transactions, including the Merger, distribute the Merger Consideration in accordance with Section 1.3, approve this Agreement and the Merger under the DLLCA and the Operating Agreement, each as in effect at the time of such approval. No rights to appraisals under the Operating Agreement or Applicable Law are available to any Company Member as a result of the Transactions, including the Merger.

(b)Except as set forth on Schedule 2.3(b) of the Company Disclosure Letter, the execution and delivery of this Agreement and the other Company Transaction Documents by the Company does not, and the consummation of the Transactions will not, (i) result in the creation of any Encumbrance on any of the material assets of the Company or the Company Subsidiaries or any of the Company Units or (ii) conflict with, or result in any violation of or default under (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or loss of any benefit under, or require any consent, approval or waiver from any Person pursuant to, (A) any provision of the Operating Agreement or other equivalent organizational or governing documents of the Company or any Company Subsidiary, in each case as amended to date, (B) any Contract of the Company or any Company Subsidiary or any Contract applicable to any of its or their material assets or (C) any Applicable Law.

(c)No consent, approval, Order or authorization of, or registration, declaration or filing with, or notice to, any Governmental Entity or any other Person is required by or with respect to the Company or any Company Subsidiary in connection with the execution and delivery of this Agreement or any other Company Transaction Document or the consummation of the Transactions, except for (i) the filing of the Certificate of Merger, as provided in Section 1.1(d), and (ii) such other consents, approvals, Orders, authorizations, registrations, declarations, filings and notices that, if not obtained or made, would not adversely affect, and would not reasonably be expected to adversely affect, the Company’s ability to perform or comply with the covenants, agreements or obligations of the Company herein or in any other Company Transaction Document or to consummate the Transactions in accordance with this Agreement or any other Company Transaction Document and Applicable Law.

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2.4Financial Statements; No Undisclosed Liabilities.

(a)The Company has delivered to Acquirer its consolidated unaudited financial statements for the fiscal years ending December 31, 2016 and December 31, 2017 and its consolidated unaudited financial statements for the nine-month period ended September 30, 2018 (including, in each case, balance sheets, statements of profits and loss and statements of cash flows) (collectively, the “Financial Statements”), which are included as Schedule 2.4(a) of the Company Disclosure Letter. The Financial Statements (i) are derived from and in accordance with the books and records of the Company, (ii) complied as to form with applicable accounting requirements with respect thereto as of their respective dates, (iii) fairly and accurately present the consolidated financial condition of the Company at the dates therein indicated and the consolidated results of operations and cash flows of the Company for the periods therein specified (subject, in the case of unaudited interim period financial statements, to normal recurring year-end adjustments, none of which individually or in the aggregate are or are reasonably expected to be material in amount), (iv) are true, correct and complete (subject, in the case of unaudited interim period financial statements, to normal recurring year-end adjustments, none of which individually or in the aggregate are or are reasonably expected to be material in amount) and (v) were prepared in accordance with GAAP applied on a consistent basis throughout the periods involved, except (A) as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter and (B) for the absence of footnotes in the Financial Statements.

(b)Neither the Company nor any Company Subsidiary has any Liabilities of any nature other than (i) those set forth or adequately provided for in the balance sheet included in the Financial Statements as of September 30, 2018 (such date, the “Company Balance Sheet Date” and such balance sheet, the “Company Balance Sheet”), (ii) those incurred in the conduct of the Company’s and any Company Subsidiary’s business since the Company Balance Sheet Date in the ordinary course and consistent with past practice that are of the type that ordinarily recur and, individually or in the aggregate, are not materially different in nature or amount from Liabilities reflected on the Financial Statements and do not result from any breach of Contract, warranty, infringement, tort or violation of Applicable Law and (iii) those incurred by the Company in connection with the execution of this Agreement. Except for Liabilities reflected in the Financial Statements, neither the Company nor any Company Subsidiary has any off-balance sheet Liability of any nature to, or any financial interest in, any third parties or entities, the purpose or effect of which is to defer, postpone, reduce or otherwise avoid or adjust the recording of expenses incurred by the Company or any Company Subsidiary. All reserves that are set forth in or reflected in the Company Balance Sheet have been established in accordance with GAAP consistently applied, except as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter, and are adequate. Without limiting the generality of the foregoing, neither the Company nor any Company Subsidiary has ever guaranteed any debt or other obligation of any other Person.

(c)Schedule 2.4(c) of the Company Disclosure Letter sets forth a true, correct and complete list of all Company Debt, including, for each item of Company Debt, the agreement governing the Company Debt and the interest rate, maturity date, any assets securing such Company Debt and any prepayment or other penalties payable in connection with the repayment of such Company Debt at the Closing.

(d)Schedule 2.4(d) of the Company Disclosure Letter sets forth the names and locations of all banks and other financial institutions at which the Company or any Company Subsidiary maintains accounts and the names of all Persons authorized to make withdrawals therefrom.

(e)The accounts receivable of the Company and the Company Subsidiaries (collectively, the “Accounts Receivable”) as reflected on the Company Balance Sheet and as will be reflected in the Company Closing Financial Certificate arose in the ordinary course of business and consistent with past practice and represent bona fide claims against debtors for sales and other charges, and have been collected or are collectible in the book amounts thereof within 90 days following the Agreement Date, less an amount not in excess of the allowance for doubtful accounts provided for in the Company Balance Sheet or in the Company Closing Financial Certificate, as the case may be. Allowances for doubtful accounts and warranty returns have been prepared in accordance with GAAP consistently applied, except as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter, and in accordance with the Company’s past practice and are sufficient to provide for any losses that may be sustained on realization of the applicable Accounts Receivable. The Accounts Receivable arising after the Company Balance Sheet Date and before the Closing Date (i) arose or shall arise in the ordinary course of business and consistent with past practice, (ii) represented or shall represent bona fide claims against debtors for sales and other charges and (iii) have been collected or are collectible in the book amounts thereof within 90 days following the Agreement Date, less allowances for doubtful accounts and warranty returns determined in accordance with GAAP consistently applied, except as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter, and the Company’s past practice that are or shall be sufficient to provide for any losses that 

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may be sustained on realization of the applicable Accounts Receivable. None of the Accounts Receivable is subject to any claim of offset, recoupment, set-off or counter-claim and, to the knowledge of the Company, there are no facts or circumstances (whether asserted or unasserted) that could give rise to any such claim. No material amount of Accounts Receivable is contingent upon the performance by the Company of any obligation or Contract other than normal warranty repair and replacement. No Person has any Encumbrance on any Accounts Receivable, and no agreement for deduction or discount has been made with respect to any such Accounts Receivable. Schedule 2.4(e) of the Company Disclosure Letter sets forth, as of November 30, 2018, an aging of the Accounts Receivable in the aggregate and by customer, and there are no material allowances for doubtful accounts and warranty returns. As of November 30, 2018, the Accounts Receivable are not subject to any asserted warranty claims by customers and no such asserted warranty claims have been made within the last year.

(f)The Company has established and maintains a system of internal accounting controls sufficient to provide reasonable assurances (i) that transactions, receipts and expenditures of the Company and the Company Subsidiaries are being executed and made only in accordance with appropriate authorizations of management and the Voting Members, (ii) that transactions are recorded as necessary (A) to permit preparation of financial statements in conformity with GAAP, except as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter, and (B) to maintain accountability for assets, (iii) regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of Company or any Company Subsidiary and (iv) that the amount recorded for assets on the books and records of the Company is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. None of the Company, any Company Subsidiary, the Company’s independent auditors and, to the knowledge of the Company, any current or former employee or consultant of the Company or any Company Subsidiary, has identified or been made aware of any fraud, whether or not material, that involves Company’s management or other current or former employees or consultants of the Company or any Company Subsidiary who have a role in the preparation of financial statements or the internal accounting controls utilized by the Company, or any claim or allegation regarding any of the foregoing. None of the Company, the Company Subsidiaries and, to the knowledge of the Company, any Representative of the Company has received or otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or oral, in each case, regarding deficient accounting or auditing practices, procedures, methodologies or methods of the Company or its internal accounting controls, or any material weakness with respect thereto, or any material inaccuracy in the Company’s financial statements. No attorney representing the Company, whether or not employed by the Company, has reported to the Voting Members or to the Company evidence of a material violation of securities laws, breach of fiduciary duty or similar violation by the Company, any Company Subsidiary or its Representatives. At the Company Balance Sheet Date, there were no material loss contingencies (as such term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 450) that are not adequately provided for in the Company Balance Sheet as required by such Topic 450. There has been no change in the Company accounting policies since the Company’s inception, except as described in the Financial Statements.

2.5Absence of Changes. Since the Company Balance Sheet Date, except (a) as set forth on Schedule 2.5 of the Company Disclosure Letter, and (b) in connection with the execution and delivery of this Agreement and the consummation of the Transactions, (i) the Company and the Company Subsidiaries have conducted the Business only in the ordinary course of business and consistent with past practice, (ii) there has not occurred a Material Adverse Effect with respect to the Company and (iii) neither the Company nor any Company Subsidiary has done, caused or permitted any action that would constitute a breach of Section 4.2 if such action were taken by the Company, without the written consent of Acquirer, between the Agreement Date and the earlier of the termination of this Agreement and the Effective Time.

2.6Litigation. There is no Legal Proceeding to which the Company or any Company Subsidiary is a party pending before any Governmental Entity, or, to the knowledge of the Company, threatened against the Company, any Company Subsidiary or any of its or their assets or any of its or their officers or employees (in their capacities as such or relating to their employment, services or relationship with the Company or such Company Subsidiary), and, to the knowledge of the Company, there is not any reasonable basis for any such Legal Proceeding. There is no Order against the Company, any Company Subsidiary, any of its or their assets, or, to the knowledge of the Company, any of its or their officers or employees (in their capacities as such or relating to their employment, services or relationship with the Company). To the knowledge of the Company, there is no reasonable basis for any Person to assert a claim against the Company, any Company Subsidiary or any of its or their assets or any of its or their officers or employees (in their capacities as such or relating to their employment, services or relationship with the Company or such Company Subsidiary) based upon: (i) the Company entering into this Agreement, any of the Transactions or the agreements contemplated by this Agreement, including a claim that such officer or employee breached a fiduciary duty in connection therewith, (ii) any confidentiality or similar agreement entered into by the Company or any Company Subsidiary regarding its or their assets or (iii) any claim that the Company or any Company Subsidiary has agreed to sell or dispose of any of its assets to any party other than Acquirer, whether by way of merger, consolidation, sale of assets or otherwise. Neither the Company nor any Company Subsidiary has any Legal Proceeding pending against any other Person.

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2.7Restrictions on Business Activities. Except as set forth on Schedule 2.7 of the Company Disclosure Letter, there is no Contract or Order binding upon the Company or any Company Subsidiary that restricts or prohibits, purports to restrict or prohibit, has or would reasonably be expected to have, whether before or after consummation of the Merger, the effect of prohibiting, restricting or impairing any current or presently proposed business practice of the Company or any Company Subsidiary, any acquisition of property by the Company or any Company Subsidiary or the conduct or operation of the Business or, excluding restrictions on the use of Third-Party Intellectual Property contained in the applicable written license agreement therefor, limiting the freedom of the Company or any Company Subsidiary to (i) engage or participate, or compete with any other Person, in any line of business, market or geographic area with respect to the Company Products or the Company Intellectual Property, or to make use of any Company Intellectual Property, including any grants by the Company of exclusive rights or licenses or (ii) sell, distribute or manufacture any products or services or to purchase or otherwise obtain any software, components, parts or services. Other than the Material Contracts or as set forth on Schedule 2.7 of the Company Disclosure Letter, there are no Contracts or permits to which the Company or any Company Subsidiary is a party that relate to or affect the assets or properties of the Company.

2.8Compliance with Laws; Governmental Permits.

(a)The Company and the Company Subsidiaries have complied in all material respects with, are not in violation in any material respect of, and have not received any written or, to the Company’s knowledge, other notices of violation with respect to, Applicable Law.

(b)The Company and the Company Subsidiaries have obtained each material federal, state, county, local or foreign governmental consent, license, permit, grant or other authorization of a Governmental Entity (i) pursuant to which the Company or any Company Subsidiary currently operates or holds any interest in any of its assets or properties or (ii) that is required for the conduct of the Business or the holding of any such interest (all of the foregoing consents, licenses, permits, grants and other authorizations, collectively, the “Company Authorizations”), and all of the Company Authorizations are in full force and effect. Neither the Company nor any Company Subsidiary has received any notice or other communication from any Governmental Entity regarding (i) any actual or possible violation of any Company Authorization or (ii) any actual or possible revocation, withdrawal, suspension, cancellation, termination or modification of any Company Authorization, and to the knowledge of the Company, no such notice or other communication is forthcoming. The Company and the Company Subsidiaries have materially complied with all of the terms of the Company Authorizations and none of the Company Authorizations will be terminated or impaired, or will become terminable, in whole or in part, as a result of the consummation of the Transactions.

2.9Title to, Condition and Sufficiency of Assets; Real Property.

(a)The Company or the Company Subsidiaries have good title to, or valid leasehold interest in all of its properties, and interests in properties and assets, real and personal, reflected on the Company Balance Sheet or acquired after the Company Balance Sheet Date (except properties and assets, or interests in properties and assets, sold or otherwise disposed of since the Company Balance Sheet Date in the ordinary course of business and consistent with past practice), or, with respect to leased properties and assets, valid leasehold interests in such properties and assets that afford the Company or a Company Subsidiary valid leasehold possession of the properties and assets that are the subject of such leases, in each case, free and clear of all Encumbrances, except Permitted Encumbrances.

(b)The assets and properties owned by the Company and the Company Subsidiaries (i) constitute all of the assets and properties that are necessary for the Company to conduct, operate and continue the conduct of the Business and to sell and otherwise enjoy full rights to exploitation of its assets, properties and all products and services that are provided in connection with its assets and properties and (ii) constitute all of the assets and properties that are used in the conduct of the Business, without (A) the need for Acquirer to acquire or license any other asset, property or Intellectual Property or (B) the breach or violation of any Contract.

(c)Schedule 2.9(c) of the Company Disclosure Letter identifies each parcel of real property leased by the Company or any Company Subsidiary. The Company has provided to Acquirer true, correct and complete copies of all leases, subleases and other agreements under which the Company or any Company Subsidiary uses or occupies or has the right to use or occupy, now or in the future, any real property or facility, including all modifications, amendments and supplements thereto. Neither the Company nor any Company Subsidiary currently owns any real property.

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2.10Intellectual Property.

(a)As used herein, the following terms have the meanings indicated below:

(i)“Company Data” means all data collected, generated, or received in connection with the marketing, delivery, or use of any Company Product, including Company-Licensed Data, Company-Owned Data and Personal Data.

(ii)“Company Data Agreement” means any Contract involving Company Data to which the Company or any Company Subsidiary is a party or is bound by, except for the standard terms of service entered into by users of the Company Products (copies of which have been made available to Acquirer). 

(iii)“Company Intellectual Property” means any and all Company-Owned Intellectual Property and any and all Third-Party Intellectual Property that is licensed to the Company or any Company Subsidiary.

(iv)“Company Intellectual Property Agreements” means any Contract governing any Company Intellectual Property to which the Company or any Company Subsidiary is a party or bound by, except for Contracts for (A) Open Source Materials and (B) Third-Party Intellectual Property that is generally, commercially available software and (i) is not material to the Company or any Company Subsidiary, (ii) has not been modified or customized for the Company or any Company Subsidiary and (iii) is licensed for an annual fee under $1,000.

(v)“Company-Licensed Data” means all data owned, or purported to be owned by third parties that is Processed by the Company or any Company Subsidiary.

(vi)“Company-Owned Data” means each element of data collected, generated, or received that the Company or any Company Subsidiary owns or purports to own.

(vii)“Company-Owned Intellectual Property” means any and all Intellectual Property that is owned or purported to be owned by the Company or any Company Subsidiary.

(viii)“Company Privacy Policies” means, collectively, any and all (A) of the Company’s and each Company Subsidiary’s data privacy and security policies, whether applicable internally, or published on Company Websites or otherwise made available by the Company or any Company Subsidiary to any Person, (B) public representations (including representations on Company Websites), industry self-regulatory obligations and commitments and Contracts with third parties relating to the Processing of Company Data and (C) policies and obligations applicable to the Company or any Company Subsidiary as a result of Company’s or any Company Subsidiary’s certification under the EU-U.S. and Swiss-U.S. Privacy Shield Frameworks.

(ix)“Company Products” means all products or services produced, marketed, licensed, sold, distributed or performed by or on behalf of the Company or any Company Subsidiary and all products or services currently under development by the Company or any Company Subsidiary.

(x)“Company Registered Intellectual Property” means the United States, international and foreign: (A) patents and patent applications (including provisional applications), (B) registered trademarks, applications to register trademarks, intent-to-use applications, or other registrations or applications related to trademarks, (C) registered Internet domain names and (D) registered copyrights and applications for copyright registration, in each case registered or filed in the name of, or owned by, the Company or any Company Subsidiary.

(xi)“Company Source Code” means, collectively, any software source code or database specifications or designs, or any material proprietary information or algorithm contained in or relating to any software source code or database specifications or designs, of any Company-Owned Intellectual Property or Company Products.

(xii)“Company Websites” means all web sites owned, operated or hosted by the Company or any Company Subsidiary or through which the Company or any Company Subsidiary conducts the Business (including those web sites operated using the domain names listed in Schedule 2.10(c) of the Company Disclosure Letter), and the underlying platforms for such web sites.

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(xiii)“ICT Infrastructure” means the information and communications technology infrastructure and systems (including software, hardware, firmware, networks and the Company Websites) that is or has been used in the Business.

(xiv)“Intellectual Property” means (A) Intellectual Property Rights and (B) Proprietary Information and Technology.

(xv)“Intellectual Property Rights” means any and all of the following and all rights in, arising out of, or associated therewith, throughout the world: patents, utility models, and applications therefor and all reissues, divisions, re-examinations, renewals, extensions, provisionals, continuations and continuations-in-part thereof and equivalent or similar rights in inventions and discoveries anywhere in the world, including invention disclosures, common law and statutory rights associated with trade secrets, confidential and proprietary information and know-how, industrial designs and any registrations and applications therefor, trade names, logos, trade dress, trademarks and service marks, trademark and service mark registrations, trademark and service mark applications and any and all goodwill associated with and symbolized by the foregoing items, Internet domain name applications and registrations, social media accounts, Internet and World Wide Web URLs or addresses, copyrights, copyright registrations and applications therefor and all other rights corresponding thereto, database rights, mask works, mask work registrations and applications therefor and any equivalent or similar rights in semiconductor masks, layouts, architectures or topology, moral and economic rights of authors and inventors, however denominated and any similar or equivalent rights to any of the foregoing, and all benefits, privileges, causes of action and remedies relating to any of the foregoing.

(xvi)“Open Source Materials” means software or other material that is distributed as “free software,” “open source software” or under similar licensing or distribution terms (including the GNU General Public License (GPL), GNU Lesser General Public License (LGPL), Mozilla Public License (MPL), BSD licenses, the Artistic License, the Netscape Public License, the Sun Community Source License (SCSL) the Sun Industry Standards License (SISL) and the Apache License). 

(xvii)“Personal Data” means any information relating to an identified or identifiable natural person including a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person or any other piece of information that allows the identification of a natural person or is otherwise considered personally identifiable information or personal information under Applicable Law.

(xviii)“Privacy Laws” means (A) each Applicable Law applicable to Personal Data, including the General Data Protection Regulation (EU) 2016/679, EU-U.S. and Swiss-U.S. Privacy Shield Framework, the Payment Card Industry Data Security Standards, the Video Privacy Protection Act and direct marketing and advertising, profiling and tracking, e-mail, messaging and/or telemarketing, (B) guidance issued by a Governmental Entity that pertains to any Applicable Law and (C) applicable industry self-regulatory principles that are binding on the Company.

(xix)“Process” or “Processing” means, with respect to data, any operation or set of operations such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.

(xx)“Proprietary Information and Technology” means any and all of the following: works of authorship, computer programs, source code and executable code, whether embodied in software, firmware or otherwise, assemblers, applets, compilers, user interfaces, application programming interfaces, protocols, architectures, documentation, annotations, comments, designs, files, records, schematics, test methodologies, test vectors, emulation and simulation tools and reports, hardware development tools, models, tooling, prototypes, breadboards and other devices, data, data structures, databases, data compilations and collections, inventions (whether or not patentable), invention disclosures, discoveries, improvements, technology, proprietary and confidential ideas and information, tools, concepts, techniques, methods, processes, formulae, patterns, algorithms and specifications, customer lists and supplier lists and any and all instantiations or embodiments of the foregoing or any Intellectual Property Rights in any form and embodied in any media.

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(xxi)“Third-Party Intellectual Property” means any and all Intellectual Property owned or purported to be owned by a third party.

(b)Status. The Company and each Company Subsidiary has full title and exclusive ownership of, or is duly licensed under or otherwise authorized to use, all Intellectual Property necessary to enable it to carry on the Business, free and clear of any Encumbrances. The Company Intellectual Property collectively constitutes all of the Intellectual Property necessary for Acquirer’s conduct of, or that are used in or held for use for, the Business without: (i) the need for Acquirer to acquire or license any other intangible asset, intangible property or Intellectual Property Right and (ii) the breach or violation of any Contract. Neither the Company nor any Company Subsidiary has transferred ownership of, or granted any exclusive rights in, any Company Intellectual Property to any third party. No third party has any ownership right, title, interest, claim in or lien on any of the Company-Owned Intellectual Property or Company-Owned Data.

(c)Company Registered Intellectual Property. Schedule 2.10(c) of the Company Disclosure Letter lists all Company Registered Intellectual Property, the jurisdictions in which it has been issued or registered or in which any application for such issuance and registration has been filed or the jurisdictions in which any other filing or recordation has been made and all actions that are required to be taken by the Company or any Company Subsidiary within 120 days following the Agreement Date in order to avoid prejudice to, impairment or abandonment of such Intellectual Property Rights (including all office actions, provisional conversions, annuity or maintenance fees or re-issuances). Each item of Company Registered Intellectual Property is valid (or in the case of applications, applied for) subsisting and enforceable, all registration, maintenance and renewal fees currently due in connection with such Company Registered Intellectual Property have been paid and all documents, recordations and certificates in connection with such Company Registered Intellectual Property currently required to be filed have been filed with the relevant patent, copyright, trademark or other authorities in the United States or foreign jurisdictions, as the case may be, for the purposes of prosecuting, maintaining and perfecting such Company Registered Intellectual Property and recording the Company’s and any Company Subsidiary’s ownership interests therein. The Company has provided to Acquirer tangible copies of all of the Company’s and all Company Subsidiary’s pending patent applications.

(d)Company Products. Schedule 2.10(d) of the Company Disclosure Letter lists all Company Products that have been made available for use or purchase by the Company or any Company Subsidiary, including any product or service currently under development and scheduled for commercial release within 90 days following the Agreement Date, for each such Company Product (and each version thereof) identifying its release date. The inventories of the Company are in good and marketable condition, and are saleable in the ordinary course of business.

(e)No Assistance. At no time during the conception of or reduction to practice of any of the Company-Owned Intellectual Property was the Company or any Company Subsidiary or any developer, inventor or other contributor to such Company-Owned Intellectual Property operating under any grants from any Governmental Entity or agency or private source, or any university, college, other educational institution military, multi-national, bi-national or international organization or research center (each, an “R&D Sponsor”) performing (directly or indirectly) research sponsored by any R&D Sponsor or subject to any employment agreement or invention assignment or nondisclosure agreement or other obligation with any third party that could adversely affect the Company’s or any Company Subsidiary’s rights in such Company-Owned Intellectual Property. Without limiting the foregoing, no developer, inventor or other contributor was employed by or has performed services for any R&D Sponsor during the period of time during which such developer, inventor or other contributor was also performing services for the Company or any Company Subsidiary or during the 12-month period immediately prior to his or her employment or engagement with the Company or any Company Subsidiary. No R&D Sponsor has any claim of right to, ownership of or other encumbrance on any Company Intellectual Property.

(f)Founders. All rights in, to and under all Intellectual Property created by the Company’s founders for or on behalf or in contemplation of the Company or any Company Subsidiary (i) prior to the inception of the Company or (ii) prior to their commencement of employment with the Company have been duly and validly assigned to the Company, and the Company has no reason to believe that any such Person is unwilling to provide Acquirer or the Company with such cooperation as may reasonably be required to complete and prosecute all appropriate United States and foreign patent and copyright filings related thereto.

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(g)Invention Assignment and Confidentiality Agreement. The Company and each Company Subsidiary has secured from all (i) current and former consultants, advisors, employees and independent contractors who independently or jointly contributed to or participated in the conception, reduction to practice, creation or development of any Intellectual Property for the Company and each Company Subsidiary and (ii) named inventors of patents and patent applications owned or purported to be owned by the Company and each Company Subsidiary (any Person described in clause (i) or (ii), an “Author”), unencumbered and unrestricted exclusive ownership of, all of the Authors’ right, title and interest in and to such Intellectual Property, and the Company has obtained the waiver of all non-assignable rights. No Author has retained any rights, licenses, claims or interest whatsoever with respect to any Intellectual Property developed by the Author for the Company or any Company Subsidiary. Without limiting the foregoing, the Company and each Company Subsidiary has obtained written and enforceable proprietary information and invention disclosure and Intellectual Property assignments from all current and former Authors and, in the case of patents and patent applications, such assignments have been recorded with the relevant authorities in the applicable jurisdiction or jurisdictions. The Company has provided to Acquirer copies of all forms of such disclosure and assignment documents currently and historically used by the Company and each Company Subsidiary and, in the case of patents and patent applications, the Company has provided to Acquirer copies of all such assignments.

(h)No Violation. To the knowledge of the Company, no current or former employee, consultant, advisor or independent contractor of the Company or any Company Subsidiary: (i) is in violation of any term or covenant of any Contract relating to employment, invention disclosure, invention assignment, non-disclosure or non-competition or any other Contract with any other party by virtue of such employee’s, consultant’s, advisor’s or independent contractor’s being employed by, or performing services for, the Company or any Company Subsidiary or using trade secrets or proprietary information of others without permission; or (ii) has developed any technology, software or other copyrightable, patentable or otherwise proprietary work for the Company or any Company Subsidiary that is subject to any agreement under which such employee, consultant, advisor or independent contractor has assigned or otherwise granted to any third party any rights (including Intellectual Property Rights) in or to such technology, software or other copyrightable, patentable or otherwise proprietary work. Neither the execution nor delivery of this Agreement will conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any Contract of the type described in clause (i). 

(i)Confidential Information. The Company and each Company Subsidiary has taken commercially reasonable steps to protect and preserve the confidentiality of all confidential or non-public information of the Company (including trade secrets) or provided by any third party to the Company or any Company Subsidiary (“Confidential Information”). All current and former employees and contractors of the Company and each Company Subsidiary and any third party having access to Confidential Information have executed and delivered to the Company or each Company Subsidiary a written legally binding agreement regarding the protection of such Confidential Information. To the knowledge of the Company, there has been no Company, Company Subsidiary or third-party breach of confidentiality.

(j)Non-Infringement. To the knowledge of the Company, there is no unauthorized use, unauthorized disclosure, infringement or misappropriation of any Company-Owned Intellectual Property by any third party. Neither the Company nor any Company Subsidiary has brought any Legal Proceeding for infringement or misappropriation of any Company-Owned Intellectual Property. Neither the Company nor any Company Subsidiary has any Liability for infringement or misappropriation of any Third-Party Intellectual Property. The operation of the Business, including (i) the design, development, manufacturing, reproduction, marketing, licensing, sale, offer for sale, importation, distribution, provision and/or use of any Company Product and/or Company-Owned Intellectual Property and (ii) the Company’s and each Company Subsidiary’s use of any product, device, process or service used in the Business as previously conducted, currently conducted and as proposed to be conducted by the Company and each Company Subsidiary, has not, does not and will not infringe (directly or indirectly, including via contribution or inducement), misappropriate or violate any Third-Party Intellectual Property, breach any terms of service, click-through agreement or any other agreement or rules, policies or guidelines applicable to use of such Third-Party Intellectual Property, and does not constitute unfair competition or unfair trade practices under the Applicable Law of any jurisdiction in which the Company or any Company Subsidiary conducts its business or in which Company Products are manufactured, marketed, distributed, licensed or sold and there is no basis for any such claims. Neither the Company nor any Company Subsidiary has been sued in any Legal Proceeding or received any written communications (including any third-party reports by users) alleging that the Company or any Company Subsidiary has infringed, misappropriated, or violated or, by conducting the Business, would infringe, misappropriate, or violate any Intellectual Property of any other Person or entity. No Company Intellectual Property or Company Product is subject to any Legal Proceeding, Order, settlement agreement or right that restricts in any manner the use, transfer or licensing thereof 

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by the Company or any Company Subsidiary, or that may affect the validity, use or enforceability of any Company Intellectual Property. The Company has not received any opinion of counsel that any Company Product or Company-Owned Intellectual Property or the operation of the business of the Company or any Company Subsidiary, as previously or currently conducted, or as currently proposed to be conducted, infringes or misappropriates any Third-Party Intellectual Property Rights. The Company has implemented sufficient processes to verify and guarantee that none of the products or goods sold by or through the Company or any Company Subsidiary are counterfeit, and neither the Company nor any Company Subsidiary has any Liabilities arising from any sale of counterfeit products or goods by or through the Company or any Company Subsidiary. None of the products or goods sold by or through the Company or any Company Subsidiary are or have been counterfeit.

(k)Licenses; Agreements.

(i)Neither the Company nor any Company Subsidiary has granted any options, licenses or agreements of any kind relating to any Company-Owned Intellectual Property outside of nonexclusive licenses on the Company unmodified standard forms (copies of which have been provided to Acquirer), and neither the Company nor any Company Subsidiary is bound by or a party to any option, license or agreement of any kind with respect to any of the Company-Owned Intellectual Property.

(ii)Other than (A) as listed on Schedule 2.10(k) of the Company Disclosure Letter and (B) payments to consignment sellers pursuant to agreements on the Company’s standard unmodified forms of Consignment Agreement (copies of which have been provided to Acquirer), neither the Company nor any Company Subsidiary is obligated to pay any royalties or other payments to third parties with respect to the marketing, sale, distribution, manufacture, license or use of any Company Products or Company-Owned Intellectual Property or any other property or rights.

(l)Other Intellectual Property Agreements. With respect to the Company Intellectual Property Agreements:

(i)each such agreement is valid and subsisting and has, where required, been duly recorded or registered;

(ii)neither the Company nor any Company Subsidiary is (and will not be as a result of the execution and delivery or effectiveness of this Agreement or the performance of the Company’s obligations under this Agreement), in breach of any Company Intellectual Property Agreement and the consummation of the Transactions will not result in the modification, cancellation, termination, suspension of, or acceleration of any payments, rights, obligations or remedies with respect to any Company Intellectual Property Agreements, or give any non-Company party to any Company Intellectual Property Agreement the right to do any of the foregoing;

(iii)to the knowledge of the Company, no counterparty to any Company Intellectual Property Agreement is in breach thereof;

(iv)at and after the Closing, the Surviving Company (as a wholly owned subsidiary of Acquirer) will be permitted to exercise all of the Company’s rights under the Company Intellectual Property Agreements to the same extent the Company would have been able to had the Transactions not occurred and without the payment of any additional amounts or consideration other than ongoing fees, royalties or payments that the Company would otherwise be required to pay;

(v)to the knowledge of the Company, there are no disputes or Legal Proceedings (pending or threatened) regarding the scope of any Company Intellectual Property Agreements, or performance under any Company Intellectual Property Agreements including with respect to any payments to be made or received by the Company or any Company Subsidiary thereunder;

(vi)no Company Intellectual Property Agreement requires the Company or any Company Subsidiary to include any Third-Party Intellectual Property in any Company Product or obtain any Person’s approval of any Company Product at any stage of development, licensing, distribution or sale of that Company Product;

(vii)none of the Company Intellectual Property Agreements grants any third party exclusive rights to or under any Company Intellectual Property;

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(viii)none of the Company Intellectual Property Agreements grants any third party the right to sublicense any Company Intellectual Property;

(ix)the Company and each Company Subsidiary has obtained valid, written, perpetual, non-terminable (other than for cause) licenses (sufficient for the conduct of the Business) to all Third-Party Intellectual Property that is incorporated into, integrated or bundled by the Company with any of the Company Products; and

(x)no third party that has licensed Intellectual Property Rights to the Company or any Company Subsidiary has ownership or license rights to improvements or derivative works made by the Company or any Company Subsidiary in the Third-Party Intellectual Property that has been licensed to the Company or any Company Subsidiary.

(m)Non-Contravention. None of the execution and performance of this Agreement, the consummation of the Transactions and the assignment to Acquirer and/or the Surviving Company by operation of law or otherwise of any Contracts to which the Company is a party or by which any of its assets is bound, will result in: (i) Acquirer or any of its Affiliates granting to any third party any right to or with respect to any Intellectual Property Rights owned by, or licensed to, Acquirer or any of its Affiliates, (ii) Acquirer or any of its Affiliates, being bound by or subject to, any exclusivity obligations, non-compete or other restriction on the operation or scope of their respective businesses, (iii) Acquirer or the Surviving Company being obligated to pay any royalties or other material amounts to any third party in excess of those payable by any of them, respectively, in the absence of this Agreement or the Transactions or (iv) any termination of, or other material impact to, any Company Intellectual Property.

(n)Company Source Code. Neither the Company nor any Company Subsidiary has disclosed, delivered or licensed to any Person or agreed or obligated itself to disclose, deliver or license to any Person, or permitted the disclosure or delivery to any escrow agent or other Person of, any Company Source Code, other than disclosures to employees, contractors and consultants (i) involved in the development of Company Products and (ii) subject to a written confidentiality agreement. No event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time, or both) will, or would reasonably be expected to, result in the disclosure, delivery or license by the Company or any Company Subsidiary of any Company Source Code, other than disclosures to employees and consultants involved in the development of Company Products. Without limiting the foregoing, neither the execution nor performance of this Agreement nor the consummation of any of the Transactions will result in a release from escrow or other delivery to a third party of any Company Source Code.

(o)Open Source Software. Schedule 2.10(o) of the Company Disclosure Letter identifies all Open Source Materials used in any Company Products or in the conduct of the Business, describes the manner in which such Open Source Materials were used (such description shall include whether (and, if so, how) the Open Source Materials were modified and/or distributed by the Company or any Company Subsidiary) and identifies the licenses under which such Open Source Materials were used. The Company and each Company Subsidiary is in compliance with the terms and conditions of all licenses for the Open Source Materials. Neither the Company nor any Company Subsidiary has (i) incorporated Open Source Materials into, or combined Open Source Materials with, the Company-Owned Intellectual Property or Company Products, (ii) distributed Open Source Materials in conjunction with any Company-Owned Intellectual Property or Company Products or (iii) used Open Source Materials, in such a way that, with respect to clauses (i) or (ii), creates, or purports to create, obligations for the Company with respect to any Company-Owned Intellectual Property or grant, or purport to grant, to any third party any rights or immunities under any Company-Owned Intellectual Property (including using any Open Source Materials that require, as a condition of use, modification and/or distribution of such Open Source Materials that other software incorporated into, derived from or distributed with such Open Source Materials be (A) disclosed or distributed in source code form, (B) be licensed for the purpose of making derivative works or (C) be redistributable at no charge). Neither the Company nor any Company Subsidiary has modified or created any derivative works of the Magento open source software code, and neither the Company nor any Company Subsidiary has any obligation to make any of its plug-ins or extensions to Magento available to any third parties under the terms of the Open Source License 3.0.

(p)Information Technology.

(i)Status. The ICT Infrastructure that is currently used in the Business: (A) constitutes all the information and communications technology and other systems infrastructure reasonably necessary to carry on the Business, including having sufficient capacity and maintenance and support requirements to satisfy the requirements of the Business as currently conducted and for the 180 days following the Agreement Date with regard to information and communications technology, data processing and communications; and (B) operates in good working order and functions in accordance with all applicable documentation and specifications without any substandard performance or defect in any part of the ICT Infrastructure.

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(ii)Except as set forth on Schedule 2.10(p)(ii) of the Company Disclosure Letter, the Company has implemented and maintains reasonable security, disaster recovery and business continuity plans consistent with industry practices of companies offering similar services, and acts in compliance therewith and has tested such plans on a periodic basis, and such plans have proven effective upon testing.

(q)Privacy and Personal Data.

(i)The Company’s each Company Subsidiary’s data, privacy and security practices conform, and at all times have conformed, to all of the Company Privacy Commitments, Privacy Laws and Company Data Agreements. The Company and each Company Subsidiary has at all times: (A) had the legal bases (including providing adequate notice and obtained any necessary consents from individuals) required for the Processing of Personal Data as conducted by or for the Company or any Company Subsidiary, and (B) abided by any privacy choices (including opt-out preferences) of individuals relating to Personal Data (such obligations along with those contained in Company Privacy Policies, collectively, “Company Privacy Commitments”). Neither the execution, delivery and performance of this Agreement nor the taking over by Acquirer of all of the Company Databases, Company Data and other information relating to the Company’s or any Company Subsidiary’s end users, employees, vendors or clients or any other category of individuals, will cause, constitute, or result in a breach or violation of any Privacy Laws or Company Privacy Commitments, any Company Data Agreements or standard terms of service entered into by the Company or any Company Subsidiary with individuals the Personal Data of whom is collected, processed or maintained by each of the Company and its data processors. Copies of all current and prior Company Privacy Policies have been made available to Acquirer and such copies are true, correct and complete.

(ii)The Company and each Company Subsidiary has established and maintains appropriate technical, physical and organizational measures and security systems and technologies in compliance with all data security requirements under Privacy Laws and Company Privacy Commitments that are designed to protect Company Data against accidental or unlawful Processing in a manner appropriate to the risks represented by the Processing of such data by the Company and its data processors. The Company, each Company Subsidiary and their data processors have taken commercially reasonable steps to ensure the reliability of its employees and contractors who have access to Company Data, to train such employees on all applicable aspects of Privacy Laws and Company Privacy Commitments and to ensure that all employees with the right to access such data are under written obligations of confidentiality with respect to such data.

(iii)Neither the Company nor any Company Subsidiary has received or experienced and, to the knowledge of the Company, there is no circumstance (including any circumstance arising as the result of an audit or inspection carried out by any Governmental Entity) that would reasonably be expected to give rise to, any Legal Proceeding, Order, notice, communication, warrant, regulatory opinion, audit result or allegation from a Governmental Entity or any other Person (including an end user): (A) alleging or confirming non-compliance with a relevant requirement of Privacy Laws or Company Privacy Commitments, (B) requiring or requesting the Company or any Company Subsidiary to amend, rectify, cease Processing, de-combine, permanently anonymize, block or delete any Company Data, (C) permitting or mandating relevant Governmental Entities to investigate, requisition information from, or enter the premises of, the Company or any Company Subsidiary or (D) claiming compensation from the Company or any Company Subsidiary. Neither the Company nor any Company Subsidiary has been involved in any Legal Proceedings involving a breach or alleged breach of Privacy Laws or Company Privacy Commitments.

(iv)Schedule 2.10(q)(iv) of the Company Disclosure Letter contains the complete list of notifications and registrations made by the Company or any Company Subsidiary under Privacy Laws with relevant Governmental Entities in connection with the Company’s or any Company Subsidiary’s Processing of Personal Data. All such notifications and registrations (including the Company’s and each Company Subsidiary’s certification under the EU-U.S. and Swiss-U.S. Privacy Shield Frameworks) are valid, accurate, complete and fully paid up and, to the knowledge of the Company, the consummation of the Transactions will not invalidate such notification or registration or require such notification or registration to be amended. Other than the notifications and registrations set forth on Schedule 2.10(q)(iv) of the Company Disclosure Letter, no other registrations or notifications are required in connection with the Processing of Personal Data by Company. Neither the Company nor any Company Subsidiary Processes the Personal Data of any natural Person under the age of 13.

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(v)Where the Company or any Company Subsidiary uses a data processor to Process Personal Data, the processor has provided guarantees, warranties or covenants in relation to Processing of Personal Data, confidentiality, security measures and compliance with those obligations that are sufficient for the Company’s or such Company Subsidiary’s compliance with Privacy Laws and Company Privacy Commitments, and there is in existence a written Contract between the Company or any Company Subsidiary and each such data processor that complies with the requirements of all Privacy Laws and Company Privacy Commitments. The Company has made available to Acquirer true, correct and complete copies of all such Contracts. To the knowledge of the Company, such data processors have not breached any such Contracts pertaining to Personal Data Processed by such Persons on behalf of Company or any Company Subsidiary.

(vi)Except as set forth on Schedule 2.10(q)(vi) of the Company Disclosure Letter, neither the Company nor any Company Subsidiary has transferred or permitted the transfer of Personal Data originating in the EEA outside the EEA, except where such transfers have complied with the requirements of Privacy Laws and Company Privacy Commitments, including the Company’s and each Company Subsidiary’s certification under the EU-U.S. and Swiss-U.S. Privacy Shield Frameworks.

(r)Data and Data Security.

(i)No Breach. Except as set forth on Schedule 2.10(r)(i) of the Company Disclosure Letter, no security incident, violation of any data security policy, breach, or unauthorized access in relation to Company Data, Company Databases, or Confidential Information (including Personal Data in the Company’s or any Company Subsidiary’s possession, custody or control) has occurred or is threatened, and there has been no unauthorized or illegal Processing of any of the foregoing. Except as set forth on Schedule 2.10(r)(i) of the Company Disclosure Letter, no circumstance has arisen in which: (A) Applicable Laws (including Privacy Laws) would require the Company or any Company Subsidiary to notify a Governmental Entity of a data security breach or security incident or (B) applicable guidance or codes of practice promulgated under Applicable Laws (including Privacy Laws) would recommend the Company or any Company Subsidiary to notify a Governmental Entity of a data security breach.

(ii)Company Databases. Schedule 2.10(r)(ii) of the Company Disclosure Letter identifies and describes each distinct electronic or other repository or database containing (in whole or in part) Company Data maintained by or for the Company or any Company Subsidiary at any time (collectively, the “Company Databases”), the types of Company Data in each such database (including by Company-Licensed Data and Company Owned Data), the means by which the Company Data was collected or received and the security policies that have been adopted and maintained with respect to each such Company Database.

(iii)Processing. The Company and each Company Subsidiary has valid and subsisting contractual rights to Process or to have Processed all Company-Licensed Data howsoever obtained or collected by or for the Company or any Company Subsidiary in the manner that it is Processed by or for the Company or any Company Subsidiary. The Company and each Company Subsidiary has all rights, and all permissions, licenses or authorizations required under Applicable Laws (including Privacy Laws) and relevant Contracts (including Company Data Agreements), to retain, produce copies, prepare derivative works, disclose, combine with other data, and grant third parties rights, as the case may be, to each of the Company-Licensed Data as necessary for the operation of the Business as presently conducted. The Company has been and is in compliance with all Contracts pursuant to which the Company Processes or has Processed Company-Licensed Data, and the consummation of the Transactions will not conflict with, or result in any violation or breach of, or default under, any such Contract. Schedule 2.10(r)(iii) of the Company Disclosure Letter identifies each Contract governing any Company-Licensed Data to which the Company is a party or is bound by, except the standard terms of use entered into by users of the Company Products (copies of which have been provided to Acquirer). 

(iv)Company Data. The Company is the owner of all right, title and interest in and to each element of Company-Owned Data. The Company has the right to Process all Company-Owned Data without obtaining any permission or authorization of any Person. Other than as set forth on Schedule 2.10(r)(iv) of the Company Disclosure Letter, the Company has not entered into any Contract governing any Company-Owned Data or to which the Company is a party or bound by, except the standard terms of use entered into by users of the Company Products (copies of which have been provided to Acquirer). 

(v)No Data Warranty. The Company has never directly stated or indirectly implied that Company Products enhance the security of data (including Personal Data) accessed, provided or sent by end users.

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(s)No Defects. The Company Intellectual Property is free from material defects and bugs, and substantially conforms to the applicable specifications, documentation, and samples therefor. The software included in the Company Intellectual Property does not and shall not contain (a) any clock, timer, counter, or other limiting or disabling code, design, routine, or any viruses, Trojan horses, or other disabling or disruptive codes or commands that would cause such Software to be erased, made inoperable, or otherwise rendered incapable of performing in accordance with its performance specifications and descriptions or otherwise limit or restrict the Company’s or any Person’s ability to use such software or the Company Intellectual Property, including after a specific or random number of years or copies, or (b) any back doors or other undocumented access mechanism allowing unauthorized access to, and viewing, manipulation, modification, or other changes to, such Software or Company Intellectual Property.

(t)Standards Bodies. (i) The Company is not and has never been a member of, a contributor to, or affiliated with, any industry standards organization, body, working group, or similar organization, and (ii) neither the Company nor any Company-Owned Intellectual Property is subject to any licensing, assignment, contribution, disclosure, or other requirements or restrictions of any industry standards organization, body, working group, or similar organization. The Company has provided Acquirer with accurate and complete copies of all governing documents and other Contracts (including charter, bylaws, and participation guidelines) relating to the Company’s membership in, contribution to, or affiliation with any industry standards organization, body, working group, or similar organization.

(u)Warranties; Company Products. No Company Product or service related thereto is subject to any guaranty, warranty, right of return, right of credit, or other indemnity other than the applicable standard terms and conditions of sale, license, or lease of the Company, which are set forth in Schedule 2.10(u) of the Company Disclosure Letter. Schedule 2.10(u) of the Company Disclosure Letter sets forth the aggregate expenses incurred by the Company in fulfilling its obligations under such provisions during each of the fiscal years and the interim period covered by the Financial Statements, and, to the knowledge of the Company, there exists no fact, circumstance, or condition that would reasonably be expected to result in such expenses significantly increasing as a percentage of sales in the future. There have been no product liability Claims relating to the Company, or any Company Products, or services related thereto.

(v)Company Websites. To the knowledge of the Company, no domain names have been registered by any Person that are similar to any trademarks, service marks, domain names or business or trading names used, created or owned by the Company. The contents of any Company Website and all transactions conducted over the Internet comply with Applicable Law and codes of practice in any applicable jurisdiction.

(w)Digital Millennium Copyright Act. The Company conducts and has conducted the Business in such a manner as to take reasonable advantage, if and when applicable, of the safe harbors provided by Section 512 of the Digital Millennium Copyright Act (the “DMCA”) and by any substantially similar Applicable Law in any other jurisdiction in which the Company conducts the Business, including by informing users of its products and services of such policy, designating an agent for notice of infringement claims, registering such agent with the United States Copyright Office, and taking appropriate action expeditiously upon receiving notice of possible infringement in accordance with the “notice and take-down” procedures of the DMCA or such other Applicable Law.

2.11Taxes.

(a)The Company and each Company Subsidiary has timely filed all Tax Returns required to be filed by it prior to the Closing Date and has timely paid all Taxes required to be paid by it on such Tax Returns (whether or not shown on any Tax Return), and has no Liability for Taxes in excess of the amounts so paid. All such Tax Returns were complete and accurate in all material respects and have been prepared in compliance with Applicable Law. There is no claim for Taxes that has resulted in an Encumbrance against any of the assets of the Company or any Company Subsidiary other than a Permitted Encumbrance.

(b)The Company and each Company Subsidiary has delivered to Acquirer true, correct and complete copies of all Tax Returns, examination reports and statements of deficiencies, adjustments and proposed deficiencies and adjustments in respect of the Company and of each Company Subsidiary.

(c)The Company Balance Sheet reflects all Liabilities for unpaid Taxes of the Company and each Company Subsidiary for periods (or portions of periods) through the Company Balance Sheet Date. Neither the Company nor any Company Subsidiary has any Liability for unpaid Taxes accruing after the Company Balance Sheet Date except for Taxes arising in the ordinary course of business and consistent with past practice following the Company Balance Sheet Date.

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(d)Except as set forth on Schedule 2.11(d) of the Company Disclosure Letter, there is (i) no past or pending audit of, or Tax controversy associated with, any Tax Return of the Company or of any Company Subsidiary that has been or is being conducted by a Tax Authority, (ii) no other procedure, proceeding or contest of any refund or deficiency in respect of Taxes pending or on appeal with any Governmental Entity, (iii) no extension of any statute of limitations on the assessment of any Taxes granted by the Company or by any Company Subsidiary currently in effect, and (iv) no agreement with a Tax Authority to any extension of time for filing any Tax Return that has not been filed. No claim has ever been made by any Governmental Entity in a jurisdiction where either the Company or any Company Subsidiary does not file Tax Returns that the Company or any Company Subsidiary is or may be subject to taxation by that jurisdiction.

(e)Neither the Company nor any Company Subsidiary is not a party to or bound by any Tax sharing, Tax indemnity, or Tax allocation agreement, and neither the Company nor any Company Subsidiary has any Liability or potential Liability to another party under any such agreement.

(f)Neither the Company nor any predecessor of the Company is or has ever been a member of a consolidated, combined, unitary or aggregate group of which the Company or any predecessor of the Company was not the ultimate parent corporation.

(g)Neither the Company nor any Company Subsidiary has any Liability for the Taxes of any Person (other than the Company or any Company Subsidiary) under Section 1.1502-6 of the Treasury Regulations (or any similar provision of state, local or foreign law), as a transferee or successor, by operation of Applicable Law, by Contract or otherwise.

(h)Neither the Company nor any Company Subsidiary owns and has never owned directly or indirectly an interest in a corporation, association, joint venture, partnership, limited liability company or other “business entity” within the meaning of Treasury Regulation Section 301.7701-2(a), other than the Company Subsidiaries. The Company is, and since its formation has been, classified as a partnership for all U.S. federal and applicable state income Tax purposes. Each Company Subsidiary is, and has been since its formation, classified as an entity disregarded as separate from the Company under Treasury Regulation Section 301.7701-3(b)(1)(ii). 

(i)The Company and each Company Subsidiary has provided to Acquirer all documentation relating to any applicable Tax holidays or incentives. The Company and each Company Subsidiary is in compliance with the requirements for any applicable Tax holidays or incentives and none of the Tax holidays or incentives will be jeopardized by the Transactions.

(j)Except as set forth on Schedule 2.11(j) of the Company Disclosure Letter, neither the Company nor any Company Subsidiary has received any private letter ruling from the IRS (or any comparable Tax ruling from any other Governmental Entity) that would apply to the Company or any Company Subsidiary after the Closing Date.

(k)Neither the Company nor any Company Subsidiary is subject to Tax in any foreign jurisdiction by virtue of having employees, a permanent establishment or any other place of business in such jurisdiction. Neither the Company nor any Company Subsidiary has (i) employees, (ii) an office or other place of business, (iii) sales representatives or other persons selling or offering to sell on the Company’s or any Company Subsidiary’s behalf or referring customers for a fee or (iv) a volume of sales or volume of transactions, in each case in any U.S. State other than U.S. States in which it currently files a Tax Return that reasonably could be expected to cause the Company or any Company Subsidiary to be subject to income Tax, sales Tax, use Tax, gross receipts Tax or any other type of Tax in that State.

(l)The Company and each Company Subsidiary has (i) complied with all Applicable Law relating to the payment, reporting and withholding of Taxes (including withholding of Taxes pursuant to Sections 1441, 1442, 1445, 1446, 1471, 1472 and 3406 of the Code or similar provisions under any foreign law), (ii) withheld (within the time and in the manner prescribed by Applicable Law) from employee wages or consulting compensation and paid over to the proper governmental authorities (or is properly holding for such timely payment) all amounts required to be so withheld and paid over under all Applicable Law, including federal and state income Taxes, Federal Insurance Contribution Act, Medicare, Federal Unemployment Tax Act, relevant state income and employment Tax withholding laws, and (iii) timely filed all withholding Tax Returns, for all periods through and including the Closing Date.

(m)Neither the Company nor any Company Subsidiary owns, and has never owned, any assets that are considered “United States real property interests” within the meaning of Section 897(c) of the Code.

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(n)Neither the Company nor any Company Subsidiary has received a claim from a Tax Authority that an independent contractor retained by the Company or any Company Subsidiary should instead be classified as an employee of the Company or such Company Subsidiary.

(o)Schedule 2.11(o) of the Company Disclosure Letter lists all “nonqualified deferred compensation plans” (within the meaning of Section 409A of the Code) to which the Company or any Company Subsidiary is a party. Each such nonqualified deferred compensation plan to which the Company or any Company Subsidiary is a party complies with the requirements of paragraphs (2), (3) and (4) of Section 409A(a) by its terms and has been operated in accordance with such requirements. No event has occurred that would be treated by Section 409A(b) as a transfer of property for purposes of Section 83 of the Code. Neither the Company nor any Company Subsidiary is under any obligation to gross up any Taxes with respect to a “nonqualified deferred compensation plan” under Section 409A of the Code.

(p)Except as set forth on Schedule 2.11(p) of the Company Disclosure Letter, there is no agreement, plan, arrangement or other Contract covering any current or former employee or other service provider of the Company or any Company Subsidiary or any ERISA Affiliate to which the Company or any Company Subsidiary is a party or by which the Company or any Company Subsidiary or their assets is bound that, considered individually or considered collectively with any other such agreements, plans, arrangements or other Contracts, will, or would reasonably be expected to, as a result of the Transactions (whether alone or upon the occurrence of any additional or subsequent events), give rise directly or indirectly to the payment of any amount that would reasonably be expected to be non-deductible or be characterized as a “parachute payment” within the meaning of Section 280G of the Code (or any corresponding or similar provision of state, local or foreign Tax law). The Company meets the following requirement which exempts the Company from Section 280G of the Code: the Company is not a “corporation” as defined in Q/A-45 of Treasury Regulation Section 1.280G-1. Neither the Company nor any Company Subsidiary has ever had any obligation to report, withhold or gross up any excise Taxes under Section 280G or Section 4999 of the Code.

2.12 Employee Benefit Plans and Employee Matters.

(a)Schedule 2.12(a) of the Company Disclosure Letter lists, with respect to the Company and any trade or business (whether or not incorporated) that is treated as a single employer with the Company (an “ERISA Affiliate”) within the meaning of Section 414(b), (c), (m) or (o) of the Code, (i) all “employee benefit plans” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) each loan to an employee, (iii) all unit option, unit purchase, unit appreciation right, restricted unit, contingent value rights, “phantom” units or rights or similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of any Company Units, supplemental retirement, severance, sabbatical, medical, dental, vision care, disability, employee relocation, cafeteria benefit (Section 125 of the Code), dependent care (Section 129 of the Code), life insurance or accident insurance plans, programs or arrangements, (iv) all bonus, pension, profit sharing, savings, severance, retirement, deferred compensation or incentive plans (including cash incentive plans), programs or arrangements, (v) all other fringe or employee benefit plans, programs or arrangements and (vi) all employment, individual consulting, retention, change of control or executive compensation or severance agreements, written or otherwise, as to which any unsatisfied obligations of the Company remain for the benefit of, or relating to, any present or former employee or consultant of the Company (all of the foregoing described in clauses (i) through (vi), collectively, the “Company Employee Plans”). 

(b)The Company has delivered to Acquirer a true, correct and complete copy of each of the Company Employee Plans and related plan documents. The Company does not sponsor or maintain any self-funded employee benefit plan, including any plan to which a stop-loss policy applies. The Company has provided to Acquirer a true, correct and complete copy of each of the Company Employee Plans and related plan documents (including trust documents, insurance policies or Contracts, employee booklets, summary plan descriptions and other authorizing documents, and any material employee communications relating thereto) and has, with respect to each Company Employee Plan that is subject to ERISA reporting requirements, provided to Acquirer true, correct and complete copies of the Form 5500 reports filed for the last three plan years. Any Company Employee Plan intended to be qualified under Section 401(a) of the Code has either obtained from the IRS a favorable determination letter as to its qualified status under the Code, including all amendments to the Code effected by the Tax Reform Act of 1986 and subsequent legislation, or has applied (or has time remaining in which to apply) to the IRS for such a determination letter prior to the expiration of the requisite period under applicable Treasury Regulations or IRS pronouncements in which to apply for such determination letter and to make any amendments necessary to obtain a favorable determination or has been established under a standardized prototype plan for which an IRS opinion letter has been obtained by the plan sponsor and is valid as to the adopting employer. The 

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Company has provided to Acquirer a true, correct and complete copy of the most recent IRS determination or opinion letter issued with respect to each such Company Employee Plan, and nothing has occurred since the issuance of each such letter that would reasonably be expected to cause the loss of the Tax-qualified status of any Company Employee Plan subject to Section 401(a) of the Code. The Company has provided to Acquirer all registration statements and prospectuses prepared in connection with each Company Employee Plan. All individuals who, pursuant to the terms of any Company Employee Plan, are entitled to participate in any Company Employee Plan, are currently participating in such Company Employee Plan or have been offered an opportunity to do so and have declined in writing.

(c)None of the Company Employee Plans promises or provides retiree medical or other retiree welfare benefits to any person other than as required under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) or similar state law and the Company has complied with the requirements of COBRA. There has been no “prohibited transaction” (within the meaning of Section 406 of ERISA and Section 4975 of the Code and not exempt under Section 408 of ERISA and regulatory guidance thereunder) with respect to any Company Employee Plan. Each Company Employee Plan has been administered in accordance with its terms and in compliance with the requirements prescribed by any and all statutes, rules and regulations (including ERISA and the Code), and the Company and each ERISA Affiliate has performed all obligations required to be performed by it under, is not in default under or in violation of, and has no knowledge of any default or violation by any other party to, any of the Company Employee Plans. Neither the Company nor any ERISA Affiliate is subject to any Liability or penalty under Sections 4976 through 4980 of the Code or Title I of ERISA with respect to any Company Employee Plans. All contributions required to be made by the Company or any ERISA Affiliate to any Company Employee Plan have been made on or before their due dates and a reasonable amount has been accrued for contributions to each Company Employee Plan for the current plan years (and no further contributions will be due or will have accrued thereunder as of the Closing Date, other than contributions accrued in the ordinary course of business and consistent with past practice after the Company Balance Sheet Date as a result of the operations of the Company after the Company Balance Sheet Date). In addition, with respect to each Company Employee Plan intended to include a Code Section 401(k) arrangement, the Company and each of the ERISA Affiliates have at all times made timely deposits of employee salary reduction contributions and participant loan repayments, as determined pursuant to regulations issued by the United States Department of Labor. No Company Employee Plan is covered by, and neither the Company nor ERISA Affiliate has incurred or expects to incur any Liability under Title IV of ERISA or Section 412 of the Code. Each Company Employee Plan can be amended, terminated or otherwise discontinued after the Effective Time in accordance with its terms, without Liability to Acquirer (other than ordinary and reasonable administrative expenses typically incurred in a termination event). With respect to each Company Employee Plan subject to ERISA as either an employee pension benefit plan within the meaning of Section 3(2) of ERISA or an employee welfare benefit plan within the meaning of Section 3(1) of ERISA, the Company and any applicable ERISA Affiliate have prepared in good faith and timely filed all requisite governmental reports (which were true, correct and complete as of the date filed), including any required audit reports, and have properly and timely filed and distributed or posted all notices and reports to employees required to be filed, distributed or posted with respect to each such Company Employee Plan. No suit, administrative proceeding, action, litigation or claim has been brought, or to the knowledge of the Company, is threatened, against or with respect to any such Company Employee Plan, including any audit or inquiry by the IRS or United States Department of Labor.

(d)There has been no amendment to, written interpretation or announcement (whether or not written) by the Company or other ERISA Affiliate relating to, or change in participation or coverage under, any Company Employee Plan that would materially increase the expense of maintaining such Company Employee Plan above the level of expense incurred with respect to such Company Employee Plan for the most recent full fiscal year included in the Financial Statements.

(e)Neither the Company nor any current or former ERISA Affiliate currently maintains, sponsors, participates in or contributes to, or has ever maintained, established, sponsored, participated in, contributed to or been required to contribute to, any pension plan (within the meaning of Section 3(2) of ERISA) that is subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA or Section 412 of the Code.

(f)Neither the Company nor any ERISA Affiliate is a party to, or has made any contribution to or otherwise incurred any obligation under, any “multiemployer plan” as such term is defined in Section 3(37) of ERISA or any “multiple employer plan” as such term is defined in Section 413(c) of the Code.

(g)No Company Employee Plan is sponsored, maintained or contributed to under the law or applicable custom or rule of the any jurisdiction outside of the United States.

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(h)The Company is, and at all times has been, in compliance in all material respects with all Applicable Law respecting employment, discrimination in employment, terms and conditions of employment, employee benefits, worker classification (including the proper classification of workers as independent contractors and consultants), wages, hours and occupational safety and health and employment practices, including the Immigration Reform and Control Act and, with respect to each Company Employee Plan, (i) the applicable health care continuation and notice provisions of COBRA and the regulations (including proposed regulations) thereunder, (ii) the applicable requirements of the Family Medical and Leave Act of 1993 and the regulations (including proposed regulations) thereunder, (iii) the applicable requirements of the Health Insurance Portability and Accountability Act of 1996 and the regulations (including proposed regulations) thereunder, (iv) the applicable requirements of the Americans with Disabilities Act of 1990, as amended and the regulations (including proposed regulations) thereunder, (v) the Age Discrimination in Employment Act of 1967, as amended, and (vi) the applicable requirements of the Women’s Health and Cancer Rights Act of 1998 and the regulations (including proposed regulations) thereunder. The Company is not engaged in any unfair labor practice. The Company is not liable for any arrears of wages, compensation, Taxes, penalties or other sums for failure to comply with any of the foregoing. The Company has paid in full to all employees, independent contractors and consultants all wages, salaries, commissions, bonuses, benefits and other compensation due to or on behalf of such employees, independent contractors and consultants. The Company is not liable for any payment to any trust or other fund or to any Governmental Entity, with respect to unemployment compensation benefits, social security or other benefits or obligations for employees (other than routine payments to be made in the normal course of business and consistently with past practice). There are no pending claims against the Company under any workers compensation plan or policy or for long term disability. Except as set forth on Schedule 2.12(h) of the Company Disclosure Letter, the Company does not have any obligations under COBRA with respect to any former employees or qualifying beneficiaries thereunder, except for obligations that are not material in amount. There are no controversies pending or, to the knowledge of the Company, threatened, between the Company and any of its employees, which controversies have or would reasonably be expected to result in a Legal Proceeding before any Governmental Entity. Except as set forth on Schedule 2.12(h) of the Company Disclosure Letter, the Company has not entered into any settlement agreement relating to an allegation of sexual harassment or other sexual misconduct by, and to the knowledge of the Company, no allegations of sexual harassment or other sexual misconduct have been made against, any officer, employee, contractor or other representative of the Company.

(i)The Company has provided to Acquirer true, correct and complete copies of each of the following: (i) all forms of offer letters, (ii) all forms of employment agreements and severance agreements, (iii) all forms of services agreements and agreements with current and former consultants and/or advisory board members, (iv) all forms of confidentiality, non-competition or inventions agreements between current and former employees/consultants and the Company (and a true, correct and complete list of employees, consultants and/or others not subject thereto), (v) the most current management organization chart(s), (vi) all forms of bonus plans and any form award agreement thereunder, (vii) a schedule of bonus commitments made to employees of the Company and (viii) in each case, any agreements or other arrangements that materially deviate from such forms.

(j)The Company is not a party to or bound by any collective bargaining agreement, works council arrangement or other labor union Contract, no collective bargaining agreement is being negotiated by the Company and the Company does not have any duty to bargain with any labor organization. There is no pending demand for recognition or any other request or demand from a labor organization for representative status with respect to any Person employed by the Company. To the knowledge of the Company, there are no activities or proceedings of any labor union or to organize their respective employees. There is no labor dispute, strike or work stoppage against the Company pending or, to the knowledge of the Company, threatened that may interfere with the conduct of the Business. Neither the Company nor, to the knowledge of the Company, any of its Representatives has committed any unfair labor practice in connection with the conduct of the Business, and there is no charge or complaint against the Company by the National Labor Relations Board or any comparable Governmental Entity pending or, to the knowledge of the Company, threatened. Except as set forth on Schedule 2.12(j) of the Company Disclosure Letter, no employee of the Company has been terminated in the 12 months immediately preceding the Agreement Date.

(k)Schedule 2.12(k) of the Company Disclosure Letter sets forth each non-competition agreement and non-solicitation agreement that binds any current or former employee or contractor of the Company or any Company Subsidiary (other than those agreements entered into with newly hired employees of the Company or any Company Subsidiary in the ordinary course of business and consistent with past practice). To the knowledge of the Company, no employee of the Company or any Company Subsidiary is in violation of any term of any employment agreement, non-competition agreement or any restrictive covenant to a former employer relating to the right of any such employee to be employed by the Company or any Company Subsidiary because of the nature of the Business or to the use of trade secrets or proprietary information of others. To the knowledge 

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of the Company, no contractor of the Company or any Company Subsidiary is in violation of any term of any non-competition agreement or any restrictive covenant to a former employer relating to the right of any such contractor to be providing services to the Company or any Company Subsidiary because of the nature of the Business or to the use of trade secrets or proprietary information of others. Except as set forth on Schedule 2.12(k) of the Company Disclosure Letter, no employee of the Company or any Company Subsidiary has given notice to the Company and, to the knowledge of the Company, no employee of the Company or any Company Subsidiary intends to terminate his or her employment with the Company or such Company Subsidiary. Except as set forth on Schedule 2.12(k) of the Company Disclosure Letter, the employment of each of the employees of the Company and the Company Subsidiaries is “at will” (except for non-United States employees of the Company located in a jurisdiction that does not recognize the “at will” employment concept) and neither the Company nor any Company Subsidiary has any obligation to provide any particular form or period of notice prior to terminating the employment of any of their respective employees. As of the Agreement Date, neither the Company nor any Company Subsidiary has, and to the knowledge of the Company, no other Person has, (i) entered into any Contract that obligates or purports to obligate Acquirer to make an offer of employment to any present or former employee or consultant of the Company or any Company Subsidiary and/or (ii) promised or otherwise provided any assurances (contingent or otherwise) to any present or former employee or consultant of the Company or any Company Subsidiary of any terms or conditions of employment with Acquirer following the Effective Time.

(l)Schedule 2.12(l)(i) of the Company Disclosure Letter sets forth a true, correct and complete list of all officers and employees of the Company and each Company Subsidiary, showing each such individual’s name, position, annual remuneration, the employing entity of such individual, the state in which such individual is employed, whether such individual is in active employment or on leave (and expected return date, if applicable), salary or wage rate, status as exempt/non-exempt, bonuses and fringe benefits for the current fiscal year and the most recently completed fiscal year, vacation eligibility for the current calendar year (including accrued vacation from prior years, if any), and visa status. The Company shall provide Acquirer with an updated version of Schedule 2.12(l)(i) at a minimum of three Business Days, but no later than six Business Days, prior to the Closing Date. The Company has no employees outside of the United States. Schedule 2.12(l)(iii) of the Company Disclosure Letter sets forth a true, correct and complete list of all of the Company’s consultants and independent contractors to which the Company has made payments in excess of $10,000 during the nine-month period ended September 30, 2018, and all of the Company’s advisory board members and, for each, (i) such individual’s compensation, (ii) such individual’s initial date of engagement, (iii) whether such engagement has been terminated by written notice by either party thereto and (iv) the notice or termination provisions applicable to the services provided by such individual.

(m)Except as set forth on Schedule 2.12(m) of the Company Disclosure Letter, there are no performance improvements or disciplinary actions contemplated or pending against any of the Company’s or any Company Subsidiary’s employees.

(n)The Company and the Company Subsidiaries are in compliance in all material respects with the Worker Adjustment Retraining Notification Act of 1988, as amended (the “WARN Act”), or any similar state or local law. In the past two years, (i) neither the Company nor any Company Subsidiary has effectuated a “plant closing” (as defined in the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of its business, (ii) there has not occurred a “mass layoff” (as defined in the WARN Act) affecting any site of employment or facility of the Company or any Company Subsidiary and (iii) neither the Company nor any Company Subsidiary has been affected by any transaction or engaged in layoffs or employment terminations sufficient in number to trigger application of any similar state, local or foreign law or regulation. Neither the Company nor any Company Subsidiary has caused any of its employees to suffer an “employment loss” (as defined in the WARN Act) during the 90-day period immediately preceding the Agreement Date.

(o)The execution, delivery and performance of this Agreement, the consummation of the Transactions, any termination of employment or service or any other event in connection therewith or subsequent thereto will not, individually or together or with the occurrence of some other event (whether contingent or otherwise), (i) result in any payment or benefit (including severance, golden parachute, bonus or otherwise, but excluding any government-mandated unemployment benefits) becoming due or payable, or required to be provided, to any current or former employee independent contractor or consultant, (ii) increase the amount or value of any benefit or compensation otherwise payable or required to be provided to any current or former employee, independent contractor or consultant, (iii) result in the acceleration of the time of payment, vesting or funding of any such benefit or compensation, (iv) increase the amount of compensation due to any Person, (v) result in the forgiveness in whole or in part of any outstanding loans made by the Company or any Company Subsidiary to any Person or (vi) limit or restrict the ability of the Company or any Company Subsidiary and, after the Closing, Acquirer or any of its Affiliates, to merge, amend or terminate any Company Employee Plan without Liability to Acquirer (other than ordinary and reasonable administrative expense). 

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2.13Interested-Party Transactions. Except as set forth on Schedule 2.13 of the Company Disclosure Letter, none of the officers of the Company or any Company Subsidiary and, to the knowledge of the Company, none of the other employees of the Company or any Company Subsidiary, any Company Members, and none of the immediate family members of any of the foregoing, (i) has any direct or indirect ownership, participation, royalty or other interest in, or is an officer, employee of or consultant or contractor for any firm, partnership, entity or corporation that competes with, or does business with, or has any contractual arrangement with, the Company or any Company Subsidiary (except with respect to any interest in less than 5% of the stock of any corporation whose stock is publicly traded), (ii) is a party to, or to the knowledge of the Company, otherwise directly or indirectly interested in, any Contract to which the Company or any Company Subsidiary is a party or by which the Company or any Company Subsidiary or any of its or their assets is bound, except for normal compensation for services as an officer or employee thereof or (iii) to the knowledge of the Company, has any interest in any property, real or personal, tangible or intangible (including any Intellectual Property) that is used in, or that relates to, the Business, except for the rights of Company Members under Applicable Law.

2.14Insurance. The Company maintains the policies of insurance and bonds set forth in Schedule 2.14 of the Company Disclosure Letter, including all legally required workers’ compensation insurance and errors and omissions, casualty, fire and general liability insurance. Schedule 2.14 of the Company Disclosure Letter sets forth the name of the insurer under each such policy and bond, the type of policy or bond, the coverage amount and any applicable deductible and any other material provisions as of the Agreement Date as well as all material claims made under such policies and bonds since inception. The Company has provided to Acquirer true, correct and complete copies of all such policies of insurance and bonds issued at the request or for the benefit of the Company or any Company Subsidiary. Except as set forth on Schedule 2.14 of the Company Disclosure Letter, there is no claim pending under any of such policies or bonds as to which coverage has been questioned, denied or disputed by the underwriters of such policies or bonds. All premiums due and payable under all such policies and bonds have been timely paid and the Company is otherwise in compliance with the terms of such policies and bonds. All such policies and bonds remain in full force and effect, and the Company has no knowledge of any threatened termination of, or material premium increase with respect to, any of such policies.

2.15Books and Records. The Company has provided to Acquirer true, correct and complete copies of each document that has been requested by Acquirer in connection with their legal and accounting review of the Company (other than any such document that does not exist or is not in the Company’s possession or subject to its control). Without limiting the foregoing, the Company has provided to Acquirer true, correct and complete copies of (i) all documents identified on the Company Disclosure Letter, (ii) the Certificate of Formation, the Operating Agreement or equivalent organizational or governing documents of the Company and each Company Subsidiary, each as currently in effect, (iii) the complete minute books containing records of all proceedings, consents, actions and meetings of SM Ventures I LLC (in its capacity as a holder of Class A Units), the Voting Members and the Company Members, including any presentations and written materials provided thereto in connection with such proceedings, consents, actions and meetings, (iv) the membership interest ledger, journal and other records reflecting all unit issuances and transfers and all unit, option and warrant grants and agreements of the Company and the Company Subsidiaries and (v) all currently effective permits, orders and consents issued by any regulatory agency with respect to the Company or any Company Subsidiary, or any securities of the Company or any Company Subsidiary, and all applications for such permits, orders and consents. The minute books of the Company provided to Acquirer contain a true, correct and complete summary of all meetings of SM Ventures I LLC (in its capacity as a holder of Class A Units), the Voting Members and of the Company Members or actions by written consent since the time of incorporation of the Company through the Agreement Date. The books, records and accounts of the Company (A) are true, correct and complete in all material respects, (B) have been maintained in accordance with reasonable business practices on a consistent basis, (C) are stated in reasonable detail and accurately and fairly reflect all of the transactions and dispositions of the assets and properties of the Company and the Company Subsidiaries and (D) accurately and fairly reflect the basis for the Financial Statements.

2.16Material Contracts.

(a)Schedules 2.16(a)(i) through (xxvi) of the Company Disclosure Letter set forth a list of each of the following Contracts to which the Company or any Company Subsidiary is a party that are in effect on the Agreement Date (collectively, the “Material Contracts”):

(i)any Contract with a (A) Significant Supplier or (B) consignment seller other than agreements on the Company’s standard unmodified form of Consignment Agreement (copies of which have been provided to Acquirer);

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(ii)any Contract providing for payments by or to the Company (or under which the Company has made or received such payments) or any Company Subsidiary (or under which such Company Subsidiary has made or received such payments) in the period since the Company’s inception in an aggregate amount of $75,000 or more, other than those Contracts otherwise disclosed in Schedule 2.16(a) of the Company Disclosure Letter under another subsection of this Section 2.16(a);

(iii)any dealer, distributor, referral or similar agreement, or any Contract providing for the grant of rights to reproduce, license, market, refer or sell its products or services to any other Person or relating to the advertising or promotion of the Business or pursuant to which any third parties advertise on any websites operated by the Company;

(iv)(A) any joint venture Contract, (B) any Contract that involves a sharing of revenues, profits, cash flows, expenses or losses with other Persons and (C) any Contract that involves the payment of royalties to any other Person;

(v)any separation agreement or severance agreement with any current or former employees under which the Company or any Company Subsidiary has any actual or potential Liability;

(vi)any Contract for or relating to the employment or service of any officer, employee, consultant or beneficial owner of more than 5% of the total Company Units or any other type of Contract with any of its officers, employees, consultants or beneficial owners of more than 5% of the total Company Units, as the case may be;

(vii)any Contract (A) pursuant to which any other party is granted exclusive rights or “most favored party” rights of any type or scope with respect to any of the Company Products or Company Intellectual Property, (B) containing any non-competition covenants or other restrictions relating to the Company Products or Company Intellectual Property, (C) that limits or would limit the freedom of the Company or any of its successors or assigns or their respective Affiliates to (I) engage or participate, or compete with any other Person, in any line of business, market or geographic area with respect to the Company Products or the Company Intellectual Property, or to make use of any Company Intellectual Property, including any grants by the Company or any Company Subsidiary of exclusive rights or licenses or (II) sell, distribute or manufacture any products or services or to purchase or otherwise obtain any software, components, parts or services or (D) containing any “take or pay,” minimum commitments or similar provisions or (E) that is set forth on Schedule 2.12(k) of the Company Disclosure Letter;

(viii)any standstill or similar agreement containing provisions prohibiting a third party from purchasing Equity Interests of the Company or assets of the Company or otherwise seeking to influence or exercise control over the Company;

(ix)other than “shrink wrap” and similar generally available commercial end-user licenses to software that have an individual acquisition cost of $1,000 or less, all licenses, sublicenses and other Contracts to which the Company or any Company Subsidiary is a party and pursuant to which the Company or any Company Subsidiary acquired or is authorized to use any Third-Party Intellectual Property Rights used in the development, marketing or licensing of the Company Products;

(x)any license, sublicense or other Contract to which the Company or any Company Subsidiary is a party and pursuant to which any Person is authorized to use any Company-Owned Intellectual Property Rights;

(xi)any license, sublicense or other Contract pursuant to which the Company or any Company Subsidiary has agreed to any restriction on the right of the Company or any Company Subsidiary to use or enforce any Company-Owned Intellectual Property Rights or pursuant to which the Company or any Company Subsidiary agrees to encumber, transfer or sell rights in or with respect to any Company-Owned Intellectual Property Rights;

(xii)any Contracts relating to the membership of, or participation by, the Company or any Company Subsidiary in, or the affiliation of the Company or any Company Subsidiary with, any industry standards group or association;

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(xiii)any Contract providing for the development of any software, technology or Intellectual Property Rights, independently or jointly, either by or for the Company or any Company Subsidiary (other than employee invention assignment agreements and consulting agreements with Authors on the Company’s standard form of agreement, copies of which have been provided to Acquirer);

(xiv)any confidentiality, secrecy or non-disclosure Contract other than any such Contract entered into by the Company or any Company Subsidiary in the ordinary course of business and consistent with past practice;

(xv)any Contract to license or authorize any third party to manufacture or reproduce any of the Company Products or Company Intellectual Property;

(xvi)any Contract containing any indemnification, warranty, support, maintenance or service obligation or cost on the part of the Company or any Company Subsidiary;

(xvii)any settlement agreement with respect to any Legal Proceeding;

(xviii)any Contract pursuant to which rights of any third party are triggered or become exercisable, or under which any other consequence, result or effect arises, in connection with or as a result of the execution of this Agreement or the consummation of the Merger or the other Transactions, either alone or in combination with any other event;

(xix)any Contract or plan (including any stock option, merger and/or stock bonus plan) relating to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of any Company Units or any other securities of the Company or any Company Subsidiary or any options, warrants, convertible notes or other rights to purchase or otherwise acquire any such shares of stock, other securities or options, warrants or other rights therefor, except for the repurchase rights disclosed on Schedule 2.2(a) of the Company Disclosure Letter;

(xx)any Contract with any labor union or any collective bargaining agreement or similar contract with its employees;

(xxi)any trust indenture, mortgage, promissory note, loan agreement or other Contract for the borrowing of money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the type required to be capitalized in accordance with GAAP;

(xxii)any Contract of guarantee, surety, support, indemnification (other than pursuant to its standard end user agreements), assumption or endorsement of, or any similar commitment with respect to, the Liabilities or indebtedness of any other Person;

(xxiii)any Contract for capital expenditures in excess of $75,000 in the aggregate;

(xxiv)any Contract pursuant to which the Company or any Company Subsidiary is a lessor or lessee of any real property or any machinery, equipment, motor vehicles, office furniture, fixtures or other personal property involving expenditures in excess of $75,000 per annum;

(xxv)any Contract pursuant to which the Company or any Company Subsidiary has acquired a business or entity, or assets of a business or entity, whether by way of merger, consolidation, purchase of stock, purchase of assets, license or otherwise, or any Contract pursuant to which it has any material ownership interest in any other Person; and

(xxvi)any Contract with any Governmental Entity, any Company Authorization, or any Contract with a government prime contractor, or higher-tier government subcontractor, including any indefinite delivery/indefinite quantity contract, firm-fixed-price contract, schedule contract, blanket purchase agreement, or task or delivery order (each a “Government Contract”). 

(b)All Material Contracts are in written form. The Company or the Company Subsidiary, as applicable, has performed all of the material obligations required to be performed by it and is entitled to all benefits under, and is not alleged in any writing received by the Company to be in material default in respect of, each Material Contract. Each of the Material Contracts is in full force and effect, subject only to the effect, if any, of applicable bankruptcy and other similar Applicable Law affecting the rights of creditors generally and rules of law governing specific performance, injunctive relief and other equitable remedies. There exists no default or 

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event of default or event, occurrence, condition or act, with respect to the Company, the Company Subsidiaries or, to the knowledge of the Company, with respect to any other contracting party, that, with the giving of notice, the lapse of time or the happening of any other event or condition, would reasonably be expected to (i) become a material default or event of default under any Material Contract or (ii) give any third party (A) the right to declare a default or exercise any remedy under any Material Contract, (B) the right to a rebate, chargeback, refund, credit, penalty or change in delivery schedule under any Material Contract, (C) the right to accelerate the maturity or performance of any material obligation of the Company or the Company Subsidiaries under any Material Contract, or (D) the right to cancel, terminate or modify any Material Contract. Neither the Company nor any Company Subsidiary has received any notice or other communication regarding any actual or possible material violation or breach of, default under, or intention to cancel or modify any Material Contract. Neither the Company nor any Company Subsidiary has any Liability for renegotiation of Government Contracts. Except as disclosed in Schedule 2.16(a)(xiv) of the Company Disclosure Letter, true, correct and complete copies of all Material Contracts have been provided to Acquirer prior to the Agreement Date.

2.17Transaction Fees.No broker, finder, financial advisor, investment banker or similar Person is entitled to any brokerage, finder’s or other fee or commission in connection with the origin, negotiation or execution of this Agreement or in connection with the Transactions. Set forth in Schedule 2.17 of the Company Disclosure Letter is the Company’s good faith estimate of all Transaction Expenses (including Transaction Expenses reasonably anticipated to be incurred in the future). 

2.18Anti-Corruption Law.

(a)Neither the Company, the Company Subsidiaries nor any of its or their officers, employees, agents or representatives (in each case, acting in their capacities as such) has, since the inception of the Company, directly or indirectly through its representatives or any Person authorized to act on its behalf (including any distributor, agent, sales intermediary or other third party), (i) violated any Anti-Corruption Law or (ii) offered, given, promised to give or authorized the giving of money or anything of value, to any Government Official or to any other Person: (A) for the purpose of (I) corruptly or improperly influencing any act or decision of any Government Official in their official capacity, (II) inducing any Government Official to do or omit to do any act in violation of their lawful duties, (III) securing any improper advantage or (IV) inducing any Government Official to use his or her respective influence with a Governmental Entity to affect any act or decision of such Governmental Entity in order to, in each case of clauses (I) through (IV), assist the Company in obtaining or retaining business for or with, or directing business to, any Person or (B) in a manner that would constitute or have the purpose or effect of public or commercial bribery, acceptance of, or acquiescence in, extortion, kickbacks or other unlawful or improper means of obtaining business or any improper advantage.

(b)(i) The Company and the Company Subsidiaries have maintained complete and accurate books and records, including records of payments to any agents, consultants, representatives, third parties and Government Officials, in accordance with GAAP, except as set forth on Schedule 2.4(a)(v)(A) of the Company Disclosure Letter, (ii) there have been no false or fictitious entries made in the books and records of the Company or any Company Subsidiary relating to any unlawful offer, payment, promise to pay or authorization of the payment of any money, or unlawful offer, gift, promise to give, or authorization of the giving of anything of value, including any bribe, kickback or other illegal or improper payment and (iii) neither the Company nor any Company Subsidiary has established or maintained a secret or unrecorded fund or account.

(c)None of the Company, any Company Subsidiary, or any of its or their officers or employees (acting in their capacities as such) have been convicted of violating any Anti-Corruption Law or subjected to any investigation or proceeding by a Governmental Entity for potential corruption, fraud or violation of any Anti-Corruption Law.

2.19Environmental, Health and Safety Matters.

(a)The Company and the Company Subsidiaries are in compliance in all material respects with all Environmental, Health and Safety Requirements in connection with the ownership, use, maintenance or operation of its business or assets or properties. There are no pending, or to the knowledge of the Company, any threatened allegations by any Person that the properties or assets of the Company or any Company Subsidiary are not, or that its business has not been conducted, in compliance in all material respects with all Environmental, Health and Safety Requirements. Neither the Company nor any Company Subsidiary has retained or assumed any Liability of any other Person under any Environmental, Health and Safety Requirements. To the knowledge of the Company, there are no past or present facts, circumstances or conditions that would reasonably be expected to give rise to any Liability of the Company or the Company Subsidiaries with respect to Environmental, Health and Safety Requirements.

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(b)The Company has made available to Acquirer a copy of all studies, audits, assessments or investigations containing material information concerning compliance with, or Liability or obligations under, Environmental, Health and Safety Requirements affecting the Company or any Company Subsidiary that are in the possession or control of the Company, each of which is identified in Schedule 2.19 of the Company Disclosure Letter.

2.20Export Control Laws. Each of the Company and the Company Subsidiaries has conducted its export transactions in accordance in all respects with applicable provisions of United States export and re-export controls, including the Export Administration Act and Regulations, the Foreign Assets Control Regulations, the International Traffic in Arms Regulations and other controls administered by the United States Department of Commerce and/or the United States Department of State and all other applicable import/export controls in other countries in which any of the Company or the Company Subsidiaries conducts business. Without limiting the foregoing: (i) the Company and the Company Subsidiaries have obtained all export and import licenses, license exceptions and other consents, notices, waivers, approvals, orders, authorizations, registrations, declarations and filings with any Governmental Entity required for (A) the export, import and re-export of products, services, software and technologies and (B) releases of technologies and software to foreign nationals located in the United States and abroad (collectively, “Export Approvals”), (ii) the Company and the Company Subsidiaries are in compliance with the terms of all applicable Export Approvals, (iii) there are no pending or, to the knowledge of the Company, threatened claims against the Company or any Company Subsidiary with respect to such Export Approvals, (iv) there are no actions, conditions or circumstances pertaining to the Company’s or any Company Subsidiary’s export transactions that would reasonably be expected to give rise to any future claims and (v) no Export Approvals for the transfer of export licenses to Acquirer or the Surviving Company are required, except for such Export Approvals that can be obtained expeditiously and without material cost. Without limiting the foregoing, neither the Company nor any Company Subsidiary has, in the past five years, exported, reexported, shipped, distributed, sold, supplied, or otherwise transferred any products, equipment, goods, technology, or software to, or for end use by, any person (i) listed in any sanctions-related list of designated persons maintained by U.S. Department of Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, any Member State of the European Union or the United Kingdom or (ii) operating, organized or resident in country or territory that is itself the subject or target of any sanctions (currently Cuba, Iran, North Korea, Syria and the Crimea region of Ukraine). 

2.21Distributors. Except as set forth on Schedule 2.21 of the Company Disclosure Letter, neither the Company nor any Company Subsidiary has any outstanding material disputes concerning any Company Products with any third-party distribution channel that, for the year ended December 31, 2017 and the nine-month period ended September 30, 2018, was one of the ten largest sources of revenues for the Company other than direct sales, based on amounts paid or payable with respect to such periods (each, a “Significant Distributor”), and, to the knowledge of the Company, there is no material dissatisfaction on the part of any Significant Distributor with respect to any Company Products. Each Significant Distributor is listed on Schedule 2.21 of the Company Disclosure Letter. The Company has not received any information from any Significant Distributor that such Significant Distributor shall not continue as a distributor of the Company (or the Surviving Company or Acquirer) after the Closing or that such Significant Distributor intends to terminate or materially modify existing Contracts with the Company (or the Surviving Company or Acquirer). The Company has not had any Company Products returned by a purchaser thereof except for normal warranty returns consistent with past history.

2.22Suppliers. Except as set forth on Schedule 2.22 of the Company Disclosure Letter, neither the Company nor any Company Subsidiary has any outstanding material disputes concerning products and/or services (including product packaging) provided by any supplier who, for the year ended December 31, 2017 or the nine-month period ended September 30, 2018, was one of the 30 largest suppliers of products and/or services to the Company, based on amounts paid or payable with respect to such periods (each, a “Significant Supplier”), there is no material dissatisfaction on the part of the Company with respect to any Significant Supplier and, to the knowledge of the Company, there is no material dissatisfaction on the part of any Significant Supplier with respect to the Company. Each Significant Supplier is listed on Schedule 2.22 of the Company Disclosure Letter. Neither the Company nor any Company Subsidiary has received any information from any Significant Supplier that such supplier shall not continue as a supplier to the Company or any Company Subsidiary (or the Surviving Company or Acquirer) after the Closing or that such Significant Supplier intends to terminate or materially modify existing Contracts with the Company or any Company Subsidiary (or the Surviving Company or Acquirer). The Company and the Company Subsidiaries have access, on commercially reasonable terms, to all products and services reasonably necessary to carry on the Business and, to the knowledge of the Company, there is no reason why the Company and the Company Subsidiaries will not continue to have such access on commercially reasonable terms. The Company implements commercially reasonable measures to verify the authenticity of goods purchased from consignment sellers, and to the Company’s knowledge, neither the Company nor any Company Subsidiary is or will be subject to any material Liability related to goods purchased from a consignment seller, or a consignment seller’s breach of its agreement with the Company, any Company Subsidiary or an original manufacturer or retailer. Each supplier that drop ships products or goods or otherwise ships directly to customers or end users in connection with the Company’s Business is an authorized reseller of such products or goods.

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2.23Member Notice. Neither the Member Notice nor any amendment or supplement thereto (other than any of the information supplied or to be supplied by Acquirer for inclusion therein) will contain, as of the date or the mailing of such document, any untrue statement of a material fact, or will omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

2.24No Other Representations and Warranties; Non-reliance.

(a)Except for the representations and warranties contained in this Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder), none of the Company, the Converting Holders or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of the Company, including any representation or warranty as to the accuracy or completeness of any information regarding the Company furnished or made available to Acquirer and its Representatives (including any information, documents or material delivered to Acquirer or made available to Acquirer in the data room, management presentations or in any other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of the Company or any representation or warranty arising from statute or otherwise in law. Nothing in this Section 2.24(a) shall limit any Acquirer Indemnified Person’s rights or remedies in the case of the fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company in making any of the representations and warranties contained in this Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions.

(b)The Company acknowledges and agrees that other than as expressly set forth in Article III, the Company has not relied and is not relying on any representation or warranty regarding the subject matter of this Agreement. The Company acknowledges that neither Acquirer, Merger Sub nor any of their respective Affiliates and Representatives shall have or be subject to any liability to the Company, the Company Members or any other Person resulting from the distribution to the Company or the Company’s use of, any information, including any information, documents or material made available to the Company or its Representatives in any electronic data rooms or in any other form in expectation of the Merger, except as expressly set forth in Article III. Nothing in this Section 2.24(b) shall limit any Company Indemnified Person’s rights or remedies in the case of fraud, intentional misrepresentations or willful misconduct by or on behalf of Acquirer or Merger Sub in making any of the representations and warranties contained in Article III (including the related certificates delivered hereunder) or otherwise in connection with the Transactions.

ARTICLE III 

Representations and Warranties of Acquirer and Merger Sub

Acquirer and Merger Sub represent and warrant to the Company as follows:

3.1Organization and Standing. Each of Acquirer and Merger Sub is a corporation and limited liability company, respectively duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Neither Acquirer nor Merger Sub is in violation of any of the provisions of its articles or certificate of incorporation, as applicable, or bylaws or equivalent organizational or governing documents.

3.2Authority; Non-contravention.

(a)Each of Acquirer and Merger Sub has all requisite power and authority to enter into this Agreement and the other Transaction Documents to which it is a party and to consummate the Transactions. The execution and delivery of this Agreement and the other Transaction Documents to which it is a party and the consummation of the Transactions have been duly authorized by all necessary action on the part of Acquirer and Merger Sub. Each Transaction Document required to be executed and delivered by Acquirer and Merger Sub, respectively, has been duly executed and delivered by Acquirer and Merger Sub, respectively, and, assuming the due execution and delivery of such Transaction Document by the other parties thereto, constitutes the valid and binding obligation of Acquirer and Merger Sub, as applicable, enforceable against Acquirer and Merger Sub, as applicable, in accordance with its terms subject only to the effect, if any, of (i) applicable bankruptcy and other similar Applicable Law affecting the rights of creditors generally and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

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(b)The execution and delivery of this Agreement and the other Transaction Documents to which it is a party by Acquirer and Merger Sub do not, and the consummation of the Transactions will not, conflict with, or result in any violation of, or default under (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or loss of a benefit under, or require any consent, approval or waiver from any Person pursuant to, (i) any provision of the certificate of incorporation or certificate of formation, as applicable, or bylaws, limited liability company agreement or other equivalent organizational or governing documents of Acquirer and Merger Sub, in each case as amended to date or (ii) Applicable Law.

(c)Except as required by applicable federal and state securities laws and the rules of the NYSE in connection with the issuance of the Parent Ordinary Shares issuable in the Merger, no consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity or any other Person is required by or with respect to Acquirer or Merger Sub in connection with the execution and delivery of this Agreement or the consummation of the Transactions that, if not obtained or made, would reasonably be expected to adversely affect the ability of Acquirer or Merger Sub to consummate the Merger or any of the other Transactions.

3.3Issuance of Shares. The Parent Ordinary Shares issuable in the Merger, when issued by Acquirer in accordance with this Agreement, assuming the accuracy of the representations and warranties made by the Company and the Company Members herein or in the Investor Representation Letter, will be duly issued, fully paid and non-assessable.

3.4Member Notice. None of the information supplied or to be supplied by Acquirer for inclusion in the Member Notice or any amendment or supplement thereto will contain, as of the date or the mailing of such document, any untrue statement of a material fact, or will omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

3.5No Prior Merger Sub Operations. Merger Sub was formed solely for the purpose of effecting the Merger, has no Liabilities and has not engaged in any business activities or conducted any operations, in each case, other than in connection with the formation of Merger Sub or the Transactions.

3.6SEC Filings; NYSE Compliance.

(a)SEC Filings. Parent has timely filed with or furnished to, as applicable, the SEC all registration statements, prospectuses, reports, schedules, forms, statements, and other documents (including exhibits and all other information incorporated by reference) required to be filed or furnished by it with the SEC since September 20, 2018 (collectively, the “Parent SEC Documents”). As of their respective filing dates or, if amended or superseded by a subsequent filing prior to the date hereof, as of the date of the last such amendment or superseding filing (and, in the case of registration statements and proxy statements, on the dates of effectiveness and the dates of the relevant meetings, respectively), each of the Parent SEC Documents complied as to form in all material respects with the applicable requirements of the Securities Act, the Exchange Act, and the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations of the SEC thereunder applicable to such Parent SEC Documents. None of the Parent SEC Documents, including any financial statements, schedules, or exhibits included or incorporated by reference therein at the time they were filed (or, if amended or superseded by a subsequent filing prior to the date hereof, as of the date of the last such amendment or superseding filing), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. To the knowledge of Acquirer, none of the Parent SEC Documents is the subject of ongoing SEC review or outstanding SEC investigation and there are no outstanding or unresolved comments received from the SEC with respect to any of the Parent SEC Documents. None of Parent’s Subsidiaries is required to file or furnish any forms, reports, or other documents with the SEC.

(b)NYSE Compliance. Parent is in compliance with all of the applicable listing and corporate governance rules of the NYSE, except for any non-compliance that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect with respect to Parent.

3.7Sufficiency of Funds. Acquirer has sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Closing Cash Consideration and consummate the transactions contemplated by this Agreement.

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3.8Compliance with Laws. Acquirer has complied in all material respects with, is not in violation in any material respect of, and has not received any written notices of violation with respect to, Applicable Law.

3.9No Other Representations and Warranties; Non-reliance.

(a)Except for the representations and warranties contained in this Article III (including the related portions of the certificates delivered hereunder), none of Acquirer, Merger Sub or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of Acquirer or Merger Sub, including any representation or warranty as to the accuracy or completeness of any information regarding Acquirer or Merger Sub furnished or made available to the Company and its Representatives (including any information, documents or material made available to the Company or its Representatives in any electronic data rooms or in any other form in expectation of the Merger) as to the future revenue, profitability or success of Acquirer, Merger Sub or Parent or any representation or warranty arising from statute or otherwise in law. Nothing in this Section 3.9(a) shall limit any Company Indemnified Person’s rights or remedies in the case of the fraud, intentional misrepresentation or willful misconduct by or on behalf of Acquirer or Merger Sub in making any of the representations and warranties contained in this Article III (including the related portions of the certificates delivered hereunder) or otherwise in connection with the Transactions.

(b)Acquirer acknowledges and agrees that other than as expressly set forth in Article II or as contained in any Investor Representation Letter, Acquirer has not and is not relying on any representation or warranty regarding the subject matter of this Agreement. Acquirer acknowledges that neither the Company, the Converting Holders, nor any of their Affiliates and Representatives shall have or be subject to any liability to Acquirer or Merger Sub or any other Person resulting from the distribution to Acquirer or Acquirer’s use of, any information, including any information, documents or material made available to Acquirer or Merger Sub or their respective Affiliates and Representatives (including any information, documents or material delivered to Acquirer or Merger Sub or their respective Affiliates and Representatives or made available to Acquirer or Merger Sub or their respective Affiliates and Representatives in the data room, management presentations or in any other form in expectation of the transactions contemplated hereby), except as expressly set forth in Article II. Nothing in this Section 3.9(b) shall limit any Acquirer Indemnified Person’s rights or remedies in the case of fraud, intentional misrepresentations or willful misconduct by or on behalf of Company or any Converting Holder in making any of the representations and warranties contained in Article II (including the related portions certificates delivered hereunder) or in any Investor Representation Letter or otherwise in connection with the Transactions.

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ARTICLE IV 

Conduct Prior to the Effective Time 

4.1Conduct of the Business; Notices. During the period from the Agreement Date and continuing until the earlier of the termination of this Agreement and the Effective Time, the Company shall: 

(a)conduct the Business solely in the ordinary course and consistent with past practice (except to the extent expressly provided otherwise herein or as consented to in writing by Acquirer) and in compliance with Applicable Law; 

(b)(i) pay and perform all of its undisputed debts and other obligations (including Taxes) when due, (ii) use commercially reasonable efforts, and otherwise consistent with past practice and policies, to collect accounts receivable when due and not extend credit outside of the ordinary course of business and consistent with past practice, (iii) sell the Company’s products and services in the ordinary course, and otherwise consistent with past practice, as to discounting, license, service and maintenance terms, incentive programs and revenue recognition and other terms and (iv) use its commercially reasonable efforts, and otherwise consistent with past practice and policies, to preserve intact its present business organizations, keep available the services of its present officers and key employees and preserve its relationships with customers, suppliers, distributors, licensors, licensees, and others having business dealings with it, to the end that its goodwill and ongoing businesses shall be unimpaired at the Closing;

(c)use commercially reasonable efforts to assure that each of its Contracts (other than with Acquirer) entered into after the Agreement Date will not require the procurement of any consent, waiver or novation or provide for any change in the obligations of any party thereto in connection with, or terminate as a result of the consummation of, the Transactions, and shall give reasonable advance notice to Acquirer prior to allowing any Material Contract or right thereunder to lapse or terminate by its terms; 

(d)maintain each of its leased premises in accordance with the terms of the applicable lease; 

(e)promptly notify Acquirer of any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the Transactions; 

(f)promptly notify Acquirer of any notice or other communication from any Governmental Entity (i) relating to the Transactions, (ii) indicating that a Company Authorization has been or is about to be revoked or (iii) indicating that a Company Authorization is required in any jurisdiction in which such Company Authorization has not been obtained, which revocation or failure to obtain has had or would reasonably be expected to be material to Acquirer (following the Effective Time) or the Company; 

(g)promptly notify Acquirer of any inaccuracy in or breach of any representation, warranty or covenant of the Company herein; provided that the phrase “as of the Agreement Date” in any such representation or warranty shall be disregarded for such purpose; and 

(h)to the extent not otherwise required by this Section 4.1, promptly notify Acquirer of any change, occurrence or event not in the ordinary course of business, or of any change, occurrence or event that, individually or in the aggregate with any other changes, occurrences and events, would reasonably be expected to be materially adverse to the Company or cause any of the conditions to the Closing set forth in Article VI not to be satisfied.

4.2Restrictions on Conduct of the Business. Without limiting the generality or effect of Section 4.1, except as expressly set forth on Schedule 4.2 of the Company Disclosure Letter, during the period from the Agreement Date and continuing until the earlier of the termination of this Agreement and the Effective Time, the Company shall not do, cause or permit any of the following (except to the extent expressly provided otherwise herein or as consented to in writing by Acquirer): 

(a)Charter Documents. Cause, propose or permit any amendments to the Certificate of Formation or the Operating Agreement or equivalent organizational or governing documents; 

(b)Merger, Reorganization. Merge or consolidate itself with any other Person or adopt a plan of complete or partial liquidation, dissolution, consolidation, restructuring, recapitalization or other reorganization; 

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(c)Distributions; Changes in Membership Interests. Declare or make any distributions (whether in cash, stock or other property) in respect of any of its Equity Interests, or split, combine or reclassify any of its Equity Interests or issue or authorize the issuance of any Equity Interests or other securities in respect of, in lieu of or in substitution for its Equity Interests, or repurchase or otherwise acquire, directly or indirectly, any of its Equity Interests except from former employees and consultants in accordance with agreements providing for the repurchase of shares in connection with any termination of service; 

(d)Material Contracts. (i) Enter into amend or modify any (A) Contract that would (if entered into, amended or modified prior to the Agreement Date) constitute a Material Contract, (B) other material Contract or (C) Contract requiring a novation or consent in connection with the Merger or the other Transactions, (ii) violate, terminate, amend or modify (including by entering into a new Contract with such party or otherwise) or waive any of the terms of any of its Material Contracts or of the Joinder Agreement or (iii) enter into, amend, modify or terminate any Contract or waive, release or assign any rights or claims thereunder, which if so entered into, modified, amended, terminated, waived, released or assigned would be reasonably likely to (A) adversely affect the Company (or, following consummation of the Merger, Acquirer or any of its Affiliates) in any material respect, (B) impair the ability of the Company or the Members’ Agent to perform their respective obligations under this Agreement or the Joinder Agreement or (C) prevent or materially delay or impair the consummation of the Merger and the other Transactions; provided that this Section 4.2(d) shall not require the Company to seek or obtain Acquirer’s consent in order to set or change the prices at which the Company sells products or provides services to current end users in the ordinary course of business and consistent with past practice;

(e)Issuance of Equity Interests. Issue, deliver, grant or sell or authorize or propose the issuance, delivery, grant or sale of, or purchase or propose the purchase of, any Company Voting Debt or any Equity Interests, or enter into or authorize or propose to enter into any Contracts of any character obligating it to issue any Equity Interests, other than the repurchase of any Company Units from former employees and consultants in accordance with Contracts providing for the repurchase of shares in connection with any termination of service; 

(f)Employees; Consultants; Independent Contractors. (i) Other than in the ordinary course of business and consistent with past practice: (A) hire, or offer to hire, any additional officers or other employees, or any consultants or independent contractors; (B) terminate the employment, change the title, office or position, or materially reduce the responsibilities of any employee of the Company; (C) enter into, amend or extend the term of any employment or consulting agreement with any officer, employee, consultant or independent contractor; or (D) enter into any Contract with a labor union or collective bargaining agreement (unless required by Applicable Law); or (ii) without Acquirer’s prior consent (not to be unreasonably withheld, conditioned or delayed), terminate the employment, change the title, office or position, or materially reduce the responsibilities of any hourly employee of the Company; 

(g)Loans and Investments. Make any loans or advances (other than routine expense advances to employees of the Company consistent with past practice) to, or any investments in or capital contributions to, any Person, or forgive or discharge in whole or in part any outstanding loans or advances, or prepay any indebtedness for borrowed money; 

(h)Intellectual Property. Transfer or license from any Person any rights to any Intellectual Property, or transfer or license to any Person any rights to any Company Intellectual Property, or transfer or provide a copy of any Company Source Code to any Person (including any current or former employee or consultant of the Company or any contractor or commercial partner of the Company) (other than (i) providing access to Company Source Code to current employees and consultants of the Company involved in the development of the Company Products on a need-to-know basis in the ordinary course of business and consistent with past practice and (ii) Third-Party Intellectual Property that is generally, commercially available software and (A) is not material to the Company, (B) has not been modified or customized for the Company and (C) is licensed for an annual fee under $1,000); 

(i)Patents. Take any action regarding a patent, patent application or other Intellectual Property right, other than filing continuations for existing patent applications or completing or renewing registrations of existing patents, domain names, trademarks or service marks in the ordinary course of business and consistent with past practice;

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(j)Dispositions. Sell, lease, license or otherwise dispose of or permit to lapse any of its tangible or intangible assets, other than sales and nonexclusive licenses of the Company Products in the ordinary course of business and consistent with past practice, or enter into any Contract with respect to the foregoing; 

(k)Indebtedness. Incur any indebtedness for borrowed money or guarantee any such indebtedness; 

(l)Payment of Obligations. Other than in the Company’s ordinary course of business and consistent with past practice with respect to consignment sellers, pay, discharge or satisfy (i) any Liability to any Person who is an officer or member of the Company (other than compensation due for services as an officer) or (ii) any claim or Liability arising other than in the ordinary course of business and consistent with past practice, other than the payment, discharge or satisfaction of Liabilities reflected or reserved against in the Financial Statements and Transaction Expenses, or defer payment of any accounts payable other than in the ordinary course of business and consistent with past practice, or give any discount, accommodation or other concession other than in the ordinary course of business and consistent with past practice, in order to accelerate or induce the collection of any receivable; 

(m)Capital Expenditures. Make any capital expenditures, capital additions or capital improvements in excess of $75,000 individually or $300,000 in the aggregate; 

(n)Insurance. Materially change the amount of, or terminate, any insurance coverage; 

(o)Termination or Waiver. Cancel, release or waive any material claims or rights held by the Company; 

(p)Employee Benefit Plans; Pay Increases. (i) Adopt or amend any employee or compensation benefit plan, including any stock issuance or stock option plan, or amend any compensation, benefit, entitlement, grant or award provided or made under any such plan, except in each case as required under ERISA, Applicable Law or as necessary to maintain the qualified status of such plan under the Code, (ii) materially amend any deferred compensation plan within the meaning of Section 409A of the Code and the regulations thereunder, except to the extent necessary to meet the requirements of such Section or Notice, (iii) pay any special bonus or special remuneration to any employee or consultant (other than as set forth on Schedule 4.2(p) of the Company Disclosure Letter) or (iv) increase the salaries, wage rates or fees of its employees or consultants (other than as disclosed to Acquirer and are set forth on Schedule 4.2(p) of the Company Disclosure Letter); 

(q)Severance Arrangements. Grant or pay, or enter into any Contract providing for the granting of any severance, retention or termination pay, or the acceleration of vesting or other benefits, to any Person (other than payments or acceleration as set forth on Schedule 4.2(q) of the Company Disclosure Letter);

(r)Lawsuits; Settlements. (i) Commence a lawsuit other than (A) for the routine collection of bills, (B) in such cases where the Company in good faith determines that failure to commence suit would result in the material impairment of a valuable aspect of its business (provided that the Company consults with Acquirer prior to the filing of such a suit) or (C) for a breach of this Agreement or (ii) settle or agree to settle any pending or threatened lawsuit or other dispute; 

(s)Acquisitions. Acquire or agree to acquire by merging or consolidating with, or by purchasing a substantial portion of the assets of, or by any other manner, any business or any corporation, partnership, association or other business organization or division thereof, or otherwise acquire or agree to acquire any assets that are material, individually or in the aggregate, to the Company or the Business, or enter into any Contract with respect to a joint venture, strategic alliance or partnership; 

(t)Taxes. Make or change any election in respect of Taxes, adopt or change any accounting method in respect of Taxes, file any federal, state or foreign income Tax Return or any other material Tax Return other than in the ordinary course of business and in a manner consistent with past practice, amend any Tax Return, enter into any Tax sharing or similar agreement or closing agreement, assume any Liability for the Taxes of any other Person (whether by Contract or otherwise), settle any claim or assessment in respect of Taxes, consent to any extension or waiver of the limitation period applicable to any claim or assessment in respect of Taxes; 

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(u)Accounting. Change accounting methods or practices (including any change in depreciation or amortization policies) or revalue any of its assets (including writing down the value of inventory or writing off notes or accounts receivable otherwise than in the ordinary course of business), except in each case as required by changes in GAAP as concurred with its independent accountants and after notice to Acquirer; 

(v)Real Property. Enter into any agreement for the purchase, sale or lease of any real property; 

(w)Encumbrances. Place or allow the creation of any Encumbrance (other than a Permitted Encumbrance) on any of its properties;

(x)Warranties, Discounts. Materially change the manner in which it provides warranties, discounts or credits to customers; 

(y)Interested Party Transactions. Enter into any Contract that, if entered prior to the Agreement Date, would be required to be listed on Schedule 2.13 of the Company Disclosure Letter; 

(z)Subsidiaries. Take any action that would result in the Company having one or more Subsidiaries; and 

(aa)Other. Take or agree in writing or otherwise to take, any of the actions described in clauses (a) through (z) in this Section 4.2, or any action that would reasonably be expected to make any of the Company’s representations or warranties contained herein untrue or incorrect (such that the condition set forth in the first sentence of Section 6.3(a) would not be satisfied) or prevent the Company from performing or cause the Company not to perform one or more covenants, agreements or obligations required hereunder to be performed by the Company (such that the condition set forth in the second sentence of Section 6.3(a) would not be satisfied). 

ARTICLE V 

Additional Agreements 

5.1Member Notice. 

(a)Promptly (and in any case within two days) after the Agreement Date, the Company shall prepare, with the cooperation of Acquirer, and mail to each Company Member other than the Voting Members, a notice (as it may be amended or supplemented from time to time, the “Member Notice”) comprising an information statement to the Company Members (other than the Voting Members) in connection with the solicitation of their signatures to the Joinder Agreement and an Investor Representation Letter. The Member Notice shall include (i) a statement to the effect that the VotingMember Approval has been obtained and (ii) such information as Acquirer and the Company may agree is required or advisable under the DLLCA or the Operating Agreement to be included therein. Prior to its mailing, the Member Notice shall have been approved by Acquirer, and, following its mailing, no amendment or supplement to the Member Notice shall be made by the Company without the approval of Acquirer. Each of Acquirer and the Company agrees to provide promptly to the other such information concerning its business, financial statements and affairs as, in the reasonable judgment of Acquirer or its counsel, may be required or advisable to be included under the DLLCA or the Operating Agreement in the Member Notice or in any amendment or supplement thereto, and Acquirer and the Company agree to cause their respective Representatives to cooperate in the preparation of the Member Notice and any amendment or supplement thereto. 

(b)As promptly as practicable after the Agreement Date, Acquirer and the Company shall prepare and make such filings as are required under applicable state securities or “blue sky” laws in connection with the Transactions, and the Company shall assist Acquirer as may be necessary to comply with such state securities or “blue sky” laws.

5.2No Solicitation. 

(a)During the period from the Agreement Date and continuing until the earlier of the termination of this Agreement and the Effective Time, the Company will not, and the Company will not authorize or permit any of its Representatives to, directly or indirectly, (i) solicit, initiate, seek, entertain, knowingly encourage, facilitate, support or induce the making, submission or announcement of any inquiry, expression of interest, proposal or offer that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (ii) enter into, participate in, maintain or continue any communications (except solely to provide written notice as to the existence of these provisions) or negotiations regarding, or deliver or make available to any Person any non-

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public information with respect to, or take any other action regarding, any inquiry, expression of interest, proposal or offer that constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (iii) agree to, accept, approve, endorse or recommend (or publicly propose or announce any intention or desire to agree to, accept, approve, endorse or recommend) any Acquisition Proposal, (iv) enter into any letter of intent or any other Contract contemplating or otherwise relating to any Acquisition Proposal, (v) submit any Acquisition Proposal to the vote of any Company Members or (vi) enter into any other transaction or series of transactions not in the ordinary course of business and consistent with past practice, the consummation of which would impede, interfere with, prevent or delay, or would reasonably be expected to impede, interfere with, prevent or delay, the consummation of the Merger or the other Transactions. The Company will, and will cause its Representatives to, (A) immediately cease and cause to be terminated any and all existing activities, discussions or negotiations with any Persons conducted prior to or on the Agreement Date with respect to any Acquisition Proposal and (B) immediately revoke or withdraw access of any Person (other than Acquirer and its Representatives) to any data room (virtual or actual) containing any non-public information with respect to the Company in connection with an Acquisition Proposal and request from each Person (other than Acquirer and its Representatives) the prompt return or destruction of all non-public information with respect to the Company previously provided to such Person in connection with an Acquisition Proposal. If any of the Company’s Representatives, whether in his, her or its capacity as such or in any other capacity, takes any action that the Company is obligated pursuant to this Section 5.2 not to authorize or permit such Representative to take, then the Company shall be deemed for all purposes of this Agreement to have breached this Section 5.2. 

(b)The Company shall immediately (but in any event, within 24 hours) notify Acquirer orally and in writing after receipt by the Company (or, to the knowledge of the Company, by any of the Company’s Representatives), of (i) any Acquisition Proposal, (ii) any inquiry, expression of interest, proposal or offer that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal, (iii) any other notice that any Person is considering making an Acquisition Proposal or (iv) any request for non-public information relating to the Company or for access to any of the properties, books or records of the Company by any Person or Persons other than Acquirer and its Representatives. Such notice shall describe (A) the material terms and conditions of such Acquisition Proposal, inquiry, expression of interest, proposal, offer, notice or request and (B) the identity of the Person or Group making any such Acquisition Proposal, inquiry, expression of interest, proposal, offer, notice or request. The Company shall keep Acquirer fully informed of the status and details of, and any modification to, any such inquiry, expression of interest or offer and any correspondence or communications related thereto and shall provide Acquirer a true, correct and complete copy of such inquiry, expression of interest, proposal or offer and any amendments, correspondence and communications related thereto, if it is in writing, or a reasonable written summary thereof, if it is not in writing. The Company shall provide Acquirer with 48 hours prior notice (or such lesser prior notice as is provided to the Voting Members) of any meeting of the Company Members at which the Voting Members are reasonably expected to discuss any Acquisition Proposal. 

5.3Confidentiality; Public Disclosure. 

(a)The parties hereto acknowledge that Farfetch.com US, LLC, an Affiliate of Acquirer, and the Company have previously executed a mutual non-disclosure agreement, dated as of October 8, 2018 (the “Confidentiality Agreement”), which shall continue in full force and effect in accordance with its terms. Each party hereto agrees that it and its Representatives shall hold the terms of this Agreement, and the fact of this Agreement’s existence, in strict confidence to the same extent as required if such Person was a party to the Confidentiality Agreement. Except as otherwise provided in Section 5.13, at no time shall any party hereto disclose any of the terms of this Agreement (including the economic terms) or any non-public information about a party hereto to any other Person without the prior written consent of the party hereto about which such non-public information relates. Notwithstanding anything to the contrary herein, a party hereto shall be permitted to disclose any and all terms to its financial, tax and legal advisors (each of whom is subject to a similar obligation of confidentiality), to any Governmental Entity or administrative agency to the extent necessary or advisable in compliance with Applicable Law and the rules of the NYSE, and as reasonably necessary for the Company to obtain the Voting Member Approval and approvals from other third parties as contemplated by this Agreement. The Members’ Agent hereby agrees to be bound by the terms and conditions of the Confidentiality Agreement to the same extent as though the Members’ Agent were a party thereto. With respect to the Members’ Agent, as used in the Confidentiality Agreement, the term “Confidential Information” shall also include information relating to the Merger or this Agreement received by the Members’ Agent after the Closing or relating to the period after the Closing. 

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(b)The parties hereto agree that the initial press release of Acquirer and its Affiliates with respect to the Merger and the other Transactions will be issued in a form mutually agreed upon by Acquirer and the Company. Thereafter, except as may be required by Applicable Law, the Company shall consult with Acquirer before the Company issues any press release or public statement with respect to the Transaction Documents or the Transactions and, subject to the requirements of Applicable Law, shall not issue any such press release or public statement or other public communications relating to the terms of this Agreement or the Transactions or use Acquirer’s name or refer to Acquirer directly or indirectly in connection with Acquirer’s relationship with the Company in any media interview, advertisement, news release or professional or trade publication, or in any print media, whether or not in response to an inquiry, in each case, without the prior written approval of Acquirer. Notwithstanding anything to the contrary contained herein or in the Confidentiality Agreement, Acquirer may make such public communications regarding this Agreement or the Transactions as Acquirer may determine is reasonably appropriate. 

5.4Reasonable Best Efforts. Each of the parties hereto agrees to use its reasonable best efforts, and to cooperate with each other party hereto, to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, appropriate or desirable to consummate and make effective, in the most expeditious manner practicable, the Merger and the other Transactions, including the satisfaction of the respective conditions set forth in Article VI, and including to execute and deliver such other instruments and do and perform such other acts and things as may be necessary or reasonably desirable for effecting completely the consummation of the Merger and the other Transactions. Notwithstanding the foregoing, the Company agrees to exercise its commercially reasonable efforts to cause the holders of 100% of the outstanding Company Units to execute the Joinder Agreement, including the request for payment instructions and Substitute Form W-9 and Form 8-8BEN, as applicable, in each case as attached thereto, prior to the Closing. 

5.5Third-Party Consents; Notices. 

(a)Following consultation with Acquirer, the Company shall use commercially reasonable efforts to obtain prior to the Closing, and deliver to Acquirer at or prior to the Closing, (i) all consents, waivers and approvals under each Contract listed or described on Schedule 2.3(b)(ii)(B) of the Company Disclosure Letter (and any Contract entered into after the Agreement Date that would have been required to be listed or described on Schedule 2.3(b)(ii)(B) of the Company Disclosure Letter if entered into prior to the Agreement Date) and (ii) executed confirmatory assignments of Intellectual Property from the Persons set forth on Schedule 5.5(a)(ii) of the Company Disclosure Letter. 

(b)The Company shall give all notices and other information, if any, required to be given to the employees of the Company, any collective bargaining unit representing any group of employees of the Company, and any applicable government authority under the WARN Act, the National Labor Relations Act, as amended, the Code, COBRA and other Applicable Law in connection with the Transactions. 

(c)Acquirer shall use commercially reasonable efforts to cooperate, as reasonably requested, with the Company’s efforts to (i) replace the security deposits listed on Schedule III with letters of credit issued by Acquirer’s bank and (ii) in connection with such release, cause the Personal Guarantees to be released prior to or as of the Closing. To the extent the Personal Guarantees are not released prior to or as of the Closing, Acquirer shall use commercially reasonable efforts to cause the Personal Guarantees to be released as soon as reasonably practicable following the Closing. 

5.6Litigation. The Company shall (i) notify Acquirer in writing promptly after learning of any Legal Proceeding initiated by or against it, or known by the Company to be threatened against the Company, or any of its officers or employees or the Company Members in their capacity as such (a “New Litigation Claim”), (ii) notify Acquirer of ongoing material developments in any New Litigation Claim and (iii) consult in good faith with Acquirer regarding the conduct of the defense of any New Litigation Claim. 

5.7Access to Information. 

(a)During the period from the Agreement Date and continuing until the earlier of the termination of this Agreement and the Effective Time, (i) the Company shall afford Acquirer and its Representatives reasonable access during business hours (following reasonable advance notice and in a reasonable manner to minimize material disruption to the Company’s normal operations) to (A) the Company’s properties, personnel, books, Contracts and records and (B) all other information concerning the business, properties and personnel of the Company as Acquirer may reasonably request and (ii) the Company shall provide to Acquirer and its Representatives true, correct and complete copies of the Company’s (A) internal financial statements, (B) Tax Returns, Tax elections and all other records and workpapers relating to Taxes, (C) a schedule of any deferred 

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intercompany gain or loss with respect to transactions to which the Company has been a party and (D) receipts for any Taxes paid to foreign Tax Authorities. Notwithstanding anything to the contrary in the foregoing: (i) the Company may restrict such access to the extent that any Applicable Law requires the Company to restrict or prohibit such access; and (ii) in no event shall the Company be obligated to provide any information the disclosure of which would jeopardize any legal privilege available to the Company relating to such information (provided that the Company shall use commercially reasonable efforts to provide such information in a manner that would not adversely affect any such legal privilege, including by entering into customary joint defense agreements or similar agreements with Acquirer with respect thereto). 

(b)Subject to compliance with Applicable Law, from the Agreement Date until the earlier of the termination of this Agreement and the Closing, the Company shall confer from time to time as requested by Acquirer with one or more Representatives of Acquirer to discuss any material changes or developments in the operational matters of the Company and the general status of the ongoing operations of the Company. 

(c)No information or knowledge obtained by Acquirer during the pendency of the Transactions in any investigation pursuant to this Section 5.7 shall affect or be deemed to modify any representation, warranty, covenant, agreement, obligation or condition set forth herein. 

(d)Within five days following the Agreement Date, the Company shall deliver to Acquirer one or more DVDs or other digital media evidencing the documents that were made available, which shall indicate, for each document, the date that such document was first uploaded to the data room. 

5.8Spreadsheet. The Company shall prepare and deliver to Acquirer, in accordance with Section 5.12, a spreadsheet (the “Spreadsheet”) in form and substance reasonably satisfactory to Acquirer, which spreadsheet shall be dated as of the Closing Date and shall set forth all of the following information (in addition to the other required data and information specified therein), as of immediately prior to the Closing: (i) the names of all of the Converting Holders and their respective addresses, e-mail addresses and, where available, taxpayer identification numbers, (ii) the number and class of Company Units held by such Converting Holders, (iii) the vesting status and schedule with respect to Unvested Company Units and terms of the Company’s rights to repurchase such Unvested Company Units (including the per unit repurchase price payable with respect thereto), (iv) the calculation of Outstanding Company Units, Closing Per Unit Aggregate Value, Closing Per Unit Cash Consideration, Closing Cash Consideration, Closing Cash Consideration Percentage, Aggregate Threshold Value, Closing Per Unit Share Consideration, Closing Share Consideration, Closing Share Consideration Percentage, Parent Share Price, Pro Rata Share and Accredited Pro Rata Share, (v) for each Class B Unit holder, the calculation of Class B Per Unit Aggregate Consideration, Class B Per Unit Cash Consideration and Class B Per Unit Share Consideration, (vi) the calculation of aggregate cash amounts and number of Parent Ordinary Shares payable and issuable, respectively, to each such Converting Holder pursuant to Section 1.3(a)(i) and Section 1.3(a)(ii) and the total estimated amount of Taxes to be withheld therefrom, (vii) for each Non-Accredited Converting Holder, the calculation of Ineligible Parent Ordinary Shares and the portion of the Non-Accredited Additional Cash Payment payable to such Non-Accredited Converting Holder, (viii) for each Accredited Converting Holder, the calculation of such Accredited Converting Holder’s Accredited Pro Rata Share of the Non-Accredited Additional Cash Payment and the Additional Parent Ordinary Shares, (ix) the vesting schedule with respect to the Parent Ordinary Shares issuable to each Key Employee pursuant to Section 1.3(a), as set forth in the Share Restriction Agreement executed by such Key Employee, (x) the calculation of each Converting Holder’s Pro Rata Share of the Cash Escrow Amount and (xi) a funds flow memorandum setting forth applicable wire transfer instructions and other information reasonably requested by Acquirer. 

5.9Expenses; Company Debt. Whether or not the Merger is consummated, except as otherwise set forth herein, all costs and expenses incurred in connection with this Agreement and the Transactions (including Transaction Expenses) shall be paid by the party incurring such expense; provided that (i) at the Closing, Acquirer shall pay or cause to be paid all Transaction Expenses that are incurred but unpaid as of the Closing and (ii) the fees and expenses of the Reviewing Accountant, if any, shall be allocated as provided in Section 1.6(i). At the Closing, Acquirer shall repay or cause to be repaid all Company Debt.

5.10Employees. 

(a)Notwithstanding anything to the contrary in this Agreement, with the exception of the Key Employees, none of Acquirer, Merger Sub or the Surviving Company shall have any obligation to make an offer of employment to any employee of the Company. With respect to matters described in this Section 5.10, the Company will consult with Acquirer (and will consider in good faith the advice of Acquirer) prior to sending any notices or other communication materials to its employees. Effective no later than immediately prior to the Closing (or at such other time designated by Acquirer), the Company shall terminate the employment of each of the Company employees specified in writing by Acquirer no later than five Business Days prior to the Closing Date (collectively, the “Designated Employees”), and the Company shall require such Designated Employees, if any, to execute a Separation Agreement as a condition to the receipt of any severance paid by the Company. 

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(b)The Company shall ensure that there shall be no outstanding securities, commitments or agreements of the Company immediately prior to the Effective Time that purport to obligate the Company to issue any Company Units under any circumstances. 

(c)During the period commencing on the Closing Date and concluding on the one-year anniversary of the Closing Date, Acquirer shall, or shall cause the Surviving Company or its other applicable Affiliates to, provide the Continuing Employees (other than the Key Employees) who remain employed during such period with compensation and employee benefits that are substantially similar in the aggregate to those provided by the Company to such Continuing Employees as of immediately prior to the Effective Time (excluding for purposes of this sentence any equity-based incentive compensation and any pension benefits). With respect to any health or other group welfare benefit plan of Acquirer in which a Continuing Employee participates following the Closing Date, Acquirer shall take commercially reasonable efforts to cause (i) any pre-existing conditions or limitations and eligibility waiting periods under such Acquirer plan to be waived with respect to such Continuing Employee and his or her eligible dependents, to the extent waived under the corresponding Company Employee Plan in which the Continuing Employee or his or her eligible dependents participated as of immediately prior to the Closing Date, and (ii) any deductibles paid by such Continuing Employee under any Company Employee Plan in the plan year in which the Closing Date occurs to be credited towards the deductibles under the corresponding Acquirer plan. 

(d)As soon as practicable following the Effective Time, certain Continuing Employees will be eligible to receive standard equity awards denominated in Parent Ordinary Shares in accordance with Parent’s standard equity award policies, in such amounts as may be set forth in the applicable Employment Agreements and otherwise as shall be determined by Parent. Such awards shall be subject to the terms and conditions set forth in Parent’s 2018 Farfetch Employee Equity Plan, as amended from time to time, and the applicable equity award agreement. 

(e)Nothing contained in this Section 5.10, express or implied: (i) is intended to confer upon any Continuing Employee any right to continued employment for any period or modify such Continuing Employee’s at-will employment status, (ii) shall guarantee receipt of any specific employee benefit or constitute an amendment to or any other modification of any benefit plan, (iii) shall alter or limit Acquirer, the Surviving Company, or any of their respective Affiliates’ ability to amend, modify or terminate any particular benefit plan, program, agreement or arrangement or (iv) is intended to confer upon any individual (including employees, retirees or dependents or beneficiaries of employees or retirees) any right as a third-party beneficiary of this Agreement. 

5.11Termination of Benefit Plans. Effective as of the day immediately preceding the Closing Date, the Company shall terminate all Company Employee Plans that are “employee benefit plans” within the meaning of ERISA, including any Company Employee Plans intended to include a Section 401(k) arrangement (unless Acquirer provides written notice to the Company no later than three Business Days prior to the Closing Date that such 401(k) plans shall not be terminated). The Company shall provide Acquirer with evidence that such Company Employee Plan(s) have been terminated (effective no later than the day immediately preceding the Closing Date) pursuant to resolutions of the Voting Members. The form and substance of such resolutions shall be subject to review and approval by Acquirer. The Company also shall take such other actions in furtherance of terminating such Company Employee Plan(s) as Acquirer may reasonably require. 

5.12Certain Closing Certificates and Documents. The Company shall prepare and deliver to Acquirer a draft of each of the Company Closing Financial Certificate and the Spreadsheet not later than five Business Days prior to the Closing Date and a final version of the Company Closing Financial Certificate and the Spreadsheet to Acquirer not later than three Business Days prior to the Closing Date. In the event that Acquirer notifies the Company that there are reasonably apparent errors in the drafts of the Company Closing Financial Certificate and the Spreadsheet, Acquirer and the Company shall discuss such errors in good faith and the Company shall correct such errors prior to delivering the final versions of the same in accordance with this Section 5.12. Without limiting the foregoing or Section 5.7, the Company shall provide to Acquirer, together with the Company Closing Financial Certificate and the Spreadsheet, such supporting documentation, information and calculations as are reasonably necessary for Acquirer to verify and determine the calculations, amounts and other matters set forth in the Company Closing Financial Certificate and the Spreadsheet. 

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5.13Tax Matters. 

(a)Tax Return Filings for Pre-Closing Tax Period. The Members’ Agent shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company and each Company Subsidiary after the Closing Date with respect to a Pre-Closing Tax Period that are prepared and filed on a pass-through basis (“Company Pass-Through Tax Returns”). The Company Pass-Through Tax Returns shall be prepared in a manner consistent with past practices (unless otherwise required by Applicable Law) and shall be submitted by the Members’ Agent to Acquirer (together with schedules, statements and, to the extent requested by Acquirer, supporting documentation) for review and comment at least 60 days prior to the due date (including extensions) of any such Tax Returns. The Members’ Agent shall not unreasonably refuse to incorporate any comments of Acquirer with respect to the Company Pass-Through Tax Returns. Acquirer shall prepare all other Tax Returns of the Company and each Company Subsidiary for Pre-Closing Tax Periods and Straddle Periods, and in the case of income and other material Tax Returns that could form the basis of a claim for indemnification, shall permit the Members’ Agent to review and comment on such Tax Returns prior to filing. Except as Acquirer reasonably determines to be necessary to correct positions taken by the Company or its Subsidiaries that are erroneous or inconsistent with applicable Tax law, Acquirer shall not, without the Members’ Agent’s prior written consent, amend or file in a manner inconsistent with past practices any sales and use Tax Return of the Company or its Subsidiaries for any Pre-Closing Tax Periods. Any proceeding by a Tax Authority with respect to any sales and use Tax Return resulting from a filing made under the preceding sentence shall be handled in accordance with the procedures set forth in Section 5.13(c). 

(b)Transaction Expenses. To the extent permitted by law, all Tax expenses, deductions, losses and credits associated with the Transaction Expenses shall be reported on the Company’s Tax Returns for the Pre-Closing Tax Period. 

(c)Tax Claims. Acquirer agrees to give notice to the Members’ Agent of the receipt of any written notice which involves the assertion of any claim, or the commencement of any Legal Proceeding, in respect of the Company or any Company Subsidiary for which an indemnity may be sought by Acquirer pursuant to Article VIII with respect to Taxes (a “Tax Claim”); provided, however, that failure to deliver such notice shall not limit Acquirer’s rights to indemnification except to the extent the Company Members are actually prejudiced thereby. Acquirer shall control the contest or resolution of any Tax Claim; provided, however, that Acquirer shall consult with and take into account the Members’ Agent’s reasonable comments before entering into any settlement of a Tax Claim or ceasing to defend a Tax Claim; and, provided, further, that Acquirer shall keep the Members’ Agent reasonably informed about the conduct of such Tax Claims. To the extent that any obligation or responsibility pursuant to Article VIII may overlap with an obligation or responsibility pursuant to this Section 5.13(c), the provisions of Article VIII shall apply. Notwithstanding anything to the contrary in the foregoing, the Members’ Agent or “tax matters partner” (as defined in Section 6231(a)(7) of the Code, prior to the amendments made by P.L. 114-74), as applicable, shall control the conduct of any federal audit of the Company’s IRS Form 1065 for taxable years beginning before December 31, 2017; provided, however, that the Members’ Agent or tax matters partner, as the case may be, shall keep Parent reasonably informed about the conduct of such Tax Claim and, to the extent the settlement of any such Tax Claim could affect the Company’s Taxes in any Taxable Period (or portion thereof) after the Closing Date, shall consult with and take into account Parent’s reasonable comments on the settlement of any such Tax Claim. 

(d)Each of Acquirer, the Members’ Agent, the Company Members and the Company shall cooperate fully, as and to the extent reasonably requested by any of the others, in connection with the filing of Tax Returns and any Legal Proceeding with respect to Taxes. Such cooperation shall include the retention and (upon request therefor) the provision of records and information reasonably relevant to any such Legal Proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Acquirer, the Company, the Company Members and the Members’ Agent agree to retain all books and records with respect to Tax matters pertinent to the Company and each Company Subsidiary relating to any Pre-Closing Tax Period until expiration of the statute of limitations of the respective taxable periods, and to abide by all record retention agreements entered into with any Tax Authority. Without limiting the generality of the foregoing, at Acquirer’s request, the Members’ Agent shall cause an election under Section 754 of the Code to be in effect for the Company’s taxable year ending on and including the Closing Date. 

(e)The Company shall cause each Company Member to further agree, upon Acquirer’s request, to use their reasonable best efforts to obtain any certificate or other document from any Governmental Entity or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect to the Transactions); provided, however, that this Section 5.13(e) shall not be read to modify or expand the Company’s obligations pursuant to Section 5.13(h). 

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(f)Acquirer and the Company intend that the cash and Parent Ordinary Shares payable to the holders of Company Units pursuant to Section 1.3(a) will be treated as received in exchange for the applicable holder’s Company Units, and agree to report such payments for income Tax purposes as consideration for such holder’s Company Units and, except as otherwise required by Applicable Law, not as compensation for services. 

(g)Purchase Price Allocation. As soon as practicable following the Closing, but in any event within 60 days after the Closing Date, Acquirer shall prepare a draft schedule (the “Allocation Statement”) allocating the Merger Consideration and the Liabilities of the Company (to the extent such Liabilities are included in “amount realized” for U.S. federal income Tax purposes) and each Company Subsidiary among the assets of the Company and each Company Subsidiary for purposes of (i) Section 1060 of the Code, (ii) Section 751 of the Code (and the statement required to be filed under Treasury Regulations Section 1.751-1(a)(3)), (iii) IRS Form 8308, and (iv) the sale by the Company Members of Company Units under Section 741 of the Code and the purchase by Acquirer of undivided interests in the assets of the Company, in each case pursuant to Revenue Ruling 99-6, 1999-1 C.B. 432, Situation 2. The Allocation Statement will allocate the Merger Consideration among the assets of the Company and each Company Subsidiary in a manner consistent with the fair market values of the assets of the Company and each Company Subsidiary and the principles of Section 1060 of the Code and the Treasury Regulations thereunder. Acquirer shall consider in good faith all reasonable comments of the Members’ Agent on the Allocation Statement received within 30 days after delivery of the draft Allocation Schedule, after which the Allocation Schedule shall be deemed final. The parties hereto shall file all Tax Returns, including IRS Form 8594 (with respect to Acquirer), in a manner consistent with the Allocation Statement, and no party shall take any position in any Tax Return that is inconsistent with the Allocation Statement unless required to do so by a Tax Authority. The Allocation Statement shall be adjusted to reflect any adjustments to the Merger Consideration after the Closing Date in a manner consistent with this Section 5.13(g). 

(h)Other Covenants. Prior to the Closing, the Company agrees to take the actions set forth on Schedule 5.13(h) of the Company Disclosure Letter.

5.14Rule 144. Acquirer shall cause Parent to comply with the filing requirements set forth in Sections 13 and 15(d) of the Exchange Act (as referred to in subparagraph (c) of Rule 144 adopted by the SEC under the Securities Act) and the rules and regulations adopted by the SEC thereunder (or, if Parent is not required to file such reports, Acquirer will, upon the reasonable request of Accredited Converting Holders holding at least a majority of the then-outstanding Closing Share Consideration held by the Accredited Converting Holders, cause Parent to make publicly available other material information at a time, and in a manner, reasonably determined by Acquirer) and will take such further action as any Accredited Converting Holder may reasonably request, all to the extent required from time to time to enable such Accredited Converting Holder to sell Parent Ordinary Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time. Upon the request of any Accredited Converting Holder, provided that such request may not be made more frequently than once every 12 months, Acquirer shall cause Parent to deliver to such Accredited Converting Holder a written statement as to whether it has complied with such requirements. Notwithstanding anything to the contrary contained in the foregoing, nothing in this Section 5.14 shall be deemed to require Parent to register any of its securities pursuant to the Exchange Act.

5.15Directors’ and Officers’ Tail Insurance. 

(a)Prior to the Closing Date, the Company shall purchase a six-year “tail” coverage with respect to its current directors and officers liability policy that will name the Surviving Company as beneficiary (the “Tail Policy”). The Company shall prepay the full premium for the Tail Policy prior to the Closing Date. After the Closing Date, Acquirer and the Surviving Company shall not take any action to cause such Tail Policy to be canceled or terminated. 

(b)The last sentence of Section 5.15(a) is intended to be for the benefit of, and shall be enforceable by, the current directors and officers of the Company and the Company Subsidiaries (the “Indemnified D&Os”) (or their heirs, personal representatives, successors or assigns). The Surviving Company shall, and Acquirer shall cause the Surviving Company or its successors to, pay all costs and expenses (including reasonable attorneys’ fees) incurred by any Indemnified D&O (or his or her heirs, personal representatives, successors or assigns) in any legal action brought by such person that is successful to enforce the obligations of Acquirer, the Surviving Company or its successors under the last sentence of Section 5.15(a). The obligations of Acquirer, the Surviving Company and its successors under the last sentence of Section 5.15(a) shall not be terminated, amended or otherwise modified in such a manner as to adversely affect any Indemnified D&O (or his or her heirs, personal representatives, successors or assigns) without the prior written consent of such Indemnified D&O (or his or her heirs, personal representatives, successors or assigns, as applicable). 

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ARTICLE VI

Conditions to the Merger

6.1Conditions to Obligations of Each Party to Effect the Merger. The respective obligations of each party hereto to consummate the Transactions shall be subject to the satisfaction or waiver in writing at or prior to the Closing of each of the following conditions: 

(a)Voting Member Approval. The Voting Member Approval shall have been duly and validly obtained. 

(b)Illegality. No Order issued by any court of competent jurisdiction or other legal or regulatory restraint or prohibition preventing the consummation of the Merger shall be in effect, and no action shall have been taken by any Governmental Entity seeking any of the foregoing, and no Applicable Law or Order shall have been enacted, entered, enforced or deemed applicable to the Merger that makes the consummation of the Merger illegal. 

6.2Additional Conditions to Obligations of the Company. The obligations of the Company to consummate the Transactions shall be subject to the satisfaction or waiver at or prior to the Closing of each of the following conditions (it being understood and agreed that each such condition is solely for the benefit of the Company and may be waived by the Company in writing in its sole discretion without notice or Liability to any Person): 

(a)Representations, Warranties and Covenants. The representations and warranties made by Acquirer herein shall be true and correct in all material respects (except for such representations and warranties that are qualified by their terms by a reference to materiality or Material Adverse Effect, which representations and warranties as so qualified shall be true and correct in all respects) on and as of the Agreement Date and on and as of the Closing Date as though such representations and warranties were made on and as of such dates (except for representations and warranties that address matters only as to a specified date or dates, which representations and warranties shall be true and correct with respect to such specified date or dates). Acquirer shall have performed and complied in all material respects with all covenants, agreements and obligations herein required to be performed and complied with by Acquirer at or prior to the Closing. 

(b)Receipt of Closing Deliveries. The Company shall have received each of the agreements, instruments, certificates and other documents set forth in Section 1.2(a). 

6.3Additional Conditions to the Obligations of Acquirer. The obligations of Acquirer and Merger Sub to consummate the Transactions shall be subject to the satisfaction or waiver at or prior to the Closing of each of the following conditions (it being understood and agreed that each such condition is solely for the benefit of Acquirer and Merger Sub and may be waived by Acquirer (on behalf of itself and/or Merger Sub) in writing in its sole discretion without notice or Liability to any Person): 

(a)Representations, Warranties and Covenants. The representations and warranties made by the Company herein shall be true and correct in all material respects (except for such 60 representations and warranties that are qualified by their terms by a reference to materiality or Material Adverse Effect, which representations and warranties as so qualified shall be true and correct in all respects) on and as of the Agreement Date and on and as of the Closing Date as though such representations and warranties were made on and as of such dates (except for representations and warranties that address matters only as to a specified date or dates, which representations and warranties shall be true and correct with respect to such specified date or dates). The Company shall have performed and complied in all material respects with all covenants, agreements and obligations herein required to be performed and complied with by the Company at or prior to the Closing.

(b)Receipt of Closing Deliveries. Acquirer shall have received each of the agreements, instruments, certificates and other documents set forth in Section 1.2(b). 

(c)Injunctions or Restraints on Conduct of Business. No Order issued by any court of competent jurisdiction or other legal or regulatory restraint or prohibition limiting or restricting Acquirer’s ownership, conduct or operation of the Business following the Closing, shall be in effect, and no Legal Proceeding seeking any of the foregoing, or any other injunction, restraint or material damages in connection with the Merger or the other Transactions or prohibiting or limiting the consummation of the Transactions, shall be pending or threatened. 

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(d)No Legal Proceedings. No Governmental Entity or other Person shall have commenced or threatened to commence any Legal Proceeding challenging or seeking the recovery of a material amount of damages in connection with the Merger or the other Transactions or seeking to prohibit or limit the exercise by Acquirer of any material right pertaining to ownership of Equity Interests of the Surviving Company. 

(e)No Material Adverse Effect. There shall not have occurred a Material Adverse Effect with respect to the Company. 

(f)No Outstanding Securities. Other than the Company Units and the Company Convertible Notes, no Person has any Equity Interests of the Company, unit appreciation rights, unit schemes, calls or rights, or is party to any Contract of any character to which the Company or a Company Member is a party or by which it or its assets is bound, obliging the Company or such Company Member to issue, deliver, sell, repurchase or redeem, or cause to be issued, delivered, sold, repurchased or redeemed, any Equity Interests of the Company or other rights to purchase or otherwise acquire any Equity Interests of the Company, whether vested or unvested. 

(g)Employees. 

(i)(A) Each Key Employee shall have signed an Employment Agreement, a Share Restriction Agreement and a Restrictive Covenant Agreement, each of which shall continue to be in full force and effect and no action shall have been taken by any such individual to rescind any of such agreements, and (B) the employment of each of the Designated Employees shall have been terminated effective no later than immediately prior to the Closing and such Designated Employees shall have executed a Separation Agreement. 

(ii)No fewer than (A) 80% of the salaried employees of the Company, excluding the Designated Employees, shall have remained continuously employed with the Company from the Agreement Date through the Closing and shall become Continuing Employees and (B) 60 hourly employees are employed by the Company as of the Closing and shall become Continuing Employees. 

(iii)The Employment Agreements shall not have been amended, supplemented or modified in any manner (other than with Acquirer’s prior written consent). 

(h)Joinder Agreement. The Joinder Agreement shall have been duly executed by each holder of Class C Units and such other holders of Company Units who, together with the holders of Class C Units and the Voting Members, constitute the holders of at least 90% of all Company Units outstanding as of immediately prior to the Closing. 

(i)Privacy Policy. The Company will have modified the Company’s Privacy Policies in a form acceptable to Acquirer.

ARTICLE VII

Termination

7.1Termination. At any time prior to the Closing, this Agreement may be terminated and the Merger abandoned by authorized action taken by the terminating party, whether before or after the Voting Member Approval is obtained: 

(a)by mutual written consent duly authorized by Acquirer and both Voting Members; 

(b)by either Acquirer or the Company, by written notice to the other, if the Closing shall not have occurred on or before July 12, 2019, or such other date that Acquirer and the Company may agree upon in writing (the “Termination Date”); provided that the right to terminate this Agreement under this Section 7.1(b) shall not be available to any party whose breach of any covenant, agreement or obligation hereunder will have been the principal cause of, or will have directly resulted in, the failure of the Closing to occur on or before the Termination Date; 

(c)by either Acquirer or the Company, by written notice to the other, if any Order of a Governmental Entity of competent authority preventing the consummation of the Merger shall have become final and non-appealable; 

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(d)by Acquirer, by written notice to the Company, if (i) there shall have been an inaccuracy in any representation or warranty made by, or a breach of any covenant, agreement or obligation of, the Company herein and such inaccuracy or breach shall not have been cured within five Business Days after receipt by the Company of written notice of such inaccuracy or breach and, if not cured within such period and at or prior to the Closing, such inaccuracy or breach would result in the failure of any of the conditions set forth in Section 6.1 or Section 6.3 to be satisfied (provided that no such cure period shall be available or applicable to any such breach that by its nature cannot be cured), (ii) there shall have been a Material Adverse Effect with respect to the Company or (iii) the Company shall have breached Section 5.1 or Section 5.2; or 

(e)by the Company, by written notice to Acquirer, if there shall have been an inaccuracy in any representation or warranty made by, or a breach of any covenant, agreement or obligation of, Acquirer herein and such inaccuracy or breach shall not have been cured within five Business Days after receipt by Acquirer of written notice of such inaccuracy or breach and, if not cured within such period and at or prior to the Closing, such breach would result in the failure of any of the conditions set forth in Section 6.1 or Section 6.2 to be satisfied (provided that no such cure period shall be available or applicable to any such inaccuracy or breach that by its nature cannot be cured). 

7.2Effect of Termination. In the event of termination of this Agreement as provided in Section 7.1, this Agreement shall forthwith become void and there shall be no Liability on the part of Acquirer, Merger Sub, the Company or their respective officers, directors, members, stockholders or Affiliates or the Members’ Agent; provided that (i) Section 5.3 (Confidentiality; Public Disclosure), Section 5.9 (Expenses; Company Debt), this Section 7.2 (Effect of Termination), Article IX (General Provisions) and any related definition provisions in or referenced in Exhibit A and the Confidentiality Agreement shall remain in full force and effect and survive any termination of this Agreement and (ii) nothing herein shall relieve any party hereto from Liability in connection with any intentional misrepresentation made by, or a willful breach of any covenant, agreement or obligation of, such party herein.

ARTICLE VIII

Escrow Fund and Indemnification

8.1Escrow Fund. 

(a)At the Effective Time, Acquirer shall withhold the Cash Escrow Amount from the Merger Consideration payable pursuant to Section 1.3(a) and shall deposit the Cash Escrow Amount with PNC National Bank as escrow agent (the “Escrow Agent”) (the aggregate amount of cash so held by the Escrow Agent from time to time, the “Escrow Fund”), which Escrow Fund shall be governed by this Agreement and the escrow agreement in substantially the form attached hereto as Exhibit G with such changes as Acquirer and the Members’ Agent may agree in writing (the “Escrow Agreement”). The Escrow Fund shall constitute partial security for the benefit of Acquirer (on behalf of itself or any other Acquirer Indemnified Person) with respect to any Indemnifiable Damages pursuant to the indemnification obligations of the Converting Holders under Section 1.6(h) and this Article VIII. Subject to Section 8.4, the Escrow Agent shall hold the Escrow Fund until 11:59 p.m. local time on April 1, 2020 (the “Escrow Release Date”). Neither the Escrow Fund (including any portion thereof) nor any beneficial interest therein may be pledged, subjected to any Encumbrance, sold, assigned or transferred by any Converting Holder or be taken or reached by any legal or equitable process in satisfaction of any debt or other Liability of any Converting Holder, in each case prior to the distribution of the Escrow Fund to any Converting Holder in accordance with Section 8.1(b), except that each Converting Holder shall be entitled to assign such Converting Holder’s rights to such Converting Holder’s Pro Rata Share of the Escrow Fund by will, by the laws of intestacy or by other operation of law. 

(b)Within two Business Days following the Escrow Release Date, the Escrow Agent will distribute to each Converting Holder such Converting Holder’s Pro Rata Share of the Escrow Fund less that portion of the Escrow Fund that is determined, in the reasonable judgment of Acquirer, to be necessary to satisfy all unsatisfied or disputed claims for indemnification specified in any Claim Certificate delivered to the Members’ Agent on or prior to the Escrow Release Date in accordance with this Article VIII. Any portion of the Escrow Fund held by the Escrow Agent following the Escrow Release Date with respect to pending but unresolved claims for indemnification that is not awarded to Acquirer upon the resolution of such claims shall be distributed by the Escrow Agent to the Converting Holders within two Business Days following resolution of such claims and in accordance with each such Converting Holder’s Pro Rata Share of such portion of the Escrow Fund. 

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8.2Indemnification. 

(a)By the Converting Holders on Behalf of the Company. Subject to the limitations set forth in this Article VIII, from and after the Closing, each Converting Holder shall severally but not jointly (in proportion to each such Converting Holders’ Pro Rata Share) indemnify and hold harmless Acquirer, Merger Sub and the Company and their respective officers, directors, agents and employees and each Person, if any, who controls or may control Acquirer within the meaning of the Securities Act (each, an “Acquirer Indemnified Person”) from and against, and shall compensate and reimburse each Acquirer Indemnified Person for, any and all losses, Liabilities, damages, claims, fees, Taxes, interest, costs and expenses, including costs of enforcement, investigation and defense and reasonable fees and expenses of counsel, experts and other professionals, directly or indirectly, whether or not due to a Third-Party Claim (collectively, “Indemnifiable Damages”), arising out of, resulting from or in connection with:

(i)any failure of any representation or warranty made by the Company herein or in the Company Disclosure Letter (including any exhibit to or schedule of the Company Disclosure Letter) to be true and correct (I) as of the Agreement Date (except in the case of representations and warranties that by their terms speak only as of a specified date or dates, which representations and warranties shall be true and correct as of such date or dates), or (II) as of the Closing Date as though such representation or warranty were made as of the Closing Date (except in the case of representations and warranties that by their terms speak only as of a specific date or dates, which representations and warranties shall be true and correct as of such date or dates); 

(ii)any failure of any certification, representation or warranty made by the Company in any certificate (other than the Spreadsheet and the Company Closing Financial Certificate) delivered to Acquirer pursuant to this Agreement to be true and correct as of the date such certificate is delivered to Acquirer; 

(iii)any breach of, or default in connection with, any of the covenants, agreements or obligations made by the Company herein or in any other agreements contemplated by the Transaction Documents or the Merger; 

(iv)any Company Debt or Transaction Expenses, or any inaccuracies in the Spreadsheet or the Company Closing Financial Certificate (including any Taxes payable by the Company Members described in Section 1.8 that are not included in the calculation of Company Net Working Capital); 

(v)any claims by (A) any then-current or former holder or alleged then-current or former holder of any Equity Interests of the Company (including any predecessors), arising out of, resulting from or in connection with (I) the Transactions or this Agreement, including the allocation of the Merger Consideration or any portion thereof, or (II) such Person’s status or alleged status as a holder of Equity Interests of the Company (including any predecessors) at any time at or prior to the Closing, whether for breach of fiduciary duty or otherwise, (B) any Person to the effect that such Person is entitled to any Equity Interest of Acquirer or the Company or any payment in connection with the Transactions other than as specifically set forth on the Spreadsheet or (C) any Person with respect to any plan, policy or Contract providing for compensation to any Person in the form of Equity Interests; 

(vi)any matter that is or would be an exception to the representations and warranties made in Section 2.6 (Litigation) as of the Agreement Date or the Closing; 

(vii)subject to Section 8.3(i), any Pre-Closing Taxes to the extent not taken into account in calculating the Company Net Working Capital; 

(viii)any fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company in the making of any of the representations and warranties contained in Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions; and 

(ix)the matters set forth in Section 8.2(a)(ix) of the Company Disclosure Letter.

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(b)By the Converting Holders on Behalf of Such Converting Holder. Subject to the limitations set forth in this Article VIII, from and after the Closing, each Converting Holder shall severally but not jointly (in proportion to each such Converting Holders’ Pro Rata Share) indemnify and hold harmless each Acquirer Indemnified Person from and against, and shall compensate and reimburse each Acquirer Indemnified Person for, any and all Indemnifiable Damages arising out of, resulting from or in connection with: 

(i)with respect to any Converting Holder that delivered an Investor Representation Letter, any failure of any representation or warranty made by such Converting Holder in such Converting Holder’s Investor Representation Letter to be true and correct (I) as of the date of such Investor Representation Letter or (II) as of the Closing Date as though such representation or warranty were made as of the Closing Date (except in the case of representations and warranties that by their terms speak only as of a specific date or dates, which representations and warranties shall be true and correct as of such date or dates); and 

(ii)any fraud, intentional misrepresentation or willful misconduct by or on behalf of such Converting Holder in the making of any representations and warranties contained in such Converting Holder’s Investor Representation Letter or otherwise in connection with the Transactions. 

(c)By Acquirer. Subject to the limitations set forth in this Article VIII, from and after the Closing, Acquirer shall indemnify and hold harmless each Converting Holder and their respective officers, directors, agents and employees and each Person, if any, who controls or may control any such Converting Holder within the meaning of the Securities Act (each, a “Company Indemnified Person” and, together with the Acquirer Indemnified Persons, each an “Indemnified Person”) from and against, and shall compensate and reimburse each Company Indemnified Person for, any and all Indemnifiable Damages arising out of, resulting from or in connection with: 

(i)any failure of any representation or warranty made by Acquirer or Merger Sub herein to be true and correct (I) as of the Agreement Date (except in the case of representations and warranties that by their terms speak only as of a specified date or dates, which representations and warranties shall be true and correct as of such date or dates), or (II) as of the Closing Date as though such representation or warranty were made as of the Closing Date (except in the case of representations and warranties that by their terms speak only as of a specific date or dates, which representations and warranties shall be true and correct as of such date or dates); 

(ii)any failure of any certification, representation or warranty made by Acquirer or Merger Sub in any certificate delivered to the Company or the Members’ Agent pursuant to this Agreement to be true and correct as of the date such certificate is delivered to the Company or the Members’ Agent; 

(iii)any breach of, or default in connection with, any of the covenants, agreements or obligations made by Acquirer or Merger Sub herein or in any other agreements contemplated by the Transaction Documents or the Merger; and 

(iv)any fraud, intentional misrepresentation or willful misconduct by or on behalf of Acquirer or Merger Sub in the making of any of the representations and warranties contained in Article III (including the related portions of the certificates delivered hereunder) or otherwise in connection with the Transactions. 

(d)Materiality and knowledge standards or qualifications, qualifications or requirements that a matter be or not be “reasonably expected” or “reasonably likely” to occur and qualifications by reference to the defined term “Material Adverse Effect” in any representation, warranty, covenant, agreement or obligation shall only be taken into account in determining whether an inaccuracy in such representation or warranty, or a breach of such covenant, agreement or obligation, exists, and shall not be taken into account in determining the amount of any Indemnifiable Damages with respect to such inaccuracy or breach. 

8.3Indemnifiable Damage Threshold; Other Limitations. 

(a)Notwithstanding anything to the contrary contained herein, no Acquirer Indemnified Person, on the one hand, or Company Indemnified Person, on the other hand, may make a claim for Indemnifiable Damages arising out of, resulting from or in connection with the matters listed in clauses (i) or (ii) of Section 8.2(a), with respect to Acquirer Indemnified Persons, or clauses (i) or (ii) of Section 8.2(c), with respect to Company Indemnified Persons (in each case, other than claims arising out of, resulting from or in connection with (i) fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company (in the making of 

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any of the representations and warranties contained in Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions) or such Converting Holder (in the making of any of the representations and warranties contained in such Converting Holder’s Investor Representation Letter or otherwise in connection with the Transactions), on the one hand, or Acquirer or Merger Sub (in the making of any of the representations and warranties contained in Article III (including the related portions of the certificates delivered hereunder or otherwise in connection with the Transactions), on the other hand (as applicable), or (ii) any failure of any of the Special Representations to be true and correct as aforesaid) unless and until a Claim Certificate (together with any other delivered Claim Certificates by Acquirer Indemnified Persons, on the one hand, or Company Indemnified Persons, on the other hand) describing Indemnifiable Damages in an aggregate amount greater than $2,000,000 (the “Basket”) has been delivered, in which case the Acquirer Indemnified Person or Company Indemnified Person, as applicable, may make claims for indemnification, compensation and reimbursement and, with respect to the Acquirer Indemnified Person, may receive cash from the Escrow Fund for all such Indemnifiable Damages (including the amount of the Basket). The Basket shall not apply to any other Indemnifiable Damages or claims therefor. 

(b)If the Merger is consummated, the aggregate Liability of the Converting Holders under this Agreement shall not exceed the Cash Escrow Amount for Indemnifiable Damages (and not specific performance or other equitable remedies in accordance with Section 9.10) arising out of, resulting from or in connection with the matters listed in clauses (i) and (ii) of Section 8.2(a), except (i) in the case of fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company (in the making of any of the representations and warranties contained in Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions) or such Converting Holder (in the making of any of the representations and warranties contained in such Converting Holder’s Investor Representation Letter or otherwise in connection with the Transactions) and (ii) any failure of any of the representations and warranties made by (A) the Company in Section 2.1(a) (Organization, Standing, Power and Subsidiaries), Section 2.2 (Capital Structure), Section 2.3 (Authority; Non-contravention), Section 2.9 (Title to, Condition and Sufficiency of Assets), Section 2.10 (Intellectual Property), Section 2.11 (Taxes) or Section 2.12 (Employee Benefit Plans and Employee Matters) or (B) the Company in any certificate delivered to Acquirer pursuant to this Agreement that are within the scope of those covered by the foregoing Sections (collectively, the “Special Representations”) to be true and correct as aforesaid. 

(c)Other than with respect to any matters described in clause (i) of Section 8.3(b), the Acquirer Indemnified Persons (x) must first seek recovery for any Indemnifiable Damages from the then-remaining Escrow Fund, which shall be the first source of recovery for all such Indemnifiable Damages with respect to claims made on or prior to the Escrow Release Date, and (y) only after exhaustion of the then-remaining Escrow Fund (after taking into account all other claims for indemnification, compensation and reimbursement from the Escrow Fund made by any Acquirer Indemnified Person), or following the Escrow Release Date, may any Acquirer Indemnified Person seek indemnification for such amounts not satisfied by the then-remaining Escrow Fund from the Converting Holders directly, in each case, in accordance with, and subject to, the terms and limitations set forth in this Article VIII. In the case of any claims for Indemnifiable Damages arising out of, resulting from or in connection with the failure of any of the Special Representations to be true and correct as aforesaid or the matters listed in clauses (iii) through (x) of Section 8.2(a) or the matters listed in Section 8.2(b) (collectively, “Special Claims”), after the Acquirer Indemnified Persons have exhausted or made claims upon all amounts held in the Escrow Fund (after taking into account all other claims for indemnification, compensation and reimbursement from the Escrow Fund made by any Acquirer Indemnified Person), or following the Escrow Release Date (in each case, as described in the immediately preceding sentence), each Converting Holder shall have Liability for such Converting Holder’s Pro Rata Share of the amount of any Indemnifiable Damages resulting therefrom. Notwithstanding anything to the contrary contained herein, (i) the total Liability of a Converting Holder for Special Claims shall be limited to the aggregate amount of cash and the aggregate number of Parent Ordinary Shares payable and issuable, respectively, to such Converting Holder pursuant to Section 1.3(a), and (ii) any limitation of Liability in this Section 8.3(c) shall not apply in the case of fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company (in the making of any of the representations and warranties contained in Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions) or such Converting Holder (in the making of any of the representations and warranties contained in such Converting Holder’s Investor Representation Letter or otherwise in connection with the Transactions). 

(d)Notwithstanding anything to the contrary contained herein, Acquirer’s aggregate Liability for Indemnifiable Damages indemnifiable under Section 8.2(c) shall not exceed $90,000,000. 

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(e)Except to the extent that such damages are actually awarded to or otherwise part of a settlement with a third party in connection with a Third-Party Claim, Indemnifiable Damages shall not include (i) any punitive or special damages of any kind, or (ii) incidental, consequential or indirect damages, lost profits or loss of value, damage to reputation or loss of goodwill, whether based on contract, tort, strict liability or otherwise, except, in the case of clause (ii), to the extent such damages are reasonably foreseeable in connection with the event that gives rise thereto or the matter for which indemnification is sought hereunder. 

(f)Notwithstanding anything to the contrary contained herein, (i) no Converting Holder shall have any right of indemnification, compensation, reimbursement, contribution or right of advancement from Acquirer, the Surviving Company or any other Acquirer Indemnified Person (based upon such Converting Holder’s position as an officer, employee or agent of the Company or otherwise) with respect to any Indemnifiable Damages claimed by any Acquirer Indemnified Person or any right of subrogation against the Company or the Surviving Company with respect to any indemnification, compensation or reimbursement of an Acquirer Indemnified Person by reason of any of the matters set forth in Section 8.2(a), (ii) the rights and remedies of the Acquirer Indemnified Persons after the Effective Time shall not be limited by (x) any investigation by or on behalf of, or disclosure to (other than in the Company Disclosure Letter with respect to clauses (i) and (ii) of Section 8.2(a), subject to any limitations expressly set forth therein), any Acquirer Indemnified Person at or prior to the Effective Time regarding any failure, breach or other event or circumstance or (y) any waiver of any condition to the Closing related thereto, (iii) if an Acquirer Indemnified Person’s claim under this Article VIII may be properly characterized in multiple ways in accordance with this Article VIII such that such claim may or may not be subject to different limitations depending on such characterization, then such Acquirer Indemnified Person shall have the right to characterize such claim in a manner that maximizes the recovery and time to assert such claim permitted in accordance with this Article VIII and (iv) no Converting Holder shall be liable for the breach of any representation, warranty, covenant or agreement of another Converting Holder or any fraud, intentional misrepresentation or willful misconduct by or on behalf of any Person other than the Company (in the making of any of the representations and warranties contained in Article II (including the related portions of the Company Disclosure Letter and certificates delivered hereunder) or otherwise in connection with the Transactions) or such Converting Holder (in the making of any of the representations and warranties contained in such Converting Holder’s Investor Representation Letter or otherwise in connection with the Transactions); provided that nothing herein shall limit the liability of a Converting Holder for any fraud, intentional misrepresentation or willful misconduct by or on behalf of the Company or such Converting Holder.

(g)All Indemnifiable Damages shall be calculated net of the amount of any actual recoveries actually received by an Indemnified Person under any existing insurance policies and contractual indemnification or contribution provisions (in each case, calculated net of any actual collection costs and reserves, expenses, deductibles or premium adjustments or retrospectively rated premiums (as determined in good faith by an Indemnified Person) incurred or paid to procure such recoveries) in respect of any Indemnifiable Damages suffered, paid, sustained or incurred by any Indemnified Person; provided that no Indemnified Person shall have any obligation to seek to obtain or continue to pursue any such recoveries. In any case where an Indemnified Person recovers under insurance policies any amount in respect of a matter for which such Indemnified Person was indemnified pursuant to Section 8.2, such Indemnified Person shall promptly pay over to the Members’ Agent, with respect to an Acquirer Indemnified Person, or Acquirer, with respect to a Company Indemnified Person, the amount so recovered (after deducting therefrom the amount of the out-of-pocket expenses incurred by such Indemnified Person in procuring such recovery), but not in excess of the sum of any amount previously so paid to or on behalf of such Indemnified Person in respect of such matter. 

(h)In no event shall any Indemnified Person be entitled to seek or receive indemnification for the same Indemnifiable Damages more than once under this Article VIII even if a claim for indemnification with respect to such Indemnifiable Damages has been made as a result of a breach of more than one representation, warranty, covenant or agreement contained in this Agreement. 

(i)No Acquirer Indemnified Person shall be entitled to indemnification pursuant to any provision of Section 8.2(a) for any Indemnifiable Damages described in Schedule 8.3(i) of the Company Disclosure Letter. 

8.4Period for Claims. Except as otherwise set forth in this Section 8.4, the period (the “Claims Period”) during which claims may be made (i) for Indemnifiable Damages arising out of, resulting from or in connection with the matters listed in clauses (i) and (ii) of Section 8.2(a) (other than with respect to any of the Special Representations) or clauses (i) and (ii) of Section 8.2(c) (other than with respect to any of the Acquirer Special Representations) shall commence at the Closing and terminate at 11:59 p.m. local time on the Escrow Release Date, (ii) for Indemnifiable Damages arising out of, resulting from or in connection with all other matters, 

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including Special Claims but excluding the matters listed in clause (viii) of Section 8.2(a), shall commence at the Closing and terminate at 11:59 p.m. local time on the date that is 30 days following the expiration of the statute of limitations applicable thereto, and (iii) for Indemnifiable Damages arising out of, resulting from or in connection with the matters listed in clause (viii) of Section 8.2(a) shall commence at the Closing and terminate at 11:59 p.m. local time on the date that is seven years and one month following the Closing Date. Notwithstanding anything to the contrary contained herein: (A) such portion of the Escrow Fund at the Escrow Release Date as in the reasonable judgment of Acquirer may be necessary to satisfy any unresolved or unsatisfied claims for Indemnifiable Damages specified in any Claim Certificate delivered to the Members’ Agent on or prior to the Escrow Release Date shall remain in the Escrow Fund until such claims for Indemnifiable Damages have been resolved or satisfied; and (B) the Claims Period for claims for Indemnifiable Damages arising out of, resulting from or in connection with fraud, intentional misrepresentation or willful misconduct (in the making of any of the representations and warranties contained in this Agreement or in any Investor Representation Letter or otherwise in connection with the Transactions) shall not be limited. 

8.5Claims.

(a)From time to time during the Claims Period, Acquirer may deliver to the Members’ Agent, and the Members’ Agent may deliver to Acquirer, one or more certificates signed by any officer of Acquirer or the Members’ Agent, as applicable (each, a “Claim Certificate”): 

(i)stating that an Indemnified Person has incurred, paid, reserved or accrued, or in good faith believes that it may incur, pay, reserve or accrue, Indemnifiable Damages (or that with respect to any Tax matters and Indemnifiable Damages related thereto for which an Acquirer Indemnified Person may seek recovery pursuant to Section 8.2, that any Tax Authority may raise such matter in audit of the Company or any of its Affiliates, that could give rise to Indemnifiable Damages); 

(ii)stating the amount of such Indemnifiable Damages (which, in the case of Indemnifiable Damages not yet incurred, paid, reserved or accrued, may be the maximum amount believed by the Indemnified Person in good faith to be incurred, paid, reserved, accrued or demanded by a third party); and 

(iii)specifying in reasonable detail (based upon the information then possessed by the Person sending the Claim Certificate) the individual items of such Indemnifiable Damages included in the amount so stated and the nature of the claim to which such Indemnifiable Damages are related. 

(b)Such Claim Certificate (i) need only specify such information to the knowledge of such officer of Acquirer or the Members’ Agent, as applicable, as of the date thereof, (ii) shall not limit any of the rights or remedies of any Indemnified Person with respect to the underlying facts and circumstances specifically set forth in such Claim Certificate and (iii) may be updated and amended from time to time by Acquirer or the Members’ Agent, as applicable, by delivering any updated or amended Claim Certificate, so long as the delivery of the original Claim Certificate is made within the applicable Claims Period and such update or amendment relates to the underlying facts and circumstances specifically set forth in such original Claims Certificate; provided that all claims for Indemnifiable Damages properly set forth in a Claim Certificate or any update or amendment thereto shall remain outstanding until such claims have been resolved or satisfied, notwithstanding the expiration of such Claims Period. No delay in providing such Claim Certificate within the applicable Claims Period shall affect an Indemnified Person’s rights hereunder, unless (and then only to the extent that) the Members’ Agent or the Converting Holders, or Acquirer, as applicable, are materially prejudiced thereby. 

8.6Resolution of Objections to Claims. 

(a)If the Members’ Agent or Acquirer, as applicable does not contest, by written notice to the Members’ Agent, with respect to Acquirer, or Acquirer, with respect to the Members’ Agent, any claim or claims by such Company Indemnified Person or Acquirer Indemnified Person, respectively, made in any Claim Certificate within the 20-day period following receipt of the Claim Certificate, then (i) with respect to any Acquirer Indemnified Person (I) if prior to the Escrow Release Date, the Escrow Agent shall, upon Acquirer’s direction, distribute to Acquirer an amount of cash from the Escrow Fund having a total value equal to the amount of any Indemnifiable Damages corresponding to such claim or claims made by Acquirer Indemnified Persons as set forth in such Claim Certificate, and (II) if on or after the Escrow Release Date, each Converting Holder shall, on a several but not joint basis, pay to the Acquirer Indemnified Person such Converting Holder’s Pro Rata Share of an amount of cash having a total value equal to the amount of any Indemnifiable Damages corresponding to such claim or claims as set forth in such Claim Certificate or (ii) with respect to any Company Indemnified Person, Acquirer shall pay to the Members’ Agent (on behalf of the Converting Holders) an amount of cash having a total value equal to the amount of any Indemnifiable Damages corresponding to such claim or claims as set forth in such Claim Certificate. 

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(b)If the Members’ Agent or Acquirer, as applicable, objects in writing to any claim or claims by an Indemnified Person in any Claim Certificate within the 20-day period set forth in Section 8.6(a), Acquirer and the Members’ Agent shall attempt in good faith for 45 days after receipt of such written objection to resolve such objection. If Acquirer and the Members’ Agent shall so agree with respect to a Claim Certificate delivered by Acquirer to the Escrow Agent prior to the Escrow Release Date and if any amount remains available in the Escrow Fund as of the date of such agreement, then a joint written instruction setting forth such agreement shall be prepared, signed by both parties and delivered to the Escrow Agent, which joint written instruction shall direct the Escrow Agent to distribute to Acquirer an amount of cash from the Escrow Fund in accordance with the terms of such joint written instruction. If Acquirer and the Members’ Agent shall so agree either (i) with respect to a Claim Certificate delivered by Acquirer on or after the Escrow Release Date or (ii) with respect to a Claim Certificate delivered by the Members’ Agent, the applicable Person(s) required to provide indemnification under this Agreement (an “Indemnifying Person”) shall pay to the Indemnified Person (or to the Members’ Agent on behalf of the Converting Holders in the event the Acquirer is the Indemnifying Person) the agreed amount. 

(c)If no such agreement can be reached during the 45-day period for good faith negotiation set forth in Section 8.6(b), but in any event upon the expiration of such 45-day period, either Acquirer or the Members’ Agent may bring an arbitration in accordance with the terms of Section 9.11 to resolve the matter. The decision of the arbitrator as to the validity and amount of any claim in such Claim Certificate shall be non-appealable, binding and conclusive upon the parties hereto and the Converting Holders, and, with respect to a Claim Certificate delivered by Acquirer to the Escrow Agent prior to the Escrow Release Date and if any amount remains available in the Escrow Fund as of the date of the arbitrator’s decision, Acquirer shall be entitled to instruct the Escrow Agent to distribute to Acquirer an amount of cash from the Escrow Fund in accordance therewith. 

(d) Judgment upon any determination of an arbitrator may be entered in any court having jurisdiction. For purposes of this Section 8.6(d), in any suit hereunder in which any claim or the amount thereof stated in the Claim Certificate is at issue, Acquirer shall be deemed to be the prevailing party unless the arbitrator determines in favor of the Members’ Agent (on behalf of the Converting Holders) with respect to more than one-half of the amount in dispute, in which case the Converting Holders shall be deemed to be the prevailing party. The non-prevailing party to an arbitration shall pay its own fees and expenses and the fees and expenses of the prevailing party, including attorneys’ fees and costs, reasonably incurred in connection with such suit. 

(e) Any portion of the Escrow Fund held by the Escrow Agent following the Escrow Release Date shall be paid by the Escrow Agent to the Members’ Agent for further distribution to the Converting Holders within five Business Days following resolution of such claims and in accordance with each such Converting Holder’s Pro Rata Share of such portion of the Escrow Fund. 

8.7Members’ Agent.

(a)At the Closing, Jed Stiller shall be constituted and appointed as the Members’ Agent. The Members’ Agent shall be the agent for and on behalf of the Converting Holders to: (i) execute, as the Members’ Agent, this Agreement and any agreement or instrument entered into or delivered in connection with the Transactions, (ii) give and receive notices, instructions and communications permitted or required under this Agreement, or any other agreement, document or instrument entered into or executed in connection herewith, for and on behalf of any Converting Holder, to or from Acquirer (on behalf of itself or any other Indemnified Person) relating to this Agreement or any of the Transactions and any other matters contemplated by this Agreement or by such other agreement, document or instrument (except to the extent that this Agreement expressly contemplates that any such notice or communication shall be given or received by each Converting Holder individually), (iii) review, negotiate and agree to and authorize Acquirer to reclaim an amount of cash from the Escrow Fund in satisfaction of claims asserted by Acquirer (on behalf of itself or any other Indemnified Person, including by not objecting to such claims) pursuant to this Article VIII, (iv) object to such claims pursuant to Section 8.6, (v) consent or agree to, negotiate, enter into, or, if applicable, contest, prosecute or defend, settlements and compromises of, and demand arbitration and comply with Orders of courts and awards of arbitrators with respect to, such claims, resolve any such claims, take any actions in connection with the resolution of any dispute relating hereto or to the Transactions by arbitration, settlement or otherwise, and take or forego any or all actions permitted or required of any Converting Holder or necessary in the judgment of the Members’ Agent for the accomplishment of the foregoing and all of the other terms, conditions and limitations of this Agreement, (vi) consult with legal counsel, independent public accountants and other experts selected by it, solely at the cost and expense of the Converting Holders, (vii) consent or agree to any amendment to this Agreement or to waive any terms and conditions of this Agreement providing rights or benefits to the Converting Holders (other than with respect to the payment and issuance of the Merger Consideration less the Cash Escrow Amount) in accordance with the 

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terms hereof and in the manner provided herein, (viii) pursuant to Section 1.6, review, negotiate, object to, accept or agree to Acquirer’s calculation of Company Net Working Capital and (ix) take all actions necessary or appropriate in the judgment of the Members’ Agent for the accomplishment of the foregoing, in each case without having to seek or obtain the consent of any Person under any circumstance. Acquirer, Merger Sub and their respective Affiliates (including after the Effective Time, the Surviving Company) shall be entitled to rely on the appointment of Jed Stiller as the Members’ Agent and treat such Members’ Agent as the duly appointed attorney-in-fact of each Converting Holder and as having the duties, power and authority provided for in this Section 8.7. The Converting Holders shall be bound by all actions taken and documents executed by the Members’ Agent in connection with this Article VIII, and Acquirer and other Indemnified Persons shall be entitled to rely exclusively on any action or decision of the Members’ Agent. The Person serving as the Members’ Agent may be removed or replaced from time to time, or if such Person resigns from its position as the Members’ Agent, then a successor may be appointed, by the holders of a majority in interest of the aggregate amount of cash then held in the Escrow Fund (or, in the event that there is no cash then held in the Escrow Fund by the Converting Holders collectively having a Pro Rata Share greater than 50% upon not less than 30 days’ prior written notice to Acquirer). No bond shall be required of the Members’ Agent. 

(b)Except as otherwise provided herein, the Members’ Agent shall have the sole discretion to use the Expense Fund Amount to pay any out-of-pocket costs or expenses incurred by the Members’ Agent in its capacity as the Members’ Agent, including any attorneys’, accountants’ and other experts’ fees. Once the Members’ Agent determines, in its discretion, that it will not incur any additional expenses in its capacity as the Members’ Agent, it will distribute, at its sole expense, to the Converting Holders, pro rata in proportion to each such Converting Holders’ Pro Rata Share, the remaining unused portion of the Expense Fund Amount, if any, without interest; provided, further, however, that in the event (i) the Expense Fund Amount is, in the opinion of the Members’ Agent, insufficient to satisfy those costs or expenses referenced in the first sentence of this Section 8.7(b), or (ii) subsequent to distribution of any unused portion of the Expense Fund Amount pursuant to this Section 8.7(b), the Members’ Agent incurs any additional costs or expenses in its capacity as the Members’ Agent (or in good faith believes it will do so), then any amounts necessary to satisfy the Members’ Agent pursuant to clauses (i) or (ii) of this Section 8.7(b) shall be deducted from any amounts that are otherwise payable to the Converting Holders from the Escrow Fund in connection with any distribution therefrom to the Converting Holders in accordance with the Escrow Agreement.

(c)The Members’ Agent shall not be liable to any Converting Holder for any act done or omitted hereunder as the Members’ Agent while acting in good faith (and any act done or omitted pursuant to the advice of counsel shall be conclusive evidence of such good faith) and without gross negligence or willful misconduct. The Members’ Agent shall serve as the Members’ Agent without compensation; provided that the Converting Holders shall severally but not jointly indemnify the Members’ Agent and hold him harmless against any loss, Liability, damage, penalty, fine, cost or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Members’ Agent and arising out of, resulting from or in connection with the acceptance or administration of his duties hereunder, including all reasonable out-of-pocket costs and expenses and legal fees and other legal costs reasonably incurred by the Members’ Agent. The Expense Fund Amount shall be available to satisfy any such indemnification obligation of the Converting Holders according to their respective Pro Rata Shares. If not satisfied from the Expense Fund Amount or paid directly to the Members’ Agent by the Converting Holders, such losses, Liabilities, damages, penalties, fines, costs or expenses may be recovered by the Members’ Agent from the portion of the Escrow Fund otherwise distributable to the Converting Holders (and not distributed or distributable to an Indemnified Person or subject to a pending indemnification claim of an Indemnified Person) on or after the Escrow Release Date pursuant to the terms hereof, at the time of distribution, and such recovery will be made from the Converting Holders according to their respective Pro Rata Shares of such losses, Liabilities, damages, penalties, fines, costs or expenses. 

(d)After the Closing, any notice or communication given or received by, and any decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or instruction of, the Members’ Agent that is within the scope of the Members’ Agent’s authority under Section 8.7(a) shall constitute a notice or communication to or by, or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or instruction of all the Converting Holders and shall be final, binding and conclusive upon each such Converting Holder; and each Indemnified Person shall be entitled to rely exclusively upon any such notice, communication, decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or instruction as being a notice or communication to or by, or a decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or instruction of, each and every such Converting Holder. Acquirer, Merger Sub, the Surviving Company and the Indemnified Persons are hereby relieved from any Liability to any Person for any acts done by them in accordance with such notice, communication, decision, action, failure to act within a designated period of time, agreement, consent, settlement, resolution or instruction of the Members’ Agent. 

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(e)From and after the Effective Time, Acquirer shall cause the Surviving Company and its Subsidiaries to provide the Members’ Agent with reasonable access to information about the Surviving Company and its Subsidiaries and the reasonable assistance of their officers and employees, in each case, for the limited purpose of defending against a claim for Indemnifiable Damages; provided, however, that the Members’ Agent shall not unreasonably interfere with any of the operations or business activities of the Surviving Company or its Subsidiaries in exercising the rights pursuant to this Section 8.7(e). 

8.8Third-Party Claims. In the event Acquirer becomes aware of a claim by a third party (a “Third-Party Claim”) that Acquirer in good faith believes may result in a claim for Indemnifiable Damages by or on behalf of an Indemnified Person, Acquirer shall have the right, subject to this Section 8.8, in its sole discretion to conduct the defense of and to settle or resolve such Third-Party Claim (and the costs and expenses incurred by Acquirer in connection with defense, settlement, resolution or enforcement in connection with such Third-Party Claim (including reasonable attorneys’ fees, other professionals’ and experts’ fees and court or arbitration costs) shall be included in the Indemnifiable Damages for which Acquirer shall be entitled to receive indemnification pursuant to a claim made hereunder, and such costs and expenses shall constitute Indemnifiable Damages subject to indemnification under Section 8.2 regardless of whether it is ultimately determined that such Third-Party Claim arose out of, resulted from or was in connection with a matter listed in Section 8.2). Acquirer shall keep the Members’ Agent reasonably informed of all material developments relating to all Third-Party Claims, including by reasonably promptly providing the Members’ Agent with copies of all pleadings, notices and communications with respect to each such Third-Party Claim, in each case to the extent that the provision of such information or any portion thereof to the Members’ Agent would not, on the advice of counsel to Acquirer, result in the loss of any legal privilege for the benefit of any Indemnified Person with respect to such information or portion thereof, subject to execution by the Members’ Agent of a non-disclosure agreement reasonably acceptable to Acquirer (and, if required, such third party) to the extent that such materials contain confidential or propriety information. Notwithstanding anything to the contrary in the foregoing, Acquirer shall not, without the prior written consent of the Members’ Agent, enter into any settlement or compromise or consent to the entry of any judgment with respect to any Third-Party Claim (which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to have been given unless the Members’ Agent shall have objected within 30 days after a written request therefor by Acquirer; it being understood and agreed that the Members’ Agent will be deemed to be reasonable in withholding consent if such settlement, compromise or judgment (A) involves a finding or admission of wrongdoing that results in liability of the Converting Holdings, (B) does not include a written release by the claimant or plaintiff of each Converting Holder from all liability in respect of such Third-Party Claim or (C) imposes equitable remedies, criminal liability or any obligation on any such Company Member other than solely the payment of money damages for which the Indemnified Party will be indemnified hereunder in accordance with and subject to the limitations set forth herein. Unless otherwise consented to in writing in advance by Acquirer in its sole discretion, the Members’ Agent and its Affiliates may not participate in any Third-Party Claim or any action related to such Third-Party Claim (including any discussions or negotiations in connection with the settlement, adjustment or compromise thereof). In the event that the Members’ Agent has consented to the amount of any settlement or resolution by Acquirer of any such Third-Party Claim, or if the Members’ Agent shall have been determined to have unreasonably withheld, conditioned or delayed its consent to the amount of any such settlement or resolution of such Third-Party Claim, neither the Members’ Agent nor any Converting Holder shall have any power or authority to object under this Article VIII to the amount of Indemnifiable Damages related to such claim as consented to or any claim by or on behalf of any Indemnified Person against the Escrow Fund or, if applicable, any Converting Holder for indemnity with respect to such settlement or resolution.

8.9Treatment of Indemnification Payments. Acquirer, the Members’ Agent and the Converting Holders agree to treat (and cause their respective Affiliates to treat) any payment received by any Indemnified Persons pursuant to this Article VIII as adjustments to the Merger Consideration for all Tax purposes to the maximum extent permitted by Applicable Law.

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ARTICLE IX

General Provisions 

9.1Survival of Representations, Warranties and Covenants. If the Merger is consummated, the representations and warranties made by any party hereto, including in the Company Disclosure Letter (including any exhibit to or schedule of the Company Disclosure Letter), and in the other certificates contemplated by this Agreement shall survive the Closing and remain in full force and effect, regardless of any investigation or disclosure made by or on behalf of any of the parties hereto, until the date that is 15 months following the Closing Date; provided that, regardless of any investigation or disclosure made by or on behalf of any of the parties hereto, (a) (i) the Special Representations (other than Section 2.11 (Taxes)) and (ii) the representations and warranties made by (A) Acquirer and Merger Sub in Section 3.1 (Organization and Standing), Section 3.2 (Authority; Non-contravention) and Section 3.3 (Issuance of Shares) (collectively, the “Acquirer Special Representations”), or (B) Acquirer or Merger Sub in any certificate delivered to the Company or Members’ Agent pursuant to this Agreement that are within the scope of those covered by the foregoing Sections, will remain operative and in full force and effect until the date that is 30 days following expiration of the statute of limitations applicable thereto, and (b) the representations and warranties made by the Company in Section 2.11 (Taxes), will remain operative and in full force and effect until the date that is seven years and one month following the Closing Date, in each case of clauses (a) and (b) for claims against any Indemnifying Person that seek recovery of Indemnifiable Damages arising out of, resulting from or in connection with an inaccuracy in such representations or warranties; provided, further, that no right to indemnification pursuant to Article VIII in respect of any claim that is set forth in a Claim Certificate delivered to the applicable Indemnifying Person on or prior to the expiration of such representations and warranties shall be affected by such expiration; provided, further, that such expiration shall not affect the rights of any Indemnified Person under Article VIII or otherwise to seek recovery of Indemnifiable Damages arising out of, resulting from or in connection with any fraud, intentional misrepresentation or willful misconduct by or on behalf of any Indemnifying Person (in the making of any of the representations and warranties contained in this Agreement or in any Investor Representation Letter or otherwise in connection with the Transactions). If the Merger is consummated, all covenants, agreements and obligations of the parties hereto shall expire and be of no further force or effect as of the Closing, except to the extent such covenants, agreements and obligations provide that they are to be performed after the Closing; provided that no right to indemnification pursuant to Article VIII in respect of any claim based upon any breach of a covenant, agreement or obligation shall be affected by the expiration of such covenant, agreement or obligation.

9.2Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed given if delivered personally or by commercial delivery service, or mailed by registered or certified mail (return receipt requested) or sent via facsimile or electronic mail (in each case, if provided below and with automated or personal confirmation of receipt) to the parties hereto at the following address (or at such other address for a party as shall be specified by like notice):

(i)if to Acquirer, Merger Sub or Parent, to: 

Farfetch Limited

The Bower, 211 Old Street

London EC1V 9NR, United Kingdom

Attention: Holly Sage, Head of Legal (Corporate/Commercial)

Telephone No.: ##################

Email: ##################

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

Fenwick & West LLP

902 Broadway, Suite 14 

New York, NY 10010 

Attention: Ken S. Myers 

Telephone No.: ##################

Email: ################## 

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(ii)if to the Company, to:

Stadium Enterprises LLC

c/o White and Williams LLP

7 Times Square Suite, 2900

New York NY 10036

Attention: Jed Stiller

Telephone No.: ##################

Email: ##################

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

White and Williams LLP

7 Times Square, Suite 2900

New York, NY 10036

Attention: Randy M. Friedberg and Joshua Galante

Telephone ##################; ##################

Email: ##################;

##################

(iii)If to the Members’ Agent, to: 

Jed Stiller

c/o White and Williams LLP

7 Times Square, Suite 2900

New York, NY 10036

Telephone No.: ##################

Email: ##################

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

White and Williams LLP

7 Times Square, Suite 2900

New York, NY 10036

Attention: Randy M. Friedberg and Joshua G. Galante

Telephone No.: ##################, ##################

Email: ##################,

##################

Any notice given as specified in this Section 9.2 (i) if delivered personally or sent by facsimile or electronic mail transmission shall conclusively deemed to have been given or served at the time of dispatch if sent or delivered on a Business Day or, if not sent or delivered on a Business Day, on the next following Business Day and (ii) if sent by commercial delivery service or mailed by registered or certified mail (return receipt requested) shall conclusively be deemed to have been received on the third Business Day after the post of the same.

9.3Interpretation. When a reference is made herein to Articles, Sections, subsections, Schedules or Exhibits, such reference shall be to an Article, Section or subsection of, or a Schedule or an Exhibit to this Agreement unless otherwise indicated. The headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Where a reference is made to a Contract, instrument or Applicable Law, such reference is to such Contract, instrument or Applicable Law as amended, modified or supplemented, including (in the case of Contracts or instruments) by waiver or consent and (in the case of Applicable Law) by succession of comparable successor Applicable Law and references to all attachments thereto and instruments incorporated therein; provided, however, that with respect to Contracts and instruments set forth in the Company Disclosure Letter, no such amendment, modification or supplement (including by waiver or consent) shall be deemed incorporated therein unless expressly set forth in the Company Disclosure Letter and a copy of which has been provided to Acquirer in accordance with clause (viii) below. Unless the context of this Agreement otherwise requires: (i) words of any gender include each other gender and neutral forms of such words, (ii) words using the singular or plural number also include the plural or singular number, respectively, (iii) the terms “hereof,” “herein,” “hereto,” “hereunder” and derivative or similar words refer to this entire Agreement, (iv) references to clauses without a cross-reference 

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to a Section or subsection are references to clauses within the same Section or, if more specific, subsection, (v) references to any person include the successors and permitted assigns of that person, (vi) references from or through any date shall mean, unless otherwise specified, from and including or through and including, respectively, (vii) the phrases “provide to,” “made available” and “deliver to” and phrases of similar import mean that a true, correct and complete paper or electronic copy of the information or material referred to has been delivered to the party to whom such information or material is to be provided and (viii) the phrases “provided to Acquirer” or “made available to Acquirer” and phrases of similar import means, with respect to any information, document or other material of the Company or its Affiliates, that such information, document or material was made available for review and properly indexed by the Company and its Representatives in the virtual data room established by the Company in connection with this Agreement prior to the execution of this Agreement or actually delivered (whether by physical or electronic delivery) to Acquirer or its Representatives prior to the execution of this Agreement. The symbol “$” refers to United States Dollars. The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” References to a Person are also to its permitted successors and assigns. All references to “days” shall be to calendar days unless otherwise indicated as a “Business Day.” Any action otherwise required to be taken on a day that is not a Business Day shall instead be required to be taken on the next succeeding Business Day, and if the last day of a time period is a non-Business Day, such period shall be deemed to end on the next succeeding Business Day. Unless indicated otherwise, all mathematical calculations contemplated by this Agreement shall be rounded to the tenth decimal place, except in respect of payments, which shall be rounded to the nearest whole United States cent. 

9.4Amendment. Subject to Applicable Law, the parties hereto may amend this Agreement by authorized action at any time pursuant to an instrument in writing signed on behalf of each of the parties hereto; provided that no amendment shall be made to this Agreement that by Applicable Law requires further approval by the Company Members without such further approval. To the extent permitted by Applicable Law, Acquirer and the Members’ Agent may cause this Agreement to be amended at any time after the Closing by execution of an instrument in writing signed on behalf of Acquirer and the Members’ Agent. 

9.5Extension; Waiver. At any time at or prior to the Closing, any party hereto may, to the extent legally allowed, (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto owed to such party, (ii) waive any inaccuracies in the representations and warranties made to such party contained herein or in any document delivered pursuant hereto and (iii) waive any breaches of any of the covenants, agreements, obligations or conditions for the benefit of such party contained herein. At any time after the Closing, Acquirer and the Members’ Agent may, to the extent legally allowed, (A) extend the time for the performance of any of the obligations of the other owed to such party, (B) waive any inaccuracies in the representations and warranties made to such party contained herein or in any document delivered pursuant hereto or (C) waive any breaches of any of the covenants, agreements, obligations or conditions for the benefit of such party contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing that is (I) prior to the Closing with respect to the Company and/or the Company Members, signed by the Company, (II) after the Closing with respect to the Converting Holders and/or the Members’ Agent, signed by the Members’ Agent and (III) with respect to Acquirer and/or Merger Sub, signed by Acquirer. Without limiting the generality or effect of the preceding sentence, no failure to exercise or delay in exercising any right under this Agreement shall constitute a waiver of such right, and no waiver of any breach or default shall be deemed a waiver of any other breach or default of the same or any other provision herein. 

9.6Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto; it being understood and agreed that all parties hereto need not sign the same counterpart. The delivery by facsimile or by electronic delivery in PDF format of this Agreement with all executed signature pages (in counterparts or otherwise) shall be sufficient to bind the parties hereto to the terms and conditions set forth herein. All of the counterparts will together constitute one and the same instrument and each counterpart will constitute an original of this Agreement. 

9.7Entire Agreement; Parties in Interest. This Agreement and the documents and instruments and other agreements specifically referred to herein or delivered pursuant hereto, including all the exhibits attached hereto, the Schedules, including the Company Disclosure Letter, (a) constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof, except for the Confidentiality Agreement, which shall continue in full force and effect, and shall survive any termination of this Agreement, in accordance with its terms and (b) are not intended to confer, and shall not be construed as conferring, upon any Person other than the parties hereto any rights or remedies hereunder (except that Article VIII is intended to benefit the Indemnified Persons). 

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9.8Assignment. Neither this Agreement nor any of the rights and obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise by any of the parties hereto without the prior written consent of the other parties hereto, and any such assignment without such prior written consent shall be null and void, except that Acquirer and/or Merger Sub may assign its rights and delegate its obligations under this Agreement to any direct or indirect wholly owned subsidiary of Acquirer without the prior consent of any other party hereto; provided that notwithstanding any such assignment, Acquirer and/or Merger Sub, as applicable, shall remain liable for all of its obligations under this Agreement. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. 

9.9Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement shall continue in full force and effect and shall be interpreted so as reasonably necessary to effect the intent of the parties hereto. The parties hereto shall use all reasonable efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that shall achieve, to the greatest extent possible, the economic, business and other purposes of such void or unenforceable provision. 

9.10Remedies Cumulative; Specific Performance. Except as otherwise provided herein, including Section 1.6(j) and Section 8.3, any and all remedies herein expressly conferred upon a party hereto shall be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party hereto of any one remedy shall not preclude the exercise of any other remedy; provided that nothing herein shall be deemed a waiver by any party hereto of any right to specific performance or injunctive relief. It is accordingly agreed that, subject to Section 8.3(b), the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity, and the parties hereto hereby waive the requirement of any posting of a bond in connection with the remedies described herein. 

9.11Submission to Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. 

(a)The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in the State of New York, the place where this Agreement was entered and is to be performed, in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to herein, and in respect of the Transactions, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in such a New York State or Federal court. The parties hereto hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 9.2 or in such other manner as may be permitted by Applicable Law, shall be valid and sufficient service thereof. With respect to any particular action, suit or proceeding, venue shall lie solely in the County of New York, New York. A party hereto may apply either to a court of competent jurisdiction or to an arbitrator, if one has been appointed, for prejudgment remedies and emergency relief pending final determination of a claim pursuant to this Section 9.11. The appointment of an arbitrator does not preclude a party hereto from seeking prejudgment remedies and emergency relief from a court of competent jurisdiction. 

(b)THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NEGOTIATION, VALIDITY OR PERFORMANCE OF THIS AGREEMENT OR THE TRANSACTIONS. EACH OF THE PARTIES HERETO HEREBY ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 

9.12Governing Law. This Agreement, all acts and transactions pursuant hereto and all obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware without reference to such state’s principles of conflicts of law that would refer a matter to a different jurisdiction. 

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9.13Rules of Construction. The parties hereto have been represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, hereby waive, with respect to this Agreement, each Schedule and each Exhibit attached hereto, the application of any Applicable Law or rule of construction providing that ambiguities in an agreement or other document shall be construed against the party drafting such agreement or document. 

9.14Provisions Respecting Legal Representation. Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its Representatives, that White and Williams LLP may serve as counsel to the Members’ Agent, any Converting Holder and/or their respective Affiliates (individually and collectively, the “Holder Group”), on the one hand, and the Company, on the other hand, in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, and that, following consummation of the transactions contemplated hereby, White and Williams LLP (or any successor) may serve as counsel to the Holder Group in connection with this Agreement, the other Transaction Documents and/or the Transactions notwithstanding such representation and each of the parties hereto hereby consents thereto and waives any conflict of interest arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to waive any conflict of interest arising from such representation. Acquirer and Merger Sub further agree that, as to all communications prior to the Closing between the Holder Group and White and Williams LLP relating to the Transactions or the other Transaction Documents, following the Effective Time, the attorney-client privilege and the expectation of client confidence belongs solely to Acquirer and the Surviving Company and may be controlled only by Acquirer and the Surviving Company and shall not be claimed by the Holder Group; provided that Acquirer and the Surviving Company shall not assert such attorney-client privilege against the Holder Group or assert any such privileged communications or information learned as a result thereof (or use any of the foregoing as evidence) in a dispute (including a dispute under Article VIII) with any members of the Holder Group. 

9.15Acquirer and Merger Sub Obligations. Parent shall cause Acquirer and Merger Sub to satisfy their respective obligations under this Agreement.

[SIGNATURE PAGE NEXT]

 

 

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IN WITNESS WHEREOF, Acquirer, Merger Sub, the Company, the Members’ Agent and Parent, solely for purposes of Section 9.15, have caused this Agreement and Plan of Merger to be executed and delivered by their respective officers thereunto duly authorized (or with respect to the Members’ Agent, personally but solely in his capacity as the Members’ Agent), all as of the date first written above.

FARFETCH US HOLDINGS, INC.

 

	
farfetch us Holdings, Inc. 

	
 

	
 

	
By:
	
/s/ Jeffery Fowler

	
Name:
	
Jeffery Fowler

	
Title:
	
Chief Executive Officer

 

 

 

 

	
Yankee Merger sub, LLC

	
 

	
 

	
By:
	
/s/ Jeffery Fowler

	
Name:
	
Jeffery Fowler

	
Title:
	
President and Chief Executive Officer

 

 

 

 

	
farfetch Limited

	
 

	
 

	
By:
	
/s/ Jose Neves

	
Name:
	
Jose Neves

	
Title:
	
CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

]

[Signature Page to Agreement and Plan of Merger]

 

IN WITNESS WHEREOF, Acquirer, Merger Sub, the Company, the Members’ Agent and Parent, solely for purposes of Section 9.15, have caused this Agreement and Plan of Merger to be executed and delivered by their respective officers thereunto duly authorized (or with respect to the Members’ Agent, personally but solely in his capacity as the Members’ Agent), all as of the date first written above.

 

 

	
STADIUM ENTERPRISES LLC

	
 

	
By:
	
/s/ Jed Stiller

	
Name:
	
Jed Stiller

	
Title:
	
Managing Partner

 

[Signature Page to Agreement and Plan of Merger]

 

IN WITNESS WHEREOF, Acquirer, Merger Sub, the Company, the Members’ Agent and Parent, solely for purposes of Section 9.15, have caused this Agreement and Plan of Merger to be executed and delivered by their respective officers thereunto duly authorized (or with respect to the Members’ Agent, personally but solely in his capacity as the Members’ Agent), all as of the date first written above.

 

		
	
MEMBERS’ AGENT

	
 

	
 

	
/s/ Jed Stiller

	
Name:
	
Jed Stiller

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

]

[Signature Page to Agreement and Plan of Merger]

 

EXHIBIT A

Definitions

As used herein, the following terms shall have the meanings indicated below: 

“Accredited Pro Rata Share” means, with respect to a particular Accredited Converting Holder, a fraction, the numerator of which is such Accredited Converting Holder’s Pro Rata Share and the denominator of which is the aggregate Pro Rata Share of all Accredited Converting Holders. 

“Acquisition Proposal” means, with respect to the Company, any agreement, offer, proposal or other bona fide indication of interest (other than this Agreement or any other offer, proposal or indication of interest by Acquirer), or any public announcement of intention to enter into any such agreement or of (or intention to make) any offer, proposal or other bona fide indication of interest, relating to, or involving: (i) any acquisition or purchase from the Company, or from the Company Members, by any Person or Group of more than a 10% interest in the total outstanding voting securities of the Company or any tender offer or exchange offer that if consummated would result in any Person or Group beneficially owning 10% or more of the total outstanding voting securities of the Company or any merger, consolidation, business combination or similar transaction involving the Company, (ii) any sale, lease, mortgage, pledge, exchange, transfer, license (other than in the ordinary course of business and consistent with past practice), acquisition, or disposition of more than 10% of the assets of the Company in any single transaction or series of related transactions, (iii) any liquidation, dissolution, recapitalization or other significant corporate reorganization of the Company, or any extraordinary dividend, whether of cash or other property or (iv) any other transaction outside of the ordinary course of business and consistent with past practice, in each case the consummation of which would impede, interfere with, prevent or delay, or would reasonably be expected to impede, interfere with, prevent or delay, the consummation of the Merger or the other Transactions. 

“Adjustment Threshold Amount” means $750,000. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such Person, including any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person, in each case as of the date on which, or at any time during the period for which, the determination of affiliation is being made. For purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities or by Contract or otherwise. 

“Aggregate Threshold Value” means the sum of the Threshold Values of all outstanding Class B Units as of immediately prior to the Effective Time. 

“Agreed Adjustment Amount” means $10,000,000. 

“AMEX Balance Allocation” means an amount equal to 50% of the aggregate outstanding balance as of immediately prior to the Effective Time under all American Express (AMEX) credit cards utilized by, or on behalf of, the Company or any Company Subsidiary; provided, however, that in no event shall the Amex Balance Allocation exceed $225,000.

“Anti-Corruption Law” means any Applicable Law relating to anti-bribery or anti-corruption (governmental or commercial), including the Foreign Corrupt Practices Act of 1977, as amended, and any other Applicable Law that prohibits the corrupt payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any Person, including any Government Official. 

“Applicable Law” means, with respect to any Person, any federal, state, foreign, local, municipal or other law, statute, constitution, legislation, principle of common law, resolution, ordinance, code, edict, decree, rule, directive, license, permit, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity and any Orders applicable to such Person or such Person’s Affiliates or to any of their respective assets, properties or businesses. 

A-1

 

“Business” means the business of the Company as currently conducted and as currently proposed to be conducted by the Company. 

“Business Day” means a day (i) other than Saturday or Sunday and (ii) on which commercial banks are open for business in New York, New York. 

“Cash Escrow Amount” means $25,000,000 in cash. 

“Class A Units” has the meaning set forth in the Operating Agreement. 

“Class B Per Unit Aggregate Consideration” means, with respect to each Class B Unit, the Closing Per Unit Aggregate Value minus the Threshold Value for such Class B Unit. 

“Class B Per Unit Cash Consideration” means, with respect to each Class B Unit, the Class B Per Unit Aggregate Consideration for such Class B Unit multiplied by the Closing Cash Consideration Percentage. 

“Class B Per Unit Share Consideration” means, with respect to each Class B Unit, the quotient of (i) the product of (A) the Class B Per Unit Aggregate Consideration for such Class B Unit multiplied by the Closing Share Consideration Percentage divided by (ii) the Parent Share Price. 

“Class B Units” has the meaning set forth in the Operating Agreement. 

“Class C Units” has the meaning set forth in the Operating Agreement. 

“Class D Units” has the meaning set forth in the Operating Agreement. 

“Closing Cash Consideration” means $150,000,000 in cash, (i) increased by the sum of (A) an amount in cash equal to the Company Cash, plus (B) an amount in cash equal to the Closing Net Working Capital Surplus, if any, and (ii) decreased by the sum of (X) an amount in cash equal to the Closing Net Working Capital Shortfall, if any, plus (Y) an amount in cash equal to Transaction Expenses that are incurred but unpaid as of the Closing, plus (Z) an amount in cash equal to the Company Debt that is unpaid as of the Closing, in each case, calculated based on the amounts set forth in the Company Closing Financial Certificate. 

“Closing Cash Consideration Percentage” means one minus the Closing Share Consideration Percentage, expressed as a percentage.

“Closing Net Working Capital Shortfall” means the amount, if any, by which (i) the Closing Net Working Capital Target exceeds (ii) the sum of (A) Company Net Working Capital as set forth in the Company Closing Financial Certificate plus (B) the Adjustment Threshold Amount. 

“Closing Net Working Capital Surplus” means the amount, if any, by which (i) the Company Net Working Capital, as set forth in the Company Closing Financial Certificate, minus the Adjustment Threshold Amount exceeds (ii) the Closing Net Working Capital Target. 

“Closing Net Working Capital Target” means negative $656,000. 

“Closing Per Unit Aggregate Value” means (i) the sum of (A) the Closing Per Unit Cash Consideration plus (B) the product of (I) the Closing Per Unit Share Consideration multiplied by (II) the Parent Share Price. 

“Closing Per Unit Cash Consideration” means (i) the sum of (A) the Closing Cash Consideration plus (B) (I) the Aggregate Threshold Value multiplied by (II) the Closing Cash Consideration Percentage divided by (ii) the Outstanding Company Units. 

“Closing Per Unit Share Consideration” means (i) the quotient of (A) the Closing Share Consideration divided by (B) the Outstanding Company Units plus (ii) the quotient of (A) the product of (I) the Aggregate Threshold Value multiplied by (II) the Closing Share Consideration Percentage divided by (B) the product of (I) the Parent Share Price multiplied by (II) the Outstanding Company Units. 

“Closing Share Consideration” means a number of Parent Ordinary Shares equal to the quotient of (a) $100,000,000 minus the Agreed Adjustment Amount divided by (b) the Parent Share Price. 

A-2

 

“Closing Share Consideration Percentage” means a fraction, expressed as a percentage, the numerator of which is the product of (i) the Closing Per Unit Share Consideration multiplied by (ii) the Parent Share Price and the denominator of which is the Closing Per Unit Aggregate Value. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company AR” means the Company’s total consolidated accounts receivable as of the Closing (as defined by and determined in accordance with GAAP) 

“Company Cash” means the aggregate amount of all unrestricted cash and cash equivalents of the Company as of the Closing (as defined by and determined in accordance with GAAP), including the amounts of any received but uncleared checks, drafts and wires issued to or for the benefit of the Company prior to such date and time, less the amounts of any unpaid checks, drafts and wires issued by or on behalf of the Company prior to such date and time and the aggregate amount of all cash in the payment escrows set forth on Schedule IV hereto as of the Closing, irrespective of whether such cash is eligible for release from such payment escrows to the Company as of the Closing. 

“Company Chargebacks” mean the Company’s total consolidated chargebacks as of the Closing (as defined by and determined in accordance with GAAP and otherwise consistent with the line item labelled “Chargebacks(Pending)” in the Company Balance Sheet). 

“Company Closing Financial Certificate” means a certificate executed by the Chief Financial Officer of the Company dated as of the Closing Date, certifying, as of the Closing, the amount of (i) Company Cash, (ii) Company Debt (including (A) an itemized list of each Company Debt (other than Excess Consignor AP) with a description of the nature of such Company Debt and the Person to whom such Company Debt is owed and (B) a calculation of Excess Consignor AP), (iii) Company Net Working Capital (including (A) the Company’s balance sheet as of the Closing prepared on a consistent basis with the Company Balance Sheet, (B) an itemized list of each element of the Company’s consolidated current assets, including Company AR, Company Chargebacks and Company Inventory, and (C) an itemized list of each element of the Company’s consolidated total current liabilities, including Company Consignor AP) and (iv) any Transaction Expenses that are incurred but unpaid. 

“Company Consignor AP” means the Company’s total consolidated accounts payable in respect of consignment sellers as of the Closing (as defined by and determined in accordance with GAAP). 

“Company Convertible Notes” means the convertible promissory notes issued by the Company to the purchasers thereof on such dates and in such initial principal amounts as set forth on Schedule V hereto. 

“Company Debt” means indebtedness of the Company for money borrowed (which, for purposes of this Agreement, shall include (i) Excess Consignor AP, (ii) Company Convertible Notes and any other convertible promissory notes or other similar convertible instruments issued by the Company that remain outstanding as of immediately prior to the Effective Time, (iii) any separation fees incurred by the Company or any Company Subsidiary prior to the Agreement Date to the extent not fully paid as of immediately prior to the Effective Time, (iv) any amounts then owed under the Company’s truck lease, (v) an amount equal to $20,000 as a dilapidations provision, (vi) the Company’s total unredeemed store credits as of immediately prior to the Effective Time and (vii) all outstanding credit card debt of the Company and the Company Subsidiaries as of immediately prior to the Effective Time minus the AMEX Balance Allocation), including any prepayment or other penalties or premium payable in connection with the repayment of such Company Debt at the Closing. 

“Company Inventory” means the Company’s total consolidated inventory as of the Closing (as defined by and determined in accordance with GAAP). 

“Company Members” means (i) with respect to any time before the Effective Time, collectively, the holders of record of Company Units outstanding as of such time and (ii) with respect to any time at or after the Effective Time, collectively, the holders of record of Company Units outstanding as of immediately prior to the Effective Time. 

“Company Net Working Capital” means (i) the Company’s total consolidated current assets as of the Closing (as defined by and determined in accordance with GAAP) less (ii) the Company’s total consolidated current liabilities as of the Closing (as defined by and determined in accordance with GAAP). For purposes of calculating Company Net Working Capital, the Company’s current assets shall (regardless of whether they would be treated as a current asset under GAAP) exclude Company Cash and deferred Tax assets but shall include the 

A-3

 

Company’s restricted cash. For purposes of calculating Company Net Working Capital, the Company’s current liabilities shall (regardless of whether they would be treated as a current liability under GAAP) (A) include, without duplication, (I) all Liabilities for trade and other payables and deferred revenue, and (II) all accrued Liabilities, including Liabilities for vacation, paid time off and performance or other bonuses accrued by or for the Company’s employees as of the Closing and (B) exclude all Liabilities for (I) Pre-Closing Taxes (other than sales Tax), (II) Company Debt (which, for purposes of the definition of Company Net Working Capital, shall include all outstanding credit card debt of the Company and the Company Subsidiaries as of immediately prior to the Effective Time) and (III) Transaction Expenses that are incurred but unpaid as of the Closing. Set forth on Schedule VI, for illustrative purposes only, is an example calculation of the Company Net Working Capital as if the Closing had occurred as of October 31, 2018.

“Company Subsidiaries” means each of Kicks Lite and SGNY. 

“Company Transaction Documents” means this Agreement and each other Transaction Document to which the Company is or will be a party. 

“Company Units” means, collectively, the Class A Units, the Class B Units, the Class C Units and the Class D Units of the Company. 

“Continuing Employees” means the employees of the Company who remain employees of the Surviving Company or become employees of Acquirer or one of its subsidiaries as of immediately after the Effective Time. 

“Contract” means any written or oral legally binding contract, agreement, instrument, commitment or undertaking of any nature (including leases, subleases, licenses, mortgages, notes, guarantees, sublicenses, subcontracts, letters of intent and purchase orders) as of the Agreement Date or as may hereafter be in effect, including all amendments, supplements, exhibits and schedules thereto. 

“Converting Holders” means the Company Members as of immediately prior to the Effective Time. 

“DLLCA” means the Limited Liability Company Act of the State of Delaware. 

“Encumbrance” means, with respect to any asset, any mortgage, easement, encroachment, equitable interest, right of way, deed of trust, lien (statutory or other), pledge, charge, security interest, title retention device, conditional sale or other security arrangement, collateral assignment, claim, community property interest, adverse claim of title, ownership or right to use, right of first refusal, restriction or other encumbrance of any kind in respect of such asset (including any restriction on (i) the voting of any security or the transfer of any security or other asset, (ii) the receipt of any income derived from any asset, (iii) the use of any asset and (iv) the possession, exercise or transfer of any other attribute of ownership of any asset). 

“Environmental, Health and Safety Requirements” means all Applicable Law concerning or relating to worker/occupational health and safety, or pollution or protection of the environment, including those relating to the presence, use, manufacturing, refining, production, generation, handling, transportation, treatment, recycling, transfer, storage, disposal, distribution, importing, labeling, testing, processing, discharge, release, threatened release, control or other action or failure to act involving cleanup of any hazardous materials, substances or wastes, chemical substances or mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls, noise or radiation, each as amended and as now in effect. 

“Equity Interests” means, with respect to any Person, any capital stock of, or other ownership, membership, partnership, joint venture or equity interest in, such Person or any indebtedness, securities, options, warrants, call, subscription or other rights or entitlements of, or granted by, such Person or any of its Affiliates that are convertible into, or are exercisable or exchangeable for, or giving any Person any right or entitlement to acquire any such capital stock or other ownership, partnership, joint venture or equity interest, in all cases, whether vested or unvested. 

“Excess Consignor AP” means Company Consignor AP minus (i) Company AR, minus (ii) the product of (A) Company Inventory multiplied by (B) 90%, minus (iii) the product of (A) Company Chargebacks multiplied by (B) 80%. In the event that the calculation of Excess Consignor AP yields a negative number, then, for purposes of this Agreement, Excess Consignor AP shall be deemed to equal zero. 

A-4

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expense Fund Amount” means $250,000. 

“GAAP” means United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, that are applicable to the circumstances of the date of determination, consistently applied. 

“Government Official” means (i) any official, employee, agent or representative of, or any Person acting in an official capacity for or on behalf of, any Governmental Entity, (ii) any political party, political party official or candidate for political office, (iii) any official, employee, agent or representative of, or any Person acting in an official capacity for or on behalf of, a company, business, enterprise or other entity owned, in whole or in part, or controlled by any Governmental Entity or (iv) any official, employee, agent or representative of, or any Person acting in an official capacity for or on behalf of, a public international organization. 

“Governmental Entity” means any supranational, national, state, municipal, local or foreign government, any court, tribunal, arbitrator, administrative agency, commission or other Government Official, authority or instrumentality, in each case whether domestic or foreign, any stock exchange or similar self-regulatory organization or any quasi-governmental or private body exercising any executive, legislative, judicial, regulatory, Tax Authority or other functions of, or pertaining to, government authority (including any governmental or political division, department, agency, commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal). 

“Group” has the meaning ascribed to such term under Section 13(d) of the Exchange Act, the rules and regulations thereunder and related case law. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“IRS” means the United States Internal Revenue Service. 

“Kicks Lite” means Kicks Lite LLC, a New York limited liability company. 

“knowledge” means, with respect to any fact, circumstance, event or other matter in question, the knowledge of such fact, circumstance, event or other matter after reasonable inquiry of (i) an individual, if used in reference to an individual or (ii) with respect to any Person that is not an individual other than the Company, the executive officers of such Person, and with respect to the Company, the Key Employees. 

“Legal Proceeding” means any private or governmental action, inquiry, claim, counterclaim, proceeding, suit, hearing, litigation, audit or investigation, in each case whether civil, criminal, administrative, judicial or investigative, or any appeal therefrom. 

“Liabilities” (and, with correlative meaning, “Liability”) means all debts, liabilities, commitments and obligations, whether accrued or fixed, absolute or contingent, matured or unmatured, determined or determinable, liquidated or unliquidated, asserted or unasserted, known or unknown, whenever or however arising, including those arising under Applicable Law or any Legal Proceeding or Order of a Governmental Entity and those arising under any Contract, regardless of whether such debt, liability, commitment or obligation would be required to be reflected on a balance sheet prepared in accordance with GAAP or disclosed in the notes thereto. 

“Material Adverse Effect” with respect to any Person means any change, event, violation, inaccuracy, circumstance or effect (each, an “Effect”) that, individually or taken together with all other Effects, and regardless of whether such Effect constitutes an inaccuracy in the representations or warranties made by, or a breach of the covenants, agreements or obligations of, such Person herein, (i) is, or would reasonably be likely to be or become, materially adverse in relation to the condition (financial or otherwise), assets (including intangible assets), Liabilities, business, prospects, capitalization, employees, operations or results of operations of such Person and its subsidiaries, taken as a whole, except to the extent that any such Effect directly results from: (A) changes in general economic conditions (provided that such changes do not affect such Person disproportionately as compared to such Person’s competitors), (B) changes affecting the industry generally in which such Person operates (provided that such changes do not affect such Person disproportionately as compared to such Person’s competitors) or (C) changes in GAAP (provided that such changes do not affect such Person disproportionately as compared to such Person’s competitors or (ii) adversely affects, or would reasonably be likely to adversely affect, such Person’s ability to perform or comply with the covenants, agreements or obligations of such Person herein or to consummate the Transactions in accordance with this Agreement and Applicable Law. 

A-5

 

“Merger Consideration” means the Closing Cash Consideration (as adjusted pursuant to Section 1.6) plus the Closing Share Consideration plus the Aggregate Threshold Value. 

“NYSE” means the New York Stock Exchange, any successor stock exchange operated by Intercontinental Exchange or any successor thereto. 

“Order” means any judgment, writ, decree, stipulation, determination, decision, award, rule, preliminary or permanent injunction, temporary restraining order or other order. 

“Outstanding Company Units” means the number of Company Units that are issued and outstanding immediately prior to the Effective Time. 

“Parent Ordinary Shares” means the Class A ordinary shares, par value $0.04 per share, of Parent. 

“Parent Share Price” means the volume-weighted average daily closing sales price of Parent Ordinary Shares as reported on the NYSE for the 15 consecutive trading days ending two trading days prior to the Closing Date. 

“Permitted Encumbrances” means: (i) statutory liens for Taxes that are not yet due and payable or liens for Taxes being contested in good faith by any appropriate proceedings for which adequate reserves have been established, (ii) statutory liens to secure obligations to landlords, lessors or renters under leases or rental agreements, (iii) deposits or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance or similar programs mandated by Applicable Law, (iv) statutory liens in favor of carriers, warehousemen, mechanics and materialmen, to secure claims for labor, materials or supplies and other like liens, (v) liens in favor of customs and revenue authorities arising as a matter of Applicable Law to secure payments of customs duties in connection with the importation of goods and (vi) non-exclusive object code licenses of software by the Company in the ordinary course of business and consistent with past practice on its standard unmodified form of end user agreement (a copy of which has been made available to Acquirer). 

“Person” means any natural person, company, corporation, limited liability company, general partnership, limited partnership, limited liability partnership, trust, estate, proprietorship, joint venture, business organization or Governmental Entity. 

“Personal Guarantees” means the limited personal guarantees disclosed in Item 2 of Schedule 2.13 of the Company Disclosure Letter. 

“Pre-Closing Tax Period” means any Tax period ending on or before the Closing Date, and, in the case of a Straddle Period, the portion of such Straddle Period ending on and including the Closing Date. 

“Pre-Closing Taxes” means any (i) Taxes of the Company and the Company Subsidiaries with respect to a Pre-Closing Tax Period and (ii) Taxes of any other Person for which the Company or any Company Subsidiary is liable if the agreement, event or occurrence giving rise to such Liability occurred with respect to a Pre-Closing Tax Period. For clarity, Pre-Closing Taxes includes any payroll taxes of the Company and the Company Subsidiaries arising in connection with any payment required pursuant to, or arising as a result of, this Agreement or the Transactions, whether or not such Taxes are due and payable as of the Closing Date. In the case of any Taxes of the Company or any Company Subsidiary that are payable for a Taxable period that includes (but does not end on) the Closing Date (“Straddle Period”), such Taxes shall (i) in the case of property, ad valorem or other Taxes that accrue based upon the passage of time, be deemed to be Pre-Closing Taxes in an amount equal to the amount of such Taxes for the entire Taxable period multiplied by a fraction, the numerator of which is the number of days in the Taxable period through and including the Closing Date and the denominator of which is the number of days in the entire Taxable period, and (ii) in the case of any other Taxes, be deemed to be Pre-Closing Taxes in an amount equal to the amount of Taxes that would be payable if the relevant Taxable period ended on the Closing Date. Any credits relating to a Taxable period that includes (but does not end on) the Closing Date shall be taken into account as though the relevant Taxable period ended on the Closing Date. 

“Pro Rata Share” means, with respect to a particular Converting Holder, a fraction, the numerator of which is the sum of (i) the aggregate amount of cash plus the (ii) product of (A) the Parent Share Price multiplied by (B) the aggregate number of Parent Ordinary Shares that such Converting Holder is entitled to be paid and issued, respectively, pursuant to Section 1.3(a) and the denominator of which is the sum of (i) the aggregate amount of cash plus the (ii) product of (A) the Parent Share Price multiplied by (B) the aggregate number of Parent Ordinary Shares that all Converting Holders are entitled to be paid and issued, respectively, pursuant to Section 1.3(a). 

A-6

 

“Representatives” means, with respect to a Person, such Person’s officers, directors, managers, Affiliates, stockholders, members or employees, or any investment banker, attorney, accountant, auditor or other advisor or representative retained by any of them. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“SGNY” means SGNY1 LLC, a New York limited liability company. 

“Subsidiary” means any corporation, partnership, limited liability company or other Person of which the Company, either alone or together with one or more Subsidiaries or by one or more other Subsidiaries (i) directly or indirectly owns or purports to own, beneficially or of record securities or other interests representing more than 50% of the outstanding equity, voting power, or financial interests of such Person or (ii) is entitled, by Contract or otherwise, to elect, appoint or designate directors constituting a majority of the members of such Person’s board of directors or other governing body. 

“Tax” (and, with correlative meaning, “Taxes” and “Taxable”) means (i) any net income, alternative or add-on minimum tax, gross income, estimated, gross receipts, sales, use, ad valorem, value added, transfer, franchise, fringe benefit, capital stock, profits, license, registration, withholding, payroll, social security (or equivalent), employment, unemployment, disability, excise, severance, stamp, occupation, premium, property (real, tangible or intangible), environmental or windfall profit tax or other tax, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or any penalty, addition to tax or additional amount (whether disputed or not) imposed by any Governmental Entity responsible for the imposition of any such tax (domestic or foreign) (each, a “Tax Authority”), (ii) any Liability for the payment of any amounts of the type described in clause (i) of this sentence as a result of being a member of an affiliated, consolidated, combined, unitary or aggregate group and (iii) any Liability for the payment of any amounts of the type described in clause (i) or (ii) of this sentence as a result of being a transferee of or successor to any Person or as a result of any express or implied obligation to assume such Taxes or to indemnify any other Person. 

“Tax Return” means any return, statement, report or form (including estimated Tax returns and reports, withholding Tax returns and reports, any schedule or attachment, information returns and reports and any amended return or claim for refund) filed or required to be filed with respect to Taxes. 

“Threshold Value” has the meaning set forth in the Operating Agreement. 

“Transaction Document” means, collectively, this Agreement and each other agreement or document referred to in this Agreement or to be executed in connection with any of the Transactions. 

“Transaction Expenses” means all third-party fees, costs, expenses, payments and expenditures incurred by or on behalf of the Company in connection with the Merger, this Agreement and the Transactions, whether or not incurred, billed or accrued (including (i) any fees, costs, expenses, payments and expenditures of legal counsel and accountants, (ii) the maximum amount of fees, costs, expenses, payments and expenditures payable to brokers, finders, financial advisors, investment bankers or similar Persons notwithstanding any earn-outs, escrows or other contingencies, (iii) all bonuses or severance obligations owed by the Company to the Company’s officers, employees and/or consultants in connection with the Merger that are unpaid as of the Closing, and any amounts payable by the Company in order to obtain any Unit Waiver Agreements, including in each case including any employer-side payroll or other similar Taxes arising in connection therewith, and (iv) any such fees, costs, expenses, payments and expenditures incurred by Company Members paid for or to be paid for by the Company). 

“Treasury Regulation” means the final or temporary regulations that have been promulgated under the Code by the U.S. Department of the Treasury. 

“Unvested Company Units” means Company Units that are not vested under the terms of any Contract with the Company or subject to forfeiture or a right of repurchase by the Company. 

A-7

 

Other capitalized terms used herein and not defined in this Exhibit A shall have the meanings assigned to such terms in the following Sections:

 

	
“Accounts Receivable”
	
2.4(e)
	
 
	
“Acquirer Adjustment Notice”
	
1.6(b)

	
“Accredited Converting Holder”
	
1.3(f)
	
 
	
“Acquirer Special Representations”
	
9.1

	
“Acquirer”
	
Preamble
	
 
	
“Additional Parent Ordinary Shares”
	
1.3(f)

	
“Adjustment Calculations”
	
1.6(b)
	
 
	
“Company-Owned Data”
	
2.10(a)(vi)

	
“Adjustment Component”
	
1.6(b)
	
 
	
“Company-Owned Intellectual Property”
	
2.10(a)(vii)

	
“Agreement”
	
Preamble
	
 
	
“Confidential Information”
	
2.10(i)

	
“Agreement Date”
	
Preamble
	
 
	
“Confidentiality Agreement”
	
5.3(a)

	
“Allocation Statement”
	
5.13(g)
	
 
	
“Designated Employees”
	
5.10(a)

	
“Author”
	
2.10(g)
	
 
	
“DMCA”
	
2.10(w)

	
“Basket”
	
8.3(a)
	
 
	
“Effective Time”
	
1.1(d)

	
“Certificate of Merger”
	
1.1(d)
	
 
	
“Employment Agreement”
	
Recitals

	
“Claim Certificate”
	
8.5(a)
	
 
	
“ERISA”
	
2.12(a)

	
“Claims Period”
	
8.4
	
 
	
“ERISA Affiliate”
	
2.12(a)

	
“Closing”
	
1.1(c)
	
 
	
“Escrow Agent”
	
8.1(a)

	
“Closing Date”
	
1.1(c)
	
 
	
“Escrow Agreement”
	
8.1(a)

	
“COBRA”
	
2.12(c)
	
 
	
“Escrow Fund”
	
8.1(a)

	
“Company”
	
Preamble
	
 
	
“Escrow Release Date”
	
8.1(a)

	
“Company Authorizations”
	
2.8(b)
	
 
	
“Export Approvals”
	
2.20

	
“Company Balance Sheet”
	
2.4(b)
	
 
	
“Final Adjustment Calculations”
	
1.6(f)

	
“Company Balance Sheet Date”
	
2.4(b)
	
 
	
“Final Closing Cash Consideration”
	
1.6(f)

	
“Company Data”
	
2.10(a)(i)
	
 
	
“Final Shortfall”
	
1.6(g)

	
“Company Data Agreement”
	
2.10(a)(ii)
	
 
	
“Final Surplus”
	
1.6(h)

	
“Company Databases”
	
2.10(r)(ii)
	
 
	
“Financial Statements”
	
2.4(a)

	
“Company Disclosure Letter”
	
Article II
	
 
	
“Government Contract”
	
2.16(a)(xxvi)

	
“Company Employee Plans”
	
2.12(a)
	
 
	
“Holder Group”
	
9.14

	
“Company Intellectual Property”
	
2.10(a)(iii)
	
 
	
“ICT Infrastructure”
	
2.10(a)(xiii)

	
“Company Intellectual Property Agreements”
	
2.10(a)(iv)
	
 
	
“Indemnifiable Damages”
	
8.2(a)

	
“Company Pass-Through Tax Returns”
	
5.13(a)
	
 
	
“Indemnified D&Os”
	
5.15(b)

	
“Company Privacy Commitments”
	
2.10(q)(i)
	
 
	
“Indemnified Person”
	
8.2(a)

	
“Company Privacy Policies”
	
2.10(a)(viii)
	
 
	
“Ineligible Parent Ordinary Shares”
	
1.3(f)

	
“Company Products”
	
2.10(a)(ix)
	
 
	
“Intellectual Property”
	
2.10(a)(xiv)

	
“Company Registered Intellectual Property”
	
2.10(a)(x)
	
 
	
“Intellectual Property Rights”
	
2.10(a)(xv)

	
“Company Source Code”
	
2.10(a)(xi)
	
 
	
“Investor Representation Letter”
	
Recitals

	
“Company Voting Debt”
	
2.2(c)
	
 
	
“Joinder Agreement”
	
Recitals

	
“Company Websites”
	
2.10(a)(xii)
	
 
	
“Key Employee”
	
Recitals

	
“Company-Licensed Data”
	
2.10(a)(v)
	
 
	
“Key Members”
	
Recitals

	
“Member Notice”
	
5.1(a)
	
 
	
“Material Contracts”
	
2.16(a)

	
“Members’ Agent”
	
Preamble
	
 
	
“Voting Members”
	
Recitals

	
“Merger”
	
Recitals
	
 
	
“Voting Member Approval”
	
Recitals

	
“Merger Sub”
	
Preamble
	
 
	
“WARN Act”
	
2.12(n)

	
“New Litigation Claim”
	
5.6
	
 
	
“Written Consent”
	
Recitals

	
“Non-Accredited Additional Cash Payment”
	
1.3(f)
	
 
	
 
	
 

	
“Non-Accredited Converting Holder”
	
1.3(f)
	
 
	
 
	
 

	
“Note Repayment Agreement”
	
1.2(b)(xix)
	
 
	
 
	
 

	
“Notice of Objection”
	
1.6(c)
	
 
	
 
	
 

	
“Open Source Materials”
	
2.10(a)(xvi)
	
 
	
 
	
 

	
“Operating Agreement”
	
1.2(b)(ii)
	
 
	
 
	
 

	
“Parent”
	
Recitals
	
 
	
 
	
 

	
“Personal Data”
	
2.10(a)(xvii)
	
 
	
 
	
 

	
“Privacy Laws”
	
2.10(a)(xviii)
	
 
	
 
	
 

A-8

 

	
“Process” or “Processing”
	
2.10(a)(xix)
	
 
	
 
	
 

	
“Proprietary Information and Technology”
	
2.10(a)(xx)
	
 
	
 
	
 

	
“R&D Sponsor”
	
2.10(e)
	
 
	
 
	
 

	
“Restrictive Covenant Agreement”
	
Recitals
	
 
	
 
	
 

	
“Reviewing Accountant”
	
1.6(e)
	
 
	
 
	
 

	
“Separation Agreement”
	
1.2(b)(xiii)
	
 
	
 
	
 

	
“Share Restriction Agreement”
	
Recitals
	
 
	
 
	
 

	
“Significant Distributor”
	
2.21
	
 
	
 
	
 

	
“Significant Supplier”
	
2.22
	
 
	
 
	
 

	
“Special Claims”
	
8.3(c)
	
 
	
 
	
 

	
“Special Representations”
	
8.3(b)
	
 
	
 
	
 

	
“Spreadsheet”
	
5.8
	
 
	
 
	
 

	
“Surviving Company”
	
1.1(a)
	
 
	
 
	
 

	
“Tail Policy”
	
5.15(a)
	
 
	
 
	
 

	
“Tax Claim”
	
5.13(c)
	
 
	
 
	
 

	
“Termination Date”
	
7.1(b)
	
 
	
 
	
 

	
“Third-Party Claim”
	
8.8
	
 
	
 
	
 

	
“Third-Party Intellectual Property”
	
2.10(a)(xxi)
	
 
	
 
	
 

	
“Transactions”
	
Recitals
	
 
	
 
	
 

 

A-9

 

Final Form 

EXHIBIT B 

Form of Joinder Agreement 

JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Agreement”) is entered into as of ________ __, 201_ by and between Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”), and the undersigned members (each, solely as to himself, herself or itself, “Member”) of Stadium Enterprises LLC, a Delaware limited liability company (the “Company”), effective as to Member as of the date set forth on Member’s signature page hereto (such date, as to Member, the “Effective Date”). Terms not otherwise defined herein shall have the respective meanings ascribed to them in the Merger Agreement (as defined below). If the terms of this Agreement conflict in any way with the provisions of the Merger Agreement, then the provisions of the Merger Agreement shall control. 

RECITALS 

A.WHEREAS, the execution and delivery of this Agreement by Member is a material inducement to the willingness of Parent (as defined below), Acquirer and Merger Sub (as defined below) to enter into that certain Agreement and Plan of Merger, dated as of December 12, 2018 (as it may be amended from time to time in accordance with its terms, the “Merger Agreement”), by and among Acquirer, Yankee Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Acquirer (“Merger Sub”), the Company, the Members’ Agent, and, solely for the limited purposes set forth therein, Farfetch Limited, a Cayman limited company and the ultimate parent entity of Acquirer (“Parent”), pursuant to which Merger Sub will merge with and into the Company with the Company surviving such merger as a wholly owned subsidiary of Acquirer (the “Merger”). 

B.WHEREAS, Member understands and acknowledges that each of the Company and its Subsidiaries, Merger Sub and Acquirer are entitled to rely on (i) the truth and accuracy of Member’s representations contained herein and (ii) Member’s performance of the obligations set forth herein. 

NOW, THEREFORE, in consideration of the representations, warranties, covenants, agreements and obligations contained herein and in the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.Restrictions on Units. 

(a)Member shall not, directly or indirectly, transfer (except as may be specifically required by court order or by operation of law), sell, exchange, pledge or otherwise dispose of or encumber any of the Units (as defined in Section 3), or enter into any agreement or other arrangement relating thereto, at any time prior to the Expiration Time (as defined below); provided that Member may (i) if Member is a partnership, limited liability company or corporation, distribute any of the Units to its partners, members and equity holders (as applicable), (ii) if Member is an individual, transfer any of the Units to any member of Member’s immediate family, or to a trust for the benefit of Member or any member of Member’s immediate family for estate planning purposes, and (iii) transfer any of the Units upon the death or dissolution of Member; provided, further, that any such transfer shall be permitted only if, as a condition to the effectiveness of such transfer, the transferee agrees in writing to be bound by all of the terms of this Agreement. As used herein, the term “Expiration Time” shall mean the earliest occurrence of (A) the Effective Time, (B) the date and time of the valid termination of the Merger Agreement in accordance with its terms and (C) such date and time designated by Acquirer in a written notice to Member. 2 

(b)Except pursuant to this Agreement, Member shall not, directly or indirectly, grant any proxies or powers of attorney with respect to any of the Units, deposit any of the Units into a voting trust or enter into a voting agreement or similar arrangement or commitment with respect to any of the Units. 

(c)Except as otherwise provided herein, Member shall not, in his, her or its capacity as a member of the Company, directly or indirectly, take any action that would make any representation or warranty contained herein untrue or incorrect or that would have the effect of impairing the ability of Member to perform his, her or its obligations under this Agreement or preventing or delaying the consummation of any of the Transactions or the transactions contemplated hereby or by the Voting Member Approval executed by the Voting Members. 

 

 

(d)Any Company Units or other securities of the Company that Member purchases or with respect to which Member otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) after the Effective Date and prior to the Expiration Time, including by reason of any unit split, unit dividend, reclassification, recapitalization or other similar transaction or pursuant to the exercise of options or warrants to purchase such units (collectively, the “New Units”) shall be subject to the terms and conditions of this Agreement to the same extent as if they comprised a portion of the Units and shall be deemed to be included in the Units for the purposes hereof. 

2.Agreement to Vote Units. Prior to the Expiration Time, at every meeting of the members of the Company called with respect to any of the following matters, and at every adjournment or postponement thereof, and on every action or approval by written consent or resolution of the members of the Company with respect to any of the following matters, Member shall vote, to the extent Member holds voting Units, the Units (i) in favor of the approval of the Merger Agreement, the Merger and the other Transactions, and any other matter that is reasonably necessary to facilitate the consummation of the Merger and the other Transactions, (ii) against any Adverse Proposal (as defined below) and (iii) against any other matter that would reasonably be expected to prevent, impede, interfere with, delay, postpone or adversely affect the Merger or any of the Transactions; provided that nothing in this Agreement shall preclude Member from exercising full power and authority to vote the Units and any of the New Units (in each case, to the extent said Units or New Units are entitled to vote) in Member’s sole discretion for or against any proposal submitted to a vote of the Company Members to approve any matter relating to the declaration or payment or the making of any distributions in respect of the Equity Interests of the Company. For purposes of this Agreement, “Adverse Proposal” means (A) any Acquisition Proposal, (B) any amendment to the Company’s certificate of formation or Operating Agreement, (C) any material change in the capitalization of the Company or the Company’s structure or in the terms of any security of the Company, or otherwise obligating the Company to grant any security, or (D) any other matter that would reasonably be expected to impede, interfere with, delay, postpone, discourage or adversely affect the Merger or any of the other Transactions or transactions contemplated by this Agreement. Any such vote shall be cast (and each consent shall be given) by Member in accordance with such procedures relating thereto so as to ensure that it is duly counted, including for purposes of determining that a quorum is present and for purposes of recording the results of such vote or consent. 

3. Representations, Warranties and Covenants of Member. Member hereby represents, warrants and covenants, as of the Effective Date, to Acquirer as follows: 

(a)Member is the beneficial or record owner of, or exercises voting power over, that number of Company Units set forth on the signature page hereto (all such Company Units owned beneficially or of record by Member, or over which Member exercises voting power, on the Effective Date, collectively, the “Units”). The Units constitute Member’s entire interest in the outstanding membership interests of the Company and Member is not the beneficial or record holder of, and does not exercise voting power over, any other outstanding membership interests of the Company. Member has sole right to vote and execute member written consents (with respect to voting Units) and sole power of disposition and sole power to agree and to issue instructions with respect to all Units and the other matters contemplated herein, with no restrictions on Member’s right and powers of voting (with respect to voting Units) or disposition pertaining thereto and no person not a signatory to this Agreement has a beneficial interest in or a right to acquire or vote any of the Units (other than, if Member is a partnership or a limited liability company, the rights and interest of Persons that own partnership interests or units in Member under the partnership agreement or operating agreement governing Member and applicable partnership or limited liability company law, or if Member is a married individual and resides in a state with community property laws, the community property interest of his or her spouse to the extent applicable under such community property laws, which spouse hereby consents to this Agreement by executing the spousal consent attached hereto). The Units are and will be at all times up until the Expiration Time free and clear of any security interests, liens, claims, pledges, options, rights of first refusal, co-sale rights, agreements, limitations on Member’s voting rights (with respect to voting Units), charges and other encumbrances of any nature that could adversely affect the Merger, the Merger Agreement or the exercise or fulfillment of the rights and obligations of the Company, Acquirer, Merger Sub or Member under this Agreement or the Merger Agreement. Member’s principal residence or place of business is set forth on the signature page hereto. 

(b)If Member is a corporation, limited partnership or limited liability company, Member is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, organized or constituted. 

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(c)Member has all requisite power, capacity and authority to enter into this Agreement and to perform his, her or its obligations under this Agreement and consummate the Transactions and the other transactions contemplated hereby. The execution and delivery of this Agreement by Member and the consummation by Member of the Transactions and the other transactions contemplated hereby have been duly authorized by all necessary action, if any, on the part of Member (or its board of directors or similar governing body, as applicable), and no other actions or proceedings on the part of Member are necessary to authorize the execution and delivery by Member of this Agreement and the consummation by Member of the Transactions and the other transactions contemplated hereby. This Agreement has been duly executed and delivered by Member and, assuming the due authorization, execution and delivery of this Agreement by Acquirer, constitutes a valid and binding obligation of Member, enforceable against Member in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and to general principles of equity. 

(d)The execution and delivery of this Agreement does not, and the performance by Member of his, her or its agreements and obligations hereunder will not, conflict with, result in a breach or violation of or default under (with or without notice or lapse of time or both), or require notice to or the consent of any person under, any provisions of the organizational documents of Member (if applicable), or any agreement, commitment, law, rule, regulation, judgment, order or decree to which Member is a party or by which Member is, or any of its assets are, bound, except for such conflicts, breaches, violations or defaults that would not, individually or in the aggregate, prevent or delay consummation of the Merger, the Transactions and the other transactions contemplated by this Agreement or otherwise prevent or materially delay Member from performing his, her or its obligations under this Agreement. 

(e)Member acknowledges that Member has received a copy of the Merger Agreement and familiarized himself, herself or itself with the terms and conditions contained therein, including provisions relating to post-closing adjustments to the Merger Consideration and the payment and allocation of the consideration to be paid to the Converting Holders. Until the Expiration Time, Member (in his, her or its capacity as such) shall not take directly or indirectly any action prohibited by Section 5.2 of the Merger Agreement. In the event Member shall receive or become aware of any Acquisition Proposal following the Effective Date, Member shall promptly inform Acquirer as to any such matter and the details thereof. 

(f)By executing and delivering this Agreement, Member acknowledges and agrees to be bound by the escrow, adjustment and indemnification provisions set forth in Section 1.4, Section 1.6 and Article VIII of the Merger Agreement, including the indemnification obligations of Member contained therein, the withholding of the Cash Escrow Amount and the Expense Fund Amount and the creation of the Escrow Fund and the indemnification obligations of the Company Members in connection with the Merger as more fully described in the Merger Agreement, the appointment of the Members’ Agent to perform the functions on behalf of Member as set forth in the Merger Agreement, and the indemnification of the Members’ Agent in accordance with Section 8.7 of the Merger Agreement. Member further acknowledges and agrees that Member’s Pro Rata Share of the Escrow Fund Amount and the Expense Fund Amount, as contemplated by the Merger Agreement, shall be payable, if at all, pursuant to the terms and conditions of the Merger Agreement. 

(g)Member hereby agrees that, should it execute a Written Consent setting forth the resolutions required by the Merger Agreement (including the Voting Member Approval), Member shall not revoke or rescind such Written Consent or any resolution contained therein and further agrees not to adopt any resolutions rescinding or revoking such Written Consent or any resolution contained therein or otherwise precluding the approval of the Merger Agreement and the adoption of the Merger Agreement at any time prior to the Expiration Time. Member agrees that it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any Legal Proceeding, in any court or before any Governmental Entity, that challenges the validity of or seeks to enjoin the operation of any provision of such Written Consent (including the Voting Member Approval, or this Agreement or the execution and delivery of the Merger Agreement and the consummation of the Merger and the other Transactions provided for in the Merger Agreement). 

(h)No broker, investment banker, financial advisor or other person (including Member) is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission that is payable by the Company, Acquirer or any of their respective affiliates in connection with the Merger Agreement and the Transactions based upon arrangements made by or on behalf of Member. 

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(i)Member has had an opportunity to review with his, her or its own tax advisors the tax consequences of the Merger and the Transactions. Member understands that he, she or it must rely solely on his, her or its advisors and not on any statements or representations made by Acquirer, the Company or any of their agents or representatives. Member understands that Member (and not Acquirer, the Company or the Surviving Company) shall be responsible for Member’s tax liability that may arise as a result of the Merger or the Transactions. 

4.Release and Waiver; Consent; Termination of Existing Agreements. Member’s share of the Merger Consideration represents the only consideration to be received by Member in exchange for the Company Units owned by Member. In exchange for such consideration and as a condition and inducement to the Company’s, Acquirer’s and Merger Sub’s willingness to enter into the Merger Agreement, Member, for himself, herself or itself and on behalf of his, her or its heirs, legal representatives, successors and assigns (collectively, the “Relevant Persons”), solely to the extent involving, or that may be asserted or exercised by Member in Member’s capacity as a member of the Company, and subject to and contingent upon the consummation of the Closing (as defined in the Merger Agreement), hereby irrevocably, unconditionally and forever acquits, releases, waives and discharges Acquirer, each of the Company and its Subsidiaries and Merger Sub, and each of their respective officers, directors, employees, agents, divisions, affiliated corporations, subsidiaries, Affiliates, managers affiliated non-corporation entities, representatives, successors, predecessors and assigns (individually and collectively, the “Released Parties”) from any and all past, present and future debts, losses, costs, accounts, reckonings, bills, sums of money, bonds, suits, actions, causes of action, liabilities, contributions, attorneys’ fees, interest, damages, punitive damages, expenses, controversies, covenants, Contracts, promises, judgments, Liabilities, claims, potential claims, counterclaims, cross-claims, or demands, in law or in equity, asserted or unasserted, express or implied, known or unknown, matured or unmatured, contingent or vested, liquidated or unliquidated, of any kind or nature or description whatsoever, that any of the Relevant Persons had, presently has or may hereafter have or claim or assert to have against any of the Released Parties by reason of any act, omission, transaction, occurrence, conduct, circumstance, condition, harm, matter, cause or thing that has occurred or existed at any time from the beginning of time up to and including the Effective Time, that in any way arise from or out of, are based upon or relate to (i) such Relevant Person’s or Relevant Persons’, as applicable, ownership or purported ownership of the Units, the New Units or other securities of the Company or any of its Subsidiaries, provided, however, that nothing contained herein shall operate to release any obligation, undertaking or covenants of any Released Party or right of the undersigned arising under the terms of the Merger Agreement or the other Transaction Documents, or the Merger (including the right to receive amounts payable to Member under the Merger Agreement) (the “Reserved Rights”), (ii) the allocation or adequacy of the consideration received by Member in the aggregate or in respect of any class of Company Units owned by Member or any of its Affiliates, or (iii) the negotiation or execution of this Agreement, the Merger Agreement or any of the other documents referenced in the Merger Agreement or the consummation of any of the Transactions, except for such Relevant Person’s or Relevant Persons’, as applicable, rights under the Merger Agreement and each agreement attached as an exhibit thereto or entered into in connection therewith (after taking into account such exceptions, the “Member Claims”). 

Member hereby gives any consents or waivers that are reasonably required for the consummation of the Merger under the terms of any agreement or instrument to which Member is a party or subject or in respect of any rights Member may have in connection with the Merger or the other Transactions (whether such rights exist under the certificate of formation of the Company, the Operating Agreement, any Contract to which the Company is a party or by which it is, or any of its assets are, bound under statutory or common law or otherwise). Without limiting the generality or effect of the foregoing, and without limiting any of Members’ Reserved Rights and the rights below), Member hereby waives any and all rights to contest or object to the execution and delivery of the Merger Agreement, the Voting Members’ actions in approving and recommending the Merger, the consummation of the Merger and the other Transactions, or to the execution and delivery of a Written Consent and the granting of the Voting Member Approval, or to seek damages or other legal or equitable relief in connection therewith. Any and all existing agreements between the Company and Member (other than the Operating Agreement), including any investment agreement, unit purchase agreement, carve-out bonus plans, equity incentive plans, member agreements, registration rights agreements and any of the agreements specified in Exhibit A hereto, shall, contingent upon the occurrence of the Closing, automatically terminate and be of no force and effect effective immediately prior to the Effective Time (it being understood and agreed that the Operating Agreement is being amended and restated in its entirety, at the Effective Time, as set forth in Section 1.1(e)(ii) of the Merger Agreement), and Member hereby agrees to the waiver of any rights of first refusal, rights to any liquidation preference, preemptive rights, rights to notice, rights of co-sale, registration rights, information rights and similar rights of Member under any such agreements or otherwise. As of and subject to the Closing, Member, in his, her or its capacity as a member of the Company, will not be entitled to any indemnity, reimbursement or other similar rights from Acquirer, the Company or their respective subsidiaries, including by virtue of Member’s investment 

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in the Company or any other Contract, and no obligation, liability or other circumstances shall exist at the Effective Time that give or may give rise to any liability of Acquirer, the Company or their respective subsidiaries to Member, other than as specifically set forth in the Merger Agreement, the other Transaction Documents and this Agreement. From and after the Effective Time, Member’s right to receive consideration on the terms and subject to the conditions set forth in the Merger Agreement shall constitute Member’s sole and exclusive right against the Company and/or Acquirer in respect of Member’s ownership of the Units and New Units or status as a member of the Company or any agreement or instrument with the Company pertaining to the Units and New Units or Member’s status as a member of the Company. For the avoidance of doubt, and notwithstanding anything to the contrary set forth in this Agreement, the release set forth above shall not extend to any of the following: (i) to the extent Member is an employee of the Company or its Subsidiary, any right to receive accrued but unpaid wages, salary, bonuses, accrued vacation and any other accrued but unpaid compensation and/or benefits owed to Member in its capacity as an employee or ex-employee in accordance with the terms of any Contract with the Company or its Subsidiary set forth on any of Schedules 2.16(a)(v) and/or 2.16(a)(vi) of the Company Disclosure Letter, and any right to receive the reimbursement of expenses incurred by Member in its capacity as an employee and in the ordinary course of his or her employment with the Company or its Subsidiary and which are reimbursable under the Company’s or its Subsidiary’s expense reimbursement policies; (ii) if Member is a party to, or is an express third party beneficiary of any Contract that is set forth on any of Schedules 2.16(a)(v) and/or 2.16(a)(vi) of the Company Disclosure Letter, the Merger Agreement or any other Transaction Document, the enforcement of, or exercise of any rights and remedies (if any) under any provisions thereof; (iii) any obligation, undertaking or covenants of any Released Party or any right of Member under the Merger Agreement or the other Transaction Documents (including the right to receive amounts payable to Member pursuant to and in accordance with the terms of the Merger Agreement); or (iv) if Member is an employee of the Company or any of its Subsidiaries, any employment rights that cannot be waived as a matter of applicable law. 

5.Confidentiality. Member shall hold any information regarding this Agreement and the Merger in strict confidence and shall not divulge any such information to any third person until Acquirer has publicly disclosed the Merger; provided that Member may disclose such information (i) to his, her or its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring Member’s interests in the Company and Member’s rights under the Merger Agreement or other agreements entered into in connection with the Merger, including his, her or its rights to receive proceeds from the Merger (provided that such advisors are subject to substantially similar confidentiality provisions as the Company), (ii) to any existing Affiliate, partner, member, stockholder, parent or subsidiary of Member in the ordinary course of his, her or its business, provided that, in each case, Member informs the Person receiving the information that such information is confidential and such Person is subject to a written confidentiality obligation that is substantially similar to the provisions set forth in Section 5 of this Agreement and/or (iii) pursuant to an Order of a Governmental Entity or Applicable Law; provided, that, Member shall provide prompt advance notice of such Order or requirement of Applicable Law to Acquirer and shall cooperate with and, upon Acquirer’s request, shall provide reasonable assistance to Acquirer in connection with Acquirer’s efforts to obtain a protective order or otherwise prevent or restrict such disclosure. Neither Member, nor any of his, her or its Affiliates (other than the Company, whose actions shall be governed by the Merger Agreement), shall issue or cause the publication of any press release or other public announcement with respect to this Agreement, the Merger, the Merger Agreement, the other Transactions or the other transactions contemplated hereby without the prior written consent of Acquirer, except as may be required by Applicable Law, in which circumstance such announcing party shall make reasonable efforts to consult with Acquirer to the extent practicable. 

6.Agreement to Indemnification Provisions; Appointment of the Members’ Agent. By executing and delivering this Agreement, Member acknowledges and agrees to be bound by the escrow and indemnification provisions set forth in the Merger Agreement, including the indemnification obligations of Member contained in Article VIII of the Merger Agreement, the withholding of the Cash Escrow Amount to be available to compensate Acquirer for Indemnifiable Damages in Article VIII of the Merger Agreement, if any, and the irrevocable nomination, appointment and constitution of the Members’ Agent as the Member’s agent and true and lawful attorney in fact, with the powers to take all actions and to perform the functions on behalf of Member, all as set forth in Article VIII in the Merger Agreement. Member further acknowledges and agrees that any proceeds from the Merger Consideration shall be payable, if at all, pursuant to the terms and conditions of the Merger Agreement. Member hereby expressly agrees that, in accordance with the Merger Agreement, an amount equal to Member’s Pro Rata Share of the Expense Fund shall be deducted from the Closing Cash Consideration otherwise payable to Member pursuant to the Merger Agreement and the Spreadsheet, and shall be held and used by the Members’ Agent in accordance with the terms and conditions of the Merger Agreement. 

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7.Payment Instructions. Member acknowledges and agrees that attached hereto as Exhibit B are true and correct payment instructions for Member’s receipt of the cash portion of the Merger Consideration (the “Payment Instructions”). Member has additionally executed and returned true and correct copies of a Substitute Form W-9, a form of which is attached hereto as Exhibit C or a Form W-8BEN, a form of which is attached hereto as Exhibit D, as applicable. 

8.Miscellaneous. 

8.1Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed given on (i) the date of delivery, if delivered personally or by commercial delivery service, or mailed by registered or certified mail (return receipt requested) or (ii) on the date of confirmation of receipt (or the next Business Day, if the date of confirmation of receipt is not a Business Day), if sent via facsimile or electronic mail (with automated confirmation of receipt, provided that the sender has received confirmation of receipt prior to 5:00 p.m. Eastern Time and, if sender has received confirmation of receipt after 5:00 p.m. Eastern Time, then notice shall be deemed given on the next Business Day) to the parties hereto at the following address (or at such other address for a party as shall be specified by like notice): 

	
 
	
(i)
	
if to Acquirer or Merger Sub, to: 

Farfetch Limited

The Bower, 211 Old Street

London EC1V 9NR, United Kingdom

Attention: Holly Sage, Head of Legal (Corporate/Commercial) Telephone No.: ##################

Email: ################## 

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

Fenwick & West LLP 

902 Broadway, Suite 14 

New York, NY 10010 

Attention: Ken S. Myers 

Telephone No.: #################  

Email: ##################

	
 
	
(ii)
	
if to Member, to the address set forth for Member on the signature page hereof. 

8.2Interpretation. When a reference is made in this Agreement to sections or exhibits, such reference shall be to a section of or an exhibit to this Agreement unless otherwise indicated. The 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 words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The phrases “the date of this Agreement,” “the date hereof,” and terms of similar import, unless the context otherwise requires, shall be deemed to refer to the date first above written. Where a reference is made to a Contract, instrument or Law, such reference is to such Contract, instrument or Law as amended, modified or supplemented, including (in the case of Contracts or instruments) by waiver or consent and (in the case of Law) by succession of comparable successor Law and references to all attachments thereto and instruments incorporated therein. Unless the context of this Agreement otherwise requires: (i) words of any gender include each other gender and neutral forms of such words; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereto,” “hereunder” and derivative or similar words refer to this entire Agreement; (iv) references to clauses without a cross-reference to a Section or subsection are references to clauses within the same Section or, if more specific, subsection; (v) references to any person include the successors and permitted assigns of that person; (vi) references from or through any date shall mean, unless otherwise specified, from and including or through and including, respectively; and (vi) the phrases “provide to” and “deliver to” and phrases of similar import mean that a true, correct and complete paper or electronic copy of the information or material referred to has been delivered to the party to whom such information or material is to be provided and references to a Person are also to its permitted successors and assigns. 

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8.3Specified Performance; Injunctive Relief. The parties hereto acknowledge that Acquirer will be irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of Member set forth herein. Therefore, it is agreed that, in addition to any other remedies that may be available to Acquirer upon any such violation of this Agreement, Acquirer shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other means available to Acquirer at law or in equity and Member hereby waives any and all defenses that could exist in its favor in connection with such enforcement and waives any requirement for the security or posting of any bond in connection with such enforcement. 

8.4Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same instrument and shall become effective as to Acquirer and Member on the Effective Date when one or more counterparts have been signed by each of the parties and delivered to the other parties hereto; it being understood that all parties need not sign the same counterpart. The delivery by facsimile or by electronic delivery in PDF format of this Agreement with all executed signature pages (in counterparts or otherwise) shall be sufficient to bind the parties hereto to the terms and conditions set forth herein. All of the counterparts will together constitute one and the same instrument and each counterpart will constitute an original of this Agreement. 

8.5Entire Agreement; Nonassignability; Parties in Interest; Death or Incapacity. This Agreement and the documents and instruments and other agreements specifically referred to herein or delivered pursuant hereto (including, for the avoidance of doubt, the Merger Agreement and the other Transaction Documents referenced herein) (i) constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and (ii) are not intended to confer, and shall not be construed as conferring, upon any person other than the parties hereto any rights or remedies hereunder. Except as provided in Section 1(a), neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by Member without the prior written consent of Acquirer, and any such assignment or delegation that is not consented to shall be null and void. This Agreement, together with any rights, interests or obligations of Acquirer hereunder, may be assigned or delegated in whole or in part by Acquirer to any direct or indirect wholly owned subsidiary of Acquirer; without the consent of or any action by Member upon notice by Acquirer to Member as provided herein; provided that Acquirer shall remain liable for all of its obligations under this Agreement. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns (including any person to whom any Units or New Units are sold, transferred or assigned). All authority conferred herein shall survive the death or incapacity of Member and in the event of Member’s death or incapacity, any obligation of Member hereunder shall be binding upon the heirs, personal representatives, successors and assigns of Member. 

8.6Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement shall continue in full force and effect and the application of such provision to other persons or circumstances shall be interpreted so as reasonably to effect the intent of the parties hereto. The parties hereto further agree to use their commercially reasonable efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that shall achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision. 

8.7Remedies Cumulative. Except as otherwise provided herein, any and all remedies herein expressly conferred upon a party hereto shall be deemed cumulative (but without duplication) with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party hereto of any one remedy shall not preclude the exercise of any other remedy and nothing herein shall be deemed a waiver by any party hereto of any right to specific performance or injunctive relief. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity, and the parties hereto hereby waive the requirement of any posting of a bond in connection with the remedies described herein. 

8.8Governing Law. This Agreement, all acts and transactions pursuant hereto and all obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware without reference to such state’s principles of conflicts of law that would refer a matter to a different jurisdiction. Subject to the foregoing, the parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in the State of 

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New York, the place where this Agreement was entered and is to be performed, in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to herein, and in respect of the Transactions, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in such a New York State or Federal court. The parties hereto hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 8.1 or in such other manner as may be permitted by Applicable Law, shall be valid and sufficient service thereof. With respect to any particular action, suit or proceeding, venue shall lie solely in the County of New York, New York. A party hereto may apply either to a court of competent jurisdiction or to an arbitrator, if one has been appointed, for prejudgment remedies and emergency relief pending final determination of a claim pursuant to this Section 8.8. The appointment of an arbitrator does not preclude a party hereto from seeking prejudgment remedies and emergency relief from a court of competent jurisdiction.

8.9Termination. This Agreement shall terminate and shall have no further force or effect from and after the Expiration Time, and thereafter there shall be no liability or obligation on the part of Member, provided that if the Closing occurs, the provisions of Section 2 (Agreement to Vote Shares), Section 3 (Representations, Warranties, and Covenants of Member), Section 4 (Release and Waiver; Consent; Termination of Existing Agreements), Section 5 (Confidentiality), Section 6 (Agreement to Indemnification Provisions; Appointment of the Members’ Agent), Section 7 (Payment Instructions), and this Section 8 (Miscellaneous) shall remain in full force and effect and survive any termination of this Agreement; provided, further, that no such termination shall relieve any party from liability for any willful breach of this Agreement prior to such termination. 

8.10Amendment, Extension; Waiver. Subject to Applicable Law, the parties hereto may amend this Agreement by authorized action at any time pursuant to an instrument in writing signed on behalf of each of the parties hereto; provided that after the Voting Member Approval is obtained, no amendment shall be made to this Agreement that by Applicable Law requires further approval by Member without such further approval. To the extent permitted by Applicable Law, Acquirer and Member may cause this Agreement to be amended at any time after the Closing by execution of an instrument in writing signed on behalf of Acquirer and Member. At any time at or prior to the Closing, any party hereto may, to the extent legally allowed, (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto owed to such party, (ii) waive any inaccuracies in the representations and warranties made to such party contained herein or in any document delivered pursuant hereto and (iii) waive any breaches of any of the covenants, agreements, obligations or conditions for the benefit of such party contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing that is signed on behalf of Acquirer and Member. Without limiting the generality or effect of the preceding sentence, no failure to exercise or delay in exercising any right under this Agreement shall constitute a waiver of such right, and no waiver of any breach or default shall be deemed a waiver of any other breach or default of the same or any other provision herein. 

8.11Rules of Construction. The parties hereto agree that they have been (or have had the opportunity to be) represented by counsel during the negotiation, preparation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document shall be construed against the party drafting such agreement or document. 

8.12Additional Documents, Etc. Member shall execute and deliver any additional documents necessary or desirable, in the reasonable opinion of Acquirer, to carry out the purpose and intent of this Agreement. Without limiting the generality or effect of the foregoing or any other obligation of Member hereunder, Member hereby authorizes Acquirer to deliver a copy of this Agreement to the Company and hereby agrees that each of the Company and Acquirer may rely upon such delivery as conclusively evidencing the consents, waivers and terminations of Member referred to in Section 4, in each case for purposes of all agreements and instruments to which such elections, consents, waivers and/or terminations are applicable or relevant. 

8

 

8.13WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NEGOTIATION, VALIDITY OR PERFORMANCE OF THIS AGREEMENT OR THE TRANSACTIONS. EACH OF THE PARTIES HERETO HEREBY ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.13.

8.14Acknowledgements. Each party to this Agreement acknowledges that (a) Fenwick & West LLP (“F&W”), counsel for Acquirer and Merger Sub, represented Acquirer and Merger Sub in connection with this Agreement, the Merger and the other Transactions, (b) F&W has not represented Member in connection with this Agreement, the Merger or otherwise and (c) Member acknowledges that he, she or it has had the opportunity to consult with his, her or its own counsel. 

8.15Nothing herein shall limit or affect the Company’s rights in connection with the Merger Agreement. 

[Signature Page Follows]

9

 

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

 

 

 

	
FARFETCH US HOLDINGS, INC.:

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

 

 

	
MEMBER:

	
 

	
 

	
(Print Name of Member)

	
 

	
 

	
(Signature)

	
 

	
 

	
(Print name and title if signing on behalf of an entity) 

	
 

	
 

	
(Print Address)

	
 

	
 

	
(Print Address)

	
 

	
(Print Telephone Number) 

	
 

 

Units beneficially owned and/or owned of record on the date hereof:

 

		
	
 
	
shares of Company Class A Units

	
 
	
shares of Company Class B Units

	
 
	
shares of Company Class C Units

	
 
	
shares of Company Class D Units

 

 

 

JOINDER AGREEMENT

SPOUSAL CONSENT

I ____________________, spouse of ____________________, having the legal capacity, power and authority to do so, hereby confirm that I have read and approve the Joinder Agreement (the “Agreement”) and the written consent of the holders of voting Company membership interests (the “Voting Member Approval”). In consideration of the terms and conditions as set forth in the Agreement and the matters set forth in the Voting Member Approval, I hereby appoint my spouse as my attorney in fact with respect to the exercise of any rights and obligations under the Agreement and the Voting Member Approval, and agree to be bound by the provisions of the Agreement and the Voting Member Approval insofar as I may have any rights or obligations in the Agreement or in the Voting Member Approval under the community property laws of the state of our residence or similar laws relating to marital or community property in effect in the state of our residence as of the date of the Agreement or the Voting Member Approval.

 

	
Date:
	
 

	
Signature of Spouse:
	
 

	
Printed Name of Spouse:
	
 

 

 

 

EXHIBIT A

AGREEMENTS TO BE TERMINATED1

	
1.
	
Letter Agreement, dated November 3, 2016, by and among the Company, SM Ventures I LLC and TCG Digital LLC. 

	
2.
	
Letter Agreement, dated December 13, 2016, by and between the Company and Forerunner II SG Holdings Corp. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Note to Draft: List subject to completion of disclosure schedule process.  

 

 

 

EXHIBIT B

PAYMENT INSTRUCTIONS

The instructions accompanying the Payment Instructions should be read carefully before the Payment Instructions are completed. If units are registered in different names, separate Payment Instructions must be submitted for each different registered owner.

 

		
	
DESCRIPTION OF UNITS SURRENDERED

(If already filled in, please correct any errors.)

	
Name and Address of Seller of Units
	
Number of Units Held

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

Member Instructions to Farfetch US Holdings, Inc.: Please issue and deliver the cash portion of the Merger Consideration in payment for the Units described in the Payment Instructions to the undersigned at the address specified above unless otherwise indicated under Special Delivery Instructions below.

 

					
	
WIRE TRANSFER INSTRUCTIONS
	
 
	
SPECIAL DELIVERY INSTRUCTIONS

(See Instruction 3)

	
To be completed if the cash portion of the Merger Consideration is to be paid by wire transfer instead of by check. Note that the recipient financial institution may charge a fee for each incoming wire.
	
 
	
To be completed ONLY if the cash portion of the Merger Consideration to be paid for the Units, paid in the name of the undersigned, is to be sent to someone other than the undersigned or to the undersigned at an address other than the name appearing above. 

	
Bank Name: 
	
 
	
 
	
Name: 
	
 

	
 
	
 
	
 
	
 
	
(Please Print)

	
Bank Address: 
	
 
	
 
	
Address: 
	
 

	
ABA No 
	
 
	
 
	
 
	
 

	
Account Name: 
	
 
	
 
	
 
	
 

	
Account No.: 
	
 
	
 
	
 
	
 

	
Reference: 
	
 
	
 
	
 
	
 

 

 

 

				
				
	
SIGN HERE AND COMPLETE ACCOMPANYING SUBSTITUTE FORM W-9
	
	
 
	
 
	
	
 
	
 
	
 
	
	
Signature: 
	
 
	
 
	
	
Signature: 
	
 
	
 
	
 

	
 
	
 
	
 
	
	
 
	
(Signature(s) of Member(s))

(See guarantee requirement below)
	
 
	
	
 
	
 
	
 
	
	
Dated: 
	
 
	
 
	
	
(Must be signed by registered holder(s) exactly as name(s) appear(s) in the Company’s records.)
	
 
	
	
 
	
 
	
 
	
	
If signature is by an officer on behalf of a corporation or by an executor, administrator, trustee, guardian, attorney, agent or any other person acting in a fiduciary or representative capacity, please provide the following information.)
	
 
	
	
 
	
 
	
 
	
	
Name(s):
	
 
	
 
	
	
 
	
 
	
 
	
	
 
	
(Please Print)
	
 
	
	
 
	
 
	
 
	
	
Capacity (full title): 
	
 
	
 
	
	
 
	
 
	
 
	
	
Address:
	
 
	
 
	
	
 
	
 
	
 
	

PLEASE ALSO COMPLETE THE SUBSTITUTE FORM W-9

 

 

INSTRUCTIONS FOR SURRENDERING RECEIVING PAYMENT

(Please read carefully the instructions below)

 

	
1.
	
SIGNATURES, UNIT POWERS AND ENDORSEMENTS. In case of endorsements or signatures by attorneys, executors, administrators, trustees, guardians, agents or others acting in a fiduciary or representative capacity, the Payment Instructions must be accompanied by evidence satisfactory to Acquirer of the authority of the person to make the endorsement or to sign, together with all supporting documents necessary to validate the surrender. If the Units are surrendered by two or more joint holders or owners, all such persons must sign. If the Units are registered in different names, it will be necessary to fill in, sign and submit as many separate Payment Instructions as there are different registrations of the Units surrendered. 

	
2.
	
VALIDITY OF SURRENDER, IRREGULARITIES. All questions as to validity, form and eligibility of any surrender of the Units will be determined by Acquirer. Acquirer reserves the right to waive any irregularities or defects in the surrender of any Units. A surrender will not be deemed to have been made until all irregularities have been cured or waived by Acquirer. 

	
3.
	
SPECIAL DELIVERY INSTRUCTIONS. If the cash portion of the Merger Consideration paid in exchange for the Units is made by check payable to a different name and mailed to a different address from the name or address of the person(s) signing the Payment Instructions, fill out the box above, entitled “SPECIAL DELIVERY INSTRUCTIONS”. 

	
4.
	
PAYMENT INSTRUCTIONS REQUIRED. Company Members will not receive the payment for their Units (subject to any agreement between such holders and Acquirer entered into in connection with the Agreement) unless and until the Payment Instructions, duly completed and signed, are delivered to Purchaser, together with any required accompanying evidence of authority in form approved by Acquirer, which approval will not be unreasonably withheld. 

	
5.
	
CHANGE OF ADDRESS. It is the responsibility of the registered owner to notify Acquirer, in writing, by mail or hand delivery to Acquirer at the address shown in Section 8.1 of the Joinder Agreement, if the address of the registered owner changes subsequent to the delivery of the Payment Instructions. 

	
6.
	
SUBSTITUTE FORM W-9. Under federal income tax law, each holder of the Units is required to provide a correct taxpayer identification number (“TIN”) on Substitute Form W-9, which is attached to the Joinder Agreement as Exhibit C, or its equivalent. If such unitholder is an individual, the TIN is his social security number and if unitholder is an entity, then its TIN is its employer identification number. If Acquirer is not provided with the correct TIN, such holder may be subject to a $50 penalty imposed by the Internal Revenue Service. In addition, payments that are made to such holder pursuant to the Merger Agreement may be subject to 28 percent federal income tax withholding on the payments made to the holder or other payee with respect to the Units surrendered. Failure to comply truthfully with the backup withholding requirements also may result in the imposition of criminal and/or civil fines and penalties. 

Surrendering holders who are subject to backup withholding must cross out item (2) of Part 2 of Substitute Form W-9. The box in Part 3 of the form may be checked if such holder has not been issued a TIN and has applied for a TIN or intends to apply for a TIN in the near future. If the box in Part 3 is checked and Purchaser is not provided with a TIN within sixty days, thereafter Purchaser will withhold 28 percent on all payments of the transaction consideration until a TIN is provided to Purchaser. 

Certain holders of the Units (including, among others, corporations and certain foreign individuals) are not subject to these backup withholding and reporting requirements. In order for a foreign individual to qualify as an exempt recipient, that holder must submit a properly completed Internal Revenue Service Form W-8 BEN, signed under penalty of perjury, attesting to such holder’s exempt status. A Form W-8 BEN is attached to the Joinder Agreement as Exhibit D. 

If backup withholding applies, Acquirer is required to withhold 28 percent of any payments made to the holder. Backup withholding is not an additional tax. Rather, the federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained from the Internal Revenue Service. 

To prevent backup withholding on payments that are made to a holder pursuant to the Merger Agreement, the holder is required to notify Acquirer of its TIN by completing the form below certifying that the TIN provided on Substitute Form W-9 is correct (or that such holder is awaiting a TIN), that the holder is a U.S. person (which includes (i) an individual who is a citizen or resident of the United States, (ii) a partnership, corporation, company, or association created or organized in the United States or under the laws of the United States, and (iii) any estate (other than a foreign estate) or trust) and that (a) the holder has not been notified by the Internal Revenue Service that he is subject to backup withholding as a result of failure to report all interest or dividends, or (b) the Internal Revenue Service has notified the holder that he is no longer subject to backup withholding.

 

 

EXHIBIT C

SUBSTITUTE FORM W-9

(See Attached)

SUBSTITUTE FORM W-9 

Department of the Treasury Internal Revenue Department

 

		
	
Part 1 - PLEASE PROVIDE YOUR TIN IN THE BOX AT THE RIGHT AND CERTIFY BY SIGNING AND DATING BELOW. 
	
Social Security Number(s) or Employer Identification Number(s) 

 

	
 

	
Part 2 - Certification: 

Under penalties of perjury, I certify that: 

(1)The number shown on this form is my correct Taxpayer Identification Number (or I am waiting for a number to be issued to me), and 

(2)I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and 

(3)I am a U.S. Person (including a U.S. resident alien). 

Part 3 - Payer’s Request for Taxpayer’s Identification Number (“TIN”) 

Awaiting TIN ☐

 

	
Certification Instructions-You must cross out item (2) above if you have been notified by the IRS that you are currently subject to backup withholding because of underreporting interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup withholding you receive another notification from the IRS that you are no longer subject to backup withholding, do not cross out item (2). The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.

	
 

	Signature:Date:
 

	
 

 

NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF 28 PERCENT OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE MERGER AGREEMENT.

 

Payer’s Request for Taxpayer’s Identification Number (“TIN”)

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN PART 3 OF SUBSTITUTE FORM W-9.

 

		
	
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER

 

	
I certify under penalty of perjury that a taxpayer identification number has not been issued to me, and either (a) I have mailed or delivered an application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center or Social Security Administration Office, or (b) I intend to mail or deliver an application in the near future. I understand that if I do not provide a taxpayer identification number within 60 days, 28 percent of all reportable payments made to me thereafter will be withheld until I provide a number. 

	
Signature
	
Date

 

 

GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION 

NUMBER ON SUBSTITUTE FORM W-9

 

Guidelines for Determining the Proper Identification Number to Give the Payer — Social Security Numbers have nine digits separated by two hyphens: i.e., 000-00-0000. Employer Identification Numbers have nine digits separated by only one hyphen: i.e., 00-0000000. The table below will help determine the number to give the payer.

 

	
For this type of account: 
	
Give the SOCIAL SECURITY number of — 
	
 
	
For this type of account:
	
Give the EMPLOYER IDENTIFICATION number of —

	
1.
	
An individual’s account 
	
The individual 
	
 
	
8.
	
Sole proprietorship account 
	
The owner(4) 

	
2.
	
Two or more individuals (joint account) 
	
The actual owner of the account or, if combined funds, the first individual on the account(1) 
	
 
	
9.
	
A valid trust, estate or pension trust 
	
The legal entity(5) 

	
3.
	
Husband and wife (joint account) 
	
The actual owner of the account or, if joint funds, the first individual on the account(1) 
	
 
	
10.
	
Corporate account 
	
The corporation 

	
4.
	
Custodian account of a minor (Uniform Gift to Minors Act) 

 
	
The minor(2) 

 
	
 
	
11. 
	
Religious, charitable, or educational organization account 
	
The organization 

	
5.
	
Adult and minor (joint account) 
	
The adult or, if the minor is the only contributor, the minor(1) 
	
 
	
12.
	
Partnership account held in the name of the business 
	
The partnership 

	
6.
	
Account in the name of guardian or committee for a designated ward, minor, or incompetent person 
	
The ward, minor, or incompetent person(3) 
	
 
	
13.
	
Association, club, or other tax-exempt organization 
	
The organization 

	
7.
	
a. The usual revocable savings trust account (grantor is also trustee) 

 
	
The grantor-trustee(1) 

 
	
 
	
14. 
	
A broker or registered nominee 
	
The broker or nominee 

	
 
	
b. So-called trust account that is not a legal or valid trust under state law 

 
	
The actual owner(1) 
	
 
	
15. 
	
Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments 
	
The public entity 

 

	
(1)
	
List first and circle the name of the person whose number you furnish. If only one person on a joint account has a social security number, that person’s number must be furnished.

	
(2)
	
Circle the minor’s name and furnish the minor’s social security number. 

	
(3)
	
Circle the ward’s, minor’s or incompetent person’s name and furnish such person’s social security number.

	
(4)
	
You must show your individual name, but you may also enter your business or “doing business as” name. You may use either your social security number or employer identification number (if you have one). 

	
(5)
	
List first and circle the name of the legal trust, estate, or pension trust. Do not furnish the taxpayer identification number of the personal representative or trustee unless the legal entity itself is not designated in the account title.

Note: If no name is circled when there is more than one name, the number will be considered to be that of the first name listed.

 

 

 

EXHIBIT D

FORM W-8BEN

Certification of Foreign Status of Beneficial Owner for United States Tax Withholding

(See Attached)

 

 

 

 

	
Form W-8 BEN

(Rev. February 2006)
	
Certificate of Foreign Status of Beneficial Owner

for United States Tax Withholding
	
OMB No. 1545-1621

	
Department of the Treasury

Internal Revenue Service
	
► Section references are to the Internal Revenue Code. ► See separate instructions.

► Give this form to the withholding agent or payer. Do not send to the IRS.
	
 

	
Do not use this form for:
	
Instead, use Form:

	
•
	
 
	
A U.S. citizen or other U.S. person, including a resident alien individual
	
W-9

	
 
	
 
	
 
	
 

	
•
	
 
	
A person claiming that income is effectively connected with the conduct of a trade or business in the United States............
	
W-8ECI

	
 
	
 
	
 
	
 

	
•
	
 
	
A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions) ...............................
	
W-8ECI or W-8IMY

	
 
	
 
	
 
	
 

	
•
	
 
	
A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private foundation, or government of a U.S. possession that received effectively connected income or that is claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions) ..................................................................
	
W-8ECI or W-8EXP

	
 
	
 
	
 
	
 

	
Note:
	
 
	
These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only to claim they are a foreign person exempt from backup withholding
	
 

	
 
	
 
	
 
	
 

	
●
	
 
	
A person acting as an intermediary ...........................................................................................................................................
	
W-8IMY

	
 
	
 
	
 
	
 

	
Note:
	
 
	
See instructions for additional exceptions
	
 

	
Part I
	
Identification of Beneficial Owner (See instructions.)

	
1
	
 
	
Name of individual or organization that is the beneficial owner
	
2.     Country of Incorporation or organization

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
3.
	
 
	
Type of beneficial owner

☐ Grantor

☐ Central bank of issue
	
☐ Individual

☐ Complex trust

☐ Tax-exempt organization
	
☐ Corporation

☐ Estate

☐ Private foundation
	
☐ Disregarded entity

☐ Government
	
☐ Partnership

☐ International organization
	
☐ Simple trust

	
4.
	
 
	
Permanent residence address (street, apt. or suite no., or rural route) Do not use a P.O. box or in-care of address

	
 
	
 
	
City or town, state or province. Include postal code where appropriate.

	
5.
	
 
	
Mailing address (if different from above)

	
 
	
 
	
City or town, state or province Include postal code where appropriate.

	
6.
	
 
	
U.S taxpayer identification number, if required (see instructions)

☐ SSN or ITIN     ☐ EIN
	
7.     Foreign tax identifying number, if any (optional)

	
8.
	
 
	
Reference number(s) (see instruction)
	
 
	
 
	
 
	
 

 

											
	
Part II
	
Claim of Tax Treaty Benefits (if applicable)

	
9.
	
I certify that (check all that apply):

	
 
	
a.    ☐ The beneficial owner is a resident of          within the meaning of the income tax treaty between the United States and that country.

	
 
	
b.    ☐ If required, the U.S. taxpayer identification number is stated on line 6 (see instructions)

	
 
	
c.    ☐ The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if applicable, meets the requirements of the treaty article dealing with limitation on benefits (see instructions)

	
 
	
d.    ☐ The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions)

	
 
	
e.    ☐ The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will file Form 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.

	
10.
	
Special rates and conditions (if applicable — see instructions): The beneficial owner is claiming the provisions of Article          of the treaty identified on the line 9a above to claim a           % rate of withholding on (specify type of income):          Explain the reasons the beneficial owner meets the terms of the treaty article:                   

	
 
	
 

	
 
	
 

	
Part III
	
Notional principal Contracts

	
11.
	
☐ I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively connected with the conduct of a trade or business in the United States. I agree to update this statement as required.

 

	
Part IV
	
Certification

	
 
	
Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I further certify under penalties of perjury that:

	
 
	
1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this from relates,

	
 
	
2 The beneficial owner is not a U.S. person,

	
 
	
3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but is not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and

	
 
	
4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.

	
 
	
 

	
 
	
 

	
Sign Here ►
	
 
	
 
	
 
	
 
	
 
	
 
	
	
Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY) Capacity in which acting
	
	
For Paperwork Reduction Act Notice, see separate instructions.
	
Cat. No 25047Z
	
Form W-8BEN (Rev. 12-2000)
	

 

 

 

Final Form 

Exhibit C 

Form of Investor Representation Letter 

__________ __, 201_ 

Farfetch Limited 

The Bower, 211 Old Street 

London EC1V 9NR, United Kingdom 

Attn: Holly Sage, Head of Legal (Corporate/Commercial) 

Re: Investor Representation Letter 

Ladies and Gentlemen: 

The undersigned (“Converting Holder”) is a holder of membership interests of Stadium Enterprises LLC, a Delaware limited liability company (the “Company”) Pursuant to that certain Agreement and Plan of Merger, dated December 12, 2018 (as it may be amended from time to time in accordance with its terms, the “Merger Agreement”), by and among Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”), Yankee Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Acquirer, the Company, Jed Stiller, solely in his capacity as the Members’ Agent, and, solely for the limited purposes set forth therein, Farfetch Ltd., a Cayman limited company and the ultimate parent entity of Acquirer (“Parent”), Merger Sub will merge with and into the Company with the Company surviving such merger as a wholly owned subsidiary of Acquirer (the “Merger”) Capitalized terms used in this letter (this “Investor Representation Letter”) and not otherwise defined herein shall have the same meanings ascribed to such terms in the Merger Agreement. 

Upon the closing of the Merger (the “Closing”, and the date of such Closing, the “Closing Date”), all of the Company Units held by Converting Holder shall be cancelled and automatically converted into the right to receive a certain amount of cash and a certain number of Class A ordinary shares, par value $0.04 per share, of Parent (the total number of shares of Parent ordinary shares to be issued, the “Merger Shares”), subject to and in accordance with the terms of the Merger Agreement, in a private placement effected in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(2) of the Securities Act and/or Regulation D promulgated under the Securities Act, and exemptions from the qualification requirements of applicable state law. The undersigned acknowledges and agrees that Acquirer is relying on the truth and accuracy of the representations and warranties made by Converting Holder in this Investor Representation Letter in order to rely on the exemptions described above. In addition, it is a condition to the Closing that the undersigned enters into and delivers this Investor Representation Letter. 

1.REPRESENTATIONS, WARRANTIES AND CERTAIN AGREEMENTS OF CONVERTING HOLDER. Converting Holder hereby makes the following representations, warranties and agreements to Acquirer, each of which representations and warranties is true and correct as to Converting Holder as of the date hereof and will be true and correct on and as of the Closing Date as if made on the Closing Date. 

 

1.1Investment Representation Authorization Letter. This Investor Representation Letter constitutes Converting Holder’s valid and legally binding obligation, enforceable against Converting Holder in accordance with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (b) the effect of rules of law governing the availability of equitable remedies. 

 

1.2Acquisition for Own Account. The Merger Shares to be acquired by Converting Holder pursuant to the Merger Agreement will be acquired for investment for Converting Holder’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the Securities Act, and Converting Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. 

1.3No Solicitation. At no time was Converting Holder presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Merger Shares by Acquirer or its agents. 

 

 

1.4Accredited Investor. Converting Holder is either an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act or has appointed a purchaser representative (as defined in Rule 501(h) of Regulation D promulgated under the Securities Act) 

1.5Disclosure of Information. Converting Holder has received or has had full access to all the information Converting Holder considers necessary or appropriate to make an informed investment decision with respect to the Merger Shares. Converting Holder further has had an opportunity to ask questions and receive answers from Acquirer regarding the terms and conditions of the offering of the Merger Shares and to obtain additional information (to the extent Acquirer possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Converting Holder or to which Converting Holder had access. 

1.6Understanding of Risks. Converting Holder is fully aware of: (a) the highly speculative nature of the Merger Shares, (b) the financial hazards involved, (c) the lack of liquidity of the Merger Shares and the restrictions described in Section 1.11 below (the “Contractual Restrictions”) (which, for example, may prevent Converting Holder from being able to sell or dispose of the Merger Shares or use the Merger Shares as collateral for loans), (d) the qualifications and backgrounds of the management of Acquirer and (e) the tax consequences of acquiring the Merger Shares. 

1.7Converting Holder’s Qualifications. Converting Holder either alone or with his purchaser representative(s) (as defined in Rule 501(h) of Regulation D promulgated under the Securities Act), has such knowledge and experience in financial and business matters that Converting Holder is capable of evaluating the merits and risks of this prospective investment, has the capacity to protect Converting Holder’s own interests in connection with this transaction, and is financially capable of bearing a total loss of the Merger Shares. 

1.8Compliance with Securities Laws. Converting Holder understands and acknowledges that, in reliance upon the representations and warranties made by Converting Holder herein, the Merger Shares are not being registered with the Securities and Exchange Commission (“SEC”) under the Securities Act or being qualified under the California Corporate Securities Law of 1968, as amended (the “Law”), but instead are being transferred under an exemption or exemptions from the registration and qualification requirements of the Securities Act and the Law or other applicable securities laws which impose certain restrictions on Converting Holder’s ability to transfer the Merger Shares.

 

1.9Restricted Securities. Subject to Section 1.11 below, Converting Holder agrees not to make any disposition of all or any portion of the Merger Shares unless and until (a) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement, or (b) Converting Holder shall have furnished Acquirer with an opinion of counsel, in a form satisfactory to Acquirer, that such disposition will not require registration of the Merger Shares under the Securities Act and otherwise complies with applicable state and international securities laws; provided that no such registration statement or opinion shall be required for (i) dispositions effected under Rule 144 promulgated under the Act, (ii) any transfer by a Converting Holder that is a partnership, limited liability company or a corporation to (A) a partner of such partnership, member of such limited liability company or stockholder of such corporation, (B) a controlled affiliate of such partnership, limited liability company or corporation, (C) a retired partner of such partnership or retired member of such limited liability company or (D) the estate of any such partner, member or stockholder or (iii) the transfer by gift, will or intestate succession by Converting Holder to his or her spouse or lineal descendants or ancestors or any trust for any of the foregoing, in each case without additional consideration (each, a “Permitted Transferee”); provided, further, that the Converting Holder executes and delivers to Acquirer a written certificate attesting that the Permitted Transferee qualifies as a Permitted Transferee pursuant to this Section 1.9 and the Permitted Transferee agrees in writing to be subject to the terms of this Section 1.9 to the same extent as if such Permitted Transferee were an original Converting Holder hereunder. Converting Holder has been advised by Acquirer that only Acquirer may file a registration statement with the SEC or the California Commissioner of Corporations or other applicable securities commissioners and that Acquirer is under no obligation to do so with respect to the Merger Shares. Converting Holder has also been advised by Acquirer that exemptions from registration and qualification may not be available or may not permit Converting Holder to transfer all or any of the Merger Shares in the amounts or at the times proposed by Converting Holder.

1.10Rule 144. Converting Holder acknowledges that, because the Merger Shares have not been registered under the Securities Act, the Merger Shares must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from such registration is available. Converting Holder is aware of the provisions of Rule 144 promulgated under the Securities Act. 

 

 

 

1.11 Contractual Restrictions; Lock-up Period. 

(a)[Converting Holder acknowledges and agrees that he, she or it shall be bound by and comply with the right of repurchase described in that certain Share Restriction Agreement between Converting Holder and Acquirer dated on or about the date hereof (the “Share Restriction Agreement”)]1

(b)Converting Holder agrees that during the period beginning on the date the Merger Shares are issued to Converting Holder and continuing to and including March 19, 2019 (the “Lock-up Period”), Converting Holder will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of any Merger Shares or any options or warrants to purchase any Merger Shares, or any securities convertible into, exchangeable for or that represent the right to receive Merger Shares, whether now owned or hereafter acquired, owned directly by Converting Holder (including holding as a custodian) or with respect to which Converting Holder has beneficial ownership within the rules of the SEC (collectively, “Converting Holder’s Shares”), or make any public announcement during the Lock-up Period of its intention to enter into any such transaction. The foregoing restriction is expressly agreed to preclude Converting Holder from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the Converting Holder’s Shares even if such Converting Holder’s Shares would be disposed of by someone other than Converting Holder. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any of the Converting Holder’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from such Converting Holder’s Shares. Notwithstanding the foregoing, Converting Holder may transfer the Converting Holder’s Shares:

 

1 Note to draft: Applicable only to the Key Employees.  

 

(i)as a bona fide gift or gifts; 

(ii)to any beneficiary of Converting Holder pursuant to a will, other testamentary document or intestate succession to the legal representatives, heirs, beneficiary or immediate family member of the undersigned; 

(iii)to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of Converting Holder or the immediate family of Converting Holder; 

(iv)to any immediate family member or other dependent; 

(v)as a distribution to limited partners, members or stockholders of the undersigned; 

(vi)to Converting Holder’s affiliates or to any investment fund or other entity controlled or managed by Converting Holder; 

(vii)to a nominee or custodian of a person or entity to whom a disposition nor transfer would be permissible under clauses (i) through (vi) above; 

(viii)pursuant to an order of a court or regulatory agency or to comply with any regulations related to the undersigned’s ownership of Ordinary Shares; provided, that if the undersigned is required to file a report under the Exchange Act, the undersigned shall include a statement in such report to the effect that such transfer is pursuant to an order of a court or regulatory agency or to comply with any regulations related to the ownership of the Ordinary Shares unless such a statement would be prohibited by any applicable law, regulation or order of a court or regulatory authority; 

(ix)to the Company or its affiliates upon death, disability or termination of employment, in each case, of the undersigned; 

 

 

(x)pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of Parent Ordinary Shares involving a change of control of Parent that has been approved by Parent’s board of directors, provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Converting Holder’s Shares shall remain subject to the provisions of the restrictions set forth in this Section 1.11, and provided further that “change of control” as used herein, shall mean the consummation of any bona fide third party tender offer, merger, consolidation or other similar transaction the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of at least 90% of total voting power of the voting stock of Parent; or 

(xi)in connection with transactions by any person other than Parent relating to Parent Ordinary Shares acquired in open market transactions; 

provided that, (1) in the case of each transfer or distribution pursuant to clauses (i) through (vii) and (x) above, each donee, trustee, distributee or transferee, as the case may be, agrees to be bound in writing by the restrictions set forth herein, (2) each transfer or distribution pursuant to clauses (v) through (vii) above shall not involve a disposition for value and (3) in the case of each transfer or distribution pursuant to clauses (i), (iii) through (vi) and (xi) above, no filing under the Exchange Act reporting a reduction in beneficial ownership of shares of Ordinary Shares, shall be required or shall be voluntarily made during the 

Lock-up Period. For purposes of this Section 1.11, “immediate family” shall mean any relationship by blood, marriage, civil partnership or adoption, not more remote than first cousin. 

(c)Notwithstanding anything to the contrary contained in this Section 1.11, if Converting Holder is a corporation, the corporation may transfer the capital stock of Parent to any wholly owned subsidiary of such corporation; provided, however, that in any such case, it shall be a condition to the transfer that the transferee execute an agreement stating that the transferee is receiving and holding such capital stock subject to the provisions of this Section 1.11 and there shall be no further transfer of such capital stock except in accordance with this Section 1.11, and provided further that any such transfer shall not involve a disposition for value. 

(d)The restrictions described in this Section 1.11 shall not apply to the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act, provided that no transfers occur under such plan during the Lock-up Period and no public announcement or filing shall be required or voluntarily made by any person in connection therewith until after the expiration of the Lock-up Period. 

1.12Legends. The certificate, certificates or book-entry entitlements representing the Merger Shares shall bear the following legends (as well as any other legends required hereunder or by applicable state and federal corporate and securities laws) until such time as such legends are no longer relevant or applicable: 

 

(a) THE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THESE SHARES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT (I) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR (II) UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THESE SHARES MAY BE SOLD PURSUANT TO RULE 144 OR ANOTHER AVAILABLE EXEMPTION UNDER THE ACT AND THE RULES AND REGULATIONS THEREUNDER. 

(b) [THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A RIGHT OF REPURCHASE AS SET FORTH IN A CERTAIN SHARE RESTRICTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER, SUCH RIGHT TO REPURCHASE IS BINDING ON THE TRANSFEREES OF THESE SHARES.] 

 

 

The legends set forth in (a) above shall be removed by Acquirer from any certificate or book-entry entitlement evidencing the Merger Shares upon [(y)] with regard to legend(a), delivery to Acquirer of an opinion of counsel, reasonably satisfactory in form and substance to Acquirer, that either (i) a registration statement under the Securities Act is at that time in effect with respect to the legended security or (ii) such security can be freely transferred in a public sale (other than pursuant to Rule 144, Rule 144A or Rule 145 promulgated under the Securities Act) without such a registration statement being in effect and that such transfer will not jeopardize the exemption or exemptions from registration pursuant to which Acquirer issued the Merger Shares [and (z) with regard to legend (b), the termination or lapse of the restrictions on transfer referred to in Section 1.11(a)]. 

1.13Stop-Transfer Instructions. Converting Holder agrees that, in order to ensure compliance with the restrictions imposed by this Agreement, Acquirer may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if Acquirer acts as its own transfer agent, it may make appropriate notations to the same effect in its own records. Acquirer will not be required (a) to transfer on its books any Merger Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Merger Shares, or to accord the right to vote or receive dividends, to any purchaser or other transferee to whom such Merger Shares have been so transferred. Converting Holder further understands and agrees that Acquirer may require written assurances, in form and substance satisfactory to counsel for Acquirer (which may include a requirement that Converting Holder’s counsel provide a legal opinion acceptable to Acquirer), before Acquirer effects any future transfers of the Merger Shares.

1.14Stock Certificates. Converting Holder understands that Acquirer’s current policy is to not issue share certificates in respect of shares in its capital, and all new issuances of shares are reflected on Parent’s books and records in book entry only, with appropriate notations reflecting the applicable legends. 

2.COMPLIANCE WITH LAWS AND REGULATIONS. The issuance and transfer of the Merger Shares will be subject to and conditioned upon compliance by Acquirer and Converting Holder with all applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Merger Shares may be listed or quoted at the time of such issuance or transfer. 

3.ENTIRE AGREEMENT. This Investor Representation Letter[, the Share Restriction Agreement (if applicable to Converting Holder)] and the Merger Agreement constitute the entire agreement and understanding of the parties with respect to the subject matter of this Investor Representation Letter, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 

 

[Signature page follows]

 

 

IN WITNESS WHEREOF, the parties have entered into this Investor Representation Letter as of the date and year first entered.

	
Very truly yours,

	
 

	
CONVERTING HOLDER: 

	
 

	
 

	
(Print Name of Company Member)

	
 

	
 

	
(Signature)

	
 

	
 

	
(Print name and title if signing on behalf of an entity)

	
 

	
 

	
(Print Address)

	
 

	
 

	
(Print Address)

	
 

	
 

	
(Print Telephone Number)

 

 

 

[Signature Page to Investor Representation Letter]

 

 

EXHIBIT D

Form of Certificate of Merger

(See Attached)

 

 

CERTIFICATE OF MERGER 

FOR THE MERGER OF

YANKEE MERGER SUB, LLC 

(a Delaware limited liability company) 

WITH AND INTO

STADIUM ENTERPRISES LLC 

(a Delaware limited liability company) 

_______________, 201_ 

 

Pursuant to Title 6, Section 18-209 of the 

Delaware Limited Liability Act 

 

Stadium Enterprises LLC a Delaware limited liability company (the “Company”), does hereby certify to the following facts relating to the merger (the “Merger”) of Yankee Merger Sub, LLC, a Delaware limited liability company (“Merger Sub”), with and into the Company, with the Company remaining as the surviving limited liability company of the Merger (the “Surviving Limited Liability Company”): 

	
FIRST:
	
The name of the surviving limited liability company is Stadium Enterprises LLC, and the name of the limited liability company being merged into this surviving limited liability company is Yankee Merger Sub, LLC. The Company and Merger Sub are (i) the constituent limited liability companies in the Merger and (ii) are organized under the laws of the State of Delaware. 

	
SECOND:
	
An Agreement and Plan of Merger has been approved, adopted, executed and acknowledged by the Company and by Merger Sub. 

	
THIRD:
	
The name of the Surviving Limited Liability Company shall be Stadium Enterprises LLC. 

	
FOURTH:
	
Upon effectiveness of the Merger, the Certificate of Formation of the Surviving Limited Liability Company shall be amended and restated in its entirety as set forth in the Amended and Restated Certificate of Formation attached hereto as Exhibit A. 

	
FIFTH:
	
This Certificate of Merger shall be effective at the time of its filing with the Secretary of State of the State of Delaware. 

	
SIXTH:
	
The Surviving Limited Liability Company shall be a limited liability company formed and existing under the laws of the State of Delaware. 

	
SEVENTH:
	
The executed Agreement and Plan of Merger is on file at the principal place of business of the Surviving Limited Liability Company at 780 Third Avenue, 7th Floor, New York, NY 10017. 

	
EIGHTH:
	
A copy of the executed Agreement and Plan of Merger will be furnished by the Surviving Limited Liability Company, on request and without cost, to any member of the constituent limited liability companies of the Merger. 

 

 

IN WITNESS WHEREOF, Stadium Enterprises LLC has caused this Certificate of Merger to be executed by its duly authorized officer as of the date first above written. 

 

		
	
STADIUM ENTERPRISES LLC

	
 
	
 

	
 
	
 

	
By:
	
 

	
 
	
 

	
Name:
	
Jed Stiller

	
 
	
 

	
Title:
	
Authorized Representative

 

 

 

EXHIBIT A

STATE OF DELAWARE

AMENDED AND RESTATED

CERTIFICATE OF FORMATION

FIRST:The name of the limited liability company is Stadium Enterprises LLC. 

	
 
	
SECOND:
	
The address of its registered office in the State of Delaware is 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808. 

The name of its registered agent at such address is Corporation Service Company. 

* * * * *

 

 

EXHIBIT E 

CERTIFICATION UNDER SECTION 1.1445-11T(d)(2) 

OF THE TREASURY REGULATIONS 

______________________, 201_ 

This Certificate is being provided by Stadium Enterprises LLC, a Delaware limited liability company (the “Company”), to Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”) pursuant to Section 1.2(b)(xvi) of that certain Agreement and Plan of Merger, dated as of December 12, 2018 (as it may be amended from time to time in accordance with its terms, the “Merger Agreement”), by and among Acquirer, Yankee Merger Sub, LLC a Delaware limited liability company and a wholly owned, subsidiary of Acquirer, the Company, the Members’ Agent (as defined therein) and, solely for the limited purposes set forth therein, Parent (as defined therein) 

Withholding is required under Section 1445(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treas. Reg. § 1.1445-11T(d)(1) with respect to the disposition by a foreign partner of an interest in a domestic or foreign partnership in which fifty percent or more of the value of the gross assets consist of “U.S. real property interests” (as that term is defined in § 897(c)(1) of the Code and in Treas. Reg. § 1.897-1(c) and Treas. Reg. § 1.897-7T), and ninety percent or more of the value of the gross assets consist of U.S. real property interests plus any cash or cash equivalents. To inform Purchasers that withholding is not required under § 1445 of the Code from amounts paid to any Company Member (as defined in the Merger Agreement) in relation to the receipt of cash and/or cancellation of indebtedness in the unit cancellation and conversion contemplated by the Merger Agreement, the undersigned, an authorized person of the Company under Treas. Reg. § 1.1445-11T(d)(2) and Treas. Reg. § 1.897-7T, hereby certifies as follows: 

	
1.
	
As of the date hereof, the Company is classified as a partnership for United States federal tax purposes. 

	
2.
	
Notice is hereby given that, as of the date hereof, neither do fifty percent or more of the value of the gross assets of the Company consist of U.S. real property interests, nor do ninety percent or more of the value of the gross assets of the Company consist of U.S. real property interests plus cash or cash equivalents. 

	
3.
	
The Company’s federal employer identification number is 37-1775891, and the Company’s address is 47 Howard St, New York, NY 10013. 

	
4.
	
The Company acknowledges that it is issuing this statement and making the certifications contained herein pursuant to Treas. Reg. § 1.1445-11T(d)(2), and the Company authorizes Purchasers to file this statement with the Internal Revenue Service at any time after the closing of the transactions described in the Purchase Agreement. 

[Signature Page Follows]

 

 

Under penalties of perjury, I declare that I have examined this statement and the certifications contained herein and to the best of my knowledge and belief it is true, correct, and complete, and I further declare that I have authority to sign this document on behalf of the Company.

 

	
STADIUM ENTERPRISES LLC

	
 
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
Jed Stiller

	
Title:
	
Authorized Representative

 

[Signature Page to FIRPTA Certificate]

 

 

 

CERTIFICATE OF NON–FOREIGN STATUS

Section 1446(f) of the Internal Revenue Code of 1986, as amended (the “Code”), provides that a transferee of a partnership interest must withhold tax if the transferor is a foreign person and any portion of the gain on the disposition of the partnership interest would be treated under Section 864(c)(8) as effectively connected with the conduct of a trade or business within the United States. To inform Farfetch US Holdings, Inc., a Delaware corporation, (the “Acquirer”) that withholding of tax is not required upon my disposition of my partnership units, I, ___________________ (the “Transferor”), hereby certify the following: 

a.I am not a nonresident alien for purposes of U.S. income taxation; 

b.b. My U.S. taxpayer identifying number is __________________; and 

c.c. My home address is __________________________________. 

I understand that this certificate may be disclosed to the Internal Revenue Service by the Acquirer and that any false statement contained herein could be punished by fine, imprisonment, or both. 

Under penalties of perjury I declare that I have examined this certificate and to the best of my knowledge and belief it is true, correct, and complete. 

 

	
Date:
	
 
	
By:
	
 

 

 

 

CERTIFICATION OF NON-FOREIGN STATUS

Section 1446(f) of the Internal Revenue Code of 1986, as amended (the “Code”), provides that a transferee of a partnership interest must withhold tax if the transferor is a foreign person and any portion of the gain on the disposition of the partnership interest would be treated under Section 864(c)(8) of the Code as effectively connected with the conduct of a trade or business within the United States. For U.S. tax purposes (including Section 1446(f) of the Code), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the property and not the disregarded entity. To inform Farfetch US Holdings, Inc., a Delaware corporation, (the “Acquirer”) that withholding of tax is not required upon my disposition of U.S. real property interest by                                                                  (the “Transferor”), the undersigned hereby certifies the following on behalf of the Transferor: 

(a)The Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Code and the Treasury Regulations promulgated thereunder); 

(b)The Transferor is not a disregarded entity as defined in Treas. Reg. § 1.1445-2(b)(2)(iii); 

(c)The Transferor’s U.S. employer identification number is _____________________; and 

(d)(d) The Transferor’s office address is: 

                                                                                                                                              . 

The Transferor understands that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained herein could be punished by fine, imprisonment or both. 

Under penalties of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct, and complete, and I further declare that I have authority to sign this document on behalf of the Transferor.

 

	
Date:
	
 
	
 
	
By:
	
 

	
 
	
 
	
 
	
Name:
	
 

	
 
	
 
	
 
	
Title:
	
 

 

 

 

Execution Version

EXHIBIT F 

Form of Note Repayment Agreement 

NOTE REPAYMENT AGREEMENT 

This NOTE REPAYMENT AGREEMENT (this “Agreement”) is entered into as of ________ __, 201_ (the “Effective Date”), by and between Stadium Enterprises LLC, a Delaware limited liability company (the “Company”), and [●] (“Holder”) Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Notes (as defined below) 

RECITALS 

WHEREAS, the Company issued to Holder certain Convertible Note(s) on the dates, and in the amounts set forth on Exhibit A (each a “Note” and together, the “Notes”), and Exhibit A sets forth for each Note, the outstanding principal balance, accrued interest and change-in-control premium as of the Effective Date. 

WHEREAS, the Company has entered into that certain Agreement and Plan of Merger (the “Merger Agreement”) with Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”), and other parties named therein, pursuant to which a wholly-owned subsidiary of Acquirer (the “Merger Sub”) will be merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Acquirer (the “Merger”) 

WHEREAS, the Merger constitutes a Change of Control pursuant to the terms of the Notes. 

WHEREAS, in connection with the Merger, the Company wishes to repay the Notes in accordance with the terms of this Agreement. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1.Note Repayment. 

(a)The Company and the Holder hereby agree that effective as of, and in connection with, the Closing (as defined in the Merger Agreement), and notwithstanding anything to the contrary contained in the Notes, the Company shall pay, or cause to be paid, to the Holder an amount equal to $[AMOUNT] (the “Repayment Amount”), which amount is equal to the sum of (i) all accrued but unpaid interest due on such Notes as of January [●], 2019 plus (ii)                            times the outstanding principal balance of such Notes. If the Repayment Amount is not paid by the Company to Holder by 5:00 p.m. (Eastern Time) on January [●], 2019, additional interest will accrue on the Notes, and the Repayment Amount shall increase, at the per diem rate of $[●] (the “Per Diem”) until the receipt by Holder of the Repayment Amount. 

(b)Other than the right to receive the Repayment Amount pursuant to this Agreement, Holder for himself, herself or itself and on behalf of his, her or its heirs, legal representatives, successors and assigns (collectively, the “Relevant Persons”), hereby irrevocably, unconditionally 2 and forever acquits, releases, waives and discharges Acquirer, each of and the Company and its subsidiaries and Merger Sub, and each of their respective officers, directors, employees, agents, divisions, affiliated corporations, subsidiaries, affiliates, managers affiliated non-corporation entities, representatives, successors, predecessors and assigns (individually and collectively, the “Released Parties”) from any and all past, present and future debts, losses, costs, accounts, reckonings, bills, sums of money, bonds, suits, actions, causes of action, liabilities, contributions, attorneys’ fees, interest, damages, punitive damages, expenses, controversies, covenants, contracts, promises, judgments, liabilities, claims, potential claims, counterclaims, cross-claims, or demands, in law or in equity, asserted or unasserted, express or implied, known or unknown, matured or unmatured, contingent or vested, liquidated or unliquidated, of any kind or nature or description whatsoever, that any of the Relevant Persons had, presently has or may hereafter have or claim or assert to have against any of the Released Parties by reason of any act, omission, transaction, occurrence, conduct, circumstance, condition, harm, matter, cause or thing that has occurred or existed at any time from the beginning of time up to and including the Effective Time, that in any way arise from or out of, are based upon or relate to such Relevant Person’s or Relevant Persons’, as applicable, ownership of the Notes (the “Released Claims”) The release is intended to be complete, global and all-encompassing and specifically includes claims that are known, unknown, fixed, contingent or conditional with respect to the matters described herein. 

 

 

 

 

(c)Holder further acknowledges and agrees that: (i) the payment to the Holder of the Repayment Amount constitutes the full and complete satisfaction of Company’s obligations under the Notes; and (ii) upon Holder’s receipt of the Repayment Amount, the Notes shall be deemed satisfied in full and cancelled and of no further force and effect, without any further action required. 

(d)Notwithstanding the foregoing, in the event the Merger Agreement is terminated prior to the Closing, this Agreement shall terminate and be of no further force and effect upon the date and time of the valid termination of the Merger Agreement in accordance with its terms. 

2.Representations and Warranties of Holder. Holder represents and warrants to the Company as follows: (a) Holder has not assigned, or agreed to assign, any of its rights under the Notes; (b) Holder has the full legal right and capacity to enter into this Agreement; and (c) this Agreement has been duly and validly executed and delivered by the Holder and, assuming the due authorization, execution and delivery by the Company, constitutes a legal, valid and binding obligation of Holder, enforceable against Holder in accordance with its terms. 

3.Miscellaneous. 

(a)Further Assurances. Holder and the Company shall execute and deliver, or cause to be executed and delivered all such documents and/or instruments to be executed in connection with the repayment of the Notes, and will take or cause to be taken such further or other action as is necessary or desirable in order to carry out the intent and purpose of this Agreement. 

(b)Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other party hereto; it being understood and agreed that all parties hereto need not sign the same counterpart. The delivery by facsimile or by electronic delivery in PDF format of this Agreement with all executed signature pages (in counterparts or otherwise) shall be sufficient to bind the parties hereto to the terms and conditions set forth herein. All of the counterparts will together constitute one and the same instrument and each counterpart will constitute an original of this Agreement. 3 

(c)Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings duties or obligations between the parties with respect to the subject matter hereof. 

(d)Successors and Assigns. This Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. 

(e)Severability. In the event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement shall continue in full force and effect and shall be interpreted so as reasonably necessary to effect the intent of the parties hereto. The parties hereto shall use all reasonable efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that shall achieve, to the greatest extent possible, the economic, business and other purposes of such void or unenforceable provision. 

(f)Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, except that body of law relating to choice of laws. 

[Remainder of Page Intentionally Left Blank]

2

 

IN WITNESS WHEREOF, the parties hereto have executed this NOTE REPAYMENT AGREEMENT as of the day and year first written above.

 

	
COMPANY

	
 

	
STADIUM ENTERPRISES LLC

	
 
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
 
	
 

	
 
	
 

	
HOLDER

	
 
	
 

	
[NAME]
	
 

	
 
	
 

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

	
 
	
 

	
 
	
 

	
Address:
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO NOTE REPAYMENT AGREEMENT]

3

 

Exhibit A

Convertible Notes

 

					
	
Date 
	
Principal Balance
	
Accrued Interest
	
Change in Control Premium
	
Repayment Amount

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Total:
	
 
	
 
	
 
	
 

 

 

4

 

Final Form

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (the “Escrow Agreement”) is entered into and effective as of this [__] day of [______], 2019, by and among PNC Bank, National Association, a national banking association (the “Escrow Agent”), Farfetch US Holdings, Inc., a Delaware corporation (“Acquirer”), and Jed Stiller (the “Members’ Agent”), solely in his capacity as agent on behalf of the Converting Holders. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Merger Agreement (as defined below) 

WHEREAS, Acquirer, Yankee Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Acquirer (“Merger Sub”), Stadium Enterprises LLC, a Delaware limited liability company (“Company”), the Members’ Agent and, solely for the limited purposes set forth therein, Farfetch Ltd., a Cayman limited company and the ultimate parent entity of Acquirer, have entered into that certain Agreement and Plan of Merger, dated December 12, 2018 (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving entity of the Merger and as a wholly-owned subsidiary of Acquirer. 

WHEREAS, pursuant to the Merger Agreement, Acquirer has agreed to deposit certain funds into an escrow account (the “Escrow Account”) at the Closing by wire transfer of immediately available cash funds, with such funds to be held, invested and disbursed by the Escrow Agent in accordance with the terms and conditions of this Escrow Agreement. 

WHEREAS, the parties desire to set forth their understandings with regard to the Escrow Account established by this Escrow Agreement. 

NOW, THEREFORE, in consideration of the premises herein, the parties hereto agree as follows: 

I.Terms and Conditions 

 

1.1.Appointment of and Acceptance by Escrow Agent. Acquirer and the Members’ Agent hereby appoint the Escrow Agent to serve as escrow agent for the purposes set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to perform its duties as provided herein. 

 

1.2. Establishment of Escrow. At the Closing, Acquirer will deposit (or cause to be deposited) into the Escrow Account pursuant to the wire instructions set forth on Schedule A hereto, in immediately available funds, US$25,000,000, representing the Cash Escrow Amount referred to in the Merger Agreement (together with all interest and earnings thereon, and less any disbursements hereunder, the “Escrow Fund”) 

 

1.3. Application of the Escrow Fund. Subject to the terms, conditions and limitations contained herein and in the Merger Agreement, the Escrow Fund shall be available to satisfy (i) adjustments to the Merger Consideration payable to the Acquirer pursuant to the Merger Agreement and (ii) Indemnifiable Damages due to the Acquirer Indemnified Persons pursuant to the Merger Agreement. 

 

1.4. Disbursements of the Escrow Fund. The Escrow Agent shall only disburse amounts from the Escrow Fund as follows: 

 

(a)Disbursement of the Escrow Fund. 

 

i.If at any time prior to the Escrow Release Date (as defined below), Acquirer shall deliver a Claim Certificate to the Members’ Agent pursuant to the Merger Agreement, or shall assert an indemnity claim under the Merger Agreement, Acquirer shall also deliver a copy of the Claim Certificate or other claim assertion, as the case may be, to the Escrow Agent (such copy to the Escrow Agent being an “Indemnity Claim Notice”), which Indemnity Claim Notice shall include the amount claimed therein (the “Claim Amount”) and instructions for the payment of the Claim Amount. The Escrow Agent shall not disburse any amount with respect to such Indemnity Claim Notice during the 20-day period following receipt of such Indemnity Claim Notice except pursuant to a Joint Written Direction. “Joint Written Direction” shall mean a written notification, in the form of Exhibit B hereto, delivered to the Escrow Agent and signed by an authorized representative of each of Acquirer and the Members’ Agent (a list of whom are provided in Exhibit A-1 and Exhibit A-2, respectively) If the Escrow Agent receives a Joint Written Direction with respect to the entire Claim Amount, the Escrow Agent shall distribute such Claim Amount in immediately available funds from the Escrow Fund, to the extent of the amount of the Escrow Fund that has not previously been distributed pursuant to this Escrow Agreement, in accordance with the payment instructions. If the Escrow Agent receives a Joint Written Direction with respect to a portion, but not all, of the Claim Amount set forth in such Claim Notice, the Members’ Agent shall be deemed to have accepted the portion of such Claim Amount as valid, and the Escrow Agent shall pay such portion of such Claim Amount in immediately available funds from the Escrow Fund in accordance with the payment instructions and shall disburse the balance of such Claim Amount in accordance with Section 1.4(a)(ii), (iii) or 

 

 

(iv), as the case may be. If the Member’s Agent contests by written notice to Acquirer (with a copy delivered to the Escrow Agent) any claim or claims in the Indemnity Claim Notice within the 20-day period following receipt of such Indemnity Claim Notice, the Escrow agent will not release any funds with respect to such disputed portion of the Claim Amount (the “Disputed Amount”) unless and until the Escrow Agent receives either (x) a copy of a final, non-appealable award or order of a court of competent jurisdiction or arbitrator or arbitration panel determining the parties’ respective rights to such Disputed Amount, or (y) a Joint Written Direction with respect to such Disputed Amount. Notwithstanding anything contained in the foregoing, if the Members’ Agent does not contest by written notice to Acquirer (with a copy delivered to the Escrow Agent) the entire Claim Amount or a portion of the Claim Amount within the 20-day period following receipt of such Indemnity Claim Notice, the Escrow Agent shall distribute such undisputed portion of the Claim Amount to Acquirer in accordance with the instructions contained in such Indemnity Claim Notice.

 

ii.Notwithstanding the provisions of Section 1.4(a)(i), in the event that the Escrow Agent receives a copy of a final, non-appealable award or order of a court of competent jurisdiction or arbitrator or arbitration panel forwarded by Acquirer, which award or order specifies the specific dollar amount to be delivered by any Converting Holder and to which such copy Acquirer shall attach payment instructions (an “Indemnification Demand Notice”), the Escrow Agent shall distribute such specific dollar amount (to the extent of the amount of the Escrow Fund that has not previously been distributed pursuant to this Escrow Agreement) in accordance with the attached payment instructions; provided that Acquirer shall simultaneously provide a copy of such Indemnification Demand Notice to the Members’ Agent. 

iii.Notwithstanding the provisions of Sections 1.4(a)(i) and (ii) above, if at any time Acquirer and the Members’ Agent jointly execute and deliver a Joint Written Direction, the Escrow Agent shall disburse the Escrow Fund (or a portion thereof) in accordance with the instructions contained in such Joint Written Direction. 

 

iv.With respect to the Escrow Fund, the “Release Date” shall be 11:59 p.m. local time on April 1, 2020, or the date the Escrow Agent no longer holds any of the Escrow Fund hereunder as a result of the distribution of all of the Escrow Fund pursuant to the terms herein. Upon the occurrence of a Release Date, Acquirer and the Members’ Agent shall jointly execute and deliver to the Escrow Agent a Joint Written Direction specifying the amount of the Escrow Fund to be released to the Members’ Agent, and the Escrow Agent shall deliver the specified portion of the Escrow Fund to the Members’ Agent in the amount provided for in the Joint Written Direction. To the extent the amount set forth in any pending Claim Notice exceeds the remaining funds in the Escrow Account, Acquirer and the Members’ Agent shall be responsible for determining such portion of the Escrow Fund as may be necessary to satisfy the entire aggregate amount of the then-pending claims set forth in all such Indemnity Claim Notices (each, a “Pending Claim Notice”), which amount shall be retained by the Escrow Agent until each such claim set forth in a Pending Claim Notice is finally resolved in accordance with Section 1.4(a)(i), (ii) or (iii) above or the last sentence of this Section 1.4(a)(iv), and the Escrow Agent shall be entitled to rely conclusively and without further inquiry on the release amount specified in the Joint Written Direction. With respect to a Pending Claim Notice, in the event that the Escrow Agent receives a copy of a final, non-appealable order of a court of competent jurisdiction or arbitrator or arbitration panel forwarded by the Members’ Agent, which order specifies that no dollar amount is owed by the Members’ Agent or the Converting Holders to Acquirer with respect to a Pending Claim Notice (a “Disbursement Notice”), the Escrow Agent shall distribute the dollar amount subject to such Pending Claim Notice (to the extent of the amount of the Escrow Fund that has not previously been distributed pursuant to this Escrow Agreement) in accordance with the payment instructions set forth in such Disbursement Notice; provided that the Members’ Agent shall simultaneously provide a copy of the Disbursement Notice to Acquirer.

 

(b)Any final, non-appealable award or order of a court of competent jurisdiction or arbitrator or arbitration panel delivered under Section 1.4(a) shall be accompanied by a certificate of the presenting party that such order is final and non-appealable and from a court of competent jurisdiction or arbitrator or arbitration panel, upon which the Escrow Agent shall be entitled to conclusively rely without further investigation. Any party requesting the disbursement of funds from the Escrow Account pursuant to an Indemnity Demand Notice or Disbursement Notice with respect to such an award or order shall include with its delivery of such Indemnity Demand Notice or Disbursement Notice to the Escrow Agent wire instructions to which the Escrow Agent is instructed to release the funds. 

 

(c)Notwithstanding anything to the contrary in this Escrow Agreement, if any amount to be released at any time or under any circumstances exceeds the balance in the Escrow Account, the Escrow Agent shall release the balance in the Escrow Account and shall have no liability or responsibility to any party for any deficiency. 

 

(d)The Escrow Agent will disburse any amounts from the Escrow Fund as required by this Section 1.4 within two (2) Business Days (as defined below) or as soon as commercially reasonable thereafter from (x) the date of the Escrow Agent’s receipt of a Joint Written Direction, Indemnification Demand Notice or Disbursement Notice, as applicable, or (y) with respect to any Undisputed Amount, the expiration of the 20-day period following an Indemnity Claim Notice. 

 

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II. Provisions as to the Escrow Agent 

 

2.1.Limited Duties of Escrow Agent. The Escrow Agent undertakes to perform only such duties as are expressly set forth in this Escrow Agreement that shall be deemed purely ministerial in nature. Under no circumstance will the Escrow Agent be deemed to be a fiduciary to any party or any other person under this Escrow Agreement. This Escrow Agreement expressly and exclusively sets forth the duties of the Escrow Agent with respect to any and all matters pertinent hereto and no implied duties or obligations shall be read into this Escrow Agreement against the Escrow Agent. The Escrow Agent shall not be bound by, deemed to have knowledge of, or have any obligation to determine, make inquiry into or consider, any term or provision of any agreement between the Members’ Agent, the Acquirer Indemnified Parties, Acquirer and/or any other third party or as to which the escrow relationship created by this Escrow Agreement relates, including without limitation the Merger Agreement or any other documents referenced in this Escrow Agreement. 

 

2.2. Limitations on Liability of Escrow Agent. 

 

(a)In performing its duties under this Escrow Agreement, or upon the claimed failure to perform its duties, the Escrow Agent shall have no liability except for the Escrow Agent’s fraud, willful misconduct, bad faith or gross negligence. In no event shall the Escrow Agent be liable for incidental, indirect, special, consequential or punitive damages of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

(b)Except in cases of the Escrow Agent’s fraud, willful misconduct, bad faith or gross negligence, the Escrow Agent shall be fully protected (i) in acting in reliance upon any certificate, statement, request, notice, advice, instruction, direction, other agreement or instrument or signature reasonably and in good faith provided by the Members’ Agent or Acquirer with respect to such party’s information and believed by the Escrow Agent to be genuine, (ii) in assuming that any person purporting to give the Escrow Agent any of the foregoing in connection with either this Escrow Agreement or the Escrow Agent’s duties has been duly authorized to do so and (iii) in acting or failing to act in good faith in accordance with the terms of this Escrow Agreement on the advice of outside counsel retained by the Escrow Agent. 

(c)The Escrow Agent shall have no liability with respect to the transfer or distribution of any funds effected by the Escrow Agent pursuant to wiring or transfer instructions provided to the Escrow Agent in accordance with the provisions of this Escrow Agreement. The Escrow Agent shall be entitled to rely upon all bank and account information provided to the Escrow Agent by the applicable authorized representative of each of Acquirer and the Members’ Agent set forth on Exhibit A-1 and Exhibit A-2. The Escrow Agent shall have no duty to verify or otherwise confirm any written wire transfer instructions except as set forth in Section 2.3 below, but it may do so in its discretion on any occasion without incurring any liability to any party for failing to do so on any other occasion. The Escrow Agent shall process all wire transfers based on bank identification and account numbers rather than the names of the intended recipient of the funds, even if such numbers pertain to a recipient other than the recipient identified in the payment instructions. The Escrow Agent shall have no duty to detect any such inconsistencies and shall resolve any such inconsistencies by us]ing the account number. In connection with any payments that the Escrow Agent is instructed to make by wire transfer, the Escrow Agent shall not be liable for the acts or omissions of (i) the Members’ Agent, Acquirer or other person providing such instructions, including without limitation errors as to the amount, bank information or bank account number; or (ii) any other person or entity, including without limitation any Federal Reserve Bank, any transmission or communications facility, any funds transfer system, any receiver or receiving depository financial institution, and no such person or entity shall be deemed to be an agent of the Escrow Agent. Any wire transfers of funds made by the Escrow Agent pursuant to this Escrow Agreement will be made subject to and in accordance with the Escrow Agent’s usual and ordinary wire transfer procedures in effect from time to time. 

(d)No provision of this Escrow Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial liability or potential financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement. The Escrow Agent shall not be obligated to take any legal action or to commence any proceedings in connection with this Escrow Agreement or any property held hereunder or to appear in, prosecute or defend in any such legal action or proceedings. 

 

2.3.Security Procedure For Funds Transfers. The Escrow Agent shall confirm each funds transfer instruction received in the name of a party by telephone call-back to a person specified on Exhibit A-1 (in the case of a funds transfer to Acquirer) or Exhibit A-2 (in the case of a funds transfer to the Members’ Agent) at the telephone number specified for such authorized person on Exhibit A-1 or Exhibit A-2, as applicable. Once delivered to the Escrow Agent, Exhibit A-1 or Exhibit A-2 may be revised or rescinded only by a writing signed by an authorized representative of the applicable party. Such revisions or rescissions shall be effective only after actual receipt and following such period of time as may be necessary to afford the Escrow Agent a reasonable opportunity to act on it. If a revised Exhibit A-1 or Exhibit A-2 or a rescission of an existing Exhibit A-1 or Exhibit A-2 is delivered to the Escrow Agent by an entity that is a successor-in-interest to such party, such document shall be accompanied by additional documentation satisfactory to the Escrow Agent showing that such entity has succeeded to the rights and responsibilities of the applicable authorized representative of each of Acquirer and the Members’ Agent under this Escrow Agreement. Acquirer and the Members’ Agent understand that the Escrow Agent’s inability to receive or confirm funds transfer instructions pursuant to the above security procedure may result in a delay in accomplishing such funds transfer, and agree that the Escrow Agent shall not be liable for any loss caused by any such delay.

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2.4.Depository Role. The Escrow Agent acts hereunder as a depository only, and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of the subject matter of this Escrow Agreement or any part thereof, or of any person executing or depositing such subject matter. 

 

2.5.No Duty to Notify. The Escrow Agent shall in no way be responsible for nor shall it be its duty to notify any party hereto or any other party interested in this Escrow Agreement of any payment required or maturity occurring under this Escrow Agreement or under the terms of any instrument deposited therewith unless such notice is explicitly provided for in this Escrow Agreement. 

 

2.6.Other Relationships. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. The Escrow Agent and its affiliates, and any of their respective directors, officers or employees may become pecuniarily interested in any transaction in which any of the other parties hereto may be interested and may contract and lend money to any such party and otherwise act as fully and freely as though it were not escrow agent under this Escrow Agreement. Nothing herein shall preclude the Escrow Agent or its affiliates from acting in any other capacity for any such party. 

 

2.7.Disputes. 

 

(a)In the event of any disagreement between Acquirer and the Members’ Agent, or between either of them and any other party, resulting in adverse claims or demands being made in connection with the matters covered by this Escrow Agreement, or in the event that the Escrow Agent, in good faith, be in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any party for its failure or refusal to act, and the Escrow Agent shall be entitled to continue to refrain from acting until directed by (i) an order of a court of competent jurisdiction, or (ii) directed otherwise a Joint Written Direction. Notwithstanding the immediately preceding sentence, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction, or of an agency of the United States or any political subdivision thereof, or of any agency of any State of the United States or of any political subdivision thereof, and the Escrow Agent is hereby authorized in its sole discretion, to comply with and obey any such orders, judgments, decrees or levies. The Escrow Agent shall be under no duty to institute or defend any legal proceedings, although the Escrow Agent may, in its discretion and at the expense of Acquirer and the Members’ Agent as provided in the immediately following paragraph, institute or defend such proceedings. The rights of the Escrow Agent under this sub-paragraph are cumulative of all other rights which it may have by law or otherwise. 

(b)In the event of any disagreement or doubt, as described above, the Escrow Agent shall have the right, in addition to the rights described above and at the election of the Escrow Agent, to tender into the registry or custody of any court having jurisdiction, all funds, equity and property held under this Escrow Agreement, and the Escrow Agent shall have the right to take such other legal action as may be appropriate or necessary, in the sole discretion of the Escrow Agent. Upon such tender, Acquirer and the Members’ Agent agree that the Escrow Agent shall be discharged from all further duties under this Escrow Agreement. 

2.8.Indemnification. Acquirer and the Members’ Agent (solely on behalf of the Converting Holders and in its capacity as the Members’ Agent, not in its individual capacity) jointly and severally agree to defend, indemnify and hold harmless the Escrow Agent and each of the Escrow Agent’s officers, directors, agents and employees (the “Escrow Indemnified Parties”) from and against any and all losses, liabilities, claims, damages, expenses and costs (including, without limitation, attorneys’ fees and expenses) of every nature whatsoever (collectively, “Escrow Agent Losses”) which any such Escrow Indemnified Party may incur and which arise directly or indirectly from this Escrow Agreement or which arise directly or indirectly by virtue of the Escrow Agent’s undertaking to serve as the Escrow Agent hereunder; provided, however, that no Escrow Indemnified Party shall be entitled to indemnity with respect to Escrow Agent Losses that have been finally adjudicated by a court of competent jurisdiction to have been caused by such Escrow Indemnified Party’s fraud, gross negligence, bad faith or willful misconduct. Acquirer and the Members’ Agent agree solely between themselves, and without affecting any Escrow Indemnified Party’s right to indemnification hereunder, that Acquirer and the Members’ Agent (solely on behalf of the Converting Holders and in his capacity as the Members’ Agent, not in his individual capacity) shall each be responsible for fifty percent (50%) of such indemnification obligations and shall have a right of contribution against the other to the extent that they pay more than their fifty percent (50%) share of such indemnification obligations. The provisions of this section shall survive the termination of this Escrow Agreement and any resignation or removal of the Escrow Agent. 

 

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2.9.Mergers, Consolidations, Etc. Any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which all or substantially all the escrow business of the Escrow Agent may be transferred, shall be the successor Escrow Agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, in each case without the execution or filing of any instrument or paper or the performance of any further act (other than due notice to Acquirer and the Members’ Agent) 

 

2.10.Resignation; Removal. 

 

(a)The Escrow Agent may resign and be discharged from it duties and obligations at any time under this Escrow Agreement by providing written notice to Acquirer and the Members’ Agent. Such resignation shall be effective on the date set forth in such written notice, which shall be no earlier than thirty (30) days after such written notice has been furnished. Thereafter, the Escrow Agent shall have no further obligation except to hold the Escrow Fund as depository and cooperate reasonably in the transfer of the Escrow Fund to a successor escrow agent. Acquirer and the Members’ Agent shall promptly appoint a successor escrow agent. The Escrow Agent shall refrain from taking any action until it shall receive a Joint Written Direction designating the successor escrow agent. However, in the event no successor escrow agent has been appointed on or prior to the date such resignation is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent jurisdiction all funds, equity and other property then held by the Escrow Agent hereunder and the Escrow Agent shall thereupon be relieved of all further duties and obligations under this Escrow Agreement. 

(b)Acquirer and the Members’ Agent acting together shall have the right to terminate the appointment of the Escrow Agent upon thirty (30) days’ joint written notice to the Escrow Agent specifying the date upon which such termination shall take effect. Thereafter, the Escrow Agent shall have no further obligation except to hold the Escrow Fund as depository and cooperate reasonably in the transfer of the Escrow Fund to a successor escrow agent. The Escrow Agent shall refrain from taking any action until it shall receive a Joint Written Direction designating the successor escrow agent. However, in the event no successor escrow agent has been appointed on or prior to the date such termination is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent jurisdiction all funds, equity and other property then held by the Escrow Agent hereunder and the Escrow Agent shall thereupon be relieved of all further duties and obligations under this Escrow Agreement. 

(c)In the case of a resignation or removal of the Escrow Agent, the Escrow Agent shall have no responsibility for the appointment of a successor escrow agent hereunder. The successor escrow agent appointed by Acquirer and the Members’ Agent shall execute, acknowledge and deliver to the Escrow Agent and the other parties an instrument in writing accepting its appointment hereunder, and thereafter, the Escrow Agent shall deliver all of the then-remaining balance of the Escrow Fund, less any fees and expenses then incurred by and unpaid to the Escrow Agent, to such successor escrow agent in accordance with the Joint Written Direction of Acquirer and the Members’ Agent and upon receipt of the Escrow Fund, the successor escrow agent shall be bound by all of the provisions of this Escrow Agreement. 

2.11.Compensation of the Escrow Agent. The parties agree that upon the execution of this Escrow Agreement, Acquirer and the Members’ Agent (solely on behalf of the Converting Holders and in his capacity as the Members’ Agent, not in his individual capacity) will pay the Escrow Agent as stated in the fee schedule attached hereto as Schedule B. 

 

III.Tax Matters 

3.1.Tax Matters

(a)On or before the execution and delivery of this Escrow Agreement, each of Acquirer and the Members’ Agent shall provide to the Escrow Agent a completed IRS Form W-9 or Form W-8 (or, in each case, any successor form), as applicable, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect. The Escrow Agent shall have the right to request from any party to this Escrow Agreement, or any other person or entity entitled to payment hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Escrow Agent to satisfy its reporting and withholding obligations under the Internal Revenue Code of 1986, as amended (the “Code”) and applicable state and local income tax law. To the extent any such forms to be delivered under this Section 3.4(a) are not provided prior to the date hereof or by the time the related payment is required to be made or are determined by the Escrow Agent to be incomplete and/or inaccurate in any respect, the Escrow Agent shall be entitled to withhold (without liability) a portion of any interest or other income earned on the investment of the Escrow Fund or on any such payments hereunder to the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to gross up any such payment. The Escrow Agent shall have the sole right to make the determination as to which payments hereunder are “reportable payments” or “withholdable payments” under the Code. 

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(b)Acquirer and the Members’ Agent agree that, subject to the terms and conditions of this Escrow Agreement, the owner of the funds held in the Escrow Account is Acquirer for all tax purposes and the Escrow Agent shall report to the Internal Revenue Service (“IRS”), as of each calendar year-end, all income earned from the investment of any sum held in the Escrow Account as the income of Acquirer for purposes of the Code and applicable state and local income tax law. The Escrow Agent is authorized and directed to report all interest and other income earned on the Escrow Fund in accordance with the IRS Form W-9 or W-8 provided to the Escrow Agent by Acquirer. Acquirer shall report all interest or other income, if any, that is earned on the Escrow Fund as income of Acquirer in the taxable year or years in which such income is properly includable in Acquirer’s gross income and shall pay any and all taxes attributable thereto. 

(c)The Escrow Agent shall, to the extent applicable, timely furnish to Acquirer, the IRS, and any other taxing authority, an IRS form 1099 (and any other applicable form) showing the income earned from the Escrow Account for each tax year. The Escrow Agent shall make an annual cash distribution by March 15 of each year to Acquirer out of the Escrow Account in an amount equal to twenty-five percent (25%) of the income earned in the Escrow Account, if any, in the preceding year. Notwithstanding anything to the contrary herein provided, except for the delivery of IRS Form 1099, the Escrow Agent shall have no duty to prepare or file any Federal or state tax report or return (including, without limitation IRS Forms 1099-B) with respect to any funds or equity held pursuant to this Escrow Agreement or any income earned thereon other than such information reports as the Escrow Agent is required to prepare and file as required by applicable law. The Escrow Agent shall have no responsibility to report any payments from the Escrow Fund other than the interest earned on the Escrow Fund as set forth in this Section 3.1. 

(d)Acquirer and the Members’ Agent (solely on behalf of the Converting Holders and in its capacity as the Members’ Agent, not in its individual capacity), jointly and severally, shall indemnify, defend and hold the Escrow Agent harmless from and against any tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect to the funds and equity held under this Escrow Agreement or any earnings or interest thereon, unless such tax, late payment, interest, penalty or other cost or expense was finally adjudicated by a court of competent jurisdiction to have been directly caused by the gross negligence, bad faith or willful misconduct of the Escrow Agent. The indemnification provided in this section is in addition to the indemnification provided to the Escrow Agent elsewhere in this Escrow Agreement. The indemnification provided in this section is in addition to the indemnification provided in Section 2.8 and shall survive the resignation or removal of the Escrow Agent and the termination of this Escrow Agreement. 

IV.Miscellaneous 

 

4.1.Disbursements. The Escrow Agent shall make no disbursement, investment or other use of funds until and unless it has collected funds. The Escrow Agent shall not be liable for collection items until such proceeds have been received or the Federal Reserve has given the Escrow Agent credit for the funds. 

 

4.2.Permitted Investments. The Escrow Agent shall invest the Escrow Fund in a PNC Non-Interest Bearing Deposit Account, unless Schedule C is completed to provide direction for investment in the Money Market Deposit Account. Information relating to investment of Escrow Fund in a PNC Non-Interest Bearing Deposit Account or, if elected, the Money Market Deposit Account, are set forth on Schedule C. Acquirer and the Members’ Agent recognize and agree that the Escrow Agent will not provide supervision, recommendations or advice relating to the investment of moneys held hereunder or the purchase, sale, retention or other disposition of any investment, and the Escrow Agent shall not be liable to Acquirer or the Members’ Agent or any other person or entity for any loss incurred in connection with any such investment, including, without limitation, any loss due to interest rate fluctuation, early withdrawal penalty or the decline in value of any investment. Any investment earnings and income on the funds held in the Escrow Account shall become part of the Escrow Account and shall be disbursed in accordance with this Escrow Agreement. The Escrow Agent shall not be liable or responsible for any loss resulting from any deposits or investments made pursuant to this Section 4.2, other than as a result of the gross negligence, bad faith or willful misconduct of the Escrow Agent. 

 

4.3.Accounting. The Escrow Agent shall provide monthly reports of transactions and holdings to Acquirer and the Members’ Agent as of the end of each month, at the address provided by Acquirer and the Members’ Agent 

 

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4.4.Notices. Any notice, request for consent, report, or any other communication required or permitted in this Escrow Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to any individual party, (ii) when delivered by electronic mail to the e-mail address given below, provided that written confirmation of receipt is obtained promptly from the recipient after completion of the electronic mail transmission or (iii) on the first (1st) Business Day after the date of deposit with an overnight courier with a reputable national overnight delivery service for next day delivery, postage paid, or on the third (3rd) Business Day after deposit in the U.S. mail, certified or registered, return receipt requested, postage prepaid, addressed in all cases to the party at her, his or its respective address set forth below, or to such other address as such party may designate, provided that notices will be deemed to have been given to the Escrow Agent on the actual date received: 

 

	
If to the Escrow Agent:

	
 

	
PNC Bank, National Association

	
Attn: Heather Kelly

	
IDS Building

	
80 South Eighth Street, Suite 1450

	
Minneapolis, Minnesota 55402

	
Email: ##################

	
Phone: ##################

	
 
	
 

	
If to Acquirer:

	
Farfetch Limited

	
The Bower, 211 Old Street

	
London EC1V 9NR, United Kingdom

	
Email: ##################

	
Attention: Holly Sage, Head of Legal (Corporate/Commercial)

	
 

	
with a copy (which shall not constitute notice) to

	
 

	
Fenwick & West LLP

	
902 Broadway, Suite 14

	
New York, NY 10010

	
Email: ##################

	
Attention: Ken S. Myers

	
 

If to the Members’ Agent

	
Jed Stiller

	
c/o White and Williams LLP

	
7 Times Square, Suite 2900

	
New York, NY 10036

	
Email: ##################

	
 

	
with a copy (which shall not constitute notice) to

	
White and Williams LLP

	
7 Times Square, Suite 2900

	
New York, NY 10036

	
Email: ##################, ##################

	
Attention: Randy M. Friedberg and Joshua G. Galante

	
 

Any party may unilaterally designate a different address by giving notice of each change in the manner specified above to each other party. In all cases, the Escrow Agent shall be entitled to rely on a copy or electronic transmission of any document with the same legal effect as if it were the original of such document. “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which banking institutions located in Pennsylvania are authorized or obligated by law or executive order to close.

4.5.Governing Law. This Escrow Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to principles of conflicts of law. The parties hereto consent to the exclusive jurisdiction of the state and federal courts sitting in the state of Delaware and consent to personal jurisdiction of and venue in such courts with respect to any and all matters or disputes arising out of this Escrow Agreement. 

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4.6.Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS ESCROW AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.6 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

4.7.Assignment; Binding Effect. Except as permitted in Section 2.9, neither this Escrow Agreement nor any rights or obligations hereunder may be assigned by any party hereto without the express written consent of each of the other parties hereto. This Escrow Agreement shall inure to and be binding upon the parties hereto and their respective successors, heirs and permitted assigns. 

4.8.Amendment and Waiver. The terms of this Escrow Agreement may be altered, amended, modified or revoked only by an instrument in writing signed by all the parties hereto. No course of conduct shall constitute a waiver of any terms or conditions of this Escrow Agreement, unless such waiver is specified in writing, and then only to the extent so specified. A waiver of any of the terms and conditions of this Escrow Agreement on one occasion shall not constitute a waiver of the other terms of this Escrow Agreement, or of such terms and conditions on any other occasion. 

4.9.Severability. If any provision of this Escrow Agreement shall be held or deemed to be or shall in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatsoever. 

4.10.Further Assurances. If at any time the Escrow Agent shall determine or be advised that any further agreements, assurances or other documents are reasonably necessary or desirable to carry out the provisions of this Escrow Agreement and the transactions contemplated by this Escrow Agreement, the parties shall execute and deliver any and all such agreements or other documents and do all things reasonably necessary or appropriate to carry out fully the provisions of this Escrow Agreement. 

4.11.No Third Party Beneficiaries. This Escrow Agreement is for the sole benefit of the parties hereto, and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Escrow Agreement. Additionally, any permitted assignee must also satisfy the Escrow Agent’s requirements set forth in Section 2.9. 

4.12.Force Majeure. No party to this Escrow Agreement shall be liable to any other party hereto for losses due to, or if it is unable to perform its obligations under the terms of this Escrow Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, interruption or malfunctions of communications or power supplies, labor difficulties, actions of public authorities or other similar causes reasonably beyond its control. 

4.13.Termination. This Escrow Agreement shall terminate upon the distribution by the Escrow Agent in accordance with this Escrow Agreement of all funds, equity and property held under this Escrow Agreement or upon the earlier Joint Written Direction. 

4.14.Titles and Headings. All titles and headings in this Escrow Agreement are intended solely for convenience of reference and shall in no way limit or otherwise affect the interpretation of any of the provisions hereof. 

4.15.Counterparts; Facsimile Execution. This Escrow Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed signature page to this Escrow Agreement and agreements, certificates, instruments and documents entered into in connection herewith by facsimile or other electronic transmission (including Adobe PDF format) will be effective as delivery of a manually executed counterpart to this Escrow Agreement or such agreements, certificates, instruments and documents. 

4.16.Entire Agreement; Effect of Merger Agreement. This Escrow Agreement constitutes the entire agreement between the Escrow Agent and Acquirer and the Members’ Agent in connection with the subject matter of this Escrow Agreement, and no other agreement entered into between Acquirer and the Members’ Agent, or either of them, including, without limitation, the Merger Agreement, shall be considered as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof. The parties hereto acknowledge and agree that the Escrow Agent is not a party to, is not bound by, and has no duties or obligations under the Merger Agreement, that all references in this Escrow Agreement to the Merger Agreement are for convenience, and that the Escrow Agent shall have no implied duties beyond the express duties set forth in this Escrow Agreement. 

8

 

4.17.Procedures for Opening a New Account. IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When a party opens an account, the Escrow Agent must obtain each party’s name, address, date of birth (as applicable), taxpayer or other government identification number or other appropriate information that will allow the Escrow Agent to identify such party. The Escrow Agent may also ask to see each party’s driver’s license, passport or other identifying documents. For parties that are business or other legal entities, the Escrow Agent may require such documents as it deems necessary to confirm the legal existence of the entity. 

[Signature Page Follows]

9

 

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

 

	
	
PNC BANK, NATIONAL ASSOCIATION, as the

	
Escrow Agent

 

			
	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

	
	
FARFETCH US HOLDINGS, INC.

	
 

 

			
	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

	
	
JED STILLER, solely in his capacity as the Members’ Agent

 

			
	
Name:
	
 
	
 

 

 

 

 

10

 

SCHEDULE A 

Escrow Agent 

Wire Instructions 

PNC Bank, National Association 

ABA: [_____]

Account: [____]

Account Name: [Escrow Services]

Reference: [                                                                 ]

Attention: [______]

 

 

SCHEDULE B

Escrow Agent Fee

 

			
	
I.       Acceptance Fee:
	
 
	
Waived

A one-time fee, payable upon execution of the Escrow Agreement, to cover the review of the Escrow Agreement, initial set-up of the account, and other reasonably required services up to and including the closing.

 

			
	
II.       Annual Administration Fee:
	
 
	
Waived

The annual administration fee covers routine duties of Escrow Agent associated with the administration of the account. Administration fees are payable annually in advance, on the closing date and each anniversary of the closing date, without pro-ration for partial years.

 

			
	
III.       Out-of-Pocket Expenses (if any):
	
 
	
At Cost

 

Reimbursement of expenses associated with Escrow Agent’s acceptance of, administration of, or performance under the Escrow Agreement, including without limitation fees and expenses of legal counsel, accountants and other agents, tax preparation, reporting and filing, publications, and filing and recording fees, will be billed at cost. 

The fee agreed upon for the services rendered hereunder is intended as compensation for the Escrow Agent's services as contemplated by this Escrow Agreement; provided, however, that in the event that the conditions for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any service not contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of this Escrow Agreement, or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any litigation pertaining to this Escrow Agreement or the subject matter hereof, then the Escrow Agent shall be compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable out-of-pocket attorneys’ fees and expenses, occasioned by any such delay, controversy, litigation or event. If any amount due to the Escrow Agent hereunder is not paid within thirty (30) days of the date due, the Escrow Agent in its sole discretion may charge interest on such amount up to the highest rate permitted by applicable law. Acquirer and the Members’ Agent (solely on behalf of the Converting Holders and in his capacity as the Members’ Agent, not in his individual capacity) acknowledge their joint and several obligations to pay any fees, expenses and other amounts owed to the Escrow Agent pursuant to this Escrow Agreement; provided that solely as between Acquirer and the Members’ Agent, Acquirer, on the one hand, and the Members’ Agent, on the other hand, shall each be responsible for one-half of such fees, expenses and other amounts. The Escrow Agent shall have, and is hereby granted, a prior lien upon the Escrow Fund with respect to its incurred but unpaid fees, non-reimbursed expenses and unsatisfied indemnification rights, superior to the interests of any other persons or entities and is hereby granted the right to set off and deduct any unpaid fees, non-reimbursed expenses and unsatisfied indemnification rights from the Escrow Fund. The terms of this paragraph shall survive termination of this Escrow Agreement, and shall not in any way limit the rights of the Escrow Agent to indemnification as set forth in this Escrow Agreement.

 

 

SCHEDULE C

Investment Direction

 

	
[X]
	
As of the date of this Escrow Agreement, the Parties authorize and direct the Escrow Agent to invest the Escrow Fund, pursuant to this Escrow Agreement, into a PNC Money Market Deposit Account (“MMDA”) 

The MMDA is an interest bearing account and is insured by the Federal Deposit Insurance Corporation, to the standard maximum deposit insurance amount, (including principal and interest), for all deposits held in the same ownership capacity with the Escrow Agent. The MMDA has monthly withdrawal/disbursement restrictions of a maximum of six (6) per month and in the event the maximum is reached in any one calendar month, the funds will be moved to a PNC non-interest bearing deposit option until the beginning of the following month. Deposits shall in all instances be subject to the Escrow Agent’s standard funds availability policy.

 

 

 

EXHIBIT A-1 

Certificate of Incumbency 

(List of Authorized Representatives of Acquirer)

Client Name: [________] 

As an Authorized Officer of the above referenced entity, I hereby certify that each person listed below is an authorized signor for such entity and is authorized to provide direction and initiate or confirm transactions, including funds transfer instructions, on behalf of the above referenced entity, and that the title, signature and contact number appearing beside each name is true and correct.

 

					
	
Name
	
Title
	
Email Address
	
Signature
	
Contact Number

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

IN WITNESS WHEREOF, this certificate has been executed by a duly authorized officer on:

 

				
	
 
	
Date

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Its:
	
 
	
Authorized Officer

	
 
	
 
	
 

 

 

 

 

EXHIBIT A-2

Certificate of Incumbency

(List of Authorized Representatives of the Members’ Agent)

 

Client Name: [_______] 

As the Members’ Agent I hereby certify that each person listed below is an authorized signor and is authorized to provide direction and initiate or confirm transactions, including funds transfer instructions, on behalf of the Members’ Agent, and that the title, signature and contact number appearing beside each name is true and correct.

 

					
	
Name
	
Title
	
Email Address
	
Signature
	
Contact Number

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

IN WITNESS WHEREOF, this certificate has been executed on:

 

				
	
 
	
Date

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

 

 

 

EXHIBIT B

JOINT WRITTEN DIRECTION 

[INSERT DATE] 

Pursuant to that certain Escrow Agreement dated as of [●], 20[__], by and among Farfetch US Holdings, Inc. (“Acquirer”), Jed Stiller (the “Members’ Agent”), and PNC Bank, National Association, a national banking association (the “Escrow Agent”), Acquirer and the Members’ Agent hereby instruct the Escrow Agent to release funds from the Escrow Fund in accordance with the following instructions:

 

								
	
$ [_______________] to Acquirer: 
	
$ [_______________] to Members’ Agent: 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Wire Instructions: 
	
 
	
 
	
 
	
Wire Instructions: 
	
 
	
 
	
 

	
Account Name: 
	
 
	
 
	
 
	
Account Name: 
	
 
	
 
	
 

	
Account Number: 
	
 
	
 
	
 
	
Account Number: 
	
 
	
 
	
 

	
Bank Name: 
	
 
	
 
	
 
	
Bank Name: 
	
 
	
 
	
 

	
Bank ABA Number: 
	
 
	
 
	
 
	
Bank ABA Number: 
	
 
	
 
	
 

	
Bank Address: 
	
 
	
 
	
 
	
Bank Address: 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
For credit to: 
	
 
	
 
	
 
	
For credit to: 
	
 
	
 
	
 

	
Special Instructions: 
	
 
	
 
	
 
	
Special Instructions: 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Bank Check: 
	
 
	
 
	
 
	
Bank Check: 
	
 
	
 
	
 

	
Payee Name: 
	
 
	
 
	
 
	
Payee Name: 
	
 
	
 
	
 

	
Mailing Address: 
	
 
	
 
	
 
	
Mailing Address: 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Joint Written Direction to be executed as of the date first above written.

 

								
	
FARFETCH US HOLDINGS, INC.
	
JED STILLER, solely in its capacity as the Members’ Agent 

	
 
	
 

	
By:
	
 
	
 
	
 
	
By:
	
 
	
 
	
 

	
Name:
	
 
	
 
	
 
	
Name:
	
 
	
 
	
 

	
Title:
	
 
	
 
	
 
	
Title:

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